Group 1: Company Overview - Dongya Sugar Industry Group, established in 1993, operates in sugar production, biomass power generation, yeast, fertilizers, animal feed, agricultural technology, and trade, forming a comprehensive circular economy in the sugar industry [1] - The company is located in Chongzuo, known as "China's Sugar Capital," and has a total sugarcane crushing capacity of 8.2 million tons and a sugar production target of 1.05 million tons for the 2024/2025 crushing season [1] - Dongya Sugar Industry has over 100,000 sugarcane farmers closely linked to its operations, with a total payment of approximately 4.2 billion RMB for sugarcane purchases [1] Group 2: Investment and Projects - The company has invested 2.148 billion RMB in a circular economy project that utilizes sugarcane bagasse for biomass power generation, supplying approximately 150 million kWh of clean electricity to the public grid annually [2] - Dongya Sugar Industry is exploring a new model of sugar industry cooperation by combining sugarcane cultivation in Vietnam with sugar production in Chongzuo, aiming for resource and advantage complementarity [2] - The company has established several vocational education institutions in collaboration with Thai and Chinese educational entities to promote cross-border talent development in the sugar industry [2] Group 3: Industry Context - Liwen Group, established in 1976, has developed into an international enterprise with an integrated packaging paper and pulp production chain, with a new facility in Chongzuo set to produce 1.1 million tons of pulp and paper annually [3] - The Chongzuo Liwen facility exports high-end paper products to ASEAN countries and imports wood chips from Vietnam as raw materials [3] - The industry is responding to China's dual carbon strategy by implementing biomass energy systems and creating a green low-carbon management system throughout the production lifecycle [3]

Group 1: Report Information - Report title: Pulp Morning Report [2] - Research team: Energy and Chemicals Team of the Research Center [2] - Report date: August 25, 2025 [2] Group 2: SP Main Contract Closing Price - Closing price on August 22, 2025: 5108.00 [3] - Closing prices from August 18 - 22, 2025: 5252.00, 5178.00, 5136.00, 5130.00, 5108.00 respectively [3] - Dollar - converted prices from August 18 - 22, 2025: 638.77, 629.40, 624.46, 623.85, 620.90 respectively [3] - Daily price changes from August 18 - 22, 2025: - 1.01772%, - 1.40899%, - 0.81112%, - 0.11682%, - 0.42885% respectively [3] - Shandong Yinxing basis from August 18 - 22, 2025: 598, 672, 674, 670, 652 respectively [3] - Jiangsu, Zhejiang and Shanghai Yinxing basis from August 18 - 22, 2025: 633, 707, 704, 685, 692 respectively [3] Group 3: Import Information - Import profit calculation based on 13% VAT: Canada's Golden Lion (CFR, port price 780 dollars, Shandong RMB price 6350, profit - 48.45); Canada's Lion (CFR, port price 730 dollars, Shandong RMB price 5500, profit - 492.78); Chile's Yinxing (CFR letter of credit 90 days, port price 720 dollars, Shandong RMB price 5760, profit - 151.65) [4] - Exchange rate on the previous day: 7.18 [4] Group 4: Pulp and Paper Price Averages - National and Shandong regional pulp price averages from August 18 - 22, 2025 (including softwood, hardwood, natural color pulp, and chemimechanical pulp) showed no change [4] - Paper price indices (cultural paper, packaging paper, and tissue paper) from August 19 - 22, 2025 showed no change [4] Group 5: Paper Profit Margins - Profit margins of different types of paper from August 19 - 22, 2025: double - offset paper (4.8673%, 4.9980%, 5.0306%, 5.0306%), double - copper paper (22.6786%, 22.7929%, 22.8214%, 22.8214%), white cardboard (- 13.4568%, - 13.3580%, - 13.3333%, - 13.3333%), tissue paper (6.9550%, 7.1459%, 7.4515%, 7.7571%) [4] - Tissue paper profit margin change: 0.3056 [4] Group 6: Pulp Price Spreads - Price spreads between different types of pulp on August 22, 2025: softwood - hardwood 1600.00, softwood - natural color 360, softwood - chemimechanical 1935, softwood - waste paper 4184 [4]

公告称，于报告期间，集团坚持技术创新，集团造纸分部大力推进低定量、高强度再生牛卡纸及瓦楞芯 纸的研发，同时通过纸机提速改造，以及对生物质锅炉的进一步强化改造，提升产能、稳定产品品质以 及提升各项生产效率，大幅降低各项成本费用，才能在行业竞争加剧的市场行情中稳住市场份额，并通 过向市场推出更具性价比产品以实现销售量的稳定增长。 正业国际(03363)发布截至2025年6月30日止六个月中期业绩，收入11.37亿元(人民币，下同)，同比减少 2.11%;股东应占溢利232.5万元，同比减少84.53%;每股基本盈利0.46分。 ...

