Market Overview - The paper sector experienced a decline of 0.27% on November 12, with Jingxing Paper leading the drop [1] - The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1] Individual Stock Performance - Notable gainers included Bohui Paper, which rose by 3.32% to a closing price of 5.92, with a trading volume of 419,400 shares and a transaction value of 244 million yuan [1] - Other gainers included Sun Paper with a 0.72% increase, closing at 15.42, and Kain Co. with a 0.50% increase, closing at 6.02 [1] - Decliners included Zhi Xing Paper, which fell by 3.28% to 5.89, and Yibin Paper, down 1.90% to 23.18 [2] Capital Flow Analysis - The paper sector saw a net outflow of 241 million yuan from institutional investors, while retail investors contributed a net inflow of 261 million yuan [2][3] - The data indicates that while institutional investors withdrew funds, retail investors were actively buying into the sector [2][3] Detailed Capital Flow for Selected Stocks - Bohui Paper had a net inflow of 31.14 million yuan from institutional investors, while it faced a net outflow of 33.86 million yuan from retail investors [3] - Hengfeng Paper experienced a small net inflow of 1.52 million yuan from institutional investors, with retail investors contributing a net inflow of 273,600 yuan [3] - Other stocks like Kain Co. and Huawang Technology saw significant net outflows from institutional investors, indicating a cautious sentiment among larger players [3]

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"）第八届董事会第四十七次会议的召开符合《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。 岳阳林纸股份有限公司 （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2025年11月4日以电子邮件的方式发出。 证券代码：600963 证券简称：岳阳林纸 公告编号：2025-053 第八届董事会第四十七次会议决议公告 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。 （三）董事会会议召开情况 本次董事会会议于2025年11月11日在湖南省岳阳市公司会议室以现场方式召开。会议应出席董事7人， 实际出席7人。会议由副董事长李战主持。 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《关于选举公司第八届董事会董事长的议案》。 选举刘岩女士为公司第八届董事会董事长。 （二）会议以7票同意、0票反对、0票弃权审议通过了《关于选举董事会战略发展委员会委员的议 案》。 选举刘岩女士为公司战略发展 ...

湖南启元律师事务所 关于 岳阳林纸股份有限公司 2025年第三次临时股东会的 法律意见书 湖南省长沙市芙蓉区建湘路 393 号世茂环球金融中心 63 楼 410005 网站：www.qiyuan.com 致：岳阳林纸股份有限公司 湖南启元律师事务所（以下简称"本所"）接受岳阳林纸股份有限公司（以下简 称"公司"）委托，对公司 2025 年第三次临时股东会（以下简称"本次股东会"）进 行现场见证，并根据《中华人民共和国公司法》（以下简称"《公司法》"）、《上市公司 股东会规则》（以下简称"《股东会规则》"）等中国现行法律、法规、规范性文件以及 《岳阳林纸股份有限公司章程》（以下简称"《公司章程》"）的相关规定，出具本法律 意见书。 为出具本法律意见书，本所指派本所律师列席了本次股东会，按照律师行业公认 的业务标准、道德规范和勤勉尽责精神，对本次股东会进行了现场见证，并核查和验 证了公司提供的与本次股东会有关的文件、资料和事实。 本所出具本法律意见书是基于公司向本所保证：公司已向本所提供了为出具本法 律意见书所必需的资料和信息，一切足以影响本法律意见书的事实和资料均已向本所 披露；公司向本所提供的所有资料和信息均 ...

证券代码：600963 证券简称：岳阳林纸 公告编号：2025-052 岳阳林纸股份有限公司 2025年第三次临时股东会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一) 股东会召开的时间：2025 年 11 月 11 日 (二) 股东会召开的地点：湖南省岳阳市云溪区新港多式联运物流园 001 号 岳阳林纸办公楼 19 楼会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 383 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 785,525,076 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 44.6939 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，股东会主持情 况等 本次股东会由公司董事会召集，由副董事长李战主持。大会采取现场投票与 网络投票相结合的表决方式，符合 ...

证券代码：600963 证券简称：岳阳林纸 公告编号：2025-053 岳阳林纸股份有限公司 第八届董事会第四十七次会议决议公告 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 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《关于选举公司第八 届董事会董事长的议案》。 选举刘岩女士为公司第八届董事会董事长。 （二）会议以7票同意、0票反对、0票弃权审议通过了《关于选举董事会战 略发展委员会委员的议案》。 选举刘岩女士为公司战略发展委员会委员，并担任主任委员（召集人）。 （三）会议以7票同意、0票反对、0票弃权审议通过了《关于将湖南骏泰生 物质发电有限责任公司无偿划转为公司全资子公司的议案》。 （一）岳阳林纸股份有限公司（以下简称"公司"）第八届董事会第四十七 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 2025 年 11 月 4 日以电子 ...

Group 1: Industry Overview - The number of enterprises in the paper and paper products industry reached 8,131 as of January to September 2025, an increase of 182 compared to the same period last year, representing a year-on-year growth of 2.29% [1] - The proportion of the paper and paper products industry enterprises in the total industrial enterprises is 1.56% [1] Group 2: Company Listings - Listed companies in the paper industry include: Chenming Paper (000488), Kane Co. (002012), Jingxing Paper (002067), Sun Paper (002078), Annie Co. (002235), Qifeng New Materials (002521), Qingshan Paper (600103), Minfeng Special Paper (600235), Huatai Co. (600308), Yueyang Forest Paper (600963), Bohui Paper (600966), Rongsheng Environmental Protection (603165), Xianhe Co. (603733), Songyang Resources (603863), Wuzhou Special Paper (605007), Huawang Technology (605377), and Forest Packaging (605500) [1] Group 3: Research Report - The report titled "Analysis of Development Models and Market Operation Potential of China's Paper Industry from 2026 to 2032" was published by Zhiyan Consulting [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research reports, business plans, feasibility studies, and customized services [2]

