Core Viewpoint - The report highlights the growth and export potential of China's paper and paper products industry, with a focus on recent statistics and future projections [1] Industry Summary - As of September 2025, the export value of China's paper and paper products industry reached 7 billion yuan, reflecting a year-on-year increase of 0.1% [1] - Cumulatively, from January to September 2025, the total export value amounted to 59.49 billion yuan, showing a year-on-year growth of 2.2% [1] - The report provides a comprehensive analysis of the development patterns and market operation potential of the paper industry from 2026 to 2032 [1] Company Summary - The report mentions several listed companies in the paper industry, including Chenming Paper (000488), Kane Co. (002012), Jingxing Paper (002067), and others, indicating a broad spectrum of players in the market [1] - The analysis is supported by data from the National Bureau of Statistics and insights from Zhiyan Consulting, a leading industry consulting firm in China [1]

Core Viewpoint - Jingxing Paper (002067.SZ) reported its Q3 2025 results, highlighting an increase in institutional ownership and foreign investment interest [1] Institutional Ownership - As of October 30, 2025, five institutional investors disclosed holdings in Jingxing Paper, totaling 23.8826 million shares, which represents 1.68% of the company's total share capital [1] - The institutional ownership increased by 1.20 percentage points compared to the previous quarter [1] Public Fund Participation - In this period, 12 public funds were disclosed, including Wanjiaguozheng 2000 ETF, Zhongzheng 2000, and Southern Zhongzheng 2000 ETF, among others [1] Foreign Investment - Four new foreign institutions disclosed their holdings this quarter, including UBS AG, Goldman Sachs, Morgan Stanley & Co. International PLC, and J.P. Morgan Securities PLC [1] - Barclays Bank PLC was the only foreign institution that did not disclose holdings compared to the previous quarter [1]

Core Insights - The company reported a revenue of 4.197 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 3.64% [1] - The net profit attributable to the parent company was 40.8615 million yuan, showing a year-on-year decline of 18.33% [1] Financial Performance - Revenue for the first three quarters: 4.197 billion yuan, up 3.64% year-on-year [1] - Net profit attributable to the parent company: 40.8615 million yuan, down 18.33% year-on-year [1]

Core Viewpoint - Jingxing Paper Industry (002067.SZ) reported a year-on-year increase in revenue for the first three quarters, but a significant decline in net profit, indicating potential challenges in profitability despite revenue growth [1] Financial Performance - The company's operating revenue for the first three quarters reached 4.197 billion yuan, representing a year-on-year growth of 3.64% [1] - The net profit attributable to shareholders was 40.86 million yuan, showing a year-on-year decrease of 18.33% [1] - The company reported a non-recurring net loss of 56.34 million yuan [1]

证券代码：002067 证券简称：景兴纸业 编号：临 2025-092 浙江景兴纸业股份有限公司 关于使用闲置自有资金进行现金管理的公告 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。 浙江景兴纸业股份有限公司（以下简称"公司"）于 2025 年 10 月 30 日召开八 届董事会第二十一次会议，审议通过了《关于使用闲置自有资金进行现金管理的议 案》，同意公司及其下属子公司使用任一时点最高额度合计不超过人民币 60,000 万 元（或等值外币）的自有资金进行现金管理，在 60,000 万元额度内，资金可以循环 使用，期限为自公司董事会审议通过之日起 12 个月内，并授权董事长行使该项投资 决策权并签署相关合同文件。 根据《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管指引 第 7 号——交易与关联交易》等法律法规以及《公司章程》的有关规定，本次拟进 行现金管理的自有资金额度未超过公司最近一期（2024 年 12 月 31 日）经审计净资 产的 50%，亦不构成关联交易，本事项经董事会审议通过即可实施，无需提交股东 大会。 本次现金管理的额度应包含 ...

证券代码：002067 证券简称：景兴纸业 编号：临 2025-088 浙江景兴纸业股份有限公司 八届董事会第二十一次会议决议公告 二、以 9 票同意，0 票反对，0 票弃权审议通过《关于使用闲置自有资金进行现金管 理的议案》。 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。 同意公司及其下属子公司使用任一时点最高额度合计不超过人民币 60,000 万 元（或等值外币）的自有资金进行现金管理，在 60,000 万元额度内，资金可以循环 使用，期限为自公司董事会审议通过之日起 12 个月内，并授权董事长行使该项投资 决策权并签署相关合同文件。 浙江景兴纸业股份有限公司（以下简称"公司"）于 2025 年 10 月 24 日向全体 董事以电子邮件方式发出了召开八届董事会第二十一次会议的通知，公司八届董事 会第二十一次会议于 2025 年 10 月 30 日以通讯表决方式召开, 应参加本次会议表决 的董事为 9 人，实际参加本次会议表决的董事为 9 人。公司全体高管人员列席了本 次会议。本次会议的召集、召开符合《公司法》和《公司章程》的有关规定，会议 决议合法、有效 ...

