Report Overview - The report is a pulp morning report released by the Energy and Chemicals Team of the Research Center on August 29, 2025 [2] SP Main Contract Closing Price - The closing price of the SP main contract on August 28, 2025, was 5002.00 [3] - The closing prices from August 22 - 28 showed fluctuations, with changes ranging from -1.28505% to 0.54816% [3] - The Shandong Yinxing basis on August 28 was 723, and the Jiangsu - Zhejiang - Shanghai Yinxing basis was 748 [3] Import Profit - Calculated with a 13% VAT, the import profit for Canadian Golden Lion was -$13.20, for Canadian Lion was -$494.79, and for Chilean Silver Star was -$154.10 [4] Price Averages - From August 22 - 28, the national average prices of softwood pulp, hardwood pulp, unbleached pulp, and chemimechanical pulp remained unchanged, as did the Shandong regional averages [5] - The prices of cultural paper (double - offset and double - copper), packaging paper (white card), and living paper (living index) also remained unchanged during this period [5] - However, the profit margins of these paper products changed. For example, the double - offset profit margin decreased by 0.4635, and the double - copper profit margin decreased by 2.3273 [5] Price Spreads - The softwood - hardwood price spread on August 28, 2025, was 1565.00, and there were also spreads between softwood and unbleached pulp, chemimechanical pulp, and waste paper [5]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core View of the Report - Pulp futures are weakly oscillating due to significant declines under the influence of the commodity macro - environment [1] Group 3: Summary According to the Directory Pulp Price Data - **Futures Prices**: On August 28, 2025, SP2601 was 5308 with a 0.34% daily change and - 1.56% weekly change; SP2511 was 5002 with a - 0.16% daily change and - 2.50% weekly change; SP2509 was 4946 with a - 0.36% daily change and - 2.94% weekly change [1] - **Spot Prices**: Coniferous pulp Silver Star was 5700 with a - 0.87% daily change and - 1.72% weekly change; Russian Needle was 5100 with a - 0.97% daily change and - 0.97% weekly change; Broad - leaf pulp Goldfish was 4180 with a - 0.48% daily change and 0.72% weekly change [1] - **External Quotes**: Chilean Silver Star was 720 dollars with a - 2.70% monthly change; Brazilian Goldfish was 510 dollars with a 4.08% monthly change; Chilean Venus was 620 dollars with a 0.00% monthly change [1] - **Import Costs**: Chilean Silver Star was 5884 with a - 2.68% monthly change; Brazilian Goldfish was 4182 with a 4.03% monthly change; Chilean Venus was 5073 with a 0.00% monthly change [1] Pulp Fundamental Data - **Imports**: In July 2025, coniferous pulp imports were 64.6 tons, a - 4.72% monthly change from June; broad - leaf pulp imports were 135.1 tons, a - 5.85% monthly change from June [1] - **Domestic Production**: As of August 28, 2025, broad - leaf pulp production was 20.6 tons; chemical mechanical pulp production was 20.9 tons [1] - **Pulp Port Inventory**: As of August 28, 2025, it was 208.4 tons, a 2.3% decline from the previous period, showing a de - stocking trend [1] - **Futures Delivery Warehouse Inventory**: As of August 28, 2025, it was 24.9 tons [1] - **Finished Paper Production**: As of August 28, 2025, double - offset paper production was 20.50 tons; coated paper production was 7.90 tons; tissue paper production was 28.18 tons; white cardboard production was 32.10 tons [1] Pulp Valuation Data - **Basis**: On August 28, 2025, the Russian Needle basis was 98 with a quantile level of 0.843; the Silver Star basis was 698 with a quantile level of 0.913 [1] - **Import Profits**: On August 28, 2025, coniferous pulp Silver Star import profit was - 184 with a quantile level of 0.339; broad - leaf pulp Goldfish import profit was - 2 with a quantile level of 0.629 [1] Supply and Demand Analysis - **Supply Side**: Brazil's Suzano announced a 20 - dollar/ton price increase in the Asian market in August 2025, and its commodity pulp production in the next 12 - month operating cycle will decline by about 3.5% compared to its annual nominal capacity. Chile's Arauco notified August quotes with supply reductions [1] - **Demand Side**: Current paper product demand is basically stable, but mainstream paper product prices have not stopped falling, which is negative for pulp prices [1]

