Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company's Q1 2024 revenue was 1.96 billion yuan, a year-on-year decrease of 22.31%, with a net profit attributable to shareholders of 81 million yuan, down 7.60% year-on-year. The company reported a net profit of -41 million yuan after deducting non-recurring items, indicating a shift to a loss compared to the previous year [2]. - The decline in revenue is attributed to reduced market demand and increased competition, particularly with new production capacities from competitors. The average selling price of paper products has also decreased compared to the same period last year [2]. - The gross profit margin for Q1 2024 was 7.05%, down 4.76 percentage points year-on-year, primarily due to falling paper prices. The company anticipates a potential rebound in demand and profitability as the market stabilizes [2]. - The company has signed contracts for carbon credit development covering 4.42 million acres, with expectations to reach 5 million acres by 2025. The resumption of CCER trading is expected to enhance profit margins from carbon credit income [2]. Financial Summary - For 2024, the company forecasts total revenue of 8.64 billion yuan, with a growth rate of -11.7%. The net profit attributable to shareholders is projected to be 419 million yuan, reflecting a significant recovery from a loss of 238 million yuan in 2023 [3]. - The earnings per share (EPS) for 2024 is estimated at 0.23 yuan, with a price-to-earnings (PE) ratio of 19 [3]. - The report outlines a gradual improvement in profitability, with net profits expected to reach 548 million yuan in 2025 and 633 million yuan in 2026, corresponding to PE ratios of 15 and 13, respectively [3].

证券代码：600963 证券简称：岳阳林纸 公告编号：2024-038 岳阳林纸股份有限公司 第八届监事会第十七次会议决议公告 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"）第八届监事会第十七次 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 4 月 12 日以电子邮件的方式发出。 （三）监事会会议召开情况 本次会议于 2024 年 4 月 18 日以通讯表决方式召开。会议应出席监事 3 人， 实际出席 3 人，会议由监事会主席周雄华主持。 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年第一季度报告》，并发表如下意见： 1、公司 2024 年第一季度报告的编制和审议程序符合法律、法规、公司章程 和公司内部管理制度的规定。 2、公司 2024 年第一季 ...

Financial Performance - The net profit attributable to shareholders, excluding non-recurring gains and losses, decreased by 164.80% due to weak market demand and intense competition, leading to a decline in paper product prices [4]. - The company's operating revenue for the first quarter of 2024 was CNY 1,959,748,049.61, representing a decrease of 22.31% compared to the same period last year [36]. - The net profit attributable to shareholders of the listed company was CNY 80,843,481.85, down by 7.60% year-on-year [36]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY -40,714,104.24, a significant decrease of 164.80% [36]. - The net cash flow from operating activities was CNY 10,668,386.41, down by 25.45% compared to the previous year [36]. - The basic earnings per share for the period was CNY 0.05, unchanged from the previous year [36]. - The diluted earnings per share was also CNY 0.05, consistent with the previous year [36]. - The weighted average return on net assets was 0.93%, a decrease of 0.02 percentage points [36]. - Net profit for the period was $81.45 million, down from $88.03 million, representing a decline of 7.0% [50]. - The company's total comprehensive income attributable to owners of the parent for Q1 2024 was CNY 80,843,481.85, down from CNY 87,491,757.29 in Q1 2023, a decrease of 7.5% [65]. Assets and Liabilities - Cash and cash equivalents increased to RMB 884,031,321.21 as of March 31, 2024, compared to RMB 788,459,535.89 at the end of December 2023 [10]. - Accounts receivable rose to RMB 822,252,416.57 as of March 31, 2024, up from RMB 698,441,505.81 at the end of December 2023 [10]. - The company’s total liabilities decreased to CNY 7,167,961,817.90 in Q1 2024 from CNY 7,238,111,804.26 in Q1 2023, a reduction of 0.97% [62]. - The company’s long-term borrowings decreased to CNY 1,451,483,696.94 in Q1 2024 from CNY 1,607,270,678.57 in Q1 2023, a decline of 9.7% [62]. - Total assets at the end of the reporting period were $15.75 billion, down 1.35% from $15.97 billion at the end of the previous year [54]. - Equity attributable to shareholders of the listed company decreased to $8.54 billion, a decline of 1.69% from $8.68 billion [54]. Investments and Expenses - The company reported government subsidies of RMB 4,334,062.19 that are closely related to its normal business operations [1]. - The company reported a return of VAT tax fees amounting to RMB 17,657,246.56, which is related to its normal business operations [27]. - R&D expenses decreased to $68.44 million from $88.80 million, a reduction of approximately 22.9% [50]. - Financial expenses decreased to $31.17 million from $35.68 million, a decrease of about 12.5% [50]. - The company received CNY 3.50 billion from the repurchase of project assets related to the terminated PPP project, contributing a profit of CNY 10.23 million for the first quarter [43]. - The company reported a significant increase in investment income to $140.47 million from $0.38 million, indicating a substantial growth in investment performance [50]. Operational Changes - The company transferred 38.72% equity of its subsidiary, Shuangyang High-Tech, for RMB 142.235 million, which will no longer be included in the consolidated financial statements starting March 2024 [7]. - The company experienced significant adverse effects on its timber assets due to severe rain and snowstorms in Hunan and Hubei provinces, with the specific impact amount currently under verification [8]. - The company plans to continue its investment in upgrading its comprehensive technology capabilities following the approval from the shareholders' meeting [7]. - The company is advancing a project to produce 450,000 tons of cultural paper, aiming to establish a green, energy-efficient, and intelligent manufacturing base [59]. Shareholder Information - The total number of common shareholders at the end of the reporting period was 58,855 [40]. - The company has no preferred shareholders with restored voting rights at the end of the reporting period [40].

