牡丹江恒丰纸业股份有限公司 十一届董事会第十二次会议决议公告 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个别及连带责任。 一、董事会会议召开情况 （一）牡丹江恒丰纸业股份有限公司十一届董事会第十二次会议，符合《公司 法》、《证券法》和《公司章程》等有关法律、法规的规定。 （二）牡丹江恒丰纸业股份有限公司于 2025 年 8 月 15 日以书面形式和电子邮 股票代码：600356 股票简称：恒丰纸业 编号：2025-042 二、董事会会议审议情况 经与会董事认真审阅，审议通过了以下决议： 告及摘要的议案》。 本议案已经公司审计委员会审议通过。 具体内容详见《中国证券报》、 《上海证券报》、 《证券时报》和上海证券交易所 网站（www.sse.com.cn）上的公告。 件等方式，向公司各位董事，发出召开公司十一届董事会第十二次会议的通知。 （三）2025 年 8 月 26 日以通讯表决的方式召开了此次会议。 （四）会议应出席董事 9 人，实际出席董事 9 人。 董事会 和契约化配套制度的议案》。 本议案已经公司薪酬与考核委员会审议通过。 ...

格隆汇8月27日丨恒丰纸业(600356.SH)公布半年度报告，坚持以市场为导向，以效益为核心。报告期 内，公司实现营业收入135,329万元，同比增长12.78%；归属于上市公司股东的净利润9,494万元，同比 增长69.06%；归属于上市公司股东的扣除非经常性损益的净利润8,538万元，同比增长96.57%；总体来 看，上半年，公司积极把握市场节奏，持续推进精益化管理，有效降低原材料及能源消耗，优化供应链 管理及加强存货周转，严控采购成本和运营费用，公司核心业务盈利能力稳步增长，经营业绩同比实现 强劲上升。 ...

智通财经APP讯，恒丰纸业(600356.SH)发布2025年半年度报告，报告期内，公司实现营业收入13.53亿 元，同比增长12.78%。实现归属于上市公司股东的净利润9493.67万元，同比增长69.06%。实现归属于 上市公司股东的扣除非经常性损益的净利润8537.86万元，同比增长96.57%。基本每股收益0.32元。 ...

恒丰纸业公告，2025年上半年营业收入13.53亿元，同比增长12.78%。净利润9493.67万元，同比增长 69.06%。基本每股收益0.32元／股，同比增长68.42%。 ...

数据来源：中国海关，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 根据中国海关数据显示：2025年6月中国纸浆进口数量为303万吨，同比增长16.3%，进口金额为19.08亿 美元，同比增长9.5%，。 近一年中国纸浆进口情况统计图 相关报告：智研咨询发布的《2025-2031年中国再生纸浆行业市场现状调查及未来趋势研判报告》 ...

Core Insights - Jingxing Paper (002067.SZ) released its semi-annual report for 2025 on August 27, 2025, indicating a total of 2 institutional investors holding shares, with a combined holding of 4.7391 million shares, representing 0.38% of the total share capital [1] - The institutional holding ratio decreased by 0.13 percentage points compared to the previous quarter [1] - Foreign investment sentiment showed an increase with one foreign fund, BARCLAYS BANK PLC, increasing its holdings, while UBS AG was not disclosed in the current period [1]

Core Viewpoint - TianDi Digital (300743) reported strong financial performance for the first half of 2025, with significant increases in revenue and net profit compared to the previous year [1]. Financial Performance - Total revenue for the first half of 2025 reached 431 million yuan, a year-on-year increase of 19.58% [1]. - Net profit attributable to shareholders was 62.61 million yuan, up 32.37% year-on-year [1]. - In Q2 2025, total revenue was 231 million yuan, reflecting a 19.49% increase year-on-year, while net profit for the quarter was 30.57 million yuan, up 24.81% [1]. - Gross margin stood at 33.21%, a decrease of 3.53% year-on-year, while net margin improved to 14.53%, an increase of 10.69% [1]. - The total of selling, administrative, and financial expenses was 54.06 million yuan, accounting for 12.54% of revenue, down 16.67% year-on-year [1]. Balance Sheet Highlights - Accounts receivable increased to 207 million yuan, representing 223.69% of the latest annual net profit [1][2]. - Interest-bearing liabilities rose to 312 million yuan, an increase of 83.43% year-on-year [1]. - Cash and cash equivalents decreased to 212 million yuan, down 12.73% year-on-year [1]. Shareholder Metrics - Earnings per share (EPS) increased to 0.41 yuan, a rise of 32.26% year-on-year [1]. - Book value per share was 3.92 yuan, up 3.36% year-on-year [1]. - Operating cash flow per share was 0.22 yuan, a decrease of 8.14% year-on-year [1]. Investment Interest - The company is held by two prominent fund managers, with notable recent increases in their positions [2]. - The largest fund holding TianDi Digital is the Jiaoyin Qicheng Mixed Fund, which has a scale of 2.41 billion yuan and has seen a 31.99% increase over the past year [3]. Strategic Developments - The company is actively constructing a new production line aimed at increasing its market share in high-end products, which is expected to enhance profitability [3].

