证券代码： 000488 200488 证券简称：ST 晨鸣 ST 晨鸣 B 公告编号：2025-043 山东晨鸣纸业集团股份有限公司 关于为子公司融资提供担保的进展公告 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。 一、交易情况概述 山东晨鸣纸业集团股份有限公司（以下简称"公司"）控股子公司寿光美伦纸业有 限责任公司（以下简称"寿光美伦"）于 2021 年 9 月、2023 年 6 月与建信金融租赁有 限公司（以下简称"建信金租"）开展了售后回租设备融资业务，公司为寿光美伦前述 融资业务提供连带责任保证担保。详情请参阅公司于 2021 年 9 月 9 日、2024 年 8 月 31 日在巨潮资讯网（ www.cninfo.com.cn）及于 2021 年 9 月 8 日、2024 年 8 月 30 日在香 港联交所网站（www.hkex.com.hk）上披露的相关公告。截至本公告披露日，融资租赁 合同项下剩余本金金额分别为人民币 2.7 亿元、人民币 1.15 亿元。 2024 年 1 月，寿光美伦与国银金融租赁股份有限公司（以下简称"国银金租"）开 展了 ...

Group 1: Operational Recovery - The company is currently focusing on gradually resuming operations based on funding and market conditions, with specific attention to the recovery rates of various production bases [3][4][8]. - The Zhanjiang base is undergoing equipment maintenance, and its recovery rate will depend on financial and market conditions [4][5]. - The company is actively working on a 23.1 billion yuan syndicated loan to facilitate the resumption of production [8][9]. Group 2: Financial Strategies - The company is negotiating with non-bank financial institutions to extend, reduce interest rates, and restructure debts [2][4]. - A total of 10 billion yuan in capital from a state-owned company has been fully allocated to support the company's recovery efforts [4][9]. - The company is exploring strategic partnerships and has established a task force to facilitate discussions with potential investors [4][9]. Group 3: Debt Management - The company is actively communicating with creditors to negotiate repayment plans and is focusing on asset disposal to improve liquidity [8][10]. - The current debt structure primarily consists of bank loans, with some non-standard debts related to equipment leasing and supply chain financing [9][10]. - The company is implementing measures to manage overdue payments and is working to reduce the scale of overdue commercial bills [10][11]. Group 4: Market Position and Future Outlook - The company has not encountered any conditions that would trigger delisting under the Shenzhen Stock Exchange rules [8][11]. - The management is committed to improving operational efficiency and profitability through various measures, including asset disposal and cost control [4][8]. - The company is expected to provide updates on the resumption of full production and financial recovery as conditions evolve [11][12].

【基本面跟踪】 表 1：基本面数据(元/吨) | 市 场 | 区 域 | 纸 种 | 2025/5/14 | 2025/5/13 | 环 比 | | --- | --- | --- | --- | --- | --- | | 现货市场 | 山东市场 | 70g天 阳 | 5025 | 5025 | 0 0 | | | | 70g晨鸣云镜 | 5250 | 5250 | | | | | 70g华夏太阳 | 5300 | 5300 | 0 | | | 广东市场 | 70g天 阳 | 4950 | 4950 | 0 0 | | | | 70g晨鸣云豹 | 5100 | 5100 | | | | | 70g华夏太阳 | 5150 | 5150 | 0 | | | 税 前 | 含税收入 | 5238 | 5250 | -13 | | | | 含税成本 | 5133 | 5129 | 5 | | 成本利润 | | 税前毛利 | 104 | 121 | -17 | | | 税 后 | 不含税收入 不含税成本 | 4635 4715 | 4646 4711 | -11 4 | | | | 税后毛利 | -80 | -65 | ...

