智通财经APP讯，晨鸣纸业(01812)发布公告，截至2025年1月1日至2025年12月31日(本报告期)，公司预 期归属于上市公司股东的净亏损为人民币82亿元-88亿元，上年同期亏损约74.11亿元，同比扩大;扣除非 经常性损益后的净亏损为人民币75.5亿元-81.5亿元。基本每股亏损2.79元-3.00元。 公告称，业绩变动原因为2025年黄冈基地正常生产，寿光、江西、吉林基地1-3季度基本停产，湛江基 地全年停产，期间停工损失及检修费用同比增加，产销量同比下滑较大，影响了收入、利润;同时，受 停机影响，本公司对部分资产计提了减值准备，进一步影响当期利润。为聚焦制浆造纸主业发展，四季 度公司剥离了全部融资租赁业务相关资产，公司不再从事任何融资租赁业务。根据会计准则要求，报告 期内对租赁客户的信用情况进行了减值测试，对部分融资租赁业务计提了坏账准备。报告期内，公司在 各级党委政府和金融机构的大力支持下，围绕全流程降本增效与全方位新产品开发，积极采取多项措施 提升运营效率与管理水平。一是稳步推进全面复工复产，目前已复产生产线设备运行率及产能利用率比 往年大幅提升;二是优化采购流程，加强流程管理，显着降低了原 ...

山東晨鳴紙業集團股份有限公司 SHANDONG CHENMING PAPER HOLDINGS LIMITED* 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。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：1812） 內幕消息－2025年年度業績預告 盈利警告 本公告乃山東晨鳴紙業集團股份有限公司（「本公司」）根據香港法例第571章證券 及期貨條例（「證券及期貨條例」）第XIVA部項下之內幕消息條文（定義見香港聯合 交易所有限公司證券上市規則（「上市規則」））及上市規則第13.09(2)(a)條而刊發。 本公司及本公司董事會（「董事會」）全體成員保證本公告的內容真實、準確、完 整，沒有虛假記載、誤導性陳述或重大遺漏。 一、本期業績預計情況 （一）業績預告期間 2025年1月1日至2025年12月31日（「本報告期」） （二）業績預告情況 預計淨利潤為負值 | 項目 | 本報告期 | 上年同期 | | --- | --- | --- | | ...

证券代码：000488 200488 证券简称：ST 晨鸣 ST 晨鸣 B 公告编号：2026-001 山东晨鸣纸业集团股份有限公司 2025 年度业绩预告 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、本期业绩预计情况 （一）业绩预告期间：2025 年 1 月 1 日至 2025 年 12 月 31 日 （二）业绩预告情况：预计净利润为负值 | 项目 | | 本报告期 | | | 上年同期 | | | --- | --- | --- | --- | --- | --- | --- | | 归属于上市公司股东的净利润 | 亏损：820,000 | | 万元–880,000 | 万元 | 亏损：741,078 | 万元 | | 扣除非经常性损益后的净利润 | 亏损：755,000 | | 万元–815,000 | 万元 | 亏损：720,239 | 万元 | | 基本每股收益 | 亏损：2.79 | | 元/股–3.00 元/股 | | 亏损：2.53 | 元/股 | 本次业绩预告的相关财务数据未经注册会计师审计，公司已就业绩预告有关事项 与年审会计师事务 ...

Group 1 - The top three companies with the highest AH premium rates are Northeast Electric (00042) at 831.03%, Zhejiang Shibao (01057) at 339.32%, and Sinopec Oilfield Service (01033) at 323.71% [1][2] - The bottom three companies with the lowest AH premium rates are CATL (03750) at -14.62%, China Merchants Bank (03968) at -3.22%, and Hengrui Medicine (01276) at 1.77% [1][2] - Sinopec Oilfield Service (01033), Andeli Juice (02218), and Shandong Molong (00568) have the highest deviation values at 53.41%, 21.68%, and 19.01% respectively [1][2] Group 2 - The companies with the lowest deviation values include Zhejiang Shibao (01057) at -58.91%, Yangtze Optical Fibre and Cable (06869) at -49.00%, and Fudan Zhangjiang (01349) at -24.81% [1][2][4] - The top ten AH stocks by premium rate include companies like Hongye Futures (03678) and Beijing Electromechanical (00187) with premium rates of 258.91% and 257.99% respectively [2] - The bottom ten AH stocks by premium rate include Weichai Power (02338) and Midea Group (00300) with premium rates of 6.84% and 8.51% respectively [2]

