Investment Rating - The investment rating for the company is "Buy" and is maintained [11]. Core Views - The company's performance in Q1 2025 met expectations, with revenue, net profit attributable to shareholders, and net profit excluding non-recurring items reaching 9.898 billion, 0.886 billion, and 0.883 billion yuan respectively, showing a year-on-year decrease of 3%, 7%, and 7% [2][7]. - The improvement in profitability per ton of cultural paper due to price increases since November 2024 contributed to a sequential performance increase of over 200 million yuan compared to Q4 2024, although the average market price for cultural paper in Q1 2025 was 300-400 yuan lower than in Q1 2024, leading to a slight year-on-year decline in profitability and overall performance [2][8][14]. Summary by Sections Business Performance - The sales volume of non-coated cultural paper and coated paper is estimated to have slightly increased both year-on-year and sequentially, while profitability per ton improved significantly due to price increases [8]. - The sales volume of boxboard paper remained stable, with the Shandong base performing best, and slight improvements noted in the Guangxi and Laos bases [8]. - The sales volume of dissolving pulp is estimated to have decreased year-on-year due to production line relocation, while the market price remained stable [8]. - The sales volume of household paper is estimated to have increased due to the release of new capacity, with profitability remaining relatively stable [8]. Future Outlook - The cultural paper market is expected to remain stable due to demand from tender orders, and the commencement of operations at the Beihai dissolving pulp plant is anticipated to further boost Q2 performance [9]. - The company expects an increase in sales and profits from the Beihai dissolving pulp plant and a shift in boxboard paper sales to optimize profitability structure [9]. - The company forecasts net profits attributable to shareholders of 3.66 billion, 4.06 billion, and 4.21 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 11, 10, and 9 times [15].

以下文章来源于数据宝 ，作者张智博 数据宝 . 数据宝——证券时报智能原创新媒体，中国股市大数据新媒体领先品牌，依托证券时报财经数据库和证监 会指定信息披露媒体的权威信息，让您用手机也能从海量数据中获得有用的决策信息支持，数据是个宝， 炒股少烦恼！ A股一季报披露正式收官。今年一季度，机构投资者钟情哪些上市公司，又进行了哪些调仓换股动作？ 证券时报·数据宝制作发布《2025年一季报社保基金持股榜》《2025年一季报QFII持股榜》与《2025年一季报基金 持股榜》，纵览三大市场机构最新动向。 社保基金持股榜：持仓三一重工超33亿元 作为A股市场的"国家队"，社保基金的持股动向备受关注。据数据宝统计，不含社保基金理事会持股，截至一季 度末，社保基金共计现身597家上市公司前十大流通股东名单，总持股量109.13亿股，同比下降11.26%；总持股市 值1739.45亿元，同比下降6.43%。拉长时间线来看，这两项数据均维持在相对高位。 以申万行业划分，社保基金对于机械设备、基础化工、电子、有色金属、电力设备、医药生物板块的持股市值均 在130亿元以上。其中，对医药生物板块公司持有数量最多，共计61家；对有色金属公 ...

投资者关系活动记录表 证券代码：002078 证券简称：太阳纸业 2025 年 4 月 30 日投资者关系活动记录表 编号：20250430 投资者关系 活动类别 □特定对象调研 □分析师会议 □媒体采访 √业绩说明会 □新闻发布会 □路演活动 □现场参观 □一对一沟通 □其他 （请文字说明其他活动内容） 参与单位名称 及人员姓名 参与公司 2024 年度业绩说明会的网上投资者 时间 2025 年 4 月 30 日下午 15:00 至 17:00 地点 网络互动平台：全景网"投资者关系互动平台"（http://ir.p5w.net） 上市公司 接待人员 公司董事长李娜女士、独立董事李耀先生、财务总监王宗良先 生、董事会秘书庞福成先生。 投资者关系活 动主要内容介 绍 公司于 2025 年 4 月 30 日下午 15:00 至 17:00，通过全景网 "投资者关系互动平台"（http://ir.p5w.net）以网络互动、文字问 答的形式举办了 2024 年度公司业绩说明会，投资者关注的主要问 题和公司回复如下： 1、请介绍一下 2024 年度太阳纸业的公司治理工作？ 回复：2024 年，公司严格按照《公司法》 ...