Core Viewpoint - The company forecasts FY25 net profit attributable to shareholders to be between 1.7 billion to 1.9 billion yuan, exceeding both market expectations and previous estimates due to better-than-expected cost control in self-produced pulp and a decline in coal prices [1] Group 1: Financial Performance - The company expects FY25 earnings to be between 2.1 billion to 2.3 billion yuan, representing a year-on-year increase of 165% to 190%, with net profit attributable to shareholders increasing by 126% to 153% [1] - The company estimates FY25 paper production volume to be over 21 million tons, a year-on-year increase of 10% [1] - The company has a projected capital expenditure of over 13 billion yuan for FY25, with a potential decline in FY26 capital expenditure but still at a relatively high level [2] Group 2: Production and Capacity Expansion - The company is focusing on expanding its production capacity in Guangxi and Hubei, with plans to produce 1.2 million tons of white cardboard, 600,000 tons of cultural paper, 1.75 million tons of chemical pulp, and 600,000 tons of mechanical pulp by FY25 [1] - By the end of FY25, the company's total paper and pulp production capacity is expected to exceed 30 million tons, with a compound annual growth rate (CAGR) of over 8% for paper and over 30% for pulp from 2021 to 2025 [1] Group 3: Cost Management and Market Conditions - The company's performance is primarily driven by a significant reduction in self-produced pulp costs, particularly at its integrated pulp and paper base in Beihai, Guangxi [2] - The average prices for various paper products have shown a downward trend, with boxboard, double glue paper, and white cardboard prices decreasing by 4%, 9%, and 7% respectively in the first half of 2025 [2] - The company needs to monitor changes in self-produced pulp costs and the pricing performance of certain paper products during peak seasons [2] Group 4: Earnings Forecast and Valuation - The company has raised its earnings forecast for FY25 and FY26 by 25% and 49% respectively, with projected earnings of 1.8 billion yuan and 2.5 billion yuan [3] - The target price has been increased by 33% to 6.0 HKD, corresponding to a price-to-book ratio of 0.5x for FY25, FY26, and FY27 [3]

Report Summary 1. Report Industry Investment Rating No investment rating is provided in the report. 2. Core Viewpoints - The double - offset paper market remained stable overall, with limited changes in market transactions due to increased wait - and - see sentiment among industry players as the double - offset paper futures approached. Although production increased slightly, demand did not improve, and inventory rose. Paper mills had a strong willingness to maintain prices due to cost and profit considerations [5][8]. 3. Summary by Directory 3.1 Data Analysis - **Double - offset paper prices**: The prices of 70g double - offset paper in various regions remained unchanged on a daily and weekly basis. For example, the price of 70g double - offset paper of Chenming Yunbao in Hebei was 4900 yuan/ton, with 0.00% daily and weekly changes [3]. - **Copperplate paper prices**: The prices of 157g double - copper paper were stable daily, but most had a week - on - week decline. For example, the price of 157g double - copper paper of Taiyang Tianyang in Beijing was 5100 yuan/ton, with a week - on - week decline of 0.97% [3]. - **Pulp prices**: The prices of some types of pulp declined. The price of coniferous pulp of Yinxing in Shanghai was 5850 yuan/ton, with a daily and weekly decline of 0.85%. The price of Russian - brand coniferous pulp in the Jiangsu - Zhejiang - Shanghai region was 5150 yuan/ton, with a daily decline of 1.90% and a weekly decline of 2.83% [3]. 3.2 Market Judgment - **Market situation**: The double - offset paper market was generally stable. Dealer shipments did not improve significantly, and new orders from downstream printing factories were average. The wait - and - see sentiment increased as the futures approached [5]. - **Price in Shandong**: The mainstream negotiated price of high - whiteness double - offset paper in the Shandong market was 4850 - 4900 yuan/ton, and the price of some natural - whiteness double - offset paper was in the range of 4500 - 4700 yuan/ton, remaining stable compared to the previous day [5]. - **Wood chip market**: The purchase price of wood chips was mainly stable, with individual price increases. The purchase price of poplar chips in some northern regions was in the range of 1120 - 1400 yuan/absolute dry ton. Some pulp mills in Shandong planned to resume production, but the increase in market supply was not significant [5]. - **Inventory and production**: The inventory days of double - offset paper increased by 0.60% compared to last Thursday. The weekly operating rate was 48.52%, a decrease of 0.16 percentage points. The production increased by 0.1 million tons to 20.8 million tons, a growth of 0.5%. The production enterprise inventory was 117.8 million tons, a month - on - month increase of 1.2% [5][8]. - **Logic analysis**: Some paper machines were transferred or cross - scheduled, and there were planned maintenance on some production lines. Seasonal printing orders were coming to an end, and social orders were not boosted. Paper mills had a strong willingness to maintain prices to ensure profits. Pulp prices remained low, with high port inventories and sufficient supply [8]. 3.3 Related Attachments - The report provides four figures, including double - offset paper production, in - factory inventory, social inventory, and production profit, with data from 2021 - 2025 [11][14].

