Company Performance - The company announced a projected decline in net profit for 2025, estimating a range of 53 million to 73 million yuan, representing a year-on-year decrease of 62.25% to 72.60% [2] - The decline is primarily attributed to initial losses from the "60,000 tons digital inkjet paper industry upgrade project," falling product prices, and intensified industry competition [2][4] Subsidiary Development - The company reported a guarantee balance for its controlling subsidiary of 804 million yuan, which accounts for 31.09% of the latest audited net assets [3] - The guaranteed parties have asset-liability ratios exceeding 70%, but the company assesses the risk as controllable, requiring attention to future debt repayment capabilities [3] Project Progress - The "60,000 tons digital inkjet paper industry upgrade project" commenced production in April 2025, incurring a loss of 61.06 million yuan in the first half of 2025, with expectations of continued negative impact on overall performance for the year [4] - The project is currently in a debugging phase, with losses attributed to discrepancies between technical processes and market demand, making future turnaround progress a key focus [4] Industry Conditions - The paper industry is facing supply-demand imbalances and intensified price competition, with excess capacity in corrugated paper expected in 2025 [5] - The company's gross margin has decreased to 5.7% in the first three quarters of 2024, and the net cash flow from operating activities has turned negative at -30.52 million yuan, reflecting a year-on-year decline of 261.2% [5] Latest Valuation - As of February 8, 2026, the company's relative valuation range is between 8.58 and 9.49 yuan, with an accuracy rating of C, indicating average competitiveness within the industry and weak profitability and growth potential [6] - The high price-to-earnings ratio (TTM approximately 41-43 times) requires performance realization to support valuation [6]

Group 1 - The paper sector experienced a rise of 1.58% on February 4, with Bohui Paper leading the gains [1] - The Shanghai Composite Index closed at 4102.2, up 0.85%, while the Shenzhen Component Index closed at 14156.27, up 0.21% [1] - Key stocks in the paper sector showed significant price increases, with Bohui Paper closing at 7.72, up 5.46%, and Hengda New Materials at 34.34, up 4.70% [1] Group 2 - The paper sector saw a net outflow of 71.95 million yuan from institutional investors, while retail investors contributed a net inflow of 45.65 million yuan [2] - The trading volume and turnover for Bohui Paper reached 247,200 shares and 186 million yuan, respectively [1] - The overall market sentiment in the paper sector was mixed, with some stocks like Hengda New Materials and Changxing Paper showing positive net inflows from retail investors [3]

Core Viewpoint - The company has provided guarantees for its subsidiaries, Zhejiang Forest Paper Industry Co., Ltd. and Zhejiang Forest United Paper Industry Co., Ltd., to support their financing needs, with a total guarantee amount exceeding 80 million yuan as of January 31, 2026 [4][10][25]. Group 1: Guarantee Overview - The company and its subsidiaries provided a guarantee amount of 5.35 million yuan for Forest Paper Industry from January 1 to January 31, 2026, with a remaining guarantee balance of 14.92 million yuan as of January 31, 2026 [4][8]. - For United Paper Industry, the company and its subsidiaries signed a guarantee agreement with Zheshang Bank, increasing the maximum guarantee amount to 100 million yuan, with an actual guarantee amount of 20.51 million yuan and a remaining balance of 789.19 million yuan as of January 31, 2026 [5][10]. Group 2: Financial Health of Guaranteed Entities - Both Forest Paper Industry and United Paper Industry have an asset-liability ratio exceeding 70%, indicating a high level of financial leverage [6][24]. - Despite the high asset-liability ratio, the company maintains stable operations and sufficient cash flow to meet daily operational needs, suggesting a manageable risk profile [24]. Group 3: Decision-Making Process for Guarantees - The company’s board approved a maximum guarantee amount of 900 million yuan for the fiscal year 2025, with specific allocations for its subsidiaries, including 150 million yuan for Forest Paper Industry and 1.25 billion yuan for United Paper Industry [11]. - The decision-making process allows the chairman to approve specific guarantee matters without requiring further board or shareholder approval for each individual guarantee [11]. Group 4: Guarantee Agreements - The guarantee agreements with Zheshang Bank for both subsidiaries cover a range of financial obligations, including principal, interest, penalties, and associated legal costs [15][17]. - The guarantees are structured as joint liability guarantees, ensuring that the company is responsible for the debts of its subsidiaries in case of default [19][23]. Group 5: Cumulative Guarantee Status - As of January 31, 2026, the total guarantee balance for the subsidiaries amounts to 804.11 million yuan, representing 31.09% of the company's latest audited net assets, with no overdue guarantees reported [25].

证券代码：605500 证券简称：森林包装 公告编号：2026-005 森林包装集团股份有限公司 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： 被担保人名称： 1、浙江森林纸业有限公司（以下简称"森林纸业"），系森林包装集团股 份有限公司（以下简称"公司"）的全资子公司。 2、浙江森林联合纸业有限公司(以下简称"联合纸业")，系公司的控股子 公司。 本次担保金额及已实际为其提供的担保金额及余额： 1、2026 年 1 月 1 日至 2026 年 1 月 31 日，公司及子公司为森林纸业提供担 保金额 535.03 万元。截至 2026 年 1 月 31 日，公司及子公司为森林纸业提供担 保余额 1,491.84 万元。 2、公司及子公司 2026 年 1 月 1 日至 2026 年 1 月 31 日为联合纸业提供担保： （1）2026 年 1 月 20 日，公司及子公司与浙商银行股份有限公司台州温岭支 行（以下简称"浙商银行"）线上签署了《资产池质押担保合同》，公司及子公 司为联合纸业提供最高额担保金额追加至 ...

