Investment Rating - The industry investment rating is "Hold" [2] Core Insights - The report highlights that multiple paper companies have recently issued price increase notices, indicating a potential recovery in profitability due to improved supply-demand dynamics and the correction of previously low prices [4][16] - The report notes that the domestic paper industry is experiencing a wave of price hikes across various paper types, including cultural paper, household paper, and specialty paper, driven by rising raw material costs [4][16] - The geopolitical situation in the Middle East is affecting logistics and energy costs, indirectly impacting China's pulp imports, but it does not directly influence the pulp production capacity globally [5][22][23] Summary by Sections Price Increases in the Paper Industry - Since the fourth quarter of 2025, major paper companies have issued price increases, with white cardboard prices raised by 200 yuan/ton [4][16] - Cultural paper prices have increased by 200 yuan/ton, household paper by 100 yuan/ton in two increments, and specialty paper by 500 yuan/ton [4][16] Market Data Tracking - As of March 6, 2026, the average market prices for imported needle pulp and broadleaf pulp were 5241 yuan/ton and 4565 yuan/ton, respectively, showing limited month-on-month changes [4][22] - The report tracks various paper product prices, noting that prices for waste paper types have increased by approximately 2% [52] Housing Market Insights - From February 22 to March 1, 2026, the transaction area of commercial housing in 30 major cities reached 1.2137 million square meters, a month-on-month increase of 1316.97% [36] - The report indicates that the real estate market's recovery could stimulate home consumption growth, benefiting the home furnishing sector [36] Investment Recommendations - The report suggests focusing on leading companies in the home furnishing sector and those with high growth potential in smart home products [9] - In the paper industry, it recommends paying attention to companies with diversified product lines and integrated operations, such as Sun Paper [9] - For the packaging sector, the acquisition of COFCO Packaging by Orijin is expected to enhance market share and pricing power [9]

Core Viewpoint - ST晨鸣's B shares experienced an abnormal price fluctuation, with a cumulative increase exceeding 12% over three consecutive trading days in February 2026, indicating potential market volatility [1] Group 1: Stock Performance - The closing price deviation of ST晨鸣's B shares on February 13, 24, and 25, 2026, was noted to be significant, with a cumulative increase of over 12% [1] - The company confirmed that there were no major undisclosed information affecting the stock price and that previous disclosures did not require correction or supplementation [1] Group 2: Operational Status - As of the announcement date, production at bases in Shouguang and other locations was reported to be normal, while some factories in Zhanjiang were accelerating their resumption of operations [1] - The company, its controlling shareholders, and actual controllers reported no undisclosed major matters during the period of abnormal stock fluctuation [1] Group 3: Shareholder Activity - During the period of abnormal price fluctuation, there were no stock trading activities reported by the controlling shareholders or actual controllers of the company [1]

SHANDONG CHENMING PAPER HOLDINGS LIMITED Interim Financial Report 2025 SHANDONG CHENMING PAPER HOLDINGS LIMITED Interim Financial Report 2025 August 2025 I Financial Report I. Auditors' Report Is the interim report audited □ Yes √ No The interim financial report is unaudited. II. Financial Statements The unit in the notes to the financial statements is: RMB 1. Consolidated Balance Sheet Prepared by: Shandong Chenming Paper Holdings Limited 30 June 2025 Unit: RMB | Item | Closing balance | Opening balance | ...

亦不存在处于筹划阶段的重大事项。 三、是否存在应披露而未披露信息的说明 证券代码： 000488 200488 证券简称：ST 晨鸣 ST 晨鸣 B 公告编号：2025-048 山东晨鸣纸业集团股份有限公司 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、股票交易异常波动的情况 山东晨鸣纸业集团股份有限公司（以下简称"公司"）B 股股票（股票代码：200488， 股票简称：ST 晨鸣 B）交易价格于 2025 年 8 月 4 日、2025 年 8 月 5 日、2025 年 8 月 6 日连续三个交易日收盘价格跌幅偏离值累计超过 12%，根据《深圳证券交易所股票交易 规则》的有关规定，属于股票交易异常波动的情况。 二、公司关注并核实情况的说明 的未公开重大信息。 在落实提款条件、签署贷款协议等，公司将根据资金状况、市场情况等陆续推进各生产 基地的复工复产。 山东晨鸣纸业集团股份有限公司董事会 二〇二五年八月六日 本公司董事会确认，公司目前没有任何根据《深圳证券交易所股票上市规则》等规 定应予以披露而未披露的事项或与该事项有关的筹划、商谈、意向、协议等；董事会 ...

