Investment Rating - The report assigns a rating of "Increase" (downgraded) for the company, with a target price of 3.69 CNY [1]. Core Views - The company is experiencing significant declines in revenue and net profit due to weak demand in the cultural paper industry, intense market competition, and adverse weather conditions affecting its forestry assets [1]. - The company is focusing on optimizing its industrial structure and organizational framework, ceasing control over its chemical subsidiary, and enhancing operational efficiency [1]. - The report anticipates a gradual recovery in the cultural paper sector and adjusts profit forecasts for 2024-2026, expecting net profits of 0.5 billion, 3.4 billion, and 5.4 billion CNY respectively [2]. Financial Performance Summary - For the first half of 2024, the company reported revenues of 1.61 billion CNY, a year-on-year decrease of 25.8%, and a net profit attributable to shareholders of -0.13 billion CNY, a decline of 939.3% [1]. - The company's revenue for the first half of 2024 was 3.57 billion CNY, down 23.9% year-on-year, with a net profit of -0.05 billion CNY, a decrease of 147.2% [1]. - The gross margin for the first half of 2024 was 7.8%, down 2.6 percentage points year-on-year [1]. Business Segment Performance - Revenue from the pulp and paper segment for the first half of 2024 was 2.54 billion CNY, down 15.4% year-on-year, while forestry revenue was 0.04 billion CNY, down 94.3% [1]. - The chemical segment generated 0.035 billion CNY, a decrease of 58%, while real estate revenue increased by 78.4% to 0.014 billion CNY [1]. - The construction and installation segment reported revenue of 0.14 billion CNY, down 15.7%, and municipal landscaping revenue was 0.25 billion CNY, down 6.4% [1]. Cost and Expense Analysis - The company’s management expenses for the first half of 2024 were 0.09 billion CNY, a decrease of 40.6% year-on-year, primarily due to reduced labor costs and share-based payment expenses [1]. - The report highlights that the company is implementing a comprehensive technical upgrade project with a planned annual output of 450,000 tons of cultural paper, which is progressing according to schedule [1]. Valuation Metrics - The report provides financial projections, estimating revenues of 8.91 billion CNY for 2024, with a growth rate of 3.12%, and a net profit of 0.05 billion CNY [3]. - The projected P/E ratios for 2024, 2025, and 2026 are 132, 19, and 12 respectively [2].

股票代码：600963 股票简称：岳阳林纸 公告编号：2024-075 岳阳林纸股份有限公司 关于子公司签署《多伦县碳汇资源开发项目合作合同》的 公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示: 合同合作期限：21 年。 对上市公司当期业绩的影响：若合同能顺利实施，将对公司实施项目年度 的经营业绩产生积极的影响。 特别风险提示： 1、项目受政策、市场等多方因素影响，推进进度是否符合计划进度存在不确 定性。同时项目预估量受到自然灾害（如洪水、地震等）不可抗力因素影响，可 能导致面积减少，碳汇量也会随之减少。 2、本次合作项目期限较长，如碳汇市场交易价格走低、市场竞争加剧等，可 能会对预期收益产生不利影响。按照森林经营方法学开发的项目，因资金、政策 等因素影响，抚育、补植补造及施肥等措施未到位，可能导致可产生的碳汇量不 及预期。 3、该项目碳汇产生量根据本公司前期开发项目的实际标准作为测算依据，实 际项目中产生碳汇量可能受气候条件、经营措施等自然及人为因素的影响，可能 不及预期。 4、公司预计该项目整体收益对公 ...

