Core Viewpoint - The domestic white cardboard market has experienced a price increase since late August, leading to a gradual recovery in profitability for companies in the sector [1][2]. Group 1: Price Trends and Market Dynamics - As of December 11, the average price of white cardboard in China reached 4244 yuan/ton, a 7.99% increase from the year's low at the end of August [1]. - Major paper manufacturers, including Shandong Bohui Paper Industry and Wanguo Paper, have issued multiple price increase notices, with a cumulative increase of 600 yuan/ton, resulting in actual market price increases of 400 to 550 yuan/ton [1]. - The price increases are driven by market demand, long-term low paper prices, and high cost pressures, despite a 2.51% increase in raw material costs [1][2]. Group 2: Profitability and Cost Structure - The gross profit margin for white cardboard remains negative at -6.31%, but has narrowed by 5.68 percentage points since August [1]. - The increasing proportion of domestic pulp substitution has allowed larger companies to achieve a break-even state [1][2]. Group 3: Supply Chain and Production Capacity - Paper manufacturers are currently operating with inventory levels around 13 days, which is a low for the year, and delays in new capacity releases have alleviated supply-side pressures [2]. - The industry continues to face challenges from overall excess capacity and intense market competition [2]. Group 4: Strategic Moves by Leading Companies - Leading companies are increasingly extending upstream to enhance their cost structure through integrated pulp and paper production [2][3]. - Bohui Paper has announced a 1.701 billion yuan investment to expand its chemical pulp capacity from 95,000 tons to 320,000 tons, aiming to increase self-supply of raw materials and reduce production costs [2][3]. - Other major companies, such as Shandong Sun Paper and Xianhe Co., are also advancing upstream capacity construction, recognizing that pulp accounts for about 70% of paper production costs [3]. Group 5: Industry Trends and Future Outlook - The industry is shifting towards "value competition," focusing on product quality, service responsiveness, and supply chain stability rather than solely relying on price competition [3]. - The white cardboard industry is expected to recover profitability through simultaneous price increases and upward capacity adjustments, with a forecast of reduced low prices and an upward price trend in late December [3].

浙商证券日前研报指出，博汇纸业10月22日发布涨价函，自25年11月1日起，在2025年10月价格基础上 提涨200元/吨（含税），本次提价我们跟踪看逐步落地，根据卓创资讯，截至11月21日，白卡纸市场价 格4214元/吨，较10月31日上涨102元/吨，较9月30日上涨215元/吨。此外11月20日公司进一步发布涨价 函宣布12月1日起，公司产品价格在11月基础上提涨200元/吨（含税），周期底部下预计提涨将部分落 地。Q3纸浆价格下跌需求不佳，白卡价格延续下行拖累，Q3末纸浆价格开始提涨，Q4纸价提涨已有落 地，预示白卡周期底部已经确立，期待行业筑底向上。白卡周期底部显现，供需关系有望逐步优化。本 轮周期底部在25Q3实际较为夯实，后续供给宽松预期下，纸浆提涨已在Q4拉动纸价提升，若26年需求 改善有望充分拉动盈利修复。维持"买入"评级。 ...

山东博汇纸业股份有限公司 2025 年第三次临时股东会会议资料 2025 年第三次临时股东会会议资料 山东博汇纸业股份有限公司 2025 年第三次临时股东会会议资料 一、会议召开时间： 现场会议时间：2025 年 12 月 19 日 14:00 网络投票方式及时间：本次股东会采用上海证券交易所网络投票系统，通过 交易系统投票平台的投票时间为 2025 年 12 月 19 日 9:15-9:25、9:30-11:30、 13:00-15:00；通过互联网投票平台的投票时间为2025年12月19日9:15-15:00。 二、股权登记日：2025 年 12 月 11 日 三、现场会议地点：淄博市桓台县马桥镇工业路北首公司第三会议室 四、会议的表决方式：采取现场投票和网络投票相结合的方式 五、会议主持人：公司董事长 六、会议议程： 1、出席会议的股东或代理人、董事、董事会秘书、列席高管签到； 2、召集人和见证律师验证股东出席、表决资格； 3、主持人宣布股东会开始并公布出席现场会议的股东或代理人人数和所持 有表决权的股份总数、列席人员； 4、选举本次股东会的监票人和计票人； 5、审议以下议案： | 序号 | 议案名称 ...

