金融界消息 截至2025年8月11日收盘，松炀资源（603863）报收于18.11元，下跌3.62%，换手率 7.39%，成交量15.13万手，成交金额2.75亿元。 天眼查商业履历信息显示，广东松炀再生资源股份有限公司，成立于2008年，位于汕头市，是一家以从 事造纸和纸制品业为主的企业。企业注册资本20465万人民币，实缴资本20465万人民币。公司法定代表 人为王壮加。 通过天眼查大数据分析，广东松炀再生资源股份有限公司共对外投资了6家企业，参与招投标项目5次， 知识产权方面有商标信息34条，专利信息49条，此外企业还拥有行政许可26个。 来源：金融界 资金流向方面，今日主力资金净流出2974.94万元，占比成交额10.83%。其中，超大单净流出2513.48万 元、占成交额9.15%，大单净流出461.47万元、占成交额1.68%，中单净流出流出454.35万元、占成交额 1.65%，小单净流入3429.29万元、占成交额12.48%。 松炀资源最新一期业绩显示，截至2025一季报，公司营业总收入1.02亿元、同比减少28.28%，归属净利 润1800.98万元，同比增长19.93%，扣非净利润181 ...

Market Overview - On August 4, the paper sector rose by 0.12% compared to the previous trading day, with Kane Co. leading the gains [1] - The Shanghai Composite Index closed at 3583.31, up 0.66%, while the Shenzhen Component Index closed at 11041.56, up 0.46% [1] Individual Stock Performance - Kane Co. (002012) closed at 6.31, with a gain of 5.87% and a trading volume of 994,100 shares, amounting to a transaction value of 625 million [1] - ST Morning (000488) closed at 2.05, up 3.02%, with a trading volume of 425,400 shares and a transaction value of 86.34 million [1] - Xianhe Co. (603733) closed at 22.00, increasing by 2.28%, with a trading volume of 40,900 shares and a transaction value of 89.94 million [1] - Other notable stocks include Minfeng Special Paper (600235) with a closing price of 6.57, up 1.23%, and Hengda New Materials (301469) at 27.97, up 1.05% [1] Capital Flow Analysis - The paper sector experienced a net outflow of 81.62 million from institutional investors, while retail investors saw a net inflow of 43.91 million [2] - Notable net inflows from retail investors were observed in ST Morning (000488) with 12.04 million and Xianhe Co. (603733) with 474.99 million [3] - Conversely, significant net outflows were recorded for Sun Paper (002078) with -26.84 million from institutional investors and -34.59 million from retail investors [3]

4月30日公司发布的一季报数据显示，一季度公司共实现营业收入1.02亿元，同比下降28.28%，实现净 利润-1800.98万元。 7月15日公司发布上半年业绩预告，预计实现净利润-5200.00万元至-4000.00万元。（数据宝） 松炀资源8月1日交易公开信息 松炀资源(603863)今日涨停，全天换手率11.07%，成交额3.96亿元，振幅11.02%。龙虎榜数据显示，营 业部席位合计净买入1524.01万元。 上交所公开信息显示，当日该股因日涨幅偏离值达10.38%上榜，营业部席位合计净买入1524.01万元。 证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交1.03亿元，其中，买入成交额为5906.49 万元，卖出成交额为4382.48万元，合计净买入1524.01万元。 具体来看，今日上榜营业部中，第一大买入营业部为上海证券有限责任公司深圳深湾二路证券营业部， 买入金额为1363.99万元，第一大卖出营业部为中信证券股份有限公司上海分公司，卖出金额为1224.98 万元。 资金流向方面，今日该股主力资金净流入7536.71万元，其中，特大单净流入6418.20万元，大单资金净 流入1118 ...

