Report Summary 1. Report Industry Investment Rating - No information provided in the report. 2. Core View of the Report - The spot price of logs has been weak recently, with a downward adjustment. The supply side has seen a continuous increase in arrivals, putting significant pressure on the market. However, the current futures price is at a relatively low level, and the significant inversion between domestic and foreign prices provides some support in terms of import costs, limiting the downside space of the futures price. There is an expectation of a downward adjustment in foreign quotes. Overall, in the context of weak supply and demand, the log futures market is expected to maintain a low - level volatile trend [3][4]. 3. Summary by Relevant Catalogs 3.1 Futures and Spot Prices - **Futures Price Changes**: On November 19, compared with November 18, the prices of log futures contracts LG2601, LG2603, and LG2605 all declined, with decreases of 9.5 yuan (-1.21%), 2.5 yuan (-0.31%), and 3.5 yuan (-0.43%) respectively. The 01 - 03 spread decreased by 7.0, and the 01 - 05 spread decreased by 6.0. The basis of the 03 contract increased by 2.5, and the basis of the 01 contract increased by 9.5 [2]. - **Spot Price Changes**: The spot prices of various types of logs in ports such as Rizhao and Taicang remained unchanged on November 19 compared with November 18. The CFR prices of radiata pine 4 - meter medium A and spruce 11.8 - meter also remained unchanged [2]. - **Import Cost Changes**: The RMB - US dollar exchange rate on November 19 was 7.111 yuan, a decrease of 0.002 yuan compared with November 18. The import theoretical cost was 810.73 yuan, a decrease of 0.26 yuan [2]. 3.2 Supply - **Monthly Supply**: In October, port throughput was 201.3 million cubic meters, an increase of 24.7 million cubic meters (13.99%) compared with September. The number of ships arriving at the port from New Zealand to China, Japan, and South Korea was 54, an increase of 8 (17.39%) [2]. - **Inventory**: As of November 14, the total inventory of domestic coniferous logs was 295 million cubic meters, an increase of 2 million cubic meters (0.68%) compared with November 7. The inventory in Shandong was 195.4 million cubic meters, an increase of 3.9 million cubic meters (2.04%), and the inventory in Jiangsu was 83.66 million cubic meters, an increase of 1.2 million cubic meters (1.46%) [2][3]. 3.3 Demand - **Weekly Average Daily Outbound Volume**: As of November 14, the average daily outbound volume of logs in China was 6.56 million cubic meters, a decrease of 0.07 million cubic meters (-1%) compared with November 7. In Shandong, it was 3.67 million cubic meters, a decrease of 0.12 million cubic meters (-3%), and in Jiangsu, it was 2.28 million cubic meters, an increase of 0.16 million cubic meters (7%) [3]. 3.4 Forecast of Arriving Ships - From November 17 - 23, 2025, 13 New Zealand log ships are expected to arrive at 13 Chinese ports, an increase of 3 ships (30%) compared with last week. The total arrival volume is about 46.5 million cubic meters, an increase of 15 million cubic meters (48%) compared with last week [3]

天眼查App显示，近日，冕宁县中宏木业有限公司成立，法定代表人为羊露，注册资本50万人民币，经 营范围为许可项目：木材采运；林木种子生产经营。（依法须经批准的项目，经相关部门批准后方可开 展经营活动，具体经营项目以相关部门批准文件或许可证件为准）一般项目：木材加工；木材收购；木 材销售；建筑用木料及木材组件加工；建筑装饰材料销售；人造板销售；建筑材料销售；轻质建筑材料 销售；轻质建筑材料制造；密封用填料制造；密封用填料销售；树木种植经营；森林改培；园林绿化工 程施工；营林及木竹采伐机械销售；林业专业及辅助性活动；人工造林；规划设计管理；花卉种植；园 艺产品销售；森林经营和管护；林业有害生物防治服务；劳务服务（不含劳务派遣）；土地调查评估服 务；灌溉服务；节能管理服务；农业机械租赁；技术服务、技术开发、技术咨询、技术交流、技术转 让、技术推广；林业产品销售；家具销售。（除依法须经批准的项目外，凭营业执照依法自主开展经营 活动）（涉及国家规定实施准入特别管理措施的除外）。 ...

