Core Viewpoint - Tangshan Ruiyu Paper Industry Co., Ltd. has been established with a registered capital of 100,000 RMB, focusing on various paper and wood-related manufacturing and services [1] Company Summary - The legal representative of Tangshan Ruiyu Paper Industry Co., Ltd. is Bi Lijiao [1] - The company’s registered capital is 100,000 RMB [1] - The business scope includes manufacturing and sales of paper and paperboard containers, paper products, wood processing, and wood sales [1] Industry Summary - The company is involved in general projects such as labor services (excluding labor dispatch), packaging services, and various technical services including development, consulting, and promotion [1]

Core Points - The company Minfeng Special Paper announced a compensation agreement with the Nanhu District People's Government, totaling RMB 1,079.63 million [1] - The first installment of the compensation, amounting to RMB 150 million, is to be paid within 45 days of signing the agreement, with RMB 13 million specifically allocated for soil pollution investigation and remediation [1] - As of November 7, 2025, the company has received the first installment of RMB 130 million [1] Summary by Sections - **Compensation Agreement**: The company signed a framework agreement for land acquisition compensation, with a total compensation amount of RMB 1,079.63 million [1] - **Payment Schedule**: The first payment of RMB 150 million includes contributions from both Minfeng Group and Minfeng Special Paper, with specific usage outlined for environmental remediation [1] - **Receipt of Funds**: The company confirmed the receipt of the first installment of RMB 130 million on November 7, 2025 [1]

Group 1 - The core viewpoint of the news is that Shunhao Co., Ltd. has seen a significant stock price increase of 5.01%, reaching 7.76 CNY per share, with a total market capitalization of 8.226 billion CNY [1] - Shunhao Co., Ltd. specializes in the research, production, processing, and sales of various products including vacuum aluminum-coated paper, composite film paper, white cardboard, printed materials, and cigarette polypropylene fiber bundles [1] - The company's main business revenue composition includes printed materials (48.07%), aluminum-coated paper (30.03%), and other products such as composite film paper (5.56%) and optical anti-counterfeiting film (2.02%) [1] Group 2 - From the perspective of fund holdings, Huatai Baoxing Fund has a significant position in Shunhao Co., Ltd., with its Huatai Baoxing Jinianhong Mixed Fund A holding 58,500 shares, accounting for 3.18% of the fund's net value [2] - The Huatai Baoxing Jinianhong Mixed Fund A has achieved a year-to-date return of 13.78% and a one-year return of 11.47%, ranking 5,373 out of 8,148 in its category [2] - The fund manager, Zhao Jian, has been in position for 7 years and 151 days, with the best fund return during his tenure being 79.39% [3]

Report Information - Report Title: Pulp Daily Report [1] - Date: November 7, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Industry Investment Rating - Not provided Core Viewpoints - The short - term market focuses on the potential boost to the market price due to the possibly low number of old warehouse receipts after cancellation, but the rebound space is limited under the weak fundamental situation. It is recommended to try shorting at high prices [8] Summary by Directory 1. Market Review and Operation Suggestions - Pulp futures contract 01: The previous settlement price was 5320 yuan/ton, the closing price was 5368 yuan/ton, a 0.90% increase [7] - Shandong wood pulp market: The intended transaction price range of softwood pulp was 4870 - 6500 yuan/ton, remaining stable compared to the previous trading day. The price of Shandong Yinxing was 5500 yuan/ton [7] - Arauco's October wood pulp offer: Softwood pulp Yinxing was 680 dollars/ton, a 20 - dollar decrease from last month; natural pulp Venus was 590 dollars/ton, unchanged from last month; hardwood pulp Mingxing was 540 dollars/ton, unchanged from last month [8] - European wood pulp in September: The inventory was 722.3 thousand tons, a 3% month - on - month increase and a 16.1% year - on - year increase; the consumption was 813.2 thousand tons, a 16.3% month - on - month increase and a 1.6% year - on - year decrease [8] - As of November 6, 2025: The weekly pulp inventory in major regions and ports decreased 2.31% month - on - month, with inventory at Qingdao Port and Tianjin Port decreasing [8] - Downstream paper products: The performance of downstream base paper remained differentiated, the demand side of the pulp market increased slowly, and the traditional peak season started late. Double - offset paper downstream printers mainly stocked up for rigid demand, and the publication bidding had not yet increased significantly, with overall market demand being weak. The cumulative year - on - year decline in the total profit of the papermaking and paper products industry continued to narrow [8] 2. Industry News - On November 3, the re - approved papermaking production line technical renovation project of Guangdong Jiefeng Industrial Investment Co., Ltd. was approved. After re - approval, the project will produce 225 thousand tons of corrugated paper and 15 thousand tons of toilet paper annually [9] 3. Data Overview - The report presents multiple data charts including import softwood pulp spot price in Shandong, pulp futures price, pulp spot - futures price difference, needle - broadleaf price difference, inter - delivery spread, warehouse receipt volume, domestic main port pulp inventory, European main port wood pulp inventory, prices and price differences of coated paper, double - offset paper, white cardboard, and whiteboard paper, and the US dollar - RMB exchange rate [15][17][19][24][25][27]

