Group 1 - The company, Hengan International (01044), has completed the issuance of the third phase of ultra-short-term financing bonds amounting to RMB 2 billion, with an annual interest rate of 1.68% and a term of 183 days [1] - The results of the third phase of ultra-short-term financing will be published on the China Money website and the Shanghai Clearing House website [1] - Following this issuance, there remains an approved but unissued debt financing tool amounting to RMB 800 million [1]

山東晨鳴紙業集團股份有限公司 SHANDONG CHENMING PAPER HOLDINGS LIMITED* （於中華人民共和國註冊成立的股份有限公司） （股份代號：1812） 海外監管公告 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列山東晨鳴紙業集團股份有限公司在深圳證券交易所網站刊登日期為二零二 六年三月三十日的「關於山東晨鳴紙業集團股份有限公司2025年度上期非標事項 在本期消除的專項說明」，僅供參閱。 承董事會命 山東晨鳴紙業集團股份有限公司 姜言山 主席 中國，山東 二零二六年三月三十日 於本公告日期，執行董事為姜言山先生、李偉先先生、劉培吉先生、孟峰先生和 朱艷麗女士；非執行董事為宋玉臣先生及王穎女士；及獨立非執行董事為張志元 先生、羅新華先生、萬剛先生及孔鵬志先生。 一、上期非标事项的具体内容 致同会计师事务所（特殊普通合伙） nt I hornton ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 山東晨鳴紙業集團股份有限公司 SHANDONG CHENMING PAPER HOLDINGS LIMITED* （於中華人民共和國註冊成立的股份有限公司） （股份代號：1812） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列山東晨鳴紙業集團股份有限公司在深圳證券交易所網站刊登日期為二零二 六年三月三十日的「山東晨鳴紙業集團股份有限公司二〇二五年度審計報告」，僅 供參閱。 承董事會命 山東晨鳴紙業集團股份有限公司 姜言山 主席 中國，山東 二零二六年三月三十日 於本公告日期，執行董事為姜言山先生、李偉先先生、劉培吉先生、孟峰先生和 朱艷麗女士；非執行董事為宋玉臣先生及王穎女士；及獨立非執行董事為張志元 先生、羅新華先生、萬剛先生及孔鵬志先生。 * 僅供識別 山东晨鸣纸业集团股份有限公司 二〇二五年度 审计报告 致同会计师事务所（特殊普通合伙） 目 录 | ...

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - In the short term, the imported pulp spot market is expected to continue the stalemate, with pulp prices in a dilemma. On one hand, high foreign offers and traders' holding costs limit the downside space; on the other hand, weak downstream demand and pressured margins limit the upside. It is recommended to pay attention to changes in foreign offers, port destocking rhythm, and downstream base paper price transmission [97]. 3. Summary According to the Table of Contents 3.1 Industry News - As of March 26, 2026, the pulp inventory at Changshu Port was 623,000 tons, a week - on - week increase of 122,000 tons or 24.4%. Qingdao Port's inventory was 1,576,000 tons, a week - on - week decrease of 17,000 tons or 1.1%. Gaolan Port's inventory was 70,000 tons, a week - on - week increase of 3,000 tons or 4.5%. The total inventory of mainstream ports was 2,395,000 tons, a week - on - week increase of 98,000 tons or 4.3% [5][6]. - Suzano will increase the offer of eucalyptus pulp in the Asian market by $20/ton and in the European and American markets by $50/ton in April 2026, effective April 1st [6]. - Arauco adjusted its March pulp offers, with softwood pulp at $680/ton, hardwood pulp Star at $620/ton (75% supply), and natural pulp Venus at $620/ton [7]. - The environmental impact assessment of the 5.57 - million - ton expansion project of Liansheng Pulp and Paper (Zhangzhou) Co., Ltd. was publicly announced. The project has a construction period of 6 years and an investment of 17.6 billion yuan [7]. 3.2 Market Data 3.2.1 Market Trends - On March 27, 2026, the basis of Silver Star was - 2 yuan/ton, a week - on - week increase of 85.71%; the basis of Russian Needle was - 152 yuan/ton, a week - on - week increase of 7.32%; the Silver Star - Russian Needle spread was 150 yuan/ton, with no week - on - week change [14]. - On March 27, 2026, the 05 - 07 month spread was not provided, and the 07 - 09 month spread was - 42 yuan/ton, a week - on - week increase of 27.59%; the 09 - 11 month spread was - 36 yuan/ton, a week - on - week increase of 28.00% [19]. 3.3 Fundamental Data 3.3.1 Price - The spread between Silver Star and Goldfish and between Russian Needle and Goldfish remained stable. On March 27, 2026, the Silver Star - Goldfish spread was 600 yuan/ton, and the Russian Needle - Goldfish spread was 450 yuan/ton, with no week - on - week change [23][25]. - The import profits of softwood and hardwood pulp improved week - on - week. On March 27, 2026, the import profit of softwood pulp (Silver Star) was - 427 yuan/ton, a week - on - week increase of 6.66%; the import profit of hardwood pulp (Star) was - 324 yuan/ton, a week - on - week increase of 9.24% [28]. - The price of the main pulp contract rose from a low level. The