牡丹江恒丰纸业股份有限公司 关于发行股份购买资产暨关联交易之 标的资产过户完成的公告 股票代码：600356 股票简称：恒丰纸业 编号：2026-006 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。 牡丹江恒丰纸业股份有限公司（以下简称："公司"）拟通过发行股份的方式 购买四川锦丰纸业股份有限公司 100%股权（以下简称："本次交易"）。 公司于 2026 年 1 月 23 日收到中国证券监督管理委员会（以下简称"中国证监 会"）出具的《关于同意牡丹江恒丰纸业股份有限公司发行股份购买资产注册的批 复》（证监许可[2026]95 号），具体内容详见公司于 2026 年 1 月 24 日披露的《牡 丹江恒丰纸业股份有限公司关于发行股份购买资产暨关联交易事项获得中国证券 监督管理委员会同意注册批复的公告》（公告编号：2026-003）。 公司在收到中国证监会的注册批复后，积极推进本次交易的实施事宜。截至本 公告日，本次交易涉及标的公司 100%股权的过户手续及相关工商变更登记事宜已 完成，具体情况如下： 一、本次交易的实施情 ...

恒丰纸业公告称，公司拟发行股份收购锦丰纸业100%股权，不涉及募集配套资金。截至2月，本次交易 已获恒丰集团、黑龙江省新产投集团等原则同意，通过国资备案、董事会及股东会审议、上交所审核、 证监会注册等程序。1月26日，标的公司完成工商变更登记，名称变更为四川锦丰纸业有限公司，恒丰 纸业已持有其100%股权。后续，公司需确定过渡期损益归属、发行股份支付对价、修改公司章程等， 实施不存在实质性法律障碍。 ...

Core Viewpoint - The stock of Kane Co. has hit the daily limit up, indicating strong market interest and positive sentiment towards the company and its peers in the paper industry [1] Group 1: Company Performance - Kane Co. has reached its daily trading limit, reflecting significant investor confidence [1] - Other companies in the paper industry, including Bohui Paper, Yueyang Forest Paper, Sun Paper, Wuzhou Special Paper, Yibin Paper, and Hengfeng Paper, have also seen their stock prices rise in response to Kane Co.'s performance [1]

Core Viewpoint - The electricity market reform in 2026 marks a significant shift as the National Development and Reform Commission officially transfers the time-of-use pricing authority to the market, ending the era of government-set peak and valley electricity prices [1][3] Group 1: Market Dynamics - The reform replaces the previous "uniform provincial, fixed annual" peak and valley pricing model with a dynamic pricing system based on real-time supply and demand [3] - Local governments are now able to adjust pricing flexibly according to regional electricity characteristics, with Shandong implementing a "five-segment" pricing model that features valley prices as low as 0.2 yuan/kWh and peak prices reaching 1.2 yuan/kWh, creating a significant price differential [3][5] - Jiangsu has introduced additional valley pricing periods during peak solar generation hours to encourage increased electricity consumption during these times [3] Group 2: Benefits to Businesses - The nine provinces and cities that have implemented the new policies have introduced differentiated pricing schemes, benefiting industrial and commercial users significantly [5] - For instance, a hotel in Nanjing has saved 3.67 million yuan annually by utilizing a storage strategy that shifts electricity usage to off-peak times [5] - A steel company in Jiangsu has reported savings exceeding 1 million yuan in a single period by adjusting its operations to nighttime, with total annual savings projected at around 12.5 million yuan [5] Group 3: Consumer Protection - The reform maintains a safety net for ordinary residents, agricultural users, and small businesses, ensuring that their electricity pricing remains unchanged [7] - Policies such as tiered pricing and peak-valley pricing for residents are preserved, with some regions enhancing benefits, like Yunnan's introduction of a discounted valley pricing period [7] - The agricultural sector continues to enjoy government-approved preferential pricing, stabilizing production costs and ensuring that the benefits of the reform extend to the real economy and public welfare [7] Group 4: Industry Transformation - The transfer of pricing authority to the market is a critical step in adapting to a new power system, allowing market forces to play a decisive role in resource allocation [9] - The reform encourages renewable energy companies to shift focus from merely increasing output to enhancing value, leading to integrated energy storage solutions [7][9] - As of September 2025, China's new energy storage capacity has surpassed 100 million kilowatts, accounting for over 40% of the global total, positioning the country as a leader in this sector [7]

