Core Viewpoint - The financial disclosure inquiry regarding Guangdong Songyang Recycling Resources Co., Ltd. highlights the company's revenue growth, product performance, customer and supplier relationships, and liquidity issues, alongside significant asset impairment provisions. Group 1: Main Business Performance - In 2024, the company achieved operating revenue of 727 million yuan, a year-on-year increase, with a gross profit margin of -6.55%, which is an increase of 6.02 percentage points compared to 2023 and 13.64 percentage points compared to 2022 [1][2] - The revenue contributions from high-strength corrugated paper, gray bottom coated whiteboard paper, and specialty paper were 62.27%, with direct sales and distribution income at 509 million yuan and 211 million yuan respectively, where distribution income grew by 21.19% year-on-year [1][2] - The top five customers accounted for 311 million yuan, representing 43.25% of total sales, while the top five suppliers accounted for 282 million yuan, or 35.12% of total purchases [2] Group 2: Financial and Liquidity Analysis - As of the end of the reporting period, the company had cash and cash equivalents of 62 million yuan and interest-bearing liabilities of 435 million yuan, with a debt-to-asset ratio increasing from 43.35% to 64.03% over three years [15][17] - The liquidity ratios showed a decline, with the current ratio dropping from 0.38 to 0.25 and the quick ratio from 0.19 to 0.14 [15] - The company’s cash flow primarily supports operational and financing activities, with no restricted cash or other limitations reported [22] Group 3: Asset Impairment - The company reported a fixed asset balance of 719 million yuan at the end of the reporting period, with an asset impairment provision of 78 million yuan, marking a year-on-year increase of 323.66% [22][23] - The impairment provisions included 25 million yuan for the coated whiteboard paper production line, 30 million yuan for the high-strength corrugated paper production line, and 6.43 million yuan for specialty paper inventory [22][23] - The impairment testing process involved professional evaluations, with cash flow projections used to determine recoverable amounts for various asset groups [23][24]

森林包装集团股份有限公司（以下简称"公司"或"森林包装"）于 2024 年 10 月 17 日召开第三届董事会第十次会议及第三届监事会第十次会议，分别审 议通过了《关于使用部分闲置募集资金进行现金管理的议案》，同意公司或全资 子公司为了提高募集资金的使用效率，增加募集资金利息收入，公司在确保募投 项目资金需求和资金安全的前提下，使用最高额不超过人民币 17,000 万元（含） 的暂时闲置募集资金进行现金管理，用于购买安全性高、流动性好、有保本约定 的理财产品、定期存款、结构性存款等。上述闲置募集资金进行现金管理事项自 董事会审议通过之日起 12 个月有效期内可以滚动使用，公司董事会授权总经理 在上述额度及相关要求范围最终审定并签署相关实施协议或合同等文件。保荐机 构对上述事项出具了无异议的核查意见。具体内容详见公司于 2024 年 10 月 18 日在上海证券交易所网站（www.sse.com.cn）上披露的《森林包装集团股份有限 公司关于使用部分闲置募集资金进行现金管理的公告》（公告编号：2024-062）。 一、开立募集资金理财产品专用结算账户情况 公司的全资子公司台州森林造纸有限公司，拟使用闲置募集资金 ...

Investment Rating - The report rates the paper industry as "Overweight" [1] Core Insights - In June, the prices of pulp and paper have stabilized after a decline, with pulp prices expected to remain low and paper prices showing weakness during the off-season [3] Summary by Sections Cultural Paper - Prices and costs have stabilized with a marginal improvement in supply and demand. As of June 27, the average market price for 70g high white double glue paper was 5153 CNY/ton, down 47 CNY/ton (0.90%) month-on-month and down 573 CNY/ton (10.01%) year-on-year [5][8] - Supply and demand are expected to improve marginally as the publishing order cycle approaches, although the overall demand remains weak [10] - Profitability is stable as the average theoretical gross margin for double glue paper was 1.81%, an increase of 0.17 percentage points from May [21] White Cardboard - Prices initially increased before declining, with the average market price for 250-400g flat white cardboard at 4088 CNY/ton, a 0.29% increase from May but a 6.17% decrease year-on-year [24] - Supply and demand are expected to widen, with a forecast of increased production and limited demand during the traditional off-season [28] - Profitability has improved due to a decrease in costs, with the gross margin rising by 1.46 percentage points from May [37] Boxboard Paper - The market price for boxboard paper has decreased, with an average price of 3503 CNY/ton, down 11 CNY/ton (0.31%) from May and down 3.68% year-on-year [40] - The industry is entering a traditional off-season, leading to increased supply pressure and weak demand [44] - The profitability of the industry is under pressure due to rising costs and declining prices [40] Pulp - External prices for pulp are declining, with a supply-demand imbalance expected to persist. The new external prices for needle pulp are set at 720 USD/ton and for bleached pulp at 620 USD/ton [6][8] - The demand side remains weak, with paper mills adopting price-cutting strategies to optimize raw material procurement costs [6][8] Waste Paper - Prices have fluctuated, with overall supply and demand remaining weak. The market is experiencing a traditional off-season, leading to reduced demand [4][6]

