Group 1 - The paper industry experienced a volatile rebound on September 2, with Qing Shan Paper achieving a limit-up increase [2] - Other companies such as Minfeng Special Paper, Shanying International, and Rongsheng Environmental Protection also saw gains [2]

Report Summary 1. Report Information - Report Title: Pulp Morning Report - Research Team: Energy and Chemicals Team of the Research Center - Date: September 2, 2025 [2] 2. SP Main Contract Information - Closing Price on September 1, 2025: 5040.00 - Closing Prices and Related Data from August 26 - September 1, 2025 are provided, including dollar - converted prices, daily price changes, and basis differences in Shandong and Jiangsu - Zhejiang - Shanghai regions [3] 3. Import Profit Information - With a 13% VAT calculation, import profit data for different pulp brands from various origins are presented. For example, the import profit of Canadian Golden Lion is - 54.38, and that of Chilean Silver Star is - 120.97 [4] 4. Price and Margin Information - National and Shandong regional average prices of different pulp types (coniferous, broad - leaf, natural color, and chemical mechanical pulp) from August 26 - September 1, 2025 show no change. - Indexes and profit margins of different paper types (cultural, packaging, and living paper) are also provided. The living paper index changed by 7, and the living paper profit margin changed by - 0.0573 from August 27 - September 1, 2025. - Price differences between different pulp types (coniferous - broadleaf, coniferous - natural color, coniferous - chemical mechanical, and coniferous - waste paper) are presented for different dates [5]

Group 1: Industry Overview - The new national standard for electric bicycles will be implemented on September 1, 2025, allowing old standard vehicles to be sold for an additional three months [10] - Leading paper companies have announced price increases, with paper prices expected to rise again in September [11] - From January to July, the retail sales of furniture increased by 22.60% year-on-year, while the revenue of the furniture manufacturing industry decreased by 5.40% [12][31] Group 2: Company Announcements - Oppein Home's net profit attributable to shareholders increased by 2.88% in the first half of 2025, with revenue of 8.241 billion yuan, a decrease of 3.98% year-on-year [46] - Aorijin's net profit attributable to shareholders increased by 64.66% in the first half of 2025, with revenue of approximately 1.173 billion yuan, a year-on-year increase of 62.74% [46] Group 3: Market Performance - From August 1 to August 31, the light industry manufacturing sector underperformed the CSI 300 index by 3.93 percentage points, with a return of 6.40% compared to the CSI 300's 10.33% [47] - The textile and apparel sector also underperformed the CSI 300 index by 7.62 percentage points, with a return of 2.71% [55] Group 4: Monthly Strategy - The implementation of the new national standard for electric bicycles is expected to enhance the competitive advantage of leading companies in the industry [57] - The price of corrugated paper has increased by 200 yuan/ton since August 1, and the price of boxboard has increased by 50 yuan/ton [59] - The domestic pet industry continues to develop steadily, with leading companies showing significant growth in their half-year reports [60]

Core Viewpoint - The Ministry of Industry and Information Technology has released the 2025 5G factory directory, highlighting the inclusion of six local enterprises, contributing to a total of 14 national-level and 5 provincial-level 5G factories in the city [1] Group 1: 5G Factory Overview - 5G factories leverage new generation information and communication technologies to create advanced industrial internet infrastructure, enhancing production lines and facilities [1] - The development of 5G factories aims to promote the transformation and upgrading of traditional industries through the integration of IT and OT [1] Group 2: Recognized Enterprises - Six companies from the city have been recognized in the 2025 5G factory directory: - Jianlibao (Zhenjiang) Beverage Co., Ltd. - Jindong Paper Industry (Jiangsu) Co., Ltd. - Jiangsu Juyou New Material Technology Co., Ltd. - Master Building Steel Products (Jiangsu) Co., Ltd. - Haichang Contact Lens Co., Ltd. - Zhenjiang Port Group Co., Ltd. [1]

Group 1 - The company Zhejiang Jingxing Paper Industry Co., Ltd. plans to repurchase its shares using a budget of no less than 80 million yuan and no more than 150 million yuan within 12 months from the approval date of the plan [1] - The repurchase will be conducted through the Shenzhen Stock Exchange trading system at a price not exceeding 4.00 yuan per share, and the repurchased shares will be used for converting the company's convertible bonds [1] - As of August 31, 2025, the company has repurchased a total of 1,293,300 shares, accounting for 0.1010% of the total share capital, with a total transaction amount of 4,574,147 yuan [2] Group 2 - The highest transaction price during the repurchase was 3.60 yuan per share, while the lowest was 3.47 yuan per share, all within the established price limit [2] - The company will continue to implement the repurchase plan based on market conditions and will fulfill its information disclosure obligations as required [2]

