Group 1 - The core viewpoint of the article highlights the growth in the number of enterprises in the paper and paper products industry in China, with a total of 8,107 enterprises reported from January to July 2025, marking an increase of 190 enterprises or 2.4% year-on-year [1] - The proportion of the paper and paper products industry enterprises in relation to the total number of industrial enterprises stands at 1.56% [1] - The data indicates a shift in the criteria for scale enterprises, with the threshold for annual main business income raised from 5 million yuan to 20 million yuan since 2011 [1] Group 2 - The report referenced is the "2025-2031 China Paper Industry Market Survey Research and Development Prospects Report" published by Zhiyan Consulting [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research reports, business plans, feasibility studies, and customized services [2] - The firm emphasizes its commitment to providing comprehensive industry solutions to empower investment decisions through professional insights and market acumen [2]

Core Viewpoint - On September 4, 2025, Sun Paper announced that it has been approved to become one of the first delivery warehouses for the futures of offset printing paper by the Shanghai Futures Exchange [1] Group 1 - Sun Paper and its wholly-owned subsidiary, Guangxi Sun Paper, have been granted approval to serve as the first delivery warehouses for offset printing paper futures [1] - The "Tianyang" brand under Sun Paper has been selected as one of the first deliverable brands for offset printing paper futures [1]

格隆汇9月4日丨太阳纸业(002078.SZ)公布，2025年9月3日，上海期货交易所发布《关于同意胶版印刷 纸期货首批交割厂库的公告》(〔2025〕110号)及《关于同意胶版印刷纸期货首批可交割商品的公告》 (〔2025〕111号)。根据前述公告，山东太阳纸业股份有限公司及全资子公司广西太阳纸业有限公司(简 称"广西太阳")均获准成为胶版印刷纸期货首批交割厂库，公司旗下"天阳"品牌入选胶版印刷纸期货首 批可交割商品品牌。 ...

Core Viewpoint - The company and its subsidiary have been approved to become the first delivery warehouses for the futures of offset printing paper, enhancing their market position and operational efficiency [1] Group 1 - The Shanghai Futures Exchange announced the approval of the first delivery warehouses for offset printing paper futures on September 3, 2025 [1] - The company and its subsidiary, Guangxi Sun Paper Industry Co., Ltd., have been granted the qualification to serve as delivery warehouses for offset printing paper futures [1] - The company's "Tianyang" brand has been selected as one of the first deliverable product brands for offset printing paper futures [1] Group 2 - This approval reflects the company's comprehensive strength in the domestic cultural paper sector [1] - The qualification is expected to improve the company's asset utilization efficiency and expand its industry recognition and influence [1] - The integration of the spot market and futures market is anticipated to enhance the company's risk resistance and market competitiveness [1]

Core Viewpoint - The announcement by Sun Paper Industry (002078.SZ) regarding its qualification as a delivery warehouse for the first batch of offset printing paper futures is a significant milestone, reflecting the company's comprehensive strength in the domestic cultural paper sector and enhancing its market competitiveness [1] Group 1 - The Shanghai Futures Exchange approved Sun Paper and its wholly-owned subsidiary, Guangxi Sun Paper Industry Co., Ltd., to become delivery warehouses for the first batch of offset printing paper futures [1] - The "Tianyang" brand under the company has been selected as one of the first deliverable product brands for offset printing paper futures [1] - This qualification is expected to improve the company's asset utilization efficiency, increase its industry visibility and influence, and facilitate the organic integration of the spot and futures markets [1] Group 2 - The development is anticipated to enhance the company's risk resistance capabilities and overall market competitiveness [1]