spot price of imported softwood pulp increased with the market, but downstream acceptance of high prices was low. The spot price of imported hardwood pulp rose slightly, but downstream replenishment was cautious [30][35]. - On March 27, 2026, the prices of softwood pulp such as Silver Star, Cariboo, and Northern Wood were 5,200 yuan/ton, 5,450 yuan/ton, and 5,450 yuan/ton respectively, with week - on - week increases of 0.97%, 0.93%, and 0.93% [33]. - On March 27, 2026, the prices of hardwood pulp such as Goldfish, Star, and Bird were 4,600 yuan/ton, 4,600 yuan/ton, and 4,550 yuan/ton respectively, with week - on - week increases of 1.10%, 1.10%, and 1.11% [37]. - On March 27, 2026, the prices of natural pulp (Venus) and chemimechanical pulp (Kunhe) were 4,800 yuan/ton and 3,800 yuan/ton respectively, with no week - on - week change [40]. 3.3.2 Supply - The wood chip purchase prices of some paper enterprises in East China increased this week. On March 27, 2026, the purchase prices of eucalyptus chips by Liansheng Pulp and Paper and poplar chips by Wuzhou Special Paper were 1,260 yuan/ton and 1,340 yuan/ton respectively [42][44]. - The supply of domestic pulp decreased this period. On March 26, 2026, the daily average price of Chinese chemimechanical pulp was 3,816.67 yuan/ton, and the daily ex - factory price of Asia - Pacific Senbo's hardwood pulp was 4,850 yuan/ton [46][48]. - In February 2026, the pulp port inventory in Europe increased year - on - year and month - on - month. In January 2026, the global pulp outbound volume decreased year - on - year and month - on - month [50][52]. - In January 2026, the shipment volume of W20 softwood pulp was low and the inventory was high; the inventory of hardwood pulp decreased, the shipment volume increased, and the inventory days dropped to a year - on - year low [54][56]. - In January 2026, the export volume of softwood pulp from five countries (Canada, Chile, Finland, Sweden, and the United States) to China continued to increase month - on - month. In February 2026, the export volume of Chilean softwood pulp to China decreased seasonally [58][60]. - In January 2026, the export volume of hardwood pulp from four countries (Brazil, Indonesia, Uruguay, and Chile) to China decreased month - on - month. In February 2026, the export volume of Brazilian and Uruguayan hardwood pulp to China increased month - on - month, while that of Chile decreased [64][63]. - From January to February 2026, the cumulative import volume of Chinese softwood pulp decreased by 6.96% year - on - year, and that of hardwood pulp decreased by 5.04% year - on - year [66]. 3.3.3 Demand - The domestic offset paper market declined this period. Supply increased, but demand was weak, and the market was dull [70]. - The domestic coated paper price declined slightly this period. Supply increased, but demand was weak, and the market was dull [74]. - The white cardboard price declined this period. Supply increased, but the cost pressure from imported wood pulp made large manufacturers maintain a price - increasing attitude [78]. - The tissue paper price declined this period. Demand was weak, and the cost support from pulp was not strong [82]. - In December 2025, the retail sales of books, newspapers, magazines, Chinese and Western medicines, and tobacco and alcohol products increased month - on - month, while the retail sales of cosmetics decreased month - on - month. The retail sales of cultural and office supplies and cosmetics were at a high level year - on - year [88]. 3.3.4 Inventory - On March 27, 2026, the warehouse receipt quantity of pulp in warehouses was 170,600 tons, a week - on - week increase of 3.32%; the warehouse receipt quantity in factories was 15,000 tons, a week - on - week decrease of 11.76% [89]. - As of March 27, 2026, the inventory at Qingdao Port was 1,576,000 tons, a week - on - week decrease of 1.07%; the inventory at Changshu Port was 623,000 tons, a week - on - week increase of 24.35%; the inventory at Gaolan, Tianjin, and Rizhao Ports was 196,000 tons, a week - on - week decrease of 3.45%. The total inventory of the five ports was 2,395,000 tons, a week - on - week increase of 4.27% [94].