| 证券代码：002067 | 证券简称：景兴纸业 | 编号：临 2025-091 | | --- | --- | --- | | 债券代码：128130 | 债券简称：景兴转债 | | 关于"景兴转债"摘牌的公告 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。 特别提示： 2."景兴转债"摘牌日：2025 年 10 月 31 日 3."景兴转债"摘牌原因：存续期内可转债全部赎回 一、"景兴转债"的基本情况 1.可转债发行上市情况 经中国证券监督管理委员会"证监许可〔2020〕1345 号"文核准，浙江景兴 纸业股份有限公司（以下简称"公司")于 2020 年 8 月 31 日公开发行了 1,280.00 万张可转换公司债券，每张面值 100 元，发行总额 12.8 亿元。本次发行的可转债 向公司在股权登记日收市后登记在册的原股东优先配售，原股东优先配售后余额部 分（含原股东放弃优先配售部分）采用网上向社会公众投资者通过深圳证券交易所 （以下简称"深交所"）交易系统发售的方式进行。对认购金额不足 12.8 亿元的 部分由主承销商包销。 浙江景兴纸业股份有限公司 ...

| 证券代码：002067 | 证券简称：景兴纸业 | 编号：临 2025-090 | | --- | --- | --- | | 债券代码：128130 | 债券简称：景兴转债 | | 浙江景兴纸业股份有限公司 关于"景兴转债"赎回结果的公告 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、"景兴转债"的基本情况 1.可转债发行上市情况 经中国证券监督管理委员会"证监许可〔2020〕1345 号"文核准，浙江景兴 纸业股份有限公司（以下简称"公司")于 2020 年 8 月 31 日公开发行了 1,280.00 万张可转换公司债券，每张面值 100 元，发行总额 12.8 亿元。本次发行的可转债 向公司在股权登记日收市后登记在册的原股东优先配售，原股东优先配售后余额部 分（含原股东放弃优先配售部分）采用网上向社会公众投资者通过深圳证券交易所 （以下简称"深交所"）交易系统发售的方式进行。对认购金额不足 12.8 亿元的 部分由主承销商包销。 经深交所"深证上〔2020〕848 号"文同意，公司本次公开发行的 12.8 亿元 可转换公司债券于 2020 年 ...

浙江景兴纸业股份有限公司 2025 年第三季度报告 证券代码：002067 证券简称：景兴纸业 公告编号：临 2025-089 浙江景兴纸业股份有限公司 2025 年第三季度报告 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。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 3.第三季度财务会计报告是否经过审计 □是 否 1 浙江景兴纸业股份有限公司 2025 年第三季度报告 （二） 非经常性损益项目和金额 适用 □不适用 | | | | 单位：元 | | --- | --- | --- | --- | | 项目 | 本报告期金额 | 年初至报告期期末金额 | 说明 | | 非流动性资产处置损益（包 括已计提资产减值准备的冲 | 2,962.90 | 101,555,068.39 | | | 销部分） | | | | | 计入当期损益 ...

Market Overview - The paper sector experienced a decline of 0.95% on October 30, with Jingxing Paper leading the drop [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Individual Stock Performance - Songyang Resources (603863) saw a significant increase of 7.26%, closing at 22.45 with a trading volume of 152,100 shares and a turnover of 332 million yuan [1] - Other notable performances include: - Bohui Paper (600966) up 0.81% to 4.95 [1] - Yibin Paper (600793) up 0.80% to 23.89 [1] - Wuzhou Special Paper (605007) up 0.75% to 12.10 [1] - Conversely, several stocks faced declines, including: - ST Chenming (000488) down 0.48% to 2.07 [1] - Qifeng New Materials (002521) down 0.44% to 9.03 [1] Capital Flow Analysis - The paper sector saw a net outflow of 297 million yuan from institutional investors, while retail investors contributed a net inflow of 364 million yuan [2] - The capital flow for individual stocks indicates: - Songyang Resources had a net outflow of 35.89 million yuan from institutional investors [3] - Huawang Technology (605377) experienced a net inflow of 8.30 million yuan from institutional investors [3] - Wuzhou Special Paper had a net inflow of 7.63 million yuan from institutional investors [3]