据证券之星公开数据整理，近期凯恩股份（002012）发布2025年中报。截至本报告期末，公司营业总收 入2.75亿元，同比上升0.17%，归母净利润1128.06万元，同比下降20.55%。按单季度数据看，第二季度 营业总收入1.35亿元，同比上升0.31%，第二季度归母净利润624.05万元，同比下降23.35%。本报告期 凯恩股份公司应收账款体量较大，当期应收账款占最新年报归母净利润比达2310.62%。 本次财报公布的各项数据指标表现一般。其中，毛利率18.16%，同比增10.83%，净利率6.62%，同比减 15.73%，销售费用、管理费用、财务费用总计2275.12万元，三费占营收比8.27%，同比增8.46%，每股 净资产3.29元，同比增0.06%，每股经营性现金流0.05元，同比减54.96%，每股收益0.02元，同比减 33.33% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 2.75亿 | 2.75亿 | 0.17% | | 归母净利润(元) | 1419.85万 | 1128.06万 | ...

Core Viewpoint - Qing Shan Paper's 2025 mid-year report shows a decline in total revenue but an increase in net profit, indicating mixed financial performance amid challenging market conditions [1]. Financial Performance - Total revenue for the first half of 2025 was 1.21 billion yuan, a decrease of 15.27% year-on-year [1]. - Net profit attributable to shareholders was 56.08 million yuan, an increase of 1.74% year-on-year [1]. - In Q2 2025, total revenue was 583 million yuan, down 23.44% year-on-year, while net profit was 25.39 million yuan, a decline of 24.1% [1]. - Gross margin improved to 22.54%, up 25.39% year-on-year, and net margin increased to 5.4%, up 19.53% year-on-year [1]. Cost and Expenses - Total selling, administrative, and financial expenses amounted to 177 million yuan, accounting for 14.59% of revenue, an increase of 16.45% year-on-year [1]. - Operating cash flow per share was -0.03 yuan, a significant decrease of 183.52% year-on-year [1]. Balance Sheet Highlights - Cash and cash equivalents increased by 38.21% to 155.5 million yuan [2]. - Accounts receivable decreased by 21.53% to 269 million yuan [2]. - Interest-bearing debt decreased by 13.47% to 768 million yuan [2]. Changes in Financial Items - Accounts receivable increased by 158.2% due to customer credit terms [2]. - Prepayments decreased by 47.94% as the company settled invoices [2]. - Long-term liabilities due within one year decreased by 57.34% due to repayment of long-term loans [3]. Operational Insights - The company's return on invested capital (ROIC) was 2.05%, indicating weak capital returns [7]. - The net profit margin was 3.6%, suggesting low added value in products or services [7]. - The company has experienced three years of losses since its listing, indicating a fragile business model [7]. Cash Flow Analysis - Net cash flow from operating activities decreased by 181.62% due to reduced deposits and increased cash payments for goods [4]. - Net cash flow from investing activities increased by 117.46% as cash payments for fixed and intangible assets decreased [5]. - Net cash flow from financing activities decreased by 374.36% due to increased debt repayments [6]. Debt and Liquidity - The company maintains a healthy cash position, which is crucial for its debt servicing capabilities [8]. - The accounts receivable to profit ratio reached 316.92%, indicating potential liquidity concerns [10].

Core Viewpoint - The financial performance of Senlin Packaging (605500) for the first half of 2025 shows a slight increase in revenue but a significant decline in net profit, indicating potential challenges in profitability and cash flow management [1] Financial Performance Summary - Total revenue for the first half of 2025 reached 1.16 billion yuan, a year-on-year increase of 3.91% compared to 1.117 billion yuan in 2024 [1] - Net profit attributable to shareholders was 31.134 million yuan, down 60.98% from 79.7813 million yuan in the previous year [1] - The gross profit margin decreased to 7.85%, a decline of 43.73% from 13.95% in 2024 [1] - The net profit margin fell to 0.86%, down 87.89% from 7.14% in 2024 [1] - Total expenses (selling, administrative, and financial) amounted to 64.6946 million yuan, representing 5.58% of revenue, an increase of 34.25% year-on-year [1] - Earnings per share decreased to 0.08 yuan, a decline of 57.89% from 0.19 yuan in 2024 [1] Balance Sheet Changes - Cash and cash equivalents decreased by 28.48% to 195 million yuan due to a reduction in bank deposits [2] - Trade receivables decreased by 9.85% to 220 million yuan, attributed to a reduction in sales receivables [2] - Interest-bearing liabilities increased by 122.32% to 896 million yuan, indicating a rise in bank borrowings [1][2] - Inventory increased by 56.63% due to the addition of new materials and products from a subsidiary [2] Operational Insights - The company’s return on invested capital (ROIC) was 6.04%, indicating average capital returns, with a historical median ROIC of 13.35% since its listing [5] - The business model relies heavily on capital expenditures, necessitating careful evaluation of the profitability of these investments [5] - The company’s debt situation is concerning, with an interest-bearing asset liability ratio reaching 21.71% [5] - The accounts receivable to profit ratio stands at 113.53%, highlighting potential cash flow issues [5]