Core Viewpoint - The paper industry saw a rise of 1.47% on August 1, with Songyang Resources leading the gains, while the overall market indices experienced slight declines [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 3559.95, down 0.37% [1]. - The Shenzhen Component Index closed at 10991.32, down 0.17% [1]. - Key stocks in the paper sector showed significant gains, with Songyang Resources up 10.01% and Kain Co. up 9.96% [1]. Group 2: Stock Performance - Songyang Resources (603863) closed at 18.13 with a trading volume of 226,600 shares and a total transaction value of 396 million [1]. - Kain Co. (002012) closed at 5.96 with a trading volume of 322,200 shares and a total transaction value of 185 million [1]. - Other notable performers included Shanying International (600567) up 3.17% and Bohui Paper (600966) up 2.46% [1]. Group 3: Capital Flow - The paper sector experienced a net inflow of 127 million from institutional investors, while retail investors saw a net outflow of 50.71 million [2]. - Major stocks like Songyang Resources and Kain Co. attracted significant institutional investment, with net inflows of 77.72 million and 52.65 million respectively [3]. - Retail investors showed a negative trend in several stocks, indicating a cautious sentiment among smaller investors [3].

造纸板块活跃，松炀资源、凯恩股份等涨停，山鹰国际涨近4%，博汇纸业、民丰特纸涨幅居前。 ...

金融界消息 截至2025年7月30日收盘，松炀资源（603863）报收于16.01元，上涨4.03%，换手率 11.13%，成交量22.77万手，成交金额3.71亿元。 通过天眼查大数据分析，广东松炀再生资源股份有限公司共对外投资了6家企业，参与招投标项目5次， 知识产权方面有商标信息34条，专利信息49条，此外企业还拥有行政许可26个。 资金流向方面，今日主力资金净流入1326.84万元，占比成交额3.57%。其中，超大单净流入162.89万 元、占成交额0.44%，大单净流入1163.95万元、占成交额3.13%，中单净流出流入756.27万元、占成交 额2.04%，小单净流出2083.11万元、占成交额5.61%。 来源：金融界 松炀资源最新一期业绩显示，截至2025一季报，公司营业总收入1.02亿元、同比减少28.28%，归属净利 润1800.98万元，同比增长19.93%，扣非净利润1818.67万元，同比增长21.57%，流动比率0.265、速动比 率0.132、资产负债率65.01%。 天眼查商业履历信息显示，广东松炀再生资源股份有限公司，成立于2008年，位于汕头市，是一家以从 事造纸和纸制品 ...

Group 1 - The company expects a net profit attributable to shareholders for the first half of 2025 to be between -52 million yuan and -40 million yuan [1] - The expected net profit attributable to shareholders, excluding non-recurring gains and losses, is also projected to be between -52 million yuan and -40 million yuan [1] - The preliminary financial data is based on the company's internal calculations and has not been audited by an accounting firm [1] Group 2 - In the same period of the previous year (2024), the net profit attributable to shareholders was -60.0184 million yuan, and the net profit excluding non-recurring gains and losses was -61.5039 million yuan [2] - The basic earnings per share for the previous year was -0.29 yuan [2] - The main reasons for the expected loss include intense competition in the industry, continued price inversions for products, and negative sales gross margin [2]

