Core Viewpoint - The white card paper market is experiencing a price increase due to operational pressures and an anticipated demand recovery, following a period of price decline and industry losses [1][7][8]. Group 1: Price Adjustments - Six major white card paper companies announced a price increase of 100 yuan/ton effective September 1, 2025, following previous price hikes earlier in the year [1][2]. - This marks the third price adjustment for white card paper in 2025, with earlier increases attributed to rising operational costs and a need to align prices with actual usage value [2][8]. - The price of corrugated paper has also risen significantly, with increases ranging from 130 to 260 yuan/ton since August, driven by higher raw material costs [4]. Group 2: Market Conditions - The white card paper market has been under pressure, with theoretical profitability in the industry being negative, leading to operational challenges for companies [1][7]. - Demand is expected to increase due to seasonal factors, including upcoming holidays and specific orders, which may help alleviate supply-demand imbalances [3][8]. - The overall performance of the paper industry has been poor, with only 6 out of 20 listed companies reporting profit growth in the first half of 2025, while others faced significant declines [1][7]. Group 3: Future Outlook - The success of the recent price increases will depend on the improvement of market demand and the willingness of downstream buyers to accept higher prices [8]. - Despite rising costs supporting price increases, demand remains weak, leading to cautious market sentiment and potential downward pressure on prices [8].

Group 1 - The core viewpoint of the article highlights the growth in the number of enterprises in the paper and paper products industry in China, with a total of 8,107 enterprises reported from January to July 2025, marking an increase of 190 enterprises or 2.4% year-on-year [1] - The proportion of the paper and paper products industry enterprises in relation to the total number of industrial enterprises stands at 1.56% [1] - The data indicates a shift in the criteria for scale enterprises, with the threshold for annual main business income raised from 5 million yuan to 20 million yuan since 2011 [1] Group 2 - The report referenced is the "2025-2031 China Paper Industry Market Survey Research and Development Prospects Report" 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] - The firm emphasizes its commitment to providing comprehensive industry solutions to empower investment decisions through professional insights and market acumen [2]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company achieved total revenue of 9.564 billion and net profit attributable to shareholders of 90 million in H1 2025, with year-on-year changes of +3% and -31% respectively [2][4] - The company expects a recovery in profitability as the packaging paper sales season approaches, with stable growth in production and sales volumes [4][10] - The company has successfully completed half of its stock incentive target for total paper product sales of no less than 4.7 million tons in 2025, with a total production of 2.432 million tons of mechanical paper in H1 2025, representing a year-on-year increase of 12.39% [10] Summary by Sections Financial Performance - In H1 2025, the company reported total revenue of 9.564 billion, net profit of 90 million, and net profit after deducting non-recurring gains and losses of 58 million, with year-on-year changes of +3%, -31%, and -47% respectively [2][4] - In Q2 2025, the company achieved total revenue of 4.999 billion, net profit of 37 million, and net profit after deducting non-recurring gains and losses of 6 million, with year-on-year changes of +3%, +20%, and -57% respectively [2][4] Production and Sales - The company produced 2.432 million tons of mechanical paper in H1 2025, with sales of 2.350 million tons, reflecting year-on-year increases of 12.39% and 8.77% respectively [10] - The company’s export sales accounted for 20.6% of total sales in H1 2025, contributing to revenue growth [10] Market Outlook - The company anticipates a gradual improvement in profitability as the packaging paper market enters its peak sales season in Q3 2025, with expectations for price recovery in various paper segments [10] - The company is positioned to benefit from a potential easing of supply pressures in the paper industry, with expectations for a gradual upward cycle starting from 2026 [10]

Delivery Warehouses - The Shanghai Futures Exchange (SHFE) has approved several companies as the first batch of delivery warehouses for the newsprint futures, including Xiamen Jianfa Warehousing Co., Qingdao China Foreign Trade Supply Chain Management Co., and others [1] - The SHFE will adjust the delivery warehouse capacity based on market development and will gradually expand the delivery warehouse layout [1] Delivery Factories - The SHFE has designated multiple companies as the first batch of delivery factories for newsprint futures, including Yueyang Forest & Paper Co., Shandong Bohui Paper Industry Co., and others [2] - Delivery factories are required to prepare for the futures delivery business according to the approved capacity and ensure compliance with relevant regulations [2] Deliverable Products - The first batch of deliverable products for newsprint futures includes 13 brands, such as "Yueyang Tower" produced by Yueyang Forest & Paper Co. and "Galaxy Ru Yi" produced by Shandong Galaxy Ruixue Paper Industry Co., all subject to standard pricing [2] - The SHFE will monitor changes in the newsprint market and may adjust the list of deliverable products accordingly [2] Designated Inspection Institutions - The SHFE has approved several institutions as designated inspection agencies for newsprint futures, including China Light Industry Paper Products Inspection and Certification Co. and Shanghai Customs Industrial Products and Raw Materials Testing Technology Center [3] - These institutions are required to conduct inspection services according to the relevant regulations and ensure orderly operations [3] - A set of inspection guidelines for newsprint futures has been jointly developed and filed by the designated inspection agencies [3]