Core Viewpoint - Hengfeng Paper is accelerating its strategic diversification by investing in a new green printing project to enhance its competitiveness and market presence in the tobacco sector [2][3]. Group 1: Investment and Project Details - The company plans to invest 349 million yuan to establish a new green printing project aimed at producing 800,000 boxes of cigarette labels [2][3]. - The project is expected to have a construction period of 20 months, from April 2026 to December 2027, and will include the construction of a production workshop and warehouses [3][4]. - The new project will leverage existing customer resources to quickly expand market reach and enhance customer loyalty, promoting the company's diversification and innovation capabilities [4]. Group 2: Market and Industry Context - The project targets the core markets of Northeast China and extends to North China and Inner Mongolia, focusing on high-quality and environmentally friendly printing solutions [4]. - The demand for high-quality, personalized cigarette packaging is increasing, driven by consumer preferences and stricter environmental regulations, creating opportunities for growth in the printing industry [3][4]. Group 3: Financial Performance and Projections - Hengfeng Paper forecasts a net profit attributable to shareholders of 178 million to 215 million yuan for 2025, representing a year-on-year increase of 53.69% to 85.63% [6]. - The company aims to optimize its product structure and improve operational efficiency to achieve significant growth in profitability [6]. Group 4: Mergers and Acquisitions - The company has received approval to acquire 100% of Sichuan Jinfeng Paper Co., Ltd. for 254 million yuan, which will enhance its production capacity and market presence [7]. - This acquisition is expected to strengthen the company's technical research capabilities and customer service levels, thereby improving overall operational efficiency [7].

Investment Overview - The company plans to invest a total of 34,948.81 million yuan in a new green printing project aimed at enhancing its competitiveness in the tobacco sector and diversifying its product offerings [2][6] - The project will produce 800,000 boxes of cigarette labels, helping the company reduce reliance on a single product and strengthen its competitive edge and risk resilience [2] Board Approval - The board of directors approved the investment in the green printing project on February 3, 2026, with unanimous support from all attending members [3] Project Details - The project will be located on the existing industrial land adjacent to the company's current facilities [4] - The investment breakdown includes 33,881.78 million yuan for construction, 396.89 million yuan for construction period interest, and 670.14 million yuan for working capital [6] - The construction will involve building a new cigarette label production workshop and associated facilities, with a total area of approximately 20,917.40 square meters [7] Market Positioning and Feasibility - The tobacco industry is experiencing stable growth, with increasing demand for high-quality and personalized cigarette packaging, which presents significant opportunities for the printing sector [8] - The project targets the core market in Northeast China and aims to expand into regions such as North China and Inner Mongolia, leveraging industry expertise to ensure successful project execution [8] Impact on the Company - The new project is expected to enhance the company's market presence, increase production capacity, and drive revenue growth, aligning with the company's long-term development goals [11] - The project will also facilitate the company's diversification strategy and strengthen its collaborative efforts with existing customers [11]

Project Overview - The company plans to invest CNY 34,948.81 million in a new green printing project aimed at enhancing its competitiveness in the tobacco sector and diversifying its product offerings [2][4] - The project will produce 800,000 boxes of cigarette labels, reducing reliance on a single product and strengthening the company's competitive edge and risk resilience [4] Board Meeting and Approval - The board of directors held a meeting on February 3, 2026, where all 9 attending directors unanimously approved the investment proposal for the new green printing project [5] Project Details - The project will be located on the existing industrial land adjacent to the company's current facilities [7] - The total investment includes CNY 33,881.78 million for construction, CNY 396.89 million for construction period interest, and CNY 670.14 million for working capital [8] - The project involves constructing a new cigarette label production workshop and associated facilities, with a total building area of 20,917.40 square meters [9] Market Positioning and Feasibility - The tobacco industry shows stable growth, with increasing demand for high-quality and personalized cigarette labels, driven by consumer preferences and stricter environmental regulations [11] - The project targets the core market in Northeast China and aims to expand into North China and Inner Mongolia, leveraging industry expertise to ensure smooth production operations [11] Impact on Company - The new project is expected to enhance the company's market presence, increase production capacity, and drive revenue growth, aligning with the company's long-term development goals [14]

