ST晨鸣剥离亏损业务，33亿出售融资租赁资产回归造纸主业

Core Viewpoint - ST晨鸣 has decided to divest its financing leasing business for 3.336 billion yuan, refocusing on its core paper manufacturing operations [2][3]. Group 1: Transaction Overview - On December 12, ST晨鸣 announced the sale of its entire financing leasing business to Shouguang Shengjia Investment Co., Ltd. for 3.336 billion yuan, which includes both equity and related debts [2]. - The transaction will be executed in three phases, with the first payment of 50% (1.668 billion yuan) due initially, and the remaining amount to be paid over two years [5]. Group 2: Background of Divestment - The financing leasing business has incurred significant losses, totaling over 4.5 billion yuan from 2023 to 2024, with asset impairment losses reaching 2.8 billion yuan, leading to two consecutive years of negative net profit for the company [3]. - The paper manufacturing segment is also under pressure due to fluctuating raw material prices and weak market demand, resulting in a gross margin decline to 18% [4]. Group 3: Use of Proceeds - The funds from the divestment will primarily be used to repay over 30 billion yuan in interest-bearing debt, alleviating financial pressure [6]. - Additional funds will support working capital needs and be invested in the integrated pulp and paper project to enhance control over the paper production chain [6]. Group 4: Industry Impact and Market Reaction - By shedding the non-core financing leasing business, ST晨鸣 aims to concentrate resources on expanding high-end paper production capacity in Guangdong and Hubei, targeting a 15% market share in cultural and packaging paper by 2026 [7][8]. - The local government’s support in the acquisition reflects a commitment to stabilizing leading enterprises, reducing the risk of delisting for ST晨鸣 [9]. - Following the announcement, ST晨鸣's stock price rose by 5.46%, closing at 3.85 yuan per share, indicating positive market sentiment towards the strategic shift [10]. Group 5: Trends in the Paper Industry - The paper industry is currently facing overcapacity and demand differentiation, prompting accelerated consolidation among leading companies [11]. - ST晨鸣 plans to enhance cost control by leveraging scale advantages in raw material procurement, potentially improving profitability [12]. - The company is also responding to increasing market demand for eco-friendly products by raising the proportion of recycled pulp usage from 20% to 35% [13].