根据公司公告，南湖厂区出售的资产包括公司原5号纸机、原6号纸机、原8号纸机、原9号纸机、原12号 纸机、原18号纸机、原19号纸机、原20号纸机、原21号纸机、原22号纸机、原七分厂涂布机、原机修分 厂、原热电分厂、原给水分厂、原加印分厂以及公共部门的不再使用设备及配套备品备件。后根据公司 实际需要，将标的资产中的原5号纸机、原6号纸机及水处理相关设备从拍卖标的资产中剔除。 【资料图】 11月27日，"特种纸龙头"民丰特纸（600235）（600235）发布公告，公司资产二次挂牌拍卖流拍。 公告称，公司拟将南湖厂区不再使用的设备等资产通过嘉兴市产权交易有限公司以公开挂牌方式进行出 售。首次拍卖未征集到意向受让方，拍卖结果为流拍。公司于2025年11月19日审议通过了继续挂牌出售 的议案，并将挂牌价格在首次挂牌基础上下降10%。 2025年11月20日至11月26日期间，公司通过嘉兴产权公司进行了第二次公开挂牌出售，但同样未能征集 到意向受让方，拍卖结果再次为流拍。 据悉，公司南湖厂区已于今年6月底全面停产，公司的生产运营重心向位于海盐的现代化新厂区全面转 移。 为盘活公司资产，提高公司资产运营效率及流动性，公 ...

据悉，公司南湖厂区已于今年6月底全面停产，公司的生产运营重心向位于海盐的现代化新厂区全面转 移。 为盘活公司资产，提高公司资产运营效率及流动性，公司将南湖厂区不再使用设备等资产通过嘉兴产权 公司以公开挂牌方式出售。首次挂牌价格为169,968,254.00元。流拍后在首次挂牌价格的基础上下降 10%，挂牌价格为152,971,428.60元。 根据公司公告，南湖厂区出售的资产包括公司原5号纸机、原6号纸机、原8号纸机、原9号纸机、原12号 纸机、原18号纸机、原19号纸机、原20号纸机、原21号纸机、原22号纸机、原七分厂涂布机、原机修分 厂、原热电分厂、原给水分厂、原加印分厂以及公共部门的不再使用设备及配套备品备件。后根据公司 实际需要，将标的资产中的原5号纸机、原6号纸机及水处理相关设备从拍卖标的资产中剔除。 民丰特纸表示："为进一步扩大本次资产出售信息的受众面，公司拟选择其他拍卖平台再行公开拍卖， 拍卖价格与拍卖标的范围与第二次公开挂牌出售内容保持不变。" 11月27日，"特种纸龙头"民丰特纸（600235）（600235）发布公告，公司资产二次挂牌拍卖流拍。 公告称，公司拟将南湖厂区不再使用的设备等资 ...

Core Viewpoint - The company, Wuzhou Special Paper, is actively progressing on multiple investment projects aimed at enhancing its production capabilities and market position in the specialty paper industry, with significant financial commitments outlined for each project [8][10][29]. Investment Overview - The company has signed contracts for a pulp and paper integration project in Hanchuan City with a total investment of 17.3 billion RMB, targeting an annual production capacity of 4.49 million tons [8][9]. - In Jiangxi Province, the company is investing approximately 864 million RMB in a public terminal project, with additional investments planned for a chemical pulp project amounting to 2.94 billion RMB [10][11][20]. - The company is also involved in a pulp and paper integration project in Wuxue City, with an estimated total investment of 23 billion RMB, aiming for an annual production capacity of 6.6 million tons [13][25]. Project Progress - As of the latest updates, the Hanchuan project has established several subsidiaries to facilitate its implementation, and two specialty paper production lines have commenced operations [14][17]. - The public terminal project in Jiangxi is progressing as planned, with foundational work completed and ongoing construction of bridge components [20]. - The chemical pulp project in Jiangxi has completed all preliminary procedures and is preparing for civil construction [24]. Financial Guarantees - The company has provided a guarantee of up to 1 billion RMB to its subsidiary, Wuzhou Special Paper (Hubei), to support its credit operations with Guangfa Bank, ensuring the subsidiary's operational stability [30][34]. - The total external guarantees provided by the company and its subsidiaries amount to approximately 74.73 billion RMB, representing 211.64% of the company's latest audited net assets [34].

Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [4] Core Views - The company reported a revenue of 2.1 billion in Q2 2025, a 25% year-on-year increase, but a net profit of 60 million, a 42% decrease [1] - For the first half of 2025, the company achieved a revenue of 4.1 billion, a 20% year-on-year increase, while the net profit was 120 million, down 48% [1] - The production of mechanical paper reached 1.0237 million tons in the first half of 2025, a 76.27% increase, primarily driven by four new industrial packaging paper production lines in Hubei [1] - The sales volume for the first half of 2025 was 987,200 tons, with wood pulp products accounting for 536,000 tons and waste paper products 451,200 tons, reflecting a 74.38% increase [1] Financial Performance - The sales price of wood pulp products decreased by 6.5%, leading to an 11.5% reduction in revenue from this segment [1][2] - The gross profit from wood pulp products decreased by approximately 140 million year-on-year [2] - The gross profit from waste paper industrial packaging paper was around 70 million, partially offsetting the decline in wood pulp product margins [2] Future Capacity and Production - New production capacities in Hubei for PM12 decorative paper, PM21 glassine paper, and PM19 in Jiangxi are expected to be operational in Q4 2025, which will enhance the company's gross profit [3] - The company anticipates an increase in production volume in the second half of the year as the Hubei industrial packaging paper capacity is not fully utilized [3] - The self-produced pulp is expected to improve cost efficiency [3] Adjusted Profit Forecast - The report adjusts the profit forecast for the company, estimating revenues of 9.1 billion, 10.3 billion, and 11.1 billion for 2025, 2026, and 2027 respectively, with net profits of 300 million, 410 million, and 510 million [4][8] - The earnings per share (EPS) are projected to be 0.64, 0.85, and 1.06 for the same years, with corresponding price-to-earnings (PE) ratios of 19, 14, and 12 [4][8]

Core Viewpoint - The report from Cinda Securities indicates that Wuzhou Special Paper's net profit attributable to shareholders for H1 2025 is 122 million yuan, a year-on-year decrease of 47.7%, with Q2 2025 net profit at 57 million yuan, down 42.2% year-on-year. The company is expected to see a recovery in profitability as the industry outlook improves [1] Group 1 - The decline in profitability is primarily attributed to the full production of the Hubei base, changes in product structure, and pressure from certain paper types such as heat transfer paper [1] - Future prospects are optimistic due to bottoming out of pulp prices and seasonal demand recovery, with expectations for marginal improvement in packaging paper prices in Q3, alongside the gradual entry of low-cost pulp into inventory [1] - The food card paper and cultural paper segments are expected to face pressure from intensified competition, with both volume and price anticipated to decline year-on-year, although the company's self-produced pulp cost optimization is expected to stabilize profitability in Q2 [1] Group 2 - The market for glassine, drawing paper, and industrial liner paper is expected to remain stable in terms of volume and price [1] - The heat transfer paper segment is projected to experience short-term pressure on profitability due to supply-demand mismatches [1] - The Hubei base's full production is expected to maintain steady profitability for packaging paper [1] Group 3 - As of H1 2025, the company's inventory, accounts receivable, and accounts payable turnover days are 50.15, 44.93, and 37.64 days respectively, showing a year-on-year increase of 10.25 days for inventory, a decrease of 11.25 days for accounts receivable, and a decrease of 5.39 days for accounts payable [1]

