1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints of the Report - In the short - term, the pulp market is expected to maintain a narrow - range oscillation pattern with limited upside and downside space. The cost support of hardwood pulp and the lower - than - expected inventory accumulation pressure at ports limit the downside space, while softwood pulp is restricted by futures market fluctuations and abundant supply, and the lack of substantial increase in downstream procurement restricts the upside. In the medium - term, the key to pulp price trends lies in the actual recovery of downstream demand after March. If the paper mill's operating rate rises steadily and terminal orders improve, restocking demand is expected to be gradually released. Considering the impact of the US - Iran conflict on the shipping market, the market is expected to oscillate slightly upwards following market sentiment [99][100]. 3. Summary by Directory 3.1 Industry News - As of February 26, 2026, the pulp inventory at Changshu Port in China was 685,000 tons, an increase of 87,000 tons from the previous period, a 14.5% month - on - month increase; the pulp inventory at Qingdao Port was 1.52 million tons, an increase of 82,000 tons from the previous week, a 5.7% month - on - month increase; the pulp inventory at Gaolan Port was 62,000 tons, an increase of 30,000 tons from the previous week, a 93.8% month - on - month increase. The total inventory of mainstream port samples in China was 2.401 million tons, an increase of 206,000 tons from the previous period, a 9.4% month - on - month increase [5][6]. - In January 2026, the total wood pulp inventory at European ports decreased by 14.7% month - on - month and 10.9% year - on - year, from 1.5086 million tons at the end of December to 1.2865 million tons [7]. - Yueyang City government and China Paper signed a cooperation intention for a 30.3 - billion - yuan project to build a 2 - million - ton special cellulose and 450,000 - ton household paper production base [6]. - Jindong Paper's 280,000 - ton special paper project is expected to be put into production in mid - April, which will enhance the company's competitiveness in the high - end special paper market [8]. 3.2 Market Data 3.2.1 Market Trends - On February 27, 2026, the basis of silver star pulp was 4 yuan/ton, a 140% month - on - month increase; the basis of Russian needle pulp was - 146 yuan/ton, a 30.48% month - on - month increase; the price difference between silver star and Russian needle pulp was 150 yuan/ton, a 25% month - on - month decrease [14]. - On February 27, 2026, the 05 - 07 month - spread was - 32 yuan/ton, a 45.45% month - on - month decrease; the 07 - 09 month - spread was - 34 yuan/ton, a 54.55% month - on - month decrease [19]. 3.3 Fundamental Data 3.3.1 Price - The price difference between silver star and goldfish pulp decreased, while the price difference between Russian needle and goldfish pulp increased. On February 27, 2026, the price difference between silver star and goldfish pulp was 650 yuan/ton, a 2.99% month - on - month decrease; the price difference between Russian needle and goldfish pulp was 500 yuan/ton, a 6.38% month - on - month increase [23][25]. - The import profits of softwood and hardwood pulp slightly recovered. On February 27, 2026, the import profit of silver star softwood pulp was - 384 yuan/ton, a 3.43% month - on - month increase; the import profit of star hardwood pulp was - 173 yuan/ton, a 15.36% month - on - month increase [27][29]. - The price of the main pulp contract rose and then fell slightly. The spot price of imported softwood pulp increased slightly compared with before the Spring Festival, but the actual transaction was light. The spot price of imported hardwood pulp increased due to cost pressure and tight supply, but the downstream replenishment was not active [31][35]. 3.3.2 Supply - The wood chip purchase price of some paper enterprises in East China increased before the festival. On February 28, 2026, the purchase price of eucalyptus wood chips by Liansheng Pulp and Paper was 1,160 yuan/ton, with no month - on - month change [42][44]. - The supply of domestic chemimechanical pulp recovered this period. On February 26, 2026, the daily average price of domestic chemimechanical pulp was 3,883.33 yuan/ton, with no month - on - month change; the weekly production was 86,000 tons, a 1.18% month - on - month increase [46][48]. - In January 2026, the pulp inventory at European ports decreased year - on - year and month - on - month; in November 2025, the global pulp shipping volume continued to decline [50][52]. - In November 2025, the shipping volume of W20 softwood pulp was low and the inventory was high; the inventory of hardwood pulp was at a high level, the shipping volume decreased, and the inventory days returned to a year - on - year high [54][56]. - In December 2025, the export volume of softwood pulp from four countries (Canada, Chile, Finland, and the US) to China increased month - on - month; in January 2026, the export volume of Chilean softwood pulp to China remained flat month - on - month and decreased year - on - year [58][60]. - In December 2025, the export volume of hardwood pulp from four countries (Brazil, Indonesia, Uruguay, and Chile) to China increased significantly month - on - month; in January 2026, the export volume of Brazilian and Uruguayan hardwood pulp to China decreased month - on - month, while the export volume of Chilean hardwood pulp to China increased significantly year - on - year and month - on - month [64][66]. - In December 2025, China's pulp imports were polarized. The import volume of softwood pulp increased by 7.27% month - on - month, the import volume of hardwood pulp decreased by 23.38% month - on - month, and the import volume of unbleached and chemimechanical pulp increased significantly [66][68]. 3.3.3 Demand - The domestic offset paper market was generally stable with minor adjustments, and the trading was gradually recovering. The supply was abundant, but the terminal consumption was weak, and the downstream replenishment was average [70][72]. - The domestic coated paper market remained stable, lacking directional breakthroughs. The supply was sufficient, but the demand was weak, and the paper mills' inventory increased [74][76]. - The white cardboard market was dull. The cost supported the market, the supply recovered quickly, but the demand was weak, and the paper mills' inventory accumulated [78][80]. - The price of household paper was stable, the market trading was average, the terminal demand was poor, but the major paper mills signaled price increases, and the industry's operating rate was expected to improve [82][84]. - In December 2025, the retail sales of books, newspapers, magazines, Chinese and Western medicines, and tobacco and alcohol products, as well as the production of dairy products, increased significantly month - on - month; the retail sales of cosmetics decreased significantly month - on - month. Year - on - year, the retail sales of cultural office supplies and cosmetics were at a high level [88][87]. 3.3.4 Inventory - On February 27, 2026, the warehouse receipt quantity of pulp in the warehouse was 138,000 tons, a 1.15% month - on - month decrease; the warehouse receipt quantity of pulp in the factory was 15,000 tons, with no month - on - month change [89]. - The port inventory was at a historical high, and the inventory of mainstream port samples in China increased this period. After the Spring Festival, the inventory at Qingdao Port and Changshu Port continued to increase [94][96].

