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。 主席 中國，山東 二零二五年八月二十九日 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。 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 五年八月二十九日的「山東晨鳴紙業集團股份有限公司2025年半年度非經營性資 金佔用及其他關聯資金往來情況匯總表」，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 | 广 | 州 | 晨 | 鸣 | 物 | 业 | 管 | 有 | 公 | 公 ...

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） 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。 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 五年八月二十九日的「山東晨鳴紙業集團股份有限公司2025年半年度報告摘要」， 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 * 僅供識別 山东晨鸣纸业集团股份有限公司 2025 年半年度报告摘要 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。 主席 中國，山東 二零二五年八月二十九日 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。 1、公司简介 | 股票简称 | ST 晨鸣 ...

Core Viewpoint - The report highlights the growth in China's paper and paper products export value, indicating a positive trend in the industry with a year-on-year increase in export value for 2025 [1] Industry Summary - In July 2025, the export value of China's paper and paper products industry reached 7.03 billion, marking a year-on-year growth of 1.9% [1] - From January to July 2025, the cumulative export value of the industry was 45.71 billion, with a cumulative year-on-year growth of 2.6% [1] - The data is sourced from the National Bureau of Statistics and compiled by Zhiyan Consulting, a leading industry consulting firm in China [1]

Group 1: Report Information - Report Name: Pulp Daily Report [1] - Date: August 29, 2025 [2] - Research Team: Energy and Chemical Research Team [3] Group 2: Market Review and Operation Suggestions - Pulp Futures: The previous settlement price of the 01 contract was 5316 yuan/ton, and the closing price was 5308 yuan/ton, a decrease of 0.15% [7] - Shandong Wood Pulp Market: The intended transaction price range of softwood pulp was 5000 - 6650 yuan/ton, with the low - end price stable compared to the previous trading day. The price of Shandong Silver Star was 5720 - 5730 yuan/ton [7] - Arauco's August Offer: Coniferous pulp Silver Star at 720 US dollars/ton, natural pulp Venus at 590 US dollars/ton, and hardwood pulp Star at 520 US dollars/ton, stable compared to June [8] - Global Pulp Shipment: In July, the chemical pulp shipment of the world's 20 major pulp - producing countries increased by 7.3% year - on - year, with softwood pulp up 4.1% and hardwood pulp up 11.1% [8] - European Pulp Inventory and Consumption: In July 2025, European pulp inventory was 683,200 tons, down 0.3% month - on - month and up 8.7% year - on - year; consumption was 814,200 tons, up 6.8% month - on - month and down 2.1% year - on - year [8] - China's Pulp Import: In July, China's pulp import volume was 2.877 million tons, down 5.1% month - on - month and up 23.7% year - on - year [8] - Main Region and Port Inventory: As of August 28, 2025, the weekly pulp inventory in major regions and ports increased by 1.23% month - on - month [8] - Paper Industry Profit: In July, the cumulative year - on - year profit of the paper and paper products industry decreased by 21.9%, with a slightly expanded decline [8] - Market Outlook: Cost guidance is limited, supply remains loose, and the pulp market is in a low - level shock adjustment, waiting for peak - season demand [8] Group 3: Industry News - On August 25, 2025, the Inaugural Meeting of the Offset Printing Paper Working Committee of the China National Pulp and Paper Association was successfully held in Beijing. Zhong Tianqi was elected as the first - term director, and ten enterprise leaders were elected as deputy directors [9] Group 4: Data Overview - The report provides multiple data charts, including import softwood pulp spot price in Shandong, pulp futures price, pulp spot - futures price difference, etc., with data sources from Wind and Zhuochuang Information [15][22][29]

Core Viewpoint - The report highlights the growth trajectory of China's paper and paperboard production, projecting a production volume of 13.99 million tons by June 2025, reflecting a year-on-year increase of 3.1% [1] Industry Summary - According to the National Bureau of Statistics, the cumulative production of paper and paperboard (excluding purchased raw paper processing) in China for the first half of 2025 is expected to reach 79.33 million tons, with a cumulative growth rate of 3.2% [1] - The report provides a comprehensive market survey and development outlook for the paper industry in China from 2025 to 2031, indicating a sustained focus on industry research and analysis [1] Company Summary - Listed companies in the paper industry include Sun Paper Industry (002078), Chenming Paper (000488), Bohui Paper (600966), Yueyang Forest & Paper (600963), Shanying International (600567), and Hengfeng Paper (600356) [1] - The report emphasizes the importance of industry insights and tailored consulting services for investment decision-making in the paper sector [1]