Investment Rating - The report maintains a "Recommended" rating for the company, with an expected net profit of 0.9 billion, 5.0 billion, and 5.8 billion for the years 2024 to 2026, corresponding to PE ratios of 72, 13, and 11 respectively [3][5]. Core Views - The company's main business is currently under pressure, but the carbon sink business is expected to have significant potential in the future. The company has prepared well for the CCER (China Certified Emission Reduction) approval process, aiming for early profit conversion [3][5]. - The company reported a revenue of 35.74 billion in the first half of 2024, a year-on-year increase of 23.91%, but a net profit loss of 0.49 billion, a decline of 147.24% [3][4]. - The report highlights that the main business is facing supply and demand pressures, along with asset impairment losses due to uncontrollable factors [3][4]. Financial Performance Summary - In the first half of 2024, the revenue from various paper products showed mixed results: printing paper revenue decreased by 20.98% to 19.52 billion, while packaging paper revenue increased by 18.67% to 5.34 billion. Industrial paper and office paper revenues saw significant declines of 79.08% and a slight increase of 0.73%, respectively [3]. - The gross profit margin for the first half of 2024 decreased by 2.57 percentage points to 7.77%, with specific margins for printing paper, packaging paper, industrial paper, and office paper at 9.54%, 6.7%, 8.86%, and 5.5%, respectively [3]. - The company’s operating cash flow for the second quarter of 2024 was 2.32 billion, an increase of 88.94% year-on-year, primarily due to reduced procurement [3][4]. Future Outlook - The company is expected to stabilize its main business in the third quarter of 2024, with the reopening of CCER providing potential for profit elasticity. The company aims to sign contracts for 50 million mu of forestry carbon sinks by the end of 2025 [3][5].

岳阳林纸股份有限公司 章 程 | 第一章 | 总则 2 | | --- | --- | | 第二章 | 经营宗旨和范围 3 | | 第三章 | 股份 3 | | 第一节 | 股份发行 3 | | 第二节 | 股份增减和回购 4 | | 第三节 | 股份转让 6 | | 第四章 | 股东和股东大会 6 | | 第一节 | 股东 6 | | 第二节 | 股东大会的一般规定 10 | | 第三节 | 股东大会的召集 13 | | 第四节 | 股东大会的提案与通知 14 | | 第五节 | 股东大会的召开 15 | | 第六节 | 股东大会的表决和决议 18 | | 第五章 | 董事会 22 | | 第一节 | 董事 22 | | 第二节 | 董事会 25 | | 第六章 | 总经理及其他高级管理人员 28 | | 第七章 | 监事会 30 | | 第一节 | 监事 30 | | 第二节 | 监事会 31 | | 第八章 | 党委 32 | | 第九章 | 财务会计制度、利润分配和审计 32 | | 第一节 | 财务会计制度 33 | | 第二节 | 内部审计 36 | | 第三节 | 会计师事务所的聘任 36 | ...

证券代码：600963 证券简称：岳阳林纸 公告编号：2024-074 岳阳林纸股份有限公司 第八届监事会第二十一次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、监事会会议召开情况 （一）岳阳林纸股份有限公司（以下简称"公司"）第八届监事会第二十一 次会议的召开符合《公司法》等有关法律、行政法规、部门规章、规范性文件和 《岳阳林纸股份有限公司章程》的规定。 （二）监事会会议通知和材料发出的时间、方式 本次监事会会议通知和材料于 2024 年 8 月 20 日以电子邮件的方式发出。 （三）监事会会议召开情况 本次监事会会议于 2024 年 8 月 30 日在湖南省岳阳市以现场结合视频方式召 开。会议应出席监事 3 人，实际出席 3 人。会议由监事会主席禚昊主持。 二、监事会会议审议情况 （一）会议以 3 票同意、0 票反对、0 票弃权审议通过了《岳阳林纸股份有 限公司 2024 年半年度报告（全文及摘要）》。并发表如下意见： 1、公司 2024 年半年度报告的编制和审议程序符合法律、法规、公司章程和 公司内部 ...

另外，公司以集中竞价交易方式回购了 21,264,309 股公司股份，于 2024 年 7 月 23 日完成注销。详见公司 2024 年 7 月 23 日刊登于上海证券交易所网站及《中 国证券报》《上海证券报》《证券时报》的《岳阳林纸股份有限公司关于股份回购 实施结果暨股份变动的公告》（公告编号：2024-066）。 以上三次回购注销后，公司总股本由 1,803,010,109 股变更为 1,765,751,854 股。 证券代码：600963 证券简称：岳阳林纸 公告编号：2024-072 岳阳林纸股份有限公司 关于修订公司章程的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 岳阳林纸股份有限公司（以下简称"公司"）于 2024 年 8 月 30 日召开了第 八届董事会第三十四次会议，会议审议通过了《关于减少公司注册资本暨修订公 司章程的议案》，现公告如下： 因部分激励对象调动至公司实际控制人下属其他公司、离职，经公司第八届 董事会第二十一次会议审议通过，并依法通知债权人，公司于 2024 年 4 月 25 日 完成 ...

