景兴纸业公告，因"景兴转债"转股导致公司总股本增加，公司持股5%以上股东、实际控制人、董事长 朱在龙先生在持股数量不变的情况下，持股比例由13.25%被动稀释至12.93%，被动稀释变动触及1%的 整数倍。本次权益变动不会导致公司控制权发生变更，不会影响公司治理结构和持续经营。 ...

Core Viewpoint - The second largest shareholder of Global Printing has announced a plan to reduce its holdings for the second time this year, continuing a trend that began in 2020, amid the company's ongoing poor performance and losses in recent years [1][2]. Shareholder Reduction - The second largest shareholder, Hong Kong Original Stone International Limited, plans to reduce its holdings by up to 3,200,400 shares, representing 1% of the total share capital, due to personal financial needs [2][3]. - Since 2020, Hong Kong Original Stone has been gradually reducing its stake, with previous reductions including 1.5 million shares in mid-2020 and 287.54 million shares from late 2020 to April 2021 [9]. Financial Performance - Global Printing reported a revenue of 439 million yuan in the first half of 2025, a decrease of 43.53% year-on-year, with a net loss of 371,990 yuan, down 109.85% compared to the previous year [10][11]. - All three core business segments experienced revenue declines, with the internet digital marketing segment seeing a staggering drop of 78.27% [11][12]. - The company has faced significant challenges in its internet digital marketing business due to economic changes, increased competition, and overdue accounts receivable, leading to a severe decline in operational performance [13]. Historical Performance Trends - From 2021 to 2024, Global Printing's revenue decreased from 29.36 billion yuan to 13.97 billion yuan, with net profits turning into losses of 5.24 million yuan in 2024 [13]. - The company's stock price has also seen a significant decline, dropping from a peak of 18.92 yuan in 2020 to a low of 5.51 yuan in 2024, with a current closing price of 7.91 yuan as of September 23, 2025 [13]. Management Response - The company emphasizes its commitment to market value management and shareholder interests, stating that shareholder reductions do not necessarily conflict with its market value management efforts [14].

Group 1 - Guangzhou Junrong Paper Industry Co., Ltd. has been established with a registered capital of 10,000 RMB [1] - The company's business scope includes paper manufacturing, sales of paper products, and manufacturing of paper and paperboard containers [1] - Additional activities include sales of packaging materials, pulp sales, and various technical services and consultations [1] Group 2 - The company is also involved in the sales of rubber processing equipment, engineering plastics, synthetic resins, and chemical products (excluding licensed chemical products) [1] - Other business activities encompass wholesale of daily necessities, sales of specialized equipment for pulping and papermaking, and office supplies [1] - The company is engaged in domestic trade agency, internet sales (excluding licensed goods), and import-export activities [1]

Group 1 - The establishment of Yue Shao Paper Industry (Shaoguan) Co., Ltd. has been registered with a capital of 1 million RMB [1] - The company's business scope includes sales of paper products, office equipment, office supplies, and internet sales, among others [1] - The company is authorized to conduct business activities independently based on its business license, except for projects that require approval [1]

Core Insights - A new company, Wanzai County Moyun Paper Industry Trading Co., Ltd., has been established with a registered capital of 2 million RMB [1] - The legal representative of the company is Huang Xiaobing [1] - The business scope includes sales of paper products, pulp, and specialized equipment for pulping and papermaking, among other activities [1] Company Overview - The company is involved in the sales of general items such as office supplies, daily necessities, and hardware products [1] - It also engages in the manufacturing of paper and paperboard containers, as well as providing packaging services [1] - The company operates under the legal framework that allows it to conduct business activities autonomously with its business license [1]

Core Insights - Dissolving pulp is a raw material with an α-cellulose content exceeding 90%, primarily produced through methods such as sulfite, pre-hydrolysis kraft, and caustic soda processes [2][4] - Global dissolving pulp production is expected to rise to approximately 8 million tons in 2024, marking the highest level in recent years, driven by capacity increases in countries like Indonesia, China, Brazil, Chile, and Portugal [8][10] - China is a significant producer and consumer of dissolving pulp, with production expected to reach about 1.05 million tons in 2024, a year-on-year increase of 400,000 tons [11][13] Industry Overview - The dissolving pulp industry is characterized by a supply chain that includes raw materials (wood and cotton linter), production processes, and various downstream applications such as cellulose ethers and fibers [4][6] - The cellulose fiber sector is the largest application area for dissolving pulp, accounting for 78.5% of global consumption in 2024 [6] Production and Demand Dynamics - After a decline from 2020 to 2022, global dissolving pulp production is rebounding, with a projected increase in 2024 due to enhanced production capacities [8][10] - China's apparent demand for dissolving pulp is forecasted to be 5.129 million tons in 2024, reflecting an 11.1% year-on-year growth [13] Import Trends - China's reliance on imports for dissolving pulp remains high, with an import dependency rate of 79.6% in 2024, up from 70% in previous years [13] - The volume of dissolving pulp imports in China is expected to grow from 2.8379 million tons in 2018 to 4.0803 million tons in 2024, with a compound annual growth rate of 4.6% [14] Future Trends - The dissolving pulp market is anticipated to grow significantly, driven by emerging economies like China and India, which are expanding their consumption of downstream products [15] - There is a strong emphasis on technological innovation and cost-effective production methods to enhance domestic production capabilities and reduce import dependency [15]