Core Viewpoint - The company reported Q1 2025 performance with revenue of 9.898 billion yuan, a year-on-year decrease of 2.82%, and a net profit attributable to shareholders of 0.886 billion yuan, down 7.32%, exceeding market expectations mainly due to price increases in cultural paper and cost control [1] Financial Performance - Q1 2025 paper profit recovery: Average prices for double glue paper, copper plate paper, and box board paper increased by 122, 211, and 65 yuan per ton respectively compared to the previous quarter, while inventory pulp costs declined, indicating a recovery in paper profit, particularly in cultural paper [1] - Stable external pulp sales: The company's external pulp capacity remained stable at 1.44 million tons for 2023-2024, primarily serving the group with stable consumption and minimal profit fluctuations [1] - High capital expenditure: Operating cash flow for Q1 2025 was 0.124 billion yuan, down 79% year-on-year, with capital expenditure at 1.97 billion yuan as the Guangxi base is in a peak expansion phase; the debt-to-asset ratio stands at 46% [1] Development Trends - Optimistic outlook for Q2 2025 performance: As of April 23, 2025, average prices for double glue paper and copper plate paper were 5,775 and 6,071 yuan per ton, showing a slight decrease and increase respectively compared to Q1 2025; the cultural paper market is in a traditional peak season, but price increases may be limited due to rapid declines in pulp prices [2] - Expected completion of dissolving pulp relocation in May, which is anticipated to leverage regional advantages in Guangxi, further reducing costs and enhancing production and sales levels [2] Strategic Initiatives - Three major bases working in synergy: The Laos base is focused on rapid afforestation, aiming to add over 10,000 hectares annually; the Guangxi base is expected to complete projects by the end of 2025, producing 1 million tons of high-end packaging paper and 150,000 tons of household paper; the Shandong base plans to trial production of 37,000 tons of specialty paper by April 2025 [3] - Long-term cost advantages are expected to be realized through overseas land reserves, with potential for resource-based asset revaluation [3] Profit Forecast and Valuation - The company maintains its profit forecast, with current prices corresponding to P/E ratios of 12.5x and 11.7x for 2025-2026; the target price remains at 18 yuan, implying a 27% upside potential based on P/E ratios of 16x and 15x for the same period [4]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a revenue of 9.9 billion yuan in Q1 2025, a year-on-year decrease of 2.8%, and a net profit attributable to shareholders of 890 million yuan, down 7.3% year-on-year [5][6] - The decline in revenue is primarily attributed to a year-on-year drop in product prices, despite a sequential increase in prices [6] - The gross margin for Q1 2025 was 15.8%, showing a year-on-year decrease of 2.2 percentage points but an increase of 0.9 percentage points quarter-on-quarter [6] - The company is set to launch new production capacities in 2025, enhancing the collaborative development capabilities of its three major bases [7] - The report slightly raises the net profit forecasts for 2025-2027 to 3.62 billion, 4.31 billion, and 4.94 billion yuan respectively, reflecting an increase of 3%, 4%, and 6% [7] Summary by Sections Financial Performance - Q1 2025 revenue was 9.9 billion yuan, down 2.8% year-on-year, with a net profit of 890 million yuan, down 7.3% year-on-year [5] - The gross margin was 15.8%, with a year-on-year decrease of 2.2 percentage points and a quarter-on-quarter increase of 0.9 percentage points [6] - The company’s operating expenses ratio was 5.1%, down 1.7 percentage points year-on-year [6] Production Capacity and Strategy - New production capacities in 2025 include various projects across the Shandong and Guangxi bases, expected to enhance collaborative development [7] - The company aims to complete the "integrated forestry-pulp-paper project" by the end of 2025, optimizing its operational layout [7] Profit Forecast and Valuation - The report adjusts the net profit forecasts for 2025-2027 to 3.62 billion, 4.31 billion, and 4.94 billion yuan, with corresponding EPS of 1.30, 1.54, and 1.77 yuan [7] - The current stock price corresponds to P/E ratios of 11, 9, and 8 for the years 2025, 2026, and 2027 respectively [7]