出席嘉宾 安徽林平循环发展股份有限公司董事会秘书王善彬先生 安徽林平循环发展股份有限公司董事、财务总监李培凯先生 国联民生证券承销保荐有限公司保荐代表人李凯先生 ——安徽林平循环发展股份有限公司首次公开发行股票并在主板上市网上投资者交流会精彩回放 安徽林平循环发展股份有限公司董事长、总经理李建设先生 国联民生证券承销保荐有限公司保荐代表人黄庆先生 安徽林平循环发展股份有限公司 董事长、总经理李建设先生 尊敬的各位投资者和各位网友： 大家好！ 欢迎大家参加安徽林平循环发展股份有限公司首次公开发行股票并在上交所主板上市的网上路演。首 先，我谨代表林平发展全体董事会、管理层及全体员工，向长期给予公司关注和支持的广大投资者朋 友，表示衷心的感谢以及热烈的欢迎！我们希望通过此次网上投资者交流活动，充分解答各位投资者关 切的问题，帮助大家更加客观、全面地了解林平发展。 自2002年在安徽萧县创立以来，林平发展始终锚定"绿色制造+循环经济"的双轮驱动战略，深耕循环造 纸领域。我们以废纸回收再利用为起点，构建资源高效循环的运营体系，持续推进清洁化生产与节能降 耗。这不仅让我们的产品获得了市场认可，更使公司的"绿色工厂"实践与 ...

Group 1 - The paper sector experienced a slight increase of 0.02% on January 29, with Yueyang Lin Paper leading the gains [1] - The Shanghai Composite Index closed at 4157.98, up by 0.16%, while the Shenzhen Component Index closed at 14300.08, down by 0.3% [1] - Key stocks in the paper sector showed varied performance, with Yueyang Lin Paper rising by 4.76% to a closing price of 5.28, and other notable stocks like Kain Co. and ST Chenming also showing positive gains [1] Group 2 - The paper sector saw a net outflow of 108 million yuan from major funds, while retail investors contributed a net inflow of 115 million yuan [2] - The trading volume and turnover for key stocks varied, with Kain Co. having a significant net inflow from retail investors despite an overall negative trend in major funds [3] - Individual stock performances indicated mixed results in fund flows, with some stocks like Kain Co. and Yibin Paper attracting positive retail interest, while others faced outflows [3]

格隆汇1月29日｜港股纸业股强势，其中，玖龙纸业涨超15%，理文造纸涨超9%，晨鸣纸业涨超5%，阳 光纸业涨超3%。消息面上，玖龙纸业昨晚发布业绩预告，预计截至2025年12月31日止六个月将录得盈 利约21.5亿元至22.5亿元人民币，较2024年同期增长216%至230.7%。盈利增长主要由于产品销售量增加 及销售价格上升，及原材料成本下降而导致毛利润大幅增加。 | 代码 | 名称 | 涨跌幅 √ | 最新价 | 总市值 | 年初至今涨跌 | | --- | --- | --- | --- | --- | --- | | 02689 | 玖龙纸业 | 15.28% | 8.600 | 403.53亿 | 45.52% | | 02314 | 理文造纸 | 9.36% | 3.740 | 160.63亿 | 33.57% | | 01812 | 晨鸣纸业 | 5.95% | 0.890 | 26.18亿 | 14.10% | | 02002 | 阳光纸业 | 3.20% | 1.290 | 13.74亿 | -10.42% | ...

港股造纸板块盘初冲高，玖龙纸业涨超10%，晨鸣纸业涨超7%，阳光纸业涨超3%。 ...