Core Viewpoint - The Shanghai Futures Exchange has approved several companies as the first delivery warehouses for the futures of offset printing paper, indicating a significant development in the paper industry and futures trading [1] Group 1: Approved Companies - The following companies have been approved as delivery warehouses: Yueyang Forest & Paper Co., Ltd., Shandong Bohui Paper Industry Co., Ltd., Shandong Sun Paper Industry Co., Ltd., Guangxi Sun Paper Industry Co., Ltd., Shandong Huatai Paper Industry Co., Ltd., Guangdong Huatai Paper Industry Co., Ltd., Nine Dragons Global (China) Investment Group Co., Ltd., Liansheng Pulp and Paper (Zhangzhou) Co., Ltd., Xiamen Jianfa Pulp and Paper Group Co., Ltd., and Xiamen Guomao Paper Industry Co., Ltd. [1] Group 2: Operational Guidelines - From the date of the announcement, all approved delivery warehouses must prepare for the offset printing paper futures delivery operations according to the approved warehouse capacity, strictly adhering to relevant regulations and enhancing management to ensure orderly operations [1] Group 3: Future Developments - The standard warehouse receipt generation for offset printing paper futures will commence on November 20, 2025, with the Shanghai Futures Exchange planning to adjust warehouse capacity and expand the delivery warehouse layout based on market development [1]

Meeting Overview - The shareholder meeting was held on September 1, 2025, at the company's conference room in Zibo City [1] - The meeting was chaired by the company's chairman, Lin Xinyang, and utilized a combination of on-site and online voting methods [1] Attendance - All 7 current directors attended the meeting [2] - All 3 current supervisors were present [2] - The board secretary and other executives, along with a witnessing lawyer, were also in attendance [2] Proposal Review - The following proposals were reviewed and approved: 1. Proposal on the "Navigator Employee Stock Ownership Plan (Draft)" [3] 2. Proposal on the "Navigator Employee Stock Ownership Plan Management Measures" [3] 3. Proposal to authorize the board to handle matters related to the Navigator Employee Stock Ownership Plan [3] 4. Proposal on the "Striver Employee Stock Ownership Plan (Draft)" [4] 5. Proposal on the "Striver Employee Stock Ownership Plan Management Measures" [4] 6. Proposal to authorize the board to handle matters related to the Striver Employee Stock Ownership Plan [4] - Related shareholders, Shandong Bohui Group Co., Ltd., Ningbo Jinjia Yuan Paper Industry Co., Ltd., and Jinguang Paper (China) Investment Co., Ltd., abstained from voting on proposals 1, 2, 3, 4, 5, and 6 [4] Legal Witnessing - The meeting was witnessed by Shanghai Jintiancheng Law Firm, represented by lawyers Xie Shuqing and Dong Min [4] - The legal opinion confirmed that the meeting's procedures, qualifications of the convenor and attendees, and voting processes complied with relevant laws and regulations [4]

