转自：经济导报 文 | 经济导报 初磊 造纸行业成本高企、盈利承压，博汇纸业(600966.SH)却逆市加码。12月3日晚间，该公司公告称，为调整现有原材料产 品结构，提高原料、产品多样化，决定在现有厂区内利用已有生产线，规划年产32万吨化学浆项目；在现有年产9.5万 吨化学木浆技改工程基础上进行改扩建，项目建成后，由原年产9.5万吨化学木浆技改工程扩建至32万吨产能，项目总 投资17.01亿元。 图片来源：摄图网 为应对行业变化，博汇纸业并非单一扩产，还打起了"产能升级+资产优化+风险防控"的"组合拳"。 12月3日，博汇纸业公告称，将开展期货和衍生品交易，以套期保值为主要目的，旨在规避市场价格波动带来的经营管 理风险。交易期限为2026年1月1日至12月31日，预计动用的交易保证金和权利金上限为1.5亿元，任一交易日持有的最 高合约价值为15亿元，资金来源为自有资金。 围绕产能升级，博汇纸业采用出售闲置资产+升级设备"双管齐下"的策略。10月30日，该公司公告称，拟向关联方广西 金桂浆纸业有限公司、金隆浆纸业(江苏)有限公司出售部分化机浆闲置资产，按照评估金额3297.80万元进行交易。"本 次交易有利于 ...

12月3日，博汇纸业（证券代码：600966）发布公告称，为调整现有原材料产品结构，提高原料、产品 多样化，公司拟投资17.01亿元扩建化学木浆项目。项目建成后，由原年产9.5万吨化学木浆技改工程扩 建至32万吨产能，增幅高达237%。 公告显示，该项目将采用国际先进的工艺技术和装备，并配置最新的自动化、数字化、智能化装备，覆 盖生产、物流、能源、水环等整个项目。这不仅能保证各项技术经济指标处于领先水平，还可以提高效 率、降低消耗、减少排污，符合"坚持环境保护、节能减排"的规划原则，延伸企业的产业链，实现原 料、产品多样化，项目的实施有利于企业可持续发展。 博汇纸业表示，公司拟投资该项目时，充分考虑了公司自身资金积累、技术水平、市场环境等因素，该 项目充分利用了公司原有落后产能，基于现有的工艺技术优势及经验优势，建成后能够有效提高公司原 材料自供比例，降低公司生产成本，提升公司的核心竞争力与影响力。 业绩方面，博汇纸业2025年前三季度实现营业收入144.50亿元，同比增长3.46%，但归属于上市公司股 东的净利润为1.21亿元，同比下降18.57%。博汇纸业的扩产或与其近年"增收不增利"的财务表现有关。 除 ...

造纸行业成本高企、盈利承压，博汇纸业（600966.SH）却逆市加码。12月3日晚间，公司公告称，拟 投资17.01亿元扩建化学木浆项目，产能从现有9.5万吨跃升至32万吨，增幅高达237%。 公告称，为调整现有原材料产品结构，提高原料、产品多样化，博汇纸业决定在现有厂区内利用已有生 产线，规划年产32万吨化学浆项目。在现有年产9.5万吨化学木浆技改工程基础上进行改扩建，项目建 成后，由原年产9.5万吨化学木浆技改工程扩建至32万吨产能，项目总投资17.01亿元。 这一扩建绝非简单的产能叠加。化学木浆是生产白纸板、文化纸、箱板纸的核心原料（占造纸总成本 50%-70%），此前博汇纸业依赖外购木浆，易受国际浆价波动冲击。扩建后，化学木浆自给率提升将会 增强其成本管控能力，同时为高端纸种（如食品级白卡纸、特种文化纸）提供原料支撑，推动产品附加 值升级。 "项目是公司调整现有原料产品结构，提高原料、产品多样化的一项重要举措，更能迎接市场挑战、更 能构筑产品竞争力、更能体现清洁生产、循环经济理念，践行科学发展观。"公告称，本项目化学浆生 产线，基于已有生产线的技术积累，采用国际先进的工艺技术和装备，并配置最新的自动化 ...

