天眼查App显示，近日，泸州玖玖柒纸业有限公司成立，法定代表人为康杰，注册资本100万人民币， 经营范围为一般项目：纸制品制造；纸制品销售；包装材料及制品销售；办公用品销售；普通货物仓储 服务（不含危险化学品等需许可审批的项目）；竹制品销售；日用品销售；日用杂品制造；日用品批 发；日用杂品销售；针纺织品销售；文具用品批发；文具用品零售；五金产品零售；五金产品批发；文 化、办公用设备制造；建筑材料销售；食品销售（仅销售预包装食品）。（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）。 ...

Group 1: Report Overview - The report is a pulp morning report released on August 13, 2025, by the energy and chemical team of the research center [2] Group 2: SP Main Contract Information - The closing price of the SP main contract on August 12, 2025, was 5264.00 [3] - The closing prices on previous days were 5246.00 (August 11), 5162.00 (August 8), 5186.00 (August 7), and 5170.00 (August 6) [3] - The corresponding US dollar - converted prices were 639.19, 637.80, 627.38, 630.76, and 627.72 respectively [3] - The daily price changes were 0.34312% (August 12), 1.62728% (August 11), - 0.46278% (August 8), 0.30948% (August 7), and 0.19380% (August 6) [3] - The basis of Shandong Yinxing was 586 (August 12), 604 (August 11), 673 (August 8), 624 (August 7), and 640 (August 6) [3] - The basis of Jiangsu, Zhejiang, and Shanghai Yinxing was 636 (August 12), 654 (August 11), 738 (August 8), 714 (August 7), and 730 (August 6) [3] Group 3: Import Profit and Price Information - With a 13% VAT calculation, for Canadian pulp: the CFR price of Golden Lion was 780 US dollars, the RMB price in Shandong was 6450, and the import profit was 42.73; the CFR price of Lion was 730 US dollars, the RMB price in Shandong was 5600, and the import profit was - 401.03 [4] - For Chilean pulp, the CFR price of Silver Star with a 90 - day letter of credit was 720 US dollars, the RMB price in Shandong was 5850, and the import profit was - 69.78 [4] Group 4: Pulp and Paper Price and Margin Information - From August 6 to August 12, 2025, the national average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp remained unchanged at 6073.75, 4810.75, 5415.00, and 3686.25 respectively; the average prices in Shandong also remained unchanged [4] - The indices of cultural paper (double - offset and double - copper), packaging paper (white card), and living paper remained unchanged from August 7 to August 12, 2025 [4] - The estimated profit margins of double - offset paper decreased from 6.4302% on August 7 to 5.3503% on August 12; double - copper paper decreased from 24.2360% to 22.6786%; white card paper remained at - 12.0732%; and living paper decreased from 8.3301% to 7.4897% [4] Group 5: Pulp Price Difference Information - The price differences between softwood and hardwood pulp, softwood and natural pulp, softwood and chemimechanical pulp, and softwood and waste paper pulp from August 6 to August 12, 2025, showed some changes. For example, the softwood - hardwood price difference was 1685.00 on August 12 [4]

Core Viewpoint - The announcement details the pledge of shares by the controlling shareholder, Shandong Bohui Group Co., Ltd., and its affiliates, indicating a significant portion of shares has been pledged without affecting the company's operations or governance [2][4]. Summary by Sections Shareholding and Pledge Details - As of the announcement date, Bohui Group and its affiliates hold 652,871,937 shares, representing 48.84% of the total share capital. After the pledge, the total pledged shares amount to 453,756,958, which is 69.50% of their holdings and 33.94% of the total share capital. The remaining unpledged shares are 199,114,979, all of which are tradable [2][3]. Pledge Conditions - The pledged shares are not used as collateral for major asset restructuring or performance compensation [2]. - Bohui Group has 10,000,000 shares maturing in the next six months, accounting for 2.59% of their total shares and 0.75% of the total share capital, with a corresponding financing balance of 18.4 million yuan. Additionally, 156,456,958 shares will mature within the next year, representing 40.59% of their holdings and 11.70% of the total share capital, with a financing balance of 330.12 million yuan [3]. Financial Capability and Impact - Bohui Group has the financial capability to repay the pledged shares, with sources of repayment including operational profits, own funds, stock dividends, and investment income [3]. - The share pledge will not impact the company's main business, financing costs, or ongoing operations. There will be no changes in the board of directors, and the control and governance structure of the company remain stable [4][5].