证券代码：002078 证券简称：太阳纸业 公告编号：2025-027 山东太阳纸业股份有限公司 关于公司及子公司成为胶版印刷纸期货首批交割厂库暨公司"天阳" 品牌入选首批可交割商品品牌的公告 特此公告。 山东太阳纸业股份有限公司 董 事 会 二○二五年九月五日 1 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。 2025 年 9 月 3 日，上海期货交易所发布《关于同意胶版印刷纸期货首批 交割厂库的公告》（〔2025〕110 号）及《关于同意胶版印刷纸期货首批可交割商 品的公告》（〔2025〕111 号）。根据前述公告，山东太阳纸业股份有限公司（以 下简称"公司"）及全资子公司广西太阳纸业有限公司（以下简称"广西太阳"） 均获准成为胶版印刷纸期货首批交割厂库，公司旗下"天阳"品牌入选胶版印刷 纸期货首批可交割商品品牌。 此次公司和子公司广西太阳获得胶版印刷纸期货交割厂库资质、公司"天阳" 品牌成为首批可交割商品品牌，是公司在国内文化用纸领域综合实力的重要体现， 将有利于提高公司资产使用效率，扩大业内的知名度和影响力，实现现货市场和 期货市场的有机结合，增强企 ...

Delivery Warehouses - The Shanghai Futures Exchange (SHFE) has approved several companies as the first batch of delivery warehouses for the newsprint futures, including Xiamen Jianfa Warehousing Co., Qingdao China Foreign Trade Supply Chain Management Co., and others [1] - The SHFE will adjust the delivery warehouse capacity based on market development and will gradually expand the delivery warehouse layout [1] Delivery Factories - The SHFE has designated multiple companies as the first batch of delivery factories for newsprint futures, including Yueyang Forest & Paper Co., Shandong Bohui Paper Industry Co., and others [2] - Delivery factories are required to prepare for the futures delivery business according to the approved capacity and ensure compliance with relevant regulations [2] Deliverable Products - The first batch of deliverable products for newsprint futures includes 13 brands, such as "Yueyang Tower" produced by Yueyang Forest & Paper Co. and "Galaxy Ru Yi" produced by Shandong Galaxy Ruixue Paper Industry Co., all subject to standard pricing [2] - The SHFE will monitor changes in the newsprint market and may adjust the list of deliverable products accordingly [2] Designated Inspection Institutions - The SHFE has approved several institutions as designated inspection agencies for newsprint futures, including China Light Industry Paper Products Inspection and Certification Co. and Shanghai Customs Industrial Products and Raw Materials Testing Technology Center [3] - These institutions are required to conduct inspection services according to the relevant regulations and ensure orderly operations [3] - A set of inspection guidelines for newsprint futures has been jointly developed and filed by the designated inspection agencies [3]

Group 1: Industry Overview - The paper industry is experiencing a price increase due to the traditional peak season and a dual strategy of "price hikes + shutdowns" implemented by several paper mills [1] - Major paper manufacturers such as Nine Dragons Paper, Shanying International, Lee & Man Paper, and Wuzhou Special Paper have announced price increases since early September [1] - The overall supply-demand situation in the paper industry is expected to improve in the second half of the year, indicating a proactive approach by paper companies to control market dynamics during peak demand periods [1][2] Group 2: Financial Performance - In the first half of the year, only 4 out of 23 listed paper companies in A-shares reported positive net profit growth, indicating significant pressure on the industry [2] - The average price of raw paper in the first half of the year was approximately 4218 yuan/ton, reflecting a 1.82% decrease from the previous period and an 8.06% year-on-year decline [2] - The operating rate of the industry fell below 65%, highlighting the challenges faced by paper companies [2] Group 3: Strategic Developments - Leading companies like Sun Paper have shown strong anti-cyclical characteristics by integrating the entire supply chain from forest to pulp to paper [3] - Sun Paper reported a revenue of 19.113 billion yuan and a net profit of 1.78 billion yuan, maintaining its industry leadership [3] - The company is advancing its "forest-pulp-paper integration" strategy with new projects in Guangxi, enhancing its cost control capabilities [3] Group 4: Market Trends - The upcoming peak seasons such as Mid-Autumn Festival and National Day are expected to boost downstream inventory replenishment, improving the supply-demand balance [4] - The paper industry is actively exploring overseas markets, with companies like Bohui Paper achieving significant growth in export business [5] - Bohui Paper's export business has become a core driver of sustainable development, supported by a strategic focus on international markets [5][6] Group 5: Product Innovation - Bohui Paper has launched high-value-added differentiated products to meet the increasing demand for food-grade safety in overseas markets [6] - The company reported a 142% year-on-year increase in sales of internationally certified products, which have become essential for entering major global supply chains [6] - Sun Paper also saw a 72% increase in overseas sales revenue, emphasizing the importance of expanding export markets [6]

