Core Viewpoint - Bohui Paper Industry (SH 600966, closing price: 5.03 yuan) announced the convening of its first temporary board meeting for 2025 on August 15, 2025, to review various proposals including those related to the company and its summary [2] Group 1: Company Financials - For the year 2024, Bohui Paper's revenue composition is as follows: the paper manufacturing segment accounts for 97.77%, while other businesses contribute 2.23% [2]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints No clear core viewpoints are presented in the given content. 3. Content Summaries by Relevant Aspects SP Main Contract Price - The closing price of the SP main contract on August 14, 2025, was 5318.00, with a daily increase of 0.30177%. The closing prices on previous days were 5302.00 (Aug 13), 5264.00 (Aug 12), 5246.00 (Aug 11), and 5162.00 (Aug 08) [3]. - The converted US - dollar prices on these days were 647.46 (Aug 14), 645.26 (Aug 13), 639.19 (Aug 12), 637.80 (Aug 11), and 627.38 (Aug 08) [3]. - The basis for Shandong Yinxing on these days were 542 (Aug 14), 558 (Aug 13), 586 (Aug 12), 604 (Aug 11), and 673 (Aug 08), and for Jiangsu, Zhejiang, and Shanghai Yinxing were 582 (Aug 14), 598 (Aug 13), 636 (Aug 12), 654 (Aug 11), and 738 (Aug 08) [3]. Pulp Import Price and Profit - With a 13% VAT calculation, for Canadian pulp, the CFR price of Golden Lion was 780 US dollars, with an import profit of 60.36 yuan in Shandong; the CFR price of Lion was 730 US dollars, with an import loss of 359.53 yuan in Shandong. For Chilean pulp, the CFR price of Yinxing (90 - day letter of credit) was 720 US dollars, with an import loss of 43.51 yuan in Shandong [4]. Pulp and Paper Product Prices and Margins - From August 8 to August 14, 2025, the national average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp remained unchanged, as did the average prices in Shandong [4]. - The indices of cultural paper (double - offset, double - copper), packaging paper (white card), and living paper remained unchanged from August 11 to August 14, 2025 [4]. - The estimated profit margins of double - offset paper decreased from 6.3015% on August 11 to 4.8347% on August 14; double - copper paper decreased from 24.1238% to 22.6500%; white card paper remained at a loss of around - 12%; and living paper decreased from 7.7189% to 6.7640% [4]. Pulp Price Spreads - From August 8 to August 14, 2025, the price spreads between softwood and hardwood pulp decreased from 1700 to 1660; between softwood and natural pulp increased from 435 to 460; between softwood and chemimechanical pulp increased from 2010 to 2035; and between softwood pulp and waste paper increased from 4259 to 4284 [4].

Core Viewpoint - Minfeng Special Paper (600235.SH) reported a significant decline in both revenue and net profit for the first half of 2025, indicating operational challenges and reduced production capacity due to the shutdown of key paper machines [1] Financial Performance - The company achieved a revenue of 601 million yuan, a year-on-year decrease of 23.21% [1] - Net profit attributable to shareholders was 15.07 million yuan, down 68.88% year-on-year [1] - The net profit excluding non-recurring gains and losses was 15.04 million yuan, also down 68.92% year-on-year [1] - Basic earnings per share were 0.043 yuan [1] Reasons for Decline - The shutdown of PM20 and PM22 paper machines in May and August 2024, respectively, led to a significant reduction in production capacity, resulting in lower overall sales volume and revenue [1] - A one-time adjustment of 11.04 million yuan in VAT credits recorded in Q1 2024 negatively impacted other income for the current period, contributing to the decline in operating profit [1] - A decrease in interest income and an increase in financial expenses further pressured operating profit [1]