证券代码：600963 证券简称：岳阳林纸 公告编号：2024-071 岳阳林纸股份有限公司 一、说明会类型 本次业绩说明会以网络互动形式召开，公司将针对 2024 年半年度的经营成 果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范围 内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 关于召开2024年半年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 会议召开时间：2024 年 10 月 8 日(星期二)下午 16:00-17:00 会议召开地点： 上海证券 交易所上证路演中心（ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 9 月 24 日(星期二)至 9 月 30 日(星期一)16:00 前登录上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 zqb-yylz@chinapaper.com.cn 进行提 ...

岳阳林纸股份有限公司 关于对诚通财务有限责任公司的风险持续评估报告 （2024 年半年度） 岳阳林纸股份有限公司（以下简称"公司"）按照《上海证券交易所上市公 司自律监管指引第5号——交易与关联交易》的要求，通过查验诚通财务有限责 任公司(以下简称"诚通财务")《金融许可证》《营业执照》等证件资料，并审 阅诚通财务的定期财务报告，对诚通财务的经营资质、业务和风险状况进行了持 续评估，具体情况报告如下： (二) 监管指标 一、诚通财务基本情况 诚通财务系经中国银行业监督管理委员会银监复[2012]236号文件批准的非 银行金融机构，并于2012年5月28日获得中国银行业监督管理委员会（现称"国 家金融监督管理总局"）北京监管局批准的中华人民共和国金融许可证，于2012 年6月14日在国家工商行政管理总局（现称"国家市场监督管理总局"）登记注 册。 二、诚通财务风险管理基本情况 经评估，公司认为诚通财务2024年上半年风险管理制度健全、内部控制制度 完善，执行有效。在资金管理方面诚通财务较好地控制了资金流转风险；在信贷 业务方面诚通财务建立了相应的信贷业务风险控制程序，整体风险控制在合理的 水平。 三、诚通财务经 ...

