Group 1: Report Information - Report Name: Pulp Daily Report [1] - Date: September 23, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Group 2: Market Review and Operation Suggestions - Pulp Futures: The previous settlement price of the 01 contract of pulp futures was 5,320 yuan/ton, and the closing price was 5,288 yuan/ton, a decline of 0.60%. The intended transaction price range of softwood pulp in the Shandong wood pulp market was 5,000 - 6,600 yuan/ton, with prices remaining stable compared to the previous trading day's closing price. The offer price of Shandong Yinxing was 5,600 - 5,620 yuan/ton [7]. - Overseas Quotes: Chile's Arauco Company announced the new September wood pulp overseas quotes. The price of softwood pulp Yinxing was 700 US dollars/ton, a decrease of 20 US dollars/ton from the previous month; the price of natural pulp Venus was 590 US dollars/ton, unchanged from the previous month; the price of hardwood pulp Mingxing was 520 US dollars/ton, an increase of 20 US dollars/ton from the previous month [8]. - European Inventory and Consumption: In August, the European wood pulp inventory was 707,800 tons, a month - on - month increase of 3.5% and a year - on - year increase of 11.3%. The European wood pulp consumption was 700,800 tons, a month - on - month decrease of 13.7% and a year - on - year increase of 2.4% [8]. - China's Imports: In August, China's total pulp imports were 2.653 million tons, a month - on - month decrease of 7.9% and a year - on - year decrease of 5.6% [8]. - Inventory in China: As of September 18, 2025, the weekly pulp inventory in major regions and ports was 2.0832 million tons, an increase of 0.54% from the previous week [8]. - Downstream Market: The cultural paper market continued to recover in terms of industry operation, with an expected increase in market supply, showing a weak and volatile trend. In the short term, overseas quotes showed mixed trends. The tightening of the supply side still needed to be reflected in shipments. Port inventories remained at a high level, and downstream paper mills still aimed to reduce costs and increase efficiency, so the market continued to adjust with low - level fluctuations [8]. Group 3: Industry News - Chenming Paper: On September 15, Chenming Paper stated during a specific - object research reception that the Shouguang base had fully resumed production, and the Huanggang base and the second plant of the Jiangxi base were operating normally. The first plant of the Jiangxi base, the Jilin base, and the Zhanjiang base were still under maintenance and aimed to resume production as soon as possible. Regarding the question of whether to reduce the production capacity of white cardboard, the company said it had three white cardboard production lines. The second plant in Jiangxi mainly produced poker cards with stable profits; the fourth plant in Shouguang planned to produce high - value - added copper - plated cards, game cards, food cards, etc. to improve profitability; after the fourth plant in Zhanjiang resumed production, it would mainly reduce costs and improve profit margins by reducing the cost of self - made pulp and improving production efficiency [9]

北京商报讯(记者张君花)9月22日，晨鸣纸业在投资者互动平台表示，目前公司寿光基地已全部恢复生 产；黄冈基地、江西基地二厂正常生产；江西基地一厂、吉林基地、湛江基地当前仍在停机检修，争取 尽快恢复生产。 ...

Group 1 - The company ST Morning (000488) has announced that its Shouguang base has fully resumed production [1] - The Huanggang base and Jiangxi base (second factory) are operating normally [1] - The Jiangxi base (first factory), Jilin base, and Zhanjiang base are currently under maintenance, with efforts to resume production as soon as possible [1]

Core Viewpoint - The demand for graphite thermal paper in China has been continuously growing due to the explosive growth of e-commerce and logistics, the upgrade in demand for high-precision thermal paper in sectors like healthcare and finance, and the shift towards environmentally friendly products driven by regulatory policies [1][10]. Industry Overview - Graphite thermal paper is a specialized type of thermal paper made from graphite powder and thermal materials, which exhibits specific color changes when heated. It is widely used in labels, receipts, medical applications, logistics, and electronic communications [4][5]. - The production of graphite thermal paper involves a supply chain that includes raw materials such as graphite, thermal resins, color developers, and base paper, which are processed into high-quality products through advanced manufacturing techniques [5][6]. Market Demand and Growth - The production volume of graphite thermal paper in China is projected to reach 172,000 tons in 2024, representing a year-on-year increase of 10.6% [1][11]. - The rapid growth of the logistics sector, particularly in e-commerce, has significantly increased the demand for thermal paper labels, with the express delivery volume expected to reach 95.64 billion pieces in the first half of 2025, a year-on-year growth of 19.3% [9][10]. Competitive Landscape - The Chinese graphite thermal paper industry features numerous participants, including large international companies and many regional small and medium-sized enterprises. Major companies include Guangdong Crown High-tech Co., Ltd., Shandong Chenming Paper Group Co., Ltd., and Xianhe Co., Ltd. [12][13]. - Guangdong Crown High-tech Co., Ltd. reported a revenue of 1.905 billion yuan from thermal paper and sublimation paper in 2024, reflecting a year-on-year increase of 12.18% [13]. Development Trends - Technological innovation is expected to drive product upgrades, with the application of nanotechnology enhancing the heat resistance, stability, and durability of graphite thermal paper [14]. - Environmental regulations are prompting companies to adopt greener production methods, which may lead to the elimination of non-compliant firms and an overall improvement in the industry's environmental standards [15]. - The demand for graphite thermal paper is diversifying, with stable growth anticipated in the financial sector and increasing needs in logistics, healthcare, and retail, driven by advancements in smart manufacturing and Industry 4.0 [16].