中银国际证券股份有限公司 二〇二五年十二月 2-1-1 中银国际证券股份有限公司 独立财务顾问报告 关于 牡丹江恒丰纸业股份有限公司 发行股份购买资产暨关联交易 之 独立财务顾问报告（上会稿） 独立财务顾问 独立财务顾问声明和承诺 中银国际证券股份有限公司（以下简称"中银证券"或"本独立财务顾 问"）接受牡丹江恒丰纸业股份有限公司（以下简称"恒丰纸业"）的委托， 担任本次恒丰纸业发行股份购买资产暨关联交易的独立财务顾问，并制作本独 立财务顾问报告。 本独立财务顾问报告是依据《中华人民共和国公司法》《中华人民共和国 证券法》《上市公司重大资产重组管理办法》《公开发行证券的公司信息披露 内容与格式准则第 26 号——上市公司重大资产重组》《上市公司并购重组财务 顾问业务管理办法》等法律、法规的有关规定，按照证券行业公认的业务标准、 道德规范，本着诚实信用、勤勉尽责的态度，遵循客观、公正原则，在认真审 阅相关资料和充分了解本次交易行为的基础上，发表独立财务顾问意见，旨在 就本次交易行为做出独立、客观和公正的评价，以供全体股东及有关各方参考。 一、独立财务顾问声明 （一）本独立财务顾问与本次交易涉及的交易各方无利益关 ...

中银国际证券股份有限公司 关于牡丹江恒丰纸业股份有限公司 发行股份购买资产暨关联交易申请的审核问询 函之回复意见（修订稿） 独立财务顾问 二〇二五年十二月 中银国际证券股份有限公司关于牡丹江恒丰纸业股份有限公司发行股份购买资产暨关联交易申请的审核问 询函之回复意见（修订稿） 上海证券交易所： 按照贵所下发的《关于牡丹江恒丰纸业股份有限公司发行股份购买资产暨关 联交易申请的审核问询函》（上证上审（并购重组）〔2025〕49 号）（以下简 称"审核问询函"）的要求，牡丹江恒丰纸业股份有限公司（以下简称"恒丰纸 业"）及相关中介机构就审核问询函所提问题进行了认真讨论分析，并按照要求 在《牡丹江恒丰纸业股份有限公司发行股份购买资产暨关联交易报告书（草案）》 （以下简称"重组报告书"）中进行了补充披露，中银国际证券股份有限公司（以 下简称"独立财务顾问"）作为本次交易的独立财务顾问，现发表核查意见如下： 本审核问询函回复（以下简称"本回复"）中的报告期指 2023 年、2024 年 及 2025 年 1-5 月；除此之外，如无特别说明，本回复所述的词语或简称与重组 报告书中"释义"所定义的词语或简称具有相关的含义。在本 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担个别及连带责任。 一、董事会会议召开情况 股票代码：600356 股票简称：恒丰纸业 编号：2025-051 牡丹江恒丰纸业股份有限公司 十一届董事会第十五次会议决议公告 经与会董事认真审阅，审议通过了以下决议： 以5票同意、0票反对、0票弃权,审议通过了《关于〈2025年经理层成员经营业绩责任书〉和〈2024年经 营层业绩考核评价结果〉的议案》。 因该议案涉及管理层薪酬，基于谨慎性原则，董事梁德权、周再利、潘高峰、李恩双回避表决。 本议案已经公司薪酬与考核委员会审议通过。 特此公告。 （一）牡丹江恒丰纸业股份有限公司十一届董事会第十五次会议，符合《公司法》、《证券法》和《公 司章程》等有关法律、法规的规定。 （二）牡丹江恒丰纸业股份有限公司于2025年12月17日以书面形式和电子邮件等方式，向公司各位董 事，发出召开公司十一届董事会第十五次会议的通知。 （三）2025年12月22日以通讯表决的方式召开了此次会议。 （四）会议应出席董事9人，实际出席董事9人。 二、董事会会议审议情况 牡丹江 ...

