PresentationHello, everyone, and a warm welcome to the AUSTRIA on AIR Conference. My name is Sarah, and I will be your host for today's roundtable of the Mayr-Melnhof Karton AG, short say MM Group. And I'm delighted to welcome the Head of Investor Relations and Corporate Communications, Stephan Sweerts-Sporck, who will give us some insights just in a moment.Stephan Sweerts-SporckHead of Investor Relations & Corporate Communications Thank you, Sarah. Hello, and still good morning to everybody. I'm delighted ...

10月1日，苏丹通讯社报道，苏丹工业和贸易部长穆哈欣出席了穆阿维亚·布里尔工业集团在喀土穆南部 索巴工业区的复工仪式。该集团已恢复14类产品的生产，包括果汁、矿泉水、教科书、纸板等。穆哈欣 部长表示，希望其他企业也尽快恢复运营。 ...

Company Overview - Zhejiang Dashengda Packaging Co., Ltd. is located in Hangzhou, Zhejiang Province, and was established on November 22, 2004. The company was listed on July 26, 2019. Its main business involves the research, production, printing, and sales of corrugated cartons and paperboards, providing comprehensive paper packaging solutions including design, research, testing, production, inventory management, and logistics [2]. Business Performance - For the first half of 2025, Dashengda achieved operating revenue of 1.025 billion yuan, representing a year-on-year growth of 4.77%. The net profit attributable to the parent company was 59.1465 million yuan, reflecting a year-on-year increase of 22.30% [2]. - The revenue composition of the main business includes: 55.26% from carton and paperboard products, 25.19% from cigarette labels, 13.41% from wine packaging, 3.82% from other products, 1.82% from biodegradable paper pulp eco-friendly tableware, and 0.50% from high-end equipment [2]. Stock Performance - On September 24, Dashengda's stock price decreased by 2.01%, trading at 9.27 yuan per share with a total market capitalization of 5.099 billion yuan. The stock has increased by 28.18% year-to-date, with a 4.86% rise over the last five trading days, 18.39% over the last 20 days, and 24.93% over the last 60 days [1]. - The company has appeared on the "Dragon and Tiger List" once this year, with the most recent appearance on January 27, where it recorded a net buy of -982,600 yuan [1]. Shareholder Information - As of June 30, 2025, the number of shareholders of Dashengda was 21,100, a decrease of 2.54% from the previous period. The average circulating shares per person increased by 2.60% to 26,119 shares [2]. - The company has distributed a total of 118 million yuan in dividends since its A-share listing, with 68.981 million yuan distributed over the past three years [3].