Core Viewpoint - The company, Bohui Paper, is expanding its production capacity by planning a new chemical pulp project with an annual output of 320,000 tons, which aims to enhance raw material self-sufficiency and product diversification, ultimately improving cost control and product value [2][3]. Group 1: Project Overview - Bohui Paper plans to invest 1.701 billion yuan in the expansion of its chemical wood pulp production capacity from 95,000 tons to 320,000 tons [2]. - The expansion is not merely an increase in capacity but aims to improve the self-sufficiency of chemical pulp, which constitutes 50%-70% of the total cost of paper production [2][3]. - The project will support the production of high-end paper products, such as food-grade white cardboard and specialty cultural paper, thereby enhancing product value [2]. Group 2: Financial Context - The company's net profit has significantly declined for three consecutive years, projected to drop to 176 million yuan in 2024, despite a 3.46% revenue growth in the first three quarters of the current year [3]. - The net profit for the first three quarters of this year decreased by 18.57% to 121 million yuan [3]. Group 3: Strategic Initiatives - Bohui Paper is implementing a combination of capacity upgrades, asset optimization, and risk management strategies to address industry changes [6]. - The company plans to engage in futures and derivatives trading to hedge against market price fluctuations, with a maximum trading margin and premium of 150 million yuan [6]. - The company is also selling idle assets worth approximately 32.98 million yuan to optimize its asset structure and reduce operational costs [6][7]. - Additionally, Bohui Paper intends to purchase new equipment for upgrading its chemical pulp production process, with a transaction amount not exceeding 46 million yuan [7].

Group 1 - The core viewpoint of the news is that Bohui Paper has experienced a significant stock price increase, rising 5.46% to 6.37 CNY per share, with a total market capitalization of 8.516 billion CNY [1] - Bohui Paper's stock has seen a cumulative increase of 6.34% over the past three days, indicating positive market sentiment [1] - The company, established in 1994 and listed in 2004, specializes in the production and sales of various types of paper, with its main revenue sources being whiteboard paper (62.22%), cultural paper (25.10%), boxboard paper (6.89%), and gypsum face paper (3.04%) [1] Group 2 - From the perspective of major circulating shareholders, Southern Fund's Southern CSI 1000 ETF reduced its holdings by 86,800 shares in the third quarter, now holding 7.3293 million shares, which is 0.55% of the circulating shares [2] - The Southern CSI 1000 ETF has achieved a year-to-date return of 23.15%, ranking 2011 out of 4206 in its category [2] - The fund manager, Cui Lei, has a tenure of over 7 years, with the best fund return during this period being 168.04% [2]

Core Points - The stock price of Bohui Paper increased by 2.11% on November 6, reaching 5.33 CNY per share, with a total market capitalization of 7.125 billion CNY [1] - Bohui Paper's main business includes the production and sales of various types of paper, with the revenue composition being 62.22% from whiteboard, 25.10% from cultural paper, 6.89% from boxboard paper, and 3.04% from gypsum face paper [1] - As of September 30, 2025, Bohui Paper reported a revenue of 14.45 billion CNY, a year-on-year increase of 3.46%, while the net profit attributable to shareholders decreased by 18.57% to 121 million CNY [2] Financial Performance - The stock has seen a year-to-date increase of 3.82%, with a 7.68% rise over the last five trading days and a 6.60% increase over the last 20 days [1] - The company has distributed a total of 889 million CNY in dividends since its A-share listing, with 94.36 million CNY distributed in the last three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders decreased by 6.94% to 45,800, while the average number of circulating shares per person increased by 7.46% to 29,216 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited and Southern CSI 1000 ETF, with the former increasing its holdings by 310,200 shares [3]

Core Viewpoint - Bohui Paper is a leading player in the domestic paper production industry, showcasing strong competitive advantages and solid financial performance in the third quarter of 2025, with significant revenue and profit figures compared to industry peers [2][3][6]. Group 1: Company Overview - Bohui Paper was established on April 29, 1994, and listed on the Shanghai Stock Exchange on June 8, 2004, with its headquarters in Zibo, Shandong Province [1]. - The company specializes in the production and sale of mechanical paper and is classified under the light industry manufacturing sector, specifically in paper production [1]. Group 2: Financial Performance - For Q3 2025, Bohui Paper reported a revenue of 14.45 billion yuan, ranking third in the industry, while the net profit was 1.21 billion yuan, placing fourth [2]. - The revenue breakdown includes white paperboard at 5.95 billion yuan (62.22%), cultural paper at 2.4 billion yuan (25.10%), and other paper products [2]. Group 3: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 68.97%, which is higher than the industry average of 56.77% [3]. - The gross profit margin for the same period was 9.14%, exceeding the industry average by 0.28% [3]. Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 6.94% to 45,800, while the average number of shares held per shareholder increased by 7.46% [5]. - Notable shareholders include Hong Kong Central Clearing Limited and Southern CSI 1000 ETF, with changes in their holdings compared to the previous period [5]. Group 5: Future Outlook - Analysts project that Bohui Paper will achieve net profits of 200 million, 290 million, and 410 million yuan for the years 2025 to 2027, with corresponding price-to-earnings ratios of 35, 24, and 17 [6]. - The company is expected to benefit from stable growth in production and sales, with a focus on high-value-added products to mitigate price fluctuations [6].

