格隆汇8月25日丨森林包装(605500.SH)公布2025年半年度报告，报告期实现营业收入11.6亿元，同比增 长3.91%；归属于上市公司股东的净利润3113.4万元，同比下降60.98%；归属于上市公司股东的扣除非 经常性损益的净利润2644.59万元，同比下降67.25%；基本每股收益0.08元。 ...

[First Section Definitions](index=4&type=section&id=First%20Section%20Definitions) This section provides definitions of common terms used in the report, covering company entities, stock exchanges, financial concepts, and specialized terms specific to the packaging industry, ensuring clear understanding of the report content [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This chapter provides definitions of common terms used in the report, covering company entities, stock exchanges, financial concepts, and specialized terms specific to the packaging industry, ensuring clear understanding of the report content - The reporting period refers to January 1, 2025, to June 30, 2025[12](index=12&type=chunk) - Defined various paper products, such as kraftliner board, corrugated base paper, white board paper, corrugated cardboard, watermark/offset/digital cartons, exquisite boxes, and paper tubes[12](index=12&type=chunk)[13](index=13&type=chunk) [Second Section Company Profile and Key Financial Indicators](index=5&type=section&id=Second%20Section%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information, contact details, changes in fundamental situation, information disclosure, stock summary, and key financial data and indicators, including non-recurring gains and losses [I. Company Information](index=5&type=section&id=I.%20Company%20Information) This section outlines the company's basic registration information, including its full Chinese name, abbreviation, foreign name and its abbreviation, and legal representative - The company's full Chinese name is Senlin Packaging Group Co., Ltd., abbreviated as Senlin Packaging[15](index=15&type=chunk) - The legal representative is Lin Qijun[15](index=15&type=chunk) [II. Contact Persons and Information](index=5&type=section&id=II.%20Contact%20Persons%20and%20Information) This section provides contact information for the company's Board Secretary and Securities Affairs Representative, including names, addresses, phone numbers, faxes, and email addresses, for investor communication - The Board Secretary is Chen Qingxian, and the Securities Affairs Representative is Xu Mingcong[16](index=16&type=chunk) - The contact address is Dayangcheng Industrial Zone, Daxi Town, Wenling City, Zhejiang Province, with telephone number 0576-86336000[16](index=16&type=chunk) [III. Brief Introduction to Changes in Basic Information](index=5&type=section&id=III.%20Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) This section introduces the company's registered and office addresses and states that there were no historical changes to the company's registered address during the reporting period - The company's registered address is Dayangcheng Industrial Zone, Daxi Town, Wenling City, Zhejiang Province, and its office address is No. 460 Daxi North Road, Daxi Town, Wenling City, Zhejiang Province[17](index=17&type=chunk) - There were no historical changes to the company's registered address during the reporting period[17](index=17&type=chunk) [IV. Brief Introduction to Changes in Information Disclosure and Document Placement Locations](index=5&type=section&id=IV.%20Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Placement%20Locations) This section specifies the designated newspaper and website for the company's information disclosure, as well as the placement location for the semi-annual report, with no changes during the reporting period - The company's designated newspaper for information disclosure is Securities Times, and the website for publishing the semi-annual report is www.sse.com.cn[18](index=18&type=chunk) - The company's semi-annual report is available at the company's Securities Department, with no changes during the reporting period[18](index=18&type=chunk) [V. Summary of Company Shares](index=5&type=section&id=V.%20Summary%20of%20Company%20Shares) This section provides information on the company's listed shares, including stock type, listing exchange, stock abbreviation, and stock code - The company's shares are A-shares, listed on the Shanghai Stock Exchange, with stock abbreviation 'Senlin Packaging' and stock code '605500'[19](index=19&type=chunk) [VII. Key Accounting Data and Financial Indicators](index=6&type=section&id=VII.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company's operating revenue increased by **3.91%**, but total profit, net profit attributable to shareholders, and non-recurring net profit attributable to shareholders significantly decreased by **112.63%**, **60.98%**, and **67.25%**, respectively, mainly due to initial losses from newly commissioned projects. Net cash flow from operating activities also significantly decreased by **180.94%** Key Accounting Data (Jan-Jun 2025 vs. Prior Year Period) | Indicator | Current Period (Jan-Jun) | Prior Year Period | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,160,187,025.36 RMB | 1,116,557,739.75 RMB | 3.91 | | Total Profit | -10,753,857.66 RMB | 85,160,534.89 RMB | -112.63 | | Net Profit Attributable to Listed Company Shareholders | 31,134,021.99 RMB | 79,781,259.10 RMB | -60.98 | | Net Profit Attributable to Listed Company Shareholders Excluding Non-Recurring Gains and Losses | 26,445,945.11 RMB | 80,751,901.41 RMB | -67.25 | | Net Cash Flow from Operating Activities | -55,320,226.91 RMB | -19,691,092.24 RMB | -180.94 | | Net Assets Attributable to Listed Company Shareholders (Period-end) | 2,555,106,053.70 RMB | 2,586,802,325.60 RMB | -1.23 | | Total Assets (Period-end) | 4,125,729,196.25 RMB | 4,009,085,128.94 RMB | 2.91 | Key Financial Indicators (Jan-Jun 2025 vs. Prior Year Period) | Indicator | Current Period (Jan-Jun) | Prior Year Period | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/share) | 0.08 | 0.19 | -57.89 | | Diluted Earnings Per Share (RMB/share) | 0.08 | 0.19 | -57.89 | | Basic Earnings Per Share Excluding Non-Recurring Gains and Losses (RMB/share) | 0.07 | 0.19 | -63.16 | | Weighted Average Return on Net Assets (%) | 1.21 | 3.21 | Decreased by 2.00 percentage points | | Weighted Average Return on Net Assets Excluding Non-Recurring Gains and Losses (%) | 1.02 | 3.25 | Decreased by 2.23 percentage points | - Total profit, net profit attributable to shareholders, and non-recurring net profit attributable to shareholders significantly decreased, primarily due to initial production debugging losses from partial capacity of the controlling subsidiary's 'Annual 600,000-ton Digital Inkjet Paper Industrial Upgrade Project'[23](index=23&type=chunk) - Net cash flow from operating activities decreased by **180.94%**, mainly due to increased raw material reserves and products for sale from newly commissioned projects[23](index=23&type=chunk) [4. Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=4.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section lists the non-recurring gains and losses items and their amounts for the reporting period, explaining why certain VAT preferential policies and investment income related to ordinary business activities were classified as recurring gains and losses Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (RMB) | | :--- | :--- | | Government grants included in current profit or loss (excluding those closely related to the company's ordinary business activities) | 2,611,279.59 | | Fair value change gains and losses and disposal gains and losses from financial assets and financial liabilities held by non-financial enterprises | 189,090.28 | | Gains and losses from contingent events unrelated to the company's normal operating activities | 1,301,989.72 | | Other non-operating income and expenses apart from the above items | -27,934.10 | | Other gains and losses items that meet the definition of non-recurring gains and losses | 1,305,995.42 | | Less: Income tax impact | 551,161.29 | | Minority interest impact (after tax) | 141,182.74 | | **Total** | **4,688,076.88** | - VAT immediate refund, advanced manufacturing VAT deduction, large-denomination certificate of deposit investment income, structured deposit investment income, and bill discount interest were identified as related to the company's ordinary business activities and are not classified as non-recurring gains and losses[26](index=26&type=chunk)[518](index=518&type=chunk) [Third Section Management Discussion and Analysis](index=7&type=section&id=Third%20Section%20Management%20Discussion%20and%20Analysis) This section provides a comprehensive discussion and analysis of the company's industry, main business operations, core competitiveness, and key financial performance during the reporting period, including an outlook on potential risks [I. Explanation of the Company's Industry and Main Business Operations During the Reporting Period](index=7&type=section&id=I.%20Explanation%20of%20the%20Company's%20Industry%20and%20Main%20Business%20Operations%20During%20the%20Reporting%20Period) The company's packaging base paper and paper packaging products industry showed a moderate recovery in 2024, but enterprises diverged significantly, industry concentration increased, and development accelerated towards digitalization, personalization, and environmental protection. The company's main business covers waste paper utilization, cogeneration, ecological papermaking, and green packaging, offering diverse paper packaging products [1. Company's Industry](index=7&type=section&id=1.