Core Viewpoint - Sun Paper Industry plans to invest in two major projects in its Shandong base, including a 600,000-ton bleaching chemical pulp project and a 700,000-ton high-end packaging paper project, with total investments not exceeding RMB 3.51 billion and RMB 1.53 billion respectively [1][5] Investment Projects - The 600,000-ton bleaching chemical pulp project aims to enhance the production capacity of the Shandong base, reducing reliance on external purchases of bleaching wood pulp and improving cost control [3][6] - The 700,000-ton high-end packaging paper project aligns with the company's long-term development strategy and is expected to further enhance the efficiency of the three major bases [1][5] Strategic Development - Sun Paper Industry's "Four Three Three" strategy focuses on adjusting its business structure to achieve a profit distribution among three segments: paper making, biomass new materials, and fast-moving consumer goods, with revenue shares targeted at 40%, 30%, and 30% respectively [3][6] - The company has established a strategic layout with three major bases in Shandong, Guangxi, and Laos, which are crucial for achieving high-efficiency collaborative development [3][7] Market Positioning - The company aims to enhance its product competitiveness and market share in the northern market by optimizing and upgrading production facilities across its Shandong base [6][7] - Sun Paper Industry is recognized as one of the few listed companies in China that has achieved "forest-pulp-paper integration" and full-category coverage, which strengthens its ability to withstand industry cyclical fluctuations [7] Future Outlook - The company is set to launch significant new production capacities by 2025, including various projects that are expected to improve profitability as pulp and paper prices recover [6][7]

Group 1 - The 2025 China Top 500 Private Enterprises list was released, with JD Group, Alibaba, Hengli Group, Huawei, and BYD ranking in the top five [1] - Shandong province has 51 companies on the list, an increase of one from the previous year [1] - Shandong Weiqiao Chuangye Group ranked 10th nationally with a revenue of 558.53 billion yuan, while Xinfeng Group ranked 20th with a revenue of 302.89 billion yuan [1] Group 2 - The 2025 China Top 500 Private Manufacturing Enterprises and the 2025 China Top 100 Private Service Enterprises lists were also released, with Shandong having 56 and 5 companies respectively [2] - Shandong Jincheng Petrochemical Group and Zibo Xintai Petrochemical Co., Ltd. are among the three Zibo companies in the 2025 China Top 500 Private Manufacturing Enterprises list [2] - The total revenue of the 51 companies from Shandong in the 2025 China Top 500 Private Enterprises reached 4,131.05 billion yuan, a year-on-year increase of 6.68% [2]

Group 1: Report Information - Report Name: Pulp Daily Report [1] - Date: August 29, 2025 [2] - Research Team: Energy and Chemical Research Team [3] Group 2: Market Review and Operation Suggestions - Pulp Futures: The previous settlement price of the 01 contract was 5316 yuan/ton, and the closing price was 5308 yuan/ton, a decrease of 0.15% [7] - Shandong Wood Pulp Market: The intended transaction price range of softwood pulp was 5000 - 6650 yuan/ton, with the low - end price stable compared to the previous trading day. The price of Shandong Silver Star was 5720 - 5730 yuan/ton [7] - Arauco's August Offer: Coniferous pulp Silver Star at 720 US dollars/ton, natural pulp Venus at 590 US dollars/ton, and hardwood pulp Star at 520 US dollars/ton, stable compared to June [8] - Global Pulp Shipment: In July, the chemical pulp shipment of the world's 20 major pulp - producing countries increased by 7.3% year - on - year, with softwood pulp up 4.1% and hardwood pulp up 11.1% [8] - European Pulp Inventory and Consumption: In July 2025, European pulp inventory was 683,200 tons, down 0.3% month - on - month and up 8.7% year - on - year; consumption was 814,200 tons, up 6.8% month - on - month and down 2.1% year - on - year [8] - China's Pulp Import: In July, China's pulp import volume was 2.877 million tons, down 5.1% month - on - month and up 23.7% year - on - year [8] - Main Region and Port Inventory: As of August 28, 2025, the weekly pulp inventory in major regions and ports increased by 1.23% month - on - month [8] - Paper Industry Profit: In July, the cumulative year - on - year profit of the paper and paper products industry decreased by 21.9%, with a slightly expanded decline [8] - Market Outlook: Cost guidance is limited, supply remains loose, and the pulp market is in a low - level shock adjustment, waiting for peak - season demand [8] Group 3: Industry News - On August 25, 2025, the Inaugural Meeting of the Offset Printing Paper Working Committee of the China National Pulp and Paper Association was successfully held in Beijing. Zhong Tianqi was elected as the first - term director, and ten enterprise leaders were elected as deputy directors [9] Group 4: Data Overview - The report provides multiple data charts, including import softwood pulp spot price in Shandong, pulp futures price, pulp spot - futures price difference, etc., with data sources from Wind and Zhuochuang Information [15][22][29]