Management Changes - The recent management reshuffle at Guodu Securities involved five out of seven executives, with only General Manager Zhang Hui and Deputy General Manager Zhang Zhijun retaining their positions [1][2] - Li Rui has been promoted to Executive Deputy General Manager, while Zhang Liying has taken on the additional role of Board Secretary [1][3] - Two Deputy General Managers, Wei Zehong and Zhao Hongyu, have stepped down, likely due to nearing retirement age [3] Financial Performance - In the first half of 2025, Guodu Securities reported operating revenue of 749 million yuan, a year-on-year decrease of 4.42%, and a net profit of 360 million yuan, down 7.70% [4] - The decline in profit is attributed to a significant drop in fair value change income, which fell by 77.43% to 40.93 million yuan [4] Legal Issues - Guodu Securities disclosed two lawsuits involving amounts exceeding 10 million yuan for the first time in its 2025 interim report [4][5] - The first lawsuit involves a dispute over a fund share transfer agreement with Chenming Paper, where Guodu Chuangtou is seeking 62.55 million yuan in outstanding payments [5] - The second lawsuit pertains to claims of false statements related to bonds, with a total compensation claim of 51.25 million yuan against Guodu Securities and other defendants [6]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - The double - offset paper market is basically stable today. The supply is expected to increase due to the resumption of some idle production lines, but the downstream demand is limited, and the consumption of base paper is slow. The industry's production may decline, the demand is mainly for rigid needs, and the cost support is limited [5][8]. 3. Summary by Directory First Part: Data Analysis - **Double - offset Paper Prices**: The prices of double - offset paper 70g in different regions such as Hebei, Beijing, Guangdong, Shandong, and Shanghai remain unchanged both daily and weekly. For example, the price of double - offset paper 70g: Hebei: Chenming Yunbao is 4900 yuan/ton, with a daily and weekly change of 0.00% [3]. - **Coated Paper Prices**: The prices of double - copper paper 157g in various regions show no daily change, but a weekly decline. For instance, the price of double - copper paper 157g: Beijing: Taiyang Tianyang is 5100 yuan/ton, with a weekly decline of - 0.97% [3]. - **Pulp Prices**: The price of coniferous pulp: Shanghai: Yinxing is 5850 yuan/ton, with a daily increase of 0.86% and a weekly decrease of - 0.85%. Some pulp prices remain stable, like broad - leaf pulp in some regions [3]. Second Part: Market Judgment - **Market Status**: The double - offset paper market is stable. Some idle production lines in Shandong are planned to resume production, increasing the supply expectation. However, the downstream orders are limited, and the consumption of base paper is slow. The purchase price of wood chips has little change, and the supply of wood chips is affected by weather conditions [5]. - **Logic Analysis**: The production of the double - offset paper industry may decline as some停产 enterprises have not resumed production and there may be maintenance of some production lines. The demand is mainly for rigid needs as dealers are cautious in inventory preparation and downstream printing factories have average orders. The cost support is limited as the prices of coniferous and broad - leaf pulp are stable [8]. Third Part: Relevant Attachments - There are four figures, including double - offset paper production, in - plant inventory, social inventory, and production profit, showing the data from 2021 to 2025 [10][11].