%20Company's%20Industry) In 2024, the paper and paper products industry experienced a moderate overall recovery, with operating revenue increasing by **3.90%** and total profit by **5.20%**. The industry is transitioning towards digitalization, personalization, and environmental protection, with green manufacturing standards being implemented and demand gradually recovering - In 2024, national paper and paper product enterprises above designated size achieved operating revenue of **RMB 1.46 trillion**, a year-on-year increase of **3.90%**; total profit was **RMB 51.97 billion**, a year-on-year increase of **5.20%**[30](index=30&type=chunk) - The industry's gross profit margin was **13.2%**, largely flat year-on-year. Machine-made paper and paperboard output increased by **8.6%** year-on-year, with demand gradually recovering[30](index=30&type=chunk) - The industry is accelerating the implementation of green manufacturing standards, promoting energy saving, emission reduction, and digital transformation among enterprises[30](index=30&type=chunk) [2. Company's Main Business Operations](index=8&type=section&id=2.%20Company's%20Main%20Business%20Operations) The company is a group enterprise integrating waste paper utilization, cogeneration, ecological papermaking, and green packaging, with main products including kraftliner board, corrugated base paper, white board paper, corrugated cardboard, watermark/offset/digital cartons, exquisite gift boxes, and paper tubes, meeting the needs of manufacturing, industrial goods, consumer goods, and transport packaging containers - The company's business covers waste paper utilization, cogeneration, ecological papermaking, and green packaging, holding certifications such as ISO9001, ISO14001, Lloyd's/GMI, and FSC[31](index=31&type=chunk) - Main products include kraftliner board, corrugated base paper, white board paper, corrugated cardboard, watermark cartons, offset cartons, digital cartons, exquisite gift boxes, and paper tubes[31](index=31&type=chunk) [II. Discussion and Analysis of Operations](index=10&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) During the reporting period, the company faced challenges from a complex international and domestic economic environment and insufficient demand, but strived to maintain operational resilience through green packaging transformation, product diversification, deepened R&D, improved investment quality and efficiency, and optimized human resource management. The newly commissioned digital inkjet paper project incurred initial losses, but the profitability of existing businesses remained close to the prior year's level - From January to June 2025, the company's operating revenue was **RMB 1.16 billion**, a year-on-year increase of **3.91%**; net profit attributable to shareholders was **RMB 31.13 million**, a year-on-year decrease of **60.98%**; and non-recurring net profit attributable to shareholders was **RMB 26.45 million**, a year-on-year decrease of **67.25%**[35](index=35&type=chunk) - Initial production from partial capacity of the 'Annual 600,000-ton Digital Inkjet Paper Industrial Upgrade Project' resulted in a loss of **RMB 61.06 million**, with the company bearing a loss of **RMB 39.95 million**[35](index=35&type=chunk) - The profitability of the company's original packaging and base paper businesses remained close to the prior year's level, with regional advantages supporting development resilience[35](index=35&type=chunk) [I) Accelerating Green Packaging Transformation and Upgrading, Expanding Market Layout](index=10&type=section&id=(I)%20Accelerating%20Green%20Packaging%20Transformation%20and%20Upgrading%2C%20Expanding%20Market%20Layout) The company actively responds to green packaging trends by launching a high-pressure packaging series primarily featuring seven-layer corrugated cardboard, replacing wood liners to reduce costs and carbon emissions. Simultaneously, it promotes digital printing technology to replace traditional ink printing, achieving industrial transformation and upgrading - Launched a high-pressure packaging series primarily featuring seven-layer corrugated cardboard, replacing wood liners to reduce packaging costs and environmental impact[36](index=36&type=chunk) - Promoted digital printing technology, leveraging its advantages of simplification, intelligence, and low-carbon environmental protection to facilitate industrial transformation and upgrading[37](index=37&type=chunk) [II) Developing Diverse Product Demands to Support Company Growth](index=11&type=section&id=(II)%20Developing%20Diverse%20Product%20Demands%20to%20Support%20Company%20Growth) Facing market demand fluctuations, the company developed personalized custom packaging services through its "Kuaiyinbao" online trading platform and established a second-tier controlling subsidiary, Taizhou Senheng Packaging Co., Ltd., to expand packaging products for the express delivery industry, thereby mitigating operational risks - Utilized the 'Kuaiyinbao' online trading platform to offer personalized design, contracting, and credit line services, meeting customized demands[37](index=37&type=chunk) - Established Taizhou Senheng Packaging Co., Ltd., a second-tier controlling subsidiary, to develop packaging products for the express delivery industry and expand application areas[37](index=37&type=chunk) [III) Deepening R&D, Stimulating Innovation, and Enhancing Product Competitiveness](index=11&type=section&id=(III)%20Deepening%20R%26D%2C%20Stimulating%20Innovation%2C%20and%20Enhancing%20Product%20Competitiveness) During the reporting period, the company invested **RMB 39.90 million** in R&D, focusing on high-performance product development, utilizing environmentally friendly materials such as recycled pulp and bio-based coatings, optimizing carton design, and increasing the application of digital printing technology to provide one-stop packaging solutions - During the reporting period, R&D expenditure was **RMB 39.90 million**, accounting for over **3.44%** of operating revenue[43](index=43&type=chunk) - R&D focuses on environmentally friendly materials such as recycled pulp and bio-based coatings, optimizing carton structural strength, moisture-proof, and compression resistance performance, as well as lightweight design and digital printing technology applications[38](index=38&type=chunk) [IV) Improving Project Investment Quality and Efficiency, Achieving Investment Expectations](index=11&type=section&id=(IV)%20Improving%20Project%20Investment%20Quality%20and%20Efficiency%2C%20Achieving%20Investment%20Expectations) The first phase of the "Annual 600,000-ton Digital Inkjet Paper Industrial Upgrade Project" by controlling subsidiary Zhejiang Senlin United Paper Co., Ltd. commenced partial production, incurring significant initial losses due to debugging and integration. The company plans to optimize process technology, improve product quality pass rates, and accelerate the second phase of the project to dilute fixed costs - Partial capacity of the first phase of the 'Annual 600,000-ton Digital Inkjet Paper Industrial Upgrade Project' commenced initial production, with coated white board paper as the product, incurring significant losses in the early stage due to resource consumption from equipment debugging and process optimization[38](index=38&type=chunk) - Plans to optimize process technology, improve product quality pass rates, and accelerate the completion and commissioning of the second phase of the project to dilute fixed costs[39](index=39&type=chunk) [V) Enhancing Human Resource Management Efficiency, Fully Leveraging Talent Advantages](index=11&type=section&id=(V)%20Enhancing%20Human%20Resource%20Management%20Efficiency%2C%20Fully%20Leveraging%20Talent%20Advantages) The company implements a talent-strengthening strategy, optimizing organizational structure, strengthening performance management, and refining compensation mechanisms to motivate employees, contributing to cost reduction, efficiency improvement, and performance enhancement - Optimized organizational structure by merging administrative and HR departments, strictly controlling non-frontline personnel allocation, and revitalizing existing human resources[40](index=40&type=chunk) - Strengthened performance management by incorporating personalized indicators such as 'accounts receivable overdue rate' and 'employee turnover rate' into assessments, linking them to business unit performance[40](index=40&type=chunk) - Implemented a separate accounting and assessment system for production and sales business units, calculating salaries based on gross profit contribution to stimulate compensation distribution vitality[41](index=41&type=chunk) [III. Analysis of Core Competitiveness During the Reporting Period](index=12&type=section&id=III.