Report Industry Investment Rating No relevant information provided. Core View of the Report The cost of wood pulp is declining, the supply and demand are loose, and the price of offset paper is under pressure. The offset printing paper is expected to be weakly adjusted next week [1][7]. Summary by Related Catalogs Comprehensive Analysis and Trading Strategy - The 70g offset paper enterprise's tax - inclusive average price is 5,128.6 yuan/ton, with a month - on - month decline of 3.0%. The supply side is differentiated with some paper machines being converted and new installations not fully producing. The demand side is weak with limited release of publishing tender orders. The cost of coniferous pulp futures has stopped falling but the weekly average price is still down, and the price of broad - leaf pulp is under pressure [5]. - The offset printing paper is expected to be weakly adjusted next week [7]. Core Logic Analysis - For offset paper, the industry's profitability is still low, factories are converting production, so the supply is stabilizing. The release of autumn publishing orders is slow, social orders are weak, terminal consumption lags behind expectations, and downstream printing factories' operating levels are low. The domestic port inventory of wood pulp is high and the import pulp market has abundant supply, so the wood pulp price is generally weak [6]. Weekly Data Tracking Double - Offset Paper - Supply: The capacity utilization rate of double - offset paper this cycle is 56.3%, a month - on - month increase of 0.2 percentage points; the output is 201,000 tons, a month - on - month increase of 0.5%. The industry's output shows a small month - on - month increase. The raw material price of pulp has fallen from a high, and the paper price has also declined, with the gross profit margin weakening [13]. - Inventory: The inventory of double - offset paper production enterprises this cycle is 1.139 million tons, a month - on - month increase of 2.2%. The on - site inventory continues to increase slightly and is at a high level in recent years [16]. - Price: The domestic double - offset paper market is weakly sorted this cycle, and the transaction has not improved significantly. The 70g double - offset paper enterprise's tax - inclusive average price is 5,128.6 yuan/ton, with a month - on - month decline of 3.0% [31]. Copperplate Paper - Supply: The capacity utilization rate of copperplate paper this cycle is 54.6%, a month - on - month decrease of 2.5 percentage points; the output is 74,000 tons, a month - on - month decrease of 3.9%. The industry's output has decreased slightly this week. The pulp price has fallen from a high, and the copperplate paper's gross profit margin has increased [19]. - Inventory: The inventory of copperplate paper production enterprises this cycle is 332,000 tons, a month - on - month increase of 1.2%. The on - site inventory of copperplate paper continues to rebound [22]. - Price: The domestic copperplate paper market is weakly consolidated this cycle, and the transaction is scarce. The 157g copperplate paper enterprise's tax - inclusive average price is 5,875.0 yuan/ton, with the same price as last month [31]. Pulp Price - The spot tax - inclusive average price of coniferous pulp is 6,193 yuan/ton, a month - on - month decrease of 1.7%; the spot tax - inclusive average price of broad - leaf pulp is 4,129 yuan/ton, a month - on - month decrease of 3.3%; the spot tax - inclusive average price of natural pulp is 5,350 yuan/ton, a month - on - month decrease of 1.3%; the spot tax - inclusive average price of chemical mechanical pulp is 3,900 yuan/ton, the same as last month [36].

为进一步加强与投资者的互动交流，山东晨鸣纸业集团股份有限公司（以下简 称 "公司"）将参加由山东证监局、山东上市公司协会与深圳市全景网络有限公司联合举 办的"2025 年山东辖区上市公司投资者网上集体接待日活动"，现将相关事项公告如 下： 证券代码： 000488 200488 证券简称：ST 晨鸣 ST 晨鸣 B 公告编号：2025-041 山东晨鸣纸业集团股份有限公司 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。 关于参加 2025 年山东辖区上市公司投资者 网上集体接待日活动的公告 山东晨鸣纸业集团股份有限公司董事会 二〇二五年五月十三日 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net）；或关注微信公众号（名称：全景财经）；或下载全景路演 APP，参 与本次互动交流。活动时间为 2025 年 5 月 15 日（周四）15:00-16:30。届时公司董事兼 总经理李伟先先生、财务总监董连明先生及董事会秘书袁西坤先生将在线就公司 2024 年度业绩、公司治理、发展战略、 经营状况、融资计划、股权激励和可 ...