Core Viewpoint - The company, Asia Pulp & Paper (Shandong) Co., Ltd., has been recognized as a "water efficiency leader" by the Shandong Provincial Department of Industry and Information Technology for its outstanding water-saving achievements, reflecting its commitment to green development and carbon reduction [1][8]. Group 1: Water Efficiency Achievements - The company achieved an industrial water recycling rate of 95.98% in 2024, showcasing significant improvements in water resource efficiency [2]. - The company has been recognized as a national-level green factory, leading the industry in energy decarbonization, resource efficiency, and product greening [2]. - The company has implemented a comprehensive water resource management system, transitioning from a high water consumption model to a water-saving benchmark [2][6]. Group 2: Technological Innovations - The company invested nearly 70 million yuan to establish the first large-scale municipal wastewater reuse project in the country, saving 10 million cubic meters of water annually [5]. - The company has developed a series of technologies to treat wastewater, allowing for the reuse of water in production processes, thus turning waste into a resource [5]. - In 2024, the company identified and implemented 45 energy-saving improvement projects, with 14 specifically focused on water-saving initiatives [5]. Group 3: Management and Training - The company has established a robust water-saving management system, including performance assessment mechanisms and real-time monitoring of water usage [3][6]. - Training programs for management and operational staff have been implemented to enhance skills and awareness regarding energy and water conservation [6]. - The company has created a closed-loop management system for water resources, covering the entire lifecycle from extraction to reuse [6]. Group 4: Future Outlook - The company aims to continue its green development strategy through ongoing technological innovation and management optimization, contributing to sustainable water resource utilization in the industry [8].

Core Viewpoint - A price increase wave is sweeping through the domestic paper industry, with adjustments ranging from 30 to 100 yuan per ton, as companies like Bohui Paper announce price hikes to recover from declining profits [1][3]. Group 1: Bohui Paper's Performance - Bohui Paper reported a revenue of 9.564 billion yuan for the first half of the year, reflecting a year-on-year growth of 3.26% [4]. - However, the company's total profit plummeted by 56.33% to 79.127 million yuan, and net profit attributable to shareholders decreased by 31.31% to 90.02 million yuan [5]. - The decline in profitability is attributed to the average selling price of finished products dropping more than the decrease in unit costs, indicating a challenging market environment [7]. Group 2: Industry Challenges - The paper industry is facing severe challenges, with many companies resorting to factory closures, layoffs, and production cuts due to low demand and rising costs [3][9]. - The overall paper and board production is expected to grow by 5.09% in 2024, but the production of paper products is projected to drop by 11.39%, highlighting a significant supply-demand imbalance [7]. Group 3: Bohui Paper's Strategic Initiatives - Despite the profit decline, Bohui Paper's net cash flow from operating activities surged by 808.24% to 949 million yuan, driven by improved cash collection and sales management [9]. - The company has optimized its production processes and reduced costs across various areas, which may provide a competitive edge in the future [9]. - Bohui Paper's production of machine-made paper reached 2.432 million tons, a year-on-year increase of 12.39%, with sales of 2.3501 million tons, up 8.77% [9]. Group 4: Future Outlook - Bohui Paper aims to enhance its market position through a focus on high-value products and sustainable practices, having been included in the S&P Global "Sustainability Yearbook (China Edition)" [10]. - The company is also expanding its global footprint, with a sales team targeting markets in Southeast Asia, India, the Middle East, and North America [12]. - An investment of 165.274 million USD is planned for its wholly-owned subsidiary in Hong Kong to support export business development [13][14].

Group 1 - The 2025 China Top 500 Private Enterprises list was released, with JD Group, Alibaba, Hengli Group, Huawei, and BYD ranking in the top five [1] - Shandong province has 51 companies on the list, an increase of one from the previous year [1] - Shandong Weiqiao Chuangye Group ranked 10th nationally with a revenue of 558.53 billion yuan, while Xinfeng Group ranked 20th with a revenue of 302.89 billion yuan [1] Group 2 - The 2025 China Top 500 Private Manufacturing Enterprises and the 2025 China Top 100 Private Service Enterprises lists were also released, with Shandong having 56 and 5 companies respectively [2] - Shandong Jincheng Petrochemical Group and Zibo Xintai Petrochemical Co., Ltd. are among the three Zibo companies in the 2025 China Top 500 Private Manufacturing Enterprises list [2] - The total revenue of the 51 companies from Shandong in the 2025 China Top 500 Private Enterprises reached 4,131.05 billion yuan, a year-on-year increase of 6.68% [2]