Core Viewpoint - The Shanghai Futures Exchange has approved several companies as the first delivery warehouses for the futures of offset printing paper, indicating a significant development in the paper industry and futures trading [1] Group 1: Approved Companies - The following companies have been approved as delivery warehouses: Yueyang Forest & Paper Co., Ltd., Shandong Bohui Paper Industry Co., Ltd., Shandong Sun Paper Industry Co., Ltd., Guangxi Sun Paper Industry Co., Ltd., Shandong Huatai Paper Industry Co., Ltd., Guangdong Huatai Paper Industry Co., Ltd., Nine Dragons Global (China) Investment Group Co., Ltd., Liansheng Pulp and Paper (Zhangzhou) Co., Ltd., Xiamen Jianfa Pulp and Paper Group Co., Ltd., and Xiamen Guomao Paper Industry Co., Ltd. [1] Group 2: Operational Guidelines - From the date of the announcement, all approved delivery warehouses must prepare for the offset printing paper futures delivery operations according to the approved warehouse capacity, strictly adhering to relevant regulations and enhancing management to ensure orderly operations [1] Group 3: Future Developments - The standard warehouse receipt generation for offset printing paper futures will commence on November 20, 2025, with the Shanghai Futures Exchange planning to adjust warehouse capacity and expand the delivery warehouse layout based on market development [1]

Financial Performance - The company's operating revenue for the current reporting period is approximately 19.11 billion yuan, a decrease from 20.52 billion yuan in the same period last year, representing a decline of about 6.9% [1] - The net profit attributable to shareholders of the listed company is approximately 1.78 billion yuan, slightly up from 1.76 billion yuan year-on-year, indicating a growth of about 1.3% [1] - The net profit after deducting non-recurring gains and losses is approximately 1.76 billion yuan, down from 1.82 billion yuan in the previous year, reflecting a decrease of about 3.0% [1] - The net cash flow from operating activities is approximately 1.89 billion yuan, a significant decline of 37.42% compared to 3.03 billion yuan in the same period last year [27] - The basic and diluted earnings per share are both 0.64 yuan, compared to 0.63 yuan in the previous year [1] Asset and Liability Changes - As of the end of the current reporting period, total assets amount to approximately 56.45 billion yuan, an increase from 52.63 billion yuan at the end of the previous year, showing a growth of about 7.0% [1] - The net assets attributable to shareholders of the listed company are approximately 30.36 billion yuan, up from 28.61 billion yuan, indicating an increase of about 6.1% [1] - The company's short-term borrowings have increased by 27.92%, while long-term borrowings have risen by 26.81%, reflecting a growing reliance on debt financing [45] Shareholder Structure - The top ten circulating shareholders include a new shareholder, Taikang Life Insurance Co., Ltd., which replaced the previous quarter's shareholder, Jiashi Value Evergreen Mixed Securities Investment Fund [53] - The largest shareholder, Shandong Sun Paper Holdings Group Co., Ltd., holds approximately 44.74% of the total share capital, remaining unchanged [54] Valuation Metrics - As of August 27, the company's price-to-earnings (P/E) ratio is approximately 13.06 times, the price-to-book (P/B) ratio is about 1.34 times, and the price-to-sales (P/S) ratio is around 1.04 times [1]