Group 1: Report Information - Report Type: Pulp Daily Report [1] - Date: March 26, 2026 [2] - Research Team: Energy and Chemical Research Team [4] Group 2: Market Review and Operation Suggestions - **Futures Market**: The pre - settlement price of the pulp futures 05 contract was 5,222 yuan/ton, and the closing price was 5,224 yuan/ton, a 0.04% increase. The SP2609 contract rose 0.23%, and the SP2701 contract rose 0.14% [7]. - **Spot Market**: The intended transaction price range of softwood pulp in the Shandong market was 4,640 - 5,350 yuan/ton, with the low - end price down 10 yuan/ton from the previous trading day. The price of Shandong Yinxing was 5,220 - 5,240 yuan/ton [7]. - **Supply and Demand**: Suzano announced price increases for eucalyptus hardwood pulp in April 2026. According to PPPC, the chemical pulp shipments of 20 major pulp - producing countries in January decreased by 0.9% year - on - year, softwood pulp by 5.5%, and hardwood pulp increased by 3.5%. In February 2026, the European wood pulp inventory was 703,600 tons, a 3.3% month - on - month increase and a 5.8% year - on - year decrease; consumption was 820,700 tons, a 1.2% month - on - month increase and a 3.4% year - on - year increase. The cumulative pulp imports from January to February 2026 were 6.0439 million tons, a 5.4% year - on - year decrease. As of March 19, 2026, the weekly pulp inventory in major regions and ports was 2.1888 million tons, a 5.89% month - on - month decrease. The supply - demand contradiction in the pulp market still exists, and it will run in a short - term low - level range [8]. Group 3: Industry News - **Arauco's Price Adjustment**: In March, Arauco adjusted the price of softwood pulp Yinxing to 680 US dollars/ton, maintained the price of hardwood pulp Mingxing at 620 US dollars/ton with 75% supply, and maintained the price of natural pulp Jinxing at 620 US dollars/ton [9]. - **Jiulong Paper's Project**: Jiulong Paper (Hubei) Co., Ltd. plans a total investment of 20.5 billion yuan, with a total area of 3,994 mu. After full operation, the total output value will reach 23 billion yuan, with taxes and profits of 1.8 billion yuan and 3,500 new jobs. The project started in October 2020, the first - phase project was put into operation at the end of 2022, the second and third - phase projects were fully put into operation in September 2025, and the fourth - phase project is under planning. In 2025, its industrial output value was 5.606 billion yuan, a 34.35% year - on - year increase [9]. Group 4: Data Overview - **Graphs**: The report includes graphs such as import bleached softwood pulp spot price in Shandong, pulp futures price, pulp spot - futures price difference, softwood - hardwood price difference, inter - delivery spread, European major port wood pulp inventory, copperplate paper and offset paper price and spread, white cardboard and whiteboard paper price and spread, and US dollar to RMB exchange rate [15][17][19][24][30]

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core View - No clear core view is presented in the report. It mainly provides data on the pulp market, including prices, spreads, and profit margins. 3. Summary According to Related Content SP Main Contract Information - The closing price of the SP main contract on March 24, 2026, was 5210.00. The closing prices on previous days were 5188.00 (March 23), 5164.00 (March 20), 5104.00 (March 19), and 5040.00 (March 18). The corresponding dollar prices were 660.41, 655.82, 655.07, 645.51, and 639.63 respectively. The daily price changes were 0.42406%, 0.46476%, 1.17555%, 1.26984%, and -0.94340% [3]. - The Shandong Yinxing basis was 25 on March 24, 2026, and was 2, 6, 21, and 25 on previous days. The Jiangsu, Zhejiang, and Shanghai Yinxing basis was 35 on March 24, 2026, and was 2, 6, 16, and 35 on previous days [3]. Import Profit Information - With a 13% VAT calculation, for Canadian pulp, the CFR price of Golden Lion was 780 dollars, and the RMB price in Shandong was 6300, with an import profit of 157.15. The CFR price of Lion was 730 dollars, and the RMB price in Shandong was 5240, with an import loss of 543.56. For Chilean pulp, the CFR price of Yinxing (90 - day letter of credit) was 710 dollars, and the RMB price in Shandong was 5235, with an import loss of 362.85 [4]. Pulp Price and Margin Information - From March 18 to March 24, 2026, the national average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp remained unchanged at 6073.75, 4810.75, 5415.00, and 3686.25 respectively. The average prices in Shandong also remained unchanged [5]. - The indices of cultural paper (double - offset and double - copper), packaging paper (white card), and the living paper index showed little change from March 19 to March 24, 2026. The living