Core Viewpoint - The company has successfully launched a new 200T/D environmentally friendly recycled pulp production line, which is now operational and primarily supports the production of recycled household paper [1] Company Summary - The new production line can process various types of raw materials, including recycled pulp from Jingxing Holdings (M) Co., cup paper, household paper, and high-moisture strong damage paper [1] - The main raw material currently used for the production line is recycled pulp boards produced by Jingxing Holdings (M) Co. [1]

Group 1 - The core viewpoint of the article is that Shanying International (600567.SH) has disclosed its semi-annual report for 2025, highlighting the current institutional investor holdings and changes in public fund disclosures [1] - As of August 25, 2025, there are four institutional investors holding a total of 1.458 billion shares of Shanying International, which accounts for 26.65% of the company's total share capital [1] - The institutional holding ratio has decreased by 0.04 percentage points compared to the previous quarter [1] Group 2 - One new public fund, Galaxy Quantitative Stable Mixed Fund, has been disclosed in this period, while two public funds, Qianhai Kaiyuan Cycle Preferred Mixed A and Qianhai Kaiyuan Big Security Mixed, have not been disclosed in this quarter [1]

Core Viewpoint - The company has released its 2025 semi-annual report, which reflects its financial status, operational results, and cash flow accurately and completely [1][4][10]. Group 1: Company Overview - The company is named Fujian Qingshan Paper Industry Co., Ltd. and is identified by the stock code 600103 [1]. - The semi-annual report has not been audited [1]. Group 2: Financial Data - The semi-annual report includes key financial data, although specific figures are not provided in the excerpts [1]. - The report indicates that the company has complied with relevant regulations set by the China Securities Regulatory Commission and the Shanghai Stock Exchange [10]. Group 3: Shareholder Information - The report includes information on the top ten shareholders, but specific details are not disclosed in the excerpts [1]. Group 4: Meeting Proceedings - The 24th Supervisory Board meeting was held on August 22, 2025, with all five supervisors present, ensuring compliance with legal and regulatory requirements [3]. - The 25th Board of Directors meeting also took place on August 22, 2025, with all eleven directors present, confirming adherence to company laws and regulations [9]. Group 5: Resolutions Passed - The Supervisory Board approved the 2025 semi-annual report, affirming that it reflects the company's financial status and operational results accurately [4]. - The Board of Directors also approved the semi-annual report and a special report on the use of raised funds, confirming that all financial data is accurate and complete [11].

（2）最近一个会计年度财务报告内部控制被注册会计师出具否定意见或无 法表示意见的审计报告； （3）上市后最近 36 个月内出现过未按法律法规、公司章程、公开承诺进行 利润分配的情形； 福建南王环保科技股份有限公司 董事会薪酬与考核委员会与监事会 关于公司 2025 年限制性股票激励计划（草案）的核查意见 福建南王环保科技股份有限公司（以下简称"公司"）董事会薪酬与考核委 员会与监事会依据《中华人民共和国公司法》（以下简称"《公司法》"）、《中 华人民共和国证券法》（以下简称"《证券法》"）、《上市公司股权激励管理 办法》（以下简称"《管理办法》"）、《深圳证券交易所创业板上市公司自律 监管指南第 1 号——业务办理》（以下简称"《自律监管指南》"）等相关法律、 法规、规范性文件和《福建南王环保科技股份有限公司章程》（以下简称"《公 司章程》"）的规定，对公司《2025 年限制性股票激励计划（草案）》（以下 简称"本激励计划"）及其他相关资料进行了核查，发表核查意见如下： 一、关于公司《2025 年限制性股票激励计划（草案）》及其摘要的核查意 见 激励计划的下列情形，具备实施股权激励计划的主体资格： （1）最近 ...

Group 1 - The supervisory board of Fujian Qingshan Paper Co., Ltd. held its 24th meeting on August 22, 2025, to discuss the company's half-year report and other matters [1][2] - The supervisory board approved the 2025 half-year report, confirming that it complies with legal regulations and accurately reflects the company's financial status, operational results, and cash flow [1][2] - The voting results for the half-year report were unanimous, with 5 votes in favor and no votes against or abstentions [2] Group 2 - The supervisory board also approved the special report on the storage and actual use of the company's raised funds for the first half of 2025, in accordance with regulatory requirements [2] - The voting results for the special report on raised funds were also unanimous, with 5 votes in favor and no votes against or abstentions [2]

Core Viewpoint - Zhejiang Jingxing Paper Industry Co., Ltd. will pay the fifth-year interest on its convertible bonds on September 1, 2025, at a rate of 18.00 RMB per 10 bonds, which includes tax [1][3]. Group 1: Bond Details - The interest rates for the convertible bonds are set at 1.5% for the first four years, 1.8% for the fifth year, and 2.0% for the sixth year [1][2]. - The bonds were issued on August 31, 2020, and interest is paid annually [2][3]. - The annual interest calculation formula is I = B × i, where I is the annual interest amount, B is the total face value of the bonds held, and i is the applicable interest rate for that year [2]. Group 2: Payment Information - The interest payment will be made within five trading days after the interest payment date [2][3]. - The bondholders must hold the bonds until the record date of August 29, 2025, to receive the interest [1][4]. - The company will not withhold taxes for bondholders other than qualified foreign institutional investors (QFII and RQFII), who are exempt from corporate income tax and value-added tax on interest income until December 31, 2025 [5]. Group 3: Taxation - Individual bondholders are subject to a 20% withholding tax on interest income, which will be deducted by the payment agent [4][5]. - Non-resident enterprises holding the bonds are exempt from corporate income tax and value-added tax on interest income [5].