各位老铁好！我是帮主郑重，20年财经老炮儿，专注中长线投资。今儿咱们聊聊人民币汇率这事儿——就在刚刚，人民币兑美元中间价一口气涨破7.2，离 岸汇率更是一度摸到7.18，这可是近三个月来最猛的一次升值。这波行情背后暗藏三大投资机会，咱们得掰开揉碎了看。 先说说这波升值的导火索。昨天中美发布的《日内瓦经贸会谈联合声明》可是关键——双方互降关税到10%，还建立了定期磋商机制。这就好比两家打架的 邻居突然坐下来喝茶，市场信心一下子就起来了。中国银河宏观团队直接表态，人民币汇率中枢要从7.3移到7.2，高盛更是放话12个月内要到7:1。这可不是 空穴来风，昨天声明发布后，A、H股直接涨回4月初水平，北向资金单日净流入超百亿，这就是真金白银的投票。 中长线来看，人民币升值的底层逻辑更值得关注。中美贸易谈判的实质性进展，让全球资本看到中国经济的韧性。更关键的是，中国财政政策还有加码空 间，如果下半年专项债发行超预期，或者消费刺激政策出台，汇率中枢上移到7.1完全有可能。这就好比盖房子，贸易谈判是打地基，财政政策是添砖加 瓦，地基稳了房子才能盖得高。 最后给大伙提个醒，汇率波动从来不是单边行情。现在市场预期很乐观，但美联储 ...

24&25Q1 造纸板块综述：周期触底、向上不足，龙 头聚焦产业链上下游延伸、差异化竞争优势放大 [Table_Industry] 轻工制造 [Table_ReportDate] 2025 年 05 月 08 日 证券研究报告 行业研究 [Table_ReportType] 行业专题研究（普通） | [Table_StockAndRank] 轻工制造 | | | --- | --- | | 投资评级 | 看好 | | 上次评级 | 看好 | 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮 箱： jiangwenqiang@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 24&25Q1 造纸板块综述：周期触底、向上不足，龙 头聚焦产业链上下游延伸、差异化竞争优势放大 [Table_ReportDate] 2025 年 05 月 08 日 本期内容提要: [Table_S [行业层面 Table_Summary ummar ：造纸板块行业 y] ...

Investment Rating - The investment rating for the paper industry is "Positive" [2] Core Viewpoints - The paper industry is experiencing a bottoming cycle with insufficient upward momentum, leading industry leaders to focus on extending their supply chains and enhancing differentiated competitive advantages [12] - The industry is expected to continue facing supply-demand pressures in 2025, with a sustained bottoming of profit cycles as leading companies innovate and expand their scale and differentiation advantages [12] - Major companies are actively expanding their overseas market presence to absorb production capacity [12] Summary by Sections Pulp and Paper Sector - Cost improvements and a slight recovery in paper prices are leading to profit recovery, with Q4 2024 pulp prices hitting a bottom and costs stabilizing [3] - In Q1 2025, low-cost pulp gradually entered inventory, and paper prices saw a slight increase, with companies expected to maintain low costs and moderate profit improvements [3][18] - The domestic pulp market is experiencing price fluctuations, with expectations of continued low-level oscillations in Q2 2025 [19] Cultural Paper - Profitability is gradually recovering, with leading companies performing well despite market challenges [4] - Average prices for double glue paper and copper plate paper in Q4 2024 and Q1 2025 were 5228 and 5435 CNY/ton respectively, showing year-on-year declines but some recovery in Q1 2025 [22] - Companies like Sun Paper are leveraging raw material strategies and cost control to improve profits [22] White Card Paper - Prices are stabilizing at the bottom, with a slight improvement in profitability [23] - The average price for white card paper increased from 4195 CNY/ton in Q4 2024 to 4307 CNY/ton in Q1 2025, benefiting from supply disruptions [23] - Companies are expected to face increased supply pressures in 2025 due to new capacities coming online [23] Specialty Paper - Leading companies are expanding their advantages and market shares [24] - Prices for specialty paper categories are expected to decline due to short-term supply-demand pressures, but some categories are showing signs of recovery [24] - Companies like Xianhe and Wuzhou are expected to benefit from increased production capacity [24] Waste Paper Sector - Prices are fluctuating, with a recovery in profitability observed [26] - The average price for waste paper in Q4 2024 was 1530 CNY/ton, showing a year-on-year increase, while boxboard and corrugated paper prices also saw slight improvements [26] - The overall profitability of waste paper companies is expected to remain under pressure in Q2 2025 despite cost optimizations [26] Investment Recommendations - Focus on companies with integrated pulp and paper operations and improving profitability, such as Sun Paper and Xianhe, as well as those recovering profitability like Huawang Technology and Wuzhou Specialty Paper [8]