paper index decreased by 2 [5]. - The profit margins of double - offset paper, double - copper paper, white card, and living paper changed from March 19 to March 24, 2026. The changes were -0.1524, -0.1500, -0.1057, and -0.9113 respectively [5]. Pulp Spread Information - The spread between softwood and hardwood pulp on March 24, 2026, was 645.00, and it was 600, 620, 600, and 540 on previous days. The spread between softwood and natural pulp was -165 on March 24, 2026, and was -210, -230, -275, and -335 on previous days [5]. - The spread between softwood and chemimechanical pulp was 1425 on March 24, 2026, and was 1380, 1360, 1315, and 1255 on previous days. The spread between softwood and waste paper was 3659 on March 24, 2026, and was 3614, 3594, 3549, and 3489 on previous days [6].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints of the Report - Current logic: The cancellation of warehouse receipts and the destocking of ports have improved the spot market sentiment, leading to a rebound in the futures market as short - sellers reduce their positions. The market is in a state of long - short game, with the pressure of high inventory and weak demand for softwood pulp in the real - world market and the supply cuts by overseas pulp mills due to cost and energy pressures being the key points of the game. The stable domestic fundamentals and historically low valuations support the spot and futures prices of pulp, but the主动 price cuts by overseas suppliers and the appreciation of the RMB have lowered the forward import cost, suppressing the upside potential of the futures market [16]. - Long - term outlook: The traditional consumption peak seasons in March and April are expected to provide seasonal support for the pulp market. Although there is a slight increase in shipments from overseas pulp mills, there is no large - scale new supply. The downstream factories continue their just - in - time procurement strategy, but the peak season will boost production and demand. The increased bargaining power of domestic downstream buyers has forced international pulp suppliers to lower their US - dollar quotes. With the appreciation of the RMB, the import cost has decreased, expanding the profit margin for downstream industries. If the price increase of finished paper can be successfully implemented, the industry's profit and price space will be further expanded, providing room for pulp price increases. However, the high port inventory and the decrease in forward import and warehouse - receipt costs may limit the upside potential of the near - and far - term futures markets, and the abundant supply in the spot and trading markets may lead to price and basis competition, making it difficult for the market to have a significant unilateral upward trend [17]. Summary According to the Directory Part 1: Pulp Overview Supply Side - Domestic production: In this cycle, the sample production of domestic hardwood pulp was 261,000 tons, an increase of 23,000 tons from the previous cycle. The price of domestic hardwood pulp remained stable, but the market sentiment was weak, and the price was unlikely to fluctuate significantly. The production of chemimechanical pulp was 245,000 tons, unchanged from the previous cycle [7]. - Imports: In March, the total pulp import volume was 2.8 million tons, a decrease of 444,000 tons from the previous month, with a year - on - year decrease of 5.56%. The import volume of hardwood pulp was 1.471 million tons, a decrease of 43,900 tons from the previous month, with a year - on - year decrease of 5.08%. The import volume of softwood pulp was 580,000 tons, a decrease of 259,400 tons from the previous month, with a year - on - year decrease of 6.96%. The import volume of softwood chips was 27,000 tons, a decrease of 18,000 tons from the previous month, with a year - on - year increase of 20%. The import volume of hardwood chips was 1.146 million tons, a decrease of 382,000 tons from the previous month, with a year - on - year increase of 11.14% [7]. Demand and Inventory Side - Demand: The production of downstream products such as tissue paper, offset paper, coated paper, and white cardboard increased slightly, and the pulp consumption also increased. The weekly pulp demand was 938,300 tons, an increase of 50,300 tons from the previous week, with a year - on - year increase of 5.69% [9]. - Inventory: Port inventory showed a destocking trend as downstream buyers replenished their stocks at low prices. The total port inventory was 2.229 million tons, a decrease of 102,000 tons from the previous week, with a year - on - year increase of 23.8%. The warehouse - receipt inventory was in the process of continuous registration with a small amount of cancellation. The total inventory (port + warehouse - receipt) was 