Financial Performance - The company's operating revenue for the first half of 2024 was ¥3,573,650,363.21, a decrease of 23.91% compared to ¥4,696,410,793.39 in the same period last year[13]. - The net profit attributable to shareholders of the listed company was -¥48,616,641.62, representing a decline of 147.24% from ¥102,915,887.68 in the previous year[13]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥45,483,719.36, a decrease of 182.22% compared to ¥55,322,337.29 in the same period last year[13]. - The basic earnings per share for the first half of 2024 was -¥0.03, a decline of 150.00% compared to ¥0.06 in the same period last year[14]. - The diluted earnings per share for the first half of 2024 was also -¥0.03, reflecting a 150.00% decrease from ¥0.06 in the previous year[14]. - The total profit for the first half of 2024 was CNY -20,531,811.59, compared to CNY 118,295,944.83 in the same period of 2023[164]. - The comprehensive income for the first half of 2024 shows a loss of RMB 48,616,641.62, reflecting a significant decline from the previous period[171]. Cash Flow and Assets - The net cash flow from operating activities was ¥242,901,487.19, an increase of 77.01% from ¥137,221,952.84 in the previous year[13]. - The total assets at the end of the reporting period were ¥16,347,494,704.29, an increase of 2.38% compared to ¥15,967,802,309.93 at the end of the previous year[13]. - The total cash and cash equivalents at the end of the first half of 2024 reached CNY 911,017,535.30, a significant increase from CNY 283,690,338.71 at the end of the first half of 2023[169]. - The company's total assets at the end of the first half of 2024 are RMB 8,377,766,427.16, reflecting a decrease from the previous year[172]. - The company's current assets totaled approximately CNY 9.29 billion, slightly up from CNY 9.28 billion at the end of 2023, indicating a marginal increase of 0.01%[156]. Industry and Market Conditions - The company's net profit attributable to shareholders decreased due to weak market demand in the cultural paper industry and increased competition, leading to a decline in sales prices that outpaced cost reductions[15]. - The cultural paper industry saw a production increase of 11.8% year-on-year, with a total output of 7,661.3 million tons in the first half of 2024[21]. - The ecological landscaping industry faces challenges due to reliance on government investment, with a shift towards specialized market operations[30]. - The industry is transitioning from government-focused projects to consumer-oriented services, emphasizing operational management of existing markets[31]. Environmental Initiatives - The company emphasizes clean production and energy conservation, having received the national "Green Factory" title[20]. - The company has established a comprehensive carbon sink solution platform, focusing on carbon sink development, trading, and financial services, in line with national "dual carbon" strategies[38]. - The company achieved ultra-low emissions standards for flue gas from coal-fired boilers during the reporting period, with all waste gas treatment facilities operating normally and pollutant discharge concentrations below limits[91]. - The company has implemented a project to produce 450,000 tons of cultural paper annually, aimed at enhancing quality and efficiency[80]. - The company has invested significantly in advanced pollution control technologies and facilities, achieving wastewater treatment levels that exceed national discharge standards[117]. Strategic Developments - The company is exploring new business directions, including ecological tourism and urban renewal, to leverage digital assets in environmental management[32]. - The company is focusing on optimizing its industrial structure and has terminated its only PPP project to enhance operational efficiency[45]. - The company plans to enhance its digital marketing strategy, aiming for a 20% increase in online engagement over the next six months[109]. - The company is actively expanding its forestry carbon sink projects across various regions, indicating a strategic focus on environmental sustainability[143]. Shareholder and Governance Matters - The company has committed to minimizing and regulating related party transactions with Chengtong Group and its controlled enterprises, ensuring transactions are conducted at market prices and do not harm the interests of the company and its shareholders[125]. - Significant changes in management included the resignation of several key executives, including the CFO and General Manager, with new appointments made in April and May 2024[76][78]. - The company has completed the registration of 3,553.50 million shares under its 2020 restricted stock incentive plan, with adjustments made due to employee departures[79]. - The total amount of related party transactions during the reporting period was approximately RMB 436,406,759.44, with the largest transaction being the purchase of materials from Taige Lin Paper Group amounting to RMB 150,770,746.78, accounting for 4.14% of similar transactions[129]. Research and Development - The company has invested heavily in technology research and development, holding numerous patents and receiving multiple provincial and national awards for technological advancement[44]. - The company is focusing on R&D for new technologies, with a budget allocation of $50 million aimed at developing advanced environmental monitoring solutions[110]. - Research and development expenses decreased to CNY 87,525,325.00, down 28.7% from CNY 122,917,304.22 in the previous year[165].

证券代码：600963 证券简称：岳阳林纸 公告编号：2024-070 岳阳林纸股份有限公司 第八届董事会第三十四次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 （一）岳阳林纸股份有限公司（以下简称"公司"）第八届董事会第三十四 次会议的召开符合《公司法》等有关法律、行政法规、部门规章、规范性文件和 《岳阳林纸股份有限公司章程》的规定。 （二）董事会会议通知和材料发出的时间、方式 本次董事会会议通知和材料于 2024 年 8 月 20 日以电子邮件的方式发出。 （三）董事会会议召开情况 本次董事会会议于 2024 年 8 月 30 日在湖南省岳阳市以现场结合视频方式 召开。会议应出席董事 7 人，实际出席 7 人。会议由董事长叶蒙主持。全体监事、 高管列席了会议。 二、 董事会会议审议情况 （一）会议以7票同意、0票反对、0票弃权审议通过了《岳阳林纸股份有限 公司2024年半年度报告（全文及摘要）》。 审计委员会审阅了半年报中的财务相关内容，认为公司编制的2024年半年 度财务会计报告真 ...