证券日报网讯龙利得（300883）8月12日在互动平台回答投资者提问时表示，截至2025年8月8日公司股 东总户数为19，175户，股东人数随着交易进行实时更新，请谨慎正确看待股东人数变化。 ...

Group 1: Report Information - The report is the Nanhua Pulp Industry Risk Management Daily, dated August 12, 2025 [1] Group 2: Price Forecast and Hedging Strategy - The monthly price range forecast for pulp is 4900 - 5400 yuan/ton, with a current 20 - day rolling volatility of 19.03% and a 3 - year historical percentile of 58.0% [2] - For inventory management with high - level softwood pulp inventory, it is recommended to short pulp futures (sp2509) at 25% hedging ratio in the range of 5200 - 5300 yuan/ton to lock in profits and cover production costs [2] - For procurement management when paper - making enterprises have low inventory, it is recommended to buy pulp futures (sp2509) at 25% hedging ratio in the range of 4900 - 5100 yuan/ton to lock in procurement costs [2] Group 3: Core Contradiction and Spot Prices - The main contract closed at 5264 (+38) today [3] - In the spot market, Shandong Yinxing is quoted at 5850 yuan/ton (+0), Shandong Russian Needle at 5250 yuan/ton (-0), and Shandong Jinyu at 4150 yuan/ton (-0) [4] - Asia - Pacific Senbo announced a 150 - yuan/ton increase in the acceptance price of hardwood pulp for long - term contract customers only due to rising costs [4] - Market trading sentiment has improved, and downstream paper mills maintain rigid procurement [4] Group 4: Market Analysis and Strategy - The market currently lacks obvious driving factors, but the fundamentals of pulp have marginally improved with the approaching downstream consumption peak season, overseas mill production cuts, and inventory reduction. It is recommended to go long on far - month contracts at low prices [5] Group 5: Price Quotes - Futures contracts: SP2509 closed at 5216 yuan/ton on August 12, 2025, up 14 yuan/ton from a week ago with a 1.1% increase; SP2511 closed at 5264 yuan/ton, up 18 yuan/ton from the previous day and 18 yuan/ton from a week ago with a 2% increase; sp2601 closed at 5488 yuan/ton, up 16 yuan/ton from the previous day and 84 yuan/ton from a week ago with a 1.55% increase [7][10] - CFR quotes: Softwood pulp was 870 US dollars/ton on August 11, 2025, unchanged; hardwood pulp was 820 US dollars/ton, unchanged [10] - Domestic spot prices: Various types of softwood and hardwood pulp, chemical mechanical pulp, and natural pulp have different price quotes, with some showing slight increases or remaining stable; domestic finished paper prices also vary, with white卡纸 down 2.29% week - on - week and some other papers showing small changes [9]

天眼查App显示，近日，四川翰林纸业有限责任公司成立，法定代表人为王开翰，注册资本50万人民 币，经营范围为一般项目：纸制品制造；纸制品销售；广告制作；包装材料及制品销售；平面设计；医 用包装材料制造；货物进出口；办公服务；办公用品销售；文具用品零售。（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 Xianhe Co., Ltd. plans to invest approximately 11 billion yuan in a new integrated high-performance paper-based material project in Sichuan Province, which has raised market attention due to its significant scale and the company's rising debt levels [1][2]. Company Overview - Xianhe Co., Ltd. is a leading enterprise in the domestic specialty paper industry, focusing on the research, production, and sales of high-performance paper-based functional materials, covering the entire industry chain from chemicals to environmental treatment [2]. Financial Metrics - The planned investment of 110 billion yuan represents 62% of Xianhe's market capitalization and 2.14 times its net assets [2]. - As of the first quarter of 2025, Xianhe's total liabilities reached 15.897 billion yuan, a more than fivefold increase from 2.585 billion yuan in 2020 [3]. - The company's debt-to-asset ratio has been rising, reaching 65.49% by the end of Q1 2025, significantly higher than the industry average [2][3]. Cash Flow and Profitability - Xianhe's financial expenses for 2024 were 236 million yuan, a tenfold increase from 20 million yuan in 2021, accounting for 23.51% of the net profit [3]. - The company's operating cash flow has been declining, with negative cash flow of 196 million yuan in Q1 2025 [3]. Production Capacity and Utilization - The new project will be implemented in phases, with a total planned capacity of 700,000 tons, which is 3.5 times the current production capacity [4]. - In 2024, Xianhe's production volume was 1.373 million tons, with sales of only 1.222 million tons, resulting in a capacity utilization rate of less than 70% [5]. Industry Context - The paper industry is currently facing overcapacity, with paper prices hitting a five-year low in 2024 [9]. - The Guangdong Provincial Paper Industry Association has called for a reduction in low-end capacity and an emphasis on quality improvement in the industry [9]. Recent Performance - From 2021 to 2024, Xianhe's fixed assets increased from 2.532 billion yuan to 8.453 billion yuan, while revenue grew from 6.017 billion yuan to 10.274 billion yuan, but the net profit decreased from 958 million yuan to 933 million yuan [10].