Core Viewpoint - The report highlights the financial performance and operational challenges faced by Fujian Qingshan Paper Industry Co., Ltd. during the first half of 2025, indicating a decline in revenue and the need for strategic adjustments in response to market pressures [1][3]. Company Overview and Financial Indicators - Fujian Qingshan Paper Industry Co., Ltd. reported a total revenue of CNY 1,210,150,542.18, a decrease of 15.27% compared to the same period last year [7][8]. - The total profit amounted to CNY 73,160,101.55, reflecting a slight increase of 0.51% year-on-year [7][8]. - The net profit attributable to shareholders was CNY 56,078,994.23, up by 1.74% from the previous year [7][8]. - The company's total assets decreased by 5.38% to CNY 6,026,759,396.69 compared to the end of the previous year [7][8]. Industry Context - The paper industry in China faced significant challenges in the first half of 2025, with a reported revenue decline of 2.3% and a profit drop of 21.4% [3][6]. - Factors contributing to the industry's struggles include weak demand recovery, oversupply in certain paper types, and persistent cost pressures from raw materials and operational expenses [3][6]. - The report indicates that the market for packaging paper, particularly for cement and construction materials, remains weak due to the downturn in the real estate sector [3][6]. Business Operations - The company operates in the pulp and paper industry, producing a range of products including bamboo pulp, dissolving pulp, and various paper products [3][6]. - The main products include "Qingshan" brand paper bags, which hold a leading market share in China, and bamboo dissolving pulp, which is unique in its use of bamboo as a raw material [3][6]. - The company has implemented measures to enhance production efficiency and reduce costs, including optimizing procurement strategies and improving energy management [10][11]. Financial Performance Analysis - The decline in revenue is attributed to lower sales volumes and prices of pulp and paper products, with significant impacts on the company's overall financial performance [8][19]. - Operating cash flow showed a negative net amount of CNY -66,164,902.79, indicating challenges in cash generation from core operations [8][19]. - The company has increased its R&D expenditure by 10.84% to CNY 25,786,144.03, reflecting a commitment to innovation despite financial pressures [8][19]. Strategic Initiatives - The company is focusing on enhancing its product structure and expanding into high-end applications for bamboo pulp and other sustainable materials [10][11]. - Efforts are being made to strengthen marketing management and explore new market opportunities, particularly in food packaging [10][11]. - The company aims to leverage its unique bamboo resources and technological advancements to maintain a competitive edge in the evolving market landscape [14][16].

证券代码：605500 证券简称：森林包装 公告编号：2025-043 具体内容详见公司同日于上海证券交易所网站（www.sse.com.cn）及指定信 息披露媒体披露的公告。 监事会认为：公司《2025 年半年度报告及其摘要》的编制和审核程序符合 法律、行政法规和中国证监会的相关规定，报告的内容真实、准确、完整，不存 在任何虚假记载、误导性陈述或者重大遗漏。 表决情况：同意 5 票，反对 0 票，弃权 0 票。 （二）审议通过《2025 年半年度募集资金存放与使用情况的专项报告》 森林包装集团股份有限公司 第三届监事会第十五次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 森林包装集团股份有限公司（以下简称"公司"）第三届监事会第十五次会 议于 2025 年 8 月 23 日在浙江省温岭市大溪镇大洋城工业区公司会议室，以现场 结合通讯的方式召开。会议通知于 2025 年 8 月 12 日以书面送达及通信方式向各 位监事发出。本次会议应出席监事 5 人，实际出席监事 5 人，由监事会主席王 ...

Fundraising Overview - The company raised a total of RMB 948.5 million by issuing 50 million shares at RMB 18.97 per share, with net proceeds amounting to RMB 889.57 million after deducting issuance costs of RMB 58.93 million [1][4] - The funds were allocated to various projects, including RMB 112.74 million for replacing pre-invested funds, RMB 200.37 million for project investments, and RMB 123.70 million for working capital [1][4] Fund Management - The company established a dedicated account for managing the raised funds, adhering to regulations and guidelines to ensure proper usage and efficiency [1][2] - A tripartite supervision agreement was signed with banks and the underwriter to ensure the funds are used specifically for their intended purposes [1][2] Fund Usage and Adjustments - As of June 30, 2025, the company had one dedicated fundraising account with a balance of RMB 2.26 million [3] - The company approved the temporary use of up to RMB 170 million of idle funds for working capital and cash management, with a commitment to return the funds to the dedicated account within 12 months [5][6] - A significant portion of the funds was redirected from the terminated "Green Eco-Friendly Paper Packaging Online Customization Smart Factory Project" to the new "Annual Production of 500,000 Tons of Packaging Paper Equipment Upgrade Project" due to changes in market conditions [4][8] Project Performance - The company reported that the "Annual Production of 90 million square meters of Carton Packaging Materials Expansion Project" and "Green Eco-Friendly Digital Inkjet Printing Paper Packaging Smart Factory Project" did not meet expected production capacity due to market demand fluctuations [4][8] - The company has extended the construction timeline for the new project to April 2026, following careful planning and adjustments to ensure quality and compliance with regulations [8]

Core Insights - The company reported a revenue of 428,720,866.56 yuan for the first half of 2025, representing a year-on-year increase of 20.71% [2] - The net profit attributable to shareholders of the listed company was 1,195,783.37 yuan, showing a significant year-on-year decline of 69.52% [2] Financial Performance - Revenue for the first half of 2025: 428.72 million yuan, up 20.71% year-on-year [2] - Net profit for the same period: 1.20 million yuan, down 69.52% year-on-year [2]