Core Viewpoint - Rongsheng Environmental Protection (603165.SH) has repurchased a total of 8.697 million shares, representing 3.19% of the company's total share capital as of October 31, 2025 [1] Summary by Category Share Repurchase - The company has conducted share repurchases through the Shanghai Stock Exchange trading system via centralized bidding [1] - The highest price for the repurchased shares was 13.19 CNY per share, while the lowest price was 10.77 CNY per share [1] - The total amount spent on the share repurchase was 100 million CNY, excluding transaction commissions and other trading fees [1]

| 证券代码：603165 | 证券简称：荣晟环保 | | 公告编号：2025-088 | | --- | --- | --- | --- | | 转债代码：113676 | 转债简称：荣 23 | 转债 | | 浙江荣晟环保纸业股份有限公司（以下简称"公司"）分别于 2024 年 10 月 23 日、2024 年 11 月 11 日召开第八届董事会第九次会议和 2024 年第三次临时股东大 会，逐项审议并通过了《关于 2024 年第二期以集中竞价交易方式回购公司股份的 议案》，同意公司使用自有资金或自筹资金（含银行回购专项贷款等）以集中竞价 交易方式回购公司股份，用于减少公司注册资本。本次回购价格不超过人民币 16.36 元/股（含本数），回购金额不超过人民币 20,000 万元（含本数），不低于 10,000 万 元（含本数），回购期限为自股东大会审议通过回购方案之日起不超过 12 个月。 具体内容详见公司于 2024 年 10 月 25 日、2024 年 11 月 12 日在上海证券交易所网 站（www.sse.com.cn）披露的《浙江荣晟环保纸业股份有限公司关于 2024 年第二 期以集中竞价交易方 ...

Group 1 - The company Rongsheng Environmental Protection (603165.SH) announced a share buyback program, having repurchased a total of 8.697 million shares as of October 31, 2025, which represents 3.19% of the company's total share capital as of the same date [1] - The highest price paid for the repurchased shares was 13.19 RMB per share, while the lowest price was 10.77 RMB per share [1] - The total amount spent on the share buyback was 100 million RMB, excluding transaction commissions and other trading fees [1]

Core Viewpoint - The company plans to repurchase shares worth 100 million to 200 million yuan from November 11, 2024, to November 10, 2025, to reduce registered capital [1] Summary by Relevant Sections - **Share Repurchase Plan** - The company intends to repurchase shares in the range of 100 million to 200 million yuan [1] - **Current Repurchase Status** - As of October 31, 2025, the company has repurchased a total of 8.697 million shares, accounting for 3.19% of the total share capital, with a total repurchase amount of 100 million yuan [1] - The repurchase price range has been adjusted from 16.36 yuan per share to 15.31 yuan per share due to the implementation of equity distribution [1]

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 - Rongsheng Environmental Protection is a significant player in the domestic recycled packaging paper industry, focusing on the production of recycled packaging paper and related products, with a full industry chain advantage [1] Group 1: Business Performance - As of Q3 2025, Rongsheng Environmental Protection reported revenue of 1.609 billion yuan, ranking 9th in the industry, with the industry leader, Sun Paper, generating 28.936 billion yuan [2] - The net profit for the same period was 171 million yuan, placing the company 2nd in the industry, while the industry average net profit was -37.8 million yuan [2] Group 2: Financial Ratios - The asset-liability ratio for Rongsheng Environmental Protection was 56.74% in Q3 2025, slightly below the industry average of 56.77% [3] - The gross profit margin was reported at 12.52%, significantly higher than the industry average of 0.28% [3] Group 3: Executive Compensation - The chairman, Feng Shengyu, received a salary of 765,400 yuan in 2024, an increase of 247,600 yuan from 2023 [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 13.60% to 16,600 [5] - The average number of circulating A-shares held per shareholder decreased by 11.97% [5]

