Investment Rating - The investment rating for the paper industry is "Positive" [2] Core Viewpoints - The paper industry is experiencing a bottoming cycle with insufficient upward momentum, leading industry leaders to focus on extending their supply chains and enhancing differentiated competitive advantages [12] - The industry is expected to continue facing supply-demand pressures in 2025, with a sustained bottoming of profit cycles as leading companies innovate and expand their scale and differentiation advantages [12] - Major companies are actively expanding their overseas market presence to absorb production capacity [12] Summary by Sections Pulp and Paper Sector - Cost improvements and a slight recovery in paper prices are leading to profit recovery, with Q4 2024 pulp prices hitting a bottom and costs stabilizing [3] - In Q1 2025, low-cost pulp gradually entered inventory, and paper prices saw a slight increase, with companies expected to maintain low costs and moderate profit improvements [3][18] - The domestic pulp market is experiencing price fluctuations, with expectations of continued low-level oscillations in Q2 2025 [19] Cultural Paper - Profitability is gradually recovering, with leading companies performing well despite market challenges [4] - Average prices for double glue paper and copper plate paper in Q4 2024 and Q1 2025 were 5228 and 5435 CNY/ton respectively, showing year-on-year declines but some recovery in Q1 2025 [22] - Companies like Sun Paper are leveraging raw material strategies and cost control to improve profits [22] White Card Paper - Prices are stabilizing at the bottom, with a slight improvement in profitability [23] - The average price for white card paper increased from 4195 CNY/ton in Q4 2024 to 4307 CNY/ton in Q1 2025, benefiting from supply disruptions [23] - Companies are expected to face increased supply pressures in 2025 due to new capacities coming online [23] Specialty Paper - Leading companies are expanding their advantages and market shares [24] - Prices for specialty paper categories are expected to decline due to short-term supply-demand pressures, but some categories are showing signs of recovery [24] - Companies like Xianhe and Wuzhou are expected to benefit from increased production capacity [24] Waste Paper Sector - Prices are fluctuating, with a recovery in profitability observed [26] - The average price for waste paper in Q4 2024 was 1530 CNY/ton, showing a year-on-year increase, while boxboard and corrugated paper prices also saw slight improvements [26] - The overall profitability of waste paper companies is expected to remain under pressure in Q2 2025 despite cost optimizations [26] Investment Recommendations - Focus on companies with integrated pulp and paper operations and improving profitability, such as Sun Paper and Xianhe, as well as those recovering profitability like Huawang Technology and Wuzhou Specialty Paper [8]

Core Viewpoint - The company is implementing a buyback and cancellation of restricted stock due to various reasons including employee turnover and unmet performance criteria [2][4][14] Group 1: Buyback and Cancellation Reasons - The company decided to repurchase and cancel a total of 50,400 restricted shares due to 4 employees' transitions and departures [2] - A subsequent decision was made to repurchase and cancel 27,450 restricted shares due to 8 employees' transitions and departures [3] - The final decision involved repurchasing and canceling 7,405,500 restricted shares due to 215 employees not meeting performance criteria [4] Group 2: Financial Details - The adjusted buyback price for the restricted shares is set at 2.19657 CNY per share, accounting for dividends from previous years [6] - The actual buyback prices for the shares of employees transitioning to the controlling shareholder's other companies were determined to be 2.21335 CNY and 2.21479 CNY per share [7] Group 3: Share Structure and Completion - The total number of restricted shares involved in the buyback and cancellation is 8,184,000, leaving no remaining restricted stock options [9] - The company plans to complete the cancellation of these restricted shares by May 12, 2025, and will proceed with the necessary registration changes [11] Group 4: Legal Compliance and Assurance - The company has confirmed that the decision-making process and information disclosure comply with relevant laws and regulations [12] - The company has assured that all involved parties have been informed and have not raised objections regarding the buyback and cancellation [12][14]

证券代码：600963 证券简称：岳阳林纸 公告编号：2025-028 岳阳林纸股份有限公司 关于股权激励限制性股票回购注销的实施公告 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： ●回购注销原因：回购股权激励限制性股票并注销 ●本次注销股份的有关情况 | 回购股份数量（股） | 注销股份数量（股） | | 注销日期 | | | | | --- | --- | --- | --- | --- | --- | --- | | 8,184,000 | 8,184,000 | 2025 | 年 5 | 月 | 12 | 日 | 公司于 2024 年 10 月 25 日召开了第八届董事会第三十五次会议，审议通过了 《关于回购注销部分限制性股票的议案》，因 2 名激励对象调动至公司实际控制人 下属其他公司，5 名激励对象离职，1 名激励对象退休，公司需对此 8 人已获授但 尚未解除限售的合计 27.45 万股限制性股票予以回购注销。公司已根据法律规定就 1 本次股份回购注销事项履行通知债权人程序。具体内容详见公司 20 ...