Core Viewpoint - The report highlights a significant decline in the company's financial performance for the first half of 2025, with a notable drop in revenue and net profit compared to the same period in the previous year, primarily due to the cessation of operations of key production machines and increased market competition [2][3][4]. Financial Performance - The company's operating revenue for the first half of 2025 was approximately 601.45 million yuan, representing a decrease of 23.21% compared to 783.22 million yuan in the same period last year [2][3]. - The total profit for the period was approximately 15.12 million yuan, down 68.79% from 48.43 million yuan year-on-year [2][3]. - The net profit attributable to shareholders was approximately 15.07 million yuan, reflecting a decrease of 68.88% from 48.43 million yuan in the previous year [2][3]. - The net cash flow from operating activities was approximately 16.46 million yuan, a significant decline of 86.20% compared to 119.30 million yuan in the same period last year [2][3]. Business Overview - The company operates in the manufacturing sector, specifically in the paper and paper products industry, classified under C22 [3][4]. - The main products include special paper for the tobacco industry, transparent paper, and coated paper, with a strong market presence in these segments [3][4]. - The company has maintained long-term stable relationships with major domestic tobacco companies, positioning itself as a leader in the cigarette paper market [3][4]. Operational Developments - The company has successfully completed the upgrade and technical transformation of its new production lines, with the new machines reaching expected stable production capacity by the end of March 2025 [5][6]. - The company has also transitioned its operations from the Nanhu plant to the Haiyan plant, completing necessary organizational adjustments and management personnel appointments [6][7]. Market Conditions - The overall demand in the paper industry has weakened, leading to structural and temporary overcapacity in certain products, alongside intensified market competition and rising costs [3][4]. - National statistics indicate that the production of mechanical paper and cardboard in China increased by 3.2% year-on-year in the first half of 2025, totaling approximately 79.33 million tons [3][4]. Strategic Initiatives - The company is focusing on enhancing its market influence and optimizing product structure to maintain its leading position in the industry [12][13]. - A new market management system has been established to ensure effective communication with investors and improve information disclosure quality [12][13]. ESG and Governance - The company has been recognized for its efforts in environmental, social, and governance (ESG) practices, receiving the 2025 ESG Outstanding Listed Company Award [15]. - Continuous improvements in corporate governance and compliance with legal regulations are being prioritized to enhance operational efficiency and risk management [14][15].

Project Overview - The company has completed the construction and commissioning of a project with an annual production capacity of 70,000 tons of specialty coated paper, which includes products such as aluminum-coated base paper, wet-strength label paper, and aluminum-coated inner lining paper for cigarettes [2][3] Impact on the Company - The implementation of this project aligns with industry policies and the company's development plan, enhancing its leading position in the cigarette paper and beer label paper sectors, optimizing product structure, and improving operational efficiency [3] - The project is expected to increase the company's market influence and support sustainable development, although uncertainties in market demand and raw material prices may affect revenue and profitability [3] Board Meeting Decisions - The company’s board of directors has approved the complete shutdown of the Nanhu plant to shift production focus to the Haiyan plant, where all ongoing projects have been completed [7][8] - The board also approved the dissolution of the Jiaxing branch to optimize resource allocation and improve operational efficiency [18][19] Nanhu Plant Shutdown Details - The Nanhu plant's 19th and 21st paper machines will cease operations, with the 19th machine having a design capacity of approximately 3,000 tons/year and contributing about 4% to the company's revenue in 2024, while the 21st machine has a design capacity of 50,000 tons/year, contributing about 30% to revenue [10][11] - The fixed asset value of the Nanhu plant is approximately 2.1 billion yuan, with a net asset value of about 360 million yuan as of June 2025 [12] Resource Optimization - The company plans to transfer usable assets from the Nanhu plant to the Haiyan plant and will manage the disposal of non-usable assets according to legal requirements [13][15] - The production and sales of products from the Nanhu plant will be fully transitioned to the Haiyan plant without significant impact on overall operations [14]

Group 1 - The company, Wuzhou Special Paper Group Co., Ltd., has issued convertible bonds totaling 670 million yuan, approved by the board and shareholders in 2021 [1][9][10] - The bonds have a maturity of six years, with an interest rate that increases annually from 0.30% in the first year to 2.00% in the sixth year [1][9] - The initial conversion price for the bonds was set at 18.50 yuan per share, which has been adjusted multiple times due to various corporate actions [2][16][17] Group 2 - In 2024, the company reported a revenue of 765.56 million yuan, a 17.43% increase from 2023, and a net profit of 36.18 million yuan, up 33.20% year-on-year [11][12] - The company's total assets reached 1.15 billion yuan, reflecting a 48.49% increase compared to the previous year [11][12] - The company has undergone a significant merger, acquiring 100% of the subsidiary Jiujiang Chengyu, which contributed to the financial adjustments in the 2023 reports [12] Group 3 - The company has maintained a strong credit rating of AA, with a stable outlook, as confirmed by multiple credit rating reports [9][10] - The company has effectively utilized the funds raised from the convertible bonds, with 78.29% of the funds allocated to projects as planned [12][13] - The company has implemented a robust internal and external credit enhancement mechanism to ensure the security of bondholders' interests [12][13]

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]