Group 1 - The company, Xianhe Co., Ltd., is convening its second extraordinary general meeting of shareholders in 2025 on August 22, 2025, at 14:00 [1][2] - The meeting will be held at the company's conference room located at 69 Tianhu South Road, Qujiang District, Quzhou City, Zhejiang Province [1][7] - Shareholders can participate in voting through the Shanghai Stock Exchange's online voting system, with voting available from 9:15 to 15:00 on the day of the meeting [1][2] Group 2 - The agenda includes several proposals, such as revising the company's shareholder meeting rules, management systems for major business and investment decisions, and a three-year dividend return plan for 2024-2026 [2][3] - The meeting will also address the election of the fourth board of directors, including both non-independent and independent director candidates [3][8] - Voting will be conducted through a combination of on-site and online methods, with specific procedures outlined for shareholders holding multiple accounts [4][6] Group 3 - Shareholders must register to attend the meeting by providing necessary documentation, including a power of attorney if represented by an agent [6][7] - The registration period is set for August 21, 2025, from 9:30 to 15:00, at the company's securities department [6][7] - The company has provided contact information for inquiries related to the meeting, including phone and fax numbers [7]

Core Viewpoint - The company plans to invest approximately 11 billion RMB in an integrated high-performance paper-based new materials project, with the first phase requiring about 5.5 billion RMB and the second phase contingent on the first phase's success [1][5][10] Investment Overview - The project aims to produce 800,000 tons of bamboo pulp and 1.2 million tons of high-performance paper-based new materials, with the first phase focusing on 400,000 tons of bamboo pulp and 600,000 tons of high-performance paper [5][6] - The expected annual output value of the first phase is approximately 5.15 billion RMB, generating around 450 million RMB in annual tax revenue and creating about 2,000 jobs [2][6] Project Approval Process - The investment proposal was approved by the company's board on August 6, 2025, and will be submitted for shareholder approval [1][3] - The project is not classified as a related party transaction or a major asset restructuring under relevant regulations [3] Project Location and Resources - The project will be located in the Linjiang New Materials Industrial Park in Hejiang County, Luzhou City, Sichuan Province, which has abundant bamboo resources and favorable conditions for industrial development [4][8] - The investment aligns with national industrial policies and aims to utilize local renewable resources for production [8] Market Positioning and Feasibility - The project is positioned to meet the growing demand for high-performance paper-based materials, driven by economic development and consumer upgrades [6][7] - The company has nearly 30 years of experience and technological advantages in the high-performance paper-based materials sector, enhancing its competitive edge [6][7] Investment Impact - The investment is expected to extend the upstream supply chain, diversify the product range, and enhance the company's competitiveness, aligning with its long-term development strategy [8] - The project is not anticipated to significantly impact the company's current operating performance in the short term [8] Risks and Uncertainties - The project faces uncertainties related to regulatory approvals, funding availability, and market conditions, which could affect the investment amount and progress [2][9] - The second phase of the project will depend on the successful implementation and operational performance of the first phase [10]

Core Viewpoint - The company plans to invest approximately 11 billion RMB in a new integrated high-performance paper-based material project in Hejiang County, Luzhou City, Sichuan Province [1] Investment Details - The project will be executed in two phases, with a total investment of about 11 billion RMB [1] - Phase one involves an investment of approximately 5.5 billion RMB, covering an area of about 2000 acres, and aims to establish a production line with an annual output of 400,000 tons of bamboo pulp and 600,000 tons of high-performance paper-based materials [1] - Phase two will also require an investment of around 5.5 billion RMB, with the same land area, and will include the construction of another production line with the same output capacity [1] Economic Impact - Upon completion and reaching full production, phase one is expected to generate an annual output value of approximately 5.15 billion RMB and contribute about 450 million RMB in tax revenue [1] - The project is anticipated to create around 2,000 job opportunities [1]

