Core Viewpoint - Recently, Huizhou Huishenyuan Wood Industry Co., Ltd. was established with a registered capital of 200,000 RMB, indicating a new player in the wood industry market [1] Company Summary - The registered capital of Huizhou Huishenyuan Wood Industry Co., Ltd. is 200,000 RMB [1] - The company’s business scope includes general projects such as timber acquisition, forest product collection, timber sales, building decoration materials sales, and artificial board sales [1] - The company is also involved in licensed projects like timber transportation, which requires approval from relevant authorities before operations can commence [1]

Group 1 - Nanchang Jiage Timber Co., Ltd. has been established with a registered capital of 100,000 RMB [1] - The legal representative of the company is He Zhijie [1] - The business scope includes timber sales, timber acquisition, sales of building decoration materials, sales of artificial boards, sales of building materials, furniture sales, domestic trade agency, internet sales (excluding goods requiring permits), machinery equipment leasing, leasing of construction machinery and equipment, and leasing services (excluding licensed leasing services) [1]

Core Viewpoint - Shaoguan Baijia Wood Industry Co., Ltd. has been established with a registered capital of 1 million RMB, focusing on various wood-related activities and services [1] Company Summary - The company is engaged in general projects including wood processing, wood acquisition, and wood sales [1] - It also involves artificial afforestation and the manufacturing and sales of softwood products and daily-use wooden products [1] - The company provides supply chain management services and operates ordinary cargo transportation for vehicles with a total mass of 4.5 tons or less [1] Industry Summary - The establishment of the company indicates a growing focus on the wood processing and forestry industry in the region [1] - The range of services offered reflects a comprehensive approach to wood products, from raw material acquisition to final product sales [1] - The inclusion of activities such as tree planting and non-edible forest product processing highlights a commitment to sustainable forestry practices [1]

Company Overview - Suzhou Jiachen Haomu Industry Co., Ltd. has been established with a registered capital of 500,000 RMB [1] - The legal representative of the company is Zhao Xiuli [1] Business Scope - The company engages in a variety of sales including wood, building materials, and building decoration materials [1] - It also sells daily necessities, metal fittings for construction, and network equipment [1] - The company provides services related to IoT technology and industrial internet data [1] - Additional sales include refractory materials, daily wooden products, and agricultural machinery [1] - The company is involved in the wholesale of hardware products and light building materials [1] - It also sells office supplies, daily ceramic products, and develops network and information security software [1]

Group 1 - A new company, Pizhou City Huarun Wood Industry Co., Ltd., has been established with a registered capital of 500,000 RMB [1] - The legal representative of the company is Sun Weikang [1] - The company's business scope includes various wood-related activities such as wood processing, sales, and acquisition, as well as manufacturing and selling of wood products, bamboo products, and artificial boards [1] Group 2 - The company is also involved in the processing and sale of agricultural products, both edible and non-edible, along with related services [1] - Additional activities include retail of hardware products, building materials, and light building materials, as well as recycling and sales of renewable resources [1] - The company is permitted to operate electrical wires and cables, subject to legal regulations [1]

Core Viewpoint - The Dalian Commodity Exchange has announced adjustments to the designated quality inspection institutions for plywood and fiberboard, establishing new institutions while allowing others to relinquish their qualifications [1] Group 1: Designated Quality Inspection Institutions - The Linyi City Product Quality Supervision and Inspection Institute, Guangxi Zhuang Autonomous Region Forest Products Quality Inspection and Testing Center, and Huace Testing Certification Group Co., Ltd. have been designated as quality inspection institutions for plywood [1] - The China Inspection and Certification Group and SGS (Société Générale de Surveillance) have agreed to relinquish their qualifications as designated quality inspection institutions for plywood and fiberboard [1] - The Linyi Customs Comprehensive Technical Service Center has also agreed to give up its qualification as a designated quality inspection institution for plywood [1]

