山东博汇纸业股份有限公司 2025 年第二次临时股东大会会议资料 2025 年第一次临时股东大会会议资料 山东博汇纸业股份有限公司 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； 2025 年第二次临时股东大会会议资料 一、会议召开时间： 现场会议时间：2025 年 11 月 17 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 11 月 17 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11月17日9:15-15:00。 二、股权登记日：2025 年 11 月 10 日 三、现场会议地点：淄博市桓台县马桥镇工业路北首公司第三会议室 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： 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、选举本次股东大会的监票人和计票人； 5、审议以下议案： | 序 ...

Core Viewpoint - Bohui Paper's stock price has shown a positive trend with a year-to-date increase of 11.22%, indicating strong market performance despite some fluctuations in shareholder activity and net profit decline [1][2]. Financial Performance - For the period from January to September 2025, Bohui Paper achieved a revenue of 14.45 billion yuan, representing a year-on-year growth of 3.46%. However, the net profit attributable to shareholders decreased by 18.57% to 121 million yuan [2]. - Cumulative cash dividends since the A-share listing amount to 889 million yuan, with 9.44 million yuan distributed over the past three years [3]. Shareholder Activity - As of September 30, 2025, the number of shareholders decreased by 6.94% to 45,800, while the average circulating shares per person increased by 7.46% to 29,216 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 8.64 million shares, an increase of 310,200 shares compared to the previous period, while Southern CSI 1000 ETF reduced its holdings by 86,800 shares [3]. Stock Performance - On November 10, Bohui Paper's stock rose by 2.15% to 5.71 yuan per share, with a trading volume of 121 million yuan and a turnover rate of 1.61%, leading to a total market capitalization of 7.633 billion yuan [1]. - The stock has seen a 11.09% increase over the last five trading days, a 13.07% increase over the last twenty days, and a 12.18% increase over the last sixty days [1]. Business Overview - Bohui Paper, established on April 29, 1994, and listed on June 8, 2004, is located in Huantai County, Zibo City, Shandong Province. The company primarily engages in the production and sales of various types of paper [1]. - The main revenue composition includes white cardboard (62.22%), cultural paper (25.10%), box board paper (6.89%), gypsum face paper (3.04%), and other supplementary products (2.75%) [1]. - The company is classified under the light industry manufacturing sector, specifically in the paper and bulk paper category [1].

Group 1: Industry Overview - The number of enterprises in the paper and paper products industry reached 8,131 as of January to September 2025, an increase of 182 compared to the same period last year, representing a year-on-year growth of 2.29% [1] - The proportion of the paper and paper products industry enterprises in the total industrial enterprises is 1.56% [1] Group 2: Company Listings - Listed companies in the paper industry include: Chenming Paper (000488), Kane Co. (002012), Jingxing Paper (002067), Sun Paper (002078), Annie Co. (002235), Qifeng New Materials (002521), Qingshan Paper (600103), Minfeng Special Paper (600235), Huatai Co. (600308), Yueyang Forest Paper (600963), Bohui Paper (600966), Rongsheng Environmental Protection (603165), Xianhe Co. (603733), Songyang Resources (603863), Wuzhou Special Paper (605007), Huawang Technology (605377), and Forest Packaging (605500) [1] Group 3: Research Report - The report titled "Analysis of Development Models and Market Operation Potential of China's Paper Industry from 2026 to 2032" was 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]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a revenue of 14.5 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 3%. However, the net profit attributable to the parent company was 120 million yuan, down 19% year-on-year, and the net profit after deducting non-recurring gains and losses was 90 million yuan, down 26% year-on-year. In Q3 2025, the revenue was 4.9 billion yuan, up 4% year-on-year, with a net profit of 30 million yuan, up 73% year-on-year, and a net profit after deducting non-recurring gains and losses of 30 million yuan, up 193% year-on-year [2][5]. Summary by Sections Financial Performance - In Q3 2025, the company's gross margin, net profit margin, and net profit margin after deducting non-recurring gains and losses decreased by 0.5, increased by 0.3, and increased by 0.4 percentage points year-on-year, respectively. The sales, management, R&D, and financial expense ratios increased by 0.1, 0.2, -0.9, and -0.5 percentage points year-on-year, respectively [2][5]. Market Dynamics - The revenue growth in Q3 2025 is primarily attributed to a year-on-year increase in sales volume, continuing the trend from the first half of the year. The company produced 2.432 million tons of mechanical paper in the first half of 2025, a year-on-year increase of 12.39%, and sold 2.3501 million tons, an increase of 8.77% year-on-year. The company has set a target of no less than 4.7 million tons in total paper product sales for 2025, with half of this target achieved in the first half of the year [11]. Cost Management - The cost of raw materials, particularly wood pulp, decreased quarter-on-quarter, contributing to the improvement in net profit after deducting non-recurring gains and losses in Q3 2025. The price of white cardboard decreased by 95 yuan per ton, and the price of double glue paper decreased by 338 yuan per ton. The company has also implemented cost reduction and efficiency enhancement measures, such as reducing wastewater treatment costs [11]. Future Outlook - The fourth quarter is expected to be a seasonal peak due to demand for cultural paper and packaging paper during holidays. The prices of packaging paper have been increasing, while the performance of cultural paper remains weaker than seasonal expectations. However, paper prices are anticipated to recover moderately, which could improve profitability [11]. Long-term Perspective - In the medium to long term, the company is expected to benefit from a reduction in new production capacity in the paper industry, which has been oversupplied in recent years. The industry is anticipated to enter an upward cycle starting in 2026. The company aims to continue growing sales and developing differentiated products, with overseas revenue expected to maintain a rapid growth trend [11].

