Core Viewpoint - Minfeng Special Paper announced the failure of its second asset auction, indicating challenges in asset liquidation and operational adjustments following the closure of its Nanhu plant [2][3] Group 1: Asset Auction Details - The company attempted to sell unused equipment from the Nanhu plant through public auction but failed to attract any bidders in both the first and second rounds [2] - The initial auction price was set at 169,968,254.00 yuan, which was reduced by 10% to 152,971,428.60 yuan for the second auction after the first round ended in failure [2] - The assets for sale included multiple paper machines and other equipment, with some items being removed from the auction list based on the company's needs [3] Group 2: Operational Changes - The Nanhu plant was fully shut down by the end of June this year, with production operations shifting to a modernized facility in Haiyan [2] - The company aims to enhance asset efficiency and liquidity through the sale of these unused assets [2] Group 3: Financial Performance - For the first three quarters of 2025, the company reported a total revenue of 889 million yuan, a year-on-year decrease of 23.61%, and a net profit of 18.64 million yuan, down 69.43% year-on-year [3] - As of November 27, the company's stock price increased by 1.19%, closing at 6.79 yuan per share, with a total market capitalization of 2.385 billion yuan [3]

Core Viewpoint - Minfeng Special Paper's assets are being auctioned off due to operational shifts, with two rounds of auctions resulting in no buyers, prompting a price reduction for the second attempt [1][2]. Group 1: Auction Details - The company announced a second auction for unused assets from the Nanhu plant, which has been fully shut down since June 2023, with the initial auction price set at 169,968,254.00 yuan, later reduced by 10% to 152,971,428.60 yuan after the first auction failed [1][2]. - The assets for sale include multiple paper machines and other equipment, with some items being removed from the auction list based on the company's needs [2]. Group 2: Financial Performance - For the first three quarters of 2025, the company reported a total revenue of 889 million yuan, a year-on-year decrease of 23.61%, and a net profit attributable to shareholders of 18.64 million yuan, down 69.43% compared to the previous year [2]. Group 3: Market Reaction - As of November 27, the company's stock price increased by 1.19%, closing at 6.79 yuan per share, with a total market capitalization of 2.385 billion yuan [3].