业绩再超预期，浆纸一体化驱动价值重构 玖龙纸业(2689) [Table_Industry] 林纸产品 | [Table_Invest] 评级： | 增持 | | --- | --- | | [当前价格 Table_CurPrice] (港元)： | 7.46 | [Table_Market] 交易数据 玖龙纸业公司更新报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘佳昆(分析师) | 021-38038184 | liujiakun@gtht.com | S0880524040004 | | 毛宇翔(分析师) | 021-38038672 | maoyuxiang@gtht.com | S0880524080013 | 本报告导读： 玖龙业绩再超预期，FY26H1 预计盈利 19.5-20.5 亿元，浆纸一体化驱动公司价值重 构 投资要点： | 财务摘要(百万元人民币) | FY2024A | FY2025A | FY2026E | FY2027E | FY2028E | | --- | --- | --- | - ...

Group 1: Report Overview - Report Name: Pulp Daily Report [1] - Date: January 30, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Group 2: Investment Rating - No investment rating information provided Group 3: Core View - The pulp market is in a wide - range volatile trend with pressure on the upside and support on the downside. Short - term pulp prices are affected by the sector and weak downstream procurement [8] Group 4: Market Review and Operation Suggestions - The previous settlement price of the pulp futures 05 contract was 5,342 yuan/ton, and the closing price was 5,388 yuan/ton, a rise of 0.86%. The intended transaction price range of coniferous pulp in the Shandong wood pulp market was 4,750 - 5,650 yuan/ton, remaining stable compared with the previous trading day's closing price, with the Shandong Yinxing quotation at 5,400 yuan/ton [7] - Suzano announced a price increase of $10/ton in the Asian market in February 2026, and the foreign market quotation continued to rise. In November, the chemical pulp shipments of 20 pulp - producing countries in the world decreased by 6.9% year - on - year, coniferous pulp by 7.6% year - on - year, and broad - leaf pulp by 7.3% year - on - year, with a significant decline in shipments to the Chinese market. In December 2025, the European wood pulp inventory was 759,600 tons, a month - on - month increase of 7.6% and a year - on - year increase of 2.4%; the European wood pulp consumption was 722,400 tons, a month - on - month decrease of 10.9% and a year - on - year increase of 0.6%. The total pulp imports in December 2025 were 3.113 million tons, a month - on - month decrease of 4.1% and a year - on - year decrease of 3.8%. As of January 22, 2026, the weekly pulp inventory in major regions and ports was 2.0198 million tons, a month - on - month increase of 3.37%. On the demand side, the market purchase and sales rhythm slowed down, the raw material stocking intention of downstream paper enterprises decreased, the pre - holiday restocking was gradually ending, and the support from the demand side of the pulp market weakened [8] Group 5: Industry News - On January 27, Nantong Data Bureau released an environmental assessment acceptance notice. The 2 - million - ton natural cellulose project of Golden Hongye Paper (Nantong) Co., Ltd.'s APP Rudong Base was officially announced. The total investment of the project is about 16.395 billion yuan, with a construction period of 36 months. It mainly serves the Rudong Base's household paper - making and the planned Phase IV project, with 1.6 million tons to be supplied as wood pulp for the existing in - plant Phase I and Phase II household paper projects. The project uses the chemical sulfate pulping process [9] - On January 28, Leshan Shawan District People's Government website announced that Sichuan Fuhua Yuantai Bamboo Fiber Co., Ltd. plans to build a bamboo - based fiber and specialty paper project. The project is located in the papermaking and paper products industrial park of Hulu Group, Sichuan Shawan Economic Development Zone. The main construction contents and scale include: a single - line annual production line of 300,000 tons of bleached chemical bamboo pulp (bamboo - based fiber), a supporting annual production line of 400,000 tons of specialty paper, specifically including 150,000 tons/year of food and medical packaging paper, 150,000 tons/year of wiping paper, 100,000 tons/year of bamboo - based fiber materials (fluff pulp), and supporting public works and environmental protection facilities [9] Group 6: Data Overview - Multiple data charts are provided, including import bleached softwood pulp spot price in Shandong, pulp futures price, pulp spot - futures price difference, needle - broadleaf price difference, inter - period price difference, warehouse receipt volume, domestic main port pulp inventory, European main port wood pulp inventory, copperplate paper and offset paper price and price difference, white cardboard and whiteboard paper price and price difference, and US dollar to RMB exchange rate [15][17][19][23][25][27]

登录新浪财经APP 搜索【信披】查看更多考评等级 □扭亏为盈 R同向上升 □同向下降 二、与会计师事务所沟通情况 证券代码：002511 证券简称：中顺洁柔公告编号：2026-08 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 1、业绩预告期间：2025年1月1日－2025年12月31日 2、预计的经营业绩： R预计净利润为正值且属于下列情形之一： 2、公司将严格依照相关法律、法规的规定和要求，及时做好信息披露工作，敬请广大投资者谨慎决 策，注意投资风险。 特此公告。 本次业绩预告相关财务数据未经会计师事务所审计，但公司就业绩预告有关事项已与年报审计会计师事 务所进行了预沟通，双方不存在重大分歧。 三、业绩变动原因说明 2025年公司业务保持稳健增长，受益于原材料成本和制造成本下降，生产成本显著降低，带动毛利率同 比提升；同时公司通过供应链优化、营销效率提升及管理流程精简等措施，盈利能力显著增强。 展望未来，公司将持续落实全成本领先战略，不断优化运营管理体系，夯实盈利护城河，为长期稳健发 展奠定坚实基础。 四、风险提示 1、本次业绩预告 ...

