Core Viewpoint - ST晨鸣 is currently assessing raw material supply at its Zhanjiang base and plans to meet the conditions for resuming production by the end of the year, with specific updates to be provided through company announcements [1] Company Summary - ST晨鸣 is actively working on the preparation of raw materials at its Zhanjiang facility [1] - The company aims to achieve the conditions necessary for resuming production by the end of this year [1] - Stakeholders are encouraged to monitor company announcements for updates on the progress of resumption and production [1]

Group 1 - The company ST晨鸣 (000488.SZ) is currently assessing materials for its Zhanjiang base and plans to meet the conditions for resuming production by the end of the year [1] - The specific timeline for the resumption of operations and production will be communicated through company announcements [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 山東晨鳴紙業集團股份有限公司 呈交日期: 2025年12月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 000488 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,706,765,684 | RMB | | 1 RMB | | 1,706,765,684 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 1,706,765,684 | RMB | | 1 RMB | | 1,706,765,684 | | 2. 股份分類 | 普通股 | 股份類別 ...

Core Viewpoint - The company has resumed production at several facilities and is working to restore operations at others [1] Group 1: Production Status - As of December 1, the company confirmed that its Shouguang, Huanggang, Jilin, and Jiangxi Base II are operating normally [1] - The Jiangxi Base I and Zhanjiang Base are in the process of raw material preparation to expedite the resumption of production [1]

Report Industry Investment Rating No specific industry investment rating is provided in the report. Core Viewpoints - In terms of supply, overseas new - capacity addition is limited in 2025 - 2026. With major overseas broadleaf pulp mills announcing production cuts and conversions in the second half of this year, the global wood pulp supply pressure is expected to ease in 2026, and the growth rate of broadleaf pulp shipments may slow down. European economic improvement may increase the proportion of trade pulp sent to Europe, alleviating China's import pressure. However, domestic broadleaf pulp new - capacity addition in recent years may bring more supply next year, and the overall domestic supply may remain relatively loose [5][50]. - Regarding demand, although a large amount of finished paper capacity was put into production this year, terminal demand was insufficient, paper was in surplus, and paper mills' operating rates were low. The downstream paper mills were cautious in raw material procurement, resulting in high port inventories. But the continuous expansion of paper capacity will create marginal incremental demand for pulp, which may support the pulp price to stabilize gradually. Next year, the demand for cultural paper is not expected to be strong, and packaging paper and household paper are likely to be the main growth points [5][50]. - Overall, in the short - term, the improvement in pulp supply and demand is insufficient, and the pulp price may stay at the bottom. In the medium - to - long - term, the pulp price center is expected to rise. It is recommended to wait for the bottom - building and then consider long - position opportunities when the price is low. The breakthrough from the bottom depends on substantial improvement in supply and demand. Attention should also be paid to the impact of the remaining cloth - needle warehouse receipts on the market [6][51]. Summary by Directory 2025 Pulp Market Review - The pulp price showed a trend of continuous decline followed by wide - range fluctuations at a low level throughout the year. It can be divided into five stages: from January to early February, it fluctuated strongly; from mid - February to early May, it declined continuously; from mid - May to July, it fluctuated widely; from August to early October, it hit a new low again; from mid - October to the present, it consolidated at a low level [12][13]. Pulp Supply - Demand Analysis Global Wood Pulp Supply - In 2025, overseas pulp mills had few large - scale new installations. The capacity ramp - up of Suzano's broadleaf pulp in Brazil was the main source of market pressure. The global broadleaf pulp shipments remained at a high level throughout the year, and the global softwood pulp shipments recovered rapidly in the third quarter. The shipments to Western Europe and North America decreased, while the demand from China increased significantly. In 2025, from January to September, the cumulative global softwood pulp shipments increased by 0.6% year - on - year, and the cumulative global broadleaf pulp shipments increased by 7.7% year - on - year. In September, pulp mills reduced inventories, but the overall inventory was still at a relatively high level compared to the same period, and the softwood pulp inventory pressure was higher than that of broadleaf pulp [16]. - Looking ahead to 2026, the pressure of overseas new - capacity release is expected to ease, and the global broadleaf pulp supply pressure may decrease marginally. The growth rate of broadleaf pulp shipments may slow down, while the softwood pulp may still see a slight increase in the short - term due to high inventory and rising shipments [17]. European Consumption and Inventory - European demand remained weak. In October, the consumption of softwood pulp in Europe was 230,000 tons, a month - on - month increase of 1.8% and a year - on - year decrease of 9.3%; the consumption of broadleaf pulp was 562,800 tons, a month - on - month increase of 5.9% and a year - on - year increase of 5.3%. In October, the inventory days at European pulp mills remained at a historical high, suppressing the pulp price. Most European ports' inventories decreased month - on - month in September, and the total European port inventory decreased by 4.39% month - on - month, but it was still at a relatively high level in recent years [21]. China's Pulp Imports - In 2025, the cumulative global pulp shipments increased slightly year - on - year. Due to weak demand in the European and American markets, China became the main destination for increased shipments. From January to October, China's cumulative pulp imports increased by 4.8% year - on - year. The increase in China's pulp imports mainly came from the rise in broadleaf pulp imports, and the total softwood pulp imports also increased, but the increase was relatively small [24][25]. - In 2026, with the recovery of the European economy, the proportion of trade pulp sent to China may decline. The import pressure of broadleaf pulp may decrease, and the increase in softwood pulp imports is also expected to be limited [25]. China's Port Inventories - In 2025, China's pulp port inventories remained at a high level for a long time, indicating an oversupply in the domestic pulp market. Downstream paper mills had low willingness to replenish raw material inventories and mainly made rigid - demand purchases. In November, the port inventory increased slightly, and the inventory pressure remained. The combined pulp inventory of Qingdao Port, Changshu Port, Gaolan Port, Tianjin Port, and Baoding area in late November was about 2.0104 million tons, a 3.55% increase from the previous month [31]. China's Downstream Consumption - In recent years, the large - scale new - capacity addition in the domestic finished paper industry led to over - capacity and insufficient demand, squeezing the paper mills' profits. Some large enterprises limited or stopped production. In 2025, the new - capacity addition of white cardboard and offset paper still put pressure on their profits. Although a large amount of finished paper capacity was put into production, the terminal demand was insufficient, and the overall paper production did not increase significantly. From January to October, the total output of four major types of paper was 31.02 million tons, almost the same as last year. In the long - term, the planned new - capacity addition of paper is still large, and the pulp demand is expected to increase slightly next year. But if the terminal orders do not improve, the upside of the pulp price will be limited [34][35]. 2026 Pulp Market Outlook - Supply: The global wood pulp supply pressure is expected to ease, and the proportion of trade pulp sent to Europe may increase, alleviating China's import pressure. However, domestic broadleaf pulp new - capacity addition may bring more supply, and the overall domestic supply may remain relatively loose [50]. - Demand: Terminal demand is insufficient, and paper mills' operating rates are low. But the continuous expansion of paper capacity will create marginal incremental demand for pulp, which may support the pulp price to stabilize gradually. Next year, packaging paper and household paper are likely to be the main growth points [50]. - Strategy: In the short - term, the pulp market will fluctuate at the bottom. In the medium - to - long - term, attention should be paid to long - position opportunities when the price is low [7].

