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 ...

Financial Performance - The company's operating revenue for the third quarter was ¥547,599,373.65, representing a year-on-year increase of 1.70%[3] - The net profit attributable to shareholders for the third quarter was ¥55,894,406.85, a decrease of 23.41% compared to the same period last year[3] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥31,306,665.23, down 51.13% year-on-year[3] - The basic earnings per share for the third quarter was ¥0.21, a decrease of 25.00% year-on-year[4] - Total operating revenue for the first three quarters of 2025 was CNY 1,608,996,851.58, a decrease of 3.2% compared to CNY 1,662,042,789.57 in the same period of 2024[19] - Net profit for the first three quarters of 2025 was CNY 170,918,144.78, down 31.2% from CNY 248,782,134.33 in the same period of 2024[20] - Basic earnings per share decreased to CNY 0.65 from CNY 0.93 year-on-year, reflecting a decline of 30.1%[21] - The company reported a total comprehensive income of CNY 159,497,315.90 for the first three quarters of 2025, significantly lower than CNY 248,884,465.15 in 2024[21] Cash Flow and Assets - The net cash flow from operating activities for the third quarter was -¥153,183,522.35, a decrease of 321.62% compared to the previous year[3] - Cash flow from operating activities showed a net outflow of CNY 415,280,431.09, compared to a net inflow of CNY 33,158,189.99 in the first three quarters of 2024[23] - Cash flow from investing activities resulted in a net outflow of CNY 1,717,301,371.50, worsening from a net outflow of CNY 463,201,322.05 in the previous year[23] - Cash flow from financing activities generated a net inflow of CNY 620,919,297.93, down from CNY 722,823,651.73 in the same period of 2024[23] - Total assets at the end of the reporting period were ¥4,904,644,784.54, an increase of 4.22% compared to the end of the previous year[4] - Total current assets amounted to RMB 3,827,760,799.21, an increase from RMB 3,603,284,206.48 as of December 31, 2024[17] - Total assets reached RMB 4,904,644,784.54 as of September 30, 2025, compared to RMB 4,705,834,620.37 at the end of 2024[18] - Cash and cash equivalents were reported at RMB 76,435,856.12 as of September 30, 2025, a significant decrease from RMB 1,596,608,142.64 at the end of 2024[16] Shareholder Information - The equity attributable to shareholders at the end of the reporting period was ¥2,121,803,145.85, a decrease of 8.88% compared to the end of the previous year[4] - The total number of ordinary shareholders at the end of the reporting period was 16,641[10] - The largest shareholder, Feng Ronghua, holds 38.30% of the company's shares, totaling 104,428,865 shares[10] Debt and Liabilities - Total liabilities increased to RMB 2,782,841,638.69 from RMB 2,377,171,716.19 year-over-year[18] - The company's total equity decreased to RMB 2,121,803,145.85 as of September 30, 2025, down from RMB 2,328,662,904.18 at the end of 2024[18] - The company’s short-term borrowings increased to RMB 1,486,931,815.95 from RMB 1,244,813,860.06 year-over-year[17] Convertible Bonds - The company issued 5.76 million convertible bonds with a total amount of RMB 576 million, which began trading on September 13, 2023[12] - As of September 30, 2025, a total of RMB 178,000 of the convertible bonds had been converted into 15,798 shares, representing 0.0057% of the company's total issued shares prior to conversion[13] - The remaining unconverted amount of the convertible bonds is RMB 575,806,000, accounting for 99.9663% of the total issuance[13] - The company conducted a buyback of 160 convertible bonds from July 2 to July 8, 2025, with the buyback funds distributed on July 11, 2025[15] Expenses - Total operating costs increased to CNY 1,605,072,587.25, up 3.1% from CNY 1,556,575,375.54 year-on-year[19] - Research and development expenses decreased to CNY 82,536,279.30, down 25% from CNY 109,844,279.28 year-on-year[19] - Financial expenses surged to CNY 46,854,616.98, compared to CNY 7,136,322.62 in the same period of 2024, indicating a significant increase in interest expenses[19] Accounting Changes - The new accounting standards or interpretations will be implemented starting from 2025, affecting the financial statements at the beginning of the year[24] - The announcement was made by the Board of Directors of Zhejiang Rongsheng Environmental Paper Industry Co., Ltd. on October 30, 2025[25]