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report provides a comprehensive analysis of the offset printing paper market, including supply, demand, inventory, cost, price, and spreads. It indicates that the market is in a slow and slightly increasing trend in production, with stable demand during the off - season. The inventory is expected to accumulate, and prices are likely to fluctuate or slightly decline. The production profit is expected to decline mainly in a fluctuating manner. For the market, it is recommended to hold the spot and make rigid - demand transactions, and consider light - position long or selling put options strategies based on the factory production cost line while paying attention to risk prevention [9][12][18]. 3. Summary by Relevant Catalogs 3.1 Part 1: Offset Printing Paper Overview - **Supply, Demand, and Inventory**: Domestic weekly production was 20.90 million tons, with a week - on - week increase of 0.40 million tons and a year - on - year increase of 1.00 million tons. The capacity utilization rate was 56.70%, up 1.00% week - on - week and down 3.50% year - on - year. Monthly imports were 1.19 million tons, down 0.29 million tons month - on - month and 0.53 million tons year - on - year. Weekly apparent demand was 19.20 million tons, up 2.10 million tons week - on - week. Monthly exports were 6.25 million tons, down 0.39 million tons month - on - month and 1.66 million tons year - on - year. Domestic demand was 83.31 million tons, up 2.32 million tons month - on - month and down 1.12 million tons year - on - year. Enterprise inventory and total spot inventory were on an upward trend, and it was expected that the inventory would accumulate with the increase in production and stable demand [10]. - **Price**: Factory delivery prices and market self - pick - up prices remained stable compared to the previous week but decreased year - on - year. The futures prices of OP2601 and OP2603 showed a slight increase. It was expected that the offset printing paper prices would fluctuate or slightly decline, and the futures prices would mainly fluctuate [12]. - **Spreads and Basis**: The spreads between factory delivery and self - pick - up prices were stable, and the futures spreads and basis were expected to remain stable or slightly decline. Seasonally, January is a small peak season for spring teaching - aid textbook tenders, and March is a traditional peak season [14]. - **Cost and Profit**: Raw material costs were expected to remain stable or slightly increase. The production profit was expected to decline mainly in a fluctuating manner due to the limited increase in finished product prices during the off - season [16]. - **Strategy Recommendation**: In the industrial chain, the spot market was stable, and transactions were based on rigid demand during the off - season. It was recommended to consider light - position long or selling put options strategies based on the factory production cost line while paying attention to risk prevention [18]. 3.2 Part 2: Offset Printing Paper Balance Sheet The balance sheet shows the monthly import, production, supply, demand, supply - demand gap, inventory, and inventory - to - consumption ratio of offset printing paper from 2024 to 2025. In 2025, the cumulative import volume showed a certain change trend, and the production, supply, and demand also had different degrees of year - on - year changes. The inventory generally showed an upward trend compared to 2024 [20]. 3.3 Part 3: Offset Printing Paper Supply and Demand Analysis - **Supply - Production Situation**: In 2025, many paper mills had production plans. A total of 1.4 million tons of production capacity had been put into operation, and 2.25 million tons were expected to be put into operation, mostly in the third quarter, including the resumption of Chenming's production. In 2026, the planned production capacity to be put into operation was 1.2 - 1.4 million tons [22]. - **Demand, Inventory, and Import - Export**: No detailed data or analysis content other than the overview part was provided in the given text. 3.4 Part 4: Offset Printing Paper Cost and Profit - **Raw Material Cost**: The raw material costs of different types of pulp, such as U - needle, Moon, and Goldfish, were at relatively low levels, and it was expected that the cost would have limited downward space [16]. - **Profit**: The production profit was expected to decline mainly in a fluctuating manner, with the profit of self - used pulp and low - cost production showing a downward trend [16]. 3.5 Part 5: Offset Printing Paper Price and Spread Analysis - **Spot Quotation**: The spot quotations of different brands of offset printing paper remained stable compared to the previous week but decreased year - on - year [12]. - **Futures - Spot Basis and Seasonal Chart and Inter - monthly Spread of OP Main Contract**: The basis was expected to remain stable or slightly decline, and the seasonal chart and inter - monthly spread analysis showed that January and March had certain seasonal characteristics [14].