Core Viewpoint - ST Jinggu announced the transfer of its 51% stake in Tangxian Huiyin Wood Industry Co., Ltd. to its controlling shareholder, Zhou Dafu Investment Co., Ltd., due to the deteriorating operational status and significant financial risks associated with Huiyin Wood [2][3][5] Group 1: Financial Impact and Risks - Huiyin Wood is a core asset for ST Jinggu, contributing 87.02% of the company's revenue in 2024, and its sale will drastically reduce the company's operational scale, potentially triggering delisting risk under Shanghai Stock Exchange rules [2][3] - The company reported a loss of approximately 969 million yuan due to a 19 million yuan inventory write-off, which was caused by the former actual controller circumventing internal controls [3][4][5] - Huiyin Wood is involved in 12 lawsuits with a total amount of approximately 95.15 million yuan, which equals 100.05% of ST Jinggu's audited net assets, indicating a severe financial strain [5][8] Group 2: Historical Context and Management Issues - Zhou Dafu Investment has invested 2.325 billion yuan in ST Jinggu over seven years, but the company has faced continuous financial difficulties, including a net asset decline of 11.28% in 2022 [2][11][12] - The acquisition of Huiyin Wood was initially seen as a lifeline, with ST Jinggu reporting a revenue increase of 420.98% in 2023, but the company failed to meet performance commitments in 2024, resulting in a significant loss [12][13] - The original controllers of Huiyin Wood failed to disclose significant debt obligations during the acquisition process, raising questions about the adequacy of due diligence conducted by ST Jinggu [7][9][10] Group 3: Future Outlook - The company faces challenges in recovering from the financial fallout of Huiyin Wood's operational failures and legal issues, with ongoing investigations and potential liabilities looming [5][14] - The home furnishing industry, which Huiyin Wood operates in, is expected to face both opportunities and risks due to its dependence on the real estate market, which may impact future performance [10]

Group 1 - A new company, Shangrao Shenglin Wood Industry Co., Ltd., has been established with a registered capital of 20,000 RMB [1] - The legal representative of the company is Pan Shijun [1] - The company's business scope includes wood harvesting, wood processing, furniture manufacturing, and sales of various wood products [1] Group 2 - The company is authorized to engage in activities that require approval from relevant authorities, specifically for wood harvesting [1] - General projects include furniture installation and maintenance services, as well as the sale and production of daily wooden products [1] - The company can independently conduct business activities as per its business license, except for projects that require approval [1]

Report Summary 1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating in the given content. 2. Core View of the Report This week, the log spot market was basically stable, port inventories decreased, and the outbound volume was stable. Spot prices rose due to increased inquiries from spot - futures traders. The 5.9 - meter medium A log market price is 790 - 800 yuan/m³, and the 5.9 - meter small A log market price is 730 - 740 yuan/m³. The futures delivery cost is about 820 - 830 yuan/m³. The 09 contract is approaching delivery, the log warehouse receipt volume has increased significantly, and the futures price is under pressure and is expected to run weakly [4]. 3. Summary by Relevant Catalogs Spot Price - In Shandong, for radiation pine, 3.9 - meter medium A has a spot price of 750 yuan/m³, 5.9 - meter medium A is 790 yuan/m³, 3.9 - meter small A is 720 yuan/m³, and 5.9 - meter small A is 730 yuan/m³. In Jiangsu, 4 - meter medium A is 770 yuan/m³, 6 - meter medium A is 800 yuan/m³, 4 - meter small A is 720 yuan/m³, and 6 - meter small A is 750 yuan/m³ [4]. Outer - disk Quotation - The outer - disk quotation for 4 - meter medium A radiation pine is 113 - 117 dollars/JAS cubic meter, with a 6 - dollar increase compared to the 110 - 111 dollars/JAS cubic meter in June [4]. Futures Price - The LG2511 contract has a current price of 815 yuan/m³, a decrease of 8.5 yuan compared to the previous price. The LG2509 contract has a current price of 801 yuan/m³, a decrease of 3.5 yuan compared to the previous price [4]. Downstream Wood Square Price - In Shandong, the price of 4000*50*100 wood squares remains at 1270 yuan. In Jiangsu, it has increased from 1260 yuan to 1280 yuan [4]. Supply (Import Volume) - In June 2025, the import volume of New Zealand logs was 167.3 (in ten thousand m³), North American logs was 9.5 (in ten thousand m³), and European logs was 19 (in ten thousand m³). The shipping volume from New Zealand to China from August 4th - 10th was 26 (in ten thousand JASm³) [4]. Inventory - On August 15th, the total inventory was 306 (in ten thousand m³), with Shandong inventory at 185 (in ten thousand m³) and Jiangsu inventory at 8 (in ten thousand m³). The inventory has been decreasing compared to previous periods [4]. Demand (Daily Outbound Volume) - On August 15th, the daily outbound volume was 6.33 (in ten thousand m³), with Shandong's outbound volume at 3.59 (in ten thousand m³) and Jiangsu's at 2.32 (in ten thousand m³). The outbound volume has been relatively stable [4].

Group 1 - A new company, Gushi County Lingsheng Wood Industry Co., Ltd., has been established with a registered capital of 500,000 RMB [1] - The legal representative of the company is Chen Lin [1] - The company's business scope includes wood processing, wood acquisition, wood sales, manufacturing of new building materials, and various other related activities [1] Group 2 - The company is involved in the manufacturing and sales of synthetic fibers, high-performance sealing materials, and lightweight building materials [1] - The company operates under the general project category, which allows it to conduct business activities autonomously with its business license [1]