证券代码：002078 证券简称：太阳纸业 公告编号：2025-015 山东太阳纸业股份有限公司 关于为全资子公司广西太阳纸业有限公司提供连带责任担保的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，不存在虚假 记载、误导性陈述或者重大遗漏。 一、担保情况概述 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 会第四次会议审议通过了《关于公司为全资子公司广西太阳纸业有限公司提供连带 责任担保的议案》。 公司全资子公司广西太阳纸业有限公司（以下简称"广西太阳"）因业务发展 需要，向中国进出口银行广西壮族自治区分行申请 70,000 万元人民币银行贷款额 度，该业务需由山东太阳纸业股份有限公司提供连带责任担保，担保期限两年。 根据中国证券监督管理委员会《上市公司监管指引第 8 号——上市公司资金往 来、对外担保的监管要求》、《深圳证券交易所股票上市规则》和公司《章程》、 公司《对外担保管理制度》等的规定，该事项不构成关联交易；本次担保事项不需 要提交公司股东大会审议。 二、被担保人基本情况 1、公司名称：广西太阳纸业有限公司 2、统一社会信用代码：91450512MA5NXT7X0 ...

证券代码：002078 证券简称：太阳纸业 公告编号：2025-016 山东太阳纸业股份有限公司 第九届监事会第三次会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、监事会会议召开情况： 1、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 监事会第三次会议于 2025 年 4 月 8 日以书面方式发出通知,会议于 2025 年 4 月 29 日在公司会议室以现场方式召开。 2、本次会议应到监事 3 人，实到监事 3 人，全体监事均亲自出席会议。会 议由公司监事会召集人张康先生主持，公司部分高管列席了本次会议。 3、本次监事会会议的召开符合有关法律、行政法规、部门规章、规范性文 件和《公司章程》的规定。 二、监事会会议审议情况： 经与会监事充分审议，会议采用记名投票表决的方式表决了本次会议的议案， 形成并通过了如下决议： 审议通过了《公司 2025 年第一季度报告》。 表决结果：同意3票，反对0票，弃权0票。 与会监事对公司董事会编制的太阳纸业 2025 年第一季度报告发表如下审核 意见： 经认真审核，监事会认为董事会编制和审核 ...

证券代码：002078 证券简称：太阳纸业 公告编号：2025-013 山东太阳纸业股份有限公司 第九届董事会第四次会议决议公告 4、本次董事会会议的召开符合有关法律、行政法规、部门规章、规范性文 件和《公司章程》的规定。 二、董事会会议审议情况 与会董事对本次会议审议的全部议案进行审核，并以记名投票表决的方式， 进行了审议表决，形成了如下决议： （一）审议通过了《公司 2025 年第一季度报告》。 表决结果：同意7票，反对0票，弃权0票。 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、董事会会议召开情况 1、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 届董事会第四次会议于 2025 年 4 月 8 日以书面方式发出通知，会议于 2025 年 4 月 29 日在公司会议室以现场方式召开。 2、本次董事会会议应出席董事 7 人，实际出席会议的董事 7 人。 3、本次会议由公司董事长李娜女士主持。会议以记名投票方式表决。公司 全体监事及部分高级管理人员列席了本次会议。 本议案已经公司董事会审计委员会2025年第一次会议审议通过。 （二）审 ...