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - The domestic pulp supply is expected to increase as there are no short - term shutdown and maintenance plans from pulp mills, and Chenming is operating at full capacity, with the output of broad - leaf pulp expected to rise gradually. Although the overseas pulp shipment volume did not significantly shrink from June to August, the arrival volume in China decreased by about 200,000 tons in August, and some shipments may arrive in September [7][8]. - The downstream pulp demand is stable. New production capacities are being put into operation, but the terminal demand is limited, resulting in stable output, gradually decreasing operating rates, and fluctuating inventories. The demand for household paper and white cardboard is entering the peak season, but the demand has not yet picked up [9][10]. - The pulp price shows a fluctuating and weak trend. The spot price is supported, but the futures price is affected by factors such as capital and old warehouse receipts, showing a fluctuating and weak trend. The prices of household paper and white cardboard are expected to rise as they enter the peak season, while the price of offset paper continues to decline during the off - season [11][12]. 3. Summary According to the Directory Part 1: Pulp Overview 1.1 Supply - side - **Domestic Production**: The output of domestic broad - leaf pulp and chemi - mechanical pulp increased in the week of September 19, 2025. There are no short - term shutdown and maintenance plans from pulp mills, and the output of broad - leaf pulp is expected to rise [7][8]. - **Imports**: In August 2025, China's pulp import volume was 2.653 million tons, a month - on - month decrease of 7.8% and a year - on - year decrease of 5.5%. The cumulative import volume for the year was 24.108 billion tons, a cumulative year - on - year increase of 5.0%. The overseas shipment volume from June to August did not significantly shrink, but the arrival volume in China decreased in August, and some shipments may arrive in September [8]. 1.2 Demand and Inventory - side - **Demand**: The downstream production of household paper, offset paper, coated paper, and white cardboard was stable this week. The new production capacities are being put into operation, but the terminal demand is limited, resulting in stable output, gradually decreasing operating rates, and fluctuating inventories. The demand for household paper and white cardboard is entering the peak season, but the demand has not yet picked up [9][10]. - **Inventory**: The port inventory is expected to show a fluctuating and accumulating trend as the arrival volume increases and the demand remains stable. The warehouse receipt inventory is stable and shows a slight decreasing trend. The low price has led to insufficient new warehouse receipt registrations, and the pressure on old warehouse receipts is acceptable. The downstream inventory tends to fluctuate and accumulate [10]. 1.3 Price and Spread - **Prices**: The overseas offer prices of silver star and goldfish remained unchanged this week, while the spot prices of some pulp varieties increased slightly. The futures price shows a fluctuating and weak trend, affected by factors such as capital and old warehouse receipts. The prices of household paper and white cardboard are expected to rise as they enter the peak season, while the price of offset paper continues to decline during the off - season [11][12]. - **Spreads**: The needle - broad spread is expected to narrow, but the range is still limited. The futures spread shows a weakening trend, and the basis has strengthened this week [12]. 1.4 Strategy Recommendation - The spot offer price of the industrial chain is stable. From the cancellation volume of warehouse receipts in the 09 contract, the actual digestion of old warehouse receipts is limited, and the intention to resell is strong. At the same time, the macro and market sentiment is poor, and the 11 contract is under pressure and increasing positions. In the short term, it is recommended to observe whether the port inventory reduction continues and the spot transaction situation [16]. Part 2: Pulp Balance Sheet - The report provides a detailed pulp balance sheet from January 2024 to October 2025, including supply (imports, domestic production), demand (pulp consumption, other demand), and inventory (warehouse receipt inventory, port inventory) data, as well as their year - on - year and cumulative year - on - year changes [19]. Part 3: Pulp Supply and Demand Analysis 3.1 Global Pulp Supply and Demand Analysis - **Supply - Global Pulp Shipment Volume**: No specific data and analysis are provided in the content. - **Demand and Inventory - European Apparent Demand and Inventory**: No specific data and analysis are provided in the content. 