%20Analysis%20of%20Core%20Competitiveness%20During%20the%20Reporting%20Period) The company's core competitiveness lies in its unique regional location advantage, continuous technological R&D capabilities, complete industrial chain layout, advanced information integration, and strong brand reputation, all of which support its market position and sustainable development - The company is located in southern Zhejiang Province, an area with developed light industry, high demand for packaging, abundant supply of waste paper raw materials, and convenient transportation, giving it a significant regional location advantage[42](index=42&type=chunk)[43](index=43&type=chunk) - The company holds **173 patent technologies** (**27 invention patents**, **146 utility model patents**), with R&D investment accounting for over **3.44%** of operating revenue, demonstrating strong technological R&D capabilities[43](index=43&type=chunk) - The company possesses a complete industrial chain covering waste paper utilization, cogeneration, and the production and sales of corrugated cardboard, corrugated cartons, and coated white board paper, effectively controlling costs and mitigating market risks[44](index=44&type=chunk) [I) Company's Regional Location Advantage](index=12&type=section&id=(I)%20Company's%20Regional%20Location%20Advantage) Located in southern Zhejiang Province, the company benefits from robust light industry packaging demand, ample waste paper raw material supply, and convenient water and land transportation, effectively reducing operating costs and enhancing market competitiveness - The region's developed light industry and high demand for packaging provide ample room for company growth, with local sales saving transportation costs[42](index=42&type=chunk) - Southern Zhejiang's dense manufacturing sector generates a large volume of waste paper, ensuring stable and continuous raw material supply for the company[43](index=43&type=chunk) - Proximity to Ningbo Port and Taizhou Port provides convenient water and land transportation, offering a transportation cost advantage[43](index=43&type=chunk) [II) Advantages in Technological R&D and Exploration Capabilities](index=13&type=section&id=(II)%20Advantages%20in%20Technological%20R%26D%20and%20Exploration%20Capabilities) Through years of investment, the company has accumulated multiple core printing and packaging technologies, established a complete product design, development, production control, and quality traceability system, holds **173 patents**, and continuously increases R&D investment to maintain industry leadership - The company holds **173 patent technologies**, including **27 invention patents** and **146 utility model patents**[43](index=43&type=chunk) - During the reporting period, R&D expenses were nearly **RMB 40 million**, accounting for over **3.44%** of operating revenue, with continuous increased R&D investment to maintain industry leadership[43](index=43&type=chunk) [III) Advantages of a Complete Industrial Chain](index=13&type=section&id=(III)%20Advantages%20of%20a%20Complete%20Industrial%20Chain) The company has built a complete industrial chain from waste paper utilization and cogeneration to the production and sales of corrugated cardboard, corrugated cartons, and coated white board paper, achieving resource recycling and risk mitigation by extending upstream to control costs (waste paper acquisition network, cogeneration) and downstream to enhance profitability (self-produced base paper for packaging factories) - The company has a waste paper acquisition network at the upstream of its industry, enabling timely market information acquisition, pricing strategy adjustments, and production cost control[44](index=44&type=chunk) - Utilizes cogeneration, with its own power plant transmitting steam generated from electricity production to the papermaking workshop, reducing energy costs and enhancing profitability[44](index=44&type=chunk) - The industrial chain extends downstream, with packaging factories using self-produced base paper, which facilitates production process control and product quality improvement, mitigating single-industry market risks[44](index=44&type=chunk) [IV) Information Integration Advantage](index=14&type=section&id=(IV)%20Information%20Integration%20Advantage) The company applies the "Internet + Packaging and Printing" concept through its "Kuaiyinbao" online design and sales platform to meet personalized, small-batch customer demands, and combines intelligent information systems with traditional and digital printing equipment for automated production scheduling, enhancing operational efficiency - Utilizes the 'Kuaiyinbao' online design and sales platform to provide convenient overall packaging services, meeting personalized and small-batch demands[45](index=45&type=chunk) - Achieves automated production scheduling by combining intelligent information systems with traditional and digital printing equipment, enhancing operational efficiency[45](index=45&type=chunk) [V) Brand Advantage](index=14&type=section&id=(V)%20Brand%20Advantage) As a competitive manufacturer of packaging paper and its products in southern Zhejiang, the company has built a strong reputation and market recognition in the region over years of brand accumulation, establishing preferred supplier relationships with large and medium-sized enterprises such as Supor and Leo Group - The company enjoys a good reputation and market recognition in southern Zhejiang, with a solid customer base[45](index=45&type=chunk) - Became a preferred supplier for large and medium-sized enterprises such as Supor, Leo Group, ASD, Yueling Co., Ltd., Huahai Pharmaceutical, and Delixi Group[45](index=45&type=chunk) [IV. Key Operating Performance During the Reporting Period](index=14&type=section&id=IV.%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) During the reporting period, the company's operating revenue saw a slight increase, but total profit and net profit significantly declined, primarily due to initial losses from the newly commissioned white board paper project. The asset-liability structure underwent significant changes, with a substantial increase in fixed assets and a decrease in transactional financial assets and construction in progress. Cash outflow from investing activities decreased, and cash inflow from financing activities also decreased. The main controlling subsidiary, United Paper, incurred losses due to the new project [I) Analysis of Main Business Operations](index=14&type=section&id=(I)%20Analysis%20of%20Main%20Business%20Operations) During the reporting period, the company's operating revenue increased by **3.91%**, primarily driven by new white board paper sales. However, operating costs, administrative expenses, and financial expenses all significantly increased, leading to a substantial decline in total profit. Net cash flow from operating activities significantly decreased due to increased raw material reserves for new projects Analysis of Financial Statement Item Changes (Jan-Jun 2025 vs. Prior Year Period) | Item | Current Period Amount (RMB) | Prior Year Period Amount (RMB) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,160,187,025.36 | 1,116,557,739.75 | 3.91 | New white board paper sales | | Operating Cost | 1,069,139,724.73 | 960,830,602.38 | 11.27 | New white board paper cost | | Selling Expenses | 14,299,829.33 | 15,179,840.65 | -5.80 | Little change | | Administrative Expenses | 42,159,776.10 | 31,603,579.14 | 33.40 | Increased management costs for controlling subsidiary's newly commissioned project | | Financial Expenses | 8,234,997.74 | -405,578.94 | 2,130.43 | Increased interest expenses | | R&D Expenses | 39,900,096.91 | 38,584,277.49 | 3.41 | Little change | | Net Cash Flow from Operating Activities | -55,320,226.91 | -19,691,092.24 | -180.94 | Increased raw material reserves and products for sale from newly commissioned projects | | Net Cash Flow from Investing Activities | -191,809,577.38 | -472,001,344.37 | 59.36 | Decreased investment in wealth management products | | Net Cash Flow from Financing Activities | 204,535,871.89 | 272,323,725.32 | -24.89 | Decreased bank borrowings | | Credit Impairment Losses | -616,480.68 | -2,533,011.55 | 75.66 | Decreased provision for doubtful accounts receivable | | Asset Impairment Losses | -26,771,263.47 | -1,758,065.72 | -1,422.77 | Increased provision for inventory depreciation | | Fair Value Change Gains and Losses | 189,090.28 | 329,733.15 | -42.65 | Decreased expected income from bank structured deposits | | Asset Disposal Gains | 1,121,989.72 | -4,217,723.17 | 126.60 | Increased gains from disposal of fixed assets | | Non-Operating Expenses | 190,066.66 | 285,509.77 | -33.43 | Decreased other non-operating expenses | [III) Analysis of Assets and Liabilities](index=15&type=section&id=(III)%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's total assets increased by **2.91%** year-on-year, but the asset structure changed significantly. Monetary funds and transactional financial assets decreased substantially, while inventories and fixed assets significantly increased due to new project commissioning, and construction in progress decreased accordingly. On the liability side, both short-term and long-term borrowings increased Analysis of Asset and Liability Changes (Period-end vs. Prior Year-end) | Item Name | Current Period-end Amount (RMB) | Proportion of Total Assets at Current Period-end (%) | Prior Year-end Amount (RMB) | Proportion of Total Assets at Prior