（原标题：连续四年财务造假，300379拟被终止上市！纸张再迎来涨价潮！） 据统计，截至11月24日，国内瓦楞纸日均价为3213元/吨，同比上涨17.65%；箱板纸日均价为3889元/ 吨，同比上涨6.86%。 与此同时，近期国内多家知名浆纸企业密集发布产品调价通知，涉及白卡纸、铜卡、食品卡、再生牛卡 纸、高强瓦楞纸等多个纸种，调价幅度集中在50元/吨至200元/吨区间，执行时间主要集中在2025年11 月下旬至12月1日。企业普遍表示，调价旨在缓解经营压力、维护健康的市场秩序，确保能够持续为客 户提供稳定的高品质产品及服务，推动行业长期健康发展。 大同证券认为，当前造纸行业迎来"提价红利+需求改善+结构升级"三重利好。需求端，包装纸补库需 求延续，特种纸受益于环保政策与消费升级；供给端，龙头企业主导提价，低效产能逐步出清；成本 端，纸浆库存去化优化供需结构。板块估值处于历史低位，叠加行业转型带来的长期成长潜力，配置价 值进一步凸显。 今年三季度以来，包装纸行业用到的原纸，价格接连上涨。 *ST东通拟被终止上市 11月26日晚，*ST东通发布公告，公司于11月26日收到深圳证券交易所下发的《事先告知书》，拟决 ...

Core Viewpoint - The packaging paper industry is experiencing a price increase for raw paper, with multiple companies announcing new price hikes in the fourth quarter to cope with rising costs [3][4]. Group 1: Price Trends - Since the third quarter of this year, the price of raw paper used in the packaging paper industry has been continuously rising [3]. - As of November 24, the average daily price of corrugated paper was 3,213 RMB/ton, a year-on-year increase of 17.65%, while the average price of boxboard was 3,889 RMB/ton, up 6.86% year-on-year [4]. - Several well-known pulp and paper companies have recently issued price adjustment notices for various paper types, with price increases ranging from 50 RMB/ton to 200 RMB/ton, effective mainly from late November to December 1, 2025 [4]. Group 2: Company Performance and Outlook - Companies in the packaging paper sector are adjusting their prices, with increases of 10% to 15%, which is lower than the 20% to 30% increase in upstream raw paper prices [3]. - Major securities firms believe the current paper industry is benefiting from a combination of price increases, improved demand, and structural upgrades, with a positive outlook for profitability in the fourth quarter [4]. - Notable companies such as Sun Paper, Annie Co., Huatai Paper, and Bohui Paper have seen significant net buying in financing, indicating strong market interest [5]. - Forecasts suggest that companies like Hengfeng Paper, Qifeng New Materials, and Bohui Paper will see net profit growth rates of 70.67%, 35.33%, and 20.2% respectively for the year 2025 [5][8].

今年三季度以来，包装纸行业用到的原纸，价格接连上涨。 纸企再迎涨价潮 据央视财经报道，今年三季度以来，包装纸行业用到的原纸，价格接连上涨；进入四季度后，又有多家造纸企业开启新一轮提价。 河北廊坊某家包装纸企业负责人表示，面对成本不断上涨的情况，他们也随之上调了企业生产的包装纸价格，但涨幅比上游原纸20%到30%的幅度要 低，总体保持在10%到15%左右。不过，成本的上涨并未影响到企业产量，包装纸产线和纸箱产线基本处于满产状态。 大同证券认为，当前造纸行业迎来"提价红利+需求改善+结构升级"三重利好。需求端，包装纸补库需求延续，特种纸受益于环保政策与消费升级；供 给端，龙头企业主导提价，低效产能逐步出清；成本端，纸浆库存去化优化供需结构。板块估值处于历史低位，叠加行业转型带来的长期成长潜力， 配置价值进一步凸显。 光大证券表示，国家层面持续强调"反内卷"的政策背景叠加成本端废纸价格上行驱动，国内包装纸企已陆续发布多轮涨价函，预计四季度行业整体盈 利能力有望环比改善。 这些纸企预计全年净利润向好 证券时报·数据宝梳理了2025年四季度以来（截至11月25日）融资净买入额居前的造纸股，供读者参考。其中，融资净买入超 ...

