每经记者｜刘志远 每经编辑｜段炼 陈俊杰 2025年7月第四周至第五周，哪些上市公司的环境保护与信披责任亮起了红灯？且看A股绿色周报第208期。 每日经济新闻联合环保领域知名NGO公众环境研究中心（IPE），自2020年9月起，基于31个省份、337个地级市政府发布的环境质量、环境排放和污染源 监管记录等权威数据来源，每周收集剖析中国数千家上市公司及其旗下数万家公司（包括分公司、参股公司和控股公司）的环境信息数据，发布"A股绿 色周报"，旨在借助环境数据库及专业解析、传播能力，让资本市场的上市公司经营活动中的环境信息更加阳光透明。 根据7月第四周至第五周收集到的数据，《每日经济新闻》记者发现，共有11家上市公司在近期暴露了环境风险。 一周绿鉴： | | 钢铁 | 上海市 | | --- | --- | --- | | | 基础化工 | 浙江省 | | | 房地产 | | | 环境违法违规 | 环保 | 广东省 黑龙江省 | | | | 北京市 | | | 轻工制造 | 山东省 | | | 煤炭 | 辽宁省 | | | 农林牧渔 | 四川省 | | | 电力设备 | 新疆维吾尔自治区 | 超标排放污染物，ST晨 ...

摘要 近期，造纸行业首封"反内卷"倡议书来了，造纸板块行情也一路走强，造纸与包装指数7月以来震荡强 势，8月第一个交易日逆势上涨1.15%。后续机构关注哪些个股？ 投资要点 ①造纸行业首封"反内卷"倡议书发布 ②多家纸企再次发布涨价函 ③机构关注 造纸行业首封"反内卷"倡议书发布 "反内卷"政策正全面铺开并向多个行业扩展，近期，造纸行业首封"反内卷"倡议书来了。 广东省造纸行业协会日前发布了《关于推动广东省造纸行业"反内卷"促进行业高质量发展的倡议书》。 这也是国内造纸行业发出的第一封"反内卷"倡议书。其中提到，坚决抵制低价无序竞争，维护市场公平 秩序。坚决杜绝低于成本的倾销行为，抵制通过不正当手段套取补贴或抢占市场。鼓励企业根据真实成 本、合理利润、服务标准及市场供需关系，自主、透明定价，保障行业整体价值空间。 "反内卷"的背后是造纸行业产能扩张过快，供需失衡加剧。华安证券表示，中国造纸行业当前面临较为 突出的结构性产能过剩问题。 近年来，尽管部分纸种如瓦楞纸、箱板纸和生活用纸的消费量稳步增长，但整体产能扩张速度明显快于 需求增长，导致产能利用率普遍偏低，部分品种甚至不足55%。文化纸受数字化影响，消费持续 ...

Industry Overview - The demand for wood pulp in China is continuously increasing due to the rising production of paper and cardboard, along with restrictions on waste paper imports [1][12] - In 2024, China's wood pulp production is projected to reach 26.26 million tons, a year-on-year increase of 13.58%, while consumption is expected to be 51.39 million tons, up 4.22% [1][12] - The industry is highly dependent on imports to meet downstream demand due to limited domestic wood resources [1][12] Industry Development History - The Chinese wood pulp industry has undergone five stages of development, from a nascent phase (1950-1978) dominated by state-owned enterprises to a rapid growth phase (2000-2010) following China's WTO accession [4][5] - The current phase (2021-present) focuses on green manufacturing and circular economy, driven by dual carbon goals and technological advancements [5] Industry Chain - The upstream of the wood pulp industry includes raw materials (mainly wood) and production equipment, while the midstream involves wood pulp manufacturing [8] - Downstream applications encompass various paper products, including household paper, cultural paper, packaging paper, and specialty paper [8] Current Industry Status - The wood pulp industry in China is transitioning from "import dependence" to "domestic dominance," with domestic wood pulp consumption expected to reach 25.95 million tons in 2024, a 15.49% increase [14] - The market share of major players like Asia Pacific Forest Products and Chenming Paper has increased due to investments and technological upgrades [14][16] Key Companies' Performance - The industry is characterized by "oligopolistic competition" with high market concentration among five major companies, including Asia Pacific Forest Products and Chenming Paper [16] - Chenming Paper's revenue from chemical pulp is projected to reach 1.519 billion yuan in 2024, a significant increase of 175.29% [18] Industry Development Trends - The industry is accelerating its transition towards green and sustainable development, with policies promoting the use of biomass fuels and efficient equipment [22] - Technological innovations, such as continuous cooking processes and digital production systems, are expected to enhance wood utilization rates and product quality [23] - Companies are expanding their global presence and forming regional partnerships to enhance supply chain resilience [24]