天眼查App显示，近日，深圳市美琛纸品有限公司成立，法定代表人为沈志鸿，注册资本10万人民币， 经营范围为一般经营项目是：纸制品销售；纸制品制造；包装服务；办公设备耗材销售；工业工程设计 服务；纸和纸板容器制造；纸制造；制浆和造纸专用设备制造；制浆和造纸专用设备销售；技术服务、 技术开发、技术咨询、技术交流、技术转让、技术推广。（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），许可经营项目是：食品用纸包装、容器制品生产；印刷品装订服务。（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）。 ...

Core Viewpoint - Minshida (833394.BJ) reported strong revenue and profit growth in the first half of 2025, but faces significant cash flow and operational efficiency challenges [1][2][3] Financial Performance - In H1 2025, Minshida achieved revenue of 237 million yuan, a year-on-year increase of 27.91% [1] - The net profit attributable to shareholders was 63.03 million yuan, up 42.28% year-on-year [1] - The net profit after deducting non-recurring gains and losses reached 61.12 million yuan, reflecting a 55.70% increase [1] Product and Market Position - Minshida's core products, aramid paper and honeycomb core materials, are critical components in domestic C919 aircraft and military stealth materials [1] - The company has seen over 40% sales growth in the new energy vehicle sector, with its products increasingly replacing imports in various emerging fields [1] Innovation and Patents - The company secured 7 new invention patents in H1 2025, with its "aramid paper for aerospace honeycomb core materials" recognized as a key product in Shandong Province [1] - "Meta-aramid paper" was awarded the status of a nationally patent-intensive product [1] Cash Flow and Operational Challenges - Minshida's operating cash flow net amount fell by 78.31% year-on-year in Q3 2024, with cash reserves decreasing from 319 million yuan at the end of 2023 to 278 million yuan [2] - As of H1 2025, the ratio of operating cash flow to net profit was only 0.716, indicating poor conversion of accounting profits into actual cash flow [2] - The inventory turnover rate dropped to 1.26 times, suggesting heavy inventory accumulation and low asset realization efficiency [2] Accounts Receivable Issues - Accounts receivable increased by 72.23%, significantly outpacing the revenue growth of 27.91% [3] - Minshida's inventory and accounts receivable turnover rates lag behind industry averages, raising concerns about the sustainability of its growth model [3] Market Dependency and Future Challenges - The company's performance is highly dependent on downstream market demand, with potential threats from emerging insulating materials like nano-dielectric materials and high-temperature ceramic base paper [3] - Industry commentary suggests that while Minshida has a promising future due to its technological barriers and positioning in high-growth sectors, balancing expansion with financial health and improving cash flow will be crucial for realizing long-term growth potential [3]

Group 1 - The core point of the article indicates that Longlide has seen a continuous decrease in the number of shareholders, with a total of 19,175 shareholders as of August 10, which is a decrease of 401 from the previous period, representing a month-over-month decline of 2.05% [2] - This marks the third consecutive period of decline in shareholder numbers, with a cumulative decrease of 6.72%, suggesting a trend of increasing concentration of shares [2] - The latest stock price of Longlide is reported at 6.75 yuan, reflecting an increase of 0.30%, and since the concentration of shares began, the stock price has risen by a total of 6.47% [2] Group 2 - According to margin trading data, as of August 11, the total margin balance for Longlide is 0.95 billion yuan, with the financing balance also at 0.95 billion yuan [2] - The cumulative increase in financing balance since the decline in shareholder numbers is 0.29 billion yuan, which represents a growth of 44.17% [2]