一、主要会计数据和财务指标 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | -2.5300 | -0.4500 | -462.22 | 0.0300 | | 每股净资产（元） | 3.12 | 5.65 | -44.78 | 6.07 | | 每股公积金(元) | 1.77 | 1.8 | -1.67 | 1.8 | | 每股未分配利润(元) | 0.21 | 2.71 | -92.25 | 3.15 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 227.29 | 266.09 | -14.58 | 320.04 | | 净利润(亿元) | -74.11 | -12.81 | -478.53 | 1.89 | | 净资产收益率(%) | -57.25 | -7.65 | -648.37 | 0.55 | 数据四舍五入，查看更多财务数据>> 前十大流通股东累计持有： 128332.79万股，累计占流通股比： 44.1% ...

证券代码： 000488 200488 证券简称：ST 晨鸣 ST 晨鸣 B 公告编号：2025-007 山东晨鸣纸业集团股份有限公司 关于公司股价异动的公告 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、股票交易异常波动的情况 山东晨鸣纸业集团股份有限公司（以下简称"公司"）A 股股票（股票代码：000488， 股票简称：ST 晨鸣）、B 股股票（股票代码：200488，股票简称：ST 晨鸣 B）交易价 格于 2025 年 2 月 21 日、2025 年 2 月 24 日、2025 年 2 月 25 日连续三个交易日收盘价 格跌幅偏离值累计超过 12%，根据《深圳证券交易所股票交易规则》的有关规定，属于 股票交易异常波动的情况。 二、公司关注并核实情况的说明 1、公司前期披露的信息不存在需要更正、补充之处。 2、公司未发现近期公共传媒报道了可能或已经对公司股票交易价格产生较大影响 的未公开重大信息。 3、根据《深圳证券交易所股票上市规则》相关规定，公司 A 股、B 股股票自 2025 年 2 月 21 日开市起被实施其他风险警示，详情请参阅公司于 20 ...

证券代码：000488 200488 证券简称：晨鸣纸业 晨鸣 B 公告编号：2024 -046 山东晨鸣纸业集团股份有限公司 第十届监事会第十次会议决议公告 本公司及监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。 二〇二四年八月十四日 一、审议通过了《公司 2024 年半年度报告全文和摘要》 经审核，监事会认为董事会编制和审议公司 2024 年半年度报告全文和摘要的 程序符合法律、行政法规及中国证监会的规定，报告内容真实、准确、完整地反映 了公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 本议案表决结果：同意票 5 票，反对票 0 票，弃权票 0 票。 详细内容请参阅同日披露在巨潮资讯网站（www.cninfo.com.cn）及香港联交所 网站（www.hkex.com.hk）的相关公告。 特此公告。 山东晨鸣纸业集团股份有限公司监事会 山东晨鸣纸业集团股份有限公司(以下简称"公司")第十届监事会第十次会 议于 2024 年 8 月 14 日以通讯方式召开，会议通知于 2024 年 8 月 4 日以邮件及书 面方式下发给公司监事，会议应到监事 5 人， ...