Year-end (%) | Change from Prior Year-end (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 195,046,058.95 | 4.73 | 239,083,972.67 | 5.96 | -18.42 | Decreased bank deposits | | Transactional Financial Assets | 50,189,090.28 | 1.22 | 210,803,582.88 | 5.26 | -76.19 | Decreased bank wealth management products | | Accounts Receivable | 219,566,036.48 | 5.32 | 244,459,905.80 | 6.10 | -10.18 | Decreased accounts receivable from sales | | Inventories | 338,751,327.72 | 8.21 | 216,268,731.30 | 5.39 | 56.63 | Increased raw material reserves and products for sale from controlling subsidiary's newly commissioned projects | | Fixed Assets | 1,928,546,911.31 | 46.74 | 780,350,107.28 | 19.46 | 147.14 | Controlling subsidiary's new project commissioned, construction in progress transferred to fixed assets | | Construction in Progress | 391,848,716.66 | 9.50 | 1,364,514,134.07 | 34.04 | -71.28 | Controlling subsidiary's new project commissioned, construction in progress transferred to fixed assets | | Short-Term Borrowings | 65,040,412.52 | 1.58 | 0 | 0 | 100.00 | Increased bank borrowings | | Notes Payable | 0 | 0 | 37,408,583.44 | 0.93 | -100.00 | Decreased bank acceptance bills payable | | Other Payables | 73,111,321.90 | 1.77 | 40,956,065.36 | 1.02 | 78.51 | Increased intercompany loans from United Paper to shareholders | | Long-Term Borrowings | 827,049,434.62 | 20.05 | 645,855,823.94 | 16.11 | 28.05 | Increased bank borrowings | - The company opened letters of credit for material procurement, pledging **RMB 1.88 million** from its inventory of bank acceptance bills as collateral[52](index=52&type=chunk) [IV) Analysis of Investment Status](index=17&type=section&id=(IV)%20Analysis%20of%20Investment%20Status) The company's fair value financial assets at the end of the reporting period significantly decreased, mainly due to the redemption of bank wealth management products, although new purchases were still made during the period Changes in Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (RMB) | Fair Value Change Gain/Loss for Current Period (RMB) | Amount Purchased in Current Period (RMB) | Amount Sold/Redeemed in Current Period (RMB) | Ending Balance (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | | Other | 210,803,582.88 | 189,090.28 | 50,000,000 | 210,803,582.88 | 50,189,090.28 | | **Total** | **210,803,582.88** | **189,090.28** | **50,000,000** | **210,803,582.88** | **50,189,090.28** | [VI) Analysis of Major Holding and Participating Companies](index=17&type=section&id=(VI)%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) This section lists the financial data of the company's major controlling subsidiaries, with United Paper showing significant operating and net losses due to the commissioning of new projects. During the reporting period, the company established a new second-tier controlling subsidiary, Senheng Packaging Financial Data of Major Controlling Subsidiaries (Unit: RMB 10,000) | Company Name | Company Type | Main Business | Registered Capital | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Senlin Papermaking | Subsidiary | Manufacturing | 33,600.00 | 145,380.91 | 129,675.58 | 72,652.04 | 4,286.93 | 4,558.62 | | Linhai Senlin | Subsidiary | Manufacturing | 5,000.00 | 9,177.70 | 7,000.97 | 5,281.86 | -42.13 | -12.60 | | Wenling Senlin | Subsidiary | Manufacturing | 47,200.00 | 67,081.41 | 44,027.83 | 20,248.87 | -145.36 | -46.02 | | Kuaiyinbao | Subsidiary | Service Industry | 100.00 | 1,449.85 | 130.79 | 21.85 | -82.06 | -77.96 | | Senlin Paper | Subsidiary | Trading | 1,000.00 | 2,659.22 | 788.81 | 12,516.77 | 131.80 | 125.58 | | Environmental Technology | Subsidiary | Manufacturing | 6,000.00 | 3,686.63 | 3,072.72 | 0 | -317.84 | -317.84 | | Senlin Renewable Resources | Subsidiary | Trading | 100.00 | 348.78 | 133.66 | 3.15 | 0.03 | 0.04 | | Senheng Packaging | Subsidiary | Manufacturing | 2,000.00 | 0 | 0 | 0 | 0 | 0 | | United Paper | Subsidiary | Manufacturing | 60,000.00 | 181,381.27 | 53,838.37 | 15,562.78 | -8,125.9 | -6,106.00 | - During the reporting period, the company established Senheng Packaging, a second-tier controlling subsidiary[18](index=18&type=chunk) [V. Potential Risks](index=18&type=section&id=V.%20Potential%20Risks) The company faces multiple risks, including the impact of international economic instability on export business, potential overcapacity after new project commissioning, intense competition in the low-end market, fluctuations in waste paper raw material prices, and the risk of product prices not being adjusted in a timely manner. Particularly, initial losses from the "Annual 600,000-ton Digital Inkjet Paper Industrial Upgrade Project" may drag down overall performance - Economic environment change risk: International instability, uncertain Sino-US trade prospects, and insufficient domestic demand momentum may affect customer demand for packaging[34](index=34&type=chunk)[59](index=59&type=chunk) - Overcapacity risk: After new projects are commissioned, papermaking and packaging product capacity will significantly increase; if the consumer market does not grow synchronously, it may lead to overcapacity[59](index=59&type=chunk) - Market competition risk: The paper packaging industry has low entry barriers, numerous small and medium-sized carton factories, severe product homogenization, and intense market price competition[59](index=59&type=chunk) - Material price fluctuation risk: Fluctuations in the price of waste paper, a major raw material, significantly impact main business costs and operating performance, and waste paper supplier stability is relatively weak[61](index=61&type=chunk) - Product price fluctuation risk: Asynchronous changes in raw material prices and product price adjustments, or fluctuations in market supply and demand, may exert pressure on product prices[61](index=61&type=chunk) - New project loss risk: Partial capacity investment in the 'Annual 600,000-ton Digital Inkjet Paper Industrial Upgrade Project' incurred significant losses during the reporting period and may continue to drag down operating performance[62](index=62&type=chunk) [VI. Other Disclosure Matters](index=19&type=section&id=VI.%20Other%20Disclosure%20Matters) The company actively implements its "Quality Improvement, Efficiency Enhancement, and Return Focus" action plan by increasing shareholdings by actual controllers to stabilize market confidence, focusing on core business to improve operational quality, prioritizing shareholder returns (high cash dividends), increasing R&D investment (173 patents), and continuously enhancing information disclosure quality and corporate governance - In 2024, the actual controllers, controlling shareholders, and parties acting in concert cumulatively increased their shareholding by **10.05 million shares**, accounting for **2.43%** of the total share capital, with an amount of **RMB 58.32 million**, stabilizing market confidence[63](index=63&type=chunk) - In the first half of 2025, the company's operating revenue was **RMB 1.16 billion**, a year-on-year increase of **3.91%**; net profit attributable to shareholders was **RMB 31.13 million**, a year-on-year decrease of **60.98%**, primarily due to new project losses[64](index=64&type=chunk)[65](index=65&type=chunk) - Partial capacity of the first phase of the 'Annual 600,000-ton Digital Inkjet Paper Industrial Upgrade Project' has commenced production, covering the entire industrial chain of white board paper, yellow board paper, and corrugated cartons, with continued advancement of the second phase construction[66](index=66&type=chunk) - Cash dividends cumulatively paid in 2024 and the first half of 2025 amounted to **RMB 124.32 million**, accounting for **35.44%** of net profit attributable to shareholders during the same period, significantly higher than the industry average[67](index=67&type=chunk) - R&D expenses in 2024 and the first half of 2025 were **RMB 82.11 million** and **RMB 39.90 million**, respectively, accounting for **3.48%** and **3.44%** of operating revenue during the same periods[68](index=68&type=chunk) - As of the end of the reporting period, the company held **173 patent technologies** (**27 invention patents**, **146 utility model patents**)[68](index=68&type=chunk) - The company strictly adheres to information disclosure, strengthens investor communication through multiple channels, improves its internal control system, and reinforces the responsibilities of 'key minorities'[69](index=69&type=chunk)[70](index=70&type=chunk)[71](index=71&type=chunk) [Fourth Section Corporate Governance, Environment, and Society](index=22&type=section&id=Fourth%20Section%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section covers changes in the company's directors, supervisors, and senior management, profit distribution plans, equity incentive plans, environmental information disclosure, and efforts in poverty alleviation and rural revitalization [I. Changes in Directors, Supervisors, and Senior Management](index=22&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) There were no changes in the company's directors, supervisors, or senior management during the reporting period - There were no changes in the company's directors, supervisors, or senior management during the reporting period[73](index=73&type=chunk) [II. Profit Distribution or Capital Reserve Conversion Plan](index=22&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company has no proposed profit distribution or capital reserve conversion plan for the semi-annual period - The company has no proposed profit distribution or capital reserve conversion plan for the semi-annual period[73](index=73&type=chunk) [III. Status and Impact of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=22&type=section&id=III.