Investment Rating - The report maintains a "Recommend" 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 is projected to grow from 1.893 billion CNY in 2024 to 2.353 billion CNY by 2027, with a compound annual growth rate (CAGR) of approximately 6.3% [4][9]. - The net profit attributable to shareholders is expected to increase significantly from 176 million CNY in 2024 to 445 million CNY in 2027, reflecting a CAGR of 26.5% [4][9]. - The earnings per share (EPS) is forecasted to rise from 0.13 CNY in 2024 to 0.33 CNY in 2027 [4][9]. Product and Market Analysis - In 2024, the company generated revenue from various products: white card paper (1.154 billion CNY), cultural paper (474 million CNY), gypsum face paper (60 million CNY), and corrugated paper (163 million CNY) [2][8]. - The company’s sales volume for white card paper, cultural paper, gypsum face paper, and corrugated paper saw year-on-year increases of 3.5%, 16.4%, 40.2%, and a decrease of 2.8%, respectively [2][8]. - The overseas market showed strong growth, with revenue increasing by 83.8% year-on-year to 296 million CNY in 2024, while domestic revenue decreased by 7.8% to 1.555 billion CNY [2][8]. Profitability and Cost Management - The company’s gross margin for 2024 was 9.6%, a decrease of 1.2 percentage points year-on-year [2][8]. - The company maintained stable expense ratios for sales, management, R&D, and financial expenses, resulting in a net profit margin of 0.9% for 2024 [2][8]. - In Q1 2025, the gross margin remained at 9.6%, with a year-on-year decrease of 3.7 percentage points [2][8]. Investment Outlook - The company is recognized as a leader in the white card paper industry, with a stable operation and promising overseas market expansion [2][8]. - The report anticipates that if domestic demand recovers, it could further enhance profit margins [2][8].

Core Viewpoint - Shandong Bohui Paper Industry Co., Ltd. is committed to high-quality development and sustainable practices, focusing on innovation and green transformation in response to challenges in the global economy and the paper industry [1][2][3]. Group 1: Business Performance - In 2024, the company produced 4.5288 million tons of paper, a year-on-year increase of 8.1%, and sold 4.5622 million tons, also reflecting growth [2]. - The net profit for the year reached 176 million yuan [2]. - The company aims to enhance quality and efficiency through innovation and digital transformation, integrating ESG principles into daily management [2][5]. Group 2: Innovation and Technology - The company focuses on four key areas: new products, new technologies, new raw materials, and new processes, driving technological innovation to meet market demands [2][3]. - Bohui has developed environmentally friendly products, including a zero-plastic paper cup technology, which significantly reduces production costs and environmental impact [3][4]. - The company has filed 116 patents and has 61 patents pending, covering various aspects of paper production technology [3]. Group 3: Green Transformation - The company actively promotes green development, investing in energy-saving and pollution-reduction technologies, and aims to achieve near-zero wastewater discharge [13][14]. - Bohui's initiatives include the use of biomass boilers and anaerobic digestion for energy generation, contributing to waste reduction and cost savings [14][15]. - The company has been recognized for its ESG practices, receiving multiple awards for its green innovations and sustainable development efforts [7][19]. Group 4: Market Strategy - The company is expanding its international market presence, particularly in Southeast Asia, the Middle East, and Europe, to mitigate domestic market fluctuations [8][9]. - Bohui has implemented a diversified marketing strategy, participating in international exhibitions and enhancing its brand influence [8]. - The company has achieved a 149% year-on-year increase in sales of certified products in international markets [8]. Group 5: Financial Overview - As of December 31, 2024, the company's total assets amounted to 22.469 billion yuan, with a total liability of 15.669 billion yuan, resulting in an equity of 6.800 billion yuan [26]. - The company plans to distribute a cash dividend of 0.2844 yuan per share, amounting to approximately 35.175 million yuan, which represents 20.01% of the net profit for the year [21][22].

山东博汇纸业股份有限公司 2024 年年度股东大会会议资料 2024 年年度股东大会会议资料 山东博汇纸业股份有限公司 2024 年年度股东大会会议资料 一、会议召开时间： 现场会议时间：2025 年 5 月 29 日 14:00 网络投票方式及时间：本次股东大会采用上海证券交易所网络投票系统，通 过交易系统投票平台的投票时间为 2025 年 5 月 29 日 9:15-9:25、9:30-11:30、 13:00-15:00；通过互联网投票平台的投票时间为 2025 年 5 月 29 日 9:15-15:00。 二、股权登记日：2025 年 5 月 22 日 三、现场会议地点：公司办公楼第三会议室 四、会议的表决方式：采取现场投票和网络投票相结合的方式 五、会议主持人：公司董事长 六、会议议程： 1、出席会议的股东或代理人、董事、监事、董事会秘书、列席高管签到； 2、召集人和见证律师验证股东出席、表决资格； 2024 年年度股东大会会议资料 7、相关人员解释和说明； 8、与会股东逐项投票表决； 3、主持人宣布股东大会开始并公布出席现场会议的股东或代理人人数和所 持有表决权的股份总数、列席人员； 4、选举本次 ...

