Summary of Key Points Core Viewpoint - Wuzhou Special Paper (605007.SH) announced that due to its own funding needs, two shareholders plan to reduce their holdings in the company through centralized bidding transactions [1] Shareholder Reduction Details - Mr. Lin Wanming intends to reduce his holdings by no more than 1.2408 million shares, which accounts for up to 0.26% of the company's total share capital [1] - Ms. Zhao Yunfei plans to reduce her holdings by no more than 480,900 shares, representing up to 0.10% of the company's total share capital [1]

（文章来源：每日经济新闻） 岳阳林纸（600963.SH）8月6日在投资者互动平台表示，公司全资子公司骏泰科技自主研发的绒毛浆在 核心指标上达到北美进口产品标准，该产品可用于纸尿裤生产，已形成进口替代能力，正在实施绒毛浆 纤维材料技改项目。 每经AI快讯，有投资者在投资者互动平台提问：贵司纸浆是否涉及婴儿纸尿裤？ ...

登录新浪财经APP 搜索【信披】查看更多考评等级 中顺洁柔纸业股份有限公司（以下简称"公司"）第六届董事会第九次会议以及2024年年度股东大会，审 议通过《关于减少公司注册资本并修订〈公司章程〉的议案》。《2022年股票期权与限制性股票激励计 划》离职的激励对象和第二个解除限售期因公司层面业绩考核未达标的已授予但尚未解除限售的限制性 股票已注销完成，公司注册资本合计减少617.82万元，由129,255.6013万元减少至128,637.7813万元，投 资总额由129,255.6013万元减少至128,637.7813万元，股份总数由 129,255.6013万股减少至128,637.7813 万股。具体内容详见公司在巨潮资讯网上披露的《关于减少公司注册资本并修订〈公司章程〉的公告》 （公告编号：2025-19）。 2025年8月5日 ■ 中顺洁柔纸业股份有限公司 关于完成工商变更登记的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 近日，公司已就上述事项办理完成相关工商变更登记手续并取得新的《营业执照》。具体变更对比如 下： 特此公告。 中顺洁柔纸业 ...

（编辑 李家琪） 证券日报网讯 8月5日晚间，中顺洁柔发布公告称，公司注册资本由129，255.6013万元人民币减少至 128，637.7813万元人民币，股份总数由129，255.6013万股减少至128，637.7813万股。近日，公司已完 成相关工商变更登记手续，并取得新的营业执照。 ...

Core Viewpoint - Recently, Shanying International announced plans to establish a partnership enterprise with a capital contribution of nearly 3 billion yuan, aiming to attract over 700 million yuan in long-term funding, which may be insufficient given its short-term borrowings exceeding 15 billion yuan [1][3]. Group 1: Partnership Enterprise Establishment - Shanying International plans to set up Wuhu Shengying Enterprise Management Consulting Partnership with a total investment of 2.978 billion yuan, where Shanying will contribute 2.177 billion yuan and 800 million yuan through its subsidiaries [3][4]. - The two subsidiaries involved, Guangdong Shanying and Xiangheng Creative, are considered high-quality assets in the paper and packaging sectors, with total assets of 11.686 billion yuan and net assets of 4.39 billion yuan [4][5]. Group 2: Financial Implications - After the establishment of Shengying Partnership, Shanying International intends to transfer 25.09% of the partnership shares to several investors for a total of up to 747.5 million yuan [4][5]. - The partnership will adopt a dual GP model, with significant state-owned and long-term capital investors involved, aiming to enhance the company's sustainable development and core competitiveness [5][6]. Group 3: Company Financial Health - Shanying International has faced declining revenues, with total revenues dropping below 30 billion yuan in recent years, and net profits showing significant losses [10][11]. - The company's asset-liability ratio has remained around 70%, with short-term borrowings reaching 15.363 billion yuan and long-term borrowings at 6.694 billion yuan, indicating liquidity challenges [10][11]. Group 4: Asset Divestiture Strategy - The company is strategically exiting non-core businesses, having successfully divested from North European Paper and other assets, which has improved its cash flow and reduced its asset-liability ratio from 71.29% to 67.67% [11]. - Shanying International is focused on reducing its debt levels, targeting a comprehensive asset-liability ratio below 60% [11].

