Core Insights - The company reported third-quarter revenue of 3.072 billion yuan, representing a year-on-year increase of 15.54% [1] - The net profit for the third quarter was 304 million yuan, showing a year-on-year growth of 13.86% [1] - For the first three quarters, the company achieved a revenue of 9.063 billion yuan, which is a year-on-year increase of 24.80% [1] - The net profit for the first three quarters was 778 million yuan, reflecting a year-on-year decline of 4.77% [1]

Report Overview - The report is a pulp morning report released on October 30, 2025, by the energy and chemical team of the research center [2] SP Main Contract Information - On October 29, 2025, the closing price of the SP main contract was 5,242.00 [3] - The closing prices from October 23 - 29, 2025, were 5,250.00, 5,240.00, 5,258.00, 5,226.00, and 5,242.00 respectively, with daily changes of 0.57471%, -0.19048%, 0.34351%, -0.60860%, and 0.30616% [3] - The converted US - dollar prices from October 23 - 29, 2025, were 643.64, 642.32, 645.65, 642.60, and 642.60 respectively [3] - The Shandong Yinxing basis from October 23 - 29, 2025, was 350, 350, 242, 274, and 258 respectively [3] - The Jiangsu - Zhejiang - Shanghai Yinxing basis from October 23 - 29, 2025, was 310, 310, 277, 309, and 268 respectively [3] Pulp Price and Profit Information - With a 13% VAT calculation, for Canadian Golden Lion (CFR), the port US - dollar price was 780, the Shandong region RMB price was 6,200, and the import profit was - 127.94; for Canadian Lion (CFR), the port US - dollar price was 730, the Shandong region RMB price was 5,350, and the import profit was - 576.79; for Chilean Yinxing (CFR letter of credit 90 days), the port US - dollar price was 680, the Shandong region RMB price was 5,500, and the import profit was - 25.64 [4] - From October 23 - 29, 2025, the national average prices of softwood pulp, hardwood pulp, natural color pulp, and chemimechanical pulp remained unchanged at 6,073.75, 4,810.75, 5,415.00, and 3,686.25 respectively; the Shandong region average prices also remained unchanged [4] - From October 24 - 29, 2025, the cultural paper (double - offset index, double - copper index), packaging paper (white card index), and living paper (living index) prices remained unchanged at 5,725, 5,670, 4,350, and 841 respectively [4] - From October 24 - 29, 2025, the double - offset profit margin estimates changed from - 0.0430% to 0.2667%; the double - copper profit margin estimates changed from 13.0000% to 13.2903%; the white card profit margin estimates changed from - 10.2892% to - 9.2823%; the living paper profit margin estimates changed from 7.1459% to 7.0123%, with a change of 0.0191 on the 29th compared to the previous data [4] - From October 23 - 29, 2025, the softwood - hardwood price difference changed from 1,360 to 1,250; the softwood - natural color price difference changed from 200 to 100; the softwood - chemimechanical price difference changed from 1,800 to 1,700; the softwood - waste paper price difference changed from 4,024 to 3,924 [4]

天眼查App显示，近日，江苏纸多多纸业有限公司成立，法定代表人为刘杰，注册资本1000万人民币， 经营范围为一般项目：纸制品销售；包装材料及制品销售；化工产品销售（不含许可类化工产品）；针 纺织品销售；食品添加剂销售；制浆和造纸专用设备销售；专用化学产品销售（不含危险化学品）；产 业用纺织制成品销售；销售代理；国内贸易代理；进出口代理；非金属矿及制品销售；生产性废旧金属 回收；建筑材料销售；木材销售；金属结构销售；有色金属合金销售；高性能有色金属及合金材料销 售；特种设备销售（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）。 ...

Core Viewpoint - The company, Sun Paper, announced that by the end of 2024, its total production capacity for paper and self-produced pulp (including dissolving pulp and new fiber raw materials) will exceed 12 million tons, with paper products exceeding 7 million tons and self-produced pulp nearing 5 million tons [1] Group 1 - The total production capacity of the company will exceed 12 million tons by the end of 2024 [1] - The production capacity for paper products will exceed 7 million tons [1] - The production capacity for self-produced pulp will be close to 5 million tons [1]

