Group 1 - The company Suzano reported a record net revenue of 11.6 billion reais in Q1 2025, a 22% increase compared to the same period in 2024, driven by currency advantages, increased sales from the new Ribas do Rio Pardo mill, and higher paper sales and prices [1][5][6] - Total quarterly sales exceeded 3 million tons, a 12% year-on-year increase, with pulp sales reaching 2.7 million tons (up 10%) and paper sales at 390,000 tons (up 25%) [5][6] - Adjusted EBITDA reached 4.9 billion reais, a 7% increase year-on-year, while operating cash income grew by 5% to 2.6 billion reais [6] Group 2 - CEO Beto Abreu emphasized the company's commitment to maintaining business resilience and free cash flow under various market conditions, highlighting a disciplined approach to strategic goals, including a leverage reduction target [7] - The company's net leverage ratio was reported at 3.0 times, with 2.2 billion reais allocated for equity interest payments and 3.6 billion reais for capital expenditures related to asset maintenance, modernization, and capacity expansion [7] - Suzano has been a major player in the global pulp market and a leading paper and packaging manufacturer in the Americas, with a strong commitment to sustainability and innovation [8]

债券代码：113676 债券简称：荣 23 转债 浙江荣晟环保纸业股份有限公司 证券代码：603165 证券简称：荣晟环保 公告编号：2025-039 关于 2024 年年度权益分派实施后调整回购股份 价格上限的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 调整前回购价格上限：不超过人民币 16.36 元/股（含本数） ? 调整后回购价格上限：不超过人民币 15.88 元/股（含本数） ? 价格上限调整起始日：2025 年 5 月 15 日 一、回购股份的基本情况 浙江荣晟环保纸业股份有限公司（以下简称"公司"）分别于 2024 年 10 月 东大会，逐项审议并通过了《关于 2024 年第二期以集中竞价交易方式回购公司 股份的议案》，同意公司使用自有资金或自筹资金（含银行回购专项贷款等）以 集中竞价交易方式回购公司股份，用于减少公司注册资本。本次回购价格不超过 人民币 16.36 元/股（含本数），回购金额不超过人民币 20,000 万元（含本数）， 不低于 10,000 万元（含本数），回购期限为 ...

Group 1: Business Performance and Financials - The company achieved a net profit of 76.70 million yuan in 2024, representing a year-on-year increase of 128.83% [5] - In Q1 2025, the net profit attributable to shareholders was 18.16 million yuan [5] - The asset-liability ratio at the end of 2024 was 63.61%, a decrease of 1.12 percentage points from the beginning of the year [3] Group 2: Investment Activities - The net cash outflow from investment activities in 2024 was -570 million yuan, an increase of 207 million yuan compared to the previous year [4] - Major investment projects included distributed photovoltaic power generation and the X3T new energy vehicle gear project, with a total investment of approximately 330 million yuan in 2024, expected to generate a combined annual net profit of about 28 million yuan [4] Group 3: Strategic Initiatives - The company is actively expanding its non-U.S. and domestic markets in the eco-friendly paper tableware business to counteract the impact of foreign trade policies [2] - In the precision (intelligent) manufacturing sector, the company plans to enhance its new energy vehicle parts business, aiming to increase revenue share and expedite production of new projects [5] - The company is committed to increasing R&D investment and developing digital, high-end, and green production lines to improve product specialization and innovation capabilities [5] Group 4: Future Outlook - The company is optimistic about the future development of its three main business segments, as detailed in the management discussion and analysis section of the 2024 annual report [5]

Core Viewpoint - The controlling shareholder of Minfeng Special Paper Co., Ltd., Minfeng Group, plans to increase its stake in the company through a share buyback program from November 8, 2024, to May 7, 2025, with a total purchase of between 3 million and 6 million shares, amounting to between 20 million and 40 million yuan [2][5]. Group 1: Buyback Plan Details - The buyback plan will be executed using self-owned and self-raised funds, with the shares purchased through the Shanghai Stock Exchange's centralized bidding system [2][5]. - The minimum number of shares to be bought back is 3 million, while the maximum is 6 million, with the total investment ranging from 20 million yuan to 40 million yuan [2][5]. Group 2: Implementation Results - As of the market close on May 7, 2025, Minfeng Group successfully completed the buyback of 5 million shares, representing 1.42% of the company's total share capital, with a total investment of 28.52 million yuan (excluding transaction fees) [6]. - The total number of shares and the amount invested exceeded the lower limits set in the buyback plan but did not exceed the upper limits, marking the completion of the buyback plan [6]. Group 3: Shareholding Status - Prior to the buyback plan announcement, Minfeng Group held 12.25 million shares, accounting for 34.87% of the company's total share capital [3]. - The buyback will not affect the company's listing status or lead to changes in the controlling shareholder or actual controller [8].