Core Viewpoint - The packaging paper industry is experiencing a series of price increases driven by high raw material costs, particularly waste paper, and a combination of supply constraints and seasonal demand factors [1][2][3]. Group 1: Price Increases and Market Dynamics - Major players in the packaging paper industry, such as Nine Dragons Paper Holdings and Shanying International, have initiated multiple rounds of price hikes since August, with Nine Dragons implementing eight price increases [1]. - The average market price for AA-grade corrugated paper reached 2,789 RMB/ton by September 18, marking a 2.42% increase from the end of August and a 7.72% year-on-year rise [1]. - The combination of price increases and planned production halts during the holiday season aims to maintain a bullish market sentiment and encourage procurement from packaging factories [2]. Group 2: Demand and Supply Challenges - Despite a slight uptick in orders ahead of the holidays, the overall recovery in demand for packaging paper remains below expectations, with current price increases primarily driven by cost rather than demand [3]. - The packaging paper industry faces ongoing pressures, including an imbalance between supply and demand due to rapid capacity growth since 2012 and a slowdown in global economic growth [4]. Group 3: Industry Transformation and Future Outlook - The concept of "anti-involution" is seen as a potential key to achieving supply-demand balance in the packaging paper industry, shifting focus from quantity expansion to quality improvement [4]. - Industry leaders emphasize the need for differentiation in products and processes to escape low-price competition, with a focus on meeting customer needs through innovation [4]. - The implementation of new energy consumption standards in May 2025 is expected to drive technological upgrades and efficiency improvements within the industry [4]. - The process of capacity clearing and structural adjustment in the packaging paper industry is anticipated to take time, with price fluctuations and market competition playing a crucial role in achieving balance [5].

北京商报讯(记者张君花)9月22日，晨鸣纸业在投资者互动平台表示，目前公司寿光基地已全部恢复生 产；黄冈基地、江西基地二厂正常生产；江西基地一厂、吉林基地、湛江基地当前仍在停机检修，争取 尽快恢复生产。 ...

Core Viewpoint - The Shandong province is transforming its traditional paper industry into a high-end paper and biomass refining industry, focusing on diversification and green transformation through technological innovation and market segmentation [1][4]. Group 1: Industry Transformation - The Shandong province produces 1/6 of China's paper and paperboard, with a goal to enhance the industry by developing biomass refining and diversifying product offerings [1]. - The "Guidelines" issued by provincial authorities aim to accelerate the transformation of the paper industry into a leading domestic and globally competitive sector [1]. Group 2: Technological Innovation - The guidelines emphasize the importance of technological innovation across the entire paper industry chain, including pulping, biomass refining, and paper production [2]. - Key technological advancements include low-energy pulping, high-concentration pulping, and dry paper-making techniques [2]. - The province plans to enhance smart factory construction and implement real-time data collection and quality control in the production process [2][3]. Group 3: Market Segmentation - By 2024, China's per capita paper consumption is projected to reach 96.8 kg, indicating significant growth potential compared to developed countries [4]. - The guidelines encourage the development of specialized paper products, such as low-grammage high-strength packaging paper and medical-grade paper [4]. - There is a focus on non-paper products, including water treatment membranes and drug delivery systems, to meet the demands of various industries [4]. Group 4: Green and Sustainable Practices - Shandong's large paper companies are investing in green technologies to reduce pollution and improve water usage efficiency [7]. - The guidelines promote the development of advanced technologies in water conservation, environmental protection, and resource recycling [7]. - The province will support research and development in biomass refining and eco-friendly materials through financial incentives and collaboration with academic institutions [8].

Core Viewpoint - The demand for graphite thermal paper in China has been continuously growing due to the explosive growth of e-commerce and logistics, the upgrade in demand for high-precision thermal paper in sectors like healthcare and finance, and the shift towards environmentally friendly products driven by regulatory policies [1][10]. Industry Overview - Graphite thermal paper is a specialized type of thermal paper made from graphite powder and thermal materials, which exhibits specific color changes when heated. It is widely used in labels, receipts, medical applications, logistics, and electronic communications [4][5]. - The production of graphite thermal paper involves a supply chain that includes raw materials such as graphite, thermal resins, color developers, and base paper, which are processed into high-quality products through advanced manufacturing techniques [5][6]. Market Demand and Growth - The production volume of graphite thermal paper in China is projected to reach 172,000 tons in 2024, representing a year-on-year increase of 10.6% [1][11]. - The rapid growth of the logistics sector, particularly in e-commerce, has significantly increased the demand for thermal paper labels, with the express delivery volume expected to reach 95.64 billion pieces in the first half of 2025, a year-on-year growth of 19.3% [9][10]. Competitive Landscape - The Chinese graphite thermal paper industry features numerous participants, including large international companies and many regional small and medium-sized enterprises. Major companies include Guangdong Crown High-tech Co., Ltd., Shandong Chenming Paper Group Co., Ltd., and Xianhe Co., Ltd. [12][13]. - Guangdong Crown High-tech Co., Ltd. reported a revenue of 1.905 billion yuan from thermal paper and sublimation paper in 2024, reflecting a year-on-year increase of 12.18% [13]. Development Trends - Technological innovation is expected to drive product upgrades, with the application of nanotechnology enhancing the heat resistance, stability, and durability of graphite thermal paper [14]. - Environmental regulations are prompting companies to adopt greener production methods, which may lead to the elimination of non-compliant firms and an overall improvement in the industry's environmental standards [15]. - The demand for graphite thermal paper is diversifying, with stable growth anticipated in the financial sector and increasing needs in logistics, healthcare, and retail, driven by advancements in smart manufacturing and Industry 4.0 [16].