Group 1: Capitalization Progress - Yushu Technology is accelerating its IPO process, with a name change to Yushu Technology Co., Ltd. on October 23, signaling a critical phase in its listing preparations [2] - Citic Securities is assisting the company in validating the strategic alignment of its fundraising projects, ensuring that the investment direction is highly compatible with its long-term development plan [2] Group 2: Technological Breakthroughs - On October 20, Yushu Technology launched the new generation bionic robot Unitree H2, which stands 180 cm tall and weighs 70 kg, featuring 31 high-precision joints, a 19% increase in joint count compared to the previous R1 model [2] - The Unitree H2 has successfully performed complex movements such as dance, kung fu, and challenging fashion shows, marking significant advancements in motion control algorithms, mechanical design, and bionic engineering [2] Group 3: Strategic Investments - Rongsheng Environmental, through its wholly-owned subsidiary, invested 20 million yuan to hold approximately 1.6667% of the Rongteng Fund, which is a strategic investor in Yushu Technology, holding 1.3217% equity after a similar investment [3] - If Yushu Technology successfully goes public and increases its market value, Rongsheng Environmental will benefit directly from the appreciation of its equity, enhancing its net assets and releasing investment returns [3]

Market Overview - The paper sector increased by 0.81% on October 23, with Songyang Resources leading the gains [1] - The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index closed at 13025.45, also up 0.22% [1] Individual Stock Performance - Songyang Resources (603863) closed at 19.97, up 10.03% with a trading volume of 138,000 shares and a turnover of 267 million yuan [1] - Yibin Paper (600793) closed at 25.49, up 4.55% with a trading volume of 157,300 shares and a turnover of 396 million yuan [1] - Other notable performers include Qifeng New Materials (002521) up 2.19%, Huatai Co. (600308) up 1.61%, and Kain Co. (002012) up 1.59% [1] Capital Flow Analysis - The paper sector experienced a net outflow of 86.95 million yuan from institutional investors, while retail investors saw a net inflow of 146 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors are increasing their positions [2] Detailed Capital Flow for Selected Stocks - Yibin Paper had a net inflow of 77.39 million yuan from institutional investors, but a net outflow of 36.71 million yuan from speculative funds [3] - Songyang Resources saw a net inflow of 54.72 million yuan from institutional investors, with a net outflow of 19.35 million yuan from speculative funds [3] - Other stocks like Xianhe Co. (603733) and Kain Co. (002012) also showed varied capital flows, indicating differing investor sentiments across the sector [3]

Market Overview - The paper sector experienced a slight decline of 0.08% on October 22, with Songyang Resources leading the drop [1] - The Shanghai Composite Index closed at 3913.76, down 0.07%, while the Shenzhen Component Index closed at 12996.61, down 0.62% [1] Stock Performance - Notable gainers in the paper sector included: - Minshida (code: 920394) with a closing price of 41.17, up 4.49% on a trading volume of 19,800 lots and a turnover of 79.84 million [1] - ST Chenming (code: 000488) closed at 2.14, up 2.88% with a trading volume of 354,700 lots and a turnover of 76.16 million [1] - Major decliners included: - Songwu Resources (code: 603863) with a closing price of 18.15, down 2.47% on a trading volume of 69,500 lots and a turnover of 127 million [2] - Qingshan Paper (code: 600103) closed at 3.70, down 0.80% with a trading volume of 2,255,100 lots and a turnover of 838 million [2] Capital Flow - The paper sector saw a net outflow of 168 million from institutional investors, while retail investors had a net inflow of 199 million [2] - Key stocks with significant capital flow included: - ST Chenming with a net inflow of 11.07 million from institutional investors, but a net outflow of 789.55 million from retail investors [3] - Xianhe Co. (code: 603733) had a net inflow of 5.96 million from institutional investors, but also faced a net outflow of 210.57 million from retail investors [3]

