之 法律意见书 二〇二五年十月 北京市中伦（青岛）律师事务所 关于山东晨鸣纸业集团股份有限公司 2025 年第一次临时股东大会 1. 公司现行有效的《公司章程》； 2. 第十届董事会第二十一次临时会议决议； 3. 公司2025年10月11日披露于深圳证券交易所网站（http://www.szse.cn/）的 《山东晨鸣纸业集团股份有限公司关于召开2025年第一次临时股东大会的通知》 以及2025年10月10日公司刊登于香港联交所网站的《山东晨鸣纸业集团股份有限 山东省青岛市香港中路 61 号乙远洋大厦 A 座 27-28 层 邮编：266071 27-28/F, Tower A, COSCO Plaza, 61B Hong Kong Middle Road, Qingdao, Shandong 266071, P.R. China 电话/Tel : +86 532 5572 8677/8678 传真/Fax : +86 532 8667 7666 www.zhonglun.com 北京市中伦（青岛）律师事务所 关于山东晨鸣纸业集团股份有限公司 2025 年第一次临时股东大会之 法律意见书 致：山东晨鸣纸业集团 ...

以2024年12月31日为评估基准日，湛江晨鸣资产、负债、净资产账面价值分别为194.46亿元、115.38亿元、79.09亿元，对应评估价值分别为218.45亿元、 114.59亿元、103.86亿元，净资产评估价值高出账面价值24.77亿元。 10月23日，山东省财欣投资有限公司（简称"山东财欣投资"）在山东产权交易中心发布公告，将所持湛江晨鸣浆纸有限公司（简称"湛江晨鸣"）2.88%国 有股权以3亿元底价公开转让，转让完成后将从湛江晨鸣退出。 湛江晨鸣2006年1月成立，注册资本69.14亿元，晨鸣纸业（000488.SZ）持股76.29%，是第一大股东，公司经营范围包括土壤改良、林业研究、原料林基 地建设、木材经营及收购，加气砌块蒸压砖的生产与销售，浆厂建设的实施、管理与营运等。 山东财欣投资由山东省财欣资产运营有限公司全资控股，实际控制人是山东省财政厅。2023年9月，晨鸣纸业曾公告称，为进一步降低公司资产负债率， 优化资本结构，增强公司整体资本实力和竞争力，拟引进山东财欣投资对湛江晨鸣进行增资，增资金额3亿元，其中1.99亿元计入注册资本，1亿元计入资 本公积。 公告显示，2024年、2025年上 ...

Core Viewpoint - Chenming Paper (01812.HK) announced that its board meeting will be held on October 30, 2025, to consider and approve the unaudited performance for the nine months ending September 30, 2025 [1] Summary by Category - **Company Announcement** - The board meeting is scheduled for October 30, 2025 [1] - The meeting will focus on the unaudited results of the company and its subsidiaries for the nine months ending September 30, 2025 [1]

格隆汇10月24日丨晨鸣纸业(01812.HK)宣布，董事会会议将于2025年10月30日(星期四)举行，藉以(其中 包括)考虑及批准公司及其附属公司截至2025年9月30日止九个月之未经审核业绩及其发布。 ...

山東晨鳴紙業集團股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈，董事 會會議將於二零二五年十月三十日（星期四）舉行，藉以（其中包括）考慮及批准本 公司及其附屬公司截至二零二五年九月三十日止九個月之未經審核業績及其發佈。 承董事會命 山東晨鳴紙業集團股份有限公司 胡長青 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 山東晨鳴紙業集團股份有限公司 SHANDONG CHENMING PAPER HOLDINGS LIMITED* （於中華人民共和國註冊成立的股份有限公司） （股份代號：1812） 董事會會議通告 於本公告日期，執行董事為胡長青先生、李興春先生、李峰先生及李偉先先生； 非執行董事為韓亭德先生及李傳軒先生；及獨立非執行董事為尹美群女士、孫劍 非先生、楊彪先生及李志輝先生。 * 僅供識別 主席 中國，山東 二零二五年十月二十四日 ...

（文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问各生产基地复产进度，以及全公司的经营情况？ ST晨鸣（000488.SZ）10月24日在投资者互动平台表示，目前公司寿光基地、黄冈基地、吉林基地、江 西基地二厂正常生产；江西基地一厂、湛江基地当前仍在停机检修，争取尽快恢复生产；具体经营情况 请关注公司定期报告。 ...

