证券代码：002078 证券简称：太阳纸业 公告编号：2025-002 山东太阳纸业股份有限公司 第九届董事会第三次会议决议公告 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、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 届董事会第三次会议于 2025 年 3 月 28 日以电话、电子邮件等方式发出通知，会 议于 2025 年 4 月 8 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。 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2024年度总经理工作报告》。 表决结果：同意7票，反对0票，弃权0票。 （二）审议通过了《公司2024年度董事会工作报告》。 表 ...

Financial Performance - The company reported a revenue of 10 billion RMB for the fiscal year 2024, representing a 15% increase compared to the previous year[24]. - The company reported a net profit of 1.2 billion RMB for the year, a 20% increase year-over-year[24]. - The company's operating revenue for 2024 reached ¥40,726,522,000, representing a 2.99% increase compared to ¥39,544,343,100 in 2023[6]. - Net profit attributable to shareholders for 2024 was ¥3,101,256,400, a slight increase of 0.50% from ¥3,085,686,120 in 2023[6]. - The net cash flow from operating activities for 2024 was ¥8,499,709,700, showing a significant increase of 28.44% from ¥6,617,497,060 in 2023[6]. - The company achieved a total revenue of ¥14,566.2 billion in 2024, representing a year-on-year growth of 3.9%[43]. - The company reported a significant increase in revenue, achieving a total of 1.2 billion RMB, representing a 15% year-over-year growth[163]. - The company has provided guidance for the next fiscal year, projecting a revenue increase of approximately 10% to 5,198 million[150]. Investments and Acquisitions - The company has completed the acquisition of a local competitor, which is projected to enhance market share by 10%[24]. - A strategic acquisition is planned, aimed at enhancing product offerings and increasing operational efficiency, with an estimated cost of 1 billion[150]. - The company plans to complete the first and second phases of the "integrated forestry, pulp, and paper" project in Nanning by the end of 2025[45]. - The company plans to invest in multiple new projects, including a 37,000-ton specialty paper project and various production lines across its bases, with a focus on safety and quality management[114]. Research and Development - R&D expenditure for the year was 500 million RMB, accounting for 5% of total revenue, reflecting the company's commitment to innovation[24]. - The company is focusing on the development of high-performance cellulose new materials, aiming to fill domestic gaps and enhance the supply capability of key raw materials[79]. - The company’s R&D personnel increased to 1,687 in 2024, representing a growth of 7.52% from 1,569 in 2023[82]. - Research and development expenditures are projected to increase by 20%, focusing on sustainable technologies and product enhancements[150]. Sustainability and ESG Initiatives - The company is committed to ESG principles, aiming for a "zero carbon" product line and enhancing its carbon footprint management system[9]. - The company has implemented a new sustainability strategy, aiming for a 30% reduction in carbon emissions by 2026[24]. - Sun Paper prioritizes environmental protection and quality, focusing on clean production and increasing the use of renewable energy to align with carbon reduction goals[53]. - The company was recognized as a national green supply chain management enterprise, highlighting its commitment to sustainability[59]. Market Expansion and Strategy - The company plans to expand its market presence in Southeast Asia, targeting a 20% increase in sales from this region by 2025[24]. - The company is actively pursuing market expansion and innovation in specialty paper products, enhancing its competitive edge[6]. - The company aims to achieve a profit margin of 12% in the next fiscal year, up from 10% in the current year[24]. - The company is expanding its market presence in Southeast Asia, with plans to open three new distribution centers by the end of 2024[163]. Corporate Governance and Management - The controlling shareholder, Shandong Sun Paper Holdings Group, holds nearly 50% of the shares, providing strong governance and strategic implementation support[49]. - The management team is stable and experienced, with an average age of around 30, ensuring high loyalty and effective execution in response to market changes[49]. - The company has established a governance structure that complies with relevant laws and regulations, ensuring effective operation and decision-making processes[130]. - The board of directors consists of seven members, including three independent directors, ensuring compliance with governance standards[133]. Employee Engagement and Development - The company has implemented a comprehensive training and development system to enhance employee skills and capabilities, focusing on a dual mentorship approach for new graduates[191]. - Employee benefits include timely social insurance and housing fund contributions, free meals, and high-standard employee housing[189]. - The company emphasizes a salary policy that aligns with market benchmarks and performance, ensuring competitive compensation for key positions and high-performing employees[188]. - The average daily innovation proposals from frontline employees increased by 55% year-on-year, indicating heightened employee engagement in innovation[60]. Financial Management and Shareholder Returns - The company plans to distribute a cash dividend of 3 RMB per 10 shares to all shareholders, based on a total of 2,794,535,119 shares[14]. - The cash dividend distribution represents 100% of the total profit distribution amount, with no stock dividends or capital reserve transfers planned[195]. - The company has established a shareholder return plan for 2024-2026, aiming to create a stable and transparent dividend mechanism[193]. - The company has implemented a stock incentive plan from 2021 to 2023, granting 62,281,000 restricted shares to 1,185 individuals[199].