股票代码：600356 股票简称：恒丰纸业 编号：2025-051 牡丹江恒丰纸业股份有限公司 十一届董事会第十五次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 一、董事会会议召开情况 （一）牡丹江恒丰纸业股份有限公司十一届董事会第十五次会议，符合《公司 法》、《证券法》和《公司章程》等有关法律、法规的规定。 （二）牡丹江恒丰纸业股份有限公司于 2025 年 12 月 17 日以书面形式和电子 邮件等方式，向公司各位董事，发出召开公司十一届董事会第十五次会议的通知。 二、董事会会议审议情况 经与会董事认真审阅，审议通过了以下决议： 以 5 票同意、0 票反对、0 票弃权,审议通过了《关于<2025 年经理层成员经营 业绩责任书>和<2024 年经营层业绩考核评价结果>的议案》。 因该议案涉及管理层薪酬，基于谨慎性原则，董事梁德权、周再利、潘高峰、 李恩双回避表决。 本议案已经公司薪酬与考核委员会审议通过。 特此公告。 牡丹江恒丰纸业股份有限公司 董事会 2025 年 12 月 23 日 （三）2025 年 ...

Core Viewpoint - The A-share market shows positive momentum with the Shanghai Composite Index closing above the annual line, indicating a slight increase of 0.17% and a total trading volume of 1.665 trillion yuan [1]. Group 1: Market Performance - As of 14:59 today, the Shanghai Composite Index stands at 3876.97 points, above the annual line [1]. - A total of 153 A-shares have surpassed the annual line, with notable stocks showing significant deviation rates [1]. Group 2: Notable Stocks - The stocks with the highest deviation rates include: - Yimin Group (益民集团) with a deviation rate of 9.76% and a daily increase of 10.11% [1]. - Wanrun Technology (万润科技) with a deviation rate of 6.64% and a daily increase of 7.57% [1]. - Laiyifen (来伊份) with a deviation rate of 5.56% and a daily increase of 10.01% [1]. - Other stocks with smaller deviation rates that have just crossed the annual line include Suzhou Planning (苏州规划), Tianzhihang (天智航), and China Railway Special Cargo (中铁特货) [1].

Core Viewpoint - The Ministry of Industry and Information Technology (MIIT) has published a notification regarding the "National Industrial Power Demand Side Management Typical Cases (2025)", highlighting the importance of managing electricity demand in the industrial sector to support the national energy production and consumption revolution strategy [1][3]. Summary by Sections Notification Details - The notification was issued on December 16, 2025, and includes a list of 34 enterprises and 30 products (technologies) recognized as typical cases for power demand side management [2][3]. - Local industrial and information departments are encouraged to strengthen research on industrial electricity use and support policies, promote typical case studies, and enhance the effectiveness of power demand side management [1][3]. Case Studies - The document lists various enterprises and their initiatives in power demand side management, including: - **Hebei Changan Automobile Co., Ltd.**: Established a leadership group for power demand management, upgraded distribution networks, and implemented energy-saving measures, achieving a direct electricity cost saving of 13.45 million yuan in 2024 [3]. - **Jilin Linglong Tire Co., Ltd.**: Formed a management team and installed protective devices to improve power quality, saving 9.31 million kWh in 2024 [3]. - **Heilongjiang Province Companies**: Various companies implemented energy management systems, upgraded equipment, and participated in demand response, achieving significant energy savings and reductions in carbon emissions [4][5]. Implementation Outcomes - The initiatives led to substantial energy savings across different companies, with some reporting savings of millions of kWh and significant reductions in carbon emissions [4][5][6]. - Companies have adopted advanced technologies and management practices, such as distributed solar power generation, energy monitoring systems, and participation in electricity market transactions, to optimize energy use and reduce costs [6][7]. Future Directions - The MIIT emphasizes the need for continuous improvement in energy management practices and encourages enterprises to adopt innovative technologies and strategies to enhance energy efficiency and sustainability [1][3].