Group 1 - The offshore RMB exchange rate surged by approximately 300 points, breaking the 7.12 yuan mark for the first time since November 6, 2024, with the appreciation of the RMB significantly outpacing the depreciation of the USD [1] - Three main factors contributing to the recent appreciation of the RMB include the weakening of the USD index, domestic policies aimed at increasing asset returns, and the central bank's approach to adjusting the RMB based on a basket of currencies [1] - Various industries such as transportation, non-ferrous metals, petrochemicals, machinery, home appliances, electronics, and power equipment are expected to benefit from the appreciation of the RMB [1] Group 2 - For companies like Huahui Paper, the large production capacity and strong profitability at the bottom range indicate significant potential for growth [2] - Huaxia Airlines, an independent private airline, focuses on regional transportation, highlighting its niche market strategy [3]

据证券之星公开数据整理，近期恒丰纸业（600356）发布2025年中报。截至本报告期末，公司营业总收 入13.53亿元，同比上升12.78%，归母净利润9493.67万元，同比上升69.06%。按单季度数据看，第二季 度营业总收入6.79亿元，同比上升1.62%，第二季度归母净利润6690.72万元，同比上升96.74%。本报告 期恒丰纸业盈利能力上升，毛利率同比增幅10.08%，净利率同比增幅39.44%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率17.14%，同比增10.08%，净利率7.12%，同比增 39.44%，销售费用、管理费用、财务费用总计7710.75万元，三费占营收比5.7%，同比减10.45%，每股 净资产8.93元，同比增6.15%，每股经营性现金流0.49元，同比增98.17%，每股收益0.32元，同比增 68.42% 业务评价：公司去年的ROIC为4.69%，资本回报率不强。去年的净利率为4.76%，算上全部成本后，公 司产品或服务的附加值不高。从历史年报数据统计来看，公司近10年来中位数ROIC为4.68%，中位投资 回报较弱，其中最惨年份2018年的ROIC为2.86%， ...

Core Insights - The paper industry in A-shares is under pressure, with only 4 out of 16 listed companies reporting positive net profit growth in the first half of 2025, highlighting the cyclical nature of the industry [1] - Shandong Sun Paper Industry Co., Ltd. leads the industry with a revenue of 19.113 billion and a net profit of 1.78 billion [1] - The industry is experiencing structural adjustments in capacity expansion, cost optimization, and export growth, but still faces supply-demand pressures and profit differentiation [1] Company Strategies - Sun Paper is implementing a differentiated strategy across raw materials, processes, and products, focusing on self-manufactured pulp to reduce fiber costs and improve production efficiency [1] - The company has achieved cost reductions in energy, raw materials, and maintenance during the reporting period, ensuring stable operational performance [1] - Mudanjiang Hengfeng Paper Co., Ltd. reports steady growth in core business profitability due to lean management practices, optimizing supply chain management, and controlling procurement costs [1] Industry Challenges - The paper industry faces significant cost pressures primarily from raw materials and energy, with uncertainties in their price trends impacting overall industry costs [2] - The financial attributes and price volatility of pulp used in cultural paper, along with rising costs of waste paper for packaging due to weather factors, contribute to these challenges [2] - The "anti-involution" policy is expected to accelerate structural adjustments in the industry, with a shift towards high-end and differentiated production necessary for overcoming current market challenges [2] Future Outlook - Sun Paper's "integrated forestry, pulp, and paper" strategy is set to advance with the completion of its Nanning base projects, enhancing operational synergy [2] - The packaging paper market is anticipated to see a slowdown in capacity expansion by 2025, with a need for transformation towards high-end products [2] - The industry is expected to achieve supply-demand balance through market mechanisms, with a potential turning point for paper prices by 2026 as the "anti-involution" policy continues [2]