Report Overview - Report Type: Pulp Daily Report - Date: September 3, 2025 - Industry: Pulp 1. Investment Rating - No investment rating information is provided in the report. 2. Core View - The pulp market is experiencing low - level volatility adjustment. Cost - side guidance is limited, supply remains loose, and the market is awaiting the emergence of peak - season demand [8]. 3. Summary by Section 3.1 Market Review and Operation Suggestions - **Pulp Futures**: The previous settlement price of the pulp futures 01 contract was 5316 yuan/ton, and the closing price was 5308 yuan/ton, with an overall decline of 0.15% [7]. - **Shandong Wood Pulp Market**: The intended transaction price range of softwood pulp in the Shandong wood pulp market is 5000 - 6650 yuan/ton. The low - end price remained stable compared to the previous trading day's closing price. The price of Shandong Silver Star was quoted at 5720 - 5730 yuan/ton [7]. - **Arauco's August Offer**: Chile's Arauco Company announced its new round of August wood pulp export offers. The price of softwood pulp Silver Star was 720 dollars/ton, the price of unbleached pulp Venus was 590 dollars/ton, and the price of hardwood pulp Star was 520 dollars/ton, remaining stable compared to the June offer [8]. - **Production and Inventory Data**: In July, the chemical pulp shipments of the world's 20 major pulp - producing countries increased by 7.3% year - on - year, with softwood pulp up 4.1% and hardwood pulp up 11.1%. In July 2025, the total wood pulp inventory in European ports decreased by 1.9% month - on - month and increased by 19.2% year - on - year. China's pulp imports in July were 287.7 million tons, a month - on - month decrease of 5.1% and a year - on - year increase of 23.7%. As of August 28, 2025, the weekly pulp inventory in major regions and ports increased by 1.23% month - on - month. The cumulative year - on - year profit of the papermaking and paper products industry in July decreased by 21.9%, with a slightly wider decline [8]. 3.2 Industry News - **Domestic Paper Price Adjustment**: Since the end of August, the domestic paper products industry has witnessed a wave of price adjustments, with the adjustment range from 30 yuan/ton to 100 yuan/ton. Some enterprises raised the price of cardboard products by 3%. Bohui Paper announced that starting from September 1, 2025, all products would increase by 100 yuan/ton compared to the August 2025 price [9]. - **Shandong's Paper Industry Policy**: Four departments in Shandong jointly issued a document to promote the development of the papermaking industry. Shandong is a traditional stronghold in the papermaking industry, producing 1/6 of China's, 1/12 of Asia's, and 1/24 of the world's paper and paperboard. The policy aims to transform the traditional papermaking industry into a leading domestic and world - class high - end papermaking and biomass refining industry base [9]. 3.3 Data Overview - The report presents multiple data charts including those related to inventory (such as warehouse receipts, domestic main port pulp inventory, European main port wood pulp inventory), paper prices (coated paper, offset paper, white cardboard, and white board paper), and exchange rates (USD to RMB). However, no specific data analysis is provided in the summary section [22][29][32].

Financial Performance - The company's operating revenue for the current reporting period is approximately 19.11 billion yuan, a decrease from 20.52 billion yuan in the same period last year, representing a decline of about 6.9% [1] - The net profit attributable to shareholders of the listed company is approximately 1.78 billion yuan, slightly up from 1.76 billion yuan year-on-year, indicating a growth of about 1.3% [1] - The net profit after deducting non-recurring gains and losses is approximately 1.76 billion yuan, down from 1.82 billion yuan in the previous year, reflecting a decrease of about 3.0% [1] - The net cash flow from operating activities is approximately 1.89 billion yuan, a significant decline of 37.42% compared to 3.03 billion yuan in the same period last year [27] - The basic and diluted earnings per share are both 0.64 yuan, compared to 0.63 yuan in the previous year [1] Asset and Liability Changes - As of the end of the current reporting period, total assets amount to approximately 56.45 billion yuan, an increase from 52.63 billion yuan at the end of the previous year, showing a growth of about 7.0% [1] - The net assets attributable to shareholders of the listed company are approximately 30.36 billion yuan, up from 28.61 billion yuan, indicating an increase of about 6.1% [1] - The company's short-term borrowings have increased by 27.92%, while long-term borrowings have risen by 26.81%, reflecting a growing reliance on debt financing [45] Shareholder Structure - The top ten circulating shareholders include a new shareholder, Taikang Life Insurance Co., Ltd., which replaced the previous quarter's shareholder, Jiashi Value Evergreen Mixed Securities Investment Fund [53] - The largest shareholder, Shandong Sun Paper Holdings Group Co., Ltd., holds approximately 44.74% of the total share capital, remaining unchanged [54] Valuation Metrics - As of August 27, the company's price-to-earnings (P/E) ratio is approximately 13.06 times, the price-to-book (P/B) ratio is about 1.34 times, and the price-to-sales (P/S) ratio is around 1.04 times [1]