证券代码：600966 证券简称：博汇纸业 编号：临 2025-013 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。 1.本次股份解除质押基本情况 | 股东名称 | 山东博汇集团有限公司 | | --- | --- | | 本次解除质押股份 | 10,000,000 | | 占其所持股份比例 | 2.59% | | 占公司总股本比例 | 0.75% | | 解除质押时间 | 2025 年 5 月 16 日 | | 持股数量 | 385,496,958 | | 持股比例 | 28.84% | | --- | --- | | 剩余被质押股份数量 | 259,756,958 | | 剩余被质押股份数量占其所持股份比例 | 67.38% | | 剩余被质押股份数量占公司总股本比例 | 19.43% | 2、博汇集团本次解质后将继续用于质押，公司将根据相关法律法规要求及时 履行信息披露义务。 3、股东累计质押股份情况 | 股东名称 | | | | | | | --- | - ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company is expected to achieve total revenue of 1.893 billion and net profit attributable to shareholders of 176 million in 2024, with a year-on-year growth of 1% for revenue and a decrease of 3% for net profit [3][6]. - In Q4 2024, the company is projected to generate total revenue of 496.3 million, with a significant decline in net profit attributable to shareholders, down 90% year-on-year [3][6]. - For Q1 2025, total revenue is expected to be 456.4 million, with net profit attributable to shareholders decreasing by 47% year-on-year [3][6]. Summary by Sections Financial Performance - In 2024, the company is expected to achieve total sales volume of 4.56 million tons, a 6% increase year-on-year, with an average gross profit per ton of 398 RMB, a decrease of approximately 69 RMB [9]. - The revenue from white cardboard is projected to be 11.542 billion RMB, with a sales volume of 2.9 million tons, and an average price of 3,987 RMB per ton, reflecting a 7% decrease [9]. - Cultural paper revenue is expected to reach 4.741 billion RMB, with a sales volume of 980,000 tons, and an average price of 4,848 RMB per ton, showing an 11.7% increase [9]. Market Outlook - The company anticipates continued growth in production and sales, with demand recovery expected to drive paper prices and profitability upward [9]. - The overseas sales revenue is projected to see significant growth, with the export revenue share increasing to 16%, effectively hedging against domestic cyclical fluctuations [9]. - The company is focusing on developing differentiated products and implementing digital transformation to enhance market responsiveness [9]. Profitability Forecast - The company is expected to achieve net profits of 300 million, 430 million, and 520 million RMB for the years 2025, 2026, and 2027, respectively, corresponding to price-earnings ratios of 20, 14, and 12 times [9].

Core Viewpoint - The company experienced a slight increase in total revenue for 2024, but net profit showed a decline, indicating mixed performance in the financial results [1][2][4] Financial Performance - In 2024, the company achieved total revenue of 1.893 billion yuan, a year-on-year increase of 1%, while net profit attributable to shareholders decreased by 3% to 176 million yuan [1] - For Q4 2024, total revenue was 496.3 million yuan, reflecting a 1% decrease year-on-year, with net profit dropping significantly by 90% to 2.7 million yuan [1] - In Q1 2025, total revenue was 456.4 million yuan, a 4% increase year-on-year, but net profit fell by 47% to 53 million yuan [1] Sales and Pricing Dynamics - The total sales volume for 2024 was 4.56 million tons, a 6% increase, while the average gross profit per ton decreased by approximately 69 yuan [2] - The average selling price for white paperboard decreased by 7% to 3987 yuan per ton, with a corresponding gross profit drop of 93 yuan per ton [2] - Cultural paper sales increased by 11.7% to 474.1 million yuan, with a sales volume increase of 16% [2] Profitability Analysis - Q4 2024 saw a significant improvement in operating net profit, primarily due to a rebound in paper prices and ongoing cost control [3] - The profitability of cultural paper improved, while boxboard paper continued to incur losses but at a reduced rate [3] - The company expects further improvement in profitability for Q1 2025, driven by rising prices for white card paper and reduced losses in black paper [3] Future Outlook - The company anticipates continued growth in production and sales, with overseas sales revenue significantly increasing to 16% of total sales, mitigating domestic market fluctuations [4] - The company plans to continue developing differentiated products and implementing digital transformation initiatives to enhance operational efficiency [4] - Projections for net profit attributable to shareholders are 300 million yuan in 2025, 430 million yuan in 2026, and 520 million yuan in 2027, with corresponding price-to-earnings ratios of 20, 14, and 12 [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Views - The company is expected to achieve total operating revenue of 1.893 billion and net profit attributable to shareholders of 176 million in 2024, with year-on-year changes of +1% for revenue and -3% for net profit [2][4] - In Q4 2024, the company is projected to generate operating revenue of 496.3 million, with a significant decline in net profit attributable to shareholders, down 90% year-on-year [2][4] - For Q1 2025, the company anticipates operating revenue of 456.4 million, with net profit attributable to shareholders decreasing by 47% year-on-year [2][4] Summary by Sections Financial Performance - In 2024, the company achieved total sales volume of 4.56 million tons, a 6% increase year-on-year, with an average gross profit per ton of 398 RMB, a decrease of approximately 69 RMB [9] - The revenue breakdown includes: - White cardboard revenue of 1.1542 billion, with a sales volume of 2.9 million tons, and an average price of 3987 RMB/ton [9] - Cultural paper revenue of 474.1 million, with a sales volume of 980,000 tons, and an average price of 4848 RMB/ton [9] - Boxboard revenue of 163 million, with a sales volume of 530,000 tons, and an average price of 3098 RMB/ton [9] - Gypsum face paper revenue of 59.5 million, with a sales volume of 160,000 tons, and an average price of 3654 RMB/ton [9] Future Outlook - The company expects continuous growth in production and sales, with demand recovery likely to drive paper prices and profitability upward [9] - The overseas sales revenue is projected to see significant growth, with export revenue accounting for 16% of total sales, effectively hedging against domestic cyclical risks [9] - The company plans to continue developing differentiated products and implementing digital transformation to enhance market responsiveness [9]