Key Points - The core viewpoint of the articles highlights various company announcements regarding financial performance, project investments, and stock activities, indicating a mixed outlook across different sectors. Group 1: Company Highlights - Jiepu Te's revenue from optical communication-related business accounts for less than 5% of total operating income [1] - Woge Optoelectronics' aerospace CPI products have not yet achieved mass production [1] - JuGuang Technology's revenue from the optical communication sector is still low, approximately 7% as of Q3 2025 [1] - XuGuang Electronics plans to raise no more than 1 billion yuan through a private placement [1] - Huafa Co. intends to raise no more than 3 billion yuan through a private placement [1] Group 2: Project Investments - Huangshan Tourism plans to invest approximately 530 million yuan in the construction of a hotel project [1] - WangNeng Environment intends to build a waste incineration power plant in Uzbekistan with a daily processing capacity of 1,500 tons [1] - Fulin Precision plans to establish a joint venture for a project with an annual output of 500,000 tons of ferrous oxalate [1] Group 3: Performance Reports - Zhuoyue New Energy's net profit for 2025 is projected to be 170 million yuan, a year-on-year increase of 14.16% [1] - Zhongyuan Media's net profit for 2025 is reported at 1.349 billion yuan, a year-on-year increase of 30.99% [1] - Babi Food's net profit for 2025 is reported at 273 million yuan, a year-on-year decrease of 1.30% [1] Group 4: Stock Activities - Yutong Century is expected to win a project worth 107 million yuan [1] - Zhejiang Dongfang plans to acquire 5.98% of Guojin Leasing for 108 million yuan [1] - Yuxin Co. has completed a share buyback of 1.4003% of its shares [1]