Industry Information - Report Type: Pulp Daily Report [1] - Date: July 22, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Report Highlights 1. Market Review and Operational Suggestions - The previous settlement price of the pulp futures 09 contract was 5,292 yuan/ton, and the closing price was 5,334 yuan/ton, a rise of 0.79%. The intended transaction price range of softwood pulp in the Shandong market was 5,220 - 6,700 yuan/ton, with the low - end price stable compared to the previous trading day. The Shandong Yinxing was quoted at 5,950 yuan/ton [7]. - Chile's Arauco announced its July offer. Yinxing had no new offers as all transactions were completed, and the net price of Uruguay's hardwood pulp, New Star, was $500/ton [7]. - According to PPPC data, the shipment volume of softwood pulp from the world's 20 major pulp - producing countries in May was 1.69 million tons, a 4.4% increase month - on - month and an 8.2% decrease year - on - year [7]. - According to UTIPULP data, the European wood pulp inventory in June increased by 2.4% month - on - month and 6.6% year - on - year; consumption decreased by 9.9% month - on - month and 10.6% year - on - year [7]. - China's total pulp imports in June were 3.03 million tons, a 0.4% increase month - on - month and a 16.1% increase year - on - year [7]. - As of July 17, 2025, the weekly pulp inventory in major regions and ports decreased by 1.08% month - on - month, changing from an increase to a decrease [7]. - Affected by the off - season atmosphere, the prices of downstream paper products were weak. With limited changes in fundamentals, pulp fluctuated and rose slightly in the short term, driven by the commodity market atmosphere [7] 2. Industry News - The 18,000 - ton cardboard and 16,000 - ton carton project of Dongsheng Paper Products Co., Ltd. in Guitou Town, Ruyuan County, Shaoguan City, Guangdong Province, successfully completed its trial production. The company is a Hong Kong - funded enterprise and the only corrugated cardboard manufacturer in Shaoguan [8]. - The project won the "Representative Project of Guangdong - Hong Kong Social Investment and Development" at the 2025 Hong Kong - Macau Spring Reception. With a total investment of 150 million yuan, covering 56 mu and a planned construction area of 37,000 square meters, it is expected to be put into production this year, with an annual production capacity of about 30,000 tons of corrugated cardboard, an expected annual output value of about 160 million yuan, and about 100 job opportunities [8] 3. Data Overview The report includes various data charts related to pulp, such as pulp futures prices, import prices, inventory levels in different regions (including Europe and China), and prices of related paper products, with data sources from Wind, PPPC, UTIPULP, and other institutions [7][27][29]

Report Overview - Report Type: Pulp Daily Report - Date: June 5, 2025 - Research Team: Energy and Chemical Research Team of Jianxin Futures [4] 1. Investment Rating - No investment rating information is provided in the report. 2. Core View - The pulp market maintains a low - range oscillatory adjustment. New import pulp offers are mainly decreasing, port inventory reduction is slow, downstream paper mills' price increase announcements have limited implementation results, and the fundamental situation has limited changes [7]. 3. Summary by Section 3.1. Market Review and Operation Suggestions - **Pulp Futures**: The previous settlement price of the pulp futures 09 contract was 5,272 yuan/ton, and the closing price was 5,236 yuan/ton, a decline of 0.68% [7]. - **Spot Market**: The intended transaction price range of softwood pulp in the Shandong market is 5,400 - 6,750 yuan/ton, with the low - end price stable compared to the previous trading day's closing price. The Shandong Yinxing offer is 6,300 yuan/ton [7]. - **Import Offers**: Chile's Arauco announced May offers, with Yinxing at $740/ton and Jinxing at $620/ton, still lower than the previous offers [7]. - **Supply**: In April, the shipment volume of softwood pulp from 20 major pulp - producing countries decreased by 7.2% year - on - year, while the cumulative volume from January to April increased by 1.4% year - on - year. China's pulp imports in April were 2.89 million tons, a month - on - month decrease of 11.1% and a year - on - year decrease of 10.2%. As of May 29, 2025, the weekly pulp inventory in major regions and ports decreased by 2.2% month - on - month [7]. - **Demand**: The downstream market has a clear demand for improved profitability, but terminal orders are limited, and raw material procurement is cautious [7]. 3.2. Industry News - On May 28, a composite packaging materials project with a total investment of 150 million yuan started in Wuyao Town, Rugao, Jiangsu. The project is invested by Jiangsu Xiangju Environmental Protection New Materials Co., Ltd. After completion, it will have an annual production capacity of 60 million square meters of composite packaging materials. It is expected to generate annual taxable sales of 200 million yuan and taxes of 10 million yuan this year, and annual taxable sales of 400 million yuan and taxes of 20 million yuan when fully operational [8]. 3.3. Data Overview - The report provides multiple data charts, including pulp futures and spot prices, price spreads, inventory data, and exchange rate data, with data sources from Wind and Zhuochuang Information [10][13][15]

