Core Viewpoint - The report highlights the growth and export potential of China's paper and paper products industry, with a focus on recent statistics and future projections [1] Industry Summary - As of September 2025, the export value of China's paper and paper products industry reached 7 billion yuan, reflecting a year-on-year increase of 0.1% [1] - Cumulatively, from January to September 2025, the total export value amounted to 59.49 billion yuan, showing a year-on-year growth of 2.2% [1] - The report provides a comprehensive analysis of the development patterns and market operation potential of the paper industry from 2026 to 2032 [1] Company Summary - The report mentions several listed companies in the paper industry, including Chenming Paper (000488), Kane Co. (002012), Jingxing Paper (002067), and others, indicating a broad spectrum of players in the market [1] - The analysis is supported by data from the National Bureau of Statistics and insights from Zhiyan Consulting, a leading industry consulting firm in China [1]

Core Viewpoint - The company, Shandong Bohui Paper Industry Co., Ltd., has announced its third-quarter report for 2025, detailing its financial performance and significant corporate decisions, including asset purchases and sales involving related parties [8][24]. Financial Data - The third-quarter report for 2025 has been confirmed as accurate and complete by the company's board and management [2][3]. - The financial statements for the first nine months of 2025 are unaudited [5][6]. Shareholder Information - The company has not reported any changes in major shareholders or voting rights for preferred shareholders [4]. Corporate Governance Changes - The company plans to abolish its supervisory board, transferring its responsibilities to the audit committee of the board, and will amend its articles of association accordingly [11][14]. - The board has approved several governance rule revisions to enhance internal management [14][19]. Related Party Transactions - The company’s subsidiary, Jiangsu Bohui, intends to purchase new equipment for upgrading its chemical pulp production from a related party, Wenrui Machinery, for an amount not exceeding RMB 46 million (excluding VAT) [25][28]. - The company also plans to sell idle assets to related parties, Guangxi Jingu and Jinlong Pulp and Paper, for a total assessed value of RMB 32.978 million [47][49]. Impact of Transactions - The purchase of new equipment is expected to enhance production efficiency and reduce chemical consumption, contributing to the company's green development goals [41][45]. - The sale of idle assets is aimed at optimizing the company's asset structure and improving operational efficiency [79][83].

Group 1 - The company, Bohui Paper (SH 600966), announced the convening of its 11th Board of Directors' meeting on October 29, 2025, which was held both in-person and via video conference [1] - The meeting reviewed the "Q3 2025 Report of Shandong Bohui Paper Co., Ltd." among other documents [1] - For the first half of 2025, the company's revenue composition was 100% from the manufacturing sector [1]

Group 1 - Company Bohui Paper (SH 600966) announced on October 31 that it plans to sell idle assets of chemical pulp to related parties Guangxi Jinguijang Paper Industry Co., Ltd. and Jinlong Pulp Industry (Jiangsu) Co., Ltd. for an assessed amount of 32.978 million yuan [1] - For the first half of 2025, Bohui Paper's revenue composition is 100.0% from the manufacturing sector [1]

Core Viewpoint - Bohui Paper is a leading player in the domestic paper production industry, showcasing strong competitive advantages and solid financial performance in the third quarter of 2025, with significant revenue and profit figures compared to industry peers [2][3][6]. Group 1: Company Overview - Bohui Paper was established on April 29, 1994, and listed on the Shanghai Stock Exchange on June 8, 2004, with its headquarters in Zibo, Shandong Province [1]. - The company specializes in the production and sale of mechanical paper and is classified under the light industry manufacturing sector, specifically in paper production [1]. Group 2: Financial Performance - For Q3 2025, Bohui Paper reported a revenue of 14.45 billion yuan, ranking third in the industry, while the net profit was 1.21 billion yuan, placing fourth [2]. - The revenue breakdown includes white paperboard at 5.95 billion yuan (62.22%), cultural paper at 2.4 billion yuan (25.10%), and other paper products [2]. Group 3: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 68.97%, which is higher than the industry average of 56.77% [3]. - The gross profit margin for the same period was 9.14%, exceeding the industry average by 0.28% [3]. Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 6.94% to 45,800, while the average number of shares held per shareholder increased by 7.46% [5]. - Notable shareholders include Hong Kong Central Clearing Limited and Southern CSI 1000 ETF, with changes in their holdings compared to the previous period [5]. Group 5: Future Outlook - Analysts project that Bohui Paper will achieve net profits of 200 million, 290 million, and 410 million yuan for the years 2025 to 2027, with corresponding price-to-earnings ratios of 35, 24, and 17 [6]. - The company is expected to benefit from stable growth in production and sales, with a focus on high-value-added products to mitigate price fluctuations [6].

