Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company's Q2 gross margin improved sequentially, leading to a quarterly profit that exceeded expectations [1]. - The company reported a revenue of 19.11 billion yuan for the first half of 2025, a year-on-year decrease of 6.9%, and a net profit attributable to shareholders of 1.78 billion yuan, a year-on-year increase of 1.3% [5]. - The report highlights that the decline in revenue was primarily due to falling paper prices, particularly in the pulp and paper business [6][8]. - The company is expected to benefit from the ongoing expansion of its production capacity across its three major bases, which will enhance its operational efficiency and product structure [9][10]. Summary by Sections Financial Performance - In Q2 2025, the company achieved a gross margin of 17.3%, a year-on-year increase of 0.1 percentage points and a sequential increase of 1.5 percentage points [8]. - The first half of 2025 saw a gross margin of 16.5%, down 1.1 percentage points year-on-year [7]. - The company’s revenue forecast for 2025-2027 has been adjusted downwards to 40.2 billion, 45.9 billion, and 53.9 billion yuan, respectively, reflecting a decrease of 10% across the board [10]. Revenue Breakdown - For the first half of 2025, the revenue from various paper products was as follows: double glue paper (4.2 billion yuan, -14.8% YoY), copper plate paper (2.02 billion yuan, -4.9% YoY), and life paper (1.29 billion yuan, +24.0% YoY) [6]. - The revenue from the pulp business was also affected, with chemical pulp revenue down 20.3% YoY [6]. Cost and Margin Analysis - The report indicates that the decline in gross margin for the paper business was mainly due to a shift in product mix and falling paper prices, which outpaced the decrease in raw material costs [8]. - The company’s operating expense ratio for the first half of 2025 was 5.4%, a decrease of 1.5 percentage points year-on-year [8]. Future Outlook - The company is set to launch several production lines in its Guangxi base in the second half of the year, which is expected to enhance its production capacity and operational synergy [9]. - The long-term performance outlook remains positive due to the ongoing expansion and integration of its supply chain [10].

Core Insights - The company reported a total operating revenue of 19.113 billion yuan, a decrease of 1.411 billion yuan compared to the same period last year, representing a year-on-year decline of 6.87% [1] - The net profit attributable to shareholders was 1.780 billion yuan, with net cash inflow from operating activities amounting to 1.894 billion yuan, a decrease of 1.132 billion yuan year-on-year, reflecting a decline of 37.42% [1] Financial Ratios - The latest debt-to-asset ratio stands at 46.01%, ranking 10th among disclosed peers, with a slight increase of 0.04 percentage points from the previous quarter [3] - The gross profit margin is reported at 16.50%, down by 1.08 percentage points compared to the same period last year [3] - The return on equity (ROE) is 5.86%, which is a decrease of 0.44 percentage points year-on-year [3] Earnings and Turnover - The diluted earnings per share (EPS) is 0.64 yuan [4] - The total asset turnover ratio is 0.35 times, a decrease of 0.05 times year-on-year, reflecting an 11.89% decline [4] - The inventory turnover ratio is 3.31 times, down by 0.39 times compared to the same period last year, indicating a decline of 10.45% [4] Shareholder Structure - The number of shareholders is 39,900, with the top ten shareholders holding a total of 1.566 billion shares, accounting for 56.04% of the total share capital [4] - The largest shareholder is Shandong Sun Paper Holdings Group Co., Ltd., holding 44.74% of the shares [4]

Core Insights - The social security fund has invested in 396 stocks by the end of Q2, with 37 stocks held for over 20 consecutive quarters, indicating a focus on long-term investments [1][2] Group 1: Investment Trends - The social security fund has consistently held shares in 204 stocks for over four quarters, with 132 stocks held for more than two years [1] - The longest-held stock is Hualu Hengsheng (华鲁恒升), held for 51 quarters since Q4 2012, with a total holding of 133 million shares, accounting for 6.26% of the circulating shares [1][4] - Other long-term holdings include Zhongyuan Media (中原传媒) and WoW Bio (我武生物), held for 44 and 43 quarters respectively [1] Group 2: Stock Performance - Among the 37 stocks held for over five years, the top holdings by quantity are Changshu Bank (常熟银行) with 206 million shares, Sun Paper (太阳纸业) with 151 million shares, and Hualu Hengsheng with 133 million shares [2] - The stocks with the highest holding ratios include Keri International (科锐国际) at 6.30%, Hualu Hengsheng at 6.26%, and Changshu Bank at 6.23% [2] - In terms of changes in holdings, 12 stocks saw an increase in holdings, with significant increases for Three Squirrels (三只松鼠) at 283.29%, Hongfa Co. (宏发股份) at 76.77%, and Hangyang Co. (杭氧股份) at 42.03% [2] Group 3: Industry Distribution - The 37 stocks are concentrated in the basic chemical, electronics, and automotive industries, with 7, 3, and 3 stocks respectively [3] - The basic chemical sector includes Hualu Hengsheng, Yangnong Chemical (扬农化工), and Blue Sky Technology (蓝晓科技) [3] - The electronics sector includes Transsion Holdings (传音控股), Pengding Holdings (鹏鼎控股), and XW Communication (信维通信) [3] Group 4: Financial Performance - Among the 37 stocks, 24 reported year-on-year profit growth, with notable increases from China Jushi (中国巨石) at 75.51%, Jieput (杰普特) at 73.84%, and New Hecheng (新和成) at 63.46% [3] - Conversely, 12 stocks experienced a decline in net profit, with the largest decreases from Zhongqi Co. (中旗股份) at 240.99%, Sanyou Chemical (三友化工) at 77.64%, and Three Squirrels at 52.22% [3]

