Group 1: Report Information - The report is a pulp morning report released by the Energy and Chemicals Team of the Research Center on August 18, 2025 [2] Group 2: SP Main Contract Closing Price - On August 15, 2025, the closing price of the SP main contract was 5306.00 [3] - From August 11 - 15, 2025, the closing price, converted US - dollar price, daily change, Shandong Yinxing basis, and Jiangsu - Zhejiang - Shanghai Yinxing basis of the main contract are presented in a table [3] Group 3: Import Information - Calculated with a 13% VAT, for Canadian brands (Jinshi and Xiongshi) and Chilean brand (Yinxing), port US - dollar prices, Shandong region RMB prices, and import profits are provided [4] - The exchange rate on the previous day was 7.18, and US - dollar and RMB prices are from Zhuochuang data [4] Group 4: Price Averages - From August 11 - 15, 2025, the national and Shandong region price averages of different pulp types (coniferous, broad - leaf, natural color, and chemimechanical pulp) remained unchanged [4] - During the same period, the price indices of cultural paper (double - offset and double - copper), packaging paper (white card), and living paper (living index) remained unchanged [4] - The profit margins of different paper types (double - offset, double - copper, white card, and living paper) also remained unchanged from August 12 - 15, 2025 [4] Group 5: Price Spreads - From August 11 - 15, 2025, the price spreads between coniferous and broad - leaf pulp, coniferous and natural color pulp, coniferous and chemimechanical pulp, and coniferous pulp and waste paper are presented in a table [4]

1. Report Investment Rating - The report does not mention the industry investment rating. 2. Core Viewpoints - This week's pulp outlook is slightly bullish. International pulp mills' production cuts and product conversions support the current pulp prices from falling, and the increase in foreign market prices further boosts market sentiment. However, the demand market is currently slow to follow up. Whether pulp prices can continue to rise or surge significantly depends on the shipment status and production fluctuations in the demand-side base paper market. Additionally, macro - policy stimuli can also affect the price fluctuations of pulp futures. It is recommended to monitor port inventory levels and base paper demand [75]. 3. Summary by Directory 3.1 Industry News - As of August 14, 2025, the pulp inventory at Changshu Port was 536,000 tons, a week - on - week increase of 51,000 tons or 10.5%. Qingdao Port's inventory was 1.375 million tons, a decrease of 10,000 tons or 0.7%. Gaolan Port's inventory was 50,000 tons, a decrease of 11,000 tons or 18.0%. The total inventory of major sample ports was 2.099 million tons, a week - on - week increase of 51,000 tons or 2.5% [6]. - Brazil's Suzano announced a reduction of nearly 500,000 tons in commodity pulp production over the next 12 months, equivalent to about 1% of the global demand for 40 million tons of hardwood pulp [6]. - China's pulp imports in July 2025 were 2.877 million tons, a month - on - month decrease of 5.1% and a year - on - year increase of 23.7%. The cumulative imports for the year were 21.455 million tons, a cumulative year - on - year increase of 6.5% [6]. 3.2 Market Data 3.2.1 Market Trends - As of August 15, 2025, the basis for coniferous pulp Silver Star in Shandong was 544 yuan/ton, a month - on - month decrease of 20.93% but a year - on - year increase of 29.52%. The basis for Russian Needle was - 6 yuan/ton, a month - on - month decrease of 110.34% and a year - on - year increase of 80.00%. The price difference between Silver Star and Russian Needle was 550 yuan/ton, a month - on - month decrease of 12.70% and a year - on - year increase of 22.22% [12]. - As of August 15, 2025, the 11 - 01 month - spread was - 220 yuan/ton, a month - on - month increase of 9.84%. The 01 - 05 month - spread was 30 yuan/ton, a month - on - month increase of 36.36% [17]. 3.3 Fundamental Data 3.3.1 Price - The price difference between coniferous and broad - leaf pulp decreased. As of August 15, 2025, the price difference between Silver Star and Goldfish was 1,650 yuan/ton, a month - on - month decrease of 6.78% but a year - on - year increase of 57.14%. The price difference between Russian Needle and Goldfish was 1,100 yuan/ton, a month - on - month decrease of 3.51% and a year - on - year increase of 83.33% [24]. - The import profit of coniferous and broad - leaf pulp improved. As of August 15, 2025, the import profit of coniferous pulp (Silver Star) was - 36.74 yuan/ton, a month - on - month increase of 2.38% and a year - on - year increase of 81.82%. The import profit of broad - leaf pulp (Star) was 87.54 yuan/ton, a month - on - month increase of 769.10% and a year - on - year increase of 123.39% [28]. - The price of coniferous pulp: As of August 15, 2025, the prices of Silver Star, Cariboo, Northern Pine, Lion Brand, and Russian Needle were 5,850 yuan/ton, 5,950 yuan/ton, 6,150 yuan/ton, 5,950 yuan/ton, and 5,300 yuan/ton respectively. The price of Russian Needle increased by 1.53% month - on - month [29]. - The price of broad - leaf pulp: As of August 15, 2025, the prices of Goldfish, Star, Birdie, and Broadleaf were 4,200 yuan/ton, 4,200 yuan/ton, 4,150 yuan/ton, and 4,150 yuan/ton respectively, with month - on - month increases ranging from 2.44% to 2.94% [36]. - The price of natural color pulp and chemimechanical pulp: As of August 15, 2025, the prices of Venus and Kunhe were 4,900 yuan/ton and 3,700 yuan/ton respectively, remaining unchanged month - on - month [40]. 3.3.2 Supply - In June 2025, European port pulp inventory increased both month - on - month and year - on - year, while global pulp shipments in May increased month - on - month [41]. - In June 2025, the performance of pulp imports continued to diverge. Coniferous pulp imports decreased by 6.07% month - on - month, while broad - leaf pulp imports increased by 10.96% month - on - month [45]. 3.3.3 Demand - The capacity utilization rates of some finished paper products showed an upward trend. As of August 15, 2025, the capacity utilization rates of white cardboard, household tissue paper, offset paper, and coated paper were 72.58%, 63.50%, 56.27%, and 57.18% respectively [49]. - The prices of finished paper products were generally weak. As of August 15, 2025, the average prices of white cardboard, household tissue paper, offset paper, and coated paper decreased to varying degrees month - on - month [50]. - The profits of finished paper products weakened [61]. 3.3.4 Inventory - As of August 15, 2025, the warehouse receipt quantity of pulp (warehouse) was 235,100 tons, a month - on - month increase of 1.13% and a year - on - year decrease of 50.02%. The warehouse receipt quantity of pulp (factory warehouse) was 19,200 tons, remaining unchanged month - on - month and a year - on - year decrease of 42.05% [66]. - Overall, port inventory was at a medium level for the year, and the inventory of major domestic ports showed an upward trend this period. Qingdao Port's inventory decreased, while Changshu Port's inventory increased [71].

