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 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 2025 年第一次临时股东大会的 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 关于山东博汇纸业股份有限公司 2025 年第一次临时股东大会的 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 2025 年第一次临时股东大会（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。 为出具本法律意见书，本所及本所律师依据《律师事务所从事证券法律业 务管理办法》和《律师事务所证券法律业务执业规则（试行）》等规定，严格履 行了法定职责，遵循了勤勉尽责和诚实信用原则，对本次股东大会所涉及的相 关 ...

Core Viewpoint - A price increase wave is sweeping through the domestic paper industry, with adjustments ranging from 30 to 100 yuan per ton, as companies like Bohui Paper announce price hikes to recover from declining profits [1][3]. Group 1: Bohui Paper's Performance - Bohui Paper reported a revenue of 9.564 billion yuan for the first half of the year, reflecting a year-on-year growth of 3.26% [4]. - However, the company's total profit plummeted by 56.33% to 79.127 million yuan, and net profit attributable to shareholders decreased by 31.31% to 90.02 million yuan [5]. - The decline in profitability is attributed to the average selling price of finished products dropping more than the decrease in unit costs, indicating a challenging market environment [7]. Group 2: Industry Challenges - The paper industry is facing severe challenges, with many companies resorting to factory closures, layoffs, and production cuts due to low demand and rising costs [3][9]. - The overall paper and board production is expected to grow by 5.09% in 2024, but the production of paper products is projected to drop by 11.39%, highlighting a significant supply-demand imbalance [7]. Group 3: Bohui Paper's Strategic Initiatives - Despite the profit decline, Bohui Paper's net cash flow from operating activities surged by 808.24% to 949 million yuan, driven by improved cash collection and sales management [9]. - The company has optimized its production processes and reduced costs across various areas, which may provide a competitive edge in the future [9]. - Bohui Paper's production of machine-made paper reached 2.432 million tons, a year-on-year increase of 12.39%, with sales of 2.3501 million tons, up 8.77% [9]. Group 4: Future Outlook - Bohui Paper aims to enhance its market position through a focus on high-value products and sustainable practices, having been included in the S&P Global "Sustainability Yearbook (China Edition)" [10]. - The company is also expanding its global footprint, with a sales team targeting markets in Southeast Asia, India, the Middle East, and North America [12]. - An investment of 165.274 million USD is planned for its wholly-owned subsidiary in Hong Kong to support export business development [13][14].

Core Viewpoint - 博汇纸业's 2025 mid-year report shows mixed financial performance, with revenue growth but a significant decline in net profit, indicating potential challenges in profitability and operational efficiency [1] Financial Performance - The total revenue for the first half of 2025 reached 9.564 billion yuan, a year-on-year increase of 3.26% compared to 9.262 billion yuan in 2024 [1] - The net profit attributable to shareholders was 90.0214 million yuan, down 31.31% from 131 million yuan in the previous year [1] - The gross margin decreased to 9.08%, a decline of 18.95% year-on-year, while the net margin fell to 0.94%, down 33.47% [1] - The company reported an increase in accounts receivable, which rose by 37.65% year-on-year, reaching 1.767 billion yuan [1] Cash Flow and Debt Analysis - The company has a healthy cash position, with cash assets amounting to 5.063 billion yuan, a 41.96% increase from the previous year [2][3] - The debt situation shows an interest-bearing debt ratio of 43.87%, indicating a significant level of leverage [3] - The liquidity ratio is low at 0.68, suggesting potential challenges in meeting short-term obligations [3] Market Expectations - Analysts project the company's performance for 2025 to reach a net profit of 229 million yuan, with an average earnings per share of 0.17 yuan [4] Shareholder Information - The largest fund holding in 博汇纸业 is 大成丰享回报混合A, which holds 164,000 shares, with a current scale of 0.26 billion yuan [5]

Group 1 - The semi-annual report summary is derived from the full report, and investors are encouraged to read the complete document for a comprehensive understanding of the company's performance, financial status, and future plans [1]. - The board of directors, supervisory board, and senior management guarantee the authenticity, accuracy, and completeness of the semi-annual report, and they bear individual and joint legal responsibility for any false records, misleading statements, or significant omissions [1]. - The report has not been audited [1]. Group 2 - There are no significant changes in the company's operating conditions during the reporting period, nor any events that have had or are expected to have a significant impact on the company's operations [1].

（编辑 何成浩） 证券日报网讯 8月29日晚间，博汇纸业发布公告称，2025年半年度公司实现营业收入9，563，674， 940.63元，同比增长3.26%；归属于上市公司股东的净利润为90，021，407.47元，同比下降31.31%。 ...

智通财经APP讯，博汇纸业(600966.SH)披露2025年半年度报告，报告期公司实现营收95.64亿元，同比 增长3.26%;归母净利润9002万元，同比下降31.31%;扣非净利润5807万元，同比下降46.77%;基本每股收 益0.0728元。 ...

格隆汇8月29日丨博汇纸业(600966.SH)发布2025年半年度报告，报告期实现营业收入95.64亿元，同比增 长3.26%；归属上市公司股东的净利润9002.14万元，同比下降31.31%；扣除非经常性损益后的归属于上 市公司股东的净利润5806.95万元，同比下降46.77%；基本每股收益0.0728元。 ...

山东博汇纸业股份有限公司2025 年半年度报告 公司代码：600966 公司简称：博汇纸业 山东博汇纸业股份有限公司 2025 年半年度报告 1 / 162 山东博汇纸业股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人林新阳、主管会计工作负责人魏同秋及会计机构负责人（会计主管人员）岳齐 刚声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的未来计划、发展战略等前瞻性陈述，不构成公司对投资者的实质承诺，请投 资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 ...

Group 1 - The company's revenue for the first half of 2025 reached 9.564 billion yuan, representing a year-on-year increase of 3.26% [1] - The net profit for the same period was 90.0214 million yuan, showing a year-on-year decline of 31.31% [1]

北京市金杜律师事务所上海分所 关于山东博汇纸业股份有限公司 领航者员工持股计划（草案）及奋斗者员工持股计划（草案）之 法律意见书 致：山东博汇纸业股份有限公司 1 注：《关于上市公司实施员工持股计划试点的指导意见（2025 修正）》已于 2025 年 3 月 27 日实施，但公 司目前尚未根据《公司法》《上市公司章程指引》等相关规则调整、修订有关监事会的规定，公司监事会对 本次员工持股计划相关议案进行审议及发表意见、公司对监事会决议进行公告系根据《关于上市公司实施 员工持股计划试点的指导意见》（中国证监会公告〔2014〕33 号）执行。《山东博汇纸业股份有限公司领航 者员工持股计划（草案）》及《山东博汇纸业股份有限公司奋斗者员工持股计划（草案）》均规定，"若监事 会正式取消，后续涉及监事会的职责按照相关规定由薪酬委员会替代。" 确认。 本所及经办律师依据《证券法》《律师事务所从事证券法律业务管理办法》 和《律师事务所证券法律业务执业规则（试行）》等规定及本法律意见书出具日 以前已经发生或者存在的事实，严格履行了法定职责，遵循了勤勉尽责和诚实 信用原则，进行了充分的核查验证，保证本法律意见书所认定的事实真实、准 ...