Market Overview - The paper sector increased by 0.96% on October 21, with Kain Co. leading the gains [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Individual Stock Performance - Kain Co. (002012) closed at 5.66, up 2.54% with a trading volume of 108,200 shares and a turnover of 60.52 million yuan [1] - Shanying International (600567) closed at 1.84, up 2.22% with a trading volume of 1,539,100 shares and a turnover of 280 million yuan [1] - Xianhe Co. (603733) closed at 22.21, up 2.02% with a trading volume of 21,800 shares and a turnover of 48.22 million yuan [1] - Other notable stocks include Yueyang Lin Paper (600963) at 4.62 (+1.99%), Bohui Paper (600966) at 5.05 (+1.81%), and Yibin Paper (600793) at 24.49 (+1.66%) [1] Capital Flow Analysis - The paper sector experienced a net outflow of 231 million yuan from institutional investors, while retail investors saw a net inflow of 162 million yuan [2] - The net inflow from speculative funds was 68.74 million yuan [2] Detailed Capital Flow for Selected Stocks - Yibin Paper (600793) had a net inflow of 11.70 million yuan from institutional investors, but a net outflow of 9.52 million yuan from retail investors [3] - Guanmeng High-tech (600433) saw a net inflow of 4.86 million yuan from institutional investors, with a net outflow of 6.09 million yuan from speculative funds [3] - Xianhe Co. (603733) had a net inflow of 3.45 million yuan from institutional investors, but also faced outflows from both speculative and retail investors [3]

Group 1: Industry Overview - The average price of biodiesel remains stable at 8400 CNY/ton, while the average price of waste cooking oil is 6713 CNY/ton, both showing no week-on-week change [1] - The estimated profit per ton of biodiesel has improved, with a reduction in losses by 26.7% week-on-week, now at -100 CNY/ton [1] - In lithium battery recycling, the price of cobalt sulfate has surged, enhancing profitability [1] Group 2: Company Recommendations - Key recommended companies include: Huanlan Environment, High Energy Environment, Green Power Environmental, and others [2] - Companies to watch include: Dayu Water Saving, Lian Tai Environmental, and others [3] Group 3: Policy Tracking - New renewable energy consumption assessments have been introduced, benefiting biofuels, green hydrogen, and other sectors [3] - Specific recommendations for biofuel suppliers and companies involved in green hydrogen and waste incineration heating are highlighted [3] Group 4: Company Performance Tracking - Huanlan Environment reported a 16% year-on-year increase in net profit for Q1-Q3 2025, driven by the consolidation of Yuefeng and cost reduction efforts [4] - Longjing Environmental saw a 55% increase in net profit for Q3 2025, with significant contributions from green electricity and energy storage projects [5] Group 5: Solid Waste Management Insights - The solid waste sector experienced an 8% increase in net profit for H1 2025, with improved cash flow and a focus on operational efficiency [6] - The average tonnage of waste incineration companies increased by 1.8% year-on-year, indicating operational improvements [6] Group 6: Water Management Insights - The water sector is expected to see a significant increase in free cash flow, with a focus on price reforms to ensure reasonable returns [7] - Recommendations include companies like Yuehai Investment and Xirong Environment, with a potential for increased dividends [7] Group 7: Sanitation Insights - The penetration rate of electric sanitation is accelerating, with a notable increase in autonomous cleaning projects [8] - Key companies in this sector include Yutong Heavy Industries and others [8] Group 8: Industry Tracking - The sales of sanitation vehicles reached 49,577 units in the first eight months of 2025, with a 69.34% increase in new energy vehicles [9] - The lithium battery recycling sector shows a week-on-week increase in cobalt production by 10.3% [9]