Core Viewpoint - ST晨鸣 reported a significant decline in financial performance for the first three quarters of 2025, with a substantial drop in revenue and a shift to net losses [1] Financial Performance - The company achieved an operating revenue of 3.348 billion yuan, representing a year-on-year decrease of 83.11% [1] - The net profit attributable to shareholders was a loss of 6.008 billion yuan, marking a transition from profit to loss compared to the previous year [1] Reasons for Performance Decline - The major reason for the performance decline was the shutdown of several production bases for maintenance during the reporting period, which led to a decrease in the sales volume of paper products [1] - There was a significant increase in credit impairment losses and asset impairment losses, which further exacerbated the losses [1]

注：合计金额与各分项数值之和尾数差异，系四舍五入所致。 二、本次计提资产减值准备的确认标准及计提方法 1、应收款项 公司考虑有关过去事项、当前状况以及未来经济状况的预测等合理且有依据 的信息，以发生违约的风险为权重，计算合同应收的现金流量与预期能收到的现 金流量之间差额的现值的概率加权金额，确认预期信用损失。以预期信用损失为 基础，对应收账款、其他应收款、其他流动资产、长期应收款和债务重组进行减 值会计处理并确认损失准备。 公司对于处于不同阶段的金融工具的预期信用损失分别进行计量。金融工具 自初始确认后信用风险未显著增加的，处于第一阶段，按照未来12个月内的预期 信用损失计量损失准备；金融工具自初始确认后信用风险已显著增加但尚未发生 信用减值的，处于第二阶段，按照该工具整个存续期的预期信用损失计量损失准 备；金融工具自初始确认后已经发生信用减值的，处于第三阶段，按照该工具整 证券代码：000488 200488 证券简称：ST 晨鸣 ST 晨鸣 B 公告编号：2025-073 山东晨鸣纸业集团股份有限公司 关于计提资产减值准备的公告 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 ...

山东晨鸣纸业集团股份有限公司 2025 年第三季度报告 证券代码：000488 200488 证券简称：ST 晨鸣 ST 晨鸣 B 公告编号：2025-072 2025 年第三季度报告 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。 重要内容提示： 1、董事会及董事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担 个别和连带的法律责任。 2、公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 山东晨鸣纸业集团股份有限公司 □是 ☑否 1 山东晨鸣纸业集团股份有限公司 2025 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 3、第三季度报告是否经过审计 公司是否需追溯调整或重述以前年度会计数据 □是 ☑否 | | 本报告期 | 本报告期比上年同 | 年初至报告期末 | 年初至报告期末 | | --- | --- | --- | --- | --- | | | | 期增减 | | 比上年同期增减 | | 营业收入（元） | 1,241,229, ...

公告称，截至公告日，姜言山未持有公司股票，与其他董监高无关联关系。 【ST晨鸣：姜言山当选董事长，曾在寿光市财政局任职】10月29日，ST晨鸣（000488.SZ）公告披露董 事会换届结果，选举姜言山为公司第十一届董事会董事长，在总经理空缺期间代其履行职责。 公告显示，姜言山出生于1974年1月，中国国籍，无境外永久居留权，中共党员，本科学历。其职业生 涯起步于地方政府财经系统，曾任寿光市财政局办公室副主任、主任，寿光市财税政策研究中心主任， 寿光市财政局党组成员，全国蔬菜标准质量中心推广科科长等职务。现任晨鸣控股党支部副书记、公司 董事长。 ST晨鸣方面表示，公司当前处于复工复产与风险化解的过渡阶段，暂未聘任新总经理，由姜言山代行 职责，直至公司按程序聘任总经理为止。中经记者 陈家运 北京报道 ...

