金十数据4月11日讯，齐峰新材公告，2025年第一季度营业收入8.37亿元，同比下降2.88%。净利润 1788.9万元，同比下降65.05%。 齐峰新材：2025年一季度净利润1788.9万元，同比下降65.05% ...

景兴纸业（002067）公告，公司于2025年4月9日收到中国建设银行（601939）股份有限公司浙江省分行 出具的《中国建设银行贷款承诺书》，承诺提供不超过1.2亿元的贷款，专项用于回购公司股票。该贷 款期限不超过3年。公司此前于2024年10月30日董事会和监事会通过股份回购方案，计划使用自有资金 或自筹资金不低于8000万元且不超过1.5亿元，通过深圳证券交易所交易系统以集中竞价交易方式回购 股份，回购价格不超过4元/股。截至2025年3月31日，公司尚未实施股份回购。 ...

博汇纸业（600966）公告，子公司江苏博汇纸业有限公司收到来自江苏大丰港经济开发区管理委员会的 政府补助2740万元。该补助占公司2023年度经审计净利润的15.07%，将计入2025年度当期损益，对公 司当期利润产生一定影响。具体会计处理及对损益的影响将由会计师年度审计确认后公布。 ...

太阳纸业（002078）公告，2024年营业收入407.27亿元，同比增长2.99%。归属于上市公司股东的净利 润31.01亿元，同比增长0.50%。向全体股东每10股派发现金红利3元(含税)，送红股0股(含税)，不以公 积金转增股本。 ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客 户，用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿 订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限，若给您造成不便， 敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相关人员为光大 证券的客户。 报告摘要 事件： 根据公司业绩预告，2024年公司预计实现归母净利润-3.5~-3.9亿元，其中4Q2024预计实现归母净利 润-4.2~-4.6亿元，同比由盈转亏。根据卓创资讯数据，1Q/2Q/3Q/4Q2024箱板纸吨均价分别为 3833/3656/3620/3660元，同比-429/-290/-129/-183元，瓦楞纸吨均价分别为2855/2645/2609/2746元，同 比-271/-202/-155/-181元，废黄板纸吨均价为1515/1439/1467/1530元，同比-153/-143/-56/-46元。2024年箱 板瓦楞纸市场价格下跌，同时公司为应对"山鹰转债"顺利到期兑付，阶段性经营策略转向保障"流动性安 全 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [4][6]. Core Views - The company is expected to incur losses in 2024, with a projected net profit of -3.5 to -3.9 billion RMB, marking a significant downturn from previous earnings [2]. - The company is focusing on its core business and enhancing its risk resistance by divesting non-paper assets and some overseas operations, which is gradually improving its debt repayment capacity [3]. - The company holds the second-largest packaging capacity in China, with over 8 million tons of existing capacity, and is currently trading at a low price-to-book ratio of 0.6 [4]. Summary by Sections Financial Performance - In 2024, the company anticipates a revenue of 30.645 billion RMB, with a growth rate of 4.47% compared to 2023 [5]. - The projected net profit for 2024 is -368 million RMB, with an EPS of -0.07 RMB [5][10]. - The company’s revenue for 2022 was 34.014 billion RMB, which decreased to 29.333 billion RMB in 2023 [10]. Debt and Asset Management - The company has successfully transferred its Nordic paper assets for 1.611 billion SEK (approximately 1.063 billion RMB) and is planning to transfer 51% of its subsidiary's equity to optimize its asset structure [3]. - The debt-to-asset ratio has improved from 71.37% in Q1 2024 to 69.49% in Q3 2024, indicating a gradual release of debt pressure [3]. Market Conditions - The report highlights a decline in paper prices, with boxboard prices expected to drop by 429 RMB per ton in Q1 2024 compared to the previous year [2]. - The company is adjusting its operational strategy to ensure liquidity safety in response to the upcoming maturity of its convertible bonds [2].

Core Points - Zhejiang Rongsheng Environmental Paper Co., Ltd. has completed the registration change of its capital and the filing of its Articles of Association [1] - The company held meetings on January 8 and January 24, 2025, to approve the changes to registered capital and the Articles of Association [1] - The new registered capital is 27,261,284.42 yuan [1] Company Information - Company Name: Zhejiang Rongsheng Environmental Paper Co., Ltd. [1] - Unified Social Credit Code: 91330000710987081Q [1] - Type: Joint-stock company (listed, natural person investment or control) [1] - Address: 588 East Zhenan Road, Pinghu Economic Development Zone, Zhejiang [1] - Legal Representative: Feng Ronghua [1] - Established Date: November 9, 1998 [1] - Business Scope: Includes paper manufacturing, paper product sales, packaging materials sales, waste recycling, sewage treatment, solid waste management, and environmental consulting services [1]