证券代码：000488 200488 证券简称：晨鸣纸业 晨鸣 B 公告编号：2024-045 山东晨鸣纸业集团股份有限公司 第十届董事会第十次会议决议公告 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。 山东晨鸣纸业集团股份有限公司（以下简称"公司"）第十届董事会第十次会议 通知于 2024 年 8 月 4 日以书面、邮件方式送达各位董事，会议于 2024 年 8 月 14 日以 通讯方式召开，会议应到董事 11 人，实到董事 11 人。本次董事会的召开符合国家有 关法律、法规和《公司章程》的规定。 与会董事认真审议并一致通过了本次会议的各项议案，形成会议决议如下： 一、审议通过了《公司 2024 年半年度报告全文和摘要》 本议案表决结果：同意票 11 票，反对票 0 票，弃权票 0 票。 详细内容请参阅同日披露在巨潮资讯网站（www.cninfo.com.cn）及香港联交所网 站（www.hkex.com.hk）的相关公告。 二、审议通过了《关于山东晨鸣集团财务有限公司解散的议案》 山东晨鸣集团财务有限公司（以下简称"晨鸣财务公司"）为公司的全资下属公司， ...

山东晨鸣纸业集团股份有限公司 2024 年半年度报告全文 山东晨鸣纸业集团股份有限公司 2024 年半年度报告 2024 年 08 月 1 山东晨鸣纸业集团股份有限公司 2024 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人陈洪国、主管会计工作负责人董连明及会计机构负责人(会计 主管人员)张波声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本报告的董事会会议。 公司面临宏观经济波动、国家政策调整、行业竞争等风险因素影响，敬 请广大投资者注意投资风险。详细内容敬请查阅管理层讨论与分析中关于公 司面临的风险和应对措施的内容。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 山东晨鸣纸业集团股份有限公司 2024 年半年度报告全文 自 录 | --- | --- | |-------------------------------|-------| | | | | 第一节 重要提示、目录和释义 . | | | ...

