转债代码：113676 转债简称：荣 23 转债 浙江荣晟环保纸业股份有限公司 证券代码：603165 证券简称：荣晟环保 公告编号：2025-047 关于召开2025年第二次临时股东大会的通知 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。 重要内容提示： (二)股东大会召集人：董事会 召开的日期时间：2025 年 6 月 24 日 14 点 00 分 召开地点：浙江省嘉兴市平湖经济技术开发区镇南东路 588 号公司会议室 (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 6 月 24 日 至2025 年 6 月 24 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 (六)融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 涉及融资融券、转融通业 ...

Report Overview - Report Type: Pulp Daily Report - Date: June 5, 2025 - Research Team: Energy and Chemical Research Team of Jianxin Futures [4] 1. Investment Rating - No investment rating information is provided in the report. 2. Core View - The pulp market maintains a low - range oscillatory adjustment. New import pulp offers are mainly decreasing, port inventory reduction is slow, downstream paper mills' price increase announcements have limited implementation results, and the fundamental situation has limited changes [7]. 3. Summary by Section 3.1. Market Review and Operation Suggestions - **Pulp Futures**: The previous settlement price of the pulp futures 09 contract was 5,272 yuan/ton, and the closing price was 5,236 yuan/ton, a decline of 0.68% [7]. - **Spot Market**: The intended transaction price range of softwood pulp in the Shandong market is 5,400 - 6,750 yuan/ton, with the low - end price stable compared to the previous trading day's closing price. The Shandong Yinxing offer is 6,300 yuan/ton [7]. - **Import Offers**: Chile's Arauco announced May offers, with Yinxing at $740/ton and Jinxing at $620/ton, still lower than the previous offers [7]. - **Supply**: In April, the shipment volume of softwood pulp from 20 major pulp - producing countries decreased by 7.2% year - on - year, while the cumulative volume from January to April increased by 1.4% year - on - year. China's pulp imports in April were 2.89 million tons, a month - on - month decrease of 11.1% and a year - on - year decrease of 10.2%. As of May 29, 2025, the weekly pulp inventory in major regions and ports decreased by 2.2% month - on - month [7]. - **Demand**: The downstream market has a clear demand for improved profitability, but terminal orders are limited, and raw material procurement is cautious [7]. 3.2. Industry News - On May 28, a composite packaging materials project with a total investment of 150 million yuan started in Wuyao Town, Rugao, Jiangsu. The project is invested by Jiangsu Xiangju Environmental Protection New Materials Co., Ltd. After completion, it will have an annual production capacity of 60 million square meters of composite packaging materials. It is expected to generate annual taxable sales of 200 million yuan and taxes of 10 million yuan this year, and annual taxable sales of 400 million yuan and taxes of 20 million yuan when fully operational [8]. 3.3. Data Overview - The report provides multiple data charts, including pulp futures and spot prices, price spreads, inventory data, and exchange rate data, with data sources from Wind and Zhuochuang Information [10][13][15]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The price trend of corrugated and containerboard paper in the second half of the year is expected to be low at first and then high, with seasonal demand as the main driving factor [3][72] - Supply pressure remains high, and attention should be paid to seasonal changes in demand. The profit of corrugated and containerboard paper is expected to remain at a low level compared to historical figures, with a similar pattern of being low at first and then high, in sync with the price [3][72] Summary by Directory 1. Review - **Correlation Analysis**: Containerboard and corrugated paper have a strong correlation, but a weak correlation with softwood pulp spot and pulp futures. The correlation between containerboard and softwood pulp is above 0.68, while the correlation with pulp futures is only 0.45 [8][10] - **Historical Review**: From 2014 - 2016, the supply - demand pattern of packaging paper was stable, and prices were weak. From 2017 - 2018, supply - side reform, restrictions on foreign waste imports, and the rapid development of e - commerce drove up paper prices. From 2018 - 2020, Sino - US trade friction, the public health event, and new capacity led to price fluctuations. From 2020 - 2021, the tightening of waste paper import policies and economic recovery boosted prices. Since 2022, slow economic recovery and continuous capacity expansion have affected the market [12] 2. Supply - **Annual Data**: In 2024, the production of containerboard was about 29.86 million tons (a year - on - year increase of 6.4%), and the production of corrugated paper was 22.85 million tons (a year - on - year increase of 5.7%). The capacity utilization rate of both was 63%. The