Core Points - Shandong Sun Paper Industry Co., Ltd. announced a series of amendments to its Articles of Association to enhance corporate governance and adapt to development needs [1] Significant Changes in Core Provisions - The amendments clarify that the chairman of the board will serve as the legal representative of the company, and resignation from the chairman position will also terminate the legal representative role, with a new representative to be appointed within 30 days [2] - Shareholders holding more than 3% of shares for over 180 days can access the company's accounting records, but the company can refuse access if it believes the request is for improper purposes [2] Adjustments in Decision-Making Procedures and Authority - Changes in capital increase methods include adjusting "public issuance of shares" to "issuance of shares to unspecified objects" and "non-public issuance of shares" to "issuance of shares to specific objects" [3] - The company can provide financial assistance for acquiring shares, excluding employee stock ownership plans, with a cap of 10% of the total issued capital, requiring a two-thirds majority approval from the board [3] Optimization of Governance Structure - The board will consist of 9 members, including 1 chairman, 3 independent directors, and 1 employee representative director, with new provisions for independent directors' responsibilities and powers [4] - An audit committee will be established to exercise the powers of the supervisory board, responsible for reviewing important financial information [4] Other Important Amendments - The profit distribution policy requires board approval before submission to the shareholders' meeting, needing a two-thirds majority of voting rights for approval [5] - New provisions regarding mergers, divisions, capital increases, reductions, and liquidation have been added, allowing certain decisions without shareholder meeting approval if they do not exceed 10% of the company's net assets [5] - The amendments are significant for adapting to market changes and the company's strategic development, positively impacting future governance and operations [5]

证券代码：002078 证券简称：太阳纸业 公告编号：2025-025 山东太阳纸业股份有限公司 规、部门规章、规范性文件、深圳证券交易所（以下简称"深交所"）业务规则 和《公司章程》等相关规定。 （1）现场会议时间：2025 年 9 月 17 日（星期三）下午 14:00。 （2）网络投票时间：2025 年 9 月 17 日。 关于召开 2025 年第一次临时股东会的通知 通过深圳证券交易所交易系统进行网络投票的具体时间为 2025 年 9 月 17 日的交易时间，即 9:15—9:25，9:30—11:30 和 13:00—15:00； 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。 通过深圳证券交易所互联网投票系统进行网络投票的时间为 2025 年 9 月 17 日（现场股东会召开当日）上午 9:15，结束时间为 2025 年 9 月 17 日（现场股东 会结束当日）下午 3:00。 山东太阳纸业股份有限公司（以下简称"公司"或"太阳纸业"）第九届董 事会第五次会议审议通过了《关于召开 2025 年第一次临时股东会的议案》，会议 决定于 2025 年 9 ...

关于董事、高级管理人员薪酬的方案 山东太阳纸业股份有限公司 关于董事、高级管理人员薪酬的方案 本薪酬方案是根据《公司章程》、《董事和高级管理人员薪酬及绩效考核管理 制度》的规定，参考国内同行业上市公司董事、高级管理人员的薪酬水平，结合 公司的实际经营运行情况与地区薪资水平确定，具体情况如下： 一、适用对象 （一）非独立董事、独立董事； （二）公司高级管理人员，包括：总经理、副总经理、董事会秘书、财务总 监及《公司章程》规定的其他高级管理人员。 二、适用期限 董事薪酬方案自公司股东会审议通过后生效，直至新的薪酬方案通过后自动 失效；高级管理人员薪酬方案自公司董事会会议审议通过后生效，直至新的薪酬 方案通过后自动失效。 三、薪酬原则 （三）体现公司长远利益的原则，与公司持续健康发展的目标相符； 采用年薪制，以年度为单位，按月或按年发放，以公司年度经营业绩和个人 职责岗位价值及能力确定其浮动年薪水平的薪酬分配激励制度。遵守以下原则： （一）体现收入水平符合公司规模与业绩的原则，同时与外部薪酬水平相符； （二）体现责任权利对等的原则，薪酬与岗位价值高低、承担责任大小相符； （四）体现激励与约束并重、奖罚对等的原则，薪 ...