二、利润分配预案的基本情况 （一）基本内容 1、分配基准：2024 年度 2、 根据致同会计师事务所（特殊普通合伙）出具的标准无保留意见审计报 告【审计报告: 致同审字（2025）第 371A008730 号】，公司 2024 年度归属于上 市公司股东的净利润为 3,101,256,409.22 元；2024 年度母公司净利润为 796,306,683.55 元，加上母公司 2024 年初未分配利润 9,155,150,477.39 元， 本年度未提取盈余公积金，减去公司 2023 年度利润分配 838,371,935.70 元，公 司 2024 年度母公司报表未分配利润为 9,113,085,225.24 元。截至 2024 年 12 月 31 日及本公告披露日，公司总股本为 2,794,535,119 股。 证券代码：002078 证券简称：太阳纸业 公告编号：2025-004 山东太阳纸业股份有限公司 关于2024年度利润分配预案的公告 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、审议程序 山东太阳纸业股份有限公司（以下简称"公司"）于2025年 ...

证券代码：002078 证券简称：太阳纸业 公告编号：2025-005 山东太阳纸业股份有限公司 关于提请股东大会授权董事会制定2025年中期分红方案的公告 （三）中期分红的金额上限 公司在2025年度进行中期分红金额不超过当期归属于上市公司股东净利润的100%。 一、2025 年中期分红安排 （一）中期分红的前提条件 公司在2025年度进行中期分红的，应同时满足下列条件： 1、公司当期归属于上市公司股东的净利润为正，且累计未分配利润亦为正数； 2、公司的现金流能够满足正常经营活动及持续发展的资金需求。 （二） 中期分红时间 公司计划于2025年下半年实施2025年中期分红方案。 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。 山东太阳纸业股份有限公司（以下简称"公司"）根据《中华人民共和国公司 法》、《上市公司监管指引第3号——上市公司现金分红》、《深圳证券交易所上市公 司自律监管指引第1号——主板上市公司规范运作》等相关法律、法规、规范性文件及 《公司章程》的规定，为进一步提高分红频次，增强投资者回报水平，结合公司实际 情况，公司董事会提请股东大会授权董事 ...

太阳纸业（002078）公告，2024年营业收入407.27亿元，同比增长2.99%。归属于上市公司股东的净利 润31.01亿元，同比增长0.50%。向全体股东每10股派发现金红利3元(含税)，送红股0股(含税)，不以公 积金转增股本。 ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for its stock performance [7]. Core Views - The company is a leading player in the integrated forestry-pulp-paper industry in China, showing resilience with revenue and profit growth despite industry pressures in 2024. The recovery in cultural paper prices is expected to enhance profitability in 2025 [7]. - The company has a robust production capacity and a strong integrated supply chain, which positions it well for future growth as the market for cultural paper improves [7]. - Earnings forecasts suggest a gradual increase in net profit from 31 billion RMB in 2024 to 38 billion RMB in 2026, with corresponding EPS growth [9]. Summary by Sections Company Overview - The company operates in the light industry manufacturing sector, with a current A-share price of 14.90 RMB as of March 28, 2025, and a market capitalization of 413.52 billion RMB [2]. Recent Performance - In 2024, the company achieved a revenue of 407.39 billion RMB, a year-on-year increase of 3.02%, and a net profit of 31.26 billion RMB, up 1.29% year-on-year [7]. - Despite a challenging market, the company’s revenue and profit grew, showcasing its operational strength [7]. Market Conditions - The paper industry faced price declines in various segments, with double glue paper and copper plate paper prices dropping by 8.7% and 6.3% respectively in 2024. However, the company managed to grow its financials [7]. - Cultural paper prices are expected to rise in 2025 due to supply constraints and strong pricing intentions from producers [7]. Production Capacity - The company has a total production capacity exceeding 12 million tons, with significant investments in new production lines planned to support future growth [7]. Financial Projections - The company is projected to achieve net profits of 31 billion RMB, 35 billion RMB, and 38 billion RMB for the years 2024, 2025, and 2026 respectively, with corresponding EPS of 1.1 RMB, 1.3 RMB, and 1.4 RMB [9]. - The current A-share price corresponds to a P/E ratio of 13 times for 2024, indicating a favorable valuation compared to future earnings growth [9].