Financial Performance - The company's operating revenue for 2023 was ¥26.61 billion, a decrease of 16.86% compared to ¥32.00 billion in 2022[21]. - The net profit attributable to shareholders was -¥1.28 billion, representing a decline of 776.89% from ¥189 million in the previous year[21]. - Basic and diluted earnings per share were both -¥0.45, a decrease of 1,600% from ¥0.03 in 2022[21]. - Total assets at the end of 2023 were ¥79.49 billion, down 5.71% from ¥84.30 billion at the end of 2022[21]. - The weighted average return on equity was -7.65%, a decrease of 8.2 percentage points from 0.55% in 2022[21]. - The company reported a total of ¥660.83 million in non-recurring gains and losses for 2023, compared to ¥550.75 million in 2022[28]. - The company experienced a significant decline in net profit, with the net profit before and after deducting non-recurring items both being negative[21]. - The company’s total liabilities were ¥58.39 billion, with total equity attributable to shareholders at ¥16.69 billion[26]. - The company achieved a revenue of RMB 26.609 billion in 2023, with cash flow from operating activities amounting to RMB 4.390 billion[146]. - The company's net profit for the fiscal year ending December 31, 2023, was a loss of RMB 1.281 billion, attributed to weak downstream demand and significant price declines in paper products[113]. Dividend and Shareholder Actions - The company reported a plan not to distribute cash dividends, issue bonus shares, or increase capital from reserves[5]. - Due to the financial performance, the board of directors proposed not to distribute any cash dividends for the fiscal year 2023, aiming to reduce debt and enhance the company's risk resilience[113]. - The company's available reserves for cash distribution as of December 31, 2023, amounted to RMB 8.493 billion, down from RMB 9.858 billion in 2022[121]. - The company has not proposed any cash dividend distribution plan during the reporting period despite having a positive profit available for distribution to shareholders[196]. - The company plans not to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital for the year[196]. Corporate Governance - The board of directors consists of 5 executive directors, 2 non-executive directors, and 5 independent non-executive directors, with a term ending in June 2025[122]. - The board of directors consists of 11 members, including 4 independent directors, ensuring high decision-making quality[157]. - The company has established independent financial, operational, and personnel systems, maintaining complete independence from the controlling shareholder[160]. - The company has a complete asset control system, ensuring no unauthorized use of its assets by the controlling shareholder[161]. - The company published over 160 reports and announcements through designated media, ensuring transparency and compliance with disclosure regulations[158]. - The company maintains a robust governance structure, aligning with regulatory requirements from the China Securities Regulatory Commission and stock exchanges[159]. - The company emphasizes the importance of corporate governance and the protection of minority shareholders' rights[188]. Market and Industry Outlook - The company faces risks from macroeconomic fluctuations, national policies, and industry competition, which investors should be aware of[4]. - The paper industry is expected to see a recovery in 2024, with signs of improving profitability as wood pulp prices decline and paper demand rebounds[94]. - The company aims to achieve over CNY 10 billion in profits and taxes during the 14th Five-Year Plan period, focusing on becoming a world-class enterprise[96]. - The company plans to expand its international presence in line with China's Belt and Road Initiative, enhancing global market outreach[97]. - The company is focusing on optimizing its industrial structure and regional layout to enhance efficiency in pulp and paper production[96]. Research and Development - The company applied for 33 patents and obtained 42 authorized patents in 2023, laying a foundation for long-term development[34]. - The company has established multiple leading innovation R&D platforms, enhancing its independent innovation capabilities[46]. - Research and development projects include the development of self-adhesive paper technology, which is in the trial production stage and aims to enhance product functionality[68]. - The number of R&D personnel increased by 9.64% to 1,502 in 2023, accounting for 14.16% of the total workforce[69]. - R&D investment decreased by 9.75% to ¥1,164,419,698.13, while the ratio of R&D investment to operating revenue increased to 4.38%[69]. Operational Efficiency and Cost Management - The company plans to focus on improving operational efficiency and exploring new market opportunities in the upcoming fiscal year[32]. - The company is focused on enhancing supply chain advantages, developing new products, and improving asset utilization efficiency[35]. - The company has optimized its capital structure by introducing high-quality strategic investors, reducing financing leasing business by over RMB 20 billion from its peak[34]. - The overall operating cost for the paper industry in 2023 decreased by 3.1% year-on-year, while revenue declined by 2.4%[37]. - The company is committed to safety and technological upgrades, with ongoing projects to increase production capacity, including an 180,000-ton specialty paper project in Zhanjiang[99]. Environmental and Sustainability Initiatives - The company invested over RMB 8 billion in environmental protection measures, including advanced pollution control systems, leading to industry-leading wastewater reuse rates[54]. - The company is committed to a green, low-carbon, and sustainable development strategy, emphasizing the integration of forest, pulp, and paper operations[97]. - The company has implemented advanced water recycling technologies, achieving over 75% reuse rate of treated water, aligning with green development goals[103]. - The company is committed to sustainability, with plans to reduce carbon emissions by 30% over the next five years through innovative practices and technologies[167]. - The management team emphasized a commitment to sustainability, aiming for a 50% reduction in carbon emissions by 2030[174]. Employee and Management Information - The total number of employees at the end of the reporting period was 10,604, with 2,522 in the parent company and 7,341 in major subsidiaries[192]. - The professional composition of employees includes 7,181 production personnel, 465 sales personnel, 410 technical personnel, 177 financial personnel, 1,198 administrative personnel, and 1,173 others[193]. - The educational background of employees shows 23 with postgraduate degrees, 879 with bachelor's degrees, 2,253 with associate degrees, and 7,449 with secondary education or below[193]. - The total pre-tax remuneration for directors, supervisors, and senior management during the reporting period amounted to RMB 2,361.67 million[184]. - The annual remuneration for each executive director and senior management ranges from RMB 200,000 to RMB 5 million, determined based on financial indicators and performance goals[179]. Share Repurchase and Stock Incentives - The company repurchased and canceled 22,929,000 A-shares of restricted stock at a price of RMB 2.5184172 per share, totaling RMB 66.2288 million[142]. - The company has implemented a stock incentive plan, granting 79,600,000 shares of restricted stock at a price of 2.85 yuan per share to 111 incentive targets[198]. - The total number of shares repurchased by the company reached 52,502,350, with 12,690,000 shares being repurchased in the latest period[164]. - The company completed the repurchase and cancellation of 22,929,000 shares on November 20, 2023[200]. - Five incentive participants lost their qualification due to resignation, impacting the overall incentive plan[200].