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].

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]