Core Viewpoint - The company has approved a share repurchase plan to enhance shareholder value and implement employee stock ownership plans or equity incentive plans [1][2] Group 1: Share Repurchase Plan - The company plans to use its own funds to repurchase shares through centralized bidding, with a total repurchase amount adjusted to be no less than RMB 11 million and no more than RMB 16 million [2] - The repurchase price will not exceed RMB 9.77 per share, with an estimated repurchase quantity ranging from approximately 3,070,625 shares to 6,141,248 shares based on the upper limit of the repurchase amount [1] - The implementation period for the repurchase plan is set from April 2, 2025, to April 1, 2026 [1] Group 2: Progress of Share Repurchase - As of August 15, 2025, the company has repurchased a total of 15,277,600 shares, representing about 1.19% of the total share capital, with a total transaction amount of RMB 109,813,801 [3] - The highest transaction price recorded was RMB 8.09 per share, while the lowest was RMB 6.01 per share [3] Group 3: Compliance and Regulations - The company has adhered to the relevant regulations regarding share repurchase, ensuring that the repurchase does not occur during significant events that could impact stock prices [4] - The company has also complied with trading restrictions, ensuring that repurchase orders do not exceed the daily trading price limits [4]

Group 1 - A new company, Hebei Fupeng Zesheng Paper Industry Co., Ltd., has been established with a registered capital of 10 million RMB [1] - The legal representative of the company is Zhang Mengying [1] - The business scope includes manufacturing and sales of paper products, wholesale of stationery, sales of office supplies, and internet sales among other activities [1] Group 2 - The company is also involved in the sales of personal hygiene products and recycling of renewable resources, excluding production waste metals [1] - The company is permitted to conduct business activities independently as per its business license, except for projects that require approval [1]

Core Viewpoint - The Shanghai Futures Exchange will launch futures and options for coated printing paper and related products on September 10, 2025, aiming to provide tools for price risk management in the cultural paper industry [1][2]. Industry Overview - Coated printing paper is a significant type of cultural and printing paper, primarily made from bleached wood pulp, widely used in books and notebooks, characterized by a large market size, high standardization, and significant price volatility [1]. - China is the largest producer and consumer of coated printing paper globally, with a production volume of 9.48 million tons and apparent consumption of 8.71 million tons in 2024 [1]. Market Demand and Impact - The introduction of coated printing paper futures and options aligns with the core needs of industry chain enterprises to hedge against price fluctuations and secure operating profits [2]. - The new financial derivatives will fill a gap in the cultural paper market, creating a "pulp-paper" integrated risk management chain, helping companies manage raw material cost fluctuations and product price uncertainties [2]. Pricing Mechanism - The transparent price discovery function of the new products is expected to serve as an "anchor" for the industry, enhancing the efficiency of spot pricing and guiding companies in optimizing production plans [2]. - The market size for coated printing paper in China is nearly 50 billion yuan [2]. Trading Specifications - The trading unit for coated printing paper futures has been adjusted from 20 tons to 40 tons per contract to better match the purchasing habits of downstream printing plants and mainstream transportation methods in spot trading [3]. - The delivery unit will also be standardized to 40 tons per warehouse receipt, aligning with the new trading unit [3].

Group 1 - The company, Zhongshun Jierou, announced on August 18 that it has repurchased a total of 15,277,600 shares through a special securities account via centralized bidding, which represents approximately 1.19% of the company's current total share capital [2]

北京商报讯（记者张君花）8月18日，中顺洁柔发布公告称，截至2025年8月15日，公司累计回购1528万 股，约占总股本的1.19%，回购总金额为1.1亿元，回购价格区间为6.01元/股至8.09元/股。 （文章来源：北京商报） ...

美利云公告，2025年上半年营业收入1.74亿元，同比下降64.73%。净利润1988.49万元，同比增长 660.77%。公司计划不派发现金红利，不送红股，不以公积金转增股本。 ...

Summary of Key Points Core Viewpoint - The company Zhongshun Jierou (002511.SZ) has announced a share buyback program, indicating a commitment to enhancing shareholder value through the repurchase of its own shares [1] Group 1: Share Buyback Details - As of August 15, 2025, the company has repurchased a total of 15,277,600 shares, which represents approximately 1.19% of its current total share capital [1] - The highest transaction price during the buyback was 8.09 yuan per share, while the lowest was 6.01 yuan per share [1] - The total amount spent on the buyback reached 109.8 million yuan, excluding transaction fees [1]

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].