2.4003 million tons, a decrease of 102,900 tons from the previous week, with a year - on - year increase of 4.34%. The finished - product inventory of downstream products such as tissue paper, offset paper, coated paper, and white cardboard increased at a slower pace as terminal consumption gradually recovered [9]. Price and Spread - Quotations: Some foreign quotes for softwood pulp decreased by $10 per ton. - Spot prices: Supported by the expectation of inventory replenishment and the peak season, the spot prices had some support, but the high port inventory limited the upside potential. - Futures prices: The cancellation of warehouse receipts and port destocking improved the spot sentiment, leading to a rebound in the futures market. However, the active price cuts by overseas suppliers and the weak demand led to short - sellers increasing their positions. The market was in a long - short game, with high inventory and weak demand in the real - world market and supply cuts by overseas pulp mills being the key points of the game. The stable domestic fundamentals and low valuations provided some support for the spot and futures prices [11]. - Spreads: The difference between softwood and hardwood pulp prices continued to shrink to a relatively low level, which might drive the digestion of old softwood pulp. The spreads between different futures contracts were relatively stable, and the basis was also relatively stable [11]. Cost and Profit - Cost: The domestic production cost of hardwood pulp was relatively stable, while the import cost of pulp decreased due to the decrease in foreign quotes and the appreciation of the RMB. - Profit: The profit of domestic pulp production remained stable. The profit of imported pulp was expected to improve continuously. The profit of finished paper improved due to the price increase of finished products and the decrease in raw material costs caused by the appreciation of the RMB [13]. Part 2: Pulp Balance Sheet - The balance sheet shows the supply, demand, inventory, and other data of pulp from January 2025 to April 2026, including domestic production, imports, downstream production, pulp consumption, inventory, and other indicators, which can be used to analyze the supply - demand relationship and market trends of the pulp market [21]. Part 3: Pulp Supply - Demand Analysis Global Pulp Supply - Demand Analysis - Supply: The shipment of W20 global pulp to China is analyzed, but specific data is not provided in the given content. - Demand and Inventory: The apparent demand and inventory in Europe are analyzed, but specific data is not provided in the given content. Domestic Pulp Supply - Demand Analysis - Supply Side - Pulp imports: The import volume of pulp, including softwood pulp, hardwood pulp, chemimechanical pulp, and本色 pulp, is analyzed, and the import volume and year - on - year changes of different types of pulp from 2022 to 2025 are presented through charts [36][39][59]. - Wood chip imports: The import volume of softwood chips and hardwood chips from 2022 to 2025 is analyzed, and the import volume and year - on - year changes are presented through charts [67]. - Demand Side - Pulp apparent demand: The apparent demand of pulp is analyzed, but specific data is not provided in the given content. - Downstream finished - paper analysis: The production, supply, demand, and other aspects of downstream finished papers such as tissue paper, offset paper, coated paper, and white cardboard are analyzed, and the production capacity and expected commissioning time of some paper mills are also provided [90]. - Inventory Side: The total inventory of pulp, including warehouse - receipt inventory and port inventory, is analyzed, but specific data is not provided in the given content. Part 4: Cost and Profit - Pulp import cost and profit: The import cost and profit of pulp are analyzed, but specific data is not provided in the given content. - Domestic pulp production cost and profit: The production cost and profit of domestic pulp are analyzed, but specific data is not provided in the given content. Part 5: Pulp Price and Spread Analysis - Pulp foreign quotes: The foreign quotes of pulp are analyzed, but specific data is not provided in the given content. - Spot price seasonality: The seasonality of spot prices is analyzed, but specific data is not provided in the given content. - Spot spread seasonality: The seasonality of spot spreads is analyzed, but specific data is not provided in the given content. - Basis: The basis is analyzed, but specific data is not provided in the given content. - SP main - contract seasonal chart and inter - month spread: The seasonal chart and inter - month spread of the SP main contract are analyzed, but specific data is not provided in the given content.