Group 1 - The core viewpoint of the announcement is that the financial data for the year 2025 is preliminary and has not been audited by an external accounting firm, which may lead to discrepancies in the final report [2][7] - The company reported a total operating revenue of 39,184.22 million yuan for 2025, a decrease of 154.23 million yuan or 3.79% compared to the previous year [4] - Operating profit increased by 22.57 million yuan or 6.25% year-on-year, totaling 3,838.35 million yuan, while total profit rose by 25.09 million yuan or 7.01% to 3,832.85 million yuan [4] Group 2 - As of the end of the reporting period, the company's total assets amounted to 58,798.95 million yuan, an increase of 617.29 million yuan or 11.73% from the beginning of the period [5] - Total liabilities increased by 427.97 million yuan or 17.91%, reaching 28,178.74 million yuan, while the equity attributable to shareholders rose by 189.49 million yuan or 6.62% to 30,508.93 million yuan [5] - The asset-liability ratio at the end of the period was 47.92%, an increase of 2.51% from the beginning of the period [5]

Group 1 - The core viewpoint of the news is that Shanying International (600567) has experienced a decline in revenue and net profit for the first three quarters of 2025, indicating potential challenges in its financial performance [2] - As of February 27, 2026, Shanying International's stock closed at 1.75 yuan, with a 1.16% increase and a trading volume of 1.5836 million hands, amounting to a total transaction value of 275 million yuan [1] - The net inflow of main funds on February 27 was 27.1949 million yuan, accounting for 9.9% of the total transaction value, while retail investors experienced a net outflow of 6.5668 million yuan, representing 2.39% of the total transaction value [1] Group 2 - For the first three quarters of 2025, Shanying International reported a main revenue of 21.133 billion yuan, a year-on-year decrease of 2.17%, and a net profit attributable to shareholders of -290 million yuan, a year-on-year decline of 522.74% [2] - The company's debt ratio stands at 67.69%, with investment income of 37.952 million yuan and financial expenses of 624 million yuan, while the gross profit margin is 7.91% [2] - In the last 90 days, two institutions have given ratings for the stock, with one buy rating and one hold rating [3]

Core Viewpoint - Sun Paper Industry (002078.SZ) reported a total operating revenue of 39.184 billion yuan for the fiscal year 2025, reflecting a year-on-year decrease of 3.79% while the net profit attributable to shareholders increased by 5.05% to 3.258 billion yuan [1] Financial Performance - The company's total operating revenue for 2025 was 39.184 billion yuan, down 3.79% compared to the previous year [1] - The net profit attributable to shareholders reached 3.258 billion yuan, marking a year-on-year increase of 5.05% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 3.2 billion yuan, which represents a decrease of 1.07% year-on-year [1] - Basic earnings per share were reported at 1.1658 yuan [1] Factors Influencing Performance - The main reasons for the changes in financial data compared to 2024 include the increase in production capacity from new projects, which led to higher product sales volumes [1] - Effective control of raw material procurement costs and management expenses contributed positively to the financial results [1]