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 浙江荣晟环保纸业股份有限公司（以下简称"公司"）于 2025 年 1 月 8 日、 东大会会议，审议通过了《关于变更注册资本及修订〈公司章程〉的议案》，具 体内容详见公司于 2025 年 1 月 9 日、2025 年 1 月 25 日在上海证券交易所网站 （www.sse.com.cn）以及《上海证券报》上披露的《浙江荣晟环保纸业股份有限 公司关于变更注册资本及修订〈公司章程〉的公告》（公告编号：2025-007）和 《浙江荣晟环保纸业股份有限公司 2025 年第一次临时股东大会决议公告》（公 告编号：2025-012）。 近日，公司已完成本次注册资本的工商变更登记及《公司章程》的备案手续, 现已取得浙江省市场监督管理局换发的《营业执照》，相关登记信息如下： 制品销售；箱包制造；五金产品零售；热力生产和供应；再生资源回收（除生产 性废旧金属）；再生资源加工；再生资源销售；污水处理及其再生利用；固体废 物治理；环保咨询服务；资源再生利用技术研发；资源循环利用服务技术咨询； 技术服务 ...

Group 1: Report Overview - Report Type: Pulp Daily Report [1] - Date: April 2, 2024 [2] - Research Team: Energy and Chemical Research Team [4] Group 2: Market Review and Operation Suggestions Market Review - Futures Contracts: SP2505, SP2509, and SP2601 showed price declines of -1.02%, -0.90%, and -0.47% respectively. The main contract of pulp futures dropped 1.02% from the previous settlement price of 5,696 yuan/ton to a closing price of 5,638 yuan/ton. [7] - Spot Market: The intended transaction price range of softwood pulp in the Shandong wood pulp market was 5,580 - 6,900 yuan/ton, with the low - end price down 40 yuan/ton from the previous day. The price of Shandong Silver Star was 6,480 - 6,500 yuan/ton. [7] Operation Suggestions - Cost Support: Suzano announced a $20/ton increase in the price of eucalyptus hardwood pulp "Goldfish" in Asia in April 2025, indicating cost - side support. [8] - Supply and Demand: In February 2024, the chemical commodity pulp shipments of the world's 20 major pulp - producing countries increased by 0.3% year - on - year. Softwood pulp shipments decreased by 4.8% year - on - year in February, while hardwood pulp shipments increased by 3.6% year - on - year in January. From January to February, China's total pulp imports were 6.39 million tons, a 6.1% year - on - year increase. As of March 28, 2025, the pulp inventory in major regions and ports was 1.79 million tons, a 10.9% decrease from the previous month. Market demand has not improved significantly, and downstream confidence is insufficient, with rational replenishment as the main strategy. [8] - Market Outlook: Recently, pulp prices broke through support levels with increasing volume, opening up further short - term downward space. The market is expected to be weak, and attention should be paid to the price guidance in April. [8] Group 3: Industry News - Investment Plan: On April 1, Kemira announced a multi - million - euro investment in its Wellgrow factory in Thailand to expand multiple production lines for chemical strength agents for paper, cardboard, and toilet paper. The expansion project will start in 2026, and the new production capacity is expected to be put into formal operation in August 2026. The expanded annual production capacity of the Wellgrow factory is expected to reach about 100,000 tons, aiming to serve the growing Southeast Asian and Indian markets. [9] Group 4: Data Overview - The report presents various data charts, including import softwood pulp spot prices in Shandong, pulp futures prices, pulp futures - spot price spreads, needle - broadleaf price spreads, warehouse receipt totals, domestic main port pulp inventories, European main port wood pulp inventories, paper product prices and spreads, and the US dollar - RMB exchange rate. The data sources are mainly Wind and Zhuochuang Information, as well as the research and development department of CCB Futures. [16][17][23][25][27]

Summary of Key Points Core Viewpoint - The announcement provides an update on the conversion of the "Rong 23 Convertible Bonds" issued by Zhejiang Rongsheng Environmental Paper Co., Ltd, detailing the conversion status and adjustments to the conversion price. Group 1: Convertible Bond Issuance and Conversion Status - As of March 31, 2025, a total of RMB 47,000 of "Rong 23 Convertible Bonds" has been converted into 4,008 shares, representing 0.0014% of the company's total shares before conversion [1] - The amount of unconverted "Rong 23 Convertible Bonds" as of March 31, 2025, is RMB 575,953,000, accounting for 99.9918% of the total issuance [1] - From January 1, 2025, to March 31, 2025, a total of 86 shares were converted from the "Rong 23 Convertible Bonds" [1] Group 2: Details of Convertible Bond Issuance - The company was approved to issue 5.76 million "Rong 23 Convertible Bonds" on August 18, 2023, with a total value of RMB 57.6 million and a maturity of 6 years [2] - The initial conversion price for the bonds was set at RMB 15.74 per share starting from February 26, 2024 [2] - The conversion price was adjusted to RMB 12.06 per share on May 10, 2024, due to the company's profit distribution [3] - Following the cancellation of repurchased shares, the conversion price was further adjusted to RMB 11.59 per share on October 29, 2024 [4] Group 3: Share Capital Changes - The total share capital before the conversion on December 31, 2024, was 272,612,842 shares, which increased to 272,612,928 shares after the conversion [5]