%20Status%20and%20Impact%20of%20Company%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) During the reporting period, there was no progress or change in the company's equity incentive plans, employee stock ownership plans, or other employee incentive measures - During the reporting period, the company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures[74](index=74&type=chunk) [IV. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law](index=22&type=section&id=IV.%20Environmental%20Information%20of%20Listed%20Companies%20and%20Their%20Major%20Subsidiaries%20Included%20in%20the%20List%20of%20Enterprises%20Required%20to%20Disclose%20Environmental%20Information%20by%20Law) The company disclosed the environmental information inquiry index for its subsidiary, Taizhou Senlin Papermaking Co., Ltd., which is included in the list of enterprises required to disclose environmental information by law - The subsidiary, Taizhou Senlin Papermaking Co., Ltd., is included in the list of enterprises required to disclose environmental information by law, and its environmental information disclosure report can be accessed on the designated website[74](index=74&type=chunk) [V. Specific Information on Consolidating and Expanding Achievements in Poverty Alleviation, Rural Revitalization, and Other Related Work](index=22&type=section&id=V.%20Specific%20Information%20on%20Consolidating%20and%20Expanding%20Achievements%20in%20Poverty%20Alleviation%2C%20Rural%20Revitalization%2C%20and%20Other%20Related%20Work) The company did not disclose specific information on consolidating and expanding achievements in poverty alleviation, rural revitalization, or other related work - The company did not disclose specific information on consolidating and expanding achievements in poverty alleviation, rural revitalization, or other related work[74](index=74&type=chunk) [Fifth Section Significant Matters](index=23&type=section&id=Fifth%20Section%20Significant%20Matters) This section details significant matters including the fulfillment of commitments, non-operating fund occupation by controlling shareholders, illegal guarantees, audit status, changes in non-standard audit opinions, bankruptcy reorganization, major lawsuits, regulatory violations, integrity status, major related party transactions, significant contracts, and the progress of raised funds utilization [I. Fulfillment of Commitments](index=23&type=section&id=I.%20Fulfillment%20of%20Commitments) The company's directors, supervisors, senior management, and shareholders strictly fulfilled their share lock-up commitments related to the initial public offering during the reporting period, with no instances of failure to comply in a timely manner - The company's directors and senior management, Lin Qijun, Lin Qiqun, Lin Qifa, Lin Jialian, and Chen Qingxian, committed not to transfer more than **25%** of their total shares annually during their tenure, not to transfer shares within six months after leaving office, and that the reduction price would not be lower than the offering price[76](index=76&type=chunk) - Supervisors An Lixin, Wang Hongbo, Lin Rongsheng, and Jie Juan committed not to transfer more than **25%** of their property interests in Senlin Quan Chuang/Senlin Investment annually during their tenure, and not to transfer property interests within six months after leaving office[77](index=77&type=chunk) - All committing parties timely and strictly fulfilled their commitments[76](index=76&type=chunk)[77](index=77&type=chunk) [II. Non-Operating Fund Occupation by Controlling Shareholders and Other Related Parties During the Reporting Period](index=24&type=section&id=II.%20Non-Operating%20Fund%20Occupation%20by%20Controlling%20Shareholders%20and%20Other%20Related%20Parties%20During%20the%20Reporting%20Period) During the reporting period, the company had no instances of non-operating funds being occupied by controlling shareholders or other related parties - During the reporting period, the company had no instances of non-operating funds being occupied by controlling shareholders or other related parties[8](index=8&type=chunk) [III. Illegal Guarantees](index=24&type=section&id=III.%20Illegal%20Guarantees) During the reporting period, the company had no instances of providing external guarantees in violation of prescribed decision-making procedures - During the reporting period, the company had no instances of providing external guarantees in violation of prescribed decision-making procedures[8](index=8&type=chunk) [IV. Semi-Annual Report Audit Status](index=25&type=section&id=IV.%20Semi-Annual%20Report%20Audit%20Status) This semi-annual report has not been audited - This semi-annual report has not been audited[6](index=6&type=chunk) [V. Changes and Handling of Matters Related to Non-Standard Audit Opinions in the Prior Year's Annual Report](index=25&type=section&id=V.%20Changes%20and%20Handling%20of%20Matters%20Related%20to%20Non-Standard%20Audit%20Opinions%20in%20the%20Prior%20Year%27s%20Annual%20Report) There were no changes or handling of matters related to non-standard audit opinions in the company's prior year's annual report - There were no changes or handling of matters related to non-standard audit opinions in the company's prior year's annual report[79](index=79&type=chunk) [VI. Bankruptcy Reorganization Matters](index=25&type=section&id=VI.%20Bankruptcy%20Reorganization%20Matters) During the reporting period, the company had no bankruptcy reorganization matters - During the reporting period, the company had no bankruptcy reorganization matters[79](index=79&type=chunk) [VII. Major Litigation and Arbitration Matters](index=25&type=section&id=VII.%20Major%20Litigation%20and%20Arbitration%20Matters) During the reporting period, the company had no major litigation or arbitration matters - During the reporting period, the company had no major litigation or arbitration matters[79](index=79&type=chunk) [VIII. Alleged Violations, Penalties, and Rectification of Listed Company, Its Directors, Supervisors, Senior Management, Controlling Shareholders, and Actual Controllers](index=25&type=section&id=VIII.%20Alleged%20Violations%2C%20Penalties%2C%20and%20Rectification%20of%20Listed%20Company%2C%20Its%20Directors%2C%20Supervisors%2C%20Senior%20Management%2C%20Controlling%20Shareholders%2C%20and%20Actual%20Controllers) During the reporting period, there were no alleged violations, penalties, or rectification situations involving the company, its directors, supervisors, senior management, controlling shareholders, or actual controllers - During the reporting period, there were no alleged violations, penalties, or rectification situations involving the company, its directors, supervisors, senior management, controlling shareholders, or actual controllers[79](index=79&type=chunk) [IX. Explanation of the Integrity Status of the Company, Its Controlling Shareholders, and Actual Controllers During the Reporting Period](index=25&type=section&id=IX.%20Explanation%20of%20the%20Integrity%20Status%20of%20the%20Company%2C%20Its%20Controlling%20Shareholders%2C%20and%20Actual%20Controllers%20During%20the%20Reporting%20Period) The company did not disclose an explanation of the integrity status of the company, its controlling shareholders, or actual controllers during the reporting period - The company did not disclose an explanation of the integrity status of the company, its controlling shareholders, or actual controllers during the reporting period[79](index=79&type=chunk) [X. Major Related Party Transactions](index=25&type=section&id=X.%20Major%20Related%20Party%20Transactions) During the reporting period, the company engaged in daily operating related party purchases with Wenling Daxi Juntong Convenience Store, with actual amounts not exceeding the estimated limit - From January to June 2025, the company purchased daily necessities totaling **RMB 0.44 million** from Wenling Daxi Juntong Convenience Store, which did not exceed the estimated limit of **RMB 1.20 million**[79](index=79&type=chunk) [XI. Major Contracts and Their Fulfillment](index=26&type=section&id=XI.%20Major%20Contracts%20and%20Their%20Fulfillment) During the reporting period, the company primarily involved guarantee situations for its subsidiaries, with a total guarantee amount of **RMB 566.25 million**, accounting for **22.16%** of the company's net assets, and all guaranteed parties were wholly-owned or controlling subsidiaries within the consolidated financial statement scope Company's Guarantees for Subsidiaries | Indicator | Amount (RMB) | | :--- | :--- | | Total Guarantee Amount for Subsidiaries Incurred in Current Period | 159,437,682.00 | | Total Guarantee Balance for Subsidiaries at Period-end (B) | 566,247,423.27 | | Total Guarantee Amount (A+B) | 566,247,423.27 | | Proportion of Total Guarantee Amount to Company's Net Assets (%) | 22.16 | | Of which: Debt Guarantee Amount Provided Directly or Indirectly for Guaranteed Parties with Asset-Liability Ratio Exceeding 70% (D) | 6,834,596.39 | | Total of the Above Three Guarantee Amounts (C+D+E) | 6,834,596.39 | - All guaranteed parties are wholly-owned or controlling subsidiaries within the company's consolidated financial statement scope[83](index=83&type=chunk) [XII. Explanation of Progress in Use of Raised Funds](index=28&type=section&id=XII.