Market Overview - The paper sector experienced a slight decline of 0.08% on October 22, with Songyang Resources leading the drop [1] - The Shanghai Composite Index closed at 3913.76, down 0.07%, while the Shenzhen Component Index closed at 12996.61, down 0.62% [1] Stock Performance - Notable gainers in the paper sector included: - Minshida (code: 920394) with a closing price of 41.17, up 4.49% on a trading volume of 19,800 lots and a turnover of 79.84 million [1] - ST Chenming (code: 000488) closed at 2.14, up 2.88% with a trading volume of 354,700 lots and a turnover of 76.16 million [1] - Major decliners included: - Songwu Resources (code: 603863) with a closing price of 18.15, down 2.47% on a trading volume of 69,500 lots and a turnover of 127 million [2] - Qingshan Paper (code: 600103) closed at 3.70, down 0.80% with a trading volume of 2,255,100 lots and a turnover of 838 million [2] Capital Flow - The paper sector saw a net outflow of 168 million from institutional investors, while retail investors had a net inflow of 199 million [2] - Key stocks with significant capital flow included: - ST Chenming with a net inflow of 11.07 million from institutional investors, but a net outflow of 789.55 million from retail investors [3] - Xianhe Co. (code: 603733) had a net inflow of 5.96 million from institutional investors, but also faced a net outflow of 210.57 million from retail investors [3]

Market Overview - The paper sector increased by 0.96% on October 21, with Kain Co. leading the gains [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Individual Stock Performance - Kain Co. (002012) closed at 5.66, up 2.54% with a trading volume of 108,200 shares and a turnover of 60.52 million yuan [1] - Shanying International (600567) closed at 1.84, up 2.22% with a trading volume of 1,539,100 shares and a turnover of 280 million yuan [1] - Xianhe Co. (603733) closed at 22.21, up 2.02% with a trading volume of 21,800 shares and a turnover of 48.22 million yuan [1] - Other notable stocks include Yueyang Lin Paper (600963) at 4.62 (+1.99%), Bohui Paper (600966) at 5.05 (+1.81%), and Yibin Paper (600793) at 24.49 (+1.66%) [1] Capital Flow Analysis - The paper sector experienced a net outflow of 231 million yuan from institutional investors, while retail investors saw a net inflow of 162 million yuan [2] - The net inflow from speculative funds was 68.74 million yuan [2] Detailed Capital Flow for Selected Stocks - Yibin Paper (600793) had a net inflow of 11.70 million yuan from institutional investors, but a net outflow of 9.52 million yuan from retail investors [3] - Guanmeng High-tech (600433) saw a net inflow of 4.86 million yuan from institutional investors, with a net outflow of 6.09 million yuan from speculative funds [3] - Xianhe Co. (603733) had a net inflow of 3.45 million yuan from institutional investors, but also faced outflows from both speculative and retail investors [3]

Market Overview - The paper sector experienced a decline of 1.98% on October 16, with Songyang Resources leading the drop [1] - The Shanghai Composite Index closed at 3916.23, up 0.1%, while the Shenzhen Component Index closed at 13086.41, down 0.25% [1] Individual Stock Performance - Notable gainers included: - Guanmeng High-tech (600433) with a closing price of 3.36, up 2.13% [1] - ST Chenming (000488) at 2.09, up 1.95% [1] - Qifeng New Materials (002521) at 9.38, up 0.64% [1] - Major decliners included: - Songyang Resources (603863) at 21.46, down 9.98% [2] - Yisheng Paper (600103) at 3.49, down 3.32% [2] - Qing Shan Paper (600235) at 7.13, down 2.46% [2] Trading Volume and Capital Flow - The paper sector saw a net outflow of 309 million yuan from institutional investors, while retail investors contributed a net inflow of 261 million yuan [2] - The trading volume for Guanmeng High-tech was 490,400 shares with a transaction value of 163 million yuan [1] - Songyang Resources had a trading volume of 227,500 shares with a transaction value of 514 million yuan [2] Capital Inflow Analysis - Guanmeng High-tech had a net inflow of 28.24 million yuan from institutional investors, representing 17.29% of its total trading [3] - Huawang Technology (605377) saw a net inflow of 10.33 million yuan, accounting for 13.66% [3] - Conversely, Songyang Resources experienced a significant net outflow of 70.22 million yuan from institutional investors, indicating a negative sentiment [3]