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 11.90 CNY, maintaining the rating [3][9]. Core Views - The company is experiencing short-term pressure on profitability, with expectations for operational improvement and demand recovery in the future [2][3]. - The company has a strong position in the mid-to-high-end market for decorative paper, with significant advantages in product quality, cost control, and customer resources, indicating potential for market share growth and long-term growth prospects [2][3]. - The company has made positive progress in response to the EU anti-dumping investigation, with a reduction in the anti-dumping tax rate from 34.9% to 26.4%, which is expected to have a limited impact on sales in Europe [2][3]. Financial Performance Summary - In H1 2025, the company achieved revenue of 1.627 billion CNY, a year-on-year decrease of 16.43%, and a net profit of 156 million CNY, down 48.47% year-on-year [1][3]. - The gross margin for H1 2025 was 12.99%, a decline of 5.66 percentage points year-on-year, with Q2 2025 gross margin at 12.24%, down 4.96 percentage points year-on-year [3][9]. - The company’s net profit margin for H1 2025 was 9.57%, a decrease of 5.95 percentage points year-on-year [9]. Revenue and Profit Forecast - The company is projected to achieve revenues of 4.038 billion CNY, 4.360 billion CNY, and 4.753 billion CNY for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 7.16%, 7.95%, and 9.02% [9][11]. - The forecasted net profit for 2025 is 425 million CNY, with a year-on-year decline of 9.44%, followed by growth of 13.40% and 13.45% in 2026 and 2027 respectively [9][11].

Group 1 - The core point of the article is that Bohui Paper announced the convening of its first extraordinary general meeting of shareholders in 2025 on September 1, 2025, to review and approve several proposals, including the authorization for the board of directors to handle matters related to the employee stock ownership plan [2] Group 2 - The meeting will specifically address the proposal regarding the employee stock ownership plan, indicating a strategic move to engage employees in the company's growth [2] - The announcement reflects the company's ongoing efforts to enhance employee participation and investment in the business [2] - The timing of the meeting and the proposals suggest a focus on long-term growth and alignment of employee interests with company performance [2]

Summary of Key Points Core Viewpoint - Jingxing Paper (002067.SZ) has announced a share buyback program, indicating a commitment to enhancing shareholder value through capital management strategies [1] Group 1: Share Buyback Details - As of August 31, 2025, the company has repurchased a total of 1.2933 million shares, which represents 0.1010% of the total share capital [1] - The highest transaction price during the buyback was 3.60 CNY per share, while the lowest was 3.47 CNY per share [1] - The total amount spent on the buyback reached approximately 4.574147 million CNY, excluding transaction fees [1]

Group 1 - The company, Jingxing Paper Industry, announced a share buyback program, having repurchased approximately 1.29 million shares, which accounts for 0.101% of its total share capital, with a total transaction amount of about 4.57 million yuan [1] - The highest transaction price during the buyback was 3.6 yuan per share, while the lowest was 3.47 yuan per share [1] - As of the report date, Jingxing Paper Industry's market capitalization stands at 5.4 billion yuan [1] Group 2 - For the first half of 2025, the company's revenue composition is entirely from the paper manufacturing segment, with a 100% contribution from this sector [1]

Group 1 - The paper sector experienced a slight increase of 0.16% on September 1, with Hengfeng Paper leading the gains [1] - The Shanghai Composite Index closed at 3875.53, up 0.46%, while the Shenzhen Component Index closed at 12828.95, up 1.05% [1] - Hengfeng Paper's stock price rose by 6.96% to 10.29, with a trading volume of 363,000 shares and a transaction value of 377 million yuan [1] Group 2 - The paper sector saw a net inflow of 151 million yuan from institutional investors, while retail investors experienced a net outflow of 72 million yuan [2] - Key stocks such as Qingshan Paper and Annie Co. also showed significant movements, with Qingshan Paper's stock price increasing by 6.81% [2][3] - The trading data indicates that institutional investors were more active in the paper sector compared to retail investors, reflecting a shift in market sentiment [3]