Summary of the Conference Call for Sun Paper Industry Company Overview - **Company**: Sun Paper Industry - **Date**: August 28, 2025 Key Points Industry and Market Dynamics - **Weak Paper Prices**: In Q2, paper prices were weak due to new capacity and changes in demand, with a rebound in pulp prices starting in August driven by factors such as the needle pulp price gap and overseas supply constraints [2][3] - **Cultural Paper Outlook**: The cultural paper market may see a slight recovery during the traditional bidding season from September to November, but the increase is expected to be limited, maintaining low levels [2][5] - **Containerboard Demand**: Containerboard demand may increase in the second half of the year due to rising waste paper prices and price hikes by leading companies, with profitability expected to stabilize or improve slightly [2][5] Financial Performance - **Q2 Performance**: Sun Paper achieved solid performance in H1 2025, outperforming the industry average despite weak market conditions [3] - **Profitability by Region**: - **Laos Base**: Achieved breakeven or slight profit due to lower procurement costs [6] - **Nanning Base**: Optimized product structure, profitability comparable to Shandong [6] - **Shandong Base**: High-end product ratio over 90%, resulting in good profitability, with containerboard gross margin slightly higher than cultural paper [6] Production and Cost Management - **Dissolving Pulp Business**: Experienced a decline in Q2 but is recovering as wood pulp prices stabilize, with full production at Laos and Yanzhou lines maintaining an annual supply of around 600,000 tons [7] - **Cost Trends**: Anticipated increase in external pulp costs in Q3, while coal price declines positively impacted Q2 costs [8] - **Raw Material Prices**: Coal and wood chip prices were low in Q2, but wood chip prices are expected to rise slightly due to increased demand from new pulp lines [8] Capacity Expansion and Self-Sufficiency - **New Capacity Impact**: The addition of 600,000 tons of chemical pulp capacity in Shandong is expected to optimize pulp-paper balance and reduce procurement needs by nearly 500,000 tons, enhancing profitability [4][11] - **Self-Sufficiency Rates**: Current self-sufficiency for wood pulp is 60%-65%, projected to exceed 70% with new projects [14] Sustainability and Future Outlook - **Sustainability Potential**: The company has significant potential for sustainable development, focusing on optimizing production efficiency across its three bases [27] - **Export Plans**: Export activities are increasing, with efforts to expand markets in Southeast Asia, although logistics costs remain a challenge [24][25] Additional Insights - **Market Competition**: The "anti-involution" policy has a limited impact on the paper industry due to strong competition and low GDP contribution [15] - **Inventory Levels**: Current inventory levels are low across the board, with production rates at full capacity [21] This summary encapsulates the key insights from the conference call, highlighting the company's performance, market dynamics, and strategic outlook.

Group 1 - The core viewpoint of the article is that Sunshine Paper Holdings (02002) reported a decline in its mid-year performance for 2025, with a significant drop in both revenue and profit [1] - The company's revenue for the period was 3.573 billion yuan, representing a year-on-year decrease of 9.71% [1] - The profit attributable to shareholders was 83.184 million yuan, which reflects a substantial year-on-year decline of 56.09% [1] - The basic earnings per share for the company stood at 0.08 yuan [1]