Core Viewpoint - The company continues to be optimistic about the performance of "forestry-pulp-paper integration" leaders by 2026, emphasizing that integration is key to achieving cost hedging and resource revaluation amid resource constraints and cost fluctuations. Focus should be on "value integrators" with high fiber self-sufficiency and resource barriers [2]. Industry Overview - After the paper industry bull market in 2021, profit distribution has tilted towards the pulp end, with a "long tail effect" in paper capacity clearance. The industry chain currently shows characteristics of "high concentration at the resource end and dispersed competition at the processing end," with pulp being a scarce resource commanding strong pricing power. The midstream paper sector is squeezed by high pulp prices and weak demand, leading to a continuous narrowing of profit margins [5][7]. - The strategic paradigm has shifted from capacity expansion to industry chain integration. Chinese paper companies have entered a mature phase of stock competition, where growth driven solely by capital expenditure is unsustainable. The core strategy has shifted to using self-owned fiber to hedge against volatile pulp prices, transforming leading companies from "global resource movers" to "value integrators" [5][8]. Market Dynamics - A short-term supply gap for wood chips is expected in 2026, with a potential recovery in pulp price levels. The domestic market has seen large-scale production of self-made pulp, but the construction cycle for quality wood chip resources lags behind equipment production. This is anticipated to push up cost levels as demand marginally improves [6]. - The competition landscape is characterized by heavy asset attributes and slow clearance. The investment per ton of paper exceeds 5,000 yuan, while pulp investment is over 2,000 yuan, leading to a long payback period. High depreciation necessitates maintaining high capacity utilization for cash flow, but the supply exceeds demand, and the core contradiction lies in the slow clearance efficiency at the bottom of the cycle [7]. Strategic Evolution - The industry has transitioned from a demand-driven phase to a mature phase of stock competition. Due to a lack of quality forest resources for pulp production, paper companies are in a "strong manufacturing, weak resource" decoupling state, making them vulnerable to global pulp price and exchange rate fluctuations. The strategic focus of leading companies has shifted to "forestry-pulp-paper integration," allowing them to convert unstable processing profits into certain resource premiums [8][9]. Global Comparison - Compared to emerging markets like Brazil, which are still in a dual growth phase of resources and consumption, the valuation logic of Chinese paper companies is undergoing reconstruction. Future focus will shift from capacity growth to the self-sufficiency rate of the entire industry chain. Leading companies are moving away from being "global resource movers" and are enhancing their cost control capabilities, which is crucial for maintaining stable ROE and achieving valuation recovery [9].

Core Viewpoint - The company is currently operating its specialty paper factories at full capacity and is focusing on developing high value-added products such as food cards and liquid packaging paper to enhance market competitiveness [1]. Group 1: Production Capacity - The company’s specialty paper factories are running at full capacity [1]. Group 2: Product Development - The company is prioritizing the development of high value-added products, specifically in the areas of food cards and liquid packaging paper [1]. - There are plans to further optimize the product structure to improve operational efficiency and market competitiveness [1].

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 年第二次临时股东会 之 法律意见书 二〇二五年十二月 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 年第二次临时股东会之 法律意见书 致：山东晨鸣纸业集团股份有限公司 北京市中伦（青岛）律师事务所（以下简称"本所"）接受山东晨鸣纸业集 团股份有限公司（以下简称"公司"）的委托，根据本法律意见书出具日前已经 发生或存在的事实和《中华人民共和国公司法》《中华人民共和国证券法》《上 市公司股东会规则》《律师事务所从事证券法律业务管理办法》《律师事务所证 券法律业务执业规则（试行）》等中华人民共和国境内现行有效的法律、法规和 规范性文件（以下简称"中国境内法律"，为本法律意见书之目的，不包括中华 人民共和国香港特别行政区、澳门特别行政区和台湾地区法律）以及《山东晨鸣 纸业集团股份有限公司章程》（以下简称"《公司章程》"）等有关规定，指派 律师对公司 2025 年第二次临时股东会（以下简称"本次股东会"）进行现场见 证，并就本次股东会的相关事项出具本法律意见书。 法律意见书 为出具本法律意见书，本所律师审查了公司提供的 ...

证券代码：000488 200488 证券简称：ST 晨鸣 ST 晨鸣 B 公告编号：2025-078 山东晨鸣纸业集团股份有限公司 2025 年第二次临时股东会决议公告 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。 一、重要提示 采用交易系统投票的时间：2025 年 12 月 31 日 9:15—9:25，9:30—11:30 和 13:00—15:00 山东晨鸣纸业集团股份有限公司（以下简称"公司"）2025 年第二次临时股 东会（以下简称"本次股东会"）的会议通知已于 2025 年 12 月 16 日刊登于《中 国证券报》、《上海证券报》、《证券时报》、《证券日报》、《香港商报》、 巨潮资讯网(http://www.cninfo.com.cn)及香港联交所网站（http://www.hkex.com.hk）。 本次股东会没有出现否决议案的情形，不存在涉及变更前次股东会决议的情 形。 二、会议召开情况 1、会议召开时间： （1）现场会议召开时间：2025 年 12 月 31 日 14:00 （2）网络投票时间： 采用互联网投票的时间：2025 年 12 ...