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company reported a revenue of 40.739 billion yuan for 2024, reflecting a year-on-year growth of 3.0%. The Q4 revenue was 9.764 billion yuan, down 5.6% year-on-year, primarily due to pressure on pulp prices. The net profit attributable to the parent company for 2024 was 3.126 billion yuan, a year-on-year increase of 1.3% [6][7] - The company is expected to see sequential improvement in H1 2025, driven by a recovery in cultural paper prices and a favorable demand environment [6][7] Financial Data and Profit Forecast - Total revenue (million yuan): - 2023: 39,544 - 2024E: 40,739 - 2025E: 43,591 - 2026E: 49,729 - Year-on-year growth rate (%): - 2024E: 3.0% - 2025E: 7.0% - 2026E: 14.1% - Net profit attributable to the parent company (million yuan): - 2024E: 3,126 - 2025E: 3,537 - 2026E: 4,164 - Earnings per share (yuan/share): - 2024E: 1.12 - 2025E: 1.27 - 2026E: 1.49 - Gross margin (%): - 2024E: 16.8% - 2025E: 16.7% - 2026E: 16.5% - Return on equity (ROE %): - 2024E: 11.0% - 2025E: 11.5% - 2026E: 12.3% [2][6][7] Market Data - Closing price (yuan): 14.32 - Market capitalization (million yuan): 39,742 - Price-to-earnings ratio (PE): - 2024E: 13 - 2025E: 11 - 2026E: 10 - Dividend yield (%): 2.09 [3][6] Company Strategy and Outlook - The company is advancing its integrated forestry-pulp-paper strategy, with plans to increase plantation areas in Laos and expand production capacity in various locations, which is expected to support future growth [7] - The diversified product portfolio is designed to mitigate cyclical disruptions, and the company is positioned to benefit from cost advantages and operational optimizations in its production processes [7]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5] Core Views - The company is expected to see a revenue increase of 3% year-on-year in 2024, reaching 40.74 billion yuan, with a net profit of 3.13 billion yuan, reflecting a growth of 1.3% [1] - The growth in 2024 is attributed to the effective release of new production capacity and improvements in the sales volume of paper products, alongside continuous optimization of raw material procurement and management costs [1] - The company has announced a price increase for paper products, which is expected to enhance profitability in the upcoming quarters [2] - The company is expanding its production capacity and integrating its supply chain by increasing its upstream operations, particularly in Laos, which is expected to strengthen cost advantages [3] Financial Data Summary - Revenue for 2024 is projected at 40.74 billion yuan, with a growth rate of 3.02% [4] - The net profit for 2024 is estimated at 3.13 billion yuan, with a slight increase of 1.3% [4] - The company’s EBITDA for 2024 is expected to be 6.77 billion yuan [4] - The earnings per share (EPS) for 2024 is projected to be 1.12 yuan [4] - The price-to-earnings (P/E) ratio for 2024 is estimated at 12.69 [4]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5] Core Views - The company is expected to see a revenue increase of 3% year-on-year in 2024, reaching 40.74 billion yuan, with a net profit of 3.13 billion yuan, reflecting a growth of 1.3% [1] - The growth in 2024 is attributed to the effective release of new production capacity and improved management of raw material procurement costs [1] - The company has successfully expanded its production capacity and is integrating its supply chain by increasing its upstream operations in Laos [3] Financial Performance Summary - For Q4 2024, the company anticipates a revenue of 9.76 billion yuan, a decrease of 5.6% year-on-year, and a net profit of 670 million yuan, down 29.7% [1] - The company’s EBITDA for 2024 is projected to be 6.77 billion yuan, with a slight decrease from the previous year [4] - The earnings per share (EPS) is expected to be 1.12 yuan in 2024, with a projected increase to 1.24 yuan in 2025 [4] Price Trends and Market Conditions - The company has implemented a price increase of 200 yuan per ton for its products in March, coinciding with seasonal demand [2] - The average price for boxboard and corrugated paper in early 2025 is reported at 3680 yuan and 2859 yuan per ton, respectively, showing an increase from Q4 [2] Capacity Expansion and Strategic Initiatives - The company’s first phase of high-end packaging paper production and chemical wood pulp production lines in Guangxi have reached stable production [3] - The company plans to trial production of additional high-end packaging paper lines by the end of 2025, further enhancing its production capabilities [3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company is expected to achieve total operating revenue, net profit attributable to the parent company, and net profit after deducting non-recurring gains and losses of 40.739 billion, 3.126 billion, and 3.263 billion yuan respectively in 2024, representing a year-on-year increase of 3%, 1%, and 8% [2][4]. - In Q4 2024, the company is projected to achieve total operating revenue, net profit attributable to the parent company, and net profit after deducting non-recurring gains and losses of 9.764 billion, 667 million, and 672 million yuan respectively, showing a year-on-year decline of 6%, 30%, and 29% [2][4]. - The report anticipates a continuous upward trend in profits for Q1 and Q2 of 2025 due to several factors including price increases for cultural paper, rising pulp prices, and the expected resumption of production at the relocated dissolving pulp production line [10][10]. Summary by Sections Financial Performance - The company reported a total operating revenue of 39.544 billion yuan in 2023, with projections of 40.739 billion, 42.727 billion, and 47.229 billion yuan for 2024, 2025, and 2026 respectively [14]. - The net profit attributable to the parent company for 2023 was 3.086 billion yuan, with forecasts of 3.126 billion, 3.638 billion, and 4.208 billion yuan for the following three years [14]. Market Outlook - The industry is expected to enter a significant upward cycle over the next 2-3 years, with limited new production capacity anticipated after H1 2025, alongside a clear expectation of price increases for pulp and paper due to demand recovery [10][10]. - The company plans to increase its planting area by over 10,000 hectares in 2024 and an additional over 10,000 hectares in 2025, which is expected to enhance wood chip profit contributions [10].