Core Viewpoint - Sun Paper Industry (002078.SZ) reported a slight decrease in total revenue for 2025, while net profit showed a modest increase, indicating a mixed performance driven by new project capacity and effective cost management [1] Financial Performance - The company achieved total operating revenue of 39.184 billion yuan, a year-on-year decrease of 3.79% [1] - Net profit attributable to shareholders was 3.258 billion yuan, reflecting a year-on-year increase of 5.05% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 3.2 billion yuan, a year-on-year decrease of 1.07% [1] - Basic earnings per share stood at 1.1658 yuan [1] Factors Influencing Performance - The primary reasons for the changes in financial data compared to 2024 include increased production capacity from new projects, leading to higher product sales volumes [1] - Effective control over raw material procurement costs and management expenses contributed positively to the financial results [1]

Core Viewpoint - The company, Sun Paper, reported a total operating revenue of 39.184 billion yuan for the year 2025, reflecting a year-on-year decrease of 3.79%. However, net profit increased by 5.05% to 3.258 billion yuan, indicating stable overall production and operational conditions during the reporting period [1]. Financial Performance - Total operating revenue for 2025 is 39.184 billion yuan, down 3.79% year-on-year [1] - Net profit for 2025 is 3.258 billion yuan, up 5.05% year-on-year [1] - Key financial metrics such as operating revenue, operating profit, total profit, net profit attributable to shareholders, and basic earnings per share all showed fluctuations within 30% [1]

Core Viewpoint - The company reported a slight decrease in total operating revenue for 2025, while showing growth in operating profit, total profit, and net profit attributable to shareholders, indicating effective cost management and increased production capacity [1] Financial Performance - Total operating revenue for 2025 is 39.184 billion yuan, a year-on-year decrease of 3.79% [1] - Operating profit reached 3.838 billion yuan, reflecting a year-on-year increase of 6.25% [1] - Total profit amounted to 3.833 billion yuan, with a year-on-year growth of 7.01% [1] - Net profit attributable to shareholders was 3.258 billion yuan, showing a year-on-year increase of 5.05% [1] Operational Factors - The performance improvement is primarily driven by new project capacity, leading to increased product output and sales [1] - Effective control over raw material procurement and management costs contributed positively to the financial results [1] Balance Sheet Highlights - Total assets at the end of the reporting period were 58.799 billion yuan, an increase of 11.73% year-on-year [1] - The asset-liability ratio stood at 47.92%, which is an increase of 2.51% compared to the beginning of the period [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - In February 2026, the pulp market was in a game between "cost support, high inventory, and weak demand". The supply was generally loose, with high - level imports gradually decreasing, high domestic production, and rising port inventories. The demand was structurally differentiated, with packaging paper having rigid demand for broad - leaf pulp, the recovery of the tissue paper industry, and weak cultural paper demand dragging down the consumption of softwood pulp. The total consumption of wood pulp decreased month - on - month [4][50]. - In March, the pulp market is expected to oscillate moderately and move upward slightly, with the valuation center likely to rise slightly. However, the high inventory of softwood pulp and the delayed recovery of cultural paper demand will limit the increase. The double - offset paper market is expected to remain "weakly stable with marginal improvement", and it is difficult for the valuation to fluctuate significantly [5][50][52]. 3. Summary by Directory 3.1 First Part: Preface - The pulp market in February was characterized by the game between cost support, high inventory, and weak demand. The Spring Festival holiday exacerbated the supply - demand contradiction, with high inventory and difficult price increases for paper mills [3][4]. 3.2 Second Part: Fundamental Situation 3.2.1 Pulp Futures and Spot Price Trends Review - In February 2026, the domestic pulp market showed a differentiated pattern of "weak oscillation before the Spring Festival and improved sentiment after the festival". In the spot market, softwood pulp rose with the futures, broad - leaf pulp increased significantly due to foreign price hikes, and other types of pulp remained stable or had regional differences. In the futures market, the contract oscillated upward after the festival driven by funds [10][13]. 3.2.2 Pulp Supply - Import: The import volume was at a high level but gradually decreased. The supply of softwood pulp remained stable, and the import of broad - leaf pulp was supported by foreign price hikes. In the future, the import scale may decline slowly but remain high in the short term [20]. - Domestic production: The domestic production capacity was accelerating, and the output remained at a high level. The expansion was mainly concentrated in the broad - leaf pulp field, and the substitution effect of non - wood pulp was gradually increasing [21][22]. - Port inventory: The port inventory continued to accumulate, reaching over 240.1 million tons. The de - stocking pressure was mainly on softwood pulp, while broad - leaf pulp was in a tight - balance state [22]. 3.2.3 Pulp Demand - Cultural paper: Affected by the Spring Festival and the off - season, the demand was weak, and the profit was under pressure. Paper mills purchased pulp cautiously [26]. - Packaging paper: Supported by pre - festival order completion and post - festival restocking, the demand for broad - leaf pulp was rigid [26]. - Tissue paper: After the festival, paper mills resumed production, and the consumption of softwood and broad - leaf pulp increased steadily [29]. 3.2.4 Cultural Paper Market Review - In February, the cultural paper market continued the pattern of "stable price, weak volume, and pressured profit". The prices of double - offset paper and coated paper remained stable, but the industry loss increased, and the inventory continued to accumulate [30]. 3.2.5 Cultural Paper Supply - Demand and Inventory - Production: Affected by the Spring Festival, the production capacity utilization rate of double - offset paper and coated paper was at a low level [38]. - Inventory: The inventory of double - offset paper reached a new high, and the inventory days were far beyond the reasonable range. The inventory removal was difficult [39][40]. - Profit: Although paper mills intended to raise prices, it was difficult to implement due to sufficient downstream inventory, loose supply - demand, and "low - price order - grabbing" by small and medium - sized paper mills [41]. 3.2.6 Cultural Paper Demand Analysis - Import and export: The export volume of double - offset paper was stable but the price was weak, and the cumulative decline narrowed. The export of coated paper remained at a low level [46]. - Downstream demand: Affected by the Spring Festival, the apparent consumption of double - offset paper and coated paper decreased. The demand from the publishing and social printing sectors was weak, and the real demand recovery was slower than expected [46][47]. 3.3 Third Part: Future Outlook and Strategy Recommendations 3.3.1 Pulp Fundamental Analysis - In March, the pulp market is expected to oscillate moderately and move upward slightly. The support factors include continuous foreign price hikes, the recovery of downstream demand, and the possible de - stocking of port inventory. The restrictive factors are the high inventory of softwood pulp and the delayed recovery of cultural paper demand [50]. 3.3.2 Pulp Futures Strategy Analysis - Unilateral: Adopt a low - level long - buying strategy. - Arbitrage: Wait and see. - Options: Sell SP2605 - P - 5200 [51]. 3.3.3 Double - Offset Paper Fundamental Analysis - In March, the double - offset paper market is expected to remain "weakly stable with marginal improvement". The positive factors are the marginal recovery of downstream demand and the support of pulp prices. The negative factors are the high inventory and the "low - price order - grabbing" by small and medium - sized paper mills [52]. 3.3.4 Double - Offset Paper Strategy Analysis - Unilateral: Adopt a high - level short - selling strategy and pay attention to the post - Spring Festival resumption of work. - Arbitrage: Wait and see. - Options: Pay attention to the opportunity to sell call options [55].

