Group 1 - The paper industry sector experienced a significant rally, with Yibin Paper Industry (600793) hitting the daily limit up [1] - Other companies in the sector, including Yueyang Forest & Paper (600963), Minfeng Special Paper (600235), Bohui Paper Industry (600966), and Sun Paper Industry (002078), also saw their stock prices increase [1]

Core Points - The announcement details the share pledge and release activities of Shandong Bohui Paper Industry Co., Ltd. and its controlling shareholder, Bohui Group, along with its concerted actions with Jin Guang Paper (China) Investment Co., Ltd. and Ningbo Jinjia Paper Industry Co., Ltd. [1][2] - As of the announcement date, Bohui Group and its concerted parties hold a total of 652,871,937 shares, accounting for 48.84% of the company's total share capital [1][2] - The release of 13,000,000 shares from pledge represents 3.37% of Bohui Group's holdings and 0.97% of the company's total share capital [1][2] Share Pledge and Release Summary - Bohui Group's remaining pledged shares amount to 246,756,958 shares, which is 64.01% of its holdings and 18.46% of the company's total share capital [1][2] - The total number of pledged shares before the release was 259,756,958 shares, and after the release, it stands at 443,756,958 shares [2] - The pledged shares represent 67.97% of Bohui Group's total holdings and 33.19% of the company's total share capital [2] Financial Capability - Bohui Group has the financial capability to repay the pledged shares, with repayment sources including operating profits, own funds, stock dividends, and investment income [2]

证券代码：600966 证券简称：博汇纸业 编号：临 2025-015 山东博汇纸业股份有限公司 关于控股股东部分股份解除质押及再质押的公告 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: 截至本公告日，控股股东山东博汇集团有限公司（以下简称"博汇集团"） 及其一致行动人金光纸业（中国）投资有限公司（以下简称"金光纸业"）、宁波金 嘉源纸业有限公司（以下简称"金嘉源纸业"）合计持有公司股份数量为 652,871,937 股，占公司总股本的 48.84%。本次解除质押并办理质押后，博汇集团及其一致行动 人累计质押数量为 443,756,958 股，占其持有公司股份数的 67.97%，占公司总股本 的 33.19%，剩余未质押股份数量为 209,114,979 股，均为无限售流通股。 山东博汇纸业股份有限公司（以下简称"公司"或"本公司"）于近日接到博 汇集团和其一致行动人金嘉源纸业通知，获悉其所持有本公司的部分股份被解除质 押及再质押，具体事项如下： 二、上市公司股份质押 1.本次股份质押基本情况 | 股东名 称 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints The report provides daily observations on the pulp market, including market conditions, important news, logical analyses, and trading strategies. Market conditions cover futures and spot prices of different pulp types. Important news includes company - related events, project investments, and international trade situations. Logical analyses are based on various economic and industry data, and trading strategies offer suggestions for single - sided and arbitrage trading. 3. Summary by Related Catalogs Market Conditions - Futures market shows various trends such as weak, small, and high - level oscillations. For example, on 25 - 06 - 09, the SP main 09 contract was in a weak oscillation, closing at 5222 points, down 2 points or 0.04% [1]. - Spot prices of different pulp types (coniferous, broad - leaf, natural, and chemical mechanical) vary in different regions. For instance, in the Shandong market on 25 - 06 - 06, the import coniferous pulp market had relatively light trading, and prices of some brands were adjusted with the market [5]. Important News - North American paper giant Georgia - Pacific plans to permanently close its Cedar Springs box - board paper mill later this year, affecting about 535 jobs and with an annual capacity of 1 million tons [1]. - China's C&D Group plans to invest $2 billion in a pulp and finished paper production project in Vietnam's Quang Binh province [11]. - In 2025, India's paper and board imports reached a record 2.05 million tons, and imports from China increased by 33% [8]. Logical Analysis - In April, European coniferous pulp consumption decreased by 17.6% year - on - year, and domestic living paper production increased by 9.4% year - on - year in May, which is favorable for the broad - needle price difference [6]. - As of the end of last Friday, the inventory of the SHFE SP contract decreased by 75.6% year - on - year, while the social inventory of domestic pulp in five ports increased by 33.4 million tons year - on - year [1]. Trading Strategies - Single - sided trading: Suggestions include holding long positions, waiting and seeing, and making small - scale trial purchases. For example, on 25 - 06 - 09, it was recommended to wait and see for the SP main 07 contract and pay attention to the support at last Friday's low [1]. - Arbitrage trading: Usually involves waiting and seeing or reducing positions and waiting. For example, on 25 - 06 - 09, it was recommended to wait and see for the arbitrage strategy (long - short) [1].

Group 1 - The white cardboard paper industry has shown a price increase trend despite entering the traditional off-season in June, with prices rising by 0.62% to an average of 4085 yuan/ton as of May 30 [1] - Several large white cardboard paper companies have announced price increases of 200 yuan/ton since May 20 to address the negative price situation and improve profitability [1][2] - The sales performance of companies like Shandong Bohui Paper Industry has been strong, particularly in overseas markets, prompting them to raise prices to alleviate operational pressures [1] Group 2 - The white cardboard paper industry has experienced multiple price increase announcements in the first quarter of the year, but the actual implementation has been less optimistic [2] - Factors such as high inventory levels of wood pulp and weak profitability among raw paper manufacturers are limiting the ability to reduce costs effectively, leading to continued pressure on pricing [2] - The industry is expected to see a slight increase in transaction prices in early June due to the ongoing price increase sentiment [2] Group 3 - June marks the traditional off-season for the paper industry, particularly affecting orders from end-user sectors like medical and food [3] - Market dynamics are expected to shift back to supply-demand fundamentals by mid-June, with potential price stabilization followed by a risk of decline later in the month [4] Group 4 - Leading white cardboard paper companies are focusing on technological and product innovations, such as developing eco-friendly coating technologies and "zero plastic" paper products to reduce production costs and environmental impact [4]