中经记者 陈家运 北京报道 10月29日，ST晨鸣（000488.SZ）公告披露董事会换届结果，选举姜言山为公司第十一届董事会董事 长，在总经理空缺期间代其履行职责。 公告显示，姜言山出生于1974年1月，中国国籍，无境外永久居留权，中共党员，本科学历。其职业生 涯起步于地方政府财经系统，曾任寿光市财政局办公室副主任、主任，寿光市财税政策研究中心主任， 寿光市财政局党组成员，全国蔬菜标准质量中心推广科科长等职务。现任晨鸣控股党支部副书记、公司 董事长。 公告称，截至公告日，姜言山未持有公司股票，与其他董监高无关联关系。 ST晨鸣方面表示，公司当前处于复工复产与风险化解的过渡阶段，暂未聘任新总经理，由姜言山代行 职责，直至公司按程序聘任总经理为止。 （编辑：董曙光 审核：吴可仲 校对：颜京宁） ...

Group 1: Overall Market and Macroeconomic Situation - The Fed cut interest rates by 25 basis points in October and will end balance - sheet reduction in December, but Powell's hawkish remarks on December rate - cut prospects led the market's probability of a December rate cut to drop from 95% to 65% [1][3] - South Korea promised to invest $350 billion in the US to get tariff preferences for the auto and semiconductor industries, and the US - Canada trade negotiation was suspended [1] - The Bank of Canada cut interest rates by 25 basis points as expected and significantly lowered its economic growth forecast [1] - China's Q3 GDP growth rate declined as expected, and the GDP deflator showed a recovery trend. Fiscal policy has clearly taken action to support the economy [2] - The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China was positively received by the stock market, and the adjustment of key work deployment emphasized the importance of technology, opening - up, and focusing on people's livelihood to boost domestic demand [2] Group 2: RMB Exchange Rate - The on - shore RMB against the US dollar closed at 7.0991 on the previous trading day, up 15 basis points, and the central parity rate was raised by 13 basis points [3] - Optimistic expectations of Sino - US trade negotiations and the central bank's guidance on the exchange rate are key factors for the RMB's strength against the US dollar. Export enterprises are advised to lock in forward exchange settlement at around 7.13, and import enterprises are advised to adopt a rolling foreign exchange purchase strategy at the 7.09 mark [4] Group 3: Stock Index - The stock index closed higher on the previous trading day, with small - cap stocks performing strongly. The Shanghai and Shenzhen 300 Index rose 1.19%. The total trading volume of the two markets increased by 10.817 billion yuan [5] - The release of the full - version of the "15th Five - Year Plan Proposal" boosted market sentiment. The stock index is expected to be affected by the Fed's rate - cut expectations, with short - term volatility increasing but overall remaining relatively strong [5] Group 4: Treasury Bonds - On Wednesday, Treasury bond futures opened higher, but the TL contract closed down. The stock market was strong, but the bond market was not affected. The yield of 1 - 3 - year bonds decreased by 3 - 4 basis points. It is recommended to maintain a long - position strategy on dips [6] Group 5: Container Shipping (European Routes) - On October 29, the container shipping index (European routes) futures market closed higher across the board. The main contract EC2512 rose 5.08%. The market volume increased significantly, and the position of the main contract increased to 31,906 lots [8] - Bullish factors include geopolitical support, improved macro - situation, and a stronger spot index. Bearish factors include uncertain spot demand, a loose supply - demand pattern, and weak European economic data. The futures are expected to continue to fluctuate strongly in the short term, but beware of technical corrections [9][10][11] Group 6: Precious Metals (Gold and Silver) - On Wednesday, precious metal prices continued to fluctuate and adjust. COMEX gold 2512 contract closed at $3941.7 per ounce, down 1.04%; SHFE silver 2512 contract closed at 11,338 yuan per kilogram, up 1.91% [13] - The Fed's hawkish rate cut in December led to a significant cooling of rate - cut expectations. In the short term, precious metals are in an adjustment phase. It is recommended to pay attention to mid - term buying opportunities on dips and continue to hold existing long positions cautiously [13][15] Group 7: Copper - Overnight, Comex copper closed at $5.19 per pound, down 1.35%; LME copper closed at $11,090 per ton, up 0.47%; SHFE copper closed at 89,130 yuan per ton, up 1.23%. The 89,200 level may be the high for the year [16][17] - Glencore lowered its 2025 copper production target due to a decline in ore grade at some mines. It is recommended to pay attention to the support at 87,000 and the pressure at 89,200 for the December contract [16][17][18] Group 8: Aluminum and Related Products - For aluminum, the Fed's rate cut and Sino - US trade talks have mixed effects. In the short term, Shanghai aluminum is expected to fluctuate at a high level. For alumina, it is in an oversupply situation, and it is recommended to maintain a short - position strategy. For cast aluminum alloy, it has a strong follow - up relationship with Shanghai aluminum, and it is recommended to pay attention to the price difference [18][19][20] Group 9: Zinc - The zinc price maintained a high - level shock on the previous trading day. The smelting end's willingness to cut production in November has increased, and the low inventory provides support for the price. It is expected to fluctuate strongly [21][22] Group 10: Nickel and Stainless Steel - The Shanghai nickel main contract rose 0.34%, and the stainless - steel main contract rose 0.31%. The nickel ore policy in