Financial Performance - Revenue for Q1 2025 was CNY 450,466,813.28, a decrease of 7.55% compared to CNY 487,253,642.75 in the same period last year[3] - Net profit attributable to shareholders was CNY 33,882,240.80, down 5.92% from CNY 36,013,452.27 year-over-year[3] - Basic and diluted earnings per share decreased by 11.11% to CNY 0.08 from CNY 0.09 in the same period last year[3] - Net profit for Q1 2025 was CNY 31.74 million, a decline of 11.9% from CNY 35.88 million in Q1 2024[17] - The total comprehensive income for the first quarter of 2025 was CNY 31,737,206.85, compared to CNY 35,920,342.81 in the first quarter of 2024, reflecting a decrease of approximately 6.1%[18] Cash Flow - The net cash flow from operating activities improved by 11.28%, reaching CNY -96,287,101.36 compared to CNY -108,526,558.68 in the previous year[3] - Cash inflows from operating activities totaled CNY 491,944,756.96 in Q1 2025, slightly increasing from CNY 490,478,979.78 in Q1 2024[21] - The net cash flow from operating activities was -CNY 96,287,101.36 for Q1 2025, an improvement from -CNY 108,526,558.68 in Q1 2024[22] - Cash outflows from investing activities amounted to CNY 205,835,758.56 in Q1 2025, compared to CNY 179,338,850.57 in Q1 2024, representing an increase of approximately 14.8%[22] - The net cash flow from investing activities was -CNY 168,309,330.98 in Q1 2025, slightly better than -CNY 179,167,850.57 in Q1 2024[22] - Cash inflows from financing activities were CNY 217,901,680.11 in Q1 2025, down from CNY 229,693,280.91 in Q1 2024, a decrease of about 5.1%[22] - The net cash flow from financing activities was CNY 211,002,741.94 in Q1 2025, compared to CNY 227,871,121.36 in Q1 2024, indicating a decrease of approximately 7.4%[22] - The ending cash and cash equivalents balance for Q1 2025 was CNY 184,475,536.01, down from CNY 433,956,963.30 in Q1 2024[24] - The company reported a total cash outflow of CNY 54,608,436.66 in Q1 2025, an improvement from CNY 61,137,777.79 in Q1 2024[24] Assets and Liabilities - Total assets increased by 3.99% to CNY 4,169,228,846.78 from CNY 4,009,085,128.94 at the end of the previous year[4] - The company's total assets increased to CNY 4.17 billion as of March 31, 2025, compared to CNY 4.01 billion at the end of 2024, reflecting a growth of 4.0%[14] - Current assets totaled CNY 1.46 billion as of March 31, 2025, an increase of 5.8% from CNY 1.38 billion at the end of 2024[12] - The company's total liabilities rose to CNY 1.33 billion as of March 31, 2025, compared to CNY 1.21 billion at the end of 2024, marking an increase of 10.7%[14] - Long-term borrowings increased to CNY 775.90 million as of March 31, 2025, compared to CNY 645.86 million at the end of 2024, reflecting a growth of 20.1%[14] Inventory and Costs - The decline in revenue was mainly attributed to a decrease in product sales prices during the reporting period[6] - The company reported an increase in inventory by CNY 115,014,000 compared to the beginning of the year, impacting cash flow[7] - Total operating costs for Q1 2025 were CNY 439.62 million, down 6.1% from CNY 468.04 million in Q1 2024[16] - Inventory increased significantly to CNY 331.28 million as of March 31, 2025, up 53.3% from CNY 216.27 million at the end of 2024[12] Shareholder Information - The total number of common shareholders at the end of the reporting period was 12,664[9] Research and Development - The company reported a decrease in research and development expenses to CNY 20.88 million in Q1 2025 from CNY 19.89 million in Q1 2024, indicating a slight increase of 5.0%[17] Return on Equity - The weighted average return on equity decreased by 0.16 percentage points to 1.30% from 1.46% year-over-year[3] Non-Recurring Items - Non-recurring gains and losses totaled CNY 1,745,984.95, primarily from government subsidies and asset disposals[5]

