Group 1: Carbon Trading Initiatives - The company is actively engaging in carbon trading in "Belt and Road" countries, signing a memorandum with a Cambodian company for voluntary greenhouse gas reduction in October 2023 [2] - In May 2024, a strategic cooperation framework agreement was signed with a Gabonese company to collaborate on international carbon credit development and trading [2] - The company hosted a seminar on climate change, attended by officials and experts from 15 countries, focusing on green low-carbon development [3] Group 2: Carbon Trading Clients and Agreements - The company has reportedly secured a major client, China Merchants Industry Holdings, with an annual trading volume of CNY 1 billion [3] - There are no undisclosed matters regarding the carbon trading agreement with Baosteel [3] Group 3: Production Capacity and Product Structure - A new cultural paper production project with an annual capacity of 450,000 tons is expected to begin trial production by the end of 2024 [3] - The company has developed high-value paper products, including all-wood pulp paper and specialty papers, enhancing its product structure [4] Group 4: Environmental and Energy Management - The company is implementing comprehensive environmental protection measures, ensuring compliance with national and local regulations [5] - Various energy-saving projects have been initiated, including the introduction of advanced energy-efficient technologies, improving energy efficiency significantly [6] - The company has eliminated outdated production capacity, enhancing operational efficiency and reducing carbon emissions [6] Group 5: Future Plans and Market Expansion - The company aims to expand its market presence and upgrade its industry by focusing on ecological, large-scale, differentiated, and capitalized development [6] - Plans include enhancing the green low-carbon pulp and paper industry and developing forestry carbon credits [7] - As of October 8, 2024, the company has signed carbon credit cooperation agreements covering over 42 million acres, with total agreements expected to reach 60 million acres [7]

岳阳林纸 2024 年半年度业绩说明会召开情况 会议召开时间：2024 年 10 月 8 日(星期二)下午 16:00-17:00 公司参加人员：董事、总经理刘立新，独立董事曹越，财务总监杨映辉，副总经 理、董事会秘书易兰锴。 会议召开地点：上海证券交易所上证路演中心（网址：https://roadshow.sseinfo.co m/） 会议召开方式：上证路演中心网络互动 | 序号 | 问题内容 | 回答内容 | | --- | --- | --- | | 1 | 请问公司在目前市场环境下 | 您好，公司注重技术的研发和储备。在制浆造纸方面，公司 | | | | 拥有专业、高效的技术研发团队，获得数十项专利，多次荣 | | | | 获省部级科技奖励，曾获得国家科技进步二等奖；近年研发 | | | | 出的全木浆纯质纸、天岳书纸、天岳彩画纸、精品湿帘纸、 | | | | 高温热压垫层纸、手提袋纸等高附加值品种，市场接受较 | | | 有哪些技术优势，目前的市 | 好。在生态固碳方面，公司拥有众多林学、园林专业人员， | | | 场表现如何？ | 为公司依托现有林地资源发展林业碳汇开发等产业技术提供 | | | ...

证券代码：600963 证券简称：岳阳林纸 公告编号：2024-080 岳阳林纸股份有限公司 关于全资子公司诚通碳汇中标怀化市 CCER 造林碳汇 开发项目的公告 （四）项目开发费用及收益分成比例 诚通碳汇负责项目林业碳汇资产立项、组织材料申报、实现管理、销售和增 值过程中产生的资金投入及相关费用。项目采用利润分成模式合作开发。 二、对公司的影响 公司借力国家实现"3060""碳达峰、碳中和"目标的机遇，积极布局碳汇 交易业务。诚通碳汇是央企碳资产的经营平台，参与我国林业碳汇的国家标准— —《林业碳汇项目审定和核证指南》的制定。如本项目合同签订并顺利实施，按 目前国内碳交易价格测算，预计合作期限内将至少产生净利润 8,000 万元，将对 公司实施项目年度的经营业绩产生积极的影响，并进一步提高公司的碳汇市场影 响力，提升公司品牌形象。 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"）全资子公司诚通碳汇经营管理(湖 南)有限责任公司（以下简称"诚通碳汇"）近期参与怀化市 CCER 造林碳汇开 ...