Core Viewpoint - The financial performance of Minfeng Special Paper (600235) for the first half of 2025 shows significant declines in revenue and net profit compared to the previous year, indicating operational challenges and increased costs [1]. Financial Performance Summary - Total revenue for the first half of 2025 was 601 million yuan, a decrease of 23.21% year-on-year [1]. - Net profit attributable to shareholders was 15.07 million yuan, down 68.88% from the previous year [1]. - The gross margin improved to 16.89%, an increase of 10.73% year-on-year, while the net margin fell to 2.51%, a decrease of 59.47% [1]. - The total of selling, administrative, and financial expenses reached 69.50 million yuan, accounting for 11.56% of total revenue, which is an increase of 47.3% year-on-year [1]. Cash Flow and Asset Management - Cash and cash equivalents decreased by 60.73% to 111 million yuan, primarily due to a reduction in bank acceptance deposits [3]. - Accounts receivable fell by 24.75% to 187 million yuan, indicating a decrease in sales [3]. - The company’s operating cash flow per share dropped by 86.2% to 0.05 yuan, reflecting reduced cash receipts from sales [1][5]. Cost Structure and Operational Challenges - The company experienced a 24.69% decrease in operating costs, attributed to lower sales volumes [4]. - Financial expenses surged by 80.01%, mainly due to reduced interest income [5]. - The company reported a significant increase in employee compensation liabilities, up 87.81%, indicating rising labor costs [4]. Investment and Return Metrics - The company's return on invested capital (ROIC) was 3.34%, indicating weak capital returns [6]. - Historical data shows a median ROIC of 2.5% over the past decade, with a notable low of -5.92% in 2015 [6]. - The company has faced challenges in maintaining a strong investment return, with only one loss year since its IPO [6]. Debt and Liquidity Concerns - The company’s debt-to-asset ratio reached 41.06%, raising concerns about its financial leverage [7]. - The ratio of accounts receivable to profit stood at 259.07%, suggesting potential issues with cash collection [7].

Core Insights - Sichuan Leshan Paper Industry Co., Ltd. has been established with a registered capital of 100,000 RMB and is represented by Luo Xiaobo [1] Company Overview - The company operates in various sectors including paper product manufacturing and sales, plastic product manufacturing and sales, packaging services, and machinery equipment sales [1] - Additional services include advertising production and design, office supplies sales, and computer hardware and software retail [1] - The company is also involved in domestic trade agency services, historical editing services, graphic design, and information technology consulting [1] Licensing and Regulatory Compliance - The company is authorized to engage in printing of packaging and decoration products, publication printing, and production of sanitary and disposable medical supplies, subject to approval from relevant authorities [1] - The operational activities are conducted in accordance with the business license and relevant regulatory approvals [1]