Core Viewpoint - The report from Guotai Junan indicates a downward trend in pulp and paper prices in June, with expectations for pulp prices to remain low and paper prices to show weak performance during the off-season [1] Group 1: Pulp and Paper Price Trends - In June, the average price of double glue paper decreased by 0.9% to 5153 CNY/ton, while white card paper saw a slight increase of 0.29% before turning down, and boxboard paper fell by 0.31% [1] - The market is characterized by strong supply and weak demand, leading to a continued decline in prices for cultural paper, white card paper, and boxboard paper [1] Group 2: Cultural Paper Insights - As of June 27, the market average price for 70g high white double glue paper was 5153 CNY/ton, down 47 CNY/ton (0.90%) month-on-month and down 573 CNY/ton (10.01%) year-on-year [2] - Paper mills reported stable pricing at the beginning of the month, with cautious purchasing behavior from distributors and significant inventory pressure leading to price reductions [2] Group 3: White Card Paper Analysis - The average market price for 250-400g flat white card paper was 4088 CNY/ton as of June 27, reflecting a 0.29% increase from May but a 6.17% decrease from the same period last year [3] - Despite initial price increases, the lack of sustained demand during the traditional off-season led to a gradual decline in prices as mid-month approached [3] Group 4: Boxboard Paper Overview - The average price for boxboard paper was 3503 CNY/ton as of June 27, down 11 CNY/ton (0.31%) from May and down 3.68% year-on-year [4] - The traditional off-season in June resulted in weak demand, with increased inventory levels and limited orders from paper mills contributing to a downward price trend [4] Group 5: Pulp Market Conditions - Chile's Arauco announced new pulp prices: needle pulp at 720 USD/ton and unbleached pulp at 620 USD/ton, with no current quotes for broadleaf pulp [5] - The demand side remains weak, with paper mills adopting price-cutting strategies to manage procurement costs, further pressuring pulp prices [5] - The overall market is experiencing a supply surplus, with stable import volumes and abundant domestic pulp supply, limiting price rebounds in the imported pulp market [5]

Group 1 - The "Tax and Competition" practice team from Jiangxi University of Finance and Economics conducted a summer social practice activity in Yanshan County, focusing on the synergy between traditional craftsmanship and modern industrial innovation [1] - The team visited four representative enterprises in Yanshan County, engaging in deep discussions with business leaders and technical experts to understand the coexistence of traditional crafts and modern manufacturing [1] Group 2 - At Liansi Paper Development Co., the team witnessed the traditional Liansi paper-making process, emphasizing the importance of quality and innovation in preserving this intangible cultural heritage [2] - The team discussed topics such as IP development and digital dissemination with the company, providing new ideas for cultural preservation and industrial development [2] Group 3 - The team visited Ganjie Construction Group, where they learned about the company's development since its establishment in 2008 and its commitment to social responsibility through public welfare and educational support [4] - Discussions focused on talent needs and job requirements, highlighting the importance of professional skills and grassroots engagement for students [4] Group 4 - At Ruichen Sealing Technology Co., the team explored the achievements of this high-tech enterprise in the sealing materials sector, which has over 200 technical talents and numerous patents [6] - The company emphasizes the importance of grassroots experience for young professionals to develop their skills [6] Group 5 - The final visit was to Kemeige New Materials Co., which has become the largest manufacturer of tin-phosphor bronze plates in China, with significant investment in R&D and a focus on maintaining core technologies [8] - The company is actively pursuing digital transformation and technological upgrades, supported by national subsidies [8] Group 6 - The practice team's activities highlighted the importance of cultural heritage preservation and modern enterprise innovation, reflecting a commitment to national rejuvenation and social responsibility [10] - The experiences gained during the visits are seen as a foundation for integrating personal aspirations with broader societal goals [10]