Core Viewpoint - The article discusses the historical significance and evolution of papermaking in China, highlighting its impact on culture, technology, and civilization, as well as the ongoing relevance of traditional techniques in modern times [10][20][22]. Group 1: Historical Development of Papermaking - Papermaking is attributed to the innovations of Cai Lun during the Eastern Han Dynasty, although archaeological findings suggest earlier forms of paper existed [13][14]. - The development of papermaking techniques involved the use of various plant fibers, with significant advancements occurring during the Wei, Jin, and Northern and Southern Dynasties [15][16]. - The introduction of new materials such as bamboo and straw further diversified the types of paper produced, leading to more affordable and accessible options [17][18]. Group 2: Traditional Techniques and Craftsmanship - The production of Xuan paper, a traditional Chinese paper, involves meticulous processes that preserve ancient papermaking techniques, emphasizing the importance of natural materials and craftsmanship [19][22]. - The process includes selecting specific raw materials, extensive treatment, and careful handling during the paper-making stages, which require skilled labor and experience [18][19]. - Modern adaptations of traditional methods have improved efficiency while maintaining the quality and integrity of the paper [19]. Group 3: Cultural and Global Impact - Papermaking has played a crucial role in the dissemination of knowledge and culture, facilitating the development of literature, art, and education in China and beyond [20][21]. - The technology of papermaking spread to other regions, influencing global practices and contributing to significant historical developments, such as the Renaissance in Europe [21][22]. - The ongoing evolution of the paper industry reflects a balance between traditional craftsmanship and modern technological advancements, ensuring the continued relevance of paper in contemporary society [22].

中顺洁柔纸业股份有限公司 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 1、业绩预告期间：2025年1月1日－2025年12月31日 2、预计的经营业绩： √预计净利润为正值且属于下列情形之一： 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002511 证券简称：中顺洁柔 公告编号：2026-08 三、业绩变动原因说明 2025年公司业务保持稳健增长，受益于原材料成本和制造成本下降，生产成本显著降低，带动毛利率同 比提升；同时公司通过供应链优化、营销效率提升及管理流程精简等措施，盈利能力显著增强。 展望未来，公司将持续落实全成本领先战略，不断优化运营管理体系，夯实盈利护城河，为长期稳健发 展奠定坚实基础。 四、风险提示 1、本次业绩预告的相关财务数据是公司财务部门初步测算结果，未经会计师事务所审计。具体财务数 据以公司披露的2025年年度报告内容为准。 2、公司将严格依照相关法律、法规的规定和要求，及时做好信息披露工作，敬请广大投资者谨慎决 策，注意投资风险。 特此公告。 □扭亏为盈 √同向上升 □ ...

Core Viewpoint - The company, Mudanjiang Hengfeng Paper Co., Ltd., forecasts a significant increase in net profit for the year 2025, projecting a rise of over 50% compared to the previous year [2][3]. Group 1: Performance Forecast - The company expects to achieve a net profit attributable to shareholders of the parent company between 178 million yuan and 215 million yuan for the year 2025, representing an increase of 62.18 million yuan to 99.18 million yuan compared to the previous year, which is a year-on-year increase of 53.69% to 85.63% [2][3]. - The forecasted net profit, after deducting non-recurring gains and losses, is estimated to be between 154 million yuan and 191 million yuan, indicating an increase of 32.89 million yuan to 69.89 million yuan, or a year-on-year growth of 27.15% to 57.70% [3]. Group 2: Previous Year’s Performance - In the previous year, the company reported a total profit of 172.22 million yuan and a net profit attributable to shareholders of the parent company of 115.82 million yuan. The net profit after deducting non-recurring gains and losses was 121.11 million yuan [5]. Group 3: Reasons for Performance Increase - The anticipated growth in performance for 2025 is attributed to the company's proactive market strategies, continuous lean management, effective reduction of raw material and energy costs, optimization of product structure, enhanced supply chain management, and strict control over procurement costs and operating expenses [7].

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 ...

继张先生及王先生辞任后，董事会欣然宣布，陈东旭先生(陈先生)及李恒源先生(李先生)各自分别已获 委任为公司非执行董事及独立非执行董事，自2026年1月29日起生效。 阳光纸业(02002)发布公告，张晓晖先生(张先生)及王泽风先生(王先生)各自因个人事务，已分别提呈辞 任公司非执行董事及独立非执行董事，自2026年1月29日起生效。 自2026年1月29日起，张先生不再担任公司薪酬委员会成员及公司提名委员会成员;陈先生获委任为公司 薪酬委员会成员及公司提名委员会成员;王先生不再担任公司薪酬委员会主席、公司审核委员会成员及 公司提名委员会成员;及李先生已获委任为公司薪酬委员会主席、公司审核委员会成员及公司提名委员 会成员。 ...

证券日报网讯 1月29日，中顺洁柔发布公告称，公司预计2025年归属于上市公司股东的净利润为30000 万元至33000万元，比上年同期上升288.69%至327.56%。 （文章来源：证券日报） ...

Core Viewpoint - The company Tongyi Zhong has highlighted the advanced properties of its X612 and X622 series of honeycomb aramid paper, which are suitable for various high-tech applications in aerospace, high-speed trains, and ships [1] Group 1: Product Features - The X612 and X622 series exhibit excellent mechanical properties, thermal stability, chemical resistance, radiation resistance, and good thermal and electrical insulation [1] - The products also possess strong flame retardant capabilities, making them versatile for demanding environments [1]