Investment Rating - The report maintains a positive outlook on the paper and light industry sectors, highlighting high dividend safety margin assets and companies with strong growth potential [1][2]. Core Insights - The report emphasizes the importance of focusing on high dividend safety margin assets in the packaging and home furnishing sectors, benefiting from the appreciation of the RMB and the expected decrease in paper procurement costs [2][4]. - It identifies key companies in the packaging sector such as Yongxin Co., Yutong Technology, Huawang Technology, and Meiyingsen, as well as home furnishing leaders like Kuka Home, Mousse, Oppein, and Sophia [2][4]. - The paper industry is expected to benefit from rising wood pulp prices and seasonal demand, with companies like Sun Paper, Nine Dragons Paper, and Bohui Paper being highlighted for their potential [2][4]. - The report also discusses the export sector, noting the impact of RMB appreciation and the importance of supply chain and brand expansion for companies like Jiangxin Home, Yongyi Co., Jiayi Co., and Zhongxin Co. [2][4]. Summary by Sections Packaging Sector - The packaging industry is characterized by a mature competitive landscape, with leading companies reducing capital expenditures and demonstrating advantages in overseas markets [5][6]. - Yongxin Co. is noted for its stable high dividend policy and strong performance in soft packaging and film business, with a dividend rate of 84% to 81% from 2020 to 2024 [5]. - Yutong Technology has expanded its global supply chain, enhancing its operational efficiency and increasing its dividend rate to 70% by 2025 [6]. - Huawang Technology is positioned well in the decorative paper market, with expectations of improved profitability due to limited new supply and rising demand [7]. - Meiyingsen is recognized for its strategic overseas expansion and high dividend yield, with a focus on emerging markets [8]. Home Furnishing Sector - The home furnishing industry is experiencing accelerated consolidation, with a positive outlook driven by supportive real estate policies and improving consumer confidence [9][10]. - Companies like Kuka Home and Sophia are expected to benefit from the increasing demand for home renovation and the implementation of "old-for-new" policies [10][23]. - The report highlights the importance of retail capabilities and supply chain improvements for companies to enhance their market share and profitability [23][24]. Paper Industry - The paper industry is anticipated to see a recovery in demand and pricing, supported by strong control over production by overseas pulp mills [11][13]. - Companies such as Sun Paper and Nine Dragons Paper are expected to benefit from the stabilization of pulp prices and improved supply-demand dynamics [11][13]. - The report notes that the industry has been at a low point for several years, but a mid-term recovery is expected as demand gradually increases [11][13]. Export Sector - The export sector is influenced by the global economic environment, with a focus on companies that are expanding their international presence and brand recognition [14][15]. - Jiangxin Home is noted for its innovative product offerings and strong growth in customer numbers, while Yongyi Co. is positioned to capitalize on the growing demand for ergonomic chairs [15][16]. - Jiayi Co. is recognized for its strategic expansion in the insulated cup market, while Zhongxin Co. is highlighted for its growth potential in the pulp molding sector [16][17]. Pet Products Sector - The pet products sector is experiencing robust growth, with companies like Yiyi Co. and Yuanfei Pet benefiting from strong export performance and brand development [18]. - Yiyi Co. is expected to see significant revenue growth due to its acquisition strategy and strong sales performance [18]. - Yuanfei Pet is noted for its rapid growth in the domestic market and expansion of its product offerings [18]. Light Industry Sector - The report emphasizes the importance of monitoring changes in the light industry, with companies like Anfu Technology and Jianlin Home focusing on strategic acquisitions and technological advancements [19][20]. - Anfu Technology is expected to enhance its profitability through increased ownership in Nanfeng Battery and expansion into new business areas [19]. - Jianlin Home is transitioning towards smart robotics, leveraging its existing technology and market position [20].

