Core Points - The company announced a cash dividend of 0.012 CNY per share for its A shares, totaling approximately 27.04 million CNY to be distributed to shareholders [1][2] - The dividend distribution was approved at the annual shareholders' meeting held on May 9, 2025 [1] - Key dates for the dividend distribution include the record date on May 23, 2025, and the ex-dividend date on May 26, 2025 [2] Dividend Distribution Details - The total number of shares for the dividend calculation is 2,253,255,047 shares [1] - Shareholders who have completed designated transactions can receive their cash dividends on the payment date, while those who have not will have their dividends held by the China Securities Depository and Clearing Corporation [2] - Different tax treatments apply based on the holding period of shares, with a maximum tax rate of 20% for shares held for one month or less [3][4] Tax Implications - For individual shareholders holding unrestricted shares, the actual cash dividend after tax is 0.0108 CNY per share for those with a holding period of one month or less [3][4] - Qualified Foreign Institutional Investors (QFII) will also receive a net dividend of 0.0108 CNY per share after a 10% withholding tax [4] - Other investors will be responsible for their own tax payments, receiving the full cash dividend of 0.012 CNY per share [4][5] Contact Information - For inquiries regarding the dividend distribution, shareholders can contact the board secretary's office at 0591-83367773 [5]

Group 1: Report Overview - Report title: Pulp Morning Report [1] - Report date: May 19, 2025 [1] - Research team: Energy and Chemicals Team of the Research Center [1] Group 2: SP Main Contract Closing Price - Closing price on May 16, 2025: 5356.00 [2] - Closing prices from May 12 - 16, 2025: 5256.00, 5276.00, 5378.00, 5386.00, 5356.00 respectively [2] - Fluctuations compared to the previous day: -0.55700%, 0.14875%, 1.93328%, 0.38052%, 1.78156% respectively [2] - Discounted US dollar prices: 636.25, 639.77, 651.66, 652.20, 649.37 respectively [2] - Shandong Yinxing basis: 984, 1024, 922, 914, 944 respectively [2] - Jiangsu, Zhejiang, and Shanghai Yinxing basis: 969, 999, 922, 914, 944 respectively [2] Group 3: Import Profit - Calculated with 13% VAT and previous day's exchange rate of 7.20 [3] - Import profit for Canadian Golden Lion: -104.24 [3] - Import profit for Canadian Lion: -841.52 [3] - Import profit for Chilean Yinxing: -482.20 [3] Group 4: National and Shandong Regional Price Averages - National average prices from May 12 - 16, 2025: no change in prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp [3] - Shandong regional average prices from May 12 - 16, 2025: no change in prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp [3] Group 5: Paper Product Index and Profit Margin - Cultural paper (double - offset index, double - copper index), packaging paper (white card index), and living paper (living index) remained unchanged from May 13 - 16, 2025 [3] - Profit margins of double - offset paper on May 13 - 16, 2025: 9.1410%, 9.1410%, 7.3767%, 7.3767% [3] - Profit margins of double - copper paper on May 13 - 16, 2025: 24.4068%, 24.4068%, 24.4068%, 24.4068% [3] - Profit margins of white card paper on May 13 - 16, 2025: -11.3810%, -12.7229%, -12.7229%, -12.7229% [3] - Profit margins of living paper on May 13 - 16, 2025: 9.6198%, 9.3064%, 9.2143%, 9.2511% [3] Group 6: Pulp Price Spreads - Spreads between softwood and hardwood pulp from May 12 - 16, 2025: 2090, 2080, 2080, 2080, 2080 [3] - Spreads between softwood and natural pulp from May 12 - 16, 2025: 840, 900, 900, 900, 900 [3] - Spreads between softwood and chemimechanical pulp from May 12 - 16, 2025: 2365, 2425, 2425, 2425, 2425 [3] - Spreads between softwood pulp and waste paper from May 12 - 16, 2025: 4664, 4724, 4724, 4724, 4724 [3]