证券代码：600966 证券简称：博汇纸业 公告编号：2025-043 山东博汇纸业股份有限公司 关于2025年第三次临时股东会增加临时提案的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、 股东会有关情况 1. 股东会的类型和届次： 2025年第三次临时股东会 | 股份类别 | 股票代码 | 股票简称 | 股权登记日 | | --- | --- | --- | --- | | Ａ股 | 600966 | 博汇纸业 | 2025/12/11 | 二、 增加临时提案的情况说明 1. 提案人：山东博汇集团有限公司 2. 提案程序说明 山东博汇纸业股份有限公司（以下简称公司）已于2025 年 12 月 4 日公告 了股东会召开通知，持有28.84%股份的股东山东博汇集团有限公司，在2025 年 12 月 9 日提出临时提案并书面提交股东会召集人。股东会召集人按照《上市公 2. 股东会召开日期：2025 年 12 月 19 日 3. 股权登记日 司股东会规则》有关规定，现予以公告。 3. 临时提案的具体内容 为保证公司董事会 ...

Group 1 - The core viewpoint of the article highlights the growth in the number of enterprises in the paper and paper products industry, which increased by 143 companies year-on-year, representing a growth rate of 1.79% as of January to October 2025 [1] - The total number of enterprises in the paper and paper products industry reached 8,142, accounting for 1.56% of the total industrial enterprises [1] - The data indicates a shift in the threshold for large-scale industrial enterprises, which was raised from an annual main business income of 5 million yuan to 20 million yuan starting in 2011 [1] Group 2 - The report referenced is titled "Analysis of Development Models and Market Operation Potential of China's Paper Industry from 2026 to 2032" published by Zhiyan Consulting [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in deep industry research and providing comprehensive consulting services [2]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600966 | 博汇纸业 | 5.99 | -4.01% | 40.99万 | 2.46 Z | | 002521 | 齐峰新材 | 8.85 | -1.99% | 5.55万 | 4955.66万 | | 603733 | 仙鹤股份 | 23.07 | -1.83% | 2.36万 | 5470.06万 | | 002078 | 太阳纸业 | 15.08 | -1.76% | 15.35万 1 | 2.32亿 | | 605007 | 五洲特纸 | 11.89 | -0.83% | 1.35万 | 1611.83万 | | 603165 | 荣晟环保 | 12.75 | -0.78% | 2.01万 | 2565.23万 | | 605377 | 华旺科技 | 8.18 | -0.73% | 6.03万 | 4955.79万 | | 600567 | 山鹰国际 | 1.71 | -0.58% | 101.66万 | 1.74亿 | | 6004 ...

Core Viewpoint - Despite high costs and pressure on profitability in the paper industry, Bohui Paper (600966.SH) is increasing its investment by expanding its production capacity and optimizing its product structure [1][4]. Group 1: Expansion Plans - Bohui Paper announced plans to produce 320,000 tons of chemical pulp annually, expanding from its current capacity of 95,000 tons, with a total investment of 1.701 billion yuan [1][3]. - The expansion aims to enhance self-sufficiency in chemical pulp, which constitutes 50%-70% of total paper production costs, thereby improving cost control and supporting the production of high-end paper products [3][4]. Group 2: Financial Performance - The company has experienced a significant decline in net profit over the past three years, projected to drop to 176 million yuan in 2024, while revenue increased by 3.46% in the first three quarters of this year, but net profit fell by 18.57% to 121 million yuan [4]. Group 3: Strategic Measures - Bohui Paper is implementing a multi-faceted strategy that includes production upgrades, asset optimization, and risk management through futures and derivatives trading to hedge against market price fluctuations [5][6]. - The company plans to sell idle assets for 32.978 million yuan to optimize its asset structure and reduce operational costs, while also investing up to 46 million yuan in new equipment for upgrading its chemical pulp production process [5][6].