天眼查App显示，近日，张家港檀青木业有限公司成立，法定代表人为蒋婷婷，注册资本200万人民 币，经营范围为一般项目：木材销售；木材收购；林业产品销售；地板销售；家具销售；日用木制品销 售；软木制品销售；建筑材料销售；建筑装饰材料销售；保温材料销售；防腐材料销售；园林绿化工程 施工；互联网销售（除销售需要许可的商品）；销售代理；货物进出口；技术进出口；进出口代理（除 依法须经批准的项目外，凭营业执照依法自主开展经营活动）。 ...

Core Insights - Suzhou Jianglin Wood Industry Co., Ltd. has been established with a registered capital of 500,000 RMB [1] - The company is engaged in a wide range of activities including wood processing, sales, and various construction-related services [1] Company Overview - The legal representative of the company is Xu Huijun [1] - The business scope includes general projects such as wood processing, wood sales, and the manufacturing of daily wooden products [1] - The company also deals in construction materials, domestic trade agency, and various sales of plastic, rubber, and metal products [1] Industry Activities - The company is involved in the processing and sales of wood and bamboo materials, as well as the sale of wood processing machinery [1] - It provides services related to domestic cargo transportation and rental services (excluding licensed rental services) [1] - The company’s activities extend to the manufacturing and sales of furniture and high-quality special steel materials [1]

天眼查App显示，近日，四川凌彭向木业有限公司成立，法定代表人为彭焱，注册资本50万人民币，经 营范围为一般项目：木材销售；木材加工；人造板制造；人造板销售；灯具销售；建筑材料销售；轻质 建筑材料销售；照明器具销售；电气设备销售；机械电气设备销售；卫生陶瓷制品销售；五金产品零 售；五金产品批发；电线、电缆经营；建筑装饰材料销售；装卸搬运；住宅水电安装维护服务；家具安 装和维修服务；劳动保护用品销售；广告设计、代理；专业保洁、清洗、消毒服务；家政服务；软木制 品销售；包装材料及制品销售。（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）许可 项目：木材采运。（依法须经批准的项目，经相关部门批准后方可开展经营活动，具体经营项目以相关 部门批准文件或许可证件为准）（涉及国家规定实施准入特别管理措施的除外）。 ...

Core Viewpoint - The stock of Pingtan Development has experienced a significant increase of 255.19% from October 17 to November 17, leading to a suspension of trading for verification due to a serious deviation from the company's fundamentals [1][3]. Stock Performance - The stock price surged dramatically starting from October 23, with a notable increase of over 71% within just nine trading days, from 4.13 CNY to 7.08 CNY [4][5]. - By November 14, the stock reached a closing price of 10.88 CNY, marking a cumulative increase of 193.26% over the month, with a total market capitalization of 210.2 billion CNY [5]. - On November 17, the stock price further climbed to 11.97 CNY, pushing the market capitalization to 231.23 billion CNY [5]. Financial Performance - For the first three quarters of 2025, the company reported a revenue of 1.03 billion CNY, a decrease of 13.04% year-on-year, while the net profit attributable to shareholders was 31.23 million CNY, an increase of 38.39% [6]. - The third quarter alone saw a revenue of approximately 287.34 million CNY, with a net profit of about 16.14 million CNY, reflecting a staggering year-on-year growth of 1970.63% [6]. - The company's gross margin for the first three quarters was 8.26%, down 1.74% year-on-year, while the net margin was 1.29%, a decrease of 2.29% [6]. Market Valuation - As of November 17, the company's rolling price-to-earnings (P/E) ratio was 555.31, and the price-to-book (P/B) ratio was 12.06, significantly higher than the industry averages of 24.42 for P/E and 2.96 for P/B [3][4]. - The company has faced long-term performance challenges, having reported losses in previous years, with a history of fluctuating revenues and net profits [7]. Shareholder Dynamics - As of the end of the third quarter of 2025, the total number of shareholders decreased to 97,900, a decline of 8.18% from the previous half-year, while the average market value per shareholder increased by 26.76% [7].