Core Insights - The paper sector experienced a slight increase of 0.51% on October 31, with Rongsheng Environmental leading the gains [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Stock Performance - Rongsheng Environmental (603165) closed at 13.16, up 3.62% with a trading volume of 54,200 shares and a transaction value of 71.18 million yuan [1] - Minshida (920394) closed at 42.29, up 3.60% with a trading volume of 29,300 shares and a transaction value of 124 million yuan [1] - Gaoxing Paper (002067) closed at 6.27, up 3.47% with a trading volume of 1.7015 million shares and a transaction value of 1.078 billion yuan [1] - Other notable performers include Hengda New Materials (301469) up 2.85% and Mulin Packaging (605500) up 1.78% [1] Capital Flow - The paper sector saw a net inflow of 37.54 million yuan from institutional investors, while retail investors contributed a net inflow of 15.25 million yuan [2] - However, there was a net outflow of 52.79 million yuan from speculative funds [2] Individual Stock Capital Flow - Liangxing Paper (002067) had a net inflow of 95.42 million yuan from institutional investors, but a net outflow of 46.13 million yuan from speculative funds [3] - Other stocks like Huawang Technology (605377) and Rongsheng Environmental (603165) also experienced mixed capital flows, with varying levels of net inflows and outflows from different investor types [3]

Core Viewpoint - Rongsheng Environmental Protection's stock price increased by 5.91% to 13.45 CNY per share, with a total market capitalization of 3.667 billion CNY as of October 31 [1] Group 1: Company Overview - Zhejiang Rongsheng Environmental Protection Paper Co., Ltd. was established on November 9, 1998, and listed on January 17, 2017 [1] - The company operates in the midstream of the paper industry, focusing on the production of recycled packaging paper products such as kraft boxboard and corrugated paper [1] - The revenue composition of the company includes: 96.05% from sales of raw paper and paper products, 3.58% from steam sales, 0.33% from waste and sludge treatment fees, and 0.04% from steam pipeline interface fees [1] Group 2: Fund Holdings - Huafu Fund has a significant holding in Rongsheng Environmental Protection, with its Huafu Craftsmanship Mingxuan One-Year Holding Period Mixed A Fund (014706) holding 167,100 shares, accounting for 3.86% of the fund's net value [2] - The fund has generated an estimated floating profit of approximately 125,300 CNY today [2] - The fund was established on March 25, 2022, with a current scale of 31.4134 million CNY, and has achieved a year-to-date return of 8.31% [2] Group 3: Fund Manager Performance - The fund manager Chen Qiming has a tenure of 11 years and 39 days, with the fund's total asset size at 1.806 billion CNY and a best return of 332.41% during his tenure [3] - Wang Yiwei, the co-manager, has a tenure of 4 years and 4 days, managing assets of 496 million CNY, with a best return of 92.98% during his tenure [3]

Core Viewpoint - Rongsheng Environmental Protection (603165.SH) reported a decline in both revenue and net profit for the first three quarters of 2025 compared to the previous year [1] Financial Performance - The total operating revenue for the first three quarters reached 1.609 billion yuan, representing a year-on-year decrease of 3.19% [1] - The net profit attributable to shareholders of the parent company was 171 million yuan, down 31.3% year-on-year [1] - The basic earnings per share stood at 0.65 yuan [1]

| 证券代码：603165 | 证券简称：荣晟环保 | | 公告编号：2025-087 | | --- | --- | --- | --- | | 转债代码：113676 | 转债简称：荣 23 | 转债 | | 浙江荣晟环保纸业股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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。 重要内容提示： （三）会议召开方式：上证路演中心网络互动 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 11 月 06 日(星期四)至 11 月 12 日(星期三)16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 rszyzhengquan@163.com 进行提问。公司将在说明会上对投资者普遍关注的问题 进行回答。 浙江荣晟环保纸业股份有限公司（以下简称"公司"）已于 2025 年 10 月 ...