Market Overview - The paper sector increased by 0.24% on August 26, with Songyang Resources leading the gains [1] - The Shanghai Composite Index closed at 3868.38, down 0.39%, while the Shenzhen Component Index closed at 12473.17, up 0.26% [1] Individual Stock Performance - Songyang Resources (603863) closed at 20.12, up 2.18% with a trading volume of 148,700 shares and a transaction value of 300 million yuan [1] - Sun Paper (002078) closed at 15.05, up 1.96% with a trading volume of 328,900 shares and a transaction value of 491 million yuan [1] - BoHui Paper (600966) closed at 5.33, up 1.91% with a trading volume of 182,800 shares and a transaction value of approximately 96.78 million yuan [1] - ST Chenming (000488) closed at 2.35, up 0.86% with a trading volume of 313,600 shares and a transaction value of approximately 73.80 million yuan [1] - Other notable performances include Yiyang Lin Paper (600963) at 5.00, up 0.81%, and Wuzhou Special Paper (605007) at 12.35, up 0.41% [1] Capital Flow Analysis - The paper sector experienced a net outflow of 252 million yuan from institutional investors, while retail investors saw a net inflow of 204 million yuan [2] - The data indicates that speculative funds had a net inflow of approximately 47.18 million yuan [2] Detailed Capital Flow for Selected Stocks - For Liangxing Paper (002067), institutional investors had a net inflow of 13.89 million yuan, while speculative funds had a net outflow of 12.02 million yuan [3] - Hengfeng Paper (600356) saw a net inflow of 9.08 million yuan from institutional investors, with speculative funds experiencing a net outflow of 5.61 million yuan [3] - Other stocks like Sun Paper (002078) and Wuzhou Special Paper (605007) also showed mixed capital flows, with net outflows from institutional and speculative investors [3]

Group 1 - The article highlights the top three companies with the highest AH premium rates as Northeast Electric (00042) at 743.75%, Hongye Futures (03678) at 241.98%, and Andeli Juice (02218) at 236.37% [1] - The bottom three companies with the lowest AH premium rates include Ningde Times (03750) at -16.43%, Heng Rui Medicine (01276) at 1.82%, and Midea Group (00300) at 4.90% [1] - The article provides a detailed table of the top ten and bottom ten AH stocks based on premium rates and deviation values, indicating significant disparities in market valuations between H-shares and A-shares [1][2] Group 2 - The deviation values for the top three companies are Andeli Juice (02218) at 32.29%, Jinli Permanent Magnet (06680) at 22.19%, and Beijing Machinery (00187) at 20.80% [1] - The companies with the lowest deviation values include BYD Company (01211) at -98.36%, Northeast Electric (00042) at -64.84%, and Longpan Technology (02465) at -51.92% [1][2] - The article emphasizes that the deviation value represents the difference between the current premium rate and the average premium rate over the past 30 days, providing insights into market trends [2]

Core Viewpoint - The participation of the Mazhang District in the 33rd Guangzhou Expo showcases its industrial strength and unique products, facilitated by collaboration with the Baiyun District to enhance resource integration and market expansion in the Greater Bay Area [2][4][72]. Group 1: Exhibition Overview - The Guangzhou Expo featured 14 local enterprises from Mazhang District, highlighting three key industrial parks through product displays and park promotions [2][3]. - The Baiyun District's support team played a crucial role in coordinating efforts to deepen collaboration and achieve mutual empowerment between the two regions [4][66]. - The exhibition area focused on "industrial parks" and "specialty products," showcasing both the hard and soft strengths of Mazhang [8][9]. Group 2: Key Industrial Parks - The West City area, a major development zone in Mazhang, covers 52.32 square kilometers with approximately 1,800 acres of land reserved, aiming to establish a multi-modal logistics port and advanced manufacturing park [14][15][25]. - The Mazhang Economic Development Zone, a provincial-level development area, spans about 6,770 acres and hosts 43 enterprises, including 13 high-tech firms and 9 companies with revenues exceeding 100 million [24][25][26]. - The Forest Industry Park, with an initial planned area of 19,500 acres, currently has 4,200 acres developed and focuses on green paper-making and related industries, generating over 10 billion in total output value [28][30]. Group 3: Product Showcase - The exhibition featured over 20 specialty products from Mazhang, covering agriculture, cultural tourism, and manufacturing, reflecting the district's resource advantages and industry development [38][45]. - Notable agricultural products included seafood items like marinated chicken feet and canned crab meat, emphasizing safety and nutrition [48][50]. - Cultural tourism products showcased local flavors, including traditional sausages and mooncakes, engaging visitors through interactive tasting experiences [56][59]. Group 4: Future Development Plans - The event served as a platform for Mazhang to promote its products and industries, aiming to attract Greater Bay Area enterprises for investment [71][75]. - Future initiatives will focus on enhancing collaboration between the Bay Area market and Mazhang products, leveraging platforms like the "Zhanjiang Mazhang - Bay Area" to drive high-quality development [76][77].