Indonesia has become stricter, and the downstream demand for new energy is strong. Stainless steel may fluctuate widely due to cost and demand factors [22][23] Group 11: Tin - The Shanghai tin main contract was strongly volatile on the previous trading day, closing at 286,700 yuan per ton. Technically, the 290,000 level is a stable resistance. Fundamentally, supply is weaker than demand, and it is recommended to hold long positions [23][24] Group 12: Carbonate Lithium - On Wednesday, the main contract of carbonate lithium futures closed at 82,900 yuan per ton, up 1.54%. The market demand is good, and the futures price is expected to be supported in stages [25] Group 13: Lead - The Shanghai lead main contract closed at 17,355 yuan per ton. The high - lead price has a limited upside. It is recommended to use an option double - selling strategy to earn option premiums [25][26][27] Group 14: Black Metals Rebar and Hot - Rolled Coil - Rebar has been oscillating upward recently, supported by rising iron ore and coking coal prices and improved downstream demand. However, the upward momentum is weak due to weak fundamentals and weak iron ore prices. Crude steel production is expected to decline slightly [28] Iron Ore - The iron ore market has a loose supply - demand relationship. Supply is abundant, and inventory is high, while demand is weak. After the impact of macro - events fades, the price is expected to continue to be under pressure [29] Coking Coal and Coke - Coking coal supply has tightened, and coke enterprises have started the third round of price increases. In the short term, coke prices may be strong, but the potential negative feedback from the steel market will limit the rebound height of coal and coke prices [30] Ferrosilicon and Silicomanganese - The fundamentals of ferrosilicon and silicomanganese provide limited support, and the upward space is limited due to high inventory and weak demand [30][31] Group 15: Energy and Chemicals Crude Oil - WTI crude oil futures rose 0.55% to $60.48 per barrel, and Brent crude oil futures rose 0.77% to $64.32 per barrel. The decline in EIA inventory and Sino - US trade optimism led to a small increase in oil prices, but in the long - term, supply surplus may put pressure on prices [32][33] LPG - The LPG market rose slightly due to macro - favorable factors. In the short term, it is expected to fluctuate, with supply affected by port arrivals and demand showing little change [34][35] PTA - PX - The PX - TA - PR sector was strongly volatile due to the "anti - involution" sentiment. PX supply is expected to remain high in the fourth quarter, and PTA is in a relatively surplus situation. In the short term, it is expected to be strongly volatile, and in the long - term, the industrial structure contradiction needs to be resolved [35][36][37] MEG - Bottle Chips - The fundamentals of ethylene glycol have marginally improved, but the valuation is under pressure due to inventory accumulation expectations. It is recommended to wait for opportunities to sell call options on rallies [39][40] Methanol - The methanol 01 contract is not optimistic from a fundamental perspective. It is recommended to reduce short - put positions and sell call options on the 01 contract [40][41] PP - The PP market is in a situation of oversupply. Although the supply has slightly decreased in the short term, the demand is weak, and the price is expected to fluctuate widely [43][44] PE - The PE market is also facing supply - demand pressure. Supply is expected to increase, and demand growth is limited. It is mainly affected by cost and macro - factors and is expected to maintain a wide - range oscillation [46][47] Pure Benzene and Styrene - Pure benzene is expected to be weak in the fourth quarter due to a high - supply and low - demand situation. Styrene has inventory pressure, and it is recommended to wait and see in the short term and consider narrowing the processing spread on rallies [47][48] Fuel Oil - For high - sulfur fuel oil, the current high - cracking situation is a strong - expectation and weak - reality pattern, and the upside of cracking is limited. For low - sulfur fuel oil, the fundamentals are weak, but the valuation is low and there is an expectation of repair [48][49][50] Asphalt - The asphalt market showed no more - than - expected performance during the peak season. The short - term price was boosted by cost, but the spot basis continued to weaken. It is recommended to wait and see or try short - positions when the price reaches the resistance level [51][52] Rubber and 20 - Number Rubber - The rubber market was boosted by macro - sentiment. The downstream performance is good, but there is still inventory pressure and uncertainty in the long - term supply and demand. In the short term, it is strong, but the upward drive is limited [52][53][54] Urea - The urea futures price rose with the improvement of macro - sentiment, and the spot sales also improved. However, in the long - term, it still faces pressure without export quotas [55] Glass, Soda Ash, and Caustic Soda - For soda ash, the supply is expected to remain high in the long - term, and the price is limited by high inventory but supported by cost. For glass, the inventory is high, and the spot sales have improved after price cuts. The game in the 01 contract may continue until near delivery [56][57]