Group 1 - The company plans to distribute a cash dividend of 0.25 yuan per share (tax included) to all shareholders as part of the 2024 annual profit distribution plan, amounting to a total of 119,225,170.25 yuan (tax included) based on a total share capital of 476,900,681 shares as of March 31, 2025, which represents 32.95% of the net profit attributable to shareholders of the listed company for the year [1][2][3] - The rights distribution plan was approved at the company's annual general meeting held on May 6, 2025, with further details disclosed on the Shanghai Stock Exchange website [2] - The convertible bonds will stop conversion from May 22, 2025, until the rights distribution registration date, with the resumption of conversion on the first trading day after the registration date [2][3] Group 2 - The company will adjust the conversion price of the convertible bonds in accordance with the terms outlined in the prospectus following the implementation of the rights distribution plan [2] - Shareholders wishing to enjoy the rights distribution must convert their bonds before May 21, 2025 [3]

Group 1 - The company has announced a share repurchase plan, with the initial disclosure date on October 25, 2024, and a duration of 12 months pending shareholder approval [1][2] - The expected repurchase amount is between 100 million to 200 million RMB [1] - The company has already repurchased 2,779,140 shares, representing 1.02% of the total share capital [2][3] Group 2 - The repurchase price range has been between 10.83 RMB and 11.59 RMB per share, with a total expenditure of 31,504,875.40 RMB [2][3] - The repurchase is intended to reduce the registered capital of the company [1] - The company will comply with relevant regulations and disclose progress on the repurchase in a timely manner [3]

Group 1 - The company announced a share repurchase plan approved by the board on October 23, 2024, with a budget of 100 million to 200 million yuan for the repurchase [1] - As of May 15, 2025, the company has repurchased a total of 2.7791 million shares, accounting for 1.02% of the total share capital [1] - The repurchase price range was between 10.83 yuan and 11.59 yuan per share, with a total expenditure of 31.5049 million yuan (excluding transaction fees) [1] Group 2 - The repurchase plan complies with relevant laws and regulations as well as the company's repurchase scheme requirements [1]

二、担保进展情况 基于对公司未来发展前景的信心和制浆造纸主业的认可，建信金租和国银金租将前 述设备融资业务延长租赁期限并调低利率。公司继续为寿光美伦与建信金租开展的前述 两笔融资业务提供连带责任保证担保，担保本金金额合计为人民币 3.85 亿元；公司及公 司全资下属公司晨鸣融资租赁公司分别继续为寿光美伦与国银金租开展的前述设备融 资业务提供连带责任保证担保和应收账款质押担保，担保本金金额为人民币 5 亿元。 公司于 2024 年 5 月 14 日召开 2023 年度股东大会，审议通过了《关于 2024 年度预 计为子公司提供担保额度的议案》，同意公司为寿光美伦提供担保额度为人民币 50 亿元， 晨鸣融资租赁公司为寿光美伦提供担保额度为人民币 6 亿元。本次公司及晨鸣融资租赁 公司为寿光美伦前述设备融资业务延长租赁期限提供担保在上述担保额度范围内，且经 三、被担保人基本情况 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 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 ...

Core Viewpoint - The legal opinion letter confirms that the 2024 Annual General Meeting of Shandong Chenming Paper Holdings Limited was convened and conducted in accordance with relevant laws, regulations, and the company's articles of association [1][16]. Group 1: Meeting Procedures - The meeting was scheduled for May 15, 2025, with proper notifications published on March 31, 2025, and April 25, 2025 [4][5]. - The meeting was held at the company's R&D center and allowed for both on-site and internet voting [5][6]. Group 2: Attendance and Voting - A total of 710 shareholders participated in the voting, representing 552,521,551 shares, which is 18.8281% of the total voting rights [9]. - Among the attendees, 702 were small investors, representing 81,282,447 shares, or 2.7698% of the total voting rights [10]. Group 3: Voting Results - The voting results showed that 508,847,118 shares (92.0954%) were in favor of the proposals, while 42,483,685 shares (7.6891%) were against, and 1,190,748 shares (0.2155%) were abstained [12]. - The results were verified by the legal representatives and were found to comply with legal and regulatory requirements [16].