盘面上，科技股今日涨跌不一，美团涨超5%，阿里巴巴绩后跌近2%，电话会"短期波动"说法加剧电商 忧虑，腾讯则跌0.88%。纸业巨头密集发布产品调价通知，纸业股涨幅居前；油汇成本改善利好航企业 绩，航空股迎来反弹；创新药、消费、机器人概念股等普遍活跃。另一边，军工股延续调整，中船防务 （600685）跌近5%；黄金股、内房股、煤炭股等多数飘绿。 1. 纸业股涨幅居前。截至收盘，玖龙纸业(02689)涨5%，报6.09港元；理文造纸(02314)涨4.88%，报3.01 港元。 近期，国内多家知名浆纸企业密集发布产品调价通知，涉及白卡纸、铜版卡、食品卡、再生牛卡纸、高 强瓦楞纸等多个纸种，调价幅度在50元/吨至200元/吨区间，执行时间主要集中在2025年11月下旬至12 月1日。兴业证券认为，造纸行业Q3整体收入和利润均有压力，目前仍处在低位，Q4是传统需求旺季， 各纸种纷纷发布涨价函，预计会部分或全部落地，叠加成本端废纸/纸浆价格均有上行，行业景气度有 望向上。 2. 航空股今日反弹。截至收盘，东方航空(00670)涨6.96%，报4.61港元；中国国航（601111）(00753)涨 4.2%，报6.45港 ...

智通财经获悉，纸业股集体走高，截至发稿，玖龙纸业(02689)涨5.34%，报6.11港元；理文造纸(02314) 涨4.18%，报2.99港元。 本文源自：智通财经网 消息面上，近期，国内多家知名浆纸企业密集发布产品调价通知，涉及白卡纸、铜版卡、食品卡、再生 牛卡纸、高强瓦楞纸等多个纸种，调价幅度在50元/吨至200元/吨区间，执行时间主要集中在2025年11 月下旬至12月1日。值得关注的是，在经历了长达五年的低迷后，白卡纸行业开始触底反弹。 国金证券指出，受电商备货需求带动，纸企开工率维持高位，在高成本和低库存支撑下，瓦楞及箱板纸 价延续前期涨势。11 月以来，白卡纸价持续上涨，且由于行业盈利承压明显、下游包装纸厂补库意愿 确定，企业拉涨态度坚决。预计后续纸厂以改善盈利为目标，白卡纸价或将继续稳步上行。 ...

国金证券指出，受电商备货需求带动，纸企开工率维持高位，在高成本和低库存支撑下，瓦楞及箱板纸 价延续前期涨势。11月以来，白卡纸价持续上涨，且由于行业盈利承压明显、下游包装纸厂补库意愿确 定，企业拉涨态度坚决。预计后续纸厂以改善盈利为目标，白卡纸价或将继续稳步上行。 消息面上，近期，国内多家知名浆纸企业密集发布产品调价通知，涉及白卡纸、铜版卡、食品卡、再生 牛卡纸、高强瓦楞纸等多个纸种，调价幅度在50元/吨至200元/吨区间，执行时间主要集中在2025年11 月下旬至12月1日。值得关注的是，在经历了长达五年的低迷后，白卡纸行业开始触底反弹。 纸业股集体走高，截至发稿，玖龙纸业(02689)涨5.34%，报6.11港元；理文造纸(02314)涨4.18%，报2.99 港元。 ...

智通财经APP获悉，纸业股集体走高，截至发稿，玖龙纸业(02689)涨5.34%，报6.11港元；理文造纸 (02314)涨4.18%，报2.99港元。 国金证券指出，受电商备货需求带动，纸企开工率维持高位，在高成本和低库存支撑下，瓦楞及箱板纸 价延续前期涨势。11 月以来，白卡纸价持续上涨，且由于行业盈利承压明显、下游包装纸厂补库意愿 确定，企业拉涨态度坚决。预计后续纸厂以改善盈利为目标，白卡纸价或将继续稳步上行。 消息面上，近期，国内多家知名浆纸企业密集发布产品调价通知，涉及白卡纸、铜版卡、食品卡、再生 牛卡纸、高强瓦楞纸等多个纸种，调价幅度在50元/吨至200元/吨区间，执行时间主要集中在2025年11 月下旬至12月1日。值得关注的是，在经历了长达五年的低迷后，白卡纸行业开始触底反弹。 ...