Core Insights - The cardboard industry is facing dual challenges in 2025: insufficient orders and idle capacity, alongside scattered orders and extended payment terms leading to profit shrinkage [1] - Traditional methods of order taking via phone and WeChat are inefficient, resulting in high customer attrition rates and a blurred competitive landscape [1] - Many cardboard manufacturers rely on intuition for market analysis, lacking data-driven decision-making, which results in missed opportunities for quality orders [1] Group 1: Market Analysis and Strategy - Dongjing Technology's "Seven Steps to Order Taking" emphasizes market analysis as the primary breakthrough, focusing on precise positioning and product direction for cardboard manufacturers [3] - The approach includes using AI to analyze packaging demand in various end-user industries, identifying high-growth segments [3] - Data analysis of different industries' requirements for delivery, quality, and service can help tailor service strategies effectively [3] Group 2: Competitive Landscape - Competitive analysis can reveal market gaps by examining competitors' focus on materials, delivery times, and service quality, allowing manufacturers to pivot towards unmet demands [3] - Establishing a data platform to track raw material price indices and packaging trends can provide macro insights, transforming market data into visual dashboards for better decision-making [3][7] Group 3: Key Factors for Order Taking - Delivery time, quality, service, and cost are the four critical factors influencing order acquisition, which must be understood through market analysis [5] - Effective market analysis directly impacts these four factors, enabling manufacturers to maintain a relative advantage and secure more favorable orders [5] Group 4: AI and Data-Driven Management - In the AI era, data has become the core competitive advantage, and market analysis must adopt new methodologies [7] - Dongjing Technology's approach aims to transition manufacturers from random order taking to algorithm-driven order acquisition, creating a closed-loop management system for better order capture [7]

Core Viewpoint - The company plans to distribute cash dividends to shareholders based on its profit distribution proposal for the fiscal year 2024, while also considering its share buyback program and overall financial health [2][39]. Group 1: Company Overview - The company is a leading provider of packaging and printing solutions in China, recognized as a "leading paper packaging enterprise" by the China Packaging Federation [9]. - The main products include corrugated boxes, paper boards, high-end wine packaging, premium cigarette packaging, and biodegradable paper pulp tableware [10]. Group 2: Financial Performance - In 2024, the company achieved operating revenue of RMB 2,131.32 million, a year-on-year increase of 5.84%, and a net profit attributable to shareholders of RMB 106.26 million, up 20.00% [25]. - The net profit after deducting non-recurring gains and losses was RMB 85.56 million, reflecting a significant year-on-year growth of 32.34% due to increased orders for high-end packaging [24]. Group 3: Profit Distribution Plan - The company plans to distribute a cash dividend of RMB 0.5847 per 10 shares (including tax), with a total cash dividend amounting to RMB 31.88 million based on the adjusted total share capital [2][40]. - The total amount for cash dividends and share buybacks combined is RMB 81.97 million, representing 77.14% of the net profit attributable to shareholders for the year [2][40]. Group 4: Industry Insights - The paper packaging industry is experiencing growth driven by sustainability and technological advancements, with increasing demand for eco-friendly and efficient packaging solutions [4]. - The industry is also seeing intensified competition, prompting companies to innovate and seek international market opportunities, particularly in Southeast Asia [4][5].