Group 1 - The company will hold its first extraordinary shareholders' meeting of 2026 on January 16, 2026, at 14:00 in its conference room located at 69 Tianhu South Road, Qujiang District, Quzhou City, Zhejiang Province [2][10] - Voting will be conducted through a combination of on-site and online methods, utilizing the Shanghai Stock Exchange's online voting system [3][4] - Shareholders must register to attend the meeting, with registration available from January 15, 2026, from 9:30 to 15:00 [15][16] Group 2 - The company plans to provide guarantees totaling up to RMB 495 million for its wholly-owned subsidiaries in 2026, which includes various forms of credit guarantees and collateral [26][30] - The board of directors approved this guarantee proposal on December 31, 2025, and it will be submitted for shareholder approval [27][30] - As of the announcement date, the company has a total of RMB 1,122.9 million in external guarantees, which represents 137.99% of its latest audited net assets [31] Group 3 - The company will apply for a comprehensive credit limit of up to RMB 1 billion from banks for 2026 to support its operational and investment needs [69][70] - This credit limit will be subject to shareholder approval and is intended to enhance the company's financial flexibility [70][71] - The authorization for this credit limit will be valid for 12 months from the date of shareholder approval [71] Group 4 - The company has announced the resignation of non-independent director Wang Minglong, effective immediately upon receipt of his resignation letter [58][59] - The board has proposed the election of Wang Yuzhe as a candidate for the non-independent director position, pending shareholder approval [60][62] - The board's decision to fill the vacancy aims to maintain a stable governance structure in line with the company's future strategic needs [59][60]

Investment Rating - The industry investment rating is optimistic [1] Core Insights - The pulp inventory has significantly decreased, leading to a notable rebound in pulp prices. The average closing price of pulp futures has risen by 563.2 CNY/ton to 5303.6 CNY/ton, with inventory levels dropping to an average of 154,300 tons, a week-on-week decrease of 47,375.8 tons [3][9] - The packaging paper prices are showing a mixed trend, with corrugated paper prices slightly decreasing by 30 CNY/ton, while other types like boxboard and white card paper remain stable. The long-term outlook suggests that the reduction in production by leading companies will continue to support price recovery [3][6] - The release of the "Guangdong Province Paper Industry Transformation Financial Implementation Guidelines" aims to provide funding support for the industry's green and low-carbon transformation, filling a gap in the national framework [4] - The industry is expected to experience a "supply optimization + cost support + policy backing" scenario, enhancing the sector's configuration value. The demand for packaging paper is showing resilience, while the supply side is improving due to production cuts [3][26] Summary by Sections Industry News - The "Guangdong Province Paper Industry Transformation Financial Implementation Guidelines" were released to support the green transformation of the industry, with Guangdong's paper and board production reaching 26.48 million tons in 2024, accounting for 16.7% of the national total [4] Market Trends - The pulp market is characterized by a tight supply-demand balance, with expectations for pulp prices to recover year-on-year due to limited new capacity in 2026. The cost advantages of integrated pulp and paper companies are expected to become more pronounced [3][5] - The packaging paper sector is anticipated to see a recovery in price levels, with the supply expansion phase nearing its end. The industry is expected to improve capacity utilization and price levels in 2026 [6] Investment Strategy - The current phase is critical for "valuation recovery + industry prosperity," suggesting a focus on "pulp-paper integration + policy beneficiaries." Companies with integrated pulp-paper operations are expected to benefit from cost advantages and profit elasticity as pulp prices recover [26]

Core Viewpoint - The company, Xianhe Co., announced that its fourth extraordinary general meeting of shareholders for 2025 will be held on December 29 to review the completion of certain fundraising projects and propose to use the remaining funds for new project investments [1] Group 1: Fundraising Projects - The "Annual Production of 300,000 Tons of High-Grade Paper Base Material Project" and the "Annual Production of 30,000 Tons of Thermal Sublimation Transfer Paper and Food Packaging Paper Project" have been completed and concluded on November 30 [1] - The remaining fundraising amount is 622.8019 million yuan (including interest) [1] Group 2: New Investment Project - The company plans to invest the remaining funds into the "Annual Production of 20,000 Tons of Insulation Paper, Capacitor Paper, and Other Specialty Paper Project" [1] - The total investment for this new project is 665.82 million yuan, with an expected operational status by June 2027 [1]