森林包装集团股份有限公司 2024 年度独立董事述职报告 作为森林包装集团股份有限公司（以下简称"公司"）的独立董事，2024 年度本人严格按照《公司法》《证券法》《上市公司治理准则》《上市公司独立 董事管理办法》《上海证券交易所股票上市规则》等法律法规以及《公司章程》 《独立董事工作制度》等有关规定，本着独立客观，对所有股东负责的态度，忠 实勤勉地履行独立董事职责，积极按时出席相关会议，认真审议董事会各项议案， 充分发挥独立董事监督作用，基于独立立场对相关事项发表独立客观的意见，切 实维护公司和全体股东的合法利益，对促进公司科学决策、规范运作和高质量发 展发挥积极作用。现将 2024 年度履职情况汇报如下： 一、独立董事的基本情况 （一）个人简历 本人张占江，1976 年 9 月出生，中国国籍，博士研究生，教授。2005 年 7 月至 2012 年 9 月，任职于复旦大学信息中心。2012 年 9 月至 2022 年 12 月，历 任上海财经大学法学院教授。2023 年 1 月至今，任浙江大学光华法学院教授。 2022 年 12 月至今，担任王力安防科技股份有限公司独立董事。2023 年 7 月至今， 任公 ...

森林包装集团股份有限公司 董事会对独立董事独立性情况评估的专项意见 根据证监会《上市公司独立董事管理办法》、上海证券交易所业 务规则和森林包装集团股份有限公司（以下简称"公司"）章程的规 定，公司对在任独立董事自身独立性进行了年度自查，并对独立董 事的独立性情况进行了评估，出具对在任独立董事独立性情况评估 的专项意见如下： 公司董事会认为公司在任独立董事在各方面均独立于上市公司， 满足相关法律法规、证监会部门规章、交易所业务规则和公司章程 等相关文件对于独立董事独立性的要求。 森林包装集团股份有限公司 董事会 2025 年 4 月 26 日 ...

Financial Performance - The company reported a basic earnings per share of 0.4700 yuan for 2024, an increase of 23.68% compared to 0.3800 yuan in 2023 [1] - The net profit for 2024 was 1.93 billion yuan, reflecting a growth of 22.93% from 1.57 billion yuan in 2023 [1] - The return on equity (ROE) improved to 7.69% in 2024, up from 6.57% in 2023, marking a 17.05% increase [1] - Total revenue for 2024 was 23.63 billion yuan, a slight increase of 1.46% from 23.29 billion yuan in 2023 [1] Shareholder Information - The top ten unrestricted shareholders collectively hold 32,642.11 million shares, accounting for 78.78% of the circulating shares, with a change of 458,700 shares from the previous period [2] - The largest shareholder, Lin Qijun, holds 9,257.87 million shares, representing 22.34% of the total share capital [2] - Other significant shareholders include Lin Qiqun with 7,936.09 million shares (19.15%) and Lin Qifa with 5,290.21 million shares (12.77%) [2] Dividend Distribution - The company announced a dividend distribution plan of 1.5 yuan per share (including tax) [3]

Industry Overview - The corrugated box industry is a significant part of the packaging sector, known for its protective performance, convenient processing characteristics, and environmental advantages, widely used in food, beverage, electronics, and logistics [1][16] - China's corrugated box production has shown fluctuations, with a decline from 34.44 million tons in 2021 to 28.63 million tons in 2023, primarily due to severe inventory backlog, slow market demand recovery, and insufficient end-user demand [1][16] - Despite an increase in express delivery volumes, policies promoting reduction, standardization, and recycling of packaging have hindered effective growth in express packaging [1][16] - Production is expected to grow by 2025 as market demand recovers [1][16] Industry Chain - The upstream of the corrugated packaging industry includes paper mills providing raw materials, with fluctuations in raw paper prices significantly impacting costs and profits for corrugated product manufacturers [8] - The midstream involves the manufacturing and packaging of corrugated paper products, while the downstream includes major application markets such as food, electronics, beverages, and express delivery [8] Market Size and Growth - In 2023, China's packaging market size reached 1,153.91 billion yuan, with the paper and board container segment accounting for 268.26 billion yuan, highlighting its importance in the packaging market [14] - The corrugated packaging industry is expected to benefit from the overall growth in the paper and board production sector, which is projected to reach 15.85 million tons in 2024, a year-on-year increase of 8.6% [10] Competitive Landscape - The industry is witnessing the emergence of large-scale enterprises with advanced production technologies and economies of scale, enhancing their market competitiveness [18] - Key players in the industry include Forest Packaging Group, Xiamen Hexing Packaging, Meiyingsen Group, Shanghai Xintonglian Packaging, and Shenzhen Yutong Packaging, which are expanding their market presence through strategic growth initiatives [18][19] Development Trends - The industry is moving towards green packaging, focusing on using recycled paper to reduce reliance on new wood and lower carbon emissions [23] - Smart technologies, including IoT and AI, are being integrated into corrugated packaging to enhance product tracking, anti-counterfeiting, and data collection, improving production efficiency [24] - There is a growing demand for personalized packaging solutions, driven by advancements in digital printing technology, allowing for customized designs and small-batch production [26]

