SCPH(SZ:000488) Zheng Quan Ri Bao Wang·2025-12-12 13:45Core Viewpoint - Shandong Chenming Paper Holdings Limited (referred to as "ST Chenming") is divesting its financing leasing business assets for a total consideration of 3.336 billion yuan to Shouguang Shengjia Investment Co., Ltd., a wholly-owned state-owned enterprise under the Shouguang Municipal Finance Bureau, to refocus on its core pulp and paper business [1][2]. Group 1: Transaction Details - The divestiture involves a "equity + debt" package, including 100% equity of Shandong Chenming Leasing Co., Ltd., 25% equity of Qingdao Chenming Nonghai Leasing Co., Ltd., 25% equity of Shanghai Chenming Leasing Co., Ltd., and a debt claim of 2.263 billion yuan from Zhanjiang Chenming Paper Products Co., Ltd. [2] - The total transaction price is 3.336 billion yuan, with 1.073 billion yuan for equity and 2.263 billion yuan for debt [2]. - A phased payment plan is established to control risks, requiring the buyer to pledge the acquired shares as collateral and prioritize dividend payments for debt repayment until the total price is settled [2]. Group 2: Financial Impact - The financing leasing business has been a significant financial burden, with the three target companies reporting a combined loss of over 4.5 billion yuan in the first three quarters of 2025, and one company having negative net assets [3]. - The divestiture is expected to purify the company's financial statements and allow it to focus on its core business, with proceeds from the sale primarily used to supplement working capital [3]. Group 3: Future Strategy - The company plans to enhance market analysis, optimize product structure, and focus on cost reduction and efficiency improvements to ensure stable operations [4]. - As a leading player in the paper industry, the company aims to invest more in product development, technological innovation, and cost control to strengthen its market position after shedding the financing leasing burden [4]. - The company is advised to enhance its integration of wood pulp production, shift product focus to high-margin varieties, and leverage digitalization for governance improvements [4].