证券代码：600963 证券简称：岳阳林纸 公告编号：2024-079 岳阳林纸股份有限公司 关于林木资产损失的公告 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。 一、林木资产损失情况 二、应对措施 灾情发生后，公司已组织力量全力进行抗灾减灾，启动灾情应急预案，进行 了各种形式的自救及相应的补救措施，以确保各项损失降到最低。 三、风险提示 2024 年初，湖南、湖北及江西等地区经历了两轮自 2009 年以来强度和范围 最大的雨雪冰冻灾害。该两轮灾害天气雨雪强度大、覆盖范围广、持续时间长, 给岳阳林纸股份有限公司（以下简称"公司"）子公司湖南茂源林业有限责任公 司（以下简称"茂源林业"）相关区域林业基地造成了损失。 2024 年上半年，茂源林业对大部分受损较轻的未参保林木资产进行了减值 测试，计提了资产减值准备，详见公司于 2024 年 8 月 31 日披露的《岳阳林纸股 份有限公司 2024 年半年度报告》《岳阳林纸股份有限公司关于计提资产减值准备 的公告》。茂源林业同步对参保林木资产要求保险机构进行核查。截至目前，相 关核 ...

证券代码：600963 证券简称：岳阳林纸 公告编号：2024-078 岳阳林纸股份有限公司 关于参加湖南辖区2024年度投资者网上集体接待日 活动的公告 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： 活动时间：2024 年 10 月 10 日（星期四）下午 14:00-17:00 投资者可登录"全景路演"网站（https://rs.p5w.net），或关注微信公众号： 全景财经，或下载全景路演 APP，参与本次互动交流。 为进一步加强与投资者的互动交流，岳阳林纸股份有限公司（以下简称"公 司"）将参加由湖南证监局、湖南省上市公司协会与深圳市全景网络有限公司联 合举办的"湖南辖区 2024 年度投资者网上集体接待日"活动，现将相关事项公 告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （https://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP, 参与本次互动交流，活动时间为 2024 年 10 月 10 日（星期四）14:00-17:00。届 时公司 ...

证券代码：600963 证券简称：岳阳林纸 公告编号：2024-077 岳阳林纸股份有限公司 关于全资子公司诚通碳汇中标韩城市林业碳汇资源 合作开发项目的公告 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"）全资子公司诚通碳汇经营管理(湖 南)有限责任公司（以下简称"诚通碳汇"）于 2024 年 9 月 20 日收到《韩城市林 业碳汇资源合作开发项目中标通知书》，成为该项目的中标单位，具体情况如下： 一、项目概况 （一）项目名称：韩城市林业碳汇资源合作开发项目 （二）项目地点：陕西省渭南市韩城市 （三）项目开发范围：韩城市现有林业用地面积约 120 万亩，项目开发范围 包括全市符合国家政策许可和中国自愿减排项目（CCER）或其他国际自愿减排项 目（VER）机制可用于申报林业碳汇项目的所有林地（含造林、森林经营项目所涉 及的各类林地），具体面积、范围以申报最后核定的数据为准 （四）服务期限：项目申报期不超过 12 个月，合作开发期 20 年 （五）项目开发费用及收益分成比例 诚通碳汇负责项 ...

股票代码：600963 股票简称：岳阳林纸 公告编号：2024-076 关于直接控制人收到湖南证监局警示函的公告 公司直接控制人收到警示函后，高度重视警示函中指出的问题，将吸取教训， 加强对证券法律法规及规范性文件的学习，不断强化合规意识，切实履行股东义 务，积极维护公司和全体股东的利益。 本次行政监管措施不会影响公司的正常经营管理活动，公司将继续严格按照 有关法律、法规的规定和相关监管要求及时履行信息披露义务。 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"）直接控制人中国纸业投资有限 公司（以下简称"中国纸业"）于 2024 年 9 月 14 日（星期六）收到中国证券监 督管理委员会湖南监管局（以下简称"湖南证监局"）出具的《关于对中国纸业 投资有限公司采取出具警示函行政监管措施的决定》（中国证券监督管理委员会 湖南监管局行政监管措施决定书〔2024〕40 号），现将相关情况公告如下： 一、《警示函》主要内容： 经查，中国纸业作为公司的直接控股股东，在公司非公开发行股票购买诚通 凯胜 ...

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].