overall supply - demand pattern of the industry was in surplus [19] - **2025 Production Situation**: In the first half of 2025, 1.65 million tons of containerboard and corrugated paper were put into production, accounting for about 2% of the total domestic capacity at the end of 2024. In the second half, about 2.7 million tons of capacity are expected to be put into production, accounting for about 3.2% of the total domestic capacity at the end of 2024. By the end of 2025, the domestic containerboard capacity is expected to be 50.11 million tons (a year - on - year increase of 4.9%), and the corrugated paper capacity is expected to be 38.02 million tons (a year - on - year increase of 4.4%) [27] - **Profit Level**: Although the price of finished paper has been declining this year, the decline in raw material prices has offset the profit compression to some extent. As of late May, the after - tax gross profit per ton of corrugated paper was about 70 yuan, and that of containerboard was about 470 yuan, which can support short - term production [32] - **Weekly Supply**: Due to capacity expansion and decent profits, the production of containerboard and corrugated paper this year is at a relatively high level compared to historical data. Last week, the production of corrugated paper was 480,000 tons with a 61% operating rate, and the production of containerboard was 620,000 tons with a 62% operating rate. Short - term supply is expected to remain sufficient [35] - **Import**: From 2016 to 2024, the import volume of waste paper decreased by 2.79 million tons, while the import volume of waste paper pulp increased by 370,000 tons. The import volume of corrugated paper increased by 200,000 tons, and that of containerboard increased by 465,000 tons. In 2025, the import supply has decreased. From January to April, the import volume of corrugated paper was 979,000 tons (a year - on - year decrease of 15%), and that of containerboard was 1.609 million tons (a year - on - year decrease of 16%) [38][41] 3. Demand - **Annual Terminal Demand**: The terminal consumption of corrugated and containerboard paper has been steadily increasing. In 2024, the domestic annual consumption of corrugated paper was 25.65 million tons (a year - on - year increase of 1.6%), and that of containerboard was 35.61 million tons (a year - on - year increase of 6.2%). From 2014 - 2024, the compound annual growth rate (CAGR) of corrugated paper consumption was about 2.6%, and that of containerboard was about 3.3% [47] - **Seasonal Demand**: The apparent consumption of containerboard and corrugated paper has obvious seasonal characteristics. The first four months of the year, June, and the fourth quarter are usually peak consumption seasons. From January to April 2025, the apparent consumption of containerboard was 11.76 million tons (a year - on - year increase of 7%), and that of corrugated paper was 8.486 million tons (a year - on - year increase of 4%). The potential difference in expectations lies in whether Sino - US trade friction will affect the demand of export - oriented enterprises [49] - **Export**: Before the tightening of foreign waste import policies, domestic corrugated and containerboard paper mainly met domestic demand. After the policy change, the export volume decreased significantly, and currently, the export - to - domestic - demand ratio of both is less than 1%. The proportion of the US in China's corrugated and containerboard paper export market is low, and tariff policies have a low direct impact on packaging paper exports [55] - **Inventory**: As of April 2024, the social inventory of containerboard and corrugated paper was at a five - year low, and the destocking process was nearly complete. However, enterprise inventory was at a relatively high level and still needed to be reduced [63] 4. Market Outlook - **Corrugated Paper Supply - Demand Balance**: In 2025, the production is expected to be 24.049 million tons (a year - on - year increase of 5.2%), the import volume is expected to be 2.202 million tons (a year - on - year decrease of 18%), the export volume is expected to be 74,000 tons (a year - on - year decrease of 20%), and the consumption is expected to be 26.214 million tons (a year - on - year increase of 2.2%). Inventory is expected to decline slightly [68] - **Containerboard Supply - Demand Balance**: In 2025, the production is expected to be 32.722 million tons (a year - on - year increase of 9.6%), the import volume is expected to be 4.562 million tons (a year - on - year decrease of 18.5%), the export volume is expected to be 188,000 tons (a year - on - year increase of 40%), and the consumption is expected to be 37.279 million tons (a year - on - year increase of 4.7%). Inventory is expected to decline slightly [71]