证券代码：600963 证券简称：岳阳林纸 公告编号：2024-037 岳阳林纸股份有限公司 第八届董事会第二十七次会议决议公告 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"）第八届董事会第二十七 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 4 月 12 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 4 月 18 日以通讯表决方式召开。会议应出席董事 6 人，实际出席 6 人。会议由董事长叶蒙主持。 二、 董事会会议审议情况 （一）会议以 6 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 年第一季度报告》。 该报告已经公司第八届董事会审计委员会第十八次会议审议通过，审计委 员会同意报告中的财务会计报表及其他财务信息，同意将该报告提交公司董事 ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 4.89 yuan [6]. Core Views - The company reported a total revenue of 8.641 billion yuan in 2023, a year-on-year decrease of 11.66%. The net profit attributable to the parent company was -238 million yuan, with a non-recurring net profit of 9 million yuan, down 98.32% year-on-year [1][5]. - The demand for cultural paper in 2023 was weak, and the landscaping industry continued to face low demand. The overall consumption of the global cultural paper industry declined, leading to increased competition and a drop in product prices [5]. - The company’s revenue from various segments in 2023 was as follows: paper industry 5.942 billion yuan (-8.40%), forestry 933 million yuan (+21.89%), chemical industry 202 million yuan (-3.51%), construction installation 320 million yuan (+13.18%), and municipal landscaping 659 million yuan (-32.90%) [5]. - The gross profit margins for different products were reported as follows: printing paper 9.4%, packaging paper 7.5%, office paper 6.9%, industrial paper 2.8%, wood products 2.5%, and chemical products 32.5%, with notable declines in most categories [5]. Financial Summary - The company’s total revenue for 2023 was 8.641 billion yuan, with a projected growth rate of -11.66% for the year. The net profit attributable to the parent company is expected to improve to 417 million yuan in 2024, with a growth rate of 275.15% [7][13]. - The company anticipates a recovery in net profit to 578 million yuan in 2025 and 665 million yuan in 2026, with corresponding PE ratios of 21, 15, and 13 [7][13]. - The company has signed contracts for carbon credit development covering 4.42 million acres, with plans to reach 5 million acres by 2025, which may enhance profitability through higher-margin carbon credit income [5][12].

证券代码：600963 证券简称：岳阳林纸 公告编号：2024-035 岳阳林纸股份有限公司 关于召开 2023 年度暨 2024 年第一季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： （网址：https://roadshow.sseinfo.com/） 岳阳林纸股份有限公司（以下简称"公司"）已于 2024 年 4 月 4 日发布公司 2023 年年度报告，将于 2024 年 4 月 19 日发布 2024 年第一季度报告，为便于广 大投资者更全面深入地了解公司 2023 年度及 2024 年第一季度经营成果、财务状 况，公司计划于 2024 年 4 月 19 日上午 11:00-12:00 举行 2023 年度暨 2024 年第 一季度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 4 月 12 日（星期五）至 4 月 18 日（星期四）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 ...

股票代码：600963 股票简称：岳阳林纸 公告编号：2024-036 岳阳林纸股份有限公司 关于与平江县人民政府签署《战略合作框架协议》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： 履约的重大风险及不确定性： 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一定 的不确定性。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、本次合作项目如遇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、国家储备林建设与松材线虫防治、林业产业发展、森林防火基础设施建设、 乡村振兴和巩固脱贫以及国家储备林贷款工作可能受宏观经济变化以及相关政策 变化 ...