2020年限制性股票激励计划 回购注销限制性股票实施情况的 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 层 410007 湖南启元律师事务所 关于 岳阳林纸股份有限公司 电话：（0731）82953-778 传真：（0731）82953-779 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"启元"或"本所"）接受岳阳林纸股份有 限公司（以下简称"岳阳林纸"、"公司"或"上市公司"）的委托，担任岳阳林 纸 2020 年限制性股票激励计划（以下简称"本次激励计划"、"本激励计划"或 "激励计划"）的专项法律顾问。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华 人民共和国证券法》（以下简称"《证券法》"）、《上市公司股权激励管理办法》 （以下简称"《管理办法》"）等现行法律、法规和规范性文件的有关规定以及 《岳阳林纸股份有限公司章程》（以下简称"《公司章程》"）、《2020 年限制性股 票激励计划（草案）》（以下简称"《激励计划（草案）》"），按照律师行业公认的 业务标准、道德规范和勤勉尽责精神，现就公司 2020 ...

Investment Rating - The report indicates a positive outlook for the home furnishing sector, driven by domestic consumption stimulus and the gradual recovery of retail channels [1]. Core Insights - The report highlights that the domestic consumption stimulus is beginning to show effects, with a notable recovery in retail channels, while export conditions are experiencing marginal declines [1][3]. - The performance of leading companies in the home furnishing sector is improving, particularly in the context of national subsidies and strategic adjustments [1][3]. Summary by Sections 1. Home Furnishing - Domestic sales show signs of recovery with a year-on-year revenue change of -12.44% in Q4 2024 and +1.75% in Q1 2025, while net profit for the same periods changed from -54.11% to +7.07% [13]. - Export performance for the furniture sector saw a cumulative year-on-year increase of +5.8% for 2024 but a decline of -8.0% in Q1 2025, indicating a downward trend in export conditions [13]. - The report anticipates that the domestic market will continue to recover in the short term due to national subsidy policies, while the export market may face ongoing pressures [13]. 1.1 Domestic - Custom Home Furnishing - Retail channels are showing marginal improvements, while bulk channels remain under pressure, with leading companies like Oppein and Sophia experiencing reduced revenue declines in Q1 2025 compared to previous quarters [20]. - The profitability of leading companies is improving, with a focus on cost control and product development, while second and third-tier brands may struggle to maintain performance [26]. - Prepayment and cash flow indicators show improvements for some leading companies, suggesting a gradual recovery in demand [38]. 1.2 Domestic - Soft Home Furnishing - The soft home furnishing sector is under pressure due to real estate downturns and changing consumer spending patterns, but companies like Kuka and Mengbaihe are showing signs of recovery [39]. - Profit margins are improving in Q1 2025 compared to 2024, with notable changes in gross and net profit margins across leading companies [44]. - Prepayment figures for soft home furnishing companies are showing positive growth, indicating a recovery in domestic demand [46]. 1.3 Export Home Furnishing - The overall export climate is declining, with a significant drop in cumulative export value in Q1 2025, reflecting challenges in the international market [51][53]. - Despite the overall decline, leading companies are still managing to perform well, showcasing resilience and strategic advantages [51].

金种子酒公告，公司于近期收到阜阳市国资委批复，阜阳市国资委原则同意公司公开转让控股子公司 安徽金太阳生化药业有限公司（简称"金太阳药业"）92%股权。 2025.04. 23 4月23日晚间，沪深两市多家上市公司发布公告，以下是第一财经对一些重要公告的汇总，供投资者 参考。 【品大事】 金种子酒：转让金太阳药业92%股权获阜阳市国资委同意批复 复星医药：高级副总裁李东久辞任 复星医药公告，公司董事会收到李东久的书面辞职函。因到龄退休，李东久向董事会申请辞去高级副 总裁职务。 岳阳林纸：全资子公司诚通碳汇中标林业碳汇合作开发项目 岳阳林纸公告，公司全资子公司诚通碳汇经营管理(湖南)有限责任公司（简称"诚通碳汇"）2025年4 月22日收到《关于百色市乐业县林业碳汇合作开发项目招商结果的函》，成为该项目招商中选单 位。如以上项目合同签订并顺利实施，将对公司实施项目年度的经营业绩产生积极的影响。 【观业绩】 天齐锂业：预计2025年第一季度净利润为8200万元—1.23亿元 天齐锂业公告，预计2025年第一季度归属于上市公司股东的净利润为8200万元—1.23亿元，上年同 期为亏损38.97亿元。 吉比特：一季度净 ...