Investment Rating - The report rates the paper industry as "Overweight" [6] Core Views - In July, the decline in pulp and paper prices slowed, with expectations for a rebound in pulp prices and stabilization in white paper prices, while black paper prices continued to rise [2] Summary by Sections Cultural Paper - Prices for cultural paper have been declining, with the average market price for 70g high white double glue paper at 5094 CNY/ton, down 1.11% month-on-month and 9.34% year-on-year [10][23] - Supply and demand remain imbalanced, with production recovering but overall demand still weak [13][10] - Profitability is stable as both prices and costs are declining, with the average theoretical gross margin at 1.59% [23] White Cardboard - Prices continue to decline due to weak seasonal demand, with the average market price for 250-400g white cardboard at 4036 CNY/ton, down 1.25% month-on-month and 9.02% year-on-year [24] - The supply-demand gap is expected to widen, putting further pressure on prices [27] - Profit margins are decreasing as the price drop exceeds the cost drop, with gross margins declining [39] Boxboard - Prices for boxboard have shown mixed trends, with the average price at 3449 CNY/ton, down 1.49% month-on-month [42] - Demand is expected to recover in August, alleviating some supply pressure [46] - Profitability remains low as the price drop is greater than the cost drop [11] Waste Paper - The supply of waste paper is tight, leading to a gradual increase in prices [12] Wood Chips - Import volumes have increased month-on-month, with overall demand stabilizing [14] Wood Pulp - External prices are stabilizing, but the supply-demand imbalance persists, with average prices for imported hardwood pulp at 490 USD/ton [15][6]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - **Sugar**: The short - term external market is strong, but the continuous upward space of sugar price is limited. It is expected to maintain range - bound. In China, the inventory pressure is low in July, but the concentrated arrival of third - quarter shipments and increased imports in the second half of the year will bring pressure to domestic sugar sales. The price is expected to stop falling and stabilize after a sharp correction [3]. - **Pulp**: The fundamentals of pulp and its downstream have changed little. The import volume in July was high, and the demand is in the off - season. The price is difficult to rebound. The price increase is difficult to be transmitted, but the price is less likely to return to the June low [5]. - **Cotton**: The external market may continue to bottom - hunting, and the domestic market is a game between tight spot supply and weak downstream consumption. The price may continue to fluctuate and sort out in the short term [7]. - **Apples**: The current focus is on the end of the old season and the realization of the new season. The initial production estimate cannot provide a trend guide. The price of early - maturing apples has risen, but the sustainability needs to be tracked. The overall price of the apple 10 contract is expected to fluctuate within a range [8]. - **Jujubes**: The inventory is being depleted, and the spot price is running strongly. The 2601 contract is recommended for long - holding, and attention should be paid to the impact of weather on production [10]. 3. Summary According to Relevant Catalogs 3.1 First Part: Plate Strategy Recommendation - **Apples**: Temporarily wait and see. The support range is 7400 - 7500, and the pressure range is 8300 - 8400 [18]. - **Jujubes**: Hold long positions. The support range is 11000 - 11200, and the pressure range is 11500 - 12000 [18]. - **Sugar**: Try to go long when it回调 to the lower edge of the range. The support range is 5500 - 5530, and the pressure range is 5670 - 5700 [18]. - **Pulp**: Short on rallies. The support range is 5100 - 5200, and the pressure range is 5300 - 5400 [18]. - **Cotton**: Temporarily wait and see. The support range is 13500 - 13600, and the pressure range is 14200 - 14300 [18]. 