Core Viewpoint - Xianhe Co., Ltd. announced the completion of certain fundraising projects and plans to utilize the surplus funds for new project investments [2] Group 1: Project Completion - The company has completed and reached the usable status for the "Annual Production of 300,000 Tons of High-Grade Paper Base Material Project" and the "Annual Production of 30,000 Tons of Thermal Sublimation Transfer Paper and Food Packaging Paper Project" [2] - The board of directors approved the conclusion of these projects, which will free up surplus fundraising funds amounting to 622.8019 million yuan (including interest income and investment returns) [2] Group 2: New Project Investment - The surplus funds will be allocated to the new project "Annual Production of 20,000 Tons of Insulation Paper, Capacitor Paper, and Other Specialty Paper" [2] - The investment plan is subject to approval by the company's shareholders [2]

Core Insights - The company, Xianhe Co., Ltd. (603733.SH), announced the completion of fundraising projects, specifically the "Annual Production of 300,000 Tons of High-Grade Paper Base Material Project" and the "Annual Production of 30,000 Tons of Thermal Sublimation Transfer Printing Paper and Food Packaging Paper Project" [1] - The remaining funds amount to 622.8019 million yuan (including interest income and investment returns), with plans to allocate these funds for a new project: "Annual Production of 20,000 Tons of Insulation Paper, Capacitor Paper, and Other Specialty Paper Projects" [1] Group 1 - The company has successfully completed two major fundraising projects [1] - The total surplus funds available for future investment are approximately 622.8019 million yuan [1] - The next investment will focus on specialty paper production, indicating a strategic shift towards high-value products [1]

Core Viewpoint - Xianhe Co., Ltd. (603733.SH) announced the completion of fundraising projects, including the "Annual Production of 300,000 Tons of High-Grade Paper Base Material Project" and the "Annual Production of 30,000 Tons of Thermal Sublimation Transfer Paper and Food Packaging Paper Project" [1] Group 1 - The remaining funds amount to 622.8019 million yuan, which includes interest income and investment returns, with the actual amount based on the bank's interest balance on the day of fund transfer [1] - The next step for the company is to allocate these funds for the investment and construction of a new project, specifically the "Annual Production of 20,000 Tons of Insulation Paper, Capacitor Paper, and Other Specialty Paper Project" [1]

Group 1 - A cargo ship carrying 190 tons of sesame from Pakistan arrived at Tianjin Port, which will undergo processing to meet China's sesame oil consumption needs [1] - The sesame from Pakistan benefits from high yield and oil content due to its favorable geographical and climatic conditions, and the import tariff has been reduced from 10% to 0% under the China-Pakistan Free Trade Agreement, saving over 1.7 million yuan in tariff costs this year [1] - In the first seven months of this year, the value of imports from Shanghai Cooperation Organization (SCO) countries at Tianjin Port reached 1.36 billion yuan, resulting in a tariff reduction of 66 million yuan, with significant benefits for seafood, fruits, and grains [1] Group 2 - Besides the China-Pakistan Free Trade Agreement, China has signed and implemented other free trade agreements with SCO countries, enhancing the international competitiveness of exported products [3] - The rapid processing of origin certificates by customs has facilitated exports, with one company reporting a 20% year-on-year increase in exports to SCO countries, amounting to over 3 million yuan [3] - The issuance of origin certificates has allowed clients to save 150,000 yuan in tariffs, demonstrating the financial benefits of these agreements [3] Group 3 - In the first seven months of this year, Tianjin Customs issued 5,700 origin certificates for goods exported to SCO countries, with a total value of 3.43 billion yuan, reflecting year-on-year growth of 6.4% and 18.9% respectively [4]