1. Report Industry Investment Rating - No relevant content provided. 2. Report's Core View - The pulp market is expected to oscillate and consolidate after the realization of positive factors in the short term. The pulp futures market strengthened this week, driven by supply - side news of international pulp mills exiting the market and concerns about the reduction of warehouse receipts. However, the market fundamentals have not changed fundamentally, with high - level port inventories and a loose supply - demand pattern continuing. The downstream paper mills' procurement remains rational and based on rigid demand, and the low processing profit of base paper cannot provide incremental support for pulp prices [96]. 3. Summary by Directory 3.1 Industry News - As of December 4, 2025, the inventory of pulp in major Chinese ports showed a de - stocking trend. The inventory in Changshu Port was 566,000 tons, down 0.6 million tons (1.0% MoM); in Qingdao Port, it was 1.395 million tons, down 34,000 tons (2.4% MoM); and in Gaolan Port, it was 45,000 tons, down 15,000 tons (25.0% MoM). The total inventory of major port samples was 2.101 million tons, down 71,000 tons (3.3% MoM) [5][6]. - Domtar will permanently close its Crofton factory in Canada, reducing its annual pulp production by about 380,000 tons of NBSK softwood pulp [6]. - Fenlin Group's Joutseno pulp mill will resume operation on December 8, 2025, and its Rauma pulp mill will start a one - month production shutdown on December 15, 2025, and plan to gradually resume production by department from January 7, 2026 [7]. - Shandong Bohui Paper plans to invest about 1.701 billion yuan to expand its chemical wood pulp project. After completion, its chemical wood pulp production capacity will increase from 95,000 tons/year to 320,000 tons/year [8]. 3.2 Market Data 3.2.1 Market Trends - On December 5, 2025, the basis of silver star was 150 yuan/ton, down 25.74% MoM and 67.67% YoY; the basis of Russian needle was - 50 yuan/ton, down 78.57% MoM and 457.14% YoY; the price difference between silver star and Russian needle was 200 yuan/ton, down 13.04% MoM and 55.56% YoY [16]. - On December 5, 2025, the 01 - 03 month - spread was - 16 yuan/ton, up 11.11% MoM; the 03 - 05 month - spread was - 24 yuan/ton, up 25.00% MoM [21]. 3.3 Fundamental Data 3.3.1 Price - The import profit of softwood and hardwood pulp has recovered. On December 5, 2025, the import profit of silver star softwood pulp was 83.65 yuan/ton, up 170.04% MoM and 140.60% YoY; the import profit of star hardwood pulp was 122.95 yuan/ton, up 516.27% MoM and 226.39% YoY [30]. - The spot price of imported softwood pulp increased significantly this week. On December 5, 2025, the prices of silver star, Kalip, Beimu, Lion, and Russian needle were 5600 yuan/ton, 5750 yuan/ton, 5850 yuan/ton, 5750 yuan/ton, and 5400 yuan/ton respectively, with MoM increases of 3.70%, 1.77%, 0.86%, 1.77%, and 4.45% [33]. - The spot price of imported hardwood pulp increased. On December 5, 2025, the prices of goldfish, star, bird, and broadleaf were 4600 yuan/ton, 4600 yuan/ton, 4550 yuan/ton, and 4500 yuan/ton respectively, with MoM increases of 4.55%, 3.37%, 3.88%, and 5.88% [37]. - The prices of natural color pulp and chemimechanical pulp showed different trends. On December 5, 2025, the price of Venus natural color pulp was 5150 yuan/ton, up 0.98% MoM and down 4.63% YoY; the price of Kunhe chemimechanical pulp was 3800 yuan/ton, up 2.70% MoM and 7.04% YoY [40]. 3.3.2 Supply - The wood chip purchase price of some paper enterprises in East China decreased this week. On December 5, 2025, the purchase price of eucalyptus wood chips by Liansheng Pulp and Paper was 1180 yuan/ton, down 1.67% MoM [44]. - The supply of chemimechanical pulp increased this period. On December 4, 2025, the weekly production of domestic chemimechanical pulp was 87,300 tons, up 1.99% MoM and 1.51% YoY [49]. - In October 2025, the pulp inventory in European ports decreased MoM, and the global pulp departure volume decreased seasonally MoM [52]. - In August 2025, the W20 softwood pulp shipment was at a low level with high inventory, while the hardwood pulp shipment remained at a high level with low inventory days [54]. - In August 2025, the total softwood pulp exports of Canada, Chile, Finland, and the United States to China decreased MoM and were at a low level YoY. In September, Finland's exports to China increased significantly both MoM and YoY. In October, Chile's softwood pulp exports to China continued to increase MoM but decreased YoY [60]. - In October 2025, the total hardwood pulp exports of Brazil, India, Uruguay, and Chile to China decreased both MoM and YoY. In November, Brazil's hardwood pulp exports to China decreased significantly MoM, and Uruguay's exports decreased both MoM and YoY [61]. - In October 2025, China's pulp imports were divided. Softwood pulp imports increased 0.06% MoM, hardwood pulp imports decreased 2.77% MoM, and the imports of natural color pulp and chemimechanical pulp increased significantly MoM [65]. 