晨鸣纸业(01812)发布公告，山东晨鸣纸业集团股份有限公司(以下简称"公司")近日接到第一大股东晨鸣 控股有限公司(以下简称"晨鸣控股")函告，获悉其所持有本公司的4.1亿股A股股份被司法轮候冻结。 ...

Core Viewpoint - The announcement indicates that the largest shareholder of Chenming Paper Industry Co., Ltd. has had 410 million A-shares frozen due to judicial reasons [1] Group 1 - Chenming Paper Industry Co., Ltd. received a notification from its largest shareholder, Chenming Holdings Co., Ltd., regarding the freezing of shares [1] - The number of A-shares affected by the judicial freeze is 410 million [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 山東晨鳴紙業集團股份有限公司 SHANDONG CHENMING PAPER HOLDINGS LIMITED* （於中華人民共和國註冊成立的股份有限公司） （股份代號：1812） 海外監管公告 茲載列山東晨鳴紙業集團股份有限公司在深圳證券交易所網站刊登日期為二零二 五年十一月二十八日的「山東晨鳴紙業集團股份有限公司關於股東股份被輪候凍 結的公告」，僅供參閱。 承董事會命 山東晨鳴紙業集團股份有限公司 姜言山 主席 中國，山東 二零二五年十一月二十八日 於本公告日期，執行董事為姜言山先生、李偉先先生、劉培吉先生、孟峰先生 和朱艷麗女士；非執行董事為宋玉臣先生及王穎女士；及獨立非執行董事為 張志元先生、羅新華先生、萬剛先生及孔鵬志先生。 * 僅供識別 证券代码： 000488 200488 证券简称：ST 晨鸣 ST 晨鸣 B 公告编号：2025-074 本公告乃根據香港聯合交易所有限公司證券上市規則第1 ...

证券代码： 000488 200488 证券简称：ST 晨鸣 ST 晨鸣 B 公告编号：2025-074 山东晨鸣纸业集团股份有限公司 关于股东股份被轮候冻结的公告 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。 山东晨鸣纸业集团股份有限公司（以下简称"公司"）近日接到第一大股东晨鸣控 股有限公司（以下简称"晨鸣控股"）函告，获悉其所持有本公司的部分股份被司法轮 候冻结，具体事项如下： 2、晨鸣控股不存在非经营性资金占用、违规担保等侵害公司利益的情形。 3、本次晨鸣控股所持股份新增被轮候冻结事项不会导致公司实际控制权或第一大 股东发生变更，不会对公司生产经营、公司治理产生重大不利影响。 公司将持续关注晨鸣控股的股份冻结情况，严格遵守相关规定，及时督促股东履行 信息披露义务，敬请广大投资者注意投资风险。 四、备查文件 1、晨鸣控股关于股份新增轮候冻结的通知； 2、中国证券登记结算有限责任公司证券轮候冻结情况表。 特此公告。 二、股东股份累计被冻结情况 截至本公告披露日，上述股东所持股份累计被冻结情况如下： | 股东名称 | 持股数量 （股） | 持股比例 | 轮 ...

Core Viewpoint - ST Morning's largest shareholder, Morning Holdings, has had 410 million shares frozen, representing 50.00% of its holdings and 13.94% of the company's total share capital [1] Summary by Sections Shareholder Actions - The reason for the share freeze is judicial in nature, executed by the Beijing Financial Court [1] - As of the announcement date, a total of 3.469 billion shares held by Morning Holdings have been frozen, which accounts for 423.04% of its holdings and 117.92% of the company's total share capital [1] Company Impact - The company asserts that the share freeze will not lead to any changes in actual control or the largest shareholder [1] - It is also stated that there will be no significant adverse effects on the company's operations or governance [1]