Investment Rating - The report maintains a positive outlook on the paper and light industry sectors, highlighting high dividend yield assets and companies with strong growth potential [1][2]. Core Insights - The report emphasizes the importance of focusing on high dividend yield assets in stable industry segments, particularly in packaging and home furnishing sectors [5][10]. - The appreciation of the RMB is expected to lower procurement costs in the paper industry, with price increases in wood pulp and seasonal demand supporting paper prices [2][12]. - The report identifies key companies for investment, including packaging leaders like Yongxin Co., Yutong Technology, and home furnishing brands such as Kuka Home and Mousse [2][10]. Summary by Sections 1. Weekly Insights - Short-term focus on high dividend yield assets in stable packaging companies and leading home furnishing brands [5][6]. - Anticipated benefits from RMB appreciation leading to lower procurement costs in the paper industry [5][12]. - Recommendations for companies with strong export capabilities and potential for brand development [5][15]. 2. Industry Perspectives Packaging - The packaging industry is stabilizing, with leading companies reducing capital expenditures and maintaining high dividend payouts [6][7]. - Yongxin Co. is noted for its strong position in soft packaging and high dividend rates [6]. - Yutong Technology benefits from global supply chain advantages and is expected to increase its dividend payout [7]. Home Furnishing - The home furnishing sector is expected to see valuation recovery driven by supportive real estate policies and improving consumer confidence [10][11]. - Companies like Kuka Home and Mousse are highlighted for their strong market positions and potential for growth [10][11]. Paper Industry - The paper industry is entering a recovery phase with stabilizing prices and improved demand dynamics [12][14]. - Companies such as Sun Paper and Nine Dragons Paper are positioned to benefit from these trends [12][14]. Export Sector - The report highlights the importance of global supply chain strategies and brand development for companies in the export sector [15][16]. - Companies like Jiangxin Home and Yongyi Co. are noted for their strong export capabilities and market positioning [15][16]. Pet Products - The pet products sector is experiencing growth with strong domestic brands and international expansion [19]. - Companies like Yiyi Co. and Yuanfei Pet are recommended for their robust growth potential [19]. Light Industry - The report discusses the strategic changes in light industry companies, focusing on mergers and acquisitions to enhance growth [20]. - Companies like Anfu Technology and Jianlin Home are noted for their innovative approaches and market positioning [20][21].

Core Viewpoint - The company held its second extraordinary general meeting of shareholders in 2025, where the election of the ninth board of directors was successfully conducted without any rejected proposals [2][11]. Meeting Details - The meeting took place on December 25, 2025, at 2:30 PM, with both on-site and online voting options available [3][5]. - A total of 65 shareholders and representatives attended, representing 403,093,049 shares, which is 65.8120% of the total shares [8]. Proposal Review - The meeting adopted resolutions for the election of non-independent and independent directors for the ninth board of directors [11]. - The election results for non-independent directors included: - Jiang Lei: 286,707,682 votes (71.1269%) [12] - Zhou Yuan: 286,502,974 votes (71.0761%) [13] - Gao Minjian: 286,506,198 votes (71.0769%) [14] - Pan Jian: 286,691,934 votes (71.1230%) [15] - Shen Tao: 286,501,756 votes (71.0758%) [16] - Wang Dong: 286,502,861 votes (71.0761%) [17] - Yu Bo: 286,503,871 votes (71.0764%) [18] - Sun Jun: 286,504,860 votes (71.0766%) [19] - Bao Ran: 286,604,324 votes (71.1013%) [20] - The election results for independent directors included: - Lin Zhonggao: 286,739,891 votes (71.1349%) [19] - Huang Youli: 286,741,393 votes (71.1353%) [20] - Zhang Yuehong: 286,796,588 votes (71.1490%) [21] - Li Sifei: 286,762,480 votes (71.1405%) [22] - An Meixia: 286,741,680 votes (71.1354%) [23] Legal Opinion - The legal opinion from Anhui Tianhe Law Firm confirmed that the meeting's procedures and resolutions were in compliance with relevant laws and regulations [23]. Board Composition - The ninth board of directors consists of 15 members, including 10 non-independent directors and 5 independent directors, with the structure meeting regulatory requirements [32]. - The board's specialized committees include the Strategy and Investment Committee, Mergers and Acquisitions Committee, Audit Committee, and Nomination, Remuneration and Assessment Committee [33]. Senior Management Appointments - The board appointed Pan Jian as the General Manager and Tang Yongliang as the Secretary of the Board, with their terms aligned with the current board [28][29]. - Other appointments included Vice General Manager and Financial Officer, among others, with all appointments adhering to regulatory standards [34]. Departure of Previous Directors - Several directors and senior management members from the previous board have stepped down, including Vice Chairman Bao Zuben and Director Sun Yi, with their shareholdings disclosed [35].

Group 1 - The core point of the article is that Yongxin Co., Ltd. (002014) announced the election of Jiang Lei as the chairman of the ninth board of directors [1]

Group 1 - The company Yongxin Co., Ltd. (002014) announced the appointment of Tang Yongliang as the secretary of the board of directors [1]

证券日报网讯12月25日，永新股份（002014）发布公告称，选举周原为副董事长。 ...

证券日报网讯12月25日，永新股份（002014）发布公告称，董事会聘任潘健为总经理。 ...

证券日报网讯12月25日，永新股份（002014）发布公告称，聘任孙峻、王长春为副总经理。 ...

证券日报网讯12月25日，永新股份（002014）发布公告称，聘任吴旭为财务负责人。 ...

（文章来源：证券日报） 证券日报网讯 12月25日，永新股份发布公告称，永新股份第九届董事会第一次会议全票通过《关于选 举公司董事长、副董事长的议案》《关于聘任公司总经理的议案》《关于聘任公司董事会秘书的议案》 等多项议案，江蕾任董事长，周原任副董事长，潘健任总经理，唐永亮任董秘，任期均与本届董事会一 致。 ...