3.2 Second Part: Market News Changes 3.2.1 Apple Market - **Fundamentals**: In June 2025, the export volume decreased. The inventory in cold storage decreased. There are different estimates of production, with a slight increase or decrease [19]. - **Spot Market**: The mainstream transaction price in Shandong is stable. The shipment volume is general. The price of early - maturing apples varies greatly. The arrival at the wholesale market is small, and the price is stable [20][21]. 3.2.2 Jujube Market As of August 8, the inventory decreased. The arrival at the sales area increased, and the spot price was strong. Attention should be paid to terminal consumption and shipment sustainability [22]. 3.2.3 Sugar Market The domestic spot price is stable, and the price of the ICE raw sugar main contract is 16.54 cents/pound. The estimated profit of Brazilian sugar processing is high [24]. 3.2.4 Pulp Market The transaction of imported bleached softwood pulp is light. The price increase is not accepted by buyers. The price of bleached hardwood pulp has increased, and two companies plan to reduce production [27]. 3.2.5 Cotton Market - Vietnam's cotton textile and clothing production data from January to July 2025 shows an increase in textile production and a decrease in clothing production. - Brazil's cotton picking progress is advancing, but lags behind last year. - Australia's cotton export volume increased significantly in June. - Pakistan's cotton imports increased significantly from July 2024 to June 2025. - Thailand's cotton imports increased in June. - Egypt's cotton net signing and shipment volume increased in the week ending August 9 [28][29]. 3.3 Third Part: Market Review 3.3.1 Futures Market Review | Variety | Closing Price | Daily Change | Daily Change Rate | | --- | --- | --- | --- | | Apple 2510 | 8178 | 51 | 0.63% | | Jujube 2509 | 10385 | - 145 | - 1.38% | | Sugar 2509 | 5706 | 28 | 0.49% | | Pulp 2509 | 5216 | 14 | 0.27% | | Cotton 2601 | 13980 | 100 | 0.72% | [30] 3.3.2 Spot Market Review | Variety | Spot Price | Month - on - Month Change | Year - on - Year Change | | --- | --- | --- | --- | | Apple (yuan/jin) | 3.90 | 0.00 | 0.15 | | Jujube (yuan/kg) | 9.40 | - 0.10 | - 5.30 | | Sugar (yuan/ton) | 5960 | 0 | - 540 | | Pulp (Shandong Yinxing) | 5850 | 0 | - 250 | | Cotton (yuan/ton) | 15177 | 16 | 407 | [33] 3.4 Fourth Part: Basis Situation No specific numerical analysis provided, only references to relevant figures [44][45][49]. 3.5 Fifth Part: Inter - Month Spread Situation | Variety | Spread | Current Value | Month - on - Month Change | Year - on - Year Change | Forecast | Recommended Strategy | | --- | --- | --- | --- | --- | --- | --- | | Apple | 10 - 1 | 193 | - 5 | 84 | Fluctuate repeatedly | Wait and see | | Jujube | 9 - 1 | - 1165 | - 1155 | - 580 | Range - bound | Wait and see | | Sugar | 9 - 1 | 98 | - 7 | - 235 | Range - bound | Wait and see | | Cotton | 1 - 5 | 70 | 20 | 105 | Range - bound | Temporarily wait and see | [51] 3.6 Sixth Part: Futures Positioning Situation No specific numerical analysis provided, only references to relevant figures [58][60][65]. 3.7 Seventh Part: Futures Warehouse Receipt Situation | Variety | Warehouse Receipt Quantity | Month - on - Month Change | Year - on - Year Change | | --- | --- | --- | --- | | Apple | 0 | 0 | 0 | | Jujube | 9214 | 0 | - 970 | | Sugar | 17853 | - 387 | 1901 | | Pulp | 253327 | 1872 | - 239490 | | Cotton | 8087 | - 85 | - 2309 | [78] 3.8 Eighth Part: Option - Related Data No specific numerical analysis provided, only references to relevant figures [80][82][83].