Group 1 - The paper sector experienced a slight increase of 0.02% on November 7, with Sun Paper leading the gains [1] - The Shanghai Composite Index closed at 3997.56, down 0.25%, while the Shenzhen Component Index closed at 13404.06, down 0.36% [1] - Key stocks in the paper sector showed varied performance, with Sun Paper closing at 14.71, up 2.22%, and other notable stocks like Xianhe Co. and Guanmeng High-tech also showing positive gains [1] Group 2 - The paper sector saw a net outflow of 156 million yuan from institutional investors, while retail investors contributed a net inflow of 215 million yuan [2] - The trading volume and turnover for various stocks in the paper sector varied significantly, with Sun Paper leading in both volume and turnover [2] - Specific stocks like Songyang Resources and Laifeng Co. experienced significant declines, with Songyang Resources down 5.01% [2] Group 3 - Sun Paper had a net inflow of 82.83 million yuan from institutional investors, while it faced outflows from retail and speculative investors [3] - Other stocks like Bohui Paper and Guanmeng High-tech also showed mixed net inflows and outflows from different investor categories [3] - The overall sentiment in the paper sector appears to be cautious, with significant net outflows from institutional and speculative investors [3]

Market Overview - The paper sector experienced a slight increase of 0.03% on November 6, with Bohui Paper leading the gains [1] - The Shanghai Composite Index closed at 4007.76, up by 0.97%, while the Shenzhen Component Index closed at 13452.42, up by 1.73% [1] Individual Stock Performance - Bohui Paper (600966) saw a significant rise of 9.96%, closing at 5.74 with a trading volume of 533,200 shares and a transaction value of 296 million [1] - Other notable performers included Minshida (920394) with a 1.07% increase, and ST Chenming (000488) with a 0.95% increase [1] - Conversely, Qingshan Paper (600103) experienced the largest decline at -5.28%, closing at 3.77 with a trading volume of 3.13 million shares [2] Capital Flow Analysis - The paper sector faced a net outflow of 24.45 million from institutional investors, while retail investors contributed a net inflow of 14.9 million [2] - The capital flow data indicates that Bohui Paper had a net inflow of 78.39 million from institutional investors, despite a net outflow of 57.78 million from retail investors [3] - Other stocks like ST Chenming and Yueyang Lin Paper also showed mixed capital flows, with varying degrees of institutional and retail investor activity [3]

Core Points - The stock price of Bohui Paper increased by 2.11% on November 6, reaching 5.33 CNY per share, with a total market capitalization of 7.125 billion CNY [1] - Bohui Paper's main business includes the production and sales of various types of paper, with the revenue composition being 62.22% from whiteboard, 25.10% from cultural paper, 6.89% from boxboard paper, and 3.04% from gypsum face paper [1] - As of September 30, 2025, Bohui Paper reported a revenue of 14.45 billion CNY, a year-on-year increase of 3.46%, while the net profit attributable to shareholders decreased by 18.57% to 121 million CNY [2] Financial Performance - The stock has seen a year-to-date increase of 3.82%, with a 7.68% rise over the last five trading days and a 6.60% increase over the last 20 days [1] - The company has distributed a total of 889 million CNY in dividends since its A-share listing, with 94.36 million CNY distributed in the last three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders decreased by 6.94% to 45,800, while the average number of circulating shares per person increased by 7.46% to 29,216 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited and Southern CSI 1000 ETF, with the former increasing its holdings by 310,200 shares [3]

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]