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 - A new company, Xiangyang Yanjun Wood Industry Co., Ltd., has been established with a registered capital of 100,000 RMB, focusing on various wood processing and sales activities [1] Company Summary - The legal representative of the company is Wang Yanjun [1] - The registered capital of the company is 100,000 RMB [1] - The business scope includes wood processing, wood sales, wood acquisition, and manufacturing of wooden products [1] Industry Summary - The company operates in the wood industry, engaging in activities such as the processing and sales of wood materials, including softwood products and engineered wood [1] - The company is also involved in the acquisition of primary agricultural products and the manufacturing of daily-use wooden products [1]

2016-2025年上半年木材加工和木、竹、藤、棕、草制品业企业数统计图 数据来源：国家统计局，智研咨询整理 上市公司：兔宝宝（002043），聚力文化（002247），东方雨虹（002271），罗普斯金（002333），垒 知集团（002398），三棵树（603737），法狮龙（605318），森泰股份（301429） 相关报告：智研咨询发布的《2025-2031年中国木制品行业市场运营格局及未来前景分析报告》 2025年上半年，木材加工和木、竹、藤、棕、草制品业企业数（以下数据涉及的企业，均为规模以上工 业企业，从2011年起，规模以上工业企业起点标准由原来的年主营业务收入500万元提高到年主营业务 收入2000万元）为13286个，和上年同期相比，增加了214个，同比增长1.64%，占工业总企业的比重为 2.55%。 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 ...

Company Overview - XuZhou ChengYiXin Cork Products Co., Ltd. has been established with a registered capital of 100,000 RMB [1] - The legal representative of the company is Liang Xiu [1] Business Scope - The company engages in the sale of various products including cork products, daily wooden products, packaging materials, daily glass products, optical glass, fiberglass reinforced plastic products, and fiberglass [1] - Additional sales activities include non-metallic minerals, wooden toys, construction materials, molds, daily miscellaneous goods, plastic products, kitchenware, hardware products, and furniture accessories [1] - The company is also involved in packaging services and the sale of packaging specialized equipment [1]

Company Overview - Nanjing Zhongliang Wood Industry Co., Ltd. has been recently established with a registered capital of 500,000 RMB [1] - The legal representative of the company is Zhang Zhongliang [1] Business Scope - The company operates in various sectors including furniture sales, furniture parts sales, and furniture installation and maintenance services [1] - Additional business activities include retail of hardware products, sales of insulation materials, and sales of construction materials [1] - The company also engages in the sale of building ceramic products, lightweight building materials, waterproofing materials, and building blocks [1] - Other areas of operation include sales of doors and windows, technical glass products, anti-corrosion materials, surface functional materials, metal materials, electrical equipment, and building decoration materials [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 - The core viewpoint of the article highlights the growth in the wood processing and related products industry in China, with an increase in the number of enterprises and a positive year-on-year growth rate [1][3]. - As of January to May 2025, there are 13,270 enterprises in the wood processing and bamboo, rattan, palm, grass products industry, which is an increase of 231 enterprises compared to the same period last year, representing a year-on-year growth of 1.77% [1]. - The proportion of these enterprises in the total industrial enterprises is 2.55%, indicating a stable presence in the industrial sector [1]. Group 2 - The report referenced is the "2025-2031 China Wood Products Industry Market Operation Pattern and Future Prospects Analysis Report" published by Zhiyan Consulting, which provides insights into the market dynamics and future trends in the wood products industry [1]. - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research and providing comprehensive consulting services to support investment decisions [2]. - The data used in the report is sourced from the National Bureau of Statistics and organized by Zhiyan Consulting, ensuring reliability and accuracy in the analysis [3].

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]