Core Viewpoint - The acquisition of 100% equity in Jin Feng Paper by Hengfeng Paper for 254 million yuan is viewed positively by the market, highlighting strategic synergies and potential for high-value product development, but deeper analysis reveals concerns about the over-optimistic portrayal of historical losses and future profitability, as well as the transfer of operational risks to Hengfeng's shareholders [1][6] Group 1: Transaction Details - The acquisition price of 254 million yuan corresponds to a price-to-book ratio (PB) of 3.79, significantly higher than the industry average of 1.46, justified by asset revaluation and optimistic profit forecasts [4] - The unique business model of "entrusted processing + general trade" has created a misleading financial picture for Jin Feng Paper, with projected revenues of 119 million yuan and net profits of 4.71 million yuan for 2025, which do not reflect its true earning potential [2] Group 2: Financial Analysis - Jin Feng Paper's management expenses are projected to drop significantly from 19.31 million yuan in 2023 to 10.59 million yuan in 2025, attributed to the elimination of one-time government consulting fees, cancellation of employee bonuses, and reduced depreciation costs, which may not be sustainable long-term [3] - The financial assessment includes a critical "fair price" assumption, suggesting that Jin Feng Paper's simulated net profit could reach 17.43 million yuan under certain conditions, indicating that current low profits are a result of specific accounting practices rather than operational inefficiencies [2] Group 3: Risks and Uncertainties - The absence of performance compensation clauses in the transaction means that all risks associated with the new product lines and market performance will be borne entirely by Hengfeng's shareholders, creating a risk asymmetry [5] - The future growth of Jin Feng Paper relies heavily on the successful launch of new products in a competitive market, with significant uncertainty regarding its ability to secure sufficient orders to justify the investment in new production lines [4][5]

格隆汇12月11日丨恒丰纸业(600356.SH)在互动平台表示，公司多年来在国际市场销售已取得较好成 绩，外销产品已占公司总销量的20%以上，成为菲莫国际、英美烟草、日烟国际等国际烟草巨头的重要 供应商，公司卷烟配套用纸产品国际市场综合占有率超过20%。 ...

Core Viewpoint - The report highlights the growth of industrial enterprises in Heilongjiang Province, indicating a slight increase in the number of large-scale industrial companies and their contribution to the national total [1]. Group 1: Company Information - Listed companies mentioned include Huadian Energy (600726), Daqing Huake (000985), Hengfeng Paper (600356), Baotailong (601011), Yuheng Pharmaceutical (002437), Hasan Lian (002900), Harbin Pharmaceutical (600664), Kewang Pharmaceutical (002737), Zhenbaodao (603567), Harbin Air Conditioning (600202), China First Heavy Industries (601106), Longjiang Transportation (601188), Jiuzhou Group (300040), and Guozhong Water (600187) [1]. Group 2: Industry Statistics - As of January to October 2025, Heilongjiang Province had 4,858 industrial enterprises, an increase of 72 compared to the same period last year, representing a year-on-year growth of 1.5% and accounting for 0.93% of the national total [1]. - The threshold for large-scale industrial enterprises in Heilongjiang was raised from an annual main business income of 5 million to 20 million yuan starting in 2011 [1]. Group 3: Research and Consulting - Zhiyan Consulting is identified as a leading industry consulting firm in China, specializing in deep industry research reports, business plans, feasibility studies, and customized services, aimed at empowering investment decisions [1].

Core Viewpoint - The Chinese paper industry is projected to experience growth in production, with a notable increase in the output of mechanical paper and paperboard from 2020 to 2025, indicating a positive market outlook for the sector [1] Industry Summary - According to the National Bureau of Statistics, the production of mechanical paper and paperboard (excluding purchased raw paper processing) in September 2025 is expected to reach 14.26 million tons, reflecting a year-on-year growth of 6.3% [1] - From January to September 2025, the cumulative production of mechanical paper and paperboard (excluding purchased raw paper processing) is anticipated to be 121.128 million tons, with a cumulative growth of 3.4% [1] - The data indicates a steady increase in production capacity and market demand within the Chinese paper industry, suggesting a favorable environment for investment [1] Company Summary - Listed companies in the sector include Sun Paper Industry (002078), Chenming Paper (000488), Bohui Paper (600966), Yueyang Forest & Paper (600963), Shanying International (600567), and Hengfeng Paper (600356), which are key players in the Chinese paper market [1] - The report by Zhiyan Consulting provides insights into the market research and development prospects for the paper industry from 2025 to 2031, highlighting the importance of strategic planning for companies in this sector [1]