%20Explanation%20of%20Progress%20in%20Use%20of%20Raised%20Funds) The company's net proceeds from its initial public offering were **RMB 889.57 million**, with cumulative investments of **RMB 479.62 million** as of the end of the reporting period, representing an investment progress of **53.92%**. Some raised fund investment projects have been changed, and the company temporarily supplemented working capital and conducted cash management using idle raised funds Overall Use of Raised Funds (Unit: RMB 10,000) | Source of Raised Funds | Date Raised Funds Received | Total Raised Funds | Net Raised Funds (1) | Total Committed Investment of Raised Funds in Prospectus (2) | Cumulative Raised Funds Invested as of Reporting Period-end (4) | Investment Progress (%) (6)=(4)/(1) | Amount Invested in Current Year (8) | Proportion of Amount Invested in Current Year (%) (9)=(8)/(1) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Initial Public Offering of Shares | December 15, 2020 | 94,850.00 | 88,957.00 | 88,957.00 | 47,961.71 | 53.92 | 4,280.45 | 4.81 | | **Total** | **/** | **94,850.00** | **88,957.00** | **88,957.00** | **47,961.71** | **/** | **4,280.45** | **/** | Detailed Use of Raised Fund Investment Projects (Unit: RMB 10,000) | Raised Project Name | Total Committed Investment of Raised Funds (1) | Cumulative Raised Funds Invested as of Reporting Period-end (2) | Investment Progress (%) (3)=(2)/(1) | Benefits Achieved in Current Year | Whether Significant Changes Occurred | | :--- | :--- | :--- | :--- | :--- | :--- | | Expansion Project for Annual 90 Million Square Meters of Carton Packaging Materials | 19,202.00 | 4,375.70 | 22.79 | 35.01 | No | | Green and Environmentally Friendly Digital Inkjet Printing Paper Packaging Smart Factory Project | 37,594.00 | 20,698.55 | 55.06 | -539.46 | No | | Green and Environmentally Friendly Paper Packaging Online Customization Smart Factory Project | 19,791.00 | 482.50 | 2.44 | Not applicable | Yes (Changed to "Annual 500,000-ton Packaging Paper Equipment Upgrade and Technical Transformation Project") | | Supplement Working Capital | 12,370.00 | 12,370.00 | 100.00 | Not applicable | No | | Annual 500,000-ton Packaging Paper Equipment Upgrade and Technical Transformation Project | 20,138.76 | 10,034.96 | 49.83 | Not applicable | No | | **Total** | **88,957.00** | **47,961.71** | **/** | **/** | **/** | - On April 23, 2023, the company approved the 'Proposal on Changing Certain Raised Fund Investment Projects,' reallocating the remaining raised funds from the 'Green and Environmentally Friendly Paper Packaging Online Customization Smart Factory Project' to the 'Annual 500,000-ton Packaging Paper Equipment Upgrade and Technical Transformation Project'[480](index=480&type=chunk) Temporary Supplement of Working Capital with Idle Raised Funds (Unit: RMB 10,000) | Board Approval Date | Start Date | End Date | Balance of Working Capital Supplemented at Reporting Period-end | Whether Exceeded Authorized Limit | | :--- | :--- | :--- | :--- | :--- | | October 17, 2024 | October 17, 2024 | October 16, 2025 | 7,952.00 | No | Cash Management of Idle Raised Funds (Unit: RMB 10,000) | Board Approval Date | Authorized Limit for Cash Management of Raised Funds | Start Date | End Date | Balance of Cash Management at Reporting Period-end | Whether Maximum Balance During Period Exceeded Authorized Limit | | :--- | :--- | :--- | :--- | :--- | :--- | | October 17, 2024 | 17,000.00 | October 17, 2024 | October 16, 2025 | 3,000.00 | No | [Sixth Section Share Changes and Shareholder Information](index=33&type=section&id=Sixth%20Section%20Share%20Changes%20and%20Shareholder%20Information) This section details changes in the company's share capital, restricted shares, shareholder information, changes in controlling shareholders or actual controllers, and preferred share-related matters [I. Changes in Share Capital](index=33&type=section&id=I.%20Changes%20in%20Share%20Capital) During the reporting period, there were no changes in the company's total share capital or share structure - During the reporting period, there were no changes in the company's total share capital or share structure[96](index=96&type=chunk) [II) Changes in Restricted Shares](index=33&type=section&id=(II)%20Changes%20in%20Restricted%20Shares) During the reporting period, there were no changes in the company's restricted shares - During the reporting period, the company had no restricted share changes requiring disclosure[97](index=97&type=chunk) [II. Shareholder Information](index=33&type=section&id=II.%20Shareholder%20Information) As of the end of the reporting period, the company's top ten shareholders' holdings remained stable, with Lin Qijun, Lin Qiqun, Lin Qifa, and Lin Jialian acting in concert and controlling some shares through partnership enterprises. The total number of shareholders was not disclosed Top Ten Shareholders' Holdings (As of Reporting Period-end) | Shareholder Name | Ending Shareholding (shares) | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Lin Qijun | 92,578,722 | 22.34 | Domestic Natural Person | | Lin Qiqun | 79,360,891 | 19.15 | Domestic Natural Person | | Lin Qifa | 52,902,128 | 12.77 | Domestic Natural Person | | Lin Jialian | 52,902,128 | 12.77 | Domestic Natural Person | | Taizhou Senlin Investment Partnership (Limited Partnership) | 16,730,298 | 4.04 | Other | | Wenling Senlin Quanchuang Enterprise Management Consulting Partnership (Limited Partnership) | 13,225,533 | 3.19 | Other | | Lin Mu | 8,671,755 | 2.09 | Domestic Natural Person | | Xu Lei | 4,040,000 | 0.97 | Domestic Natural Person | | Liu Chunsheng | 3,301,000 | 0.80 | Domestic Natural Person | | Chen Qingxian | 3,108,000 | 0.75 | Domestic Natural Person | - Lin Qijun, Lin Qiqun, Lin Qifa, and Lin Jialian are parties acting in concert; Taizhou Senlin Investment Partnership (Limited Partnership) and Wenling Senlin Quanchuang Enterprise Management Consulting Partnership (Limited Partnership) are partnership enterprises controlled by the aforementioned four individuals; Mr. Lin Mu is the son of controlling shareholder Lin Qijun[100](index=100&type=chunk) [III. Information on Directors, Supervisors, and Senior Management](index=35&type=section&id=III.%20Information%20on%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, there were no changes in the shareholdings of the company's current and former directors, supervisors, and senior management - During the reporting period, there were no changes in the shareholdings of the company's current and former directors, supervisors, and senior management[102](index=102&type=chunk) [IV. Changes in Controlling Shareholder or Actual Controller](index=35&type=section&id=IV.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) During the reporting period, there were no changes in the company's controlling shareholder or actual controller - During the reporting period, there were no changes in the company's controlling shareholder or actual controller[102](index=102&type=chunk) [V. Preferred Share-Related Matters](index=35&type=section&id=V.%20Preferred%20Share-Related%20Matters) The company has no preferred share-related matters - The company has no preferred share-related matters[102](index=102&type=chunk) [Seventh Section Bond-Related Matters](index=36&type=section&id=Seventh%20Section%20Bond-Related%20Matters) This section addresses matters related to the company's corporate bonds (including enterprise bonds) and non-financial enterprise debt financing instruments, as well as convertible corporate bonds [I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=36&type=section&id=I.%20Corporate%20Bonds%20(Including%20Enterprise%20Bonds)%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments - The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[104](index=104&type=chunk) [II. Convertible Corporate Bonds](index=36&type=section&id=II.%20Convertible%20Corporate%20Bonds) The company has no convertible corporate bonds - The company has no convertible corporate bonds[104](index=104&type=chunk) [Eighth Section Financial Report](index=37&type=section&id=Eighth%20Section%20Financial%20Report) This section presents the company's financial report, including the audit report, financial statements (consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity), basic company information, basis of financial statement preparation, significant accounting policies and estimates, taxation, notes to consolidated financial statement items, R&D expenditures, changes in consolidation scope, equity in other entities, government grants, risks related to financial instruments, fair value disclosures, related parties and related party transactions, share-based payments, commitments and contingencies, post-balance sheet events, other significant matters, parent company financial statement notes, and supplementary information [I. Audit Report](index=37&type=section&id=I.