Group 1 - The company announced a board restructuring on October 28, with Jiang Yanshan elected as the new chairman of the board, temporarily assuming the role of general manager during the vacancy [1] - The previous general manager, Li Wei, completed his term, and the company is currently in a transitional phase of resuming operations and risk mitigation, leading to the decision not to appoint a new general manager at this time [1] - Jiang Yanshan, born in January 1974, has a background in finance and has held various positions in local government before becoming the chairman of the company [1] Group 2 - The company's main source of revenue and profit is its paper-making business, which has faced significant challenges, resulting in consecutive years of losses [2] - In 2023, the company reported a net loss attributable to shareholders of 1.281 billion yuan, and the projected loss for 2024 is expected to increase to 7.411 billion yuan [2] - For the first half of the year, the company achieved operating revenue of 2.107 billion yuan, a year-on-year decline of 84.83%, with a net loss of 3.858 billion yuan, reflecting a staggering year-on-year decrease of 13,567.59% [2]

Core Points - Hubei Yueliang Paper Products Co., Ltd. has been established with a registered capital of 500,000 RMB [1] - The legal representative of the company is Wan Jian [1] - The business scope includes manufacturing and sales of paper products, paper pulp, and related equipment [1] Business Scope - General projects include paper product manufacturing, paper pulp manufacturing, and sales of various office supplies [1] - The company is also involved in the manufacturing and sales of specialized equipment for pulping and papermaking [1] - Additional activities include sales of packaging equipment and services [1]

Core Insights - A new company, Qianjiang Shengsen Paper Products Co., Ltd., has been established with a registered capital of 6.8 million RMB [1] Company Overview - The legal representative of the company is Liu Jinxin [1] - The company’s business scope includes various activities such as paper manufacturing, paper product manufacturing, and sales, as well as pulp sales [1] - Additional operations include research and development in new material technology, manufacturing and sales of specialized equipment for pulping and papermaking, and technical services [1] Industry Activities - The company is involved in biomass liquid fuel production process research and development, as well as the sale of biomass fuels and processed agricultural waste [1] - It also engages in the recycling of renewable resources (excluding production waste metals) and provides ordinary goods warehousing services [1]

Core Insights - The company, Sun Paper (002078.SZ), disclosed its pulp production capacity for the next five years, indicating a total capacity exceeding 12 million tons by the end of 2024 [2]. Production Capacity Summary - The total production capacity for paper and self-made pulp (including dissolving pulp and new fiber raw materials) will exceed 12 million tons [2]. - The production capacity for paper products will exceed 7 million tons [2]. - The production capacity for self-made pulp will be close to 5 million tons [2].

Core Viewpoint - The company has established a new set of regulations aimed at enhancing corporate governance and ensuring the integrity of information disclosure by major shareholders and actual controllers [1][4]. Group 1: Governance Structure - The newly approved regulations define major shareholders and actual controllers, emphasizing their roles and responsibilities in corporate governance [1]. - Major shareholders are defined as those holding over 50% of the company's shares or having significant voting power, while actual controllers may not hold shares directly but can influence company decisions [1]. Group 2: Obligations and Restrictions - Major shareholders and actual controllers are required to act in good faith and avoid actions that could harm the company or minority shareholders, including improper financial transactions [2]. - The regulations prohibit the misuse of company funds and mandate the maintenance of the company's independence in operations and finances [2]. Group 3: Control and Compliance - The regulations stipulate that major shareholders and actual controllers must adhere to their public commitments and provide guarantees for high-risk commitments [2]. - Any transfer of shares that could lead to a change in control must be conducted fairly and transparently, ensuring the stability of the company's management [2]. Group 4: Information Disclosure - A comprehensive information disclosure management system is mandated, requiring timely notification to the company of significant changes in shareholding or financial status [3]. - In cases of unusual stock price fluctuations or rumors, major shareholders and actual controllers must respond to inquiries within one day [3]. Group 5: Implementation - The new regulations will take effect immediately upon approval by the board of directors, which will also be responsible for their interpretation [4].

Company Overview - ST Morning (SZ 000488) held its 10th Board of Directors' temporary meeting on October 28, 2025, to discuss the election of the chairman for the 11th Board [1] - The company's revenue composition for the first half of 2025 is as follows: Mechanism paper accounts for 53.23%, chemical pulp for 35.13%, electricity and heat for 4.66%, hotels for 3.48%, and other industries for 3.35% [1] Industry Context - The A-share market has surpassed 4000 points, marking a significant resurgence after a decade of stagnation, with technology leading the market's transformation and a new "slow bull" pattern emerging [1]