2023年12月，华大海天为了解决上述出资瑕疵，便通过分红及银行转账的方式完成了出资补足，并向公司支付了该部分出资在应缴未缴期间产生的利息。 北交所就业绩真实性、募投项目合理性等11个问题对华大海天进行问询 《中国科技投资》何梓嫣 近期，华大海天（874709.NQ）向北交所递交了招股书，拟公开发行上市。递表后不到一个月，北交所便对其下发IPO审核问询，涉及业绩真实性、应收 款项合理性、募投项目合理性等11个问题。目前，华大海天暂未披露对审核问询的回复。 华大海天于2001年成立在浙江大学国家科技园中，主要从事水性墨和数码相纸功能材料的研究开发与生产销售。根据招股书显示，华大海天还签下对赌协 议，若未成功上市，实控人需要履行回购义务。 实控人认定合理性疑问 北交所下发的首轮问询函中，实际控制人认定与控制权稳定性问题被列为首个关注点。据招股书披露，公司的控股股东、实际控制人为林贤福和吕德水， 合计控制公司73.79%的股份，双方签署了一致行动协议及补充协议。 值得注意的是，林贤福和吕德水均为浙江大学的老师，另一名董事陈志春亦来自浙 江大学。这一关联背景引起了北交所的重点关注，聚焦于高校教职工在外任职、投资创业合 ...

Core Viewpoint - Zhongshun Jierou Paper Co., Ltd. has completed the repurchase and cancellation of part of the restricted stocks granted under the 2022 stock option and restricted stock incentive plan, totaling 6,178,200 shares, due to the departure of certain incentive recipients and unmet performance targets [2][10]. Group 1: Announcement Details - The company held the 2024 annual general meeting on May 19, 2025, where the proposal to repurchase and cancel part of the restricted stocks was approved [2][3]. - A total of 6,178,200 shares were repurchased, involving 519 individuals, with a total fund amount of 39,030,744 yuan sourced from the company's own funds [2][10]. - The repurchase price for the first grant of restricted stocks was 6.32 yuan per share, totaling 37,415,664 yuan, while the reserved stocks were repurchased at 6.26 yuan per share, totaling 1,615,080 yuan [10]. Group 2: Procedural Compliance - The company followed the necessary procedures as outlined in the relevant regulations, including the Stock Incentive Management Measures and the Self-Regulatory Guidelines of the Shenzhen Stock Exchange [3][4]. - The repurchase and cancellation of the restricted stocks were confirmed by the China Securities Depository and Clearing Corporation Limited, Shenzhen Branch, and completed on August 1, 2025 [10]. Group 3: Impact on Company Structure - Following the repurchase and cancellation, the company's total share capital decreased from 1,292,556,013 shares to 1,286,377,813 shares [2][10]. - The repurchase will not lead to changes in the controlling shareholder or actual controller, and the company's equity distribution remains compliant with listing conditions [11].