Group 1 - A new company, Sun Tian Tian Paper Industry (Sichuan) Co., Ltd., has been established with a registered capital of 5 million RMB [1] - The legal representative of the company is Deng Tianwen [1] - The business scope includes manufacturing paper products, selling plastic products, and various other retail and wholesale activities [1] Group 2 - The company is involved in the production and sales of first-class medical devices and disinfectants, excluding hazardous chemicals [1] - It also engages in wastewater treatment and its recycling [1] - The company is permitted to operate second and third-class medical device production and sales, subject to approval from relevant authorities [1]

Group 1 - The company will hold a half-year performance briefing on August 26, 2025, from 10:00 to 11:00 AM [3][5] - The briefing will take place at the Shanghai Stock Exchange Roadshow Center and will be conducted in an interactive online format [4][5] - Investors can submit questions from August 19 to August 25, 2025, and the company will address common concerns during the briefing [3][4] Group 2 - The company assures that the content of the announcement is truthful, accurate, and complete, with no false records or significant omissions [2] - The board of directors and all directors attended the board meeting where the report was approved [1] - The half-year report has not been audited [1]

Core Viewpoint - The company held its first temporary board meeting of 2025 on August 15, 2025, where several key proposals were approved, including employee stock ownership plans and a capital increase for its subsidiary [1][36]. Group 1: Employee Stock Ownership Plans - The board approved the "Navigator Employee Stock Ownership Plan (Draft)" and its summary, which will be submitted to the shareholders' meeting for voting [1][4]. - The board also approved the "Navigator Employee Stock Ownership Plan Management Measures," which will also be submitted to the shareholders' meeting for voting [5][8]. - The board proposed to authorize the board to handle matters related to the Navigator Employee Stock Ownership Plan, including establishment, implementation, and modifications [9][12]. - The "Striver Employee Stock Ownership Plan (Draft)" and its summary were also approved and will be submitted to the shareholders' meeting for voting [13][16]. - The board approved the "Striver Employee Stock Ownership Plan Management Measures," which will be submitted to the shareholders' meeting for voting [17][20]. Group 2: Financial Matters - The company announced a change in accounting estimates regarding the provision for bad debts for receivables within the consolidated scope of related parties, which was approved by the audit committee [25][66]. - The company plans to increase capital for its wholly-owned subsidiary, Hong Kong Bofeng Holdings International Limited, with an amount of $165.274 million, raising its registered capital from $50,000 to $16.5324 million [76][80]. Group 3: Governance and Management - The company appointed Xu Shanbin as the vice president, with a term aligned with the current board of directors [29][30]. - The first temporary shareholders' meeting of 2025 is scheduled for September 1, 2025, to vote on the approved proposals [49][50].

Core Viewpoint - As of August 15, 2025, the stock price of Forest Packaging closed at 9.96 CNY, reflecting a decline of 0.70% from the previous trading day, indicating market volatility and investor sentiment towards the company [1] Company Overview - Forest Packaging specializes in the research, production, and sales of packaging paper and paper products, including kraft linerboard and corrugated paper [1] - The company's products are widely used in various sectors such as home appliances, food and beverage, and express logistics, highlighting its significance in the packaging industry in Zhejiang [1] Stock Performance - On August 15, the stock opened at 10.04 CNY, reached a high of 10.15 CNY, and a low of 9.86 CNY during the trading session, showcasing intraday price fluctuations [1] - The trading volume was 116,100 hands, with a total transaction amount of 115 million CNY, indicating active trading [1] Capital Flow - On the same day, there was a net outflow of 1.8232 million CNY in main funds, while the cumulative net inflow over the past five trading days was 3.249 million CNY, suggesting mixed investor interest [1] - A rapid price adjustment was observed, with a drop exceeding 2% within five minutes around 9:35 AM, reaching a low of 9.86 CNY [1]

证券代码： 600235 证券简称：民丰特纸 公告编号：2025-023 民丰特种纸股份有限公司 ? 会议召开时间：2025 年 8 月 26 日（星期二）上午 10：00-11:00 ? 会议召开地点：上海证券交易所上证路演中心 （网址：https://roadshow.sseinfo.com/） ? 会议召开方式：上证路演中心网络互动 ? 投资者可于 2025 年 8 月 19 日(星期二)至 8 月 25 日(星期一)16:00 前登 录上证路演中心网站首页点击"提问预征集"栏目或通过公司投资者关系邮箱 dsh@mfspchina.net 进行提问。公司将在说明会上对投资者普遍关注的问题进行 回答。 民丰特种纸股份有限公司（以下简称"本公司"）于2025年8月16日披露《民 丰特纸2025年半年度报告》,为便于广大投资者更全面深入地了解公司2025年半 年度经营成果、财务状况，公司计划于2025年8月26日（星期二）上午10：00-11:00 举行2025年半年度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2025 年半年度经营成 果及财务指 ...

民丰特种纸股份有限公司2025 年半年度报告 公司代码：600235 公司简称：民丰特纸 民丰特种纸股份有限公司 民丰特种纸股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人曹继华、主管会计工作负责人张学如及会计机构负责人（会计主管人员）葛春 林声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，请投资 者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 公司已在本报告中详细描述可能存在的有关风险，详见 ...