Group 1 - The legal opinion letter is issued by Shanghai Jintiancheng Law Firm regarding the 2024 annual general meeting of Shandong Bohui Paper Industry Co., Ltd. [1][2] - The meeting was convened by the company's board of directors, with the decision made during the fifth meeting of the eleventh board on April 28, 2025 [2][3] - The notice for the annual general meeting was published on April 30, 2025, and included details such as the meeting date, time, and voting procedures [3] Group 2 - A total of 257 shareholders and their proxies attended the meeting, representing 548,838,618 shares, which is 44.3752% of the total voting shares [5] - The qualifications of the attending shareholders and other participants, including directors and senior management, were verified and deemed valid [5][11] Group 3 - The meeting discussed and voted on several proposals, all of which were within the authority of the shareholders' meeting and consistent with the announced agenda [6][11] - Voting was conducted through both on-site and online platforms, with specific time slots allocated for each method [3][6] Group 4 - The voting results showed a high level of agreement on the proposals, with the majority receiving over 99% approval from the attending shareholders [6][7][8] - The voting results for small investors indicated a significant majority in favor of the proposals, with percentages ranging from 80% to over 83% [10]

Core Points - The company held its annual general meeting on May 29, 2025, with a total attendance representing 44.3752% of the shares [1] - All proposed resolutions were passed during the meeting, with significant support from shareholders [2] Meeting Details - The meeting was convened at the company's office and chaired by the chairman, Lin Xinyang [1] - Voting was conducted through a combination of on-site and online methods, complying with legal and regulatory requirements [1] Voting Results - The voting results showed overwhelming support for the resolutions, with the highest approval rate being 99.6429% for the annual salary proposal [2] - Specific voting numbers included 546,879,098 votes in favor and 1,231,320 against for the salary proposal, indicating strong shareholder confidence [2] - The resolutions related to the annual profit distribution and the appointment of financial auditing and internal control institutions were also approved with similar high support [2]

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： 一、 会议召开和出席情况 (二)股东大会召开的地点：公司办公楼二楼第三会议室 证券代码：600966 证券简称：博汇纸业 公告编号：2025-014 山东博汇纸业股份有限公司 2024年年度股东大会决议公告 本次会议是否有否决议案：无 (一)股东大会召开的时间：2025 年 5 月 29 日 (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 | 257 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 548,838,618 | | 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（%） | 44.3752 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由公司董事会召集，公司董事长林新阳先生主持，本次会议以现场 投票和网络投票相结合的方式对本次股东大会通知中列明的事项进行了投票表 决。本次股东大会的表决方 ...

法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于山东博汇纸业股份有限公司 2024 年年度股东大会的 本所同意将本法律意见书与本次股东大会的决议一并进行公告，并依法对发 表的法律意见承担相应法律责任。 鉴此，本所律师根据上述法律、法规、规章及规范性文件的要求，按照律师 行业公认的业务标准、道德规范和勤勉尽责精神，现出具法律意见如下： 上海市锦天城律师事务所 法律意见书 2024 年年度股东大会的 法律意见书 致：山东博汇纸业股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受山东博汇纸业股份有限 公司（以下简称"公司"）委托，就公司召开 2024 年年度股东大会（以下简称 "本次股东大会"）的有关事宜，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》等法律、法规、规章和其他规范性文件以 及《山东博汇纸业股份有限公司章程》（以下简称"《公司章程》"）的有关规 定，出具本法律意见书。 为出具本法 ...

Investment Rating - The report maintains a "Recommendation" rating for the company with a target price of 5.2 CNY per share [2][8]. Core Views - The company's profitability is under pressure, and it is anticipated that demand will recover in the future [2][8]. - In 2024, the company achieved revenue of 1.893 billion CNY, a year-on-year increase of 1.3%, while net profit attributable to shareholders decreased by 3.3% to 176 million CNY [2][4]. - For Q1 2025, the company reported revenue of 456 million CNY, a 3.8% increase year-on-year, but net profit attributable to shareholders fell by 46.9% to 5 million CNY [2][4]. Financial Performance Summary - The company’s total revenue for 2024 is projected to be 1.893 billion CNY, with a growth rate of 1.3% [4]. - The net profit attributable to shareholders for 2024 is expected to be 176 million CNY, reflecting a decline of 3.3% [4]. - The earnings per share (EPS) for 2024 is estimated at 0.13 CNY, with a price-to-earnings (P/E) ratio of 35 [4]. - The gross profit margin for 2024 is reported at 9.6%, a decrease of 1.2 percentage points year-on-year [8]. - The company’s overseas sales are expected to continue growing, with a significant increase of 83.8% in foreign revenue in 2024 [8]. Future Outlook - The company is expected to see a recovery in net profit growth, with projections of 215 million CNY in 2025, representing a growth rate of 22.4% [4][8]. - The forecast for net profit attributable to shareholders for 2026 and 2027 is 352 million CNY and 445 million CNY, respectively, indicating substantial growth rates of 63.7% and 26.5% [4][8]. - The report highlights the company's strong position in the white card paper industry and its potential for profit recovery as domestic demand improves [8].