Core Viewpoint - Chenming Paper Industry is facing a severe financial crisis, with a projected net loss of 3.5 to 4 billion yuan in the first half of 2025, marking a more than 120-fold decline in profit year-on-year, setting a record for single-period losses in China's paper industry [1] Group 1: Financial Performance - The company's main production bases are under maintenance, leading to a significant drop in production and sales, which has severely impacted revenue and profit [1] - The company has faced 364 lawsuits since January 23, 2025, due to overdue debts and contract disputes, with a total amount involved of approximately 458.27 million yuan, accounting for 40.11% of the latest audited net assets [1] - As of the end of Q1 2025, the total liabilities reached 47.74 billion yuan, with current liabilities making up 85.59% (40.86 billion yuan), and short-term loans amounting to 23.64 billion yuan, while cash reserves are only 2.28 billion yuan, most of which are restricted [1] Group 2: Strategic Missteps - The company aggressively expanded production capacity by 7 million tons from 2019 to 2022, with 75% concentrated in oversupplied areas, leading to a gross margin drop to -12.91% for its white card paper business when industry operating rates fell below 70% in 2024 [2] - The financing leasing business has accumulated 8.899 billion yuan in receivables with a bad debt rate of 51.7%, resulting in a loss of 1.468 billion yuan [2] - The company's asset-liability ratio has consistently exceeded 70%, reaching 79.79% in 2024, significantly higher than the industry average, with family management reducing risk awareness [2] Group 3: Rescue Efforts - The company is struggling to restart production, with only 23% overall operating rate, while shifting focus to high-margin specialty paper production and aiming to reduce energy consumption by 15% [3] - A provincial debt committee has been established to coordinate debt restructuring, with 42 billion yuan in loans extended, but new loans of 2.31 billion yuan are stalled due to bank approval issues [3] - The company is dissolving its financial company and exiting the financing leasing business, focusing on core operations of pulp and paper integration as a survival strategy [3] Group 4: Future Paths - There is a potential for industry recovery, with a 5% increase in cultural paper prices driven by the back-to-school season, but the oversupply issue remains unresolved [4] - The company faces a countdown to delisting, as negative audit opinions on internal controls could trigger delisting procedures if not rectified in the 2025 financial report [4] - Strategic restructuring options include introducing state-owned enterprise investors, local government assistance, and debt-to-equity swaps, with the possibility of bankruptcy reorganization if necessary [4] Group 5: Industry Insights - The collapse of Chenming Paper highlights the challenges of traditional industrial transformation, where misinterpreting industry concentration as a signal for scale competition led to "scale diseconomies" [5] - The failure of the "financial support manufacturing" model is evident, as the financing leasing business resulted in significant impairments during economic downturns [6] - In cyclical industries, cash reserves are more valuable than profit scale, and neglecting cash flow during prosperous times can lead to liquidity crises in downturns [6]

证券代码：000488 200488 证券简称：ST 晨鸣 ST 晨鸣 B 公告编号：2025-047 山东晨鸣纸业集团股份有限公司 2025 半年度业绩预告 本期业绩预告相关数据是公司财务部门初步测算结果，未经会计师事务所审计。 公司已 就本次业绩预告有关事项与年审会计师事务所进行了预沟通，公司与年审会计师事务所在业 绩预告方面不存在分歧情况。 三、业绩变动原因说明 1、报告期内，公司主要生产基地仍处于停机检修状态，产销量同比大幅下滑，影响收入、 利润大幅下降；受停机影响，公司对部分资产、应收款项计提了减值和坏账准备。 2、报告期内，公司积极采取措施改善持续经营能力，充分利用停机期间对设备进行检修、 改造升级，提高设备完好率和运行效率；对已复工复产生产线，从原材料采购、成本节降、 质量提升等多方面进行全流程管控，狠抓现金流和费用管理，逐步修复盈利能力。同时，公 司积极加强与金融机构的沟通交流，落实展期、降息相关工作，进一步减轻公司经营负担。 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 一、本期业绩预计情况 （一）业绩预告期间：2025 年 1 月 1 日 ...

港股纸业股震荡上涨，晨鸣纸业(01812.HK)涨超4%，阳光纸业(02002.HK)涨超3%，玖龙纸业 (02689.HK)、理文造纸(02314.HK)等均涨超2.5%。 ...

Core Viewpoint - The company has provided updates regarding the litigation progress related to its joint venture with Arjowiggins HKK2 Limited, specifically concerning a winding-up petition [1][2]. Group 1 - The company has disclosed multiple announcements regarding the litigation with HKK2, including updates on the winding-up petition from August 2020 to April 2024 [1]. - On May 15, 2025, HKK2 filed a summons to the court requesting the lifting of the stay on the winding-up petition and the resumption of the hearing [2]. - On June 20, 2025, the company received a court order from the Hong Kong High Court, which agreed to dismiss the summons and the winding-up petition [2]. Group 2 - The recent court order is not expected to adversely affect the company's financial status or operational activities [3].