证券代码：002511 证券简称：中顺洁柔 公告编号：2025-30 《中国证券报》及巨潮资讯网（http://www.cninfo.com.cn）上披 露的相关公告。 一、回购股份进展情况 根据《上市公司股份回购规则》和《深圳证券交易所上市公司自律监管指引 第 9 号——回购股份》等相关规定，上市公司应当在每个月的前 3 个交易日内公 告截至上月末的回购进展情况。现将公司回购股份进展情况公告如下： 截至 2025 年 5 月 31 日，公司通过回购专用证券账户以集中竞价交易方式累 计回购公司股份 2,100,000 股，占公司目前总股本的 0.16%，其中，最高成交价 为 6.50 元/股，最低成交价为 6.01 元/股，成交总金额为 13,216,384 元（不含交易 费用）。 二、 其他说明 公司回购股份的时间、回购股份数量、回购股份价格及集中竞价交易的委托 时间段符合《上市公司股份回购规则》和《深圳证券交易所上市公司自律监管指 引第 9 号——回购股份》的相关规定。具体如下： 中顺洁柔纸业股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 中 ...

Core Viewpoint - The company, as a leading player in the specialty paper industry, is expanding its production capacity and diversifying its product offerings, which is expected to enhance its revenue and profitability in the coming years [2][4][12]. Company Overview - The company has a total designed production capacity of 2.134 million tons per year, with key products including food packaging materials (780,000 tons/year) and glassine paper (210,000 tons/year) [3][18]. - The company has recently completed new production lines, including a 600,000 tons/year industrial packaging materials line in Hubei and a 10,000 tons/year digital transfer paper line in Jiangxi, which will further enhance its product supply capabilities [4][18]. Financial Performance - The company's revenue is projected to grow significantly due to the integration of acquired companies and the ramp-up of production capacity, with a notable increase in net profit expected [4][5]. - As of March 2025, the company's total assets were 116.84 billion, with total debt at 68.01 billion, indicating a high debt level and financial leverage [3][10]. Market Environment - The specialty paper market is experiencing pressure on sales prices due to increased competition and capacity expansion, particularly in the food packaging segment, which is affected by the decline in white cardboard prices [12][13]. - The demand for food packaging paper is supported by trends in the restaurant and takeaway sectors, driven by policies promoting eco-friendly packaging [13][14]. Risks and Challenges - The company faces risks related to the construction and operation of new projects, including a significant investment in a chemical pulp project and a public terminal project, which have long construction periods and uncertain operational outcomes [6][21]. - The company is also exposed to fluctuations in wood pulp prices and foreign exchange risks, as it continues to rely on imported wood pulp for its production [6][15]. Future Outlook - The company maintains a stable credit rating outlook, reflecting its strong market position and ongoing capacity expansion efforts [7]. - The overall industry is expected to see continued growth in production, but demand recovery remains uncertain, leading to potential supply-demand imbalances [12][15].

Group 1 - The legal opinion letter is issued by Shanghai Jintiancheng Law Firm regarding the 2024 annual general meeting of Shandong Bohui Paper Industry Co., Ltd. [1][2] - The meeting was convened by the company's board of directors, with the decision made during the fifth meeting of the eleventh board on April 28, 2025 [2][3] - The notice for the annual general meeting was published on April 30, 2025, and included details such as the meeting date, time, and voting procedures [3] Group 2 - A total of 257 shareholders and their proxies attended the meeting, representing 548,838,618 shares, which is 44.3752% of the total voting shares [5] - The qualifications of the attending shareholders and other participants, including directors and senior management, were verified and deemed valid [5][11] Group 3 - The meeting discussed and voted on several proposals, all of which were within the authority of the shareholders' meeting and consistent with the announced agenda [6][11] - Voting was conducted through both on-site and online platforms, with specific time slots allocated for each method [3][6] Group 4 - The voting results showed a high level of agreement on the proposals, with the majority receiving over 99% approval from the attending shareholders [6][7][8] - The voting results for small investors indicated a significant majority in favor of the proposals, with percentages ranging from 80% to over 83% [10]

Core Points - The company held its annual general meeting on May 29, 2025, with a total attendance representing 44.3752% of the shares [1] - All proposed resolutions were passed during the meeting, with significant support from shareholders [2] Meeting Details - The meeting was convened at the company's office and chaired by the chairman, Lin Xinyang [1] - Voting was conducted through a combination of on-site and online methods, complying with legal and regulatory requirements [1] Voting Results - The voting results showed overwhelming support for the resolutions, with the highest approval rate being 99.6429% for the annual salary proposal [2] - Specific voting numbers included 546,879,098 votes in favor and 1,231,320 against for the salary proposal, indicating strong shareholder confidence [2] - The resolutions related to the annual profit distribution and the appointment of financial auditing and internal control institutions were also approved with similar high support [2]