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The pulp futures 05 contract closed at 5104 yuan/ton, up 0.79% from the previous settlement price. The high - end price of the coniferous pulp in the Shandong wood pulp market decreased by 50 yuan/ton compared to the previous trading day. The port inventory is accelerating the destocking process, and the pulp price rebounded after breaking through the integer - level support. It is necessary to pay attention to the support strength [7][8] - The demand for household paper and fluff pulp remains strong, and it is expected to account for two - thirds of the global coniferous wood pulp demand by 2030. NBSK has strategic value due to its excellent fiber strength, good adaptability, and ability to improve production efficiency [9] 3. Summary by Directory 3.1 Market Review and Operation Suggestions - The pulp futures 05 contract had a previous settlement price of 5064 yuan/ton and a closing price of 5104 yuan/ton, with an overall increase of 0.79%. The intended transaction price range of coniferous pulp in the Shandong wood pulp market was 4500 - 5300 yuan/ton, and the high - end price dropped by 50 yuan/ton compared to the previous trading day. The offer price of Shandong Yinxing was 5030 - 5050 yuan/ton [7] - Arauco's March wood pulp FOB prices: coniferous pulp Yinxing remained at $710/ton; natural pulp Jinxing remained at $620/ton; broad - leaf pulp Mingxing increased by $20/ton to $620/ton. In January, the chemical pulp shipments of the world's top 20 pulp - producing countries decreased by 0.9% year - on - year, coniferous pulp decreased by 5.5% year - on - year, and broad - leaf pulp increased by 3.5% year - on - year. In February 2026, the European wood pulp inventory was 703,600 tons, a month - on - month increase of 3.3% and a year - on - year decrease of 5.8%; the European wood pulp consumption was 820,700 tons, a month - on - month increase of 1.2% and a year - on - year increase of 3.4%. From January to February 2023, the cumulative pulp import volume was 6.0439 million tons, a year - on - year decrease of 5.4%. As of March 19, 2026, the weekly pulp inventory in major regions and ports decreased by 5.89% month - on - month. Some downstream paper mills still face inventory pressure, with slow overall shipments and average market sales [8] 3.2 Industry News - On March 19, the CEO of Stora Enso analyzed the structural changes and impacts in the current pulp market. He pointed out that even under the background of continued macro - economic uncertainty, geopolitical tensions, and the gradual decline in the demand for printing and writing paper, the demand for household paper and fluff pulp remains strongly growing. It is expected that by 2030, household paper and fluff pulp will account for two - thirds of the global coniferous wood pulp demand. NBSK has strategic value as it can help customers optimize production operations, with higher tensile strength, lower beating energy consumption, and improved paper machine operation efficiency [9] 3.3 Data Overview - The report provides multiple data charts, including import bleached softwood pulp spot prices in Shandong, pulp futures prices, pulp spot - futures price differences, needle - broadleaf price differences, inter - period price differences, warehouse receipt totals, domestic main port pulp inventories, European main port wood pulp inventories, prices and price differences of coated paper and offset paper, prices and price differences of white cardboard and white board paper, and the US dollar - RMB exchange rate [15][17][19][22][27][30]

Report Information - Report Date: March 19, 2026 [2] - Report Type: Pulp Daily Report [1] Investment Rating - Not provided in the report. Core Viewpoints - The pulp market is showing a weak trend. The pulp futures 05 contract has declined, and the spot price of coniferous pulp in Shandong has also decreased. The fundamentals of the pulp market lack positive drivers, and the game between upstream and downstream is intensifying. [7][8] Summary by Directory 1. Market Review and Operation Suggestions - **Futures Market**: The previous settlement price of the pulp futures 05 contract was 5,148 yuan/ton, and the closing price was 5,040 yuan/ton, a decline of 2.10%. The 09 contract rose by 0.56%, and the 2701 contract fell by 0.99%. [7] - **Spot Market**: The intended transaction price range of coniferous pulp in the Shandong wood pulp market is 4,500 - 5,350 yuan/ton, with the high - end price down 50 - 100 