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） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列山東晨鳴紙業集團股份有限公司在深圳證券交易所網站刊登日期為二零二 五年十二月三十一日的「北京市中倫（青島）律師事務所關於山東晨鳴紙業集團股 份有限公司2025年第二次臨時股東會之法律意見書」，僅供參閱。 承董事會命 山東晨鳴紙業集團股份有限公司 姜言山 主席 中國，山東 二零二五年十二月三十一日 於本公告日期，執行董事為姜言山先生、李偉先先生、劉培吉先生、孟峰先生和 朱艷麗女士；非執行董事為宋玉臣先生及王穎女士；及獨立非執行董事為張志元 先生、羅新華先生、萬剛先生及孔鵬志先生。 * 僅供識別 北京市中伦（青岛）律师事务所 关于山东晨鸣 ...

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* （股份代號：1812） 二零二五年第二次臨時股東會結果 本公司及董事會全體成員保證信息披露的內容真實、準確、完整，沒有虛假記 載、誤導性陳述或重大遺漏。 一、重要提示 山東晨鳴紙業集團股份有限公司（以下簡稱「公司」或「本公司」）二零二五年 第二次臨時股東會（以下簡稱「本次股東會」）的會議通知已於二零二五年十二 月十六日刊登於《中國證券報》、《上海證券報》、《證券時報》、《證券日報》、 《香港商報》、巨潮資訊網（ http://www.cninfo.com.cn ），及披露於香港聯交所 網站（ http://www.hkex.com.hk ）。 本次股東會沒有出現否決議案的情形，不存在涉及變更前次股東會決議的情 形。 二、會議召開情況 採用交易系統投票的時間：二零二五年十二月三十一日9:15- ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 山東晨鳴紙業集團股份有限公司 呈交日期: 2025年12月31日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 000488 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,706,765,684 | RMB | | 1 RMB | | 1,706,765,684 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 1,706,765,684 | RMB | | 1 RMB | | 1,706,765,684 | | 2. 股份分類 | 普通股 | 股份類別 ...

Group 1: Paper Industry - The paper industry is currently in a passive destocking phase, characterized by economic recovery and demand resurgence, while production lags behind, leading to a decrease in finished product inventory and a slight increase in finished paper prices [5][10] - The white cardboard paper segment is identified as having the best market structure, with a high concentration of production capacity that enhances pricing power among leading companies [8][10] - From 2026 to 2030, the growth rate of white cardboard paper capacity is expected to slow down to between 2% and 5% annually, alleviating concerns about oversupply and allowing prices to recover [10][19] - As of December 11, 2025, the average price of white cardboard paper increased by 7.99% since August 2025, indicating a positive price trend [13][28] - The cost of white cardboard paper has shown a slight increase of 2.51% since August 2025, with margins improving as companies adjust to rising raw material costs [19][28] Group 2: Packaging Industry - The packaging industry is experiencing accelerated consolidation, with the acquisition of Zhongliang Packaging by Aorikin marking a significant shift in market dynamics [50][54] - Following the acquisition, Aorikin's market share in the two-piece can segment is projected to rise to 37%, enhancing its pricing power and profitability [54][56] - The global two-piece can market is expected to grow steadily, with a projected CAGR of 3% from 2025 to 2031, driven by the expanding beer market, which constitutes a significant portion of the demand [58]

Core Viewpoint - The company is making significant progress in asset disposal, subsidiary resumption, and debt restructuring, which are key areas of focus for improving its fundamentals [1]. Group 1: Asset Disposal and Resumption of Production - The company has achieved full resumption of production at all bases except for the Zhanjiang base, which is expected to meet resumption conditions by the end of the year as raw materials are being delivered [1]. - The production and sales situation at the resumed bases is reported to be good, with the company implementing strict cost control and detailed management across procurement, production, and sales [1]. Group 2: Focus on Core Business and Operational Efficiency - The company plans to increase efforts in disposing of non-core assets while continuing to focus on core business development and seizing market opportunities [1]. - Measures such as optimizing product structure and strict cost control are being employed to enhance operational efficiency and promote sustainable development [1].

Group 1 - The core view of the report emphasizes the integration of wood pulp and paper production, leading to an optimized long-term industry structure and upward profitability [3][5] - The report highlights the significant differences in supply and demand dynamics across various segments of the specialty paper market, suggesting a selective approach to identifying strong performers in favorable supply-demand conditions [4] - The wood pulp market is characterized by a cost structure that supports price stability, with needle pulp costs remaining high and supply-demand tightness providing a floor for prices; the report anticipates a gradual stabilization and slight improvement in pulp prices in 2026 [5][9][11] Group 2 - The report indicates that the paper industry has been in a prolonged bottoming phase, with signs of gradual improvement in supply-demand dynamics, particularly in the boxboard and corrugated paper segments [5][6] - Cultural paper demand is under pressure due to declining birth rates, with short-term stability in demand for double-glue paper but long-term challenges anticipated [22][25] - The white card paper segment is expected to benefit from trends such as replacing plastic with paper, with strong long-term growth potential despite short-term economic pressures [44][46] Group 3 - The report outlines that the supply structure for cultural paper is becoming more concentrated, with significant new capacity expected to come online in 2026, which may exert pressure on the market [29][40] - The profitability of the industry is expected to stabilize, with a focus on companies that lead in integrated operations and cost advantages, such as Sun Paper and Nine Dragons Paper [5][6] - The report suggests that the overall paper price stability is stronger than that of bulk paper, with capital expenditures slowing down and export demand contributing to incremental growth [5][6]