Group 1: Report Investment Rating - There is no information about the industry investment rating in the report. Group 2: Core View - In the off - season of demand and high - inventory situation, pulp is expected to fluctuate at a low level [1]. Group 3: Summary by Related Catalogs Pulp Price Data - **Futures Prices**: On July 5, 2025, SP2601 was 5276, down 0.08% day - on - day and up 0.42% week - on - week; SP2507 was 5040, down 0.51% day - on - day and down 0.16% week - on - week; SP2509 was 5074, up 0.12% day - on - day and up 0.20% week - on - week [1]. - **Spot Prices**: On July 5, 2025, the price of coniferous pulp Silver Star was 5900, unchanged day - on - day and week - on - week; Russian Needle was 5120, unchanged; broadleaf pulp Golden was 4020, unchanged [1]. - **Outer - Disk Quotes**: The outer - disk quote of Chilean Silver Star was 720 dollars, down 2.70% month - on - month; Chilean Star was 560 dollars, unchanged; Chilean Venus was 620 dollars, unchanged [1]. - **Import Costs**: The import cost of Chilean Silver Star was 5884, down 2.68% month - on - month; Chilean Star was 4587, unchanged; Chilean Venus was 5073, unchanged [1]. Pulp Fundamental Data - **Supply**: In May 2025, the import volume of coniferous pulp was 72.2 tons, down 4.75% month - on - month; broadleaf pulp was 129.3 tons, up 7.84% month - on - month. The pulp shipment volume to China in June 2025 was 140 tons, up 3.3% from May. The domestic production of broadleaf pulp and chemimechanical pulp showed certain fluctuations from May 22 to July 3, 2025 [1]. - **Inventory**: As of July 3, 2025, the sample inventory of China's mainstream pulp ports was 221.3 tons, a 2.3% increase from the previous period. The delivery - warehouse inventory also had some changes during the period [1]. - **Demand**: From May 22 to July 3, 2025, the production of major finished papers such as offset paper, coated paper, tissue paper, and white cardboard showed small - scale fluctuations, with a slight overall increase this week. However, the finished - paper prices were continuously low, providing weak support for pulp [1]. Pulp Valuation Data - **Basis**: On July 5, 2025, the Russian Needle basis was 46, with a quantile level of 0.795; the Silver Star basis was 826, with a quantile level of 0.956 [1]. - **Import Profit**: On July 5, 2025, the import profit of coniferous pulp Silver Star was 16, with a quantile level of 0.649; broadleaf pulp Goldfish was - 567, with a quantile level of 0.187 [1].

晨会纪要（2025/07/08） 编辑人 崔健 022-28451618 SAC NO：S1150511010016 cuijian@bhzq.com 渤海证券研究所晨会纪要（2025.07.08） 基金研究 宽基指数资金大幅流出，主动权益基金仓位上升——公募基金周报 行业研究 美越关税落地，"反内卷"下关注造纸行业修复机会——轻工制造&纺织服饰 行业周报 证 券 研 究 报 告 基金研究 宽基指数资金大幅流出，主动权益基金仓位上升——公募基金周报 宋 旸（证券分析师，SAC NO：S1150517100002） 张笑晨（证券分析师，SAC NO：S1150525070001） 1、本周市场回顾 本周，市场主要指数多数上调，沪深 300 在市盈率及市净率指数估值分位数方面涨幅居前。行业方面，31 个申万一级行业中 25 个行业上涨，涨幅前五的行业为钢铁、建筑材料、银行、医药生物和综合；跌幅前五 的行业为计算机、非银金融、美容护理、交通运输和商业贸易。 2、公募基金市场概况 晨 会 纪 要 请务必阅读正文之后的声明 渤海证券股份有限公司具备证券投资咨询业务资格 1 of 5 晨会纪要（2025/07/08） 市 ...