Group 1: Company Performance and Strategy - The company is facing challenges such as environmental pressure, digital transformation, and demand structure adjustments, but also sees new growth opportunities through advanced technologies like big data and AI [1][2] - In 2025, the company plans to expand its production capacity in South China while focusing on environmental protection and product innovation to enhance profitability [3] - The company aims to become a market leader in brand value, market share, and customer satisfaction by adhering to a customer-centric approach and core values of innovation, service, and value [3] Group 2: Financial Outlook and Shareholder Value - The company is currently not in a position to distribute cash dividends due to not meeting the necessary conditions, but is committed to sustainable development and will follow legal requirements for profit distribution when feasible [3] - The management expresses confidence in achieving over 300 million in revenue for 2025, emphasizing efforts to enhance operational performance and core competitiveness [4] - The company acknowledges the impact of macroeconomic factors and market fluctuations on its stock price, and is focused on improving its internal value and governance structure to boost market performance [4]

Summary of the Conference Call Company and Industry Overview - The conference call discusses the **aromatic paper industry**, specifically focusing on **Minshida Company** and its market position within the **aromatic paper sector** [2][3]. Key Points and Arguments - **Market Share and Position**: Minshida is a leading player in the domestic aromatic paper industry, with a market share of approximately **14% globally**, ranking second after **DuPont** [3]. - **Market Segmentation**: In the global aromatic paper market, **electrical insulation** and **honeycomb core materials** account for **63%** and **35%** of applications, respectively. In China, the electrical insulation application dominates at **91%**, while honeycomb core materials lag behind at **7%** [2][7]. - **Market Growth**: The Chinese aromatic paper market is projected to grow from **$226 million** in 2022 to **$585 million** by 2028, with a compound annual growth rate (CAGR) of approximately **17%**. By 2028, consumption is expected to reach around **12,000 tons** [2][8]. - **Production Capacity**: Minshida's new production capacity project has been delayed from **April 30, 2025**, to **March 31, 2026**, due to international supply chain issues affecting equipment delivery. However, the company plans to gradually debug existing production lines, ensuring overall capacity release remains on track [2][9]. - **Financial Health**: For 2024, Minshida's financial metrics include an asset-liability ratio of **25%**, an equity multiplier of **1.3**, a current ratio of **3.18**, and a quick ratio of **2.59**. The company has shown strong profitability, with gross margins increasing from **25.6%** in 2020 to **37.5%** in 2024, and net margins rising from **17.6%** to **23.5%** [2][11]. Additional Important Insights - **Sales Model**: Minshida primarily employs a direct sales model, with **75%** of its revenue generated domestically and the remainder from overseas markets, mainly in Europe and Asia [2][6]. - **Raw Material Procurement**: The company relies on its parent company, **Taihe New Materials**, for a controlled supply chain, ensuring fair pricing mechanisms for raw materials. Direct material costs constitute about **80%** of the main business costs, with stable procurement prices [2][10]. - **Future Profitability Forecast**: Projections for Minshida's net profit from 2025 to 2027 are **$138 million**, **$170 million**, and **$200 million**, respectively. The company is expected to maintain a price-to-earnings (PE) ratio of **45 to 50** in optimistic scenarios, translating to a future value range of **$6.176 billion** to **$6.862 billion**, or a share price between **$42.3** and **$47** [2][5][12].

Key Points - The company adjusted the cash dividend per share for the 2024 profit distribution from 0.03 yuan (including tax) to 0.03014 yuan (including tax) due to the repurchase and cancellation of restricted stock, which changed the total share capital before the dividend record date [1][3] - The total number of shares as of December 31, 2024, was 1,765,751,854, leading to a total cash dividend distribution of 52,972,555.62 yuan (including tax) [1] - Following the cancellation of 8,184,000 shares of restricted stock on May 12, 2025, the total share capital was reduced to 1,757,567,854 shares [2] - The adjusted cash dividend per share is calculated based on the new total share capital, resulting in a total cash dividend distribution of 52,973,095.12 yuan (including tax) [3]