Core Viewpoint - The board of directors of Chenming Paper Holdings (01812) has elected Mr. Jiang Yanshan as the chairman of the 11th board, effective immediately until the term ends on October 28, 2025 [1] Management Changes - The company is currently in a transitional phase of resuming operations and risk mitigation, and has decided not to appoint a new general manager following the expiration of Mr. Li Wei's term [1] - Mr. Jiang Yanshan will act as the general manager during this vacancy until a new general manager is appointed [1] Vice President and Other Appointments - The board has appointed several individuals as vice presidents: Mr. Li Wei, Mr. Liu Peiji, Mr. Meng Feng, Ms. Zhu Yanli, Mr. Dong Lianming, Mr. Guo Qinyan, Mr. Ge Guangming, and Mr. Yuan Xikun [1] - Ms. Zhu Yanli has been appointed as the Chief Financial Officer [1] - Mr. Yuan Xikun has been appointed as the board secretary, and Mr. Zhu Hanliang as the secretary for Hong Kong [1] - Ms. Chen Lin has been appointed as the representative for securities affairs [1]

Core Points - The board of directors of Chenming Paper Holdings (01812) has elected Mr. Jiang Yanshan as the chairman of the 11th board of directors, effective immediately until the term ends on October 28, 2025 [1] - The company is currently in a transitional phase of resuming operations and risk mitigation, and has decided not to appoint a new general manager at this time [1] - Mr. Jiang Yanshan will act as the general manager during the vacancy until a new general manager is appointed [1] - The board has appointed several vice general managers and key positions, including Mr. Li Weixian, Mr. Liu Peiji, Mr. Meng Feng, Ms. Zhu Yanli, Mr. Dong Lianming, Mr. Guo Qinyan, Mr. Ge Guangming, and Mr. Yuan Xikun as vice general managers [1] - Ms. Zhu Yanli has been appointed as the Chief Financial Officer, Mr. Yuan Xikun as the board secretary, Mr. Zhu Hanliang as the secretary (Hong Kong), and Ms. Chen Lin as the representative for securities affairs [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 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 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 五年十月二十八日的「山東晨鳴紙業集團股份有限公司第十一屆董事會第一次會 議決議公告」，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 ...

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 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 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。 二〇二五年十月 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 五年十月二十八日的「山東晨鳴紙業集團股份有限公司股東會議事規則」、「山東 晨鳴紙業集團股份有限公司董事會議事規則」、「山東晨鳴紙業集團股份有限公司 獨立董事管理辦法」、「山東晨鳴紙業集團股份有限公司重大交易決策制度」、「山 東晨鳴紙業集團股份有限公司關聯交易管理制度」、「山東晨鳴紙業集團股份有限 公司對外擔保決策制度」、「山東晨鳴紙業集團股份有限公司對外投資決策制度」、 「山東晨鳴紙業集團股份有限公司防範控股股東及關聯方佔用公司資金專項制 度」、「山東晨 ...