3.2 Domestic Pulp Supply and Demand Analysis - **Supply - side**: - **Pulp Imports**: The report provides data on China's pulp imports from 2022 to 2025, including the import volume and cumulative import volume of bleached softwood pulp, bleached hardwood pulp, chemi - mechanical pulp, and other varieties, as well as their year - on - year changes [39][44][49]. - **Pulp Imports by Country**: The report provides data on the import volume and cumulative import volume of bleached softwood pulp from different countries (Russia, Chile, Canada, etc.) from 2022 to 2025, as well as their year - on - year changes [52][64][69]. - **Import of Wood Chips**: The report provides data on the import volume and cumulative import volume of coniferous and broad - leaf wood chips from 2022 to 2025, as well as their year - on - year changes [82][83][84]. - **Demand - side**: - **Pulp Apparent Demand**: No specific data and analysis are provided in the content. - **Analysis of Downstream Finished Paper**: The report provides information on the production, supply, demand, and inventory of downstream finished paper (household paper, offset paper, coated paper, white cardboard), as well as the planned production capacity and production time of new projects [93][109]. - **Inventory - side**: - **Total Pulp Inventory**: The report provides data on China's total pulp inventory, warehouse receipt inventory, and port inventory from 2022 to 2025 [156][157][158]. - **Inventory by Port**: The report provides data on the weekly inventory of pulp in different ports (Qingdao Port, Tianjin Port, Changshu Port, etc.) from 2022 to 2025 [163][164][166]. Part 4: Cost and Profit - **Pulp Import Cost and Profit**: The report provides data on the import cost and profit of pulp from 2022 to 2025 [173]. - **Domestic Pulp Production Cost and Profit**: The report provides data on the production cost and profit of domestic pulp from 2022 to 2025 [176]. Part 5: Pulp Price and Spread Analysis - **Pulp Overseas Offer Prices**: The report provides the seasonal price data of silver star, Russian needle, goldfish, etc. from 2022 to 2025 [181][186][187]. - **Price Spreads**: The report provides the seasonal spread data of silver star - goldfish, Russian needle - goldfish, etc. from 2022 to 2025 [189][190]. - **Basis**: The report provides the basis data of silver star - main contract, Russian needle - main contract from 2022 to 2025 [192][193][196]. - **SP Main Contract Seasonal Chart and Inter - month Spread**: The report provides the seasonal chart and inter - month spread data of the SP main contract from 2022 to 2025 [200].

1. Report Industry Investment Rating - Not provided in the document 2. Core View of the Report - The pulp market is expected to remain in a volatile pattern in the short - term. High port inventories, slow de - stocking, and weak demand prevent significant price increases, while firm foreign offers, cost support, and potential pre - National Day restocking limit the downside [99][100] 3. Summary by Relevant Catalogs 3.1 Industry News - As of September 18, 2025, the pulp inventory at Changshu Port was 508,000 tons, up 44,000 tons (9.5% YoY); at Qingdao Port, it was 1,432,000 tons, up 14,000 tons (1.0% YoY); at Gaolan Port, it was 49,000 tons, down 9,000 tons (15.5% YoY). The total inventory of major ports was 2,112,000 tons, up 50,000 tons (2.4% YoY) [5][6] - Chile's Arauco company's September coniferous pulp Silver Star quoted price remained at $700/ton, broadleaf pulp Star increased to $540/ton, and natural pulp Venus remained at $590/ton [6] - Chenming Group's Shouguang Base No. 8 plant with an annual output of 800,000 tons of high - grade coated paper started operation. Sichuan Xianhe New Materials plans to add 200,000 tons/year of household paper production capacity [7] 3.2 Market Data - **Basis and Spread**: On September 19, 2025, the basis of Silver Star was 632 yuan/ton, down 4.24% MoM; the basis of Russian Needle was 182 yuan/ton, up 1.11% MoM; the Silver Star - Russian Needle spread was 450 yuan/ton, down 6.25% MoM [18] - **Monthly Spread**: On September 19, 2025, the 11 - 01 monthly spread was - 298 yuan/ton, down 3.47% MoM; the 01 - 05 monthly spread was - 18 yuan/ton, down 80.00% MoM [24] 3.3 Fundamental Data - **Price**: The needle - broadleaf spread narrowed. The import profit of coniferous and broadleaf pulp decreased. The price of pulp futures first rose and then fell. The price of broadleaf pulp showed a narrow - range upward trend [28][34] - **Supply**: The wood chip purchase price in East China was generally stable, with some increases. The supply of domestic chemical