3.3.3 Demand - The price of offset paper remained stable this period. The industry's supply was abundant, but the demand was weak, and the production pressure of factories increased due to the rising pulp price [69]. - The price of coated paper remained stable. The market supply changed little, and the demand was weak. The profitability of the industry continued to narrow, and factories were more willing to support prices [73]. - The price of white cardboard increased slightly. Paper mills announced price increases, but the terminal orders were not significantly improved, and the actual price increase was restricted [77]. - The price of household paper increased slightly. The market trading activity did not change much, and the demand was weak. The cost of household paper was strongly supported by the rising pulp price [81]. - In October 2025, the retail sales of cultural and office supplies, cosmetics, and daily necessities increased significantly YoY, while the dairy production decreased significantly both MoM and YoY [85]. 3.3.4 Inventory - On December 5, 2025, the total number of pulp warehouse receipts was 208,900 tons, a decrease of 0.42% MoM and 39.53% YoY [88]. - The port inventory was at a medium - level within the year and continued to show a de - stocking trend. On December 5, 2025, the total inventory of major port samples was 2.101 million tons, down 3.27% MoM and up 14.12% YoY [93].

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The pulp market is expected to oscillate and consolidate after the realization of positive factors. The pulp futures market strengthened this week, mainly driven by supply - side news of international pulp mills exiting the market and market concerns about the reduction of warehouse receipts. However, the market fundamentals have not changed fundamentally, with high - level port inventories and weak downstream demand, which restricts the price increase space and sustainability [96]. 3. Summary by Directory Industry News - As of December 4, 2025, the pulp inventory at Changshu Port was 566,000 tons, a decrease of 6,000 tons from the previous period, a 1.0% month - on - month decrease; the inventory at Qingdao Port was 1.395 million tons, a decrease of 34,000 tons from last week, a 2.4% month - on - month decrease; the inventory at Gaolan Port was 45,000 tons, a decrease of 15,000 tons from last week, a 25.0% month - on - month decrease. The total inventory of mainstream port samples in China was 2.101 million tons, a decrease of 71,000 tons from the previous period, a 3.3% month - on - month decrease [5][6]. - Domtar will permanently close its Crofton factory in Canada, reducing its annual pulp production by about 380,000 tons of NBSK softwood pulp [6]. - Finns Group's Joutseno pulp mill will resume operation on December 8, 2025, and its Rauma pulp mill will start a one - month production reduction shutdown on December 15, 2025, and plans to gradually resume production by department from January 7, 2026 [7]. - Shandong Bohui Paper plans to invest about 1.701 billion yuan in a chemical wood pulp expansion project. After the project is completed, the company's chemical wood pulp production capacity will increase from the current 95,000 tons/year to 320,000 tons/year [8]. Market Data Market Trends - On December 5, 2025, the basis of Silver Star was 150 yuan/ton, a 25.74% month - on - month decrease from November 28, 2025, and a 67.67% year - on - year decrease; the basis of Russian Needle was - 50 yuan/ton, a 78.57% month - on - month decrease from November 28, 2025, and a 457.14% year - on - year decrease; the price difference between Silver Star and Russian Needle was 200 yuan/ton, a 13.04% month - on - month decrease from November 28, 2025, and a 55.56% year - on - year decrease [16]. Month - to - Month Spread - On December 5, 2025, the 01 - 03 month - to - month spread was - 16 yuan/ton, a 11.11% month - on - month increase from November 28, 2025; the 03 - 05 month - to - month spread was - 24 yuan/ton, a 25.00% month - on - month increase from November 28, 2025 [21]. Fundamental Data Price - The price difference between softwood and hardwood pulp: On December 5, 2025, the price difference between Silver Star and Goldfish was 1,000 yuan/ton, with no month - on - month change from November 28, 2025, and a 44.44% year - on - year decrease; the price difference between Russian Needle and Goldfish was 800 yuan/ton, a 3.90% month - on - month increase from November 28, 2025, and a 40.74% year - on - year decrease [27]. - Pulp import profit: On December 5, 2025, the import profit of softwood pulp (Silver Star) was 83 yuan/ton, a 170.04% month - on - month increase from November 28, 2025, and a 140.60% year - on - year increase; the import profit of hardwood pulp (Star) was 122.95 yuan/ton, a 516.27% month - on - month increase from November 28, 2025, and a 226.39% year - on - year increase [30]. - Softwood pulp price: On December 5, 2025, the prices of Silver Star, Kalip, Beimu, Lion Brand, and Russian Needle in the Shandong market were 5,600 yuan/ton, 5,750 yuan/ton, 5,850 yuan/ton, 5,750 yuan/ton, and 5,400 yuan/ton respectively, with month - on - month increases of 3.70%, 1.77%, 0.86%, 1.77%, and 4.45% respectively, and year - on - year decreases of 10.40%, 9.45%, 8.59%, 9.45%, and 6.90% respectively [33][34]. - Hardwood pulp price: On December 5, 2025, the prices of Goldfish, Star, Bird, and Broadleaf in the Shandong market were 4,600 yuan/ton, 4,600 yuan/ton, 4,550 yuan/ton, and 4,500 yuan/ton respectively, with month - on - month increases of 4.55%, 3.37%, 3.88%, and 5.88% respectively, and year - on - year increases of 3.37%, 3.37%, 3.41%, and 3.45% respectively [37]. - Natural pulp and chemimechanical pulp price: On December 5, 2025, the prices of Venus and Kunhe in the Shandong market were 5,150 yuan/ton and 3,800 yuan/ton respectively, with month - on - month increases of 0.98% and 2.70% respectively, and year - on - year changes of - 4.63% and 7.04% respectively [40]. Supply - Wood chip price: In the East China region, some paper mills' wood chip purchase prices decreased this week. On December 5, 2025, the purchase prices of eucalyptus wood chips by Liansheng Pulp and Paper and poplar wood chips by Wuzhou Special Paper, Shandong Chenming, Yinhe Ruixue, Sun Paper, and Champion Paper, as well as pine wood chips by Wuzhou Special Paper and Sun Paper, showed different changes [42][44]. - Domestic pulp: The price of hardwood pulp increased this period, and the supply of chemimechanical pulp increased. On December 5, 2025, the daily average price of domestic chemimechanical pulp was 3,808.33 yuan/ton, with no month - on - month change; the daily ex - factory price of Asia - Pacific Senbo's hardwood pulp (Senbo) was 4,600 yuan/ton, a 3.37% month - on - month increase [46][48]. - European port inventory and global pulp shipping volume: In October 2025, the European pulp port inventory was 1.404 million tons, a 10.23% month - on - month decrease and a 6.46% year - on - year decrease; the global pulp shipping volume was 4.52 million tons, a 10.90% month - on - month decrease and a 3.50% year - on - year decrease [51]. - W20 shipping volume and inventory: In August 2025, the W20 softwood pulp shipping volume was at a low level with high inventory, while the hardwood pulp shipping volume remained at a high level but with a low inventory days [53]. - Overseas softwood pulp export volume: In August 2025, the total softwood pulp export volume of Canada, Chile, Finland, and the United States to China decreased month - on - month and was at a low level year - on - year; in September 2025, Finland's export volume to China increased both month - on - month and year - on - year; in October 2025, Chile's softwood pulp export volume to China continued to increase month - on - month but decreased year - on - year [59]. - Overseas hardwood pulp export volume: In October 2025, the total hardwood pulp export volume of Brazil, Indonesia, Uruguay, and Chile to China decreased both month - on - month and year - on - year; in November 2025, Brazil's hardwood pulp export volume to China decreased significantly month - on - month, and Uruguay's export volume decreased both month - on - month and year - on - year [60]. - Pulp import volume: In October 2025, China's pulp imports showed differentiation. The import volume of softwood pulp increased by 0.06% month - on - month, the import volume of hardwood pulp decreased by 2.77% month - on - month, and the import volumes of natural pulp and chemimechanical pulp increased significantly month - on - month [64]. Demand - Offset paper: The price of offset paper remained stable this period. The industry's production capacity is large, and the supply of goods is abundant. The demand side is weak, with most users purchasing on a rigid - demand basis. The production pressure of the industry has increased, and the mills' willingness to raise prices has strengthened, but the downstream consumption restricts the price increase [68]. - Coated paper: The price of coated paper remained stable this period. The mills maintained stable production, and the market supply changed