Group 1 - The paper sector experienced a slight increase of 0.02% on November 7, with Sun Paper leading the gains [1] - The Shanghai Composite Index closed at 3997.56, down 0.25%, while the Shenzhen Component Index closed at 13404.06, down 0.36% [1] - Key stocks in the paper sector showed varied performance, with Sun Paper closing at 14.71, up 2.22%, and other notable stocks like Xianhe Co. and Guanmeng High-tech also showing positive gains [1] Group 2 - The paper sector saw a net outflow of 156 million yuan from institutional investors, while retail investors contributed a net inflow of 215 million yuan [2] - The trading volume and turnover for various stocks in the paper sector varied significantly, with Sun Paper leading in both volume and turnover [2] - Specific stocks like Songyang Resources and Laifeng Co. experienced significant declines, with Songyang Resources down 5.01% [2] Group 3 - Sun Paper had a net inflow of 82.83 million yuan from institutional investors, while it faced outflows from retail and speculative investors [3] - Other stocks like Bohui Paper and Guanmeng High-tech also showed mixed net inflows and outflows from different investor categories [3] - The overall sentiment in the paper sector appears to be cautious, with significant net outflows from institutional and speculative investors [3]

Core Insights - The 2024 information disclosure evaluation results for listed companies show a significant decline in ratings compared to 2022, with Yueyang Lin Paper's rating dropping from A to C [1][2]. Group 1: Company Performance - Yueyang Lin Paper's information disclosure rating decreased by two levels from A in 2022 to C in 2024 [1]. - The company is located in the Hunan Free Trade Zone and was established on September 28, 2000, with its stock listed on May 25, 2004 [3]. - The main business of Yueyang Lin Paper includes the paper industry and ecological sector, with a revenue composition of 49.33% from printing paper, 22.61% from commodity pulp, and 14.55% from packaging paper [3]. Group 2: Management Information - The company’s Secretary of the Board, Yi Lankai, has served since August 27, 2019, with a salary of 690,000 in 2022, 330,000 in 2023, and 700,000 in 2024 [4]. - Yi Lankai, born in September 1978, holds a bachelor's degree and has held various positions within the company, including Deputy General Manager and General Manager Assistant [4].

Core Viewpoint - The company plans to hold a performance briefing on November 25, 2025, to discuss its Q3 2025 results and address investor inquiries [2][3][4]. Group 1: Meeting Details - The performance briefing is scheduled for November 25, 2025, from 16:00 to 17:00 [2][4]. - The meeting will take place at the Shanghai Stock Exchange Roadshow Center, accessible online [2][4]. - Investors can submit questions from November 18 to November 24, 2025, through the Roadshow Center website or via the company's email [2][4]. Group 2: Participants - Key participants in the meeting will include the General Manager Liu Lixin, Board Secretary and Deputy General Manager Yi Lankai, and Chief Financial Officer Yang Yinghui, among others [4]. Group 3: Investor Participation - Investors can join the meeting online on November 25, 2025, and the company will respond to questions during the session [4][6]. - The company encourages investors to pre-submit questions to ensure that common concerns are addressed during the briefing [3][4]. Group 4: Contact Information - For inquiries, investors can contact Dai Qiang at 0730-8590683 or via email at zqb-yylz@chinapaper.com.cn [6]. Group 5: Additional Information - After the briefing, investors can view the meeting's details and main content on the Shanghai Stock Exchange Roadshow Center website [6].

Core Viewpoint - The paper industry in China is facing challenges of "involution," yet Yueyang Forest and Paper (Yueyang Lin Paper) has reported impressive performance in its Q3 financials, highlighting its transformation into a low-carbon pioneer through technological innovation and carbon sink development [1][2]. Financial Performance - Yueyang Lin Paper achieved approximately 2.091 billion yuan in revenue for the first three quarters of 2025, a slight decrease of 2.95% year-on-year, while net profit attributable to shareholders, excluding non-recurring gains and losses, was about 132 million yuan, marking a turnaround from losses [1]. Technological Advancements - The company has established a comprehensive R&D system covering the entire "forest + pulp + paper" chain, investing over 1 billion yuan in technology upgrades and equipment modifications [3]. - A new cultural paper project with an annual capacity of 450,000 tons has been developed, featuring the world's fastest paper machine, which significantly reduces water and energy consumption [3]. Product Innovation - Yueyang Lin Paper is focusing on differentiated products, such as the "Yueyang Tower Soft Light Paper," which utilizes nanomaterials for glare reduction, filling a gap in the domestic market [4]. - The company is also adopting an "eco-friendly packaging" strategy by replacing plastic with paper, responding to national environmental initiatives [5]. Market Expansion - In 2024, the company plans to ship nearly 2,000 standard containers of finished paper globally, enhancing its international competitiveness [6]. - Yueyang Lin Paper is expanding its production capacity through the acquisition of a 100% stake in Hunan Juntai New Materials Technology Co., which will add 400,000 tons of pulping capacity [6]. Carbon Sink Development - As the first state-owned enterprise in the forestry carbon sink sector, Yueyang Lin Paper is developing a sustainable system centered on carbon sinks, leveraging its extensive self-owned forest resources [7]. - The company has won multiple contracts for carbon sink development projects across various regions, indicating its growing influence in the carbon market [8]. Strategic Outlook - The integration of artificial intelligence into the carbon sink development process is underway, aiming to optimize project management and enhance operational efficiency [9]. - Analysts suggest that the company's consolidation of resources and focus on carbon sink initiatives will provide greater flexibility for future growth, especially as the carbon trading market expands [9].