Report Summary 1. Report Industry Investment Rating - No information provided in the given content. 2. Core View - No clear core view is presented in the provided content. It mainly offers data on paper pulp prices, import - related details, and price indices of paper products. 3. Summary by Related Content SP Main Contract Information - On November 14, 2025, the SP main contract's closing price was 5480.00, showing a - 0.97579% change from the previous day. The exchange - rate - converted dollar price was 681.44, and the Shandong and Jiangsu - Zhejiang - Shanghai Yinxing basis were both 70 [4]. Import Profit and Price Information - With a 13% VAT calculation, for the Jinshi brand from Canada, the CFR port dollar price was 780, the Shandong region's RMB price was 6200, and the import profit was - 127.94. For the Xiongshi brand from Canada, the CFR port dollar price was 730, the Shandong region's RMB price was 5550, and the import profit was - 366.79. For the Yinxing brand from Chile, with a 90 - day CFR letter of credit, the port dollar price was 680, the Shandong region's RMB price was 5550, and the import profit was 24.36 [5]. Price Index and Margin Information - From November 10 - 14, 2025, the national average prices of coniferous pulp, broad - leaf pulp, natural pulp, and chemical mechanical pulp remained unchanged. The same was true for the Shandong region's average prices. The price indices of cultural paper (double - offset and double - copper), packaging paper (white card), and living paper also remained unchanged during this period. However, the estimated profit margins of double - offset paper, double - copper paper, white card paper, and living paper changed, with the living paper's profit margin dropping by 0.7640 on November 14 compared to previous days [5]. Price Difference Information - From November 10 - 14, 2025, the price differences between coniferous and broad - leaf pulp, coniferous and natural pulp, coniferous and chemical mechanical pulp, and coniferous pulp and waste paper fluctuated slightly [5].

天眼查App显示，近日，浏阳佑宜纸业有限公司成立，法定代表人为罗迪新，注册资本50万人民币，经 营范围为一般项目：纸制品销售;办公用品销售;文具用品零售;文具用品批发;办公设备销售;办公设备租 赁服务;办公设备耗材销售;广告制作;图文设计制作;家具销售;电子产品销售;互联网销售（除销售需要许 可的商品）（除依法须经批准的项目外，自主开展法律法规未禁止、未限制的经营活动）。 ...

天眼查App显示，近日，浏阳润楷纸业有限公司成立，法定代表人为罗维，注册资本50万人民币，经营 范围为一般项目：纸制品销售;办公用品销售;文具用品批发;办公设备销售;办公设备耗材销售;文具用品 零售;办公设备租赁服务;广告制作;电子产品销售;互联网销售（除销售需要许可的商品）;信息技术咨询 服务（除依法须经批准的项目外，自主开展法律法规未禁止、未限制的经营活动）。 ...

天眼查App显示，近日，东光县祥帛纸业有限公司成立，法定代表人为胡春波，注册资本66.6万人民 币，经营范围为一般项目：纸制品制造;纸和纸板容器制造;纸制品销售;包装材料及制品销售;塑料制品 制造;塑料制品销售;互联网销售（除销售需要许可的商品）;货物进出口（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 - The company emphasizes the importance of maintaining shareholder interests as a core guiding principle for its operations and development [1] Group 1: Shareholder Returns - The company has consistently maintained a long-term stable dividend policy, with cumulative dividends reaching 2.643 billion yuan, accounting for 31.38% of the net profit attributable to shareholders since its listing [1] - In the last three years, the dividend payout ratio has increased significantly to 93.21% [1] - A new three-year shareholder return plan was announced for 2025, committing to a cash dividend and buyback amounting to no less than 30% of the annual net profit [1] Group 2: Market Value Maintenance - The company completed a share buyback and cancellation worth 480 million yuan in 2022 [1] - A second valuation enhancement plan for the A-share market was introduced for 2025, focusing on value recovery through various dimensions including operations, share buybacks, and shareholder increases [1] - To date, the company has completed an additional share buyback of 100 million yuan, and the controlling shareholder has increased their holdings by 75.43 million yuan, demonstrating confidence with tangible investments [1] Group 3: Management Commitment - The controlling shareholder has not sold any shares since the company's listing, and the management team has retained shares purchased in 2015, sharing risks and development opportunities with all shareholders [1] - The management is committed to aligning the company's valuation with its operational quality and growth potential through practical actions [1]

Core Viewpoint - Huatai Co., Ltd. reported a significant decline in net profit for the first three quarters of 2025, primarily due to high profit base from the previous year and economic pressures affecting product prices [1] Financial Performance - The company achieved a net profit attributable to shareholders of 72.5866 million yuan, representing a year-on-year decrease of 56.68% [1] - The decline in profit is attributed to lower prices for key products, including paper and chemical products, compared to the same period last year [1] Operational Developments - The company’s 700,000-ton chemical pulp project is currently operational, with ongoing optimization of various performance indicators [1] - On September 26, the company successfully commissioned its 150,000-ton high-transparency stretch paper project, which produces biodegradable paper products that can replace plastic [1] Market Position and Future Outlook - The high-transparency stretch paper has unique features such as high strength, high transparency, and biodegradability, making it suitable for a wide range of packaging applications [1] - The company has increased its production capacity of stretch paper to 250,000 tons, positioning itself as one of the largest suppliers in China, which enhances its competitiveness and influence in the specialty paper market [1]

Core Viewpoint - Yibin Paper Industry aims to enhance its profitability through continuous technological innovation, product research and development, and cost reduction measures [2] Group 1 - The company is committed to strengthening its technological innovation [2] - The company plans to focus on product research and development to drive growth [2] - Cost reduction and efficiency improvement initiatives are part of the company's strategy to boost profitability [2]

证券日报网讯宜宾纸业（600793）11月14日在互动平台回答投资者提问时表示，股价波动受多方面因素 影响，公司高度重视市值管理，也一直努力做好自身业务经营，敬请投资者注意投资风险。 ...

Core Viewpoint - The company plans to publicly transfer 100% equity of its wholly-owned subsidiary, Shantou Songyang New Materials Special Paper Co., Ltd. (referred to as "Songyang New Materials"), through the Guangdong Equity Exchange Center, with a starting price of 100 million RMB [1] Group 1 - The board of directors approved the proposal for the public transfer of the subsidiary's equity during the 25th meeting of the fourth board session held on November 14, 2025 [1] - The equity valuation is based on an assessment provided by Zhonglian International Real Estate Land Asset Evaluation Consulting (Guangdong) Co., Ltd., considering market value and other factors [1] - To reduce operational costs and losses, the management has decided to suspend operations at Songyang New Materials [1]

Core Viewpoint - The company plans to publicly transfer 100% equity of its wholly-owned subsidiary, Shantou Songyang New Materials Specialty Paper Co., Ltd. (referred to as "Songyang New Materials"), with a starting price of 100 million yuan. This decision is part of a strategy to reduce operational costs and losses, as the subsidiary has not generated profits since its establishment and is currently in a state of shutdown [1]. Group 1 - The company announced the intention to transfer the entire equity of Songyang New Materials through the Guangdong Equity Exchange Center [1]. - The initial transfer price is set at 100 million yuan [1]. - The management decided to cease operations at Songyang New Materials after careful consideration to lower operational costs and reduce losses [1]. Group 2 - Songyang New Materials has not achieved profitability since its inception and is currently in a shutdown state [1]. - The company is in the process of inventory clearance, and construction projects have been halted [1]. - The construction permits have been canceled, all payments to contractors have been settled, and most employees have been laid off [1].