1. Report Industry Investment Rating - Not provided in the document 2. Core View of the Report - The pulp market is expected to remain under pressure in the short term. With abundant supply and inventory accumulation during the holiday, pulp prices are likely to stay weak. Affected by the overall macro - market atmosphere and its own weak fundamentals, the market is unlikely to improve in the short term [92]. 3. Summary by Relevant Catalogs 3.1 Industry News - As of October 9, 2025, the pulp inventory in Changshu Port reached 482,000 tons, up 30,000 tons (6.6% MoM); in Qingdao Port, it was 1,395,000 tons, down 30,000 tons (2.1% MoM); in Gaolan Port, it was 54,000 tons, up 13,000 tons (31.7% MoM). The total inventory of mainstream ports was 2,077,000 tons, up 44,000 tons (2.2% MoM) [5][6]. - Jilin Chenming Paper resumed production on September 28, 2025, after 11 months of shutdown. It is expected to achieve an output value of 160 million yuan by the end of 2025 and over 1 billion yuan in 2026 [6]. 3.2 Market Data 3.2.1 Market Trends - On October 10, 2025, the basis of Silver Star was 732 yuan/ton, up 15.46% MoM and 64.86% YoY; the basis of Russian Needle was 262 yuan/ton, up 42.39% MoM and 495.45% YoY; the Silver Star - Russian Needle spread was 470 yuan/ton, up 4.44% MoM and 17.50% YoY [13]. - The 11 - 01 month - spread was - 290 yuan/ton, down 13.28% MoM; the 01 - 05 month - spread was - 58 yuan/ton, down 141.67% MoM [18]. 3.3 Fundamental Data 3.3.1 Price - The needle - broadleaf spread converged. On October 10, 2025, the spread of Silver Star - Goldfish was 1,270 yuan/ton, down 11.19% MoM and 12.41% YoY; the spread of Russian Needle - Goldfish was 800 yuan/ton, down 18.37% MoM and 23.81% YoY [23]. - The import profit of both softwood and hardwood pulp decreased. On October 10, 2025, the import profit of softwood pulp (Silver Star) was - 179 yuan/ton, down 209.51% MoM and 3921.24% YoY; the import profit of hardwood pulp (Star) was - 165.35 yuan/ton, up 370% MoM and down 360.36% YoY [26]. - The price of softwood pulp in the Shandong market decreased compared with before the holiday. On October 10, 2025, the price of Silver Star was 5,520 yuan/ton, down 2.30% MoM and 10.97% YoY [28]. - The price of hardwood pulp slightly increased due to the external price support. On October 10, 2025, the price of Goldfish was 4,250 yuan/ton, up 0.71% MoM and down 10.53% YoY [32]. - The price of natural and chemimechanical pulp: On October 10, 2025, the price of Venus was 4,850 yuan/ton, down 1.02% MoM and 10.19% YoY; the price of Kunhe was 3,700 yuan/ton, unchanged MoM and up 2.78% YoY [35]. 3.3.2 Supply - The wood chip purchase price of some paper enterprises in East China increased. On October 10, 2025, the purchase price of eucalyptus wood chips by Liansheng Pulp and Paper was 1,160 yuan/ton, up 3.57% MoM [39]. - The price of domestic hardwood pulp increased. On October 10, 2025, the daily average price of chemimechanical pulp in China was 3,825 yuan/ton, unchanged MoM and up 2.00% YoY; the daily ex - factory price of Asia - Pacific Senbo hardwood pulp was 4,400 yuan/ton, up 3.53% MoM and down 12.87% YoY [43]. - In August 2025, the European port inventory increased MoM, and the global pulp out - port volume increased seasonally MoM but was lower YoY [46]. - In August 2025, the W20 softwood pulp shipment was low, and the inventory was high; the hardwood pulp shipment remained high, but the inventory days were low [48]. - In July 2025, the export volume of softwood pulp from four countries (Canada, Finland, Chile, and the US) to China increased significantly MoM, and the performance was neutral YoY. In August, the export volume of Canadian softwood pulp to China continued to grow. In September, the export volume of Chilean softwood pulp to China increased MoM [53]. - In August 2025, the export volume of hardwood pulp from four countries (Brazil, Indonesia, Uruguay, and Chile) to China decreased MoM but was at a high level YoY. In September, the export volume of Brazilian hardwood pulp to China increased significantly MoM, the export volume of Uruguayan hardwood pulp to China increased MoM, and the export volume of Chilean hardwood pulp to China continued to decline MoM [54]. - In August 2025, China's pulp import volume decreased overall. The import volume of softwood pulp decreased by 5.01% MoM, hardwood pulp by 6.92% MoM, and chemimechanical pulp by 27.41% MoM [58]. 3.3.3 Demand - The average price of offset paper was weakly consolidated. The supply was abundant, but the demand was weak, and the support for the pulp market was insufficient [62]. - The average price of coated paper fluctuated downward. Affected by the macro - environment and electronic media, the demand was weak, and the support for the pulp market was limited [66]. - The price of white cardboard slightly increased. The market supply was stable, and the market transaction gradually returned to normal [70]. - The market of tissue paper was sorted within the range, with stable prices and limited support from the raw pulp market [74]. - In August 2025, the retail sales in the pulp terminal demand area rebounded slightly seasonally MoM, and the year - on - year growth of cultural office supplies, daily necessities, and books and magazines was significant [78]. 3.3.4 Inventory - The futures inventory: On October 10, 2025, the total warehouse receipt quantity of pulp in warehouses was 225,300 tons, down 0.36% MoM and 40.33% YoY; in factories, it was 6,400 tons, down 30.30% MoM and 76.63% YoY [81]. - The spot inventory: The sample inventory of domestic mainstream ports increased. During the holiday, the arrival volume was normal, but the shipment volume slowed down, leading to inventory accumulation [87].