证券代码：000488 200488 证券简称：ST 晨鸣 ST 晨鸣 B 公告编号：2025-046 山东晨鸣纸业集团股份有限公司 关于诉讼的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 山东晨鸣纸业集团股份有限公司（以下简称"公司"）分别于 2020 年 8 月 19 日、 2020 年 8 月 22 日、2022 年 6 月 21 日、2023 年 8 月 19 日及 2024 年 4 月 26 日在巨潮 资讯网（www.cninfo.com.cn）披露了《提示性公告》（公告编号：2020-080）、《关于 诉讼、仲裁进展的补充公告》（公告编号：2020-083）、《关于诉讼的进展公告》（公告 编号：2022-053、2023-062、2024-031），披露了公司与 Arjowiggins HKK2 Limited（以 下简称"HKK2"）成立的合资公司阿尔诺维根斯晨鸣特种纸有限公司纠纷案件涉及的 清盘呈请最新进展。 2025 年 5 月 15 日，HKK2 通过传票形式向法院提出申请（以下简称"呈请人传 票"），请求解除对清盘呈请的搁置并 ...

Core Viewpoint - The article discusses the environmental and financial challenges faced by Chenming Paper Industry, highlighting the impact of its operations on local communities and the company's significant debt crisis [2][5][6]. Environmental Issues - Residents in Huanggang have complained about severe odors from the Chenming Paper factory, which have been confirmed by local environmental authorities as originating from the facility [2][3]. - Despite investments in environmental upgrades totaling approximately 900 million yuan, the company has faced multiple complaints and penalties for exceeding pollution limits, particularly for odor and nitrogen oxides [3][4]. - The company plans to invest 130 million yuan for pollution control measures, currently in the proposal stage [4]. Financial Crisis - Chenming Paper is experiencing a severe financial crisis, with over 5 billion yuan in overdue debts and multiple production lines halted due to operational instability [7][8]. - As of the first quarter of this year, the company's total liabilities reached 47.74 billion yuan, with a debt-to-asset ratio of 82.28% and a current ratio of 0.27, indicating liquidity issues [7]. - The company's revenue plummeted to 797 million yuan in Q1 2025, a nearly 90% year-on-year decline, while the net profit attributable to shareholders was a loss of 1.45 billion yuan [7]. Governance and Management Issues - The company has faced governance challenges, including a delay in the board and supervisory committee elections due to ongoing operational and financial crises [7][10]. - Internal control audits have raised concerns about significant deficiencies in risk assessment and management, contributing to liquidity problems and debt defaults [9]. - The company's governance structure has been criticized for being dominated by internal stakeholders, with family members holding key positions for over two decades [11][12]. Comparison with Industry Peers - Despite the overall downturn in the paper industry, comparable companies like Sun Paper and Bohui Paper have remained profitable, highlighting Chenming's unique operational and strategic challenges [8].

Core Viewpoint - Chenming Paper Industry is facing significant financial difficulties, including continuous losses and debt defaults, leading to the postponement of board and supervisory board elections [2][3][7]. Group 1: Financial Performance - Chenming Paper achieved a historical revenue peak of 33.02 billion yuan in 2021, with a net profit of 1.744 billion yuan, but has since entered a downward trend [3]. - From 2022 to 2024, the company's revenues decreased from 32 billion yuan to 22.73 billion yuan, while net profits turned negative, resulting in cumulative losses of 9.505 billion yuan [3][4]. - As of November 18, 2024, the company and its subsidiaries had overdue debts totaling 1.82 billion yuan, with an additional 574 million yuan in overdue guarantees [3][7]. Group 2: Operational Challenges - The paper industry is experiencing pressure due to an influx of new production capacity, leading to a significant decline in paper prices, particularly for white card paper, which has severely impacted profitability [5]. - Revenue from the white card paper segment dropped from 9.061 billion yuan in 2022 to 4.553 billion yuan in 2024, with corresponding gross margins falling from 13.63% to -12.91% [5]. Group 3: Financial Diversification Issues - In 2013, Chenming Paper diversified into financial services, including finance companies and leasing, but these ventures have not yielded positive results [6]. - By the end of 2024, the company had recognized impairment losses totaling 4.6 billion yuan related to receivables from financing leases and factoring [7]. Group 4: Environmental and Regulatory Issues - Chenming Paper's subsidiary faced environmental scrutiny due to pollution complaints, leading to operational disruptions and a commitment to invest 130 million yuan in pollution control measures [13]. - The company is currently working on revising its internal regulations and preparing for board elections, which have been postponed due to these ongoing challenges [7][14]. Group 5: Shareholder and Debt Situation - Chenming Holdings, the controlling shareholder, has seen its shares heavily frozen, with 3.041 billion shares frozen, representing 370.9% of its holdings [12]. - The company is actively negotiating with creditors to extend and reduce interest on its debts, with 84% of its financial liabilities already under such arrangements [14].