[Guangdong Songyang Renewable Resources Co., Ltd. 2025 H1 Earnings Forecast](index=1&type=section&id=%E5%B9%BF%E4%B8%9C%E6%9D%BE%E7%82%80%E5%86%8D%E7%94%9F%E8%B5%84%E6%BA%90%E8%82%A1%E4%BB%BD%E6%9C%89%E9%99%90%E5%85%AC%E5%8F%B8%202025%20%E5%B9%B4%E5%8D%8A%E5%B9%B4%E5%BA%A6%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A) [Current Period Earnings Forecast](index=1&type=section&id=%E4%B8%80%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A%E6%83%85%E5%86%B5) The company anticipates a net loss attributable to shareholders between -40.00 and -52.00 million RMB for H1 2025 2025 H1 Earnings Forecast | Metric | Projected Amount (RMB) | | :--- | :--- | | Net Profit Attributable to Shareholders | -52.00 million to -40.00 million | | Net Profit After Non-recurring Items | -52.00 million to -40.00 million | - This earnings forecast is based on **preliminary calculations** by the finance department and **has not been audited**[5](index=5&type=chunk) [Prior Year Period Operating Performance](index=1&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%8A%E5%B9%B4%E5%90%8C%E6%9C%9F%E7%BB%8F%E8%90%A5%E4%B8%9A%E7%BB%A9%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%83%85%E5%86%B5) The company's projected loss for H1 2025 shows a narrowing compared to the -60.02 million RMB loss in H1 2024 2024 H1 Performance Review | Metric | Amount (RMB) | | :--- | :--- | | Net Profit Attributable to Shareholders | -60.02 million | | Net Profit After Non-recurring Items | -61.50 million | | Basic Earnings Per Share | -0.29 | [Reasons for the Projected Loss](index=2&type=section&id=%E4%B8%89%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E4%BA%8F%E7%9A%84%E4%B8%BB%E8%A6%81%E5%8E%9F%E5%9B%A0) The projected loss is driven by weak demand, intense competition, and negative gross margins from price inversion - Core reasons for the loss include **continued weak downstream demand**, **intense industry competition**, and a **negative gross profit margin** due to product price inversion[8](index=8&type=chunk) [Risk Warning](index=2&type=section&id=%E5%9B%9B%E3%80%81%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) The preliminary earnings forecast is unaudited, though no major uncertainties affecting its accuracy are identified - The forecast data is **preliminary and unaudited**, but the company confirms **no material uncertainties** exist that would affect its accuracy[9](index=9&type=chunk) [Other Matters](index=2&type=section&id=%E4%BA%94%E3%80%81%E5%85%B6%E4%BB%96%E8%AF%B4%E6%98%8E%E4%BA%8B%E9%A1%B9) Final financial data will be detailed in the official 2025 H1 report, and investors should be aware of risks - The definitive financial data will be disclosed in the company's **official 2025 H1 report**[10](index=10&type=chunk)

Group 1 - The paper industry is experiencing a rise, with Yibin Paper (600793) hitting the daily limit increase [1] - Forest Packaging (605500) previously reached the limit, while Jingxing Paper (002067), Hengda New Materials (301469), and Songyang Resources (603863) also saw gains [1]

Core Viewpoint - The financial disclosure inquiry regarding Guangdong Songyang Recycling Resources Co., Ltd. highlights the company's revenue growth, product performance, customer and supplier relationships, and liquidity issues, alongside significant asset impairment provisions. Group 1: Main Business Performance - In 2024, the company achieved operating revenue of 727 million yuan, a year-on-year increase, with a gross profit margin of -6.55%, which is an increase of 6.02 percentage points compared to 2023 and 13.64 percentage points compared to 2022 [1][2] - The revenue contributions from high-strength corrugated paper, gray bottom coated whiteboard paper, and specialty paper were 62.27%, with direct sales and distribution income at 509 million yuan and 211 million yuan respectively, where distribution income grew by 21.19% year-on-year [1][2] - The top five customers accounted for 311 million yuan, representing 43.25% of total sales, while the top five suppliers accounted for 282 million yuan, or 35.12% of total purchases [2] Group 2: Financial and Liquidity Analysis - As of the end of the reporting period, the company had cash and cash equivalents of 62 million yuan and interest-bearing liabilities of 435 million yuan, with a debt-to-asset ratio increasing from 43.35% to 64.03% over three years [15][17] - The liquidity ratios showed a decline, with the current ratio dropping from 0.38 to 0.25 and the quick ratio from 0.19 to 0.14 [15] - The company’s cash flow primarily supports operational and financing activities, with no restricted cash or other limitations reported [22] Group 3: Asset Impairment - The company reported a fixed asset balance of 719 million yuan at the end of the reporting period, with an asset impairment provision of 78 million yuan, marking a year-on-year increase of 323.66% [22][23] - The impairment provisions included 25 million yuan for the coated whiteboard paper production line, 30 million yuan for the high-strength corrugated paper production line, and 6.43 million yuan for specialty paper inventory [22][23] - The impairment testing process involved professional evaluations, with cash flow projections used to determine recoverable amounts for various asset groups [23][24]