本报讯(记者肖伟) 8月29日晚间，岳阳林纸（600963）股份有限公司(以下简称"岳阳林纸")公告，2025年上半年，公司实 现营业收入约44.84亿元，实现归属于上市公司股东的净利润约1.41亿元。 作为国内大型文化纸、商品浆研发和生产企业，岳阳林纸主要从事文化用纸、包装用纸、工业用纸、商 品浆等产品的研发、生产和销售，目前拥有造纸产能140万吨/年，商品浆产能40万吨/年。公司秉承"红 色基因绿色纸品"理念，注重清洁生产与节能减排，荣获国家级"绿色工厂"称号。 在产业布局上，岳阳林纸以林浆纸产业为基础，同时拓展林业勘察设计、生态碳汇开发、景观设计、园 林工程施工养护、生态治理等业务，形成"浆纸+生态"双核发展的产业格局，拥有林业基地及岳阳、怀 化、宁波三大产业基地。 在市场策略方面，公司重点拓展特种针叶浆等高毛利产品市场份额，开发具有竞争力的阔叶木片产品， 加快推进绒毛浆、特种浆项目建设以培育增长新动能。岳阳基地通过消化吸收重大项目建设成果提升节 能降耗水平，积极推进产品转型，稳定机台产品定位，打造差异化竞争优势。 在生产管理方面，岳阳林纸全力推动11号纸机稳产超产，引领岳阳基地提质升级。技术、生产、营 ...

Core Viewpoint - The 2025 Shanghai International Paper Exhibition will be held at the Shanghai New International Expo Center, featuring an exhibition area of 120,000 square meters, with an expected attendance of 100,000 visitors and 1,200 exhibitors, highlighting the importance of outstanding exhibition design for participating companies [1] Group 1: Exhibition Goals and Budget Planning - Companies must clearly define their exhibition objectives, such as launching new packaging paper or enhancing their green brand image through sustainable paper production [3] - Budget allocation is crucial, with recommendations to spend 40%-50% on design and construction, 20%-30% on exhibits, and 10%-20% on personnel and promotion [4] Group 2: Design Key Points - The exhibition style should reflect the company's product characteristics, such as using an art gallery theme for artistic paper or an industrial design for industrial paper [6] - Space layout should include designated areas for product display, meetings, and interactive experiences to enhance visitor engagement [9] Group 3: Material Quality and Construction - It is essential to select materials that meet safety and environmental standards, ensuring structural integrity and health safety during the exhibition [11] - Construction should adhere strictly to design specifications, with a detailed schedule to manage the setup process effectively [13][14] Group 4: Product Arrangement - Products should be displayed according to their characteristics, with lightweight artistic papers suspended and heavier materials stacked for visibility [15] - Special display props can enhance product features, such as showcasing waterproof capabilities through transparent containers [16]

Group 1 - The core viewpoint of the report indicates that the pulp and paper industry is experiencing a bottoming out of profitability, with costs stabilizing and paper prices showing slight recovery in Q1 2025 [1][2] - The report highlights that the overall pulp price is expected to maintain a low-level fluctuation, with domestic demand remaining weak while international prices are experiencing increases due to maintenance shutdowns in overseas pulp mills [2][3] - The cultural paper segment is seeing a gradual recovery in profitability, with major players like Sun Paper benefiting from strategic raw material management and cost control [3][5] Group 2 - The white card paper prices are showing signs of stabilization, with a slight increase in Q1 2025 due to supply disruptions from major producers [4][5] - The special paper segment is witnessing an expansion of leading companies' market share, although prices are under pressure due to weak demand in certain categories [4][5] - The waste paper segment is experiencing price fluctuations, with overall profitability showing improvement, particularly for companies like Nine Dragons Paper [6][7] Group 3 - The report anticipates that the profitability of paper companies may continue to face pressure in Q2 2025 despite cost optimization efforts, with limited new capacity expected from leading firms [7] - Companies to watch include Sun Paper and Xianhe Co., which are expected to see improvements in profitability, along with others like Huawang Technology and Wuzhou Special Paper [8]

Investment Rating - The investment rating for the paper industry is "Positive" [2] Core Viewpoints - The paper industry is experiencing a bottoming cycle with insufficient upward momentum, leading industry leaders to focus on extending their supply chains and enhancing differentiated competitive advantages [12] - The industry is expected to continue facing supply-demand pressures in 2025, with a sustained bottoming of profit cycles as leading companies innovate and expand their scale and differentiation advantages [12] - Major companies are actively expanding their overseas market presence to absorb production capacity [12] Summary by Sections Pulp and Paper Sector - Cost improvements and a slight recovery in paper prices are leading to profit recovery, with Q4 2024 pulp prices hitting a bottom and costs stabilizing [3] - In Q1 2025, low-cost pulp gradually entered inventory, and paper prices saw a slight increase, with companies expected to maintain low costs and moderate profit improvements [3][18] - The domestic pulp market is experiencing price fluctuations, with expectations of continued low-level oscillations in Q2 2025 [19] Cultural Paper - Profitability is gradually recovering, with leading companies performing well despite market challenges [4] - Average prices for double glue paper and copper plate paper in Q4 2024 and Q1 2025 were 5228 and 5435 CNY/ton respectively, showing year-on-year declines but some recovery in Q1 2025 [22] - Companies like Sun Paper are leveraging raw material strategies and cost control to improve profits [22] White Card Paper - Prices are stabilizing at the bottom, with a slight improvement in profitability [23] - The average price for white card paper increased from 4195 CNY/ton in Q4 2024 to 4307 CNY/ton in Q1 2025, benefiting from supply disruptions [23] - Companies are expected to face increased supply pressures in 2025 due to new capacities coming online [23] Specialty Paper - Leading companies are expanding their advantages and market shares [24] - Prices for specialty paper categories are expected to decline due to short-term supply-demand pressures, but some categories are showing signs of recovery [24] - Companies like Xianhe and Wuzhou are expected to benefit from increased production capacity [24] Waste Paper Sector - Prices are fluctuating, with a recovery in profitability observed [26] - The average price for waste paper in Q4 2024 was 1530 CNY/ton, showing a year-on-year increase, while boxboard and corrugated paper prices also saw slight improvements [26] - The overall profitability of waste paper companies is expected to remain under pressure in Q2 2025 despite cost optimizations [26] Investment Recommendations - Focus on companies with integrated pulp and paper operations and improving profitability, such as Sun Paper and Xianhe, as well as those recovering profitability like Huawang Technology and Wuzhou Specialty Paper [8]