mechanical pulp and broadleaf pulp decreased. In July, the European port inventory decreased slightly, and the global pulp out - bound volume increased seasonally. In July, the export of coniferous and broadleaf pulp from Canada, Finland, Chile, the US, Brazil, Indonesia, Uruguay, etc. changed [45][54][60] - **Demand**: The demand for downstream base paper was weak. The white cardboard market was relatively better, the offset paper market was bearish, and the household paper market was weak. In August, the retail sales of terminal demand areas for pulp increased seasonally [99][84] - **Inventory**: The total inventory of major ports was at a medium level this year, showing a narrow - range accumulation trend. The warehouse receipt quantity decreased slightly [96][87]

Core Viewpoint - The double-sided coated paper industry is facing challenges due to declining demand, high inventory levels, and low production margins, despite an increase in production capacity and some recovery in supply from major producers [3][4][10]. Industry Overview - Double-sided coated paper, also known as "Dawlin paper," is a major type of cultural printing paper, primarily used in book printing [1]. - The upstream products for double-sided coated paper are pulp, with production costs heavily reliant on various types of pulp, which account for 60%-70% of the total cost [2]. - The domestic production capacity of double-sided coated paper has grown significantly from 7.89 million tons in 2010 to an expected 18 million tons by the end of 2025 [2]. Supply and Demand Dynamics - The main downstream application for double-sided coated paper is book printing, which accounts for 88% of its usage [3]. - In 2024, the domestic production of double-sided coated paper is projected to be 10.49 million tons, reflecting a slight increase from the previous year [4]. - However, the production capacity utilization rate is low, averaging 62% in 2024, with a significant drop in production observed in early 2025 due to weak market demand [7][8]. Export and Import Trends - In 2024, the import volume of double-sided coated paper is expected to be 200,000 tons, while exports are projected at 968,000 tons, resulting in a net export of 770,000 tons [3][9]. - The net export volume has decreased in 2025 compared to the previous year, indicating a slowdown in overseas demand [9]. Inventory Levels - As of September 12, 2024, the total inventory of double-sided coated paper reached a record high of 1.744 million tons, with manufacturers and traders actively reducing stock levels [10]. Profitability and Pricing - As of September 12, 2024, domestic producers are facing losses of 135 yuan per ton, with historical price fluctuations showing a maximum profit of 1,562 yuan and a minimum loss of 874 yuan per ton [11][15]. - The price of high-quality double-sided coated paper is currently between 4,500 and 4,800 yuan per ton, with expectations of continued low prices due to high supply and inventory levels [15].

Core Insights - The appreciation of the Renminbi has positively impacted certain sectors, with the Renminbi appreciation beneficiary sector rising by 0.71% compared to the previous trading day [1] - The Shanghai Composite Index closed at 3876.34, up 0.37%, while the Shenzhen Component Index closed at 13215.46, up 1.16% [1] Sector Performance - Leading stocks in the Renminbi appreciation beneficiary sector include: - Jingxing Paper (002067) with a closing price of 6.51, up 9.97% and a trading volume of 166,700 shares, totaling a transaction value of 109 million yuan [1] - China Eastern Airlines (600115) closed at 4.20, up 4.48% with a trading volume of 2,430,400 shares, totaling 1 billion yuan [1] - Southern Airlines (600029) closed at 6.23, up 2.98% with a trading volume of 1,246,400 shares, totaling 770 million yuan [1] Fund Flow Analysis - The Renminbi appreciation beneficiary sector experienced a net outflow of 514 million yuan from institutional investors, while retail investors saw a net inflow of 467 million yuan [2] - Notable fund flows include: - China Eastern Airlines with a net outflow of 50.94 million yuan from institutional investors and a net inflow of 34.51 million yuan from retail investors [3] - Jingxing Paper had a net inflow of 43.02 million yuan from institutional investors, but a net outflow of 24.24 million yuan from retail investors [3]

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* 中國，山東 二零二五年九月十六日 於本公告日期，執行董事為胡長青先生、李興春先生、李峰先生及李偉先先 生；非執行董事為韓亭德先生及李傳軒先生；及獨立非執行董事為尹美群女士、 孫劍非先生、楊彪先生及李志輝先生。 * 僅供識別 （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 五年九月十五日的「山東晨鳴紙業集團股份有限公司投資者關係活動記錄表」，僅 供參閱。 承董事會命 山東晨鳴紙業集團股份有限公司 胡長青 主席 编号：2025-003 证券代码：000488、200488 证券简称：ST 晨鸣、ST 晨鸣 B 山东晨鸣纸 ...