Core Insights - A new company, Feixian Fuyou Wood Processing Plant, has been established with a registered capital of 100,000 RMB [1] - The legal representative of the company is Wang Fuai [1] Business Scope - The company is engaged in various activities including wood processing, wood acquisition, wood sales, softwood product manufacturing, daily-use wooden product manufacturing, softwood product sales, daily-use wooden product sales, artificial board sales, artificial board manufacturing, wooden container manufacturing, wooden container sales, wooden toy sales, and processing of construction wood and wood components [1] - The company also has an internet sales component, excluding items that require special permits [1] - The production of plywood products is a licensed activity, which requires approval from relevant authorities before commencement [1]

天眼查App显示，近日，菏泽芹秀木材经销有限公司成立，法定代表人为董秀芹，注册资本10万人民 币，经营范围为一般项目：木材销售；地板销售；软木制品销售；林业产品销售；日用木制品销售；木 材收购；竹制品销售；生物质成型燃料销售；家居用品销售；建筑装饰材料销售；人造板销售；林业专 业及辅助性活动；初级农产品收购；林产品采集；家具零配件销售；建筑材料销售；藤制品销售。（除 依法须经批准的项目外，凭营业执照依法自主开展经营活动）。 ...

Core Viewpoint - Pingtan Development has experienced a significant stock price increase of 255.19% from October 17 to November 17, 2025, leading to a temporary suspension of trading due to abnormal fluctuations, despite the company's fundamentals showing signs of pressure and adjustment [1][3]. Group 1: Stock Performance and Trading Suspension - Pingtan Development's stock will be suspended from trading starting November 18, 2025, for a period not exceeding three trading days [1]. - The stock has reached a price of 11.97 CNY per share, with a market capitalization of 231.2 billion CNY as of November 17, 2025 [5]. - The company has experienced six instances of abnormal trading fluctuations and one instance of severe abnormal trading fluctuations during the period of rapid price increase [1]. Group 2: Financial Performance - The company's total revenue for 2022, 2023, and 2024 was reported as 1.175 billion CNY, 1.233 billion CNY, and 1.563 billion CNY, respectively, while the net profit attributable to shareholders was -230 million CNY, -308 million CNY, and -117 million CNY, indicating a continuous loss [3]. - In the first three quarters of 2025, Pingtan Development achieved a revenue of 1.03 billion CNY, a year-on-year decrease of 13.04%, while the net profit for the same period was 31.23 million CNY, reflecting a year-on-year increase of 38.39% [3]. Group 3: Valuation Metrics - As of November 17, 2025, Pingtan Development's rolling price-to-earnings (P/E) ratio is 555.31, and the price-to-book (P/B) ratio is 12.06, significantly higher than the industry averages of 24.42 for P/E and 2.96 for P/B in the wood processing sector [2].

Core Viewpoint - Pingtan Development has suspended trading of its stock starting November 18, 2025, after experiencing a significant price increase of 255.19% from October 17 to November 17, 2025, which has deviated from the company's fundamentals [2]. Group 1: Stock Performance and Trading Suspension - The stock of Pingtan Development has been suspended for a maximum of three trading days due to its rapid price increase and multiple instances of abnormal trading fluctuations [2]. - The company has experienced six instances of abnormal trading and one instance of severe abnormal trading during the specified period [2]. - As of November 17, 2025, the stock closed at 11.97 CNY per share, with a market capitalization of 23.12 billion CNY [6]. Group 2: Financial Performance - Pingtan Development's financial performance shows a trend of losses, with total revenues of 1.175 billion CNY, 1.233 billion CNY, and 1.563 billion CNY for the years 2022 to 2024, respectively, and net profits of -230 million CNY, -308 million CNY, and -117 million CNY [4]. - In the first three quarters of 2025, the company reported revenues of 1.03 billion CNY, a year-on-year decrease of 13.04%, while net profit was 31.23 million CNY, reflecting a year-on-year increase of 38.39% [4]. Group 3: Valuation Metrics - As of November 17, 2025, Pingtan Development's rolling price-to-earnings (P/E) ratio is 555.31, and its price-to-book (P/B) ratio is 12.06, significantly higher than the industry averages of 24.42 for P/E and 2.96 for P/B in the wood processing sector [3].