Core Viewpoint - The paper industry is experiencing a price increase driven by rising costs and supply constraints, with major companies like Nine Dragons Paper and Shanying International announcing multiple price hikes in recent weeks [1][2][3] Price Increases - Since early July, major paper companies have issued multiple price increase notices, with prices for corrugated paper and recycled cardboard rising by 30 yuan/ton and all weights of recycled paper and corrugated paper increasing by 50 yuan/ton [1] - The average price of waste yellow board paper reached 1482 yuan/ton in late July, a year-on-year increase of 2.75% [1] - The price hikes aim to restore profit levels for paper manufacturers and encourage downstream packaging companies to replenish their low inventories [2][3] Industry Challenges - The paper industry is facing a supply-demand imbalance, with new production capacity exceeding 10 million tons in 2024 while consumption growth is only 1.5% [3] - The industry is experiencing a historical low in profit margins, with an overall profit of only 520 billion yuan and a profit margin of 3%-5% [3] - The competitive landscape is characterized by excessive price competition and a significant portion of companies operating at a loss [3][5] Anti-Competition Initiatives - The Guangdong Paper Industry Association has issued an "anti-involution" initiative to combat low-price competition and promote rational business practices [4][5] - The initiative includes four main proposals: resisting disorderly low-price competition, optimizing capacity structure, focusing on quality and service, and establishing self-regulatory mechanisms [5] - Industry leaders emphasize the need to shift focus from price competition to quality, service, and innovation to enhance competitiveness [6][7] Strategic Transformations - Leading companies are pursuing strategic transformations, such as Sun Paper's integrated "forest-pulp-paper" model and Xianhe's significant investments in raw material projects [7] - There is a lack of a clear policy framework for the industry's anti-involution efforts, and specific policy tools and implementation measures remain uncertain [7] - Recommendations for the industry include shifting competition focus, ensuring healthy supply chain relationships, and avoiding blind expansion and price wars [7]

Core Viewpoint - The paper industry is experiencing a series of price increases driven by rising costs, with major companies like Nine Dragons Paper and Jiangxi Lee & Man Paper announcing price hikes for corrugated paper and recycled cardboard starting August 1, 2023 [2][4][5] Group 1: Price Increases - Multiple paper companies have issued price increase notices, marking the fourth round of price hikes this year, with Nine Dragons Paper leading the charge [3][4] - The price increase for corrugated and recycled cardboard is set at 30 yuan per ton, following previous hikes earlier in July [3][4] - The overall trend shows that paper companies have raised prices in March-April, May, and July, indicating a pattern of frequent adjustments in response to cost pressures [4][5] Group 2: Cost Pressures - The primary reason for the price hikes is the tightening supply of raw materials, particularly waste paper, which has significantly increased operational costs for paper manufacturers [2][4] - The average market price for waste yellow board paper as of July 23, 2023, was 1482 yuan per ton, reflecting a year-on-year increase of 2.75% [4] Group 3: Market Dynamics - Despite the price increases, the transmission of these costs through the supply chain remains uncertain due to weak demand and excess supply, leading to competitive pricing pressures among packaging companies [5][6] - The overall industry is facing a supply-demand imbalance, with a projected consumption growth rate of only 1.5% for paper products in 2024, while new production capacity is expected to exceed 10 million tons [6][7] Group 4: Strategic Adjustments - Leading paper companies are focusing on enhancing their core competitiveness through increased R&D investment, full industry chain layout, and collaboration with downstream partners [7] - Companies like Xianhe Co. and Sun Paper are investing heavily in raw material sourcing and production capacity to strengthen their market position and reduce operational costs [7]

Core Viewpoint - The article highlights the participation of APP (Asia Pulp & Paper) at the third China International Supply Chain Promotion Expo, emphasizing its commitment to sustainable development and the integration of resources between China and Indonesia [3][6][14]. Group 1: APP's Role and Contributions - APP showcased its theme "Linking Ecology, Creating a Golden World" at the expo, indicating a focus on enhancing the supply chain ecosystem [3][6]. - The company has established a comprehensive supply chain in China and Indonesia, enhancing its resource control and creating a competitive advantage through a "dual circulation" model [3][6][12]. - APP's participation coincided with the 75th anniversary of diplomatic relations between China and Indonesia, where it launched the "APP Global Electronic Catalog" to facilitate regional cooperation [6][12]. Group 2: Sustainable Practices and Innovations - APP presented its commitment to sustainability through innovative products like the Enza Shield high-barrier paper, which is fully biodegradable and recyclable [9][11]. - The company is focusing on green innovation, exemplified by its zero-plastic water-based barrier food packaging, which aligns with industry trends towards sustainability [11][12]. - APP is integrating sustainable practices across its supply chain, including responsible sourcing and enhancing the proportion of certified raw materials [12][11]. Group 3: Industry Collaboration and Future Outlook - The expo serves as a platform for global partners to explore sustainable development, allowing companies to expand their networks and innovate collaboration models [15][14]. - APP believes that the expo facilitates the penetration of "chain" value across industry boundaries, promoting a shared vision of cooperation and mutual benefits [14][15]. - The company aims to leverage the opportunities presented at the expo to enhance its sustainable development capabilities and contribute to the industry's future [16][15].