2025 年半年度财务报告 山东太阳纸业股份有限公司 2025 年半年度财务报告 披露日期：2025 年 8 月 28 日 1 | | | --- | | 2025 年半年度财务报告 3 | | | --- | --- | | 一、审计报告 | 3 | | 二、财务报表 | 3 | | 三、公司基本情况 21 | | | 四、财务报表的编制基础 21 | | | 五、重要会计政策及会计估计 | 22 | | 六、税项 44 | | | 七、合并财务报表项目注释 | 46 | | 八、研发支出 | 93 | | 九、合并范围的变更 | 93 | | 十、在其他主体中的权益 94 | | | 十一、政府补助 96 | | | 十二、与金融工具相关的风险 | 101 | | 十三、公允价值的披露 | 103 | | 十四、关联方及关联交易 104 | | | 十五、承诺及或有事项 | 108 | | 十六、资产负债表日后事项 | 109 | | 十七、其他重要事项 | 110 | | 十八、母公司财务报表主要项目注释 | 111 | | 十九、补充资料 126 | | 2025 年半年度财务报告 2025 年半年度 ...

证券代码：002078 证券简称：太阳纸业 公告编号：2025-023 山东太阳纸业股份有限公司 关于投资建设年产70万吨高档包装纸项目的公告 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、投资概述 1、投资项目的基本情况： 根据山东太阳纸业股份有限公司（以下简称"公司"或"太阳纸业"）的发 展规划，提升山东基地的包装纸生产能力，公司拟在山东基地颜店厂区投资建设 年产70万吨高档包装纸项目（以下简称"70万吨包装纸项目"）。颜店厂区70 万吨包装纸项目预计总投资不超过人民币15.30亿元。 2、董事会审议情况： 2025年8月26日，公司召开了第九届董事会第五次会议，本次会议审议通过 了《关于投资建设年产70万吨高档包装纸项目的议案》。根据《公司章程》规定， 本次投资事项无需经公司股东会批准。 3、有关部门批准情况： 本 项 目 已 经 获 得 山 东 省 建 设 项 目 备 案 证 明 （ 项 目 代 码 ： 2507-370812-04-05-413022），本项目所需其他审批事项尚待国家有关部门批准 或备案，待相关手续齐备后方可开始实施。 4、本次 ...

未来三年分红回报规划（2024-2026 年） 山东太阳纸业股份有限公司 未来三年分红回报规划（2024-2026年） 证券代码：002078 证券简称：太阳纸业 1 未来三年分红回报规划（2024-2026 年） 山东太阳纸业股份有限公司 未来三年分红回报规划（2024-2026年） 山东太阳纸业股份有限公司(以下简称"公司")为进一步规范公司分红行为， 推动公司建立科学、持续、稳定的分红机制，合理平衡公司发展与股东投资回报 的关系，增强公司现金分红的透明度，便于股东对公司经营和利润分配进行监督， 促进形成稳定的投资者回报预期，在综合考虑外部经济环境、企业经营发展实际， 以及考虑公司目前及未来的盈利规模、发展所处阶段，公司制定了《未来三年 （2024-2026 年）股东回报规划》（以下简称"本规划"）。具体如下： 一、公司制定本规划考虑的因素 公司着眼于长远的和可持续的发展，在综合分析企业经营发展实际情况、股 东要求和意愿、社会资金成本、外部融资环境等因素的基础上，充分考虑公司目 前及未来盈利规模、现金流量状况、发展所处阶段、项目投资资金需求、银行信 贷及融资环境等情况，建立对投资者持续、稳定、科学的回报规 ...

山东太阳纸业股份有限公司 2025 年度 1 至 6 月非经营性资金占用及其他关联资金往来情况汇总表 | 司 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 济宁市兖州区 | | | | | | | | | | | | 银泉精细化工 | 控股子公司 | 其他应收款 | 576.05 | 2,193.00 | | 2,552.32 | 216.73 | 母子公司资金往来 | 非经营性往来 | | | 有限公司 | | | | | | | | | | | | 济宁福利达精 | | | | | | | | | | | | 细化工有限公 | 控股子公司 | 其他应收款 | 1,000.65 | | | 901.48 | 99.17 | 母子公司资金往来 | 非经营性往来 | | | 司 | | | | | | | | | | | | 北海市合利化 | 全资孙公司 | 其他应收款 | 40,000.00 | | 628.47 | 628.47 | 40,000.00 | 集团内统借统还 ...