yuan/ton from the previous trading day. The price of Shandong Yinxing is 5,050 - 5,080 yuan/ton. [7] - **Foreign Offers**: Chile's Arauco Company's March wood pulp foreign offers: Coniferous pulp Yinxing remained flat at $710/ton; Natural pulp Jinxing remained flat at $620/ton; Broad - leaf pulp Mingxing rose $20/ton to $620/ton. [8] - **Industry Data**: In January, the chemical pulp shipments of 20 major pulp - producing countries decreased by 0.9% year - on - year, with coniferous pulp down 5.5% and broad - leaf pulp up 3.5%. In February 2026, the European wood pulp inventory was 703,600 tons, up 3.3% month - on - month and down 5.8% year - on - year; the consumption was 820,700 tons, up 1.2% month - on - month and 3.4% year - on - year. From January to February 2023, the cumulative pulp import volume was 6.0439 million tons, a year - on - year decrease of 5.4%. As of March 12, 2026, the weekly pulp inventory in major regions and ports was 2.3257 million tons, a month - on - month decrease of 2.64%. [8] 2. Industry News - On March 17, Nine Dragons Paper issued its third batch of price increase letters this month, announcing that it will continue to raise prices in April, with a single increase of 50 yuan/ton. Multiple production bases will adjust prices in stages and batches in April. The reason for the price increase is the impact of the Middle East situation on energy prices, which has led to a significant increase in the prices of related chemical products and an increased risk of unstable supply, resulting in a continuous increase in the group's operating costs. [9] 3. Data Overview - The report provides multiple data charts, including import bleached softwood pulp spot prices in Shandong, pulp futures prices, pulp spot - futures price differences, needle - broadleaf price differences, inter - period price differences, warehouse receipt totals, domestic main port pulp inventories, European main port wood pulp inventories, prices and price differences of coated paper and offset paper, prices and price differences of white cardboard and whiteboard paper, and the US dollar - RMB exchange rate. [15][17][19][22][27][30]

Company Overview - Qifeng New Materials Co., Ltd. is a leading enterprise in specialty paper production, focusing on decorative new materials with a production capacity exceeding 500,000 tons [2][3] - The company has established various research and development centers, including an academician workstation and a postdoctoral research station [2] Industry Trends - The demand for decorative paper is increasing due to urban renovation, consumption upgrades, and the expansion of application fields [3] - Decorative paper is favored for its personalized, lightweight, aesthetically pleasing, and environmentally friendly characteristics, aligning with the national "dual carbon" strategy [3] Product Series and Applications - The company’s main products are categorized into four series: decorative paper, latex paper, personal hygiene materials, and others [4] - Decorative paper, which accounts for the highest revenue share, is used in furniture, flooring, and fireproof boards, and is recognized for its excellent properties such as heat insulation and fire resistance [4] Financial Performance - In Q3 2025, the company reported a revenue of CNY 850 million, a year-on-year increase of 8.06%, with a net profit of CNY 39.29 million, up 1608.27% [5] - Cumulative dividends since listing amount to CNY 1.207 billion, reflecting a commitment to shareholder returns [6] New Product Development - Recent innovations include digital printing decorative paper and latex paper, with over 20% of new product sales coming from outside the decorative paper category [7] - The company is the only domestic supplier of high and medium-grade latex paper, filling significant market gaps [7] Production Capacity and Strategy - The company has established a dual-base production strategy with a facility in Guangxi and another in Shandong, enhancing production efficiency and customization capabilities [8] - With 24 advanced paper machine production lines, the company aims to further optimize its production structure and increase the proportion of high-margin products [8] Market Position in Latex Paper - The global latex paper market is approximately 90,000 tons, with high-end latex paper accounting for about 40,000 tons [10] - The company has over 40 mature latex paper varieties, significantly increasing its market share and reducing dependency on foreign suppliers [11]