证券代码：600963 证券简称：岳阳林纸 公告编号：2025-027 岳阳林纸股份有限公司 关于全资子公司诚通碳汇中标林业碳汇合作开发项目 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"）2025 年 4 月 22 日收到《关于百色市 乐业县林业碳汇合作开发项目招商结果的函》，成为该项目招商中选单位，具体 情况如下： 一、项目概况 （一）项目合作范围 乐业县现有林业用地面积 328.58 万亩，其中有林地面积 276 万亩（数据来源： 该项目招商公告）。项目开发范围包括全县符合国家政策允许和中国自愿减排项 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),实际面积、范围以项目最终的审定 与核证为准。 项目采取全过程包干的方式合作开发，开发费用由开发商负担。项目采用利 润分成模式合作开发。 二、对公司的影响 1 （二）项目开发时限与合 ...

Summary of Conference Call on Fluff Pulp Industry Industry Overview - The fluff pulp market is facing a price increase pressure of 20%-30% due to supply constraints [1] - High-end fluff pulp is made from softwood and is suitable for baby diapers, while mid-range fluff pulp is used for regular sanitary napkins, with differences in raw materials and performance [1] - Imported fluff pulp, primarily from North America and Northern Europe, has superior fiber length and strength compared to domestic materials [1][5] - China relies heavily on imports for fluff pulp due to the scarcity of softwood resources [1][6] Key Points and Arguments - Current fluff pulp prices are approximately $1,050 per ton for IPH and around 8,100-8,200 RMB per ton for domestic softwood pulp [1][7] - If tariffs remain unchanged, domestic prices are expected to exceed 9,000 RMB, while imported products may reach around 12,000 RMB [1][7] - New production capacities are being introduced both domestically and internationally, which may alleviate supply tightness [1][8] Supply Chain and Market Dynamics - The fluff pulp supply chain is under pressure due to the U.S.-China trade war, which has increased import costs by about 50% [2] - Domestic companies are responding to rising costs by building new factories and managing inventory [9][10] - The majority of high-quality fluff pulp is concentrated in North America and Northern Europe, with China producing only a small fraction of its annual demand of approximately 1 million tons [6] Downstream Impact - Downstream companies, including those producing baby diapers and sanitary products, are significantly affected by rising costs [2][11] - The cost of fluff pulp constitutes about 10% of the total production cost for female hygiene products, allowing for some buffer against price increases [12] - Companies are currently observing market conditions and managing inventory levels to mitigate immediate impacts [12][14] Future Considerations - The price volatility of fluff pulp will test the supply chain management capabilities of downstream brands [13] - Smaller companies may face greater pressure and could pause production plans if they continue to rely on imported materials [13][14] - It is recommended to monitor fluff pulp price fluctuations and adjust procurement strategies to ensure supply chain stability [15]

第一季度财务报表是否经审计 □是 √否 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：600963 证券简称：岳阳林纸 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 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假 记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息的真 实、准确、完整。 一、主要财务数据 (一)主要会计数据和财务指标 单位：元 币种：人民币 ■ 追溯调整或重述的原因说明 2024年12月公司完成了同一控股股东控制的湖南骏泰新材料科技有限责任公司（以下简称"骏泰科技"） 100%股权收购，骏泰科技成为公司的全资子公司并纳入公司合并报表范围。根据《企业会计准则第2号 一一长期股权投资》《企业会计准则第20号一一企业合并》《企业会计准则第33号一一合并财务报表》 的相关规定，因上述同一控制下合并范围变化调整，公司相应对上年同期合并财务报表进行了追溯调 整 ...

证券代码：600963 证券简称：岳阳林纸 公告编号：2025-026 岳阳林纸股份有限公司 关于全资子公司诚通碳汇中标林业碳汇合作开发项目 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"）近日收到《成交通知书》，成为勐腊 县林业碳汇合作开发项目的中标单位，具体情况如下： 一、项目概况 （一）项目合作范围 （三）项目合作方式 项目采取全过程包干的方式合作开发，开发费用由开发商负担。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。如以上项目合同签订并顺利实施， 1 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。 本次项目中标对公司业务、经营的独立性不会产生影响，公司不会因此 ...