Group 1 - Approximately one-third of large Japanese companies expect the Japanese economy to continue growing, a significant decrease from 71% in January [1] - 56% of surveyed companies anticipate zero growth, while 11% expect a moderate contraction [1] - 68% of the surveyed Japanese companies express concern or some concern regarding the impact of U.S. tariffs [3] Group 2 - The Japanese government revised its GDP growth forecast for fiscal year 2025 from 1.2% to 0.7%, primarily due to the impact of U.S. tariffs [4] - Major Japanese automakers, including Toyota and Honda, are expected to see a combined operating profit reduction of approximately 2.67 trillion yen (about 18.1 billion USD) this fiscal year due to U.S. tariffs [5] - The U.S. has implemented tariffs ranging from 10% to 41% on various trade partners, with Japan facing a tariff rate of 15% [5]

Financial Data and Key Metrics Changes - The company reported adjusted EBITDA of $82 million with a margin of 10%, reflecting a planned maintenance outage cost of nearly $17 million, the largest in recent history [6][10] - Adjusted operating earnings were $0.37 per share, while free cash flow was negative $2 million due to lower adjusted EBITDA and slightly higher capital spending [6][7] - The company returned nearly $40 million to shareholders, including $18 million in dividends and $20 million in share repurchases [5][6] Business Line Data and Key Metrics Changes - Price and mix contributed positively by $12 million, driven by better mix in North America and Latin America, despite lower export sales [8] - Volume decreased by $9 million, primarily in North America, with operational challenges impacting production levels [9] - Operational performance improved, leading to favorable costs of $23 million, particularly in North America and Europe [9][10] Market Data and Key Metrics Changes - In Europe, demand decreased by 8% year over year, with industry capacity reduced by 7% due to machine closures [11] - Latin America saw a 2% decline in demand overall, with Brazil experiencing a 6% increase due to strong publishing demand [12] - North America reported stable apparent demand year over year, driven by a nearly 40% increase in imports [12][13] Company Strategy and Development Direction - The company is focused on uncoated free sheet paper, viewing it as a long-term opportunity and investing in competitive advantages [26][27] - Capital allocation strategy emphasizes maintaining a strong financial position, reinvesting in high-return projects, and returning cash to shareholders [18][20] - Major capital spending plans include $145 million in strategic projects at the Eastover mill, expected to generate significant incremental EBITDA [21][23] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenging industry conditions but expressed confidence in the company's financial position and ability to navigate cycles [68] - The outlook for the third quarter includes expected adjusted EBITDA of $145 million to $165 million, with improved operational performance anticipated [15][16] - Management is closely monitoring tariff situations and their impact on trade flows and pricing strategies [14][60] Other Important Information - The company has reduced its debt by about half, with a net debt to adjusted EBITDA ratio of 1.3 times, providing financial flexibility [20] - Green energy credits received in Q2 amounted to $8 million and are expected to recur throughout the year [55][57] Q&A Session Summary Question: Outlook for South America in Q3 and combined EBITDA expectations - Management expects continued improvement in Latin America due to seasonally increasing shipments and no planned outages [33] - Combined earnings for North and South America may be slightly less than last year due to weakness in other Latin American markets [35] Question: Update on Europe’s market conditions - Europe faces difficult market conditions driven by tariff impacts and weak demand, with a focus on improving competitive cost positions [39][40] Question: Trends in trade flows and pricing - Significant increases in imports into North America have created more supply, impacting pricing strategies [44][60] - The company has seen pressure on pricing due to increased imports and competitive behavior from other producers [62]

阳光纸业(02002)发布公告，预期截至2025年6月30日止六个月集团拥有人应占的溢利较2024年同期预期 取得下降介于约55%至65%。 集团截至2025年6月30日止六个月的业绩倒退主要是由于纸品售价下降，导致收入及毛利下降;增值税金 额下降，导致公司无条件政府补助下降;中国房地产市场低迷，导致阳光王子(寿光)特种纸有限公司(截 至2024年6月30日入账列为公司的合营企业，但截至2025年6月30日成为公司的全资子公司)营业亏损加 剧;及按公允价值计入损益的金融资产公允价值亏损。 此外，董事会认为集团的整体财务状况及营运维持良好稳健，且对集团的长期增长及发展保持乐观。 ...

此外，董事会认为集团的整体财务状况及营运维持良好稳健，且对集团的长期增长及发展保持乐观。 集团截至2025年6月30日止六个月的业绩倒退主要是由于纸品售价下降，导致收入及毛利下降;增值税金 额下降，导致公司无条件政府补助下降;中国房地产市场低迷，导致阳光王子(寿光)特种纸有限公司(截 至2024年6月30日入账列为公司的合营企业，但截至2025年6月30日成为公司的全资子公司)营业亏损加 剧;及按公允价值计入损益的金融资产公允价值亏损。 智通财经APP讯，阳光纸业(02002)发布公告，预期截至2025年6月30日止六个月集团拥有人应占的溢利 较2024年同期预期取得下降介于约55%至65%。 ...

Market Overview - The Hong Kong stock market experienced a decline, with the Hang Seng Index falling over 200 points, closing below 25,000 points, and the Hang Seng Technology Index dropping by 1.56% [1] - Major technology stocks saw a broad decline, with Alibaba down 2.4% and JD.com down 1.44% [2] Sector Performance - The semiconductor sector faced significant losses, with SMIC dropping over 8%, marking the worst performance in the sector [4] - Gaming stocks also fell sharply, with Wynn Macau down over 7% and MGM China down over 6% [6] - The paper industry saw declines, with Chenming Paper down over 8% [7] - Innovative drug stocks continued to decline, with Hutchison China MediTech down over 15% and Zai Lab down over 10% [8] Positive Performances - Gold stocks led gains in the metals sector, with Zhaojin Mining and Lingbao Gold both rising over 3% [3][10] - Heavy machinery stocks showed resilience, with Zhonglian Heavy Industry rising nearly 6% [3] - Cement stocks performed well, with Shanshui Cement up over 6% [9] - Wind power stocks also saw increases, with Goldwind Technology rising over 10% [11] Capital Flows - Southbound funds recorded a net inflow of 6.271 billion HKD, with the Shanghai-Hong Kong Stock Connect contributing 3.28 billion HKD and the Shenzhen-Hong Kong Stock Connect contributing 2.992 billion HKD [12] Future Outlook - Huatai Securities suggests that the recent pullback in the Hong Kong market is due to adjustments in expectations, but the medium-term liquidity remains accommodative. They recommend focusing on sectors with improving conditions and low valuations, particularly in technology [13]