Core Viewpoint - Morning Paper Industry (01812) has experienced a significant decline in stock price, dropping over 6% due to a substantial loss reported in its recent financial results, alongside ongoing production line maintenance issues [1] Financial Performance - The company reported a revenue of 2.107 billion RMB for the first half of 2025, representing a year-on-year decrease of 84.83% [1] - The net loss attributable to shareholders reached 3.858 billion RMB, marking a shift from profit to loss compared to the previous year [1] Production Issues - Several production lines at the company's Zhanjiang, Jilin, and Shouguang bases are currently undergoing maintenance, which has led to a decline in production volume and sales [1] - The ongoing maintenance has adversely affected the company's revenue and profit levels [1] Financial Health - As of the end of the reporting period, the company has accumulated overdue debts amounting to 3.821 billion RMB [1] - The company has had 332 bank accounts frozen, with a total frozen amount of 39.3805 million RMB (excluding deposits) [1]

Core Viewpoint - Chenming Paper Industry (01812) has experienced a significant decline in stock price, dropping over 6% to HKD 0.84, with a trading volume of HKD 2.6198 million [1] Financial Performance - For the first half of 2025, the company reported a revenue of RMB 2.107 billion, a year-on-year decrease of 84.83% [1] - The net loss attributable to shareholders was RMB 3.858 billion, marking a shift from profit to loss compared to the previous year [1] Operational Challenges - Several production lines at the company's Zhanjiang, Jilin, and Shouguang production bases were under maintenance, leading to a decline in production and sales, which adversely affected revenue and profit [1] - The company has recognized impairment and bad debt provisions on certain assets and receivables due to the impact of maintenance shutdowns, contributing to the decline in profitability [1] Debt and Financial Health - As of the end of the reporting period, the company had overdue debts totaling RMB 3.821 billion and had 332 frozen bank accounts, with a total frozen amount of RMB 39.3805 million (excluding deposits) [1] - Some production lines remain under maintenance, indicating ongoing operational challenges [1]

Core Viewpoint - Morning Paper Industry (01812) reported a significant decline in performance, with a net loss of 3.858 billion RMB in the first half of 2025, marking a shift from profit to loss compared to the previous year [1] Financial Performance - The company achieved an operating revenue of 2.107 billion RMB, a year-on-year decrease of 84.83% [1] - The net loss attributable to shareholders was 3.858 billion RMB, indicating a transition from profit to loss compared to the same period last year [1] Operational Issues - Several production lines at the company's Zhanjiang, Jilin, and Shouguang production bases were under maintenance, leading to a decline in production and sales volume [1] - The maintenance activities negatively impacted revenue and profit levels, contributing to the overall financial downturn [1] Asset Management - Due to the maintenance shutdowns, the company made provisions for impairment and bad debts on certain assets and receivables, further affecting profitability [1]

ST晨鸣（000488.SZ）9月1日在投资者互动平台表示，专项用于复工复产的银团贷款已完成批复，正在 落实放款。寿光基地六厂已于8月25日顺利开机，截止目前黄冈基地正常生产，江西基地及寿光基地部 分生产线已恢复生产，公司将根据资金落实情况和市场情况，陆续推动各生产基地的全面复工复产。 （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：公司是否可及时通报复工复产最新进展情况，以提振 股东和市场信心？ ...

Core Viewpoint - ST晨鸣 reported significant declines in revenue and net profit for the first half of 2025, indicating severe operational challenges and financial distress [1] Financial Performance - Total revenue for the first half of 2025 was 2.107 billion yuan, a decrease of 84.83% year-on-year [1] - Net profit attributable to shareholders was -3.858 billion yuan, a decline of 13,567.59% year-on-year [1] - Gross margin was -76.93%, down 728.59% year-on-year, while net margin was -198.64%, a drop of 104,759.01% year-on-year [1] - Total expenses (selling, administrative, and financial) accounted for 54.28% of revenue, an increase of 491.98% year-on-year [1] Cash Flow and Assets - Cash and cash equivalents decreased by 91.62% to 0.954 billion yuan, attributed to reduced guarantees [3] - Accounts receivable fell by 68.63% to 0.931 billion yuan due to decreased customer payments [3] - Operating cash flow decreased by 60.59%, primarily due to reduced sales volume and revenue [9] Liabilities and Debt - Interest-bearing liabilities decreased by 21.33% to 32.108 billion yuan [1] - Long-term payables increased by 228.40%, reflecting reclassification of certain liabilities [4] Operational Challenges - Revenue decline was attributed to production halts and reduced sales of paper products [4] - Research and development expenses dropped by 94.02%, indicating a significant cutback in investment [4] - The company faced increased litigation expenses and asset write-offs, contributing to a 2,484.82% rise in non-operating expenses [8] Business Model and Historical Performance - The company's historical return on invested capital (ROIC) has been weak, with a median of 4.12% over the past decade [11] - The business model relies heavily on research and marketing, necessitating a thorough examination of underlying drivers [12]