Industry Overview - The demand for wood pulp in China is continuously increasing due to the rising production of paper and cardboard, along with restrictions on waste paper imports [1][12] - In 2024, China's wood pulp production is projected to reach 26.26 million tons, a year-on-year increase of 13.58%, while consumption is expected to be 51.39 million tons, up 4.22% [1][12] - The industry is highly dependent on imports to meet downstream demand due to limited domestic wood resources [1][12] Industry Development History - The Chinese wood pulp industry has undergone five stages of development, from a nascent phase (1950-1978) dominated by state-owned enterprises to a rapid growth phase (2000-2010) following China's WTO accession [4][5] - The current phase (2021-present) focuses on green manufacturing and circular economy, driven by dual carbon goals and technological advancements [5] Industry Chain - The upstream of the wood pulp industry includes raw materials (mainly wood) and production equipment, while the midstream involves wood pulp manufacturing [8] - Downstream applications encompass various paper products, including household paper, cultural paper, packaging paper, and specialty paper [8] Current Industry Status - The wood pulp industry in China is transitioning from "import dependence" to "domestic dominance," with domestic wood pulp consumption expected to reach 25.95 million tons in 2024, a 15.49% increase [14] - The market share of major players like Asia Pacific Forest Products and Chenming Paper has increased due to investments and technological upgrades [14][16] Key Companies' Performance - The industry is characterized by "oligopolistic competition" with high market concentration among five major companies, including Asia Pacific Forest Products and Chenming Paper [16] - Chenming Paper's revenue from chemical pulp is projected to reach 1.519 billion yuan in 2024, a significant increase of 175.29% [18] Industry Development Trends - The industry is accelerating its transition towards green and sustainable development, with policies promoting the use of biomass fuels and efficient equipment [22] - Technological innovations, such as continuous cooking processes and digital production systems, are expected to enhance wood utilization rates and product quality [23] - Companies are expanding their global presence and forming regional partnerships to enhance supply chain resilience [24]

Report Overview - Report Title: Pulp Daily Report - Date: July 18, 2025 - Industry: Pulp 1. Investment Rating - No investment rating provided in the report 2. Core View - The absolute price of pulp is at a relatively low level. The downside space due to weak fundamentals is limited, and a new round of price increase depends on the improvement of terminal demand and the restoration of industry profits. In the short term, pulp prices will maintain a wide - range shock at a low level [8] 3. Summary by Directory 3.1 Market Review and Operation Suggestions - **Market Review**: The pre - settlement price of the pulp futures 09 contract was 5234 yuan/ton, and the closing price was 5264 yuan/ton, with an overall increase of 0.46%. The intended transaction price range of coniferous pulp in the Shandong wood pulp market was 5070 - 6700 yuan/ton, and the low - end price remained stable compared with the previous trading day's closing price. The quoted price of Shandong Yinxing was 5920 - 5950 yuan/ton [7] - **Supply - side Information**: Chile's Arauco announced the July quotation. Yinxing's transactions were completed with no new offers, and the net price of Uruguay's broad - leaf pulp New Star was 500 US dollars/ton. According to PPPC data, the shipment volume of coniferous pulp from the world's 20 major pulp - producing countries in May decreased by 8.2% year - on - year, and the cumulative year - on - year decrease from January to April was 0.6%. According to Europulp data, the total inventory of wood pulp in European ports in June increased by 2.4% month - on - month and 6.6% year - on - year; the consumption of wood pulp in Europe decreased by 9.9% month - on - month and 10.6% year - on - year. In June, China's total pulp imports were 3 million and 30 thousand tons, an increase of 0.5% month - on - month and 16.3% year - on - year. As of July 10, 2025, the weekly pulp inventory in major regions and ports increased by 0.45% month - on - month, and only the inventory at Gaolan Port decreased compared with the previous week, with a stable overall shipment speed [8] - **Demand - side Information**: Downstream terminal orders were insufficient, and the overall price of base paper was stable with individual declines [8] 3.2 Industry News - On July 11, the second - phase chemical mechanical pulp project's No. 2 line of Liansheng Pulp and Paper Co., Ltd. was successfully put into operation. It took only 4 hours and 8 minutes to connect the entire system from feeding. After 20 hours of system optimization after startup, the quality of the main pulp reached the pulp - using requirements of the paper machine production line. The chemical mechanical pulp of the No. 2 line has been used in the PM1 white cardboard production line of Zhangpu Base. The successful commissioning of the No. 2 line marks a major progress in the annual production of 3.9 million tons of forest - pulp - paper integration in Zhangpu Base and further strengthens Liansheng's raw material self - supply flexibility [9] 3.3 Data Overview - The report provides multiple data charts, including import bleached softwood pulp spot prices in Shandong, pulp futures prices, pulp spot - futures price spreads, needle - broadleaf price spreads, inter - delivery spreads, warehouse receipt totals, domestic main port pulp inventories, European main port wood pulp inventories, prices and spreads of white cardboard and whiteboard paper, prices and spreads of coated paper and offset paper, and the US dollar - RMB exchange rate [15][17][19][26][28][30]

