Group 1: Report Information - Report Name: Pulp Daily Report [2] - Date: April 29, 2024 [3] - Research Team: Energy and Chemical Research Team [5] Group 2: Market Review and Operation Suggestions - Pulp futures contract 09 had a previous settlement price of 5346 yuan/ton and a closing price of 5290 yuan/ton, a decline of 1.05% [8] - The intended transaction price range of softwood pulp in the Shandong wood pulp market was 5400 - 6880 yuan/ton, with the low - end price stable compared to the previous trading day. The Shandong Yinxing offer was 6350 yuan/ton [8] - Chile's Arauco adjusted its April quotes. The softwood pulp Yinxing was at 770 US dollars/ton, and the hardwood pulp Mingxing was at 560 US dollars/ton, showing a significant decline [8] - In March 2025, European chemical pulp consumption was 865,700 tons, a year - on - year decrease of 3.24%. The inventory was 707,300 tons, a year - on - year increase of 6.24%. The inventory days were 26 days, up 1 day from the same period last year [8] - The total pulp imports in March were 3.25 million tons, a month - on - month increase of 0.9% and a year - on - year increase of 2.5% [8] - As of April 24, 2025, the weekly pulp inventory in major domestic regions and ports was 2.0794 million tons, an increase of 4.08% from the previous week [8] - Affected by insufficient follow - up of terminal orders, downstream shipment pressure was obvious, and the raw material procurement intention was poor. The fundamental pattern remained weak, and pulp was mainly under pressure [8] Group 3: Industry News - On April 12, Shandong Huatai Paper's annual 700,000 - ton chemical pulp project, undertaken by China National Light Industry International, was put into commissioning. The project team completed the entire construction in 24 months [9] - Through the pulp - paper integration layout, Huatai Paper's wood pulp self - sufficiency rate increased significantly to 85%, and the comprehensive cost per ton of pulp decreased by 15% compared to external purchases [9] - The project was equipped with a 3,200 TDS/D alkali recovery boiler, generating 568 tons of high - temperature and high - pressure steam per hour and a power generation capacity of 1 million kilowatts. It could supply an additional 100,000 kilowatts to the grid [9] - This innovation could save 500,000 tons of standard coal and reduce carbon dioxide emissions by 1.2 million tons annually [9] Group 4: Data Overview - The report includes various data charts such as import bleached softwood pulp spot prices in Shandong, pulp futures prices, pulp futures - spot price differences, and inventory data [13][18][20]

Core Viewpoint - Morning Paper Industry reported a significant loss in 2024, with revenue of 22.729 billion yuan and a net loss of 7.411 billion yuan, while net assets stood at 9.156 billion yuan by the end of 2024 [1] Company Summary - The company is implementing a dual strategy of "stopping the bleeding and generating blood" to address financial difficulties, supported by government and financial institutions [2][4] - Morning Paper Industry is focusing on strategic adjustments and operational improvements, including production resumption plans, cost control, market expansion, and asset disposal [2][3] - Internal management is being restructured to achieve a flatter organization, optimize personnel allocation, and enhance operational efficiency [3] - The company has established a provincial-level creditor committee with financial creditors to facilitate debt restructuring and maintain stable credit lines [4] Industry Summary - The paper industry is facing challenges such as environmental regulations, changing market demand, and increased competition, leading to price pressures and declining profit margins [2][8] - There is a recent trend of recovery in the global paper industry, with expectations of price increases for cultural and packaging paper [6][7] - The cost of raw materials, particularly wood pulp, has stabilized and begun to rise, which may help mitigate some cost pressures for companies like Morning Paper Industry [7] - Government policies aimed at boosting consumption are expected to improve market demand for paper products, contributing to a potential recovery in the industry [6][8]

Group 1 - The company will hold its annual general meeting on April 2, 2025, at 14:30 in Guangzhou, Guangdong [1][2] - Shareholders must register by March 26, 2025, to attend the meeting and can vote via both onsite and online methods [2][3] - The meeting agenda includes the introduction of shareholder representatives, proposal reviews, and the announcement of voting results [2][3] Group 2 - In 2024, the company achieved a revenue of 7.588 billion yuan, a year-on-year increase of 2.5%, with a total profit of 176 million yuan [4] - The company’s total assets reached 11.227 billion yuan, and the equity attributable to shareholders was 4.641 billion yuan [4] - The company is focusing on integrating pulp and paper production and enhancing its high-end specialty paper industry [4][5] Group 3 - The company is advancing its digital transformation and lean management initiatives to improve operational efficiency [5][6] - It has launched several innovative products in the green packaging materials sector, contributing to national sustainability goals [6][7] - The company has filed 49 new patents and achieved several technological advancements in its product offerings [7][8] Group 4 - The company is optimizing its marketing strategies to enhance its market presence and product differentiation [8][9] - It has implemented a new organizational structure to improve project management and financial oversight [9][10] - The company is committed to social responsibility and has developed a sustainable development strategy for 2030 [10][11] Group 5 - The board of directors held 15 meetings in the reporting period, discussing 64 agenda items [11][12] - The company’s independent directors have actively participated in board meetings and provided professional advice on strategic planning and financial audits [17][18] - The company has maintained compliance with information disclosure regulations, ensuring transparency and protecting minority shareholders' interests [18][19] Group 6 - The company plans to apply for a comprehensive credit facility from banks to support its operational and project financing needs [31][32] - It has projected daily related transactions with affiliated companies for the year 2025, totaling approximately 148.703 million yuan [33][34] - The company is focused on enhancing its internal control systems and governance structures to mitigate operational risks [24][26]