| | 广州晨鸣物业管理有限公司 | 子公司 | 其他应收款 | 2.67 | | | | 2.67 | 借款 | 非经营性往来 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 山东晨鸣纸业销售有限公司 | 子公司 | 其他应收款 | 292.17 | 1,673.78 | | 1,965.95 | 0.00 | 借款 | 非经营性往来 | | | 潍坊港区木片码头有限公司 | 合营企业 | 其他应收款 | 7,939.77 | 190.05 | | | 8,129.82 | 借款 | 非经营性往来 | | | 武汉晨鸣汉阳纸业股份有限公司 | 联营企业 | 其他应收款 | 23,809.34 | | 536.11 | 6,548.31 | 17,797.13 | 借款 | 非经营性往来 | | | 寿光美特环保科技有限公司 | 合营企业 | 其他应收款 | 1,117.92 | 41.68 | | | 1,159.60 | 借款 | 非经营性往来 | | | 寿光晨鸣现代物流有限公司 | 子公司 | 预付账款 ...

| 类别 | | 案由 | 案件数量 | 涉案金额 （万元） | | 进展阶段 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 公司作为原告 | | 买卖合同纠纷 | 3 | 4,776.00 | 诉前保全阶段 | 1 | 件；已开庭待判决阶 | | | | | | | 段 1 | 件；已判决执行阶段 | 件。 1 | | 金融机构 | | 融资合同纠纷 | 6 | 107,473.74 | 已开庭待判决阶段 段 件。 3 | 3 | 件；立案诉讼阶 | | 公司作 | | | | | | | | | 为被告 | 非金融机构 | 融资合同纠纷 | 8 | 37,508.70 | 立案诉讼阶段 | 4 | 件；已开庭待判决 4 | | | | | | | 件。 | | | | | | | | | | | 件；已开庭待判决 | | 非金融机构 | | 销售合同纠纷 工程合同纠纷 | 245 | 56,681.75 | 立案诉讼阶段 件，已判决 | 97 38 件。 | | | | | | | | 110 | | | | 合计 | | | 262 | ...

山东晨鸣纸业集团股份有限公司 2025 年半年度财务报告 山东晨鸣纸业集团股份有限公司 2025 年半年度财务报告 2025 年 08 月 1 山东晨鸣纸业集团股份有限公司 2025 年半年度财务报告 第一节 财务报告 一、审计报告 半年度报告是否经过审计 □是 否 公司半年度财务报告未经审计。 二、财务报表 财务附注中报表的单位为：元 1、合并资产负债表 编制单位：山东晨鸣纸业集团股份有限公司 2025 年 06 月 30 日 单位：元 | 项目 | 期末余额 | 期初余额 | | --- | --- | --- | | 流动资产： | | | | 货币资金 | 953,661,496.60 | 5,909,879,812.18 | | 交易性金融资产 | 36,692,409.73 | 37,259,325.70 | | 应收票据 | 765,000,567.09 | 506,605,701.74 | | 应收账款 | 930,731,502.52 | 1,384,290,313.70 | | 应收款项融资 | 92,166,113.62 | 100,730,797.32 | | 预付款项 | 514,7 ...

证券代码：000488 200488 证券简称：ST 晨鸣 ST 晨鸣 B 公告编号：2025 -051 山东晨鸣纸业集团股份有限公司 详细内容请参阅同日披露在巨潮资讯网站（www.cninfo.com.cn）及香港联交所 网站（www.hkex.com.hk）的相关公告。 特此公告。 山东晨鸣纸业集团股份有限公司监事会 第十届监事会第十四次会议决议公告 本公司及监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")第十届监事会第十四次 会议于 2025 年 8 月 29 日以通讯方式召开，会议通知于 2025 年 8 月 19 日以邮件及 书面方式下发给公司监事，会议应到监事 5 人，实到监事 5 人。本次监事会的召开 符合国家有关法律、法规和《公司章程》的规定。 与会监事认真审议并一致通过了本次会议的议案，形成会议决议如下： 一、审议通过了《公司 2025 年半年度报告全文和摘要》 经审核，监事会认为董事会编制和审议公司 2025 年半年度报告全文和摘要的 程序符合法律、行政法规及中国证监会的规定，报告内容真实、准确、完整 ...

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"）第十届董事会第十四次会 议通知于 2025 年 8 月 19 日以书面、邮件方式送达各位董事，会议于 2025 年 8 月 29 日以通讯方式召开，会议应到董事 10 人，实到董事 10 人。本次董事会的召开符合国 家有关法律、法规和《公司章程》的规定。 与会董事认真审议并一致通过了本次会议的议案，形成会议决议如下： 一、审议通过了《公司 2025 年半年度报告全文和摘要》 本议案表决结果：同意票 10 票，反对票 0 票，弃权票 0 票。 证券代码：000488 200488 证券简称：ST 晨鸣 ST 晨鸣 B 公告编号：2025-050 山东晨鸣纸业集团股份有限公司 第十届董事会第十四次会议决议公告 详细内容请参阅同日披露在巨潮资讯网站（www.cninfo.com.cn）及香港联交所网 站（www.hkex.com.hk）的相关公告。 特此公告。 山东晨鸣纸业集团股份有限公司董事会 二〇二五年八月二十九日 ...