%20Audit%20Report) This semi-annual report has not been audited - This semi-annual report has not been audited[106](index=106&type=chunk) [II. Financial Statements](index=37&type=section&id=II.%20Financial%20Statements) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, comprehensively presenting the company's financial position, operating results, and cash flow situation [Consolidated Balance Sheet](index=37&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's consolidated total assets were **RMB 4.13 billion**, an increase of **2.91%** from the end of the prior year; total liabilities were **RMB 1.39 billion**, an increase of **15.23%**; and total equity attributable to parent company owners was **RMB 2.55 billion**, a decrease of **1.23%** Key Data from Consolidated Balance Sheet (As of June 30, 2025) | Item | June 30, 2025 (RMB) | December 31, 2024 (RMB) | | :--- | :--- | :--- | | Monetary Funds | 195,046,058.95 | 239,083,972.67 | | Transactional Financial Assets | 50,189,090.28 | 210,803,582.88 | | Inventories | 338,751,327.72 | 216,268,731.30 | | Fixed Assets | 1,928,546,911.31 | 780,350,107.28 | | Construction in Progress | 391,848,716.66 | 1,364,514,134.07 | | **Total Assets** | **4,125,729,196.25** | **4,009,085,128.94** | | Short-Term Borrowings | 65,040,412.52 | 0 | | Accounts Payable | 292,820,695.22 | 347,052,840.07 | | Long-Term Borrowings | 827,049,434.62 | 645,855,823.94 | | **Total Liabilities** | **1,390,264,595.60** | **1,206,483,046.30** | | Total Equity Attributable to Parent Company Owners | 2,555,106,053.70 | 2,586,802,325.60 | | Minority Interests | 180,358,546.95 | 215,799,757.04 | | **Total Owners' Equity** | **2,735,464,600.65** | **2,802,602,082.64** | [Parent Company Balance Sheet](index=39&type=section&id=Parent%20Company%20Balance%20Sheet) As of June 30, 2025, the parent company's total assets were **RMB 1.67 billion**, an increase of **4.98%** from the end of the prior year; total liabilities were **RMB 0.11 billion**, an increase of **107.09%**; and total owners' equity was **RMB 1.56 billion**, an increase of **1.44%** Key Data from Parent Company Balance Sheet (As of June 30, 2025) | Item | June 30, 2025 (RMB) | December 31, 2024 (RMB) | | :--- | :--- | :--- | | Monetary Funds | 10,816,602.68 | 6,877,700.65 | | Accounts Receivable | 51,908,323.85 | 61,531,234.57 | | Long-Term Equity Investments | 1,329,157,242.31 | 1,314,157,242.31 | | **Total Assets** | **1,667,024,093.27** | **1,587,861,299.95** | | Short-Term Borrowings | 65,040,412.52 | 0 | | Accounts Payable | 14,171,353.81 | 18,293,788.19 | | **Total Liabilities** | **110,334,602.30** | **53,286,578.79** | | **Total Owners' Equity** | **1,556,689,490.97** | **1,534,574,721.16** | [Consolidated Income Statement](index=41&type=section&id=Consolidated%20Income%20Statement) From January to June 2025, the company's consolidated total operating revenue was **RMB 1.16 billion**, a year-on-year increase of **3.91%**; net profit was **RMB 10.02 million**, a year-on-year decrease of **87.42%**; and net profit attributable to parent company shareholders was **RMB 31.13 million**, a year-on-year decrease of **60.98%** Key Data from Consolidated Income Statement (Jan-Jun 2025) | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 1,160,187,025.36 | 1,116,557,739.75 | | Total Operating Costs | 1,187,240,671.58 | 1,059,353,570.63 | | Total Profit | -10,753,857.66 | 85,160,534.89 | | Net Profit | 10,022,518.01 | 79,679,207.02 | | Net Profit Attributable to Parent Company Shareholders | 31,134,021.99 | 79,781,259.10 | | Minority Interest Income/Loss | -21,111,503.98 | -102,052.08 | | Basic Earnings Per Share (RMB/share) | 0.08 | 0.19 | [Parent Company Income Statement](index=43&type=section&id=Parent%20Company%20Income%20Statement) From January to June 2025, the parent company's operating revenue was **RMB 0.13 billion**, a year-on-year decrease of **10.43%**; net profit was **RMB 84.27 million**, a year-on-year increase of **12.52%** Key Data from Parent Company Income Statement (Jan-Jun 2025) | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Operating Revenue | 133,386,605.77 | 149,143,968.11 | | Operating Cost | 108,936,367.70 | 117,759,475.73 | | Total Profit | 84,101,125.00 | 78,867,514.70 | | Net Profit | 84,274,769.81 | 74,895,551.13 | | Basic Earnings Per Share (RMB/share) | 0.20 | 0.18 | [Consolidated Cash Flow Statement](index=45&type=section&id=Consolidated%20Cash%20Flow%20Statement) From January to June 2025, the company's consolidated net cash flow from operating activities was **RMB -55.32 million**, a year-on-year decrease of **180.94%**; net cash flow from investing activities was **RMB -191.81 million**, a year-on-year narrowing of **59.36%**; and net cash flow from financing activities was **RMB 204.54 million**, a year-on-year decrease of **24.89%** Key Data from Consolidated Cash Flow Statement (Jan-Jun 2025) | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -55,320,226.91 | -19,691,092.24 | | Net Cash Flow from Investing Activities | -191,809,577.38 | -472,001,344.37 | | Net Cash Flow from Financing Activities | 204,535,871.89 | 272,323,725.32 | | Net Increase in Cash and Cash Equivalents | -44,037,913.72 | -222,383,413.45 | | Cash and Cash Equivalents at Period-end | 195,046,058.95 | 272,711,327.64 | [Parent Company Cash Flow Statement](index=47&type=section&id=Parent%20Company%20Cash%20Flow%20Statement) From January to June 2025, the parent company's net cash flow from operating activities was **RMB 9.97 million**, a year-on-year decrease of **10.80%**; net cash flow from investing activities was **RMB -1.94 million**, a significant year-on-year narrowing; and net cash flow from financing activities was **RMB -3.82 million**, a significant year-on-year decrease Key Data from Parent Company Cash Flow Statement (Jan-Jun 2025) | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 9,969,881.94 | 11,175,303.49 | | Net Cash Flow from Investing Activities | -1,937,839.10 | -113,508,841.98 | | Net Cash Flow from Financing Activities | -3,821,620.82 | 103,890,000.00 | | Net Increase in Cash and Cash Equivalents | 3,938,902.03 | 1,100,685.76 | | Cash and Cash Equivalents at Period-end | 10,816,602.68 | 15,014,398.58 | [Consolidated Statement of Changes in Owners' Equity](index=49&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Owners%27%20Equity) From January to June 2025, the company's consolidated total owners' equity was **RMB 2.74 billion**, a decrease of **2.40%** from the beginning of the period. Equity attributable to parent company owners decreased by **RMB 31.70 million**, and minority interests decreased by **RMB 35.44 million** Consolidated Statement of Changes in Owners' Equity (Jan-Jun 2025) | Item | Beginning Balance (RMB) | Changes in Current Period (RMB) | Ending Balance (RMB) | | :--- | :--- | :--- | :--- | | Total Equity Attributable to Parent Company Owners | 2,586,802,325.60 | -31,696,271.90 | 2,555,106,053.70 | | Minority Interests | 215,799,757.04 | -35,441,210.09 | 180,358,546.95 | | **Total Owners' Equity** | **2,802,602,082.64** | **-67,137,481.99** | **2,735,464,600.65** | [Parent Company Statement of Changes in Owners' Equity](index=57&type=section&id=Parent%20Company%20Statement%20of%20Changes%20in%20Owners%27%20Equity) From Ja

Core Viewpoint - The paper industry sector experienced a 0.5% increase on August 20, with Annie Co. leading the gains, while the overall market indices also showed positive performance [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 3766.21, up 1.04% [1]. - The Shenzhen Component Index closed at 11926.74, up 0.89% [1]. Group 2: Individual Stock Performance - Annie Co. (002235) closed at 9.04, with a rise of 4.15%, and a trading volume of 1.4162 million shares, totaling a transaction value of 1.258 billion [1]. - BoHui Paper (600966) closed at 5.31, up 3.31%, with a trading volume of 204,000 shares, totaling 106 million [1]. - QiFeng New Materials (002521) closed at 9.07, increasing by 2.14%, with a trading volume of 114,200 shares, totaling 104 million [1]. - Forest Packaging (605500) closed at 10.24, up 1.69%, with a trading volume of 147,300 shares, totaling 150 million [1]. - Hengfeng Paper (600356) closed at 9.28, increasing by 1.64%, with a trading volume of 49,900 shares, totaling 45.9795 million [1]. - Minfeng Special Paper (600235) closed at 6.63, up 1.38%, with a trading volume of 78,900 shares, totaling 52.0111 million [1]. - Yibin Paper (600793) closed at 25.59, increasing by 1.35%, with a trading volume of 69,800 shares, totaling 178 million [1]. - Qingshan Paper (600103) closed at 2.36, up 1.29%, with a trading volume of 489,200 shares, totaling 1.15 billion [1]. - Rongsheng Environmental Protection (603165) closed at 12.55, increasing by 1.13%, with a trading volume of 36,600 shares, totaling 45.8246 million [1]. - Guanmeng High-tech (600433) closed at 3.17, up 0.96%, with a trading volume of 185,600 shares, totaling 58.3962 million [1]. Group 3: Capital Flow - The paper sector saw a net inflow of 101 million from main funds, while retail funds experienced a net outflow of 11.7049 million [2].