Group 1 - The legal opinion letter is issued by Shanghai Jintiancheng Law Firm regarding Shandong Bohui Paper Industry Co., Ltd. for the 2025 first extraordinary general meeting of shareholders [1][2] - The meeting was convened by the company's board of directors on August 15, 2025, and the notice was published on August 16, 2025, meeting the 15-day notice requirement [3][4] - The meeting took place on September 1, 2025, at 9:00 AM, combining on-site and online voting methods [3][5] Group 2 - A total of 308 shareholders and their proxies attended the meeting, representing 577,438,292 shares with voting rights, which is a significant portion of the total shares [5][6] - The legal opinion confirms that the qualifications of attendees and the voting procedures comply with relevant laws and regulations [4][11] Group 3 - The voting results for the proposals were as follows: - Proposal 1: 32,311,933 votes in favor (80.3530%), 7,811,922 against (19.4266%), and 88,600 abstentions (0.2204%) [6] - Proposal 2: 32,301,133 votes in favor (80.3261%), 7,822,722 against (19.4534%), and 88,600 abstentions (0.2205%) [7] - Proposal 3: 32,302,933 votes in favor (80.3306%), 7,820,922 against (19.4490%), and 88,600 abstentions (0.2204%) [8] - Proposal 4: 32,270,633 votes in favor (80.2503%), 7,821,922 against (19.4514%), and 119,900 abstentions (0.2983%) [9] - Proposal 5: 32,276,933 votes in favor (80.2660%), 7,820,922 against (19.4490%), and 114,600 abstentions (0.2850%) [10] Group 4 - The legal opinion concludes that the convening and conducting of the meeting, the qualifications of the convenor, the qualifications of attendees, and the voting procedures are all in compliance with the Company Law and relevant regulations, making the voting results valid [11][12]

经本次股东大会股东审议，上述议案均获得通过；议案 1、2、3、4、5、6 关联股东山东博汇集团有限公司、宁波金嘉源纸业有限公司、金光纸业（中国） 投资有限公司回避表决。 三、 律师见证情况 证券代码：600966 证券简称：博汇纸业 公告编号：2025-023 山东博汇纸业股份有限公司 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)股东大会召开的时间：2025 年 9 月 1 日 (二)股东大会召开的地点：淄博市桓台县马桥镇工业路北首公司第三会议室 (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： 份总数的比例（%） 46.6876 (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式、表决程序及表决结果符合《公司法》《上市公司 股东会规则》等法 ...

Core Points - The company, Shandong Bohui Paper Industry Co., Ltd., has announced an employee stock ownership plan aimed at enhancing employee engagement and aligning their interests with the company's long-term goals [1][2][10] - The plan allows for a maximum of 40.03 million shares to be held, representing approximately 2.99% of the company's total share capital [4][14] - The total expected funding for the plan is approximately 201.35 million yuan, with each share priced at 5.03 yuan [5][13] Summary by Sections Employee Stock Ownership Plan Overview - The plan is designed to improve governance, enhance employee cohesion, and attract and retain talent [10][11] - Participation is voluntary, and employees will bear the risks associated with their investments [11][12] Funding and Stock Acquisition - The funding sources include employee contributions, loans from major shareholders, and other legally permissible means [5][13] - The shares will be acquired from the company's repurchased stock, with a total of 100,030,021 shares repurchased as of September 29, 2022, accounting for 7.48% of the total share capital [4][13] Plan Structure and Management - The plan will be managed by a committee that represents the interests of the participants, ensuring compliance with legal and regulatory requirements [22][25] - The plan has a maximum duration of 120 months, with a lock-up period of 12 months for the acquired shares [16][17] Performance Assessment - The performance assessment will include company-wide, departmental, and individual metrics, with specific sales targets set for 2025 [19][20] - The first unlocking period is contingent upon achieving a total paper product sales volume of no less than 4.7 million tons in 2025 [19][20] Rights and Obligations - Participants' rights include the ability to receive dividends and participate in decision-making processes through the management committee [28][30] - Obligations include timely payment of contributions and adherence to the plan's rules regarding share transfers and exits [28][30]

山东博汇纸业股份有限公司领航者员工持股计划 山东博汇纸业股份有限公司 证券简称：博汇纸业 证券代码：600966 领航者员工持股计划 二〇二五年九月 一、山东博汇纸业股份有限公司（以下简称"博汇纸业""公司"或"本公 司"）领航者员工持股计划（以下简称"本员工持股计划"）的具体的资金来源、 出资金额、预计规模和具体实施方案等属初步结果，能否完成实施，存在不确定 性。 二、若员工认购资金较低，本员工持股计划存在无法成立的风险；若员 工认购份额不足，本员工持股计划存在低于预计规模的风险。 三、股票价格受公司经营业绩、宏观经济周期、国际/国内政治经济形势及 投资者心理等多种复杂因素影响。因此，股票交易是有一定风险的投资活动，投 资者对此应有充分准备。 四、本员工持股计划中有关公司业绩考核指标的描述不代表公司的业绩预 测，亦不构成业绩承诺。 五、敬请广大投资者谨慎决策，注意投资风险。 山东博汇纸业股份有限公司领航者员工持股计划 声明 本公司及全体董事、监事保证本员工持股计划及其摘要不存在任何虚假记 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。 本方案主要条款与公司 2025 年 8 ...