Report Information - Report Title: Pulp Daily Report [1] - Date: May 8, 2025 [2] - Research Team: Energy and Chemical Research Team [4] 1. Investment Rating - No investment rating information is provided in the report. 2. Core View - The pulp market is under pressure due to a significant reduction in cost support, a loose supply situation, and weak demand, resulting in an overall weak fundamental pattern [8]. 3. Summary by Section 3.1. Market Review and Operation Suggestions - The previous settlement price of the pulp futures 09 contract was 5,030 yuan/ton, and the closing price was 5,086 yuan/ton, showing an overall decline of 1.90%. The intended transaction price range of softwood pulp in the Shandong wood pulp market was 5,150 - 6,800 yuan/ton, with the low - end price rising by 50 yuan/ton compared to the previous trading day's closing price. The Shandong Yinxing was quoted at 6,200 - 6,220 yuan/ton [7]. - Chile's Arauco adjusted its April quotes. The softwood pulp Yinxing was priced at 770 US dollars/ton, and the hardwood pulp Mingxing was priced at 560 US dollars/ton, showing a significant decrease from the previous period. European port data indicated that the total European port inventory increased by 7.60% month - on - month and 25.96% compared to March 2024. Except for the German port, which decreased month - on - month, most other national port inventories increased month - on - month. 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%. As of April 30, 2025, the weekly pulp inventory in major domestic regions and ports decreased by 2.12% month - on - month, and the shipping speeds of each port still varied, with relatively concentrated arrivals at Gaolan Port [8]. 3.2. Industry News - On May 7, it was reported that the first - phase construction of the Hubei Hanhui Cultural Paper Products Base Project in Huangpi District, Wuhan, Hubei, is to be delivered this year. The project has a total investment of 600 million yuan, covers about 30 mu of land, and mainly customizes, processes, and sells various paper products such as pearl paper, specialty paper, and cultural paper. After the first - phase is completed and reaches production capacity, the annual output value is expected to exceed 100 million yuan, and about 100 new jobs will be created. Currently, 60% of the main structures of the two main buildings have been completed, and the structural topping is expected to be achieved in early June. The second - phase project is also about to start construction, with a planned land area of about 15 mu, focusing on the production and export of specialty paper. It is expected to be completed in June 2026, and after full completion and reaching production capacity, the annual output value can reach over 300 million yuan [9]. 3.3. Data Overview - The report presents multiple data charts, including import softwood pulp spot prices in Shandong, pulp futures prices, pulp futures - spot price differences, softwood - hardwood price differences, inter - delivery spread, warehouse receipt volume, domestic main port pulp inventory, European main port wood pulp inventory, prices and spreads of coated paper, offset paper, white cardboard, and whiteboard paper, and the US dollar - RMB exchange rate [7][13][18]

Core Viewpoint - The company is implementing a buyback and cancellation of restricted stock due to various reasons including employee turnover and unmet performance criteria [2][4][14] Group 1: Buyback and Cancellation Reasons - The company decided to repurchase and cancel a total of 50,400 restricted shares due to 4 employees' transitions and departures [2] - A subsequent decision was made to repurchase and cancel 27,450 restricted shares due to 8 employees' transitions and departures [3] - The final decision involved repurchasing and canceling 7,405,500 restricted shares due to 215 employees not meeting performance criteria [4] Group 2: Financial Details - The adjusted buyback price for the restricted shares is set at 2.19657 CNY per share, accounting for dividends from previous years [6] - The actual buyback prices for the shares of employees transitioning to the controlling shareholder's other companies were determined to be 2.21335 CNY and 2.21479 CNY per share [7] Group 3: Share Structure and Completion - The total number of restricted shares involved in the buyback and cancellation is 8,184,000, leaving no remaining restricted stock options [9] - The company plans to complete the cancellation of these restricted shares by May 12, 2025, and will proceed with the necessary registration changes [11] Group 4: Legal Compliance and Assurance - The company has confirmed that the decision-making process and information disclosure comply with relevant laws and regulations [12] - The company has assured that all involved parties have been informed and have not raised objections regarding the buyback and cancellation [12][14]