证券代码：002511 证券简称：中顺洁柔 公告编号：2025-40 中顺洁柔纸业股份有限公司 关于 2022 年股票期权与限制性股票激励计划 授予的部分限制性股票回购注销完成的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 重要内容提示： 日召开 2024 年年度股东大会，审议通过《关于回购注销 2022 年股票期权与限制 性股票激励计划授予的部分限制性股票的议案》，鉴于公司 2022 年股票期权与 限制性股票激励计划（以下简称"本激励计划"）部分首次及预留授予的激励对 象因个人原因已离职、首次及预留授予第二个解除限售期公司层面业绩考核未达 标，根据相关规定，公司相应回购注销本激励计划已授予的部分限制性股票共计 自有资金。 限制性股票事项已于 2025 年 8 月 1 日办理完毕，公司总股本由 1,292,556,013 股 变更至 1,286,377,813 股。 （六）2023 年 1 月 31 日，公司分别召开第五届董事会第十九次会议和第五 届监事会第十四次会议，审议通过《关于向激励对象首次授予股票期权和限制性 股票的议案》。 （七）2023 年 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints No information provided. 3. Summaries Based on Related Catalogs 3.1 SP Main Contract Closing Price - On August 1, 2025, the SP main contract closing price was 5186.00, with a -0.87920% change from the previous day [3]. - The closing prices from July 28 to July 31, 2025, were 5360.00, 5374.00, 5326.00, and 5232.00 respectively, with corresponding changes of -2.89855%, 0.26119%, -0.89319%, and -1.76493% [3]. - The converted US dollar prices on August 1, 2025, and from July 28 to July 31, 2025, were 627.89, 652.65, 654.05, 647.61, and 635.08 respectively [3]. - The Shandong Yinxing basis on August 1, 2025, was 704, and the Jiangsu - Zhejiang - Shanghai Yinxing basis was 739 [3]. 3.2 Pulp Import Information - With a 13% VAT calculation, the import profit for Canadian Golden Lion pulp was 25.11, for Canadian Lion pulp was -327.53, and for Chilean Yinxing pulp was -46.06 [4]. - The port US dollar prices for Canadian Golden Lion, Canadian Lion, and Chilean Yinxing were 780, 730, and 720 respectively, and the Shandong region RMB prices were 6450, 5650, and 5890 respectively [4]. 3.3 Pulp Price Averages - From July 28 to August 1, 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 [4]. - The Shandong region average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp also remained unchanged at 6245.00, 4775.00, 5400.00, and 3600.00 respectively during the same period [4]. 3.4 Paper Indexes and Margins - From July 29 to August 1, 2025, the cultural paper double - glue index, double - copper index, packaging paper white - card index, and living paper living index remained unchanged at 5725, 5670, 4350, and 828 respectively [4]. - The estimated profit margins of double - glue paper, double - copper paper, white - card paper, and living paper on August 1, 2025, were 6.1407%, 23.9836%, -12.1951%, and 7.6234% respectively, with the living paper profit margin having a change of 0.1719 [4]. 3.5 Pulp Price Spreads - On August 1, 2025, the softwood - hardwood price spread was 1740.00, the softwood - natural price spread was 490, the softwood - chemimechanical price spread was 2065, and the softwood - waste paper price spread was 4314 [4].

Industry Investment Ratings - Cotton: ★☆☆ [1] - Pulp: ★☆☆ [1] - Sugar: ★☆☆ [1] - Apple: ★★★ [1] - Timber: ★☆☆ [1] - Natural Rubber: ★★★ [1] - 20 - inch Rubber: ★★★ [1] - Butadiene Rubber: ☆☆☆ [1] Core Views - The report analyzes the market conditions of various soft commodities including cotton, sugar, apple, rubber, pulp, and timber, providing corresponding operation suggestions based on their supply - demand, price trends, and other factors [2][3][4] Summary by Commodity Cotton &棉纱 - Zhengzhou cotton rebounded today, with the near - month contract stronger and the January contract weaker. The 9 - 1 and 9 - 11 spreads also rebounded. In July, cotton inventory digestion slowed, downstream demand was weak, and processing profit was under pressure. New - year Xinjiang has a strong production increase expectation. Operationally, it's advisable to wait and see or maintain a positive spread strategy for 9 - 11 [2] Sugar - Last week, US sugar fluctuated. Brazilian production data in mid - July was neutral to bearish. In China, Zhengzhou sugar also fluctuated. The rainfall in Guangxi was good in July but may decrease later, increasing the uncertainty of 25/26 sugar production. Overall, US sugar is trending down, and Zhengzhou sugar lacks positive factors. Operationally, wait and see [3] Apple - The futures price fluctuated. The inventory of cold - stored apples is low, and traders are eager to sell. The price of early - maturing apples dropped after a high opening. The market focus has shifted to the new - season yield estimate. Operationally, wait and see [4] 20 - inch Rubber, Natural Rubber & Synthetic Rubber - Today, RU fluctuated strongly, NR weakly, and BR continued to fall. The supply of natural rubber is entering the high - yield period, and the demand for tires is weak. Natural rubber inventory decreased, while synthetic rubber inventory increased. Operationally, wait and see [6] Pulp - Pulp futures continued to fall today. The domestic port inventory is relatively high, supply is loose, and demand is weak. The price may return to low - level fluctuations. Operationally, wait and see [7] Timber - The futures price rebounded. The supply of domestic coniferous logs is expected to remain low, and the demand is good. The inventory is low, and the spot price is expected to rebound. Operationally, maintain a long - biased strategy [8]