Investment Rating - The report does not provide a specific investment rating for the company [1] Core Insights - The company reported a revenue of 6.457 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 18.1%. However, the net profit attributable to the parent company decreased by 44.7% year-on-year to 181 million yuan [1] - The company is expected to see a recovery in profitability as production capacity expands and sales volume increases, with a projected sales increase of approximately 60,000 tons in Q3 [2] - The overall average price in Q3 is expected to slightly decline by about 60 yuan per ton, but the cost optimization from low-priced raw materials is expected to stabilize profit margins [2] Financial Performance Summary - For Q3 2025, the company achieved a gross margin of 7.6%, a decrease of 3.1 percentage points year-on-year, and a net profit margin of 2.5%, down 2.1 percentage points year-on-year [3] - The company’s operating cash flow for Q3 was 255 million yuan, an increase of 130 million yuan year-on-year, indicating improved operational efficiency [3] - The forecast for net profit attributable to the parent company for 2025-2027 is 250 million, 395 million, and 525 million yuan, respectively, with corresponding P/E ratios of 22.6X, 14.3X, and 10.8X [3]

Core Viewpoint - The company reported a revenue of 6.46 billion yuan for the first three quarters of 2025, reflecting an 18.1% year-on-year increase, but the net profit attributable to shareholders decreased by 44.7% to 180 million yuan [1] Group 1: Financial Performance - Revenue for Q1, Q2, and Q3 of 2025 was 1.99 billion, 2.13 billion, and 2.34 billion yuan respectively, showing year-on-year growth of 15.2%, 25.1%, and 14.8% [1] - The net profit for Q1, Q2, and Q3 of 2025 was 64.68 million, 56.99 million, and 59.28 million yuan respectively, with year-on-year declines of 51.7%, 42.2%, and 37.3% [1] - The gross margin for the first three quarters of 2025 was 8.0%, down 3.6 percentage points year-on-year, with Q3 gross margin slightly decreasing by 0.04 percentage points from Q2 [2] Group 2: Production Capacity and Market Conditions - The company expanded its production capacity with the full operation of its industrial packaging paper production line in Hubei, adding 550,000 tons/year of corrugated paper capacity [2] - The company faced increased market competition, leading to a decline in gross margins, particularly in food cartons, cultural paper, and heat transfer paper [2] - The average price per ton for paper cup base paper decreased year-on-year in Q1, Q2, and Q3 by 300, 418, and 500 yuan respectively [2] Group 3: Expense Management - The company's expense ratio for the first three quarters of 2025 was 4.8%, an increase of 0.1 percentage points year-on-year, with financial expenses rising due to increased bank loans and the cessation of capitalizing interest on project loans [3] - The expense ratio for Q3 2025 was 5.0%, up 0.4 percentage points year-on-year, with specific increases in management and financial expense ratios [3] Group 4: Future Outlook - The company is expected to continue expanding its production capacity, with the Hubei industrial packaging paper capacity being released and the upcoming launch of the PM19 production line in Jiangxi [4] - The company has adjusted its net profit forecasts for 2025-2027 downwards by 31% for 2025 and 2026, and by 36% for 2027, reflecting increased market competition [4] - Despite the challenges, the company maintains a "buy" rating based on its valuation levels and future growth potential [4]

Core Viewpoint - ST晨鸣 is facing significant challenges despite recent recovery efforts, with ongoing operational issues and a heavy debt burden impacting its ability to fully recover [1][2][3] Company Situation - ST晨鸣 has resumed operations at its Shouguang base, while the Huanggang and Jiangxi second plant are also operating normally, but the Jiangxi first plant, Jilin base, and Zhanjiang base remain under maintenance [1][3] - The company is under risk warning due to production halts and non-standard audit opinions for its 2023 financial statements [2] - The company is implementing a four-pronged strategy to alleviate its debt crisis, including negotiating with financial institutions for debt extension and interest reduction, disposing of non-core assets, enhancing receivables collection, and leveraging cash flow from resumed operations [2][3] Industry Context - The paper industry is experiencing a significant supply-demand imbalance, with new capacity being added while end demand remains weak, leading to intensified market competition [4][5] - In the first half of 2025, the paper industry saw a 2.3% decline in revenue and a 21.4% drop in total profits, indicating a challenging market environment for companies like ST晨鸣 [5] - The industry is expected to undergo a transformation towards greener production methods, driven by new energy consumption standards and government policies aimed at reducing chaotic price competition [6]