Core Viewpoint - A total of 2,931 A-share listed companies have completed their 2024 annual profit distribution plans as of July 7, with several companies planning significant dividends for 2025 mid-term distributions [1][2][4]. Group 1: 2024 Annual Profit Distribution - Companies such as Yinbang Co., Zancore Co., and Boji Medicine have announced their 2024 annual profit distribution plans, with cash dividends ranging from 0.1 yuan to 0.17 yuan per share [1][2][3]. - For instance, Yinbang Co. plans to distribute 0.1 yuan per 10 shares, while Zancore Co. will distribute 0.17 yuan per share, and Boji Medicine will distribute 0.12 yuan per 10 shares [2][3]. - Notably, Laofengxiang plans to distribute a cash dividend of 1.72 yuan per A-share and 0.240133 USD per B-share [3]. Group 2: Upcoming Significant Dividends - Companies like Kingsoft Office, Sulian Co., Hualan Biological Engineering, Laofengxiang, Changhong Huayi, and Guangdong Expressway A are expected to announce substantial dividend distributions [2][4]. - Sulian Co. plans to distribute 8 yuan per 10 shares and additionally issue 3 bonus shares for every 10 shares held [3]. Group 3: Mid-term Profit Distribution Plans - Over 320 A-share listed companies have announced plans for mid-term profit distributions for 2025, indicating a trend towards more frequent dividend payments [4][5]. - The increase in mid-term dividends is seen as a signal of financial stability, governance transparency, and valuation support for companies [5][6]. Group 4: Investor Insights - Analysts suggest that companies increasing dividend frequency and focusing on mid-term distributions can enhance their growth, return, and certainty values [6]. - Investors are advised to consider historical dividend records, cash flow adequacy, and industry characteristics when selecting potential mid-term dividend stocks [6].

Core Viewpoint - Fujian Qingshan Paper Co., Ltd. is utilizing part of its idle raised funds for cash management, specifically investing in structured deposits to enhance fund efficiency and increase overall company performance, thereby providing better returns for shareholders [1][2][10]. Cash Management Overview - Cash management is conducted through entrusted parties, namely China Everbright Bank and Bank of China, with a total amount of RMB 120 million allocated for structured deposits [1][2]. - The cash management aims to improve the efficiency of temporarily idle raised funds while ensuring the safety of the funds and the progress of investment projects [2][8]. Financial Details - The company has approved the use of up to RMB 600 million of temporarily idle raised funds for cash management within one year from the shareholders' meeting approval date [2][10]. - The structured deposits include products with varying terms, such as 90 days and 129 days, with expected annualized returns ranging from 0.6% to 2.00% [7][8]. Investment Projects - The company has shifted its investment focus from a previously stalled project to new projects, including a recovery technology upgrade and expansion of a pharmaceutical workshop, utilizing the remaining raised funds [4][5]. Recent Financial Indicators - As of March 31, 2025, the company's total assets were RMB 622.81 million, with total liabilities of RMB 188.58 million, resulting in a net asset value of RMB 434.23 million [9][10]. - The cash management investment of RMB 120 million represents 15.69% of the company's cash balance as of the latest reporting period [10]. Risk Management - The company has established internal controls to monitor the investment of idle funds, ensuring that the selected financial products are low-risk and do not affect the normal operation of the fundraising projects [7][9].

Core Viewpoint - The company has made significant governance changes by abolishing the supervisory board and revising various internal regulations to enhance operational standards and governance structure [1][2][3][4][5][6][7] Board Meeting Details - The eighth board meeting was held on July 7, 2025, with all six directors present, ensuring compliance with legal and regulatory requirements [1] - The meeting was chaired by the chairman, Feng Shengyu, and included attendance from supervisors and senior management [1] Resolutions Passed - The board approved the cancellation of the supervisory board, transferring its powers to the audit committee of the board, and corresponding amendments to the company’s articles of association [1][2] - The board also approved revisions to the "Rules of Shareholders' Meetings," changing its name to "Shareholders' Meeting Rules" [2] - Amendments were made to the "Rules of Board Meetings" to align with updated regulations [3] - The "Independent Director Work System" was revised to comply with current laws and regulations [4] - The "External Investment Management System" was updated to reflect the company's actual situation [5] - The "External Guarantee Management System" was revised in accordance with relevant regulations [5] - The "Management System for Preventing Fund Occupation by Controlling Shareholders and Related Parties" was updated [5] - The "Related Party Transaction Management System" was revised to ensure compliance with regulations [5] - The "Fundraising Management System" was updated to align with current practices [5] - The "Selection System for Accounting Firms" was revised to meet regulatory standards [6] - A new "Management System for Resignation of Directors and Senior Management" was established to ensure governance stability [6] - The board proposed to hold the third extraordinary general meeting of shareholders on July 23, 2025 [6][7]