天眼查App显示，近日，徐州同顺纸业有限公司成立，法定代表人为许春荣，注册资本60万人民币，经 营范围为一般项目：纸制造；纸制品销售；纸浆销售；纸制品制造；纸浆制造；纸和纸板容器制造；包 装服务；日用品销售；日用杂品销售；办公用品销售；个人卫生用品销售；日用品批发；文具用品批发 （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）。 ...

天眼查App显示，近日，深圳市新吉祥纸品有限公司成立，法定代表人为邓莉丽，注册资本5万人民 币，经营范围为纸制品销售；制浆和造纸专用设备销售；包装专用设备销售；复印和胶印设备销售；包 装服务；包装材料及制品销售；工艺美术品及礼仪用品销售（象牙及其制品除外）；技术进出口；货物 进出口；合成材料销售；高品质合成橡胶销售；密封用填料销售；海绵制品销售；橡胶制品销售；金属 包装容器及材料销售；箱包销售；磁性材料销售。（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）包装装潢印刷品印刷；印刷品装订服务；文件、资料等其他印刷品印刷；特定印刷品印 刷。（依法须经批准的项目，经相关部门批准后方可开展经营活动，具体经营项目以相关部门批准文件 或许可证件为准）。 ...

Group 1 - Huatai Co., Ltd. announced a share buyback plan, where Huatai Group will increase its stake by approximately 20.83 million shares, accounting for 1.37% of the total share capital, with a total transaction amount of about 75.43 million yuan [1] - For the first half of 2025, the revenue composition of Huatai Co., Ltd. is as follows: mechanical paper accounts for 62.55%, chemical products 29.56%, pulp 3.18%, electric power 2.6%, and other businesses 2.05% [1] - As of the report date, Huatai Co., Ltd. has a market capitalization of 6.7 billion yuan [1]

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。 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》 根据中国海关数据显示：2025年9月中国纸浆进口数量为295万吨，同比增长10.3%，进口金额为17.2亿 美元，同比下降8.5%。 近一年中国纸浆进口情况统计图 ...

Core Viewpoint - The company plans to hold a performance briefing on November 25, 2025, to discuss its Q3 2025 results and address investor inquiries [2][3][4]. Group 1: Meeting Details - The performance briefing is scheduled for November 25, 2025, from 16:00 to 17:00 [2][4]. - The meeting will take place at the Shanghai Stock Exchange Roadshow Center, accessible online [2][4]. - Investors can submit questions from November 18 to November 24, 2025, through the Roadshow Center website or via the company's email [2][4]. Group 2: Participants - Key participants in the meeting will include the General Manager Liu Lixin, Board Secretary and Deputy General Manager Yi Lankai, and Chief Financial Officer Yang Yinghui, among others [4]. Group 3: Investor Participation - Investors can join the meeting online on November 25, 2025, and the company will respond to questions during the session [4][6]. - The company encourages investors to pre-submit questions to ensure that common concerns are addressed during the briefing [3][4]. Group 4: Contact Information - For inquiries, investors can contact Dai Qiang at 0730-8590683 or via email at zqb-yylz@chinapaper.com.cn [6]. Group 5: Additional Information - After the briefing, investors can view the meeting's details and main content on the Shanghai Stock Exchange Roadshow Center website [6].

Core Points - The stock of Forest Packaging (605500) closed at 9.29 yuan on November 4, 2025, with a market capitalization of 3.85 billion yuan, reflecting a 0.11% increase from the previous trading day [1] - The company announced that its wholly-owned subsidiary, Taizhou Forest Paper Co., Ltd., recovered 30 million yuan in principal and 75,500 yuan in earnings from a cash management product on November 3, 2025 [1] - The company is continuing to invest 20 million yuan of idle raised funds into a structured deposit product with a term of 24 days and an annualized yield of 1.00%-1.70% [1] - The board of directors approved the use of up to 70 million yuan of idle raised funds for cash management, valid for 12 months [1] - As of September 30, 2025, the company's cash and cash equivalents amounted to 141.39 million yuan, making the cash management amount represent 14.15% of the latest cash balance [1] - The sponsor, Everbright Securities, has no objections to this cash management activity [1]