证券代码：605500 证券简称：森林包装 公告编号：2025-012 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： ● 本次现金管理受托方:中国银行股份有限公司温岭分行（以下简称"中国 银行"） ● 投资种类：人民币结构性存款 ● 投资金额：投资人民币 3,000.00 万元。 ● 投资决策履行的审议程序：森林包装集团股份有限公司（以下简称"公司" 或"森林包装"）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。 ● 特别风险提示：中国银行公司人民币结构性存款，是安全性高、流动性 好且不影响公司募投项目实施的投资。但是不排除因不可抗力风险等从而影响收 益。敬请广大投资者注意防范投资风险。 一、本次现金管理情况概述 （一）投资目的 为 ...

● 投资决策履行的审议程序：森林包装集团股份有限公司（以下简称"公司" 或"森林包装"）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：605500 证券简称：森林包装 公告编号：2025-011 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： ● 本次现金管理受托方：中国银行股份有限公司温岭支行（以下简称"中国 银行"） 2 理财产品类型 实际投入金额 实际收回本金 实际收益 尚未收回本金 金额 银行理财产品 8,500.00 8,500.00 119.62 0 银行理财产品 3,000.00 3,000.00 22.44 0 银行理财产品 15,000.00 15 ...

证券代码：605500 证券简称：森林包装 公告编号：2025-010 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： ● 本次现金管理受托方:中国光大股份有限公司杭州分行（以下简称"光大 银行"） ●投资种类：2025 年挂钩汇率对公结构性存款定制第四期产品 149 ● 投资金额：投资人民币 3,000.00 万元。 ●投资决策履行的审议程序：森林包装集团股份有限公司（以下简称"公司" 或"森林包装"）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。 2025 年 4 月 8 日公司的全资子公司台州森林造纸有限公司与光大银行签订 协议，投资于 2025 年挂钩汇率对公结构性存款定制第四期产品 149，金额为人 民币 3,000.00 ...

证券代码：605500 证券简称：森林包装 公告编号：2025-009 森林包装集团股份有限公司 ● 本次现金管理受托方:光大银行股份有限公司台州温岭支行（以下简称 "光大银行"） ●投资种类：光大银行企业金融人民币结构性存款产品。 ● 投资金额：本次收回投资人民币 3,000.00 万元。 ●投资决策履行的审议程序：森林包装集团股份有限公司（以下简称"公司" 或"森林包装"）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 公司的全资子公司台州森林造纸有限公司于 2025 年 1 月 8 日使用部分闲置 募集资金投资于光大银行企业金融人民币结构性存款产品人民币 3,000.00 万元， 具体内容见公司在 2025 年 1 月 10 日上海证券交易所网站（www.sse.com.cn）及 指定媒体披露的《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 ...

●投资种类：兴业银行企业金融人民币结构性存款产品。 ● 投资金额：本次收回投资人民币 3,000.00 万元。 证券代码：605500 证券简称：森林包装 公告编号：2025-008 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： ● 本次现金管理受托方:兴业银行股份有限公司台州温岭支行（以下简称 "兴业银行"） | 理财产品类型 | 实际投入金额 | 实际收回本金 | 实际收益 | 尚未收回本金 金额 | | --- | --- | --- | --- | --- | | 银行理财产品 | 8,500.00 | 8,500.00 | 119.62 | 0 | | 银行理财产品 | 3,000.00 | 3,000.00 | 22.44 | 0 | | 银行理财产品 | 15,000.00 | 15,000.00 | 21.58 | 0 | | 银行理财产品 | 3,000.00 | 3,000.00 | 6.14 | 0 | | 银 ...