Group 1 - Yibin Paper's stock price has surged by 178% since April 8, 2025, reaching a historical high by May 27, 2025 [1] - Major shareholder Shudao Investment Group reduced its stake by 341.46 million shares, representing a 1.93% decrease, bringing its ownership down from 11.93% to 10.001% [1] - The reduction in stake will not significantly impact the company's governance structure or ongoing operations [1] Group 2 - The recent stock price increase is primarily attributed to an acquisition, where Yibin Paper acquired 67% of Sichuan Pushi Acetate Fiber Co., Ltd. for 206 million yuan [3] - The acquired company reported a net profit of 149 million yuan in 2023, with a low price-to-earnings ratio of 2 [3] - Despite the acquisition, Yibin Paper's overall performance in 2024 is expected to decline, with projected revenue of 2.238 billion yuan, a decrease of 8.34%, and a net loss of 128 million yuan [3] - In Q1 2025, Yibin Paper's revenue increased to 612 million yuan, a year-on-year growth of 9.51%, and net profit reached 16.027 million yuan, up 99.80% [3] - Shudao Group's decision to reduce its stake may indicate that it believes the stock price has already reflected the benefits of the acquisition [3]

Core Viewpoint - Yibin Paper (600793) announced a reduction in shares by its major shareholder, Shudao Investment Group, which sold 3.4146 million shares, accounting for 1.93% of the company’s total shares. This occurred during a period when Yibin Paper's stock price surged by 178% from April 8 to the recent peak [2][4]. Shareholder Activity - Shudao Investment Group reduced its stake from 11.93% to 10.001% through centralized bidding from April 24 to May 27 [2][3][4]. - The reduction in shares was executed through a centralized bidding process, and the shares were originally acquired during a non-public offering by the former Sichuan Railway Industry Investment Group [2][4]. Stock Performance - Yibin Paper's stock price increased from 14.66 CNY per share on April 8 to a peak of 40.79 CNY, marking a significant rise of 178% [4]. - Following the surge, the stock price experienced a decline of 10% on the day of the announcement [5]. Financial Performance - In 2024, Yibin Paper reported a revenue of 2.238 billion CNY, a year-on-year decrease of 8.34%, and a net loss of 128 million CNY, reversing from profit due to declining paper prices and rising raw material costs [5]. - The first quarter of 2024 showed recovery with a revenue of 612 million CNY, a year-on-year increase of 9.51%, and a net profit of 16.03 million CNY, up 99.80%, attributed to the newly acquired acetic acid fiber business [5]. Acquisition Impact - The significant stock price increase was primarily driven by Yibin Paper's acquisition of a 67% stake in Sichuan Push Acetic Acid Fiber Co., Ltd. for 206 million CNY, which reported a net profit of 149 million CNY in 2023 with a low price-to-earnings ratio of 2 [4]. - The acquisition has opened new growth opportunities for Yibin Paper following the release of new merger regulations [4].

Core Viewpoint - The stock of Rongsheng Environmental Protection (603165.SH) experienced a significant drop of 6.11% on May 27, closing at a market value of 2.97 billion yuan due to news regarding the personal issues of its controlling shareholder, Feng Ronghua [1][2]. Company Announcement - Rongsheng Environmental Protection announced that it received a notification regarding Feng Ronghua being taken into custody by law enforcement for personal reasons, clarifying that this matter is unrelated to the company and that its operations remain normal [2][4]. - The company confirmed that Feng Ronghua has resigned from all positions within the company, including Chairman and legal representative, due to reaching the statutory retirement age [4][5]. Shareholding Structure - Feng Ronghua held a 38.31% stake in the company, while other family members, including Zhang Yunfang and Feng Shengyu, held 4.77%, 4.31%, and 4.31% respectively [4]. Board Restructuring - Following Feng Ronghua's resignation, the board of directors elected Feng Shengyu as the new Chairman and head of the Strategic Committee, while Zhang Yunfang was appointed as a member of the Audit Committee [4][5]. - Feng Shengyu, born in 1992, has been with the company since 2018 and previously held positions including Sales Manager and Vice General Manager [5].