Core Viewpoint - The announcement from Jiyou Co., Ltd. (603429.SH) reveals that the controlling shareholder, Xu Shanshui, has had part of his shares judicially frozen due to a dispute over share transfer payments, but the company's operations remain normal and unaffected by this event [1][3]. Group 1: Shareholder and Share Information - Xu Shanshui holds 215,305,300 shares, representing 41.0508% of the total share capital of the company [1]. - The shares that are judicially frozen amount to 114,743,120 shares, which is 53.2932% of his holdings and 21.8773% of the company's total share capital [1]. Group 2: Legal Dispute Background - The judicial freeze is related to a dispute involving share transfer payments between Shanghai Jiyou Guangyuan Industrial Co., Ltd. and Meiyi (Honghu) Agricultural Development Co., Ltd., as well as Meihua Real Estate Group Co., Ltd. [3]. - The total amount involved in the legal case is approximately 1.155 billion yuan [3]. Group 3: Company Performance and Forecast - Jiyou Co., Ltd. is expected to report a significant decline in revenue for 2025, projecting 170 million yuan, down from 458 million yuan in the previous year [4]. - The company anticipates a net loss of approximately 19 million yuan for 2025, an improvement from the net loss of 72.458 million yuan in 2024 [4]. - The non-recurring net profit is expected to turn negative, projecting a loss of about 24.5 million yuan [4].

Core Viewpoint - The company announced the termination of the public transfer of its wholly-owned subsidiary, Songyang New Materials, after failing to attract qualified bidders despite multiple attempts to lower the transfer price from 100 million yuan to 40.96 million yuan [1] Group 1 - The company publicly listed the 100% equity of its subsidiary, Songyang New Materials, for transfer on December 3, 2025, with an initial transfer price set at 100 million yuan [1] - The transfer price was reduced to 40.96 million yuan during the fifth listing attempt on February 10 [1] - The transfer process was terminated on February 24 due to the lack of qualified interested parties, and the company retains full ownership of Songyang New Materials [1] Group 2 - The company stated that the termination of the transfer will not have a significant impact on its production and operations [1] - Future decisions regarding the disposal of the subsidiary will be made cautiously, with plans to disclose any new developments [1]