Core Viewpoint - The report highlights the AH premium rates of various stocks, indicating significant disparities between H-shares and A-shares, with some stocks showing extremely high premiums while others exhibit negative premiums [1][2]. Group 1: Top AH Premium Rates - Northeast Electric (00042) leads with an AH premium rate of 847.37%, followed by Zhejiang Shibao (01057) at 349.31% and Beijing Jingcheng Machinery Electric (00187) at 279.42% [1][2]. - The lowest AH premium rates are recorded for Contemporary Amperex Technology (03750) at -14.34%, China Merchants Bank (03968) at -4.99%, and Heng Rui Medicine (01276) at -1.15% [1][2]. Group 2: Top AH Deviation Values - Junshi Biosciences (01877) has the highest deviation value at 22.43%, followed closely by Beijing Jingcheng Machinery Electric (00187) at 22.18% and CanSino Biologics (06185) at 21.90% [1][3]. - The lowest deviation values are observed in Changfei Optical Fiber (06869) at -50.58%, Zhejiang Shibao (01057) at -45.38%, and Nanhua Futures (02691) at -27.12% [1][4]. Group 3: Detailed AH Premium and Deviation Rankings - The top ten AH stocks by premium rate include companies like Hongye Futures (03678) with a premium of 271.30% and Sinopec Oilfield Service (01033) at 248.51% [2]. - The bottom ten AH stocks by premium rate include WuXi AppTec (02359) with a slight premium of 0.42% and Midea Group (00300) at 6.75% [2]. - The top ten stocks by deviation also feature companies like Goldwind (02208) at 19.35% and Andeli Juice (02218) at 19.04% [3].

Summary of Conference Call Records Industry Overview: Paper Industry - The current paper prices, particularly cultural paper, have reached historical lows, while white card paper and box board paper have shown some recovery since the second half of 2025, although they remain in a bottom range. Demand has been under pressure in the past [1][2] - The paper industry is expected to experience a cyclical turning point in 2026, driven by the Federal Reserve's interest rate cuts and the appreciation of the Renminbi. Pulp prices are anticipated to enter an upward channel, supported by a marginal contraction in supply growth and a mild recovery in demand [1][2] Key Insights and Arguments - The paper sector currently possesses both safety margins and elastic space, suggesting that investors should actively consider investment opportunities in a cyclical context [2] - For the pulp and paper segment, the increase in overseas commodity pulp supply is limited in 2026, with only the APP OKI Phase II expansion and some permanent closures or transitions of needle and broadleaf pulp mills. A global demand recovery during the interest rate cut cycle may lead to a balanced supply-demand situation, resulting in a moderate increase in pulp prices [2] - Import pulp prices have seen slight increases, with Arauco's needle pulp rising by $10 per ton and broadleaf pulp by $20 per ton in January. A mid-term contraction in global wood chip supply may support a rise in pulp price levels [2] - Cost factors are likely to support an upward trend in paper prices, with major cultural paper manufacturers announcing price increases of 200 yuan per ton starting in January, and leading white card manufacturers planning similar increases between late February and early March. This may accelerate pre-holiday shipping and, combined with periodic maintenance shutdowns, could positively influence post-holiday paper price trends [2] - The supply-demand landscape indicates a significant slowdown in new capacity for white paper from 2026 to 2027, with the capacity investment cycle approaching a turning point. This, along with the consumption of previously invested capacity and rising cost levels, may lead to a phase of profitability improvement for paper manufacturers, particularly for those with stronger cost control and self-sufficient pulp capabilities [2] Additional Important Insights - The increase in paper prices in the second half of 2025 was primarily driven by rising waste paper costs, while the industry demand remains in a weak recovery state. Optimizing underlying costs and product structures is crucial for improving profitability among leading companies [3] - The expansion of leading box board manufacturers is nearing completion, with only Sun Paper's Nanning facility expected to release new capacity in 2026. Demand is projected to continue growing moderately, with a CAGR of over 5% from 2015 to 2024. The mid-term supply-demand gap is expected to narrow, leading to potential upward fluctuations in paper prices and profitability [3] Recommended Stocks in the Paper Industry - **Sun Paper**: Leading value growth - **Nine Dragons Paper**: Improvement in integrated pulp and paper profitability - **Bohui Paper**: Anticipation of asset integration by major shareholders - **Chenming Paper**: Release of recovery and price increase elasticity - **Huawang Technology**: Demand improvement and high dividends - **Xianhe Co., Ltd.**: Deepening of forest-pulp-paper layout [3]