Core Viewpoint - The Chinese paper industry is entering a critical development phase amid global green low-carbon transformation and industrial chain restructuring, with APP (China) setting a benchmark through its integrated "forest-pulp-paper" model and sustainable practices [1][5]. Group 1: Industry Development - APP (China) has established a "forest-pulp-paper" integrated green circular industry chain, promoting ecological forestry, environmentally friendly pulping, and green paper production since its entry into China in 1992 [1]. - The company emphasizes the importance of stable supply chains for enhancing operational efficiency and market competitiveness, especially in the face of global supply chain challenges [8]. Group 2: Participation in Events - APP (China) participated in the second China International Supply Chain Promotion Expo, showcasing its achievements in green value chains and digital innovation, and signed a cooperation memorandum with several financial institutions, marking a new paradigm of "finance + manufacturing" collaboration [3][5]. - The company plans to present its latest cooperation results and practices at the upcoming third expo, aiming to expand its network and enhance technological service exchanges [7]. Group 3: Investment and Projects - APP (China) has initiated a special paper project in Hainan with an investment of approximately 870 million yuan, which aims to introduce modern production lines and low-carbon processes, contributing to the green industrial development of Hainan Free Trade Port [8]. - Continuous technological upgrades and capacity optimization are enhancing the company's competitiveness in high-end paper products, meeting the growing demand for high-quality, environmentally friendly paper products in domestic and international markets [9]. Group 4: Future Outlook - As a "chain master" enterprise, APP (China) is committed to deepening its "forest-pulp-paper" model and leveraging its supply chain management system to lead the paper industry towards a stronger and more sustainable future [10].

Group 1: Report Information - Report Type: Pulp Daily Report [1] - Date: July 4, 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 09 contract was 5,048 yuan/ton, and the closing price was 5,094 yuan/ton, a rise of 0.91% [7] - Shandong Wood Pulp Market: The intended transaction price range of softwood pulp was 5,220 - 6,750 yuan/ton, with the low - end price unchanged from the previous trading day. The price of Shandong Yinxing was 6,100 yuan/ton [7] - Chilean Arauco's June Quotes: Yinxing was 740 US dollars/ton, and Jinxing was 620 US dollars/ton, the same as the previous quote [7] - Supply - side Data: In May, the shipment volume of softwood pulp from 20 major pulp - producing countries decreased by 8.2% year - on - year, and the cumulative decrease from January to April was 0.6% year - on - year. In May, the total wood pulp inventory in European ports increased by 13.3% month - on - month and 22% year - on - year. China's pulp import volume in May was 3.02 million tons, up 4.3% month - on - month and 6.9% year - on - year [7] - Inventory Status: As of July 3, 2025, the weekly pulp inventory in major regions and ports increased by 3.11% month - on - month, with only the inventory in Qingdao Port decreasing compared to the previous week. The overall shipping speed was stable [7] - Downstream Market: The market orders of downstream paper mills had no obvious improvement, and the prices of finished paper remained stable. The port de - stocking speed was slow, the supply of imported wood pulp market was relatively loose, and the price was oscillating in the low - end range [7] Group 3: Industry News - On July 3, the 650,000 - ton/year bleached chemical pulp production line of Nine Dragons Paper Co., Ltd. in Jianli Bailuo Industrial Park, Jingzhou was successfully put into operation, marking a key breakthrough in the 20.5 - billion - yuan forest - pulp - paper integration project. The supporting 1.2 - million - ton/year white cardboard production line plans to be installed and debugged in the fourth quarter of 2025. After the project is fully completed, a complete industrial chain from pulping to packaging and printing will be formed in Jingzhou [8]