Financial Performance - The company's total revenue for the reporting period was approximately 6.59 billion, showing a decrease of 1.20% compared to the previous year[1]. - The revenue from the North China region was approximately 2.58 billion, with a year-on-year increase of 37.29%, but the gross profit margin decreased by 7.99 percentage points[1]. - The revenue from direct sales increased by 24.87% year-on-year, totaling approximately 4.45 billion[1]. - The company reported a significant increase in revenue, achieving a total of 1.2 billion in 2023, representing a year-over-year growth of 15%[123]. - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 12%[125]. - New product launches are expected to contribute an additional 200 million in revenue in the upcoming year[126]. Profitability and Margins - The gross profit margin decreased by 13.23 percentage points in the municipal forestry segment, with revenue from this segment at approximately 659.21 million[1]. - The gross profit margin for the packaging paper segment was reported at 13.05%, with a year-on-year decrease of 15.70 percentage points[1]. - The net profit of Meiliyun's paper business entity, Ningxia Xinghe New Materials Technology Co., Ltd., was -25.27 million yuan in 2021 and -220.03 million yuan in 2022, indicating ongoing financial challenges[75]. Research and Development - The company reported a total R&D investment of approximately 261.94 million, accounting for 3.03% of total revenue[10]. - The company is investing heavily in R&D, with a budget allocation of 150 million for new technologies and product development[127]. - The company is actively involved in carbon asset management and aims to maintain its leading position in the industry[63]. Market Strategy and Expansion - The company plans to produce 1.0368 million tons of paper in 2024, aiming for a revenue of approximately 7.5 billion yuan and estimated expenses of about 499 million yuan during the same period[59]. - Market expansion plans include entering three new international markets by the end of 2024, targeting a 25% increase in market share[128]. - The company is considering strategic acquisitions to enhance its product portfolio, with potential targets identified in the technology sector[129]. Operational Efficiency and Cost Management - The company plans to enhance its management practices to improve operational efficiency and reduce costs[61]. - The company has set a goal to reduce operational costs by 5% through efficiency improvements in the supply chain[131]. - The company is committed to comprehensive budget management and lean management to solidify sustainable profitability[82]. Governance and Compliance - The company is committed to improving its governance structure to protect the interests of shareholders and ensure independent operations[66]. - The company has held multiple shareholder meetings, ensuring compliance with regulations and protecting minority investors' rights[87]. - The company received a standard unqualified audit report from Tianjian Accounting Firm, ensuring the accuracy of its financial statements[121]. Environmental and Sustainability Initiatives - The company emphasizes the integration of "carbon" thinking in its planning and design processes to enhance ecosystem diversity and reduce carbon emissions[43]. - The company is committed to sustainable development by transforming its forestry ecological chain into a green industrial chain, focusing on carbon absorption and utilization technologies[189]. - The company is enhancing its environmental management practices to align with national green development goals and improve ecological governance[200]. Human Resources and Talent Development - The company reported a total of 3,974 employees, with 82 holding master's degrees or above, and 856 holding bachelor's degrees[155]. - The company is focusing on talent development through various training programs, including an eight-month special training for the PM11 paper machine project[170]. - The company is committed to linking employee compensation with economic performance indicators such as net profit and return on equity[178]. Product and Technology Innovation - The company is exploring new technologies such as AI and 5G to create new interactive experiences and consumption scenarios in urban green spaces[53]. - The company is actively developing new products and technologies to support market expansion and enhance competitiveness[170]. - The company is focusing on technological innovation to enhance productivity, particularly in soil remediation and total nitrogen removal technologies, which have significant market potential[188]. Financial Management and Fundraising - The company plans to issue A-shares to specific investors in 2023, with a focus on raising funds for future projects[145]. - The company has approved the establishment of a special account for raised funds, ensuring dedicated management of these resources[145]. - The company is revising its fundraising management and usage methods to improve financial oversight and accountability[145].

证券代码：600963 证券简称：岳阳林纸 公告编号：2024-028 岳阳林纸股份有限公司 关于与控股股东续签日常关联交易框架协议的关联交易公告 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： 本事项尚需公司股东大会审议。 日常关联交易对上市公司的影响: 公司与关联方发生日常关联交易均为 公司日常生产经营活动所需，公司主要业务或收入、利润来源不存在依赖该关联 交易。 一、关联交易概述 （一）本次交易的基本情况 2024 年 4 月 2 日，公司第八届董事会二十六次会议以 4 票同意、0 票反对、0 票弃权审议通过了《关于与泰格林纸集团股份有限公司续签<供应商品及服务框架 协议>的议案》，关联董事予以回避表决。同日召开的公司第八届监事会第十六次 会议审议通过了此议案。 2、独立董事专门会议审议情况 1 公司于 2024 年 3 月 20 日召开 2024 年第二次独立董事专门会议，审议通过了 《关于与泰格林纸集团股份有限公司续签<供应商品及服务框架协议>的议案》， 公司全体独立董事对公司与泰格林纸续签有关日常关 ...

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。 证券代码：600963 证券简称：岳阳林纸 公告编号：2024-027 岳阳林纸股份有限公司 关于与中国纸业投资有限公司续签日常关联交易框架 协议的关联交易公告 重要内容提示： 本事项尚需公司股东大会审议 日常关联交易对上市公司的影响:公司与关联方发生日常关联交易均为 公司日常生产经营活动所需，公司主要业务或收入、利润来源对该关联交易不存 在依赖，不会影响公司独立性。 一、日常关联交易概述 （一）本次交易的基本情况 岳阳林纸股份有限公司（以下简称"公司"）与中国纸业投资有限公司（以 下简称"中国纸业"）就相互之间供应商品、提供服务等方面的日常关联交易事 项经公司第七届董事会第二十六次会议、2021 年第一次临时股东大会审议通过， 并签订了《中国纸业投资有限公司与岳阳林纸股份有限公司关联交易框架协议》， 协议期限为三年，现协议期满。根据公司实际业务的开展及《上海证券交易所股 票上市规则》关于关联交易的规定，经与中国纸业协商，一致同意续签该框架协 议。 （二）日常关联交易履行的审议程 ...