Market Overview - The paper sector increased by 0.57% on August 18, with Hengda New Materials leading the gains [1] - The Shanghai Composite Index closed at 3728.03, up 0.85%, while the Shenzhen Component Index closed at 11835.57, up 1.73% [1] Individual Stock Performance - Hengda New Materials (301469) closed at 31.69, up 5.95% with a trading volume of 50,600 and a turnover of 158 million [1] - ST Morning (000488) closed at 2.30, up 3.60% with a trading volume of 477,500 and a turnover of 109 million [1] - BoHui Paper (600966) closed at 5.17, up 2.78% with a trading volume of 315,500 and a turnover of 164 million [1] - Other notable performers include Minshida (833394) up 2.67%, Huawang Technology (605377) up 2.58%, and Hengfeng Paper (600356) up 2.46% [1] Capital Flow Analysis - The paper sector experienced a net outflow of 57.59 million from institutional investors and 13.46 million from speculative funds, while retail investors saw a net inflow of 71.05 million [2] - Notable net inflows from retail investors were observed in Sun Paper (002078) with 49.32 million, and Hengfeng Paper (600356) with 14.96 million [3] - Conversely, significant net outflows from institutional investors were noted in Sun Paper (-36.67 million) and Hengda New Materials (-28.62 million) [3]

Core Viewpoint - As of August 15, 2025, the stock price of Forest Packaging closed at 9.96 CNY, reflecting a decline of 0.70% from the previous trading day, indicating market volatility and investor sentiment towards the company [1] Company Overview - Forest Packaging specializes in the research, production, and sales of packaging paper and paper products, including kraft linerboard and corrugated paper [1] - The company's products are widely used in various sectors such as home appliances, food and beverage, and express logistics, highlighting its significance in the packaging industry in Zhejiang [1] Stock Performance - On August 15, the stock opened at 10.04 CNY, reached a high of 10.15 CNY, and a low of 9.86 CNY during the trading session, showcasing intraday price fluctuations [1] - The trading volume was 116,100 hands, with a total transaction amount of 115 million CNY, indicating active trading [1] Capital Flow - On the same day, there was a net outflow of 1.8232 million CNY in main funds, while the cumulative net inflow over the past five trading days was 3.249 million CNY, suggesting mixed investor interest [1] - A rapid price adjustment was observed, with a drop exceeding 2% within five minutes around 9:35 AM, reaching a low of 9.86 CNY [1]

Group 1 - The paper sector experienced a slight increase of 0.48% on August 12, with ST Chenming leading the gains [1] - The Shanghai Composite Index closed at 3665.92, up 0.5%, while the Shenzhen Component Index closed at 11351.63, up 0.53% [1] - Key stocks in the paper sector showed varied performance, with ST Chenming closing at 2.33, up 3.56%, and Yiyuan Paper closing at 25.83, up 0.12% [1] Group 2 - The paper sector saw a net inflow of 19.28 million yuan from main funds, while retail investors contributed a net inflow of 29.11 million yuan [2] - Major stocks like Sun Paper and Annie Co. had significant net inflows from main funds, with Sun Paper receiving 86.42 million yuan [3] - Conversely, stocks like Crown Meng High-tech and Hengfeng Paper experienced net outflows from main funds, indicating mixed investor sentiment [3]

森林包装集团股份有限公司 关于使用部分闲置募集资金进行现金管理到期收回并继续 进行现金管理进展的公告 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： ● 现金管理到期收回情况：森林包装集团股份有限公司（以下简称"公司"） 的全资子公司台州森林造纸有限公司（以下简称"森林造纸"）于 2025 年 7 月 31 日到期收回投资于兴业银行股份有限公司台州温岭支行（以下简称"兴业银 行"）募集资金现金管理产品金额 3,000.00 万元及收益。 ● 继续进行现金管理进展情况：森林造纸继续以闲置募集资金投资于兴业 银行，结构性存款产品人民币 3,000.00 万元。 ● 投资决策履行的审议程序：公司于 2024 年 10 月 17 日召开第三届董事会 第十次会议及第三届监事会第十次会议，分别审议通过了《关于使用部分闲置募 集资金进行现金管理的议案》，保荐机构光大证券股份有限公司（以下简称"保 荐机构"或"光大证券"）对本事项出具了无异议的核查意见。 一、 本次使用闲置募集资金进行现金管理到期收回的情况 证券代码：6055 ...

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余额： 1、2025 年 7 月 1 日至 2025 年 7 月 31 日，公司及子公司为森林纸业提供担 保金额 159.07 万元。截至 2025 年 7 月 31 日，公司及子公司为森林纸业提供担 保余额 307.69 万元。 证券代码：605500 证券简称：森林包装 公告编号：2025-041 森林包装集团股份有限公司 关于对外担保的进展公告 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： 被担保人名称： 2、2025 年 7 月 11 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"）签署了《资产池质押担保合同》，公司为联合纸业提 供最高额担保金额 5,000.00 万元。 2025 年 7 月 1 日至 2025 年 7 月 31 日，公司及子公司为联 ...

Core Viewpoint - The recent surge in the stock market is driven by significant gains in specific sectors, particularly in engineering machinery, supported by government investment in water conservancy projects [1][4]. Group 1: Stock Market Performance - The three major stock indices collectively rose, with the Shanghai Composite Index increasing by 1.67% to close at 3593.66 points, the Shenzhen Component Index rising by 2.33% to 11168.14 points, and the ChiNext Index gaining 2.76% to 2340.06 points [1]. - Approximately 71% of stocks experienced gains during the week, with 176 stocks rising over 15% and 10 stocks declining more than 15% [1]. Group 2: Leading Stocks - Hengli Drilling Tools (836942.BJ) topped the weekly gainers with a remarkable 184.05% increase, followed by Upwind New Materials (688585.SH) with a 97.37% rise [1]. - Hengli Drilling Tools achieved a four-day consecutive limit-up, reaching a historical high of 55.93 yuan per share, with a total market capitalization of 3.4 billion yuan [1][4]. Group 3: Industry Insights - The company specializes in the design, production, and sales of various engineering rock-breaking tools, with major clients including China Railway, China Power Construction, and China Communications Construction [4]. - The recent announcement of over 300 billion yuan in support for major water conservancy projects is expected to drive demand for engineering machinery, particularly in the context of infrastructure investment [4][5]. - Analysts predict that the engineering machinery sector will benefit from increased demand as domestic water conservancy projects progress, potentially leading to a dual boost in performance and valuation for the sector [7]. Group 4: Performance and Financials - Hengli Drilling Tools reported a first-quarter revenue of 39.41 million yuan, a year-on-year decrease of 9.02%, while net profit attributable to shareholders increased by 160% to 12.61 million yuan [6]. - The company has issued warnings regarding its stock price volatility, indicating that there have been no significant changes in its fundamentals or undisclosed major information [5]. Group 5: Declining Stocks - Forest Packaging (605500.SH) led the decliners with a 25% drop, attributed to the competitive landscape in the takeaway market and its limited involvement in food packaging [9][10]. - The company anticipates a significant decline in net profit for the first half of 2025, projecting a decrease of 58.64% to 72.42% year-on-year [11].

New Stock Issuance - Multiple companies are scheduled for new stock issuance on July 24, 2025, including *ST Zitian (300280) and ST Nanzhi (002305) [1] - Significant announcements were made for companies like Guosheng Tang (300436) and Huayin Power (600744) on July 17 and July 15, respectively [1] Trading Alerts - Companies such as Gaoguan Min Explosive (002827) and Zhongyan Dadi (003001) have recent trading alerts as of July 24, 2025 [1] - A total of 50 companies have been flagged for abnormal trading fluctuations, indicating potential market volatility [2] Market Trends - The report highlights a trend of increased market activity with numerous companies announcing significant changes in stock status [1] - The presence of multiple *ST (Special Treatment) companies suggests heightened scrutiny and potential risk for investors [1] Regulatory Compliance - Companies are required to disclose significant announcements to ensure transparency in trading activities [1] - The report emphasizes the importance of monitoring announcements to assess market conditions and investment risks [1]