Group 1 - The event "New Quality Shandong Brand Building Future" highlighted the recognition of Shandong Bohui Paper Industry Co., Ltd. as an excellent ESG case for 2025 [2] - ESG (Environmental, Social, and Governance) strategies are crucial for brand development and are increasingly important for measuring sustainable business practices [4] - Bohui Paper, established in 1994, focuses on integrated research, production, and sales in the paper manufacturing sector, emphasizing innovation in lightweight and low-carbon products [5] Group 2 - Bohui Paper has implemented an ESG governance structure with the board of directors as the highest responsible body, promoting ESG principles in corporate governance and strategic decision-making [7] - The company invests in energy-saving technologies, enhances water resource efficiency, and reduces pollution, while also optimizing logistics through digital supply chain management [7] - In 2024, Bohui Paper contributed 2.091 million yuan to rural revitalization efforts, including donations to local schools and support for community welfare [8]

证券代码：600966 证券简称：博汇纸业 编号：临 2025-012 为进一步加强与投资者的互动交流，山东博汇纸业股份有限公司（以下简称"公 司"）将参加由山东证监局、山东上市公司协会与深圳市全景网络有限公司联合举 办的"2025 年山东辖区上市公司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 （http://rs.p5w.net）；或关注微信公众号（名称：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 2025 年 5 月 15 日（周四）15:00-16:30。届时 公司高管将在线就公司 2024 年度业绩、公司治理、发展战略、经营状况、融资计划、 股权激励和可持续发展等投资者关心的问题，与投资者进行沟通与交流，欢迎广大 投资者踊跃参与！ 特此公告。 山东博汇纸业股份有限公司董事会 二○二五年五月十四日 山东博汇纸业股份有限公司 关于参加 2025 年山东辖区上市公司投资者 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 ...

Market Performance - The Shanghai Composite Index and Shenzhen Component Index experienced declines of 0.30% and 0.69% respectively on May 5, 2025, while the ChiNext Index and STAR Market 50 fell by 0.87% and 1.96% respectively [1] - Among 33 A-share companies in Zibo, 30 saw an increase, 1 remained flat, and 2 declined during the same period [1] Notable Stock Movements - Weiming Pharmaceutical (002581) achieved a remarkable 23.29% increase over five days, leading the gains [1] - Yahua Electronics (301337) and Jincheng Pharmaceutical (300233) also saw significant increases of 17.30% and 11.31% respectively [1] - On May 7, PEEK material concept stocks surged, with Zhongxin Fluorine Materials (002915) hitting the daily limit for the sixth time in nine days, and Kaisheng New Materials (301069) rising by 2.29% with a trading volume of 4.02 billion yuan [1] Company Announcements - Kehui Co., Ltd. announced a share repurchase plan with a budget between 9 million and 16 million yuan, with a maximum repurchase price of 17 yuan per share, aimed at employee stock ownership plans [1] Financial Results - Furuida (600223) reported a revenue of 526 million yuan in its cosmetics segment for Q1 2025, with a gross margin of 61.06% [3] - Qichang Tenda (002408) achieved total revenue of 5.618 billion yuan in Q1 2025, a year-on-year increase of 2.53%, but saw a significant drop in net profit by 83.18% to 5.4007 million yuan [3] - Xinhua Medical (600587) reported a total revenue of 2.308 billion yuan, down 8.74% year-on-year, with a net profit decline of 23.97% to 160 million yuan [3] - Bohui Paper (600966) reported a total revenue of 4.564 billion yuan, a 3.77% increase year-on-year, but a net profit decline of 46.91% to 53.3737 million yuan [3] Market Capitalization - In terms of market capitalization, Yingke Medical (300677) led with 14.708 billion yuan, followed closely by Shandong Pharmaceutical Glass (600529) at 14.626 billion yuan, and Qichang Tenda (002408) at 12.963 billion yuan [4]