截至发稿，齐峰新材市值为53亿元。 每经头条（nbdtoutiao）——核心产品净值仅剩7毛钱，昔日"公募一哥"任泽松怎么了？牛市踏空真相曝 光 每经AI快讯，齐峰新材（SZ 002521，收盘价：9.49元）8月21日晚间发布公告称，公司第六届第十四次 董事会会议于2025年8月20日在公司会议室以现场参加的方式召开。会议审议了《关于公司2025年半年 度报告及其摘要的议案》等文件。 2025年1至6月份，齐峰新材的营业收入构成为：造纸业占比99.81%，其他业务占比0.19%。 （记者 王晓波） ...

Group 1 - The core viewpoint of the article is that Nine Dragons Paper Holdings Limited (玖龙纸业) has experienced a significant stock price increase of over 4% following the announcement of a positive earnings forecast, projecting a profit of approximately 2.1 billion to 2.3 billion RMB for the fiscal year ending June 2025, representing a year-on-year growth of 165% to 190% [1] - The profit growth is primarily attributed to an increase in sales and a notable decline in raw material costs, which have decreased at a faster rate than product prices, thereby boosting gross margins [1] - According to a report from China International Capital Corporation (中金), the key factor behind the company's better-than-expected annual performance is the significant reduction in self-produced pulp costs, particularly at the integrated pulp and paper base in Beihai, Guangxi, which has contributed to the profit recovery of various paper grades [1] Group 2 - The decline in thermal coal prices year-on-year has created additional profit space for different types of paper [1] - Looking ahead, the report indicates that since the second half of 2025, coal prices have shown a noticeable recovery, suggesting that the energy cost advantage may narrow, necessitating close monitoring of changes in self-produced pulp costs and the pricing performance of certain paper grades during peak seasons [1]

Group 1 - The core viewpoint of the article is that Nine Dragons Paper Holdings Limited expects its profit for the fiscal year ending June 30, 2025, to be between RMB 2.1 billion and RMB 2.3 billion, representing a growth of 165% to 190% compared to the previous year [2] - The profit growth is primarily attributed to an increase in sales and a faster decline in raw material costs compared to the decrease in product prices, which has led to an improvement in gross profit [2]

Core Viewpoint - Nine Dragons Paper Holdings Limited (玖龙纸业) has announced a significant increase in expected profits for the fiscal year ending June 30, 2025, projecting earnings between RMB 2.1 billion and RMB 2.3 billion, representing a growth of 165% to 190% compared to last year's RMB 794 million [1] Group 1 - The company's profit growth is primarily attributed to an increase in sales and a notable decline in raw material costs, which decreased at a faster rate than product prices, leading to an increase in gross profit [1] - The company plans to issue USD 400 million in perpetual capital securities in June 2024, with an expected attributable profit of approximately RMB 400 million for the current year from these securities [1] - The projected attributable profit for equity holders is estimated to be between RMB 1.7 billion and RMB 1.9 billion, marking an increase of 126% to 153% from last year's RMB 751 million [1]

Group 1 - The company expects to achieve a profit of approximately RMB 2.1 billion to RMB 2.3 billion for the fiscal year ending June 30, 2025, representing a growth of 165% to 190% compared to last year's profit of RMB 794 million [1] - The profit increase is primarily attributed to a rise in sales, with the decline in raw material costs occurring at a rate and magnitude that significantly outpaces the decrease in product prices, thereby boosting gross profit [1] - The company issued USD 400 million perpetual capital securities in June 2024, with the attributable profit for perpetual capital securities holders estimated at approximately RMB 400 million for the current year [1] Group 2 - The company anticipates that the attributable profit for equity holders will be around RMB 1.7 billion to RMB 1.9 billion for the current year, an increase of 126% to 153% from last year's RMB 751 million [1]