Report Industry Investment Rating - The investment rating for the offset printing paper industry is "volatile and weak" [1] Core View - The double - offset paper trend strength is -1, indicating a bearish view on the market [2] Summary by Relevant Catalogs Fundamental Tracking - In the Shandong spot market on May 6, 2025, the prices of 70g Tianyang, 70g Chenming Yunjing, and 70g Huaxia Taiyang remained unchanged from April 30, 2025. Similarly, in the Guangdong spot market, the prices of relevant paper types also remained stable [2] - In terms of cost - profit, the pre - tax cost decreased by 45 yuan/ton, and the pre - tax gross profit increased by 45 yuan/ton. The after - tax cost decreased by 40 yuan/ton, and the after - tax gross profit increased by 40 yuan/ton [2] Industry News - In the Shandong market, the mainstream transaction prices of high - white double - offset paper and some natural - white double - offset paper remained flat compared to the previous workday. Paper mills' transactions were flexible, dealers were cautious, and downstream inventory - building willingness was weak [3] - In the Guangdong market, the mainstream transaction prices of high - white and natural - white double - offset paper were stable. During the holiday, market transactions were light, dealers mainly sold at stable prices, and the overall procurement demand of downstream printing factories was average [3]

Investment Rating - The report indicates a positive outlook for the home furnishing sector, driven by domestic consumption stimulus and the gradual recovery of retail channels [1]. Core Insights - The report highlights that the domestic consumption stimulus is beginning to show effects, with a notable recovery in retail channels, while export conditions are experiencing marginal declines [1][3]. - The performance of leading companies in the home furnishing sector is improving, particularly in the context of national subsidies and strategic adjustments [1][3]. Summary by Sections 1. Home Furnishing - Domestic sales show signs of recovery with a year-on-year revenue change of -12.44% in Q4 2024 and +1.75% in Q1 2025, while net profit for the same periods changed from -54.11% to +7.07% [13]. - Export performance for the furniture sector saw a cumulative year-on-year increase of +5.8% for 2024 but a decline of -8.0% in Q1 2025, indicating a downward trend in export conditions [13]. - The report anticipates that the domestic market will continue to recover in the short term due to national subsidy policies, while the export market may face ongoing pressures [13]. 1.1 Domestic - Custom Home Furnishing - Retail channels are showing marginal improvements, while bulk channels remain under pressure, with leading companies like Oppein and Sophia experiencing reduced revenue declines in Q1 2025 compared to previous quarters [20]. - The profitability of leading companies is improving, with a focus on cost control and product development, while second and third-tier brands may struggle to maintain performance [26]. - Prepayment and cash flow indicators show improvements for some leading companies, suggesting a gradual recovery in demand [38]. 1.2 Domestic - Soft Home Furnishing - The soft home furnishing sector is under pressure due to real estate downturns and changing consumer spending patterns, but companies like Kuka and Mengbaihe are showing signs of recovery [39]. - Profit margins are improving in Q1 2025 compared to 2024, with notable changes in gross and net profit margins across leading companies [44]. - Prepayment figures for soft home furnishing companies are showing positive growth, indicating a recovery in domestic demand [46]. 1.3 Export Home Furnishing - The overall export climate is declining, with a significant drop in cumulative export value in Q1 2025, reflecting challenges in the international market [51][53]. - Despite the overall decline, leading companies are still managing to perform well, showcasing resilience and strategic advantages [51].