Group 1 - Fulin Precision's subsidiary Jiangxi Shenghua invested 270 million yuan to establish a joint venture for a 500,000-ton ferrous oxalate project, with a total investment of 1.5 billion yuan expected to be completed by September 30, 2026 [1] - Xuguang Electronics plans to raise up to 1 billion yuan through a private placement to fund high-voltage vacuum arc extinguishing chamber expansion and other projects [2] - Minexplosion Optoelectronics intends to acquire 100% equity of Xiazhi Precision, with the transaction subject to shareholder and regulatory approvals [3] Group 2 - Shangluo Electronics' controlling shareholder plans to reduce his stake by up to 3% due to personal financial needs [4] - Babi Food reported a 1.3% decline in net profit for 2025, despite an 11.22% increase in revenue [5] - Pengding Holdings' subsidiary acquired industrial land in Huai'an for 66.14 million yuan [6] Group 3 - Zhuoyue New Energy's net profit for 2025 increased by 14.16%, despite a 17.43% decline in revenue [7] - Zhongyuan Media's net profit grew by 30.99% in 2025, with revenue decreasing by 5.13% [8] - Huangshan Tourism plans to invest approximately 530 million yuan in a hotel project with a 24-month construction period [9] Group 4 - *ST Jinling's restructuring plan was approved by the court, which may improve the company's financial situation [11] - Jichuan Pharmaceutical's subsidiary paid 80 million yuan for exclusive commercialization rights of a drug [12] - Pilin Bio's subsidiary received a notice for the acceptance of a drug supplement application [13] Group 5 - Nepe Mining terminated its investment in Swiss Veritas Resources AG due to changes in conditions [14] - Jinhui Wine announced a cash dividend of 0.20 yuan per share for the first three quarters of 2025 [15] - Hualan Biological's clinical trial for a new drug received approval for an additional indication [16] Group 6 - Industrial Fulian reported a total of 247 million yuan spent on share buybacks as of January 31, 2026 [17] - Yitong Century was pre-selected for a 107 million yuan project with China Tower [18] - Wanfeng Co. noted uncertainty in future price changes for disperse dyes [19] Group 7 - Bibet's clinical trial application for a new drug was approved by the National Medical Products Administration [21] - Chengbang Co. signed new project contracts worth 40.03 million yuan in Q4 2025 [22] - *ST Hengji received a court ruling for a performance compensation of 175 million yuan [23] Group 8 - Jihua Group is planning a change in control, leading to continued stock suspension [24] - Ningbo Port expects a container throughput of 5.03 million TEUs in January 2026, a 9.5% increase [25] - Hengli Petrochemical's actual controller increased his stake by 3.3 million shares [26] Group 9 - Hongfuhan signed a sales contract worth 480 million yuan with Guangdong Quanxiang [27] - All New Good's shareholder lifted a judicial freeze on 4.36% of the company's shares [28] - Changchun High-tech's subsidiary's clinical trial application for a new drug was accepted [29] Group 10 - Xingqi Eye Medicine's clinical trial for a new drug entered the first/second phase [31] - Hanma Technology reported a 140.04% increase in new energy heavy truck production in January 2026 [32] - Hengfeng Paper plans to invest 349 million yuan in a new green printing project [33] Group 11 - Zhifei Biological's mRNA vaccine for shingles received clinical trial approval [34] - Yutong Bus reported a 15.35% decrease in production in January 2026 [35] - StarNet Ruijie plans to sign a lease contract with an affiliate for a total rent of up to 110 million yuan [36] Group 12 - Hacheng Bonda's director completed a 0.97% share reduction [37] - Hendi Pharmaceutical's application for a new drug was approved [38] - Xinhua Medical's subsidiary received a medical device registration certificate [40] Group 13 - Yaokang Bio reported a 31.49% increase in net profit for 2025 [41] - Gaotie Electric reported a 14.02% increase in net profit for 2025 [42]

Industry - In January 2025, the National Bureau of Statistics reported that the total profit of industrial enterprises above designated size reached 73,982 billion yuan, a 0.6% increase from 2024. The paper and paper products industry generated revenue of 14,186.7 billion yuan, a 2.6% decrease year-on-year, with costs at 12,463.7 billion yuan, down 2.8%, and total profits at 443 billion yuan, down 13.6% [3] Company - On January 28, Nine Dragons Paper (02689.HK) announced a profit forecast for the second half of 2025 between 2.15 billion and 2.25 billion yuan, representing a growth of 216.0% to 230.7% compared to 680.3 million yuan in the same period of 2024, driven by increased sales volume and prices, along with reduced raw material costs [3] - On January 28, Yuyuan Forest Paper projected a net profit attributable to shareholders of the parent company for 2025 to be between -260 million and -200 million yuan [4] - On January 29, Yibin Paper (600793.SH) estimated a net profit for 2025 of 24 million to 36 million yuan, indicating a turnaround from losses in 2024 [4] - On January 30, Zhongshun Jierou announced an expected net profit of 300 million to 330 million yuan for 2025, a significant increase of 288.69% to 327.56% year-on-year [4] - On January 31, Chenming Paper forecasted a net profit for 2025 between -8.8 billion and -8.2 billion yuan [5] - On January 31, Huatai Co. projected a net profit for 2025 between -50 million and -70 million yuan [6] - Recently, Hengfeng Paper announced an expected net profit for 2025 of 178 million to 215 million yuan, an increase of 53.69% to 85.63% year-on-year [6] - Recently, Shandong Huajin Group announced a project to upgrade a 56,500 t/a pulping production line to produce reed pulp, with an expected annual output of 56,500 t of reed pulp and 90,000 t of humic acid [6] - Recently, Taisheng Technology Group acquired 40% of Sichuan Yongfeng Pulp and Paper Co., Ltd. from Xiamen Jianfa Co., Ltd. for 98,527.57 million yuan, achieving full control of Yongfeng Pulp and Paper [6]