证券代码：002511 证券简称：中顺洁柔 中顺洁柔纸业股份有限公司 2024年度业绩说明会投资者活动记录表 编号：20250507 | 投资者关系活动类别 | ☐特定对象调研 ☐分析师会议 | | --- | --- | | | ☐媒体采访 业绩说明会 | | | ☐新闻发布会 ☐路演活动 | | | ☐现场参观 | | | ☐其他（请文字说明其他活动内容） | | 参与单位名称及人员姓 名 | 中顺洁柔2024年度业绩说明会采用网络远程方式进行，面向 全体投资者 | | 时间 | 2025年5月7日 15:00-17:00 | | 地点 | 深圳证券交易所"互动易平台"http://irm.cninfo.com.cn"云访 谈"栏目 | | 上市公司接待人员姓名 | 董事长、总裁：刘鹏先生 | | | 董事会秘书、副总裁：梁戈宇先生 | | | 财务总监：高波先生 | | | 独立董事：徐井宏先生 | | 投资者关系活动主要内 容介绍 | 1.高管您好，请问您如何看待行业未来的发展前景？谢 谢。 | | | 答：尊敬的投资者，您好！感谢您对公司的关注和支 | | | 持。根据中国造纸协会统计，近年来中国 ...

2025 年 05 月 07 日 胶版印刷纸：震荡偏弱 高琳琳 投资咨询从业资格号：Z0002332 gaolinlin@gtht.com 【基本面跟踪】 表 1：基本面数据(元/吨) | 市 场 | 区 域 | 纸 种 | 2025/5/6 | 2025/4/30 | 环 比 0 | | --- | --- | --- | --- | --- | --- | | 现货市场 | 山东市场 | 70g天 阳 | 5050 | 5050 | | | | | 70g晨鸣云镜 | 5300 | 5300 | 0 | | | | 70g华夏太阳 | 5400 | 5400 | 0 | | | 广东市场 | 70g天 阳 | 4950 | 4950 | 0 | | | | 70g晨鸣云豹 | 5100 | 5100 | 0 | | | | 70g华夏太阳 | 5150 | 5150 | 0 | | | 税 前 | 含税收入 | 5281 | 5281 | 0 | | | | 含税成本 | 5079 | 5124 | -45 | | 成本利润 | | 税前毛利 | 203 | 158 | 45 | | | 税 后 | 不含 ...

Core Viewpoint - The company has successfully completed the construction and commissioning of a 700,000-ton chemical pulp production line, which is expected to enhance its product scale, cost, and quality advantages, thereby improving competitiveness and supporting high-quality development [1][2]. Group 1 - The company held board meetings on October 29, 2022, and November 15, 2022, to approve the feasibility analysis report for the public issuance of convertible bonds to fund the 700,000-ton chemical pulp project [1]. - The project utilizes advanced technology from Valmet, including a dual-tower steam/liquor phase continuous cooking process and ECF bleaching technology, along with a high-efficiency alkali recovery system [2]. - The project aims to ensure raw material supply and enhance the company's product competitiveness, contributing positively to its high-quality development [2]. Group 2 - The production line has been completed and successfully commissioned, with further optimization of process parameters planned based on equipment performance [1][2]. - The project will take time to reach full production capacity, and potential risks include market demand fluctuations and increased competition, which may affect expected project benefits [2].

Core Viewpoint - Huatai Co., Ltd. has completed the construction of its 700,000-ton chemical wood pulp project, achieving successful commissioning and debugging of the production line, which will enhance the company's production capacity and competitiveness [1] Group 1: Project Completion and Technology - The production line for the 700,000-ton chemical wood pulp project has been fully constructed and is operational [1] - The project utilizes advanced technology from Finland's Valmet, including a dual-tower steam/liquor phase continuous cooking process and elemental chlorine-free (ECF) bleaching technology [1] - The project also incorporates a high-temperature, high-pressure efficient alkali recovery system [1] Group 2: Impact on Company Operations - The completion of the project is expected to improve the scale, cost, and quality advantages of the company's pulp products [1] - It will facilitate the recycling of finished products and further extend upstream product offerings [1] - The project is anticipated to enhance raw material supply and increase the company's product competitiveness, positively impacting its high-quality development [1]