little. The consumption side was weak, with most downstream sectors purchasing on - demand. The industry's profitability continued to narrow, and the mills' willingness to support prices increased [72]. - White cardboard: The price of white cardboard increased slightly this period. The paper mills announced a price increase of 100 - 200 yuan/ton this month, but the terminal orders did not improve significantly, and there was resistance to price increases. The raw material procurement was on - demand, and the inventory - building enthusiasm was low [76]. - Tissue paper: The market price of tissue paper increased slightly. The overall market trading activity did not change much, and the terminal demand was weak. The raw material pulp price increased, providing strong cost support [80]. - Terminal demand: In October 2025, the retail sales of cultural and office supplies, cosmetics, and daily necessities increased significantly year - on - year, while the dairy product output decreased significantly both month - on - month and year - on - year [84]. Inventory - Futures inventory: On December 5, 2025, the total warehouse receipt quantity of pulp in warehouses was 202,900 tons, a 0.42% month - on - month decrease from November 28, 2025, and a 39.53% year - on - year decrease; the total warehouse receipt quantity of pulp in mills was 6,000 tons, with no month - on - month change from November 28, 2025, and a 75.81% year - on - year decrease [87]. - Spot inventory: As of December 5, 2025, the inventory at Qingdao Port was 1.395 million tons, a 2.38% month - on - month decrease and a 22.37% year - on - year increase; the inventory at Changshu Port was 566,000 tons, a 1.05% month - on - month decrease and a 19.41% year - on - year increase; the inventory at Gaolan Port, Tianjin Port, and Rizhao Port combined was 140,000 tons, an 18.13% month - on - month decrease and a 38.33% year - on - year decrease; the total inventory of the five ports was 2.101 million tons, a 3.27% month - on - month decrease and a 14.12% year - on - year increase [93]. This Week's View Summary - Supply: The port inventory remains at a high level, and the supply pressure persists. As of December 4, 2025, the total inventory of mainstream port samples in China was 2.101 million tons, a 3.3% month - on - month decrease, and the inventory has been decreasing for two consecutive weeks [96]. - Demand: The demand in the downstream base paper market is weak. Paper mills are in a state of small profits and are reluctant to accept high - priced pulp, only purchasing to meet production needs [96]. - View: It is expected that the pulp market will oscillate and consolidate in the short term after the realization of positive factors. The strengthening of the pulp futures market this week was mainly driven by supply - side news of international pulp mills exiting the market and market concerns about the reduction of warehouse receipts. However, the market fundamentals have not changed fundamentally, with high - level port inventories and weak downstream demand, which restricts the price increase space and sustainability [96]. - Valuation: In terms of basis, on Friday, the basis of softwood pulp Silver Star in the Shandong region was 150 yuan/ton, an increase of 46 yuan/ton [96]. - Strategy: 1) Unilateral: Short at high prices or wait and see; 2) Inter - period: Continue the 1 - 5 reverse spread strategy; 3) Inter - variety: Observe [96].

Group 1 - The core point of the article is that Bohui Paper (600966.SH) plans to invest 1.701 billion yuan to upgrade its existing chemical pulp production line, increasing annual capacity from 95,000 tons to 320,000 tons, which is a key move in its "pulp-paper integration" strategy [2][4] - The company aims to enhance its self-supply ratio of raw materials, reduce production costs, and improve its core competitiveness and influence after the completion of the investment project, which is expected to take 24 months [4] - The domestic paper industry is highly dependent on imported wood pulp, and fluctuations in international pulp prices have been eroding profit margins for companies like Bohui Paper [3] Group 2 - Bohui Paper's net profit has been declining significantly, dropping from 1.706 billion yuan in 2021 to 176 million yuan in 2024, a cumulative decrease of over 90% [3] - In 2022, despite a revenue increase of 12.81% to 18.362 billion yuan, the company's net profit plummeted by 86.63% to 228 million yuan, indicating a situation of "increased revenue but decreased profit" [3] - For the first three quarters of 2025, Bohui Paper reported a revenue of 14.450 billion yuan, a year-on-year increase of 3.46%, while net profit attributable to shareholders decreased by 18.57% to 121 million yuan [3]