Core Insights - The company reported a revenue of 4.886 billion yuan for Q3 2025, representing a year-on-year increase of 3.86% [1] - The net profit attributable to shareholders reached 31.4454 million yuan, showing a significant year-on-year increase of 73.45% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 29.8687 million yuan, which is a remarkable year-on-year increase of 193.01% [1]

Core Viewpoint - Bohui Paper reported its third-quarter results, showing a slight increase in revenue but a significant decrease in net profit compared to the previous year [1]. Financial Performance - The company's revenue for the first three quarters reached approximately 14.45 billion yuan, representing a year-on-year increase of 3.46% [1]. - The net profit attributable to shareholders was approximately 121.47 million yuan, reflecting a year-on-year decrease of 18.57% [1]. Shareholder Composition - Among the top ten circulating shareholders, new entrants include the employee stock ownership plans of Bohui Paper and a specific asset management plan from Yinhua Fund and China Life Insurance [1].

本资产评估报告依据中国资产评估准则编制 山东博汇纸业股份有限公司拟资产处置所涉及的部分设备 资产评估报告 金证评报字【2025】第 0608 号 (共一册,第一册) 金证（上海）资产评估有限公司 | 报告编码: | 3132020024202500611 | | | --- | --- | --- | | 合同编号: | 金证评合约字【2025】第10002号 | | | 报告类型: | 非法定评估业务资产评估报告 | | | 报告文号: | 金证评报字【2025】第0608号 | | | 报告名称: | 山东博汇纸业股份有限公司拟资产处置所涉及的部分设备资产评 估报告 | | | 评估结论: | 32.978.022.00元 | | | 评估报告日: | 2025年10月27日 | | | 评估机构名称: | 金证(上海)资产评估有限公司 | | | 签名人员: | 郭上雄 (资产评估师) | 正式会员 编号:31190145 | | | 列岩 (资产评估师) | 正式会员 编号:11200260 | 2025 年 10 月 27 日 中国资产评估协会 资产评估业务报告备案回执 (可扫描二维码查询备案业务信 ...

山东博汇纸业股份有限公司 第 1 页 共 19 页 独立董事制度 （2025 年 10 月修订） 第一章 总则 公司董事会下设的审计、提名、薪酬与考核委员会中独立董事应 当过半数并担任召集人，其中审计委员会成员应当为不在公司担任高 级管理人员的董事，并由独立董事中会计专业人士担任召集人。 第一条 为完善山东博汇纸业股份有限公司（以下简称"公司"） 治理，强化对董事会和经理层的约束和监督机制，促进公司规范运作， 更好地保障全体股东特别是中小股东权益不受损害，维护公司整体利 益，同时为规范独立董事行为，充分发挥独立董事在公司治理中的作 用，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》《上市公司治理准则》《上市公司独立董事管理办法》 《上海证券交易所股票上市规则》《上海证券交易所上市公司自律监 管指引第 1 号——规范运作》等法律、行政法规、规范性文件及《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， 特制定本制度。 第二条 独立董事是指不在公司担任除董事以外的其他职务，并 与本公司及其主要股东、实际控制人不存在直接或者间接利害关系， 或者其他可能影响其进行独立 ...

第一章 总则 山东博汇纸业股份有限公司 第一条 为规范公司行为,保证股东会依法行使职权,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》）、《上市公司股东会规则》等有关法律、法 规、规章、规范性文件和《山东博汇纸业股份有限公司章程》(以下 简称《公司章程》)的规定,结合公司实际情况,制定本规则。 股东会议事规则 第二条 公司应当严格按照法律、行政法规、本规则及《公司章 程》的相关规定召开股东会,保证股东能够依法行使权利。 （2025 年 10 月修订） 公司董事会应当切实履行职责,认真、按时组织股东会。公司全 体董事应当勤勉尽责,确保股东会正常召开和依法行使职权。 第三条 股东会应当在《公司法》和《公司章程》规定的范围内 行使职权。 第四条 股东会分为年度股东会和临时股东会。年度股东会每年 召开一次，应当于上一会计年度结束后的 6 个月内举行。 临时股东会不定期召开，有下列情形之一的，公司应当在事实发 生之日起两个月内召开临时股东会会议： （一）董事人数不足《公司法》规定人数或者《公司章程》所定 人数的 2/3 时； （二）公司未弥补的亏损达股本总额 1/3 ...