Financial Performance - The company's revenue for Q1 2025 was ¥9,897,728,415.84, a decrease of 2.82% compared to ¥10,184,934,449.35 in the same period last year[4] - Net profit attributable to shareholders was ¥886,069,341.18, down 7.32% from ¥956,100,372.56 year-on-year[4] - Basic and diluted earnings per share were both ¥0.32, reflecting a decline of 5.88% from ¥0.34 in the same period last year[4] - Total operating revenue for the current period is approximately ¥9.90 billion, a decrease of 2.82% from ¥10.18 billion in the previous period[27] - Net profit for the current period is approximately ¥888.23 million, a decrease of 7.31% from ¥958.70 million in the previous period[29] - Operating profit for the current period is approximately ¥1.02 billion, down 7.76% from ¥1.11 billion in the previous period[29] - The total comprehensive income attributable to the parent company decreased to approximately ¥869.87 million, down from ¥974.74 million in the previous period[31] Cash Flow - The net cash flow from operating activities decreased significantly by 78.84%, amounting to ¥124,018,862.06 compared to ¥586,151,701.20 in the previous year[4] - Cash inflow from operating activities totaled ¥10,002,387,161.02, down 5.56% from ¥10,590,932,362.43 in the same period last year[9] - Cash flow from operating activities generated a net amount of approximately ¥124.02 million, a decrease of 78.83% from ¥586.15 million in the previous period[32] - Cash inflow from financing activities increased by 25.08% to ¥6,710,558,317.65, up from ¥5,364,809,488.94 in the previous year[9] - The net cash flow from financing activities was ¥1,734,314,515.77, a substantial increase of 257.60% compared to ¥484,990,796.18 in Q1 2024[11] - Cash flow from financing activities increased to approximately ¥1.73 billion, up 258.63% from ¥484.99 million in the previous period[33] Assets and Liabilities - Total assets increased by 4.12% to ¥54,795,665,702.75 from ¥52,626,017,301.34 at the end of the previous year[4] - The company's current assets totaled RMB 13.73 billion, up from RMB 12.76 billion at the beginning of the period[21] - The company's total liabilities reached RMB 25.19 billion, compared to RMB 23.90 billion at the beginning of the period[25] - The company's equity attributable to shareholders amounted to RMB 29.49 billion, an increase from RMB 28.61 billion at the beginning of the period[25] Investments and Projects - The company is investing up to RMB 500 million in a new 37,000-ton specialty paper project at the Yandian plant, expected to enter trial production in April 2025[15] - The second phase of the 140,000-ton specialty paper project will start in 2024 with an estimated investment of up to RMB 600 million, projected to enter trial production in the first half of 2026[16] - The relocation and upgrade of the dissolving pulp production line in the Yanzhou plant is set to begin in October 2024 and is expected to be completed by May 2025[17] - The company is implementing a "forest-pulp-paper integration" project in Nanning, Guangxi, with the first phase of high-end packaging paper production lines expected to enter trial production in Q4 2025[19] - The Nanning project will also include a second phase with a total investment for new production lines of 400,000 tons of specialty paper and 350,000 tons of bleached chemical wood pulp, expected to enter trial production in Q4 2025[19] Research and Development - Research and development expenses for Q1 2025 were ¥89,096,683.92, a significant decrease of 59.22% compared to ¥218,461,369.81 in the same period last year[8] - Research and development expenses significantly decreased to approximately ¥89.10 million, down 59.30% from ¥218.46 million in the previous period[27] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 36,033[12] - The largest shareholder, Shandong Taiyang Holdings Group Co., Ltd., held 44.74% of shares, totaling 1,250,135,782 shares[12] Cash and Equivalents - The cash and cash equivalents at the end of the period amounted to ¥1,545,803,531.83, reflecting a 3.30% increase from ¥1,496,406,993.94[11] - The company reported a cash balance of RMB 2.99 billion as of March 31, 2025, down from RMB 3.23 billion at the beginning of the period[21] Other Information - The first quarter report is unaudited[34] - The new accounting standards will be implemented starting in 2025[34] - The financial statement adjustments related to the new accounting standards will be reflected at the beginning of the year of implementation[34] - The company is preparing for the transition to the new accounting standards[34] - There are no specific performance metrics or user data provided in the document[34] - Future outlook and performance guidance are not detailed in the document[34] - No information on new products or technologies is mentioned[34] - There are no updates on market expansion or mergers and acquisitions[34] - The document does not include any new strategic initiatives[34] - The report is dated April 30, 2025[34]