Group 1 - The paper sector experienced a slight increase of 0.02% on January 29, with Yueyang Lin Paper leading the gains [1] - The Shanghai Composite Index closed at 4157.98, up by 0.16%, while the Shenzhen Component Index closed at 14300.08, down by 0.3% [1] - Key stocks in the paper sector showed varied performance, with Yueyang Lin Paper rising by 4.76% to a closing price of 5.28, and other notable stocks like Kain Co. and ST Chenming also showing positive gains [1] Group 2 - The paper sector saw a net outflow of 108 million yuan from major funds, while retail investors contributed a net inflow of 115 million yuan [2] - The trading volume and turnover for key stocks varied, with Kain Co. having a significant net inflow from retail investors despite an overall negative trend in major funds [3] - Individual stock performances indicated mixed results in fund flows, with some stocks like Kain Co. and Yibin Paper attracting positive retail interest, while others faced outflows [3]

Group 1 - The paper sector experienced a slight increase of 0.09% on January 23, with Minshida leading the gains [1] - The Shanghai Composite Index closed at 4136.16, up by 0.33%, while the Shenzhen Component Index closed at 14439.66, up by 0.79% [1] - Key stocks in the paper sector showed varied performance, with Minshida rising by 11.09% to a closing price of 63.10 [1] Group 2 - The paper sector saw a net outflow of 227 million yuan from major funds, while retail investors contributed a net inflow of 280 million yuan [2] - Among individual stocks, Minshida had a significant net inflow of 61.21 million yuan from major funds, while other stocks like Annie Co. and Qifeng New Materials experienced mixed fund flows [3] - The overall trading volume and turnover in the paper sector reflected active participation, with notable transactions in stocks like Annie Co. and Qifeng New Materials [2][3]

Core Viewpoint - Forest Packaging (605500.SH) has announced a significant decline in its expected net profit for the year 2025, projecting a decrease of 62.25% to 72.60% compared to the previous year [1] Financial Performance - The company anticipates a net profit attributable to shareholders of 53 million to 73 million yuan for 2025, which represents a decrease of 72.60% to 62.25% year-on-year [1] - The expected net profit after deducting non-recurring gains and losses is projected to be between 45 million and 65 million yuan, reflecting a decline of 75.66% to 64.84% compared to the previous year [1] Company Background - Forest Packaging was listed on the Shanghai Stock Exchange on December 22, 2020, with an issuance of 50 million shares at a price of 18.97 yuan per share [1] - The total funds raised amounted to 949 million yuan, with a net amount of 890 million yuan after deducting issuance costs [1] Fund Allocation - The raised funds are allocated as follows: 198 million yuan for the construction of a green and environmentally friendly paper packaging online custom smart factory, 192 million yuan for the expansion of a production capacity of 90 million square meters of carton packaging materials, 376 million yuan for a green and environmentally friendly digital inkjet printing paper packaging smart factory, and 124 million yuan for working capital [1]

Core Viewpoint - Forest Packaging announced a significant decline in expected net profit for the year 2025, projecting a decrease of 62.25% to 72.60% compared to the previous year [2] Financial Performance - The company expects to achieve a net profit attributable to shareholders of the parent company ranging from 53 million to 73 million yuan for the year 2025 [2] - The projected net profit, excluding non-recurring gains and losses, is estimated to be between 45 million and 65 million yuan, reflecting a decrease of 64.84% to 75.66% year-on-year [2]

Core Viewpoint - The company Forest Packaging (605500.SH) anticipates a significant decline in net profit for the year 2025, projecting a range of 53 million to 73 million yuan, which represents a decrease of 62.25% to 72.60% compared to the previous year [1] Group 1: Financial Performance - The expected net profit for 2025 is between 53 million and 73 million yuan [1] - This forecast indicates a substantial reduction in profitability compared to the prior year [1] Group 2: Reasons for Performance Decline - The primary reason for the profit decrease is the substantial losses incurred during the initial production phase of the "60,000 tons annual output digital inkjet paper industry upgrade project" by the company's subsidiary, Zhejiang Forest United Paper Industry Co., Ltd., which commenced production in April 2025 [1] - The company faces challenges from uncertainties in both domestic and international economic environments, as well as intensified market competition, leading to a decline in the selling prices of its main products, including raw paper and paper packaging [1]

Core Viewpoint - Forest Packaging (605500.SH) anticipates a significant decline in net profit for the year 2025, projecting a range of 53 million to 73 million yuan, representing a decrease of 62.25% to 72.60% compared to the previous year [1] Group 1: Financial Performance - The expected net profit for 2025 is between 53 million and 73 million yuan [1] - This forecast indicates a substantial reduction in profitability compared to the prior year [1] Group 2: Reasons for Performance Decline - The primary reason for the profit decrease is the substantial losses incurred during the initial production phase of the "600,000 tons digital inkjet paper industry upgrade project" by the company's subsidiary, Zhejiang Forest United Paper Industry Co., Ltd., which commenced production in April 2025 [1] - Additionally, the company faces challenges from uncertainties in the domestic and international economic environment, as well as intensified market competition, leading to a decline in the selling prices of its main products, including raw paper and paper packaging [1]