Group 1 - The company announced the resignation of Vice General Manager Chen Wenjun due to reaching the legal retirement age, effective from the date the resignation report was received by the board [2] - Chen Wenjun held 3.12 million shares of the company at the time of his resignation and has completed the necessary work handover, ensuring that his departure will not impact the company's operations [2] - The company confirms that Chen Wenjun's resignation will be managed according to relevant laws and regulations regarding the shares held by directors and senior management [2]

Market Overview - The paper sector experienced a decline of 4.18% on February 2, with Huatai Co. leading the drop [1] - The Shanghai Composite Index closed at 4015.75, down 2.48%, while the Shenzhen Component Index closed at 13824.35, down 2.69% [1] Individual Stock Performance - Huatai Co. (600308) closed at 3.90, down 7.36% with a trading volume of 516,000 shares and a turnover of 206 million yuan [1] - Sun Paper (002078) closed at 15.69, down 6.72% with a trading volume of 406,700 shares and a turnover of 652 million yuan [1] - Xianhe Co. (603733) closed at 23.28, down 5.17% with a trading volume of 77,600 shares and a turnover of 185 million yuan [1] - Wuzhou Special Paper (605007) closed at 13.40, down 5.10% with a trading volume of 104,400 shares and a turnover of 144 million yuan [1] - Hengfeng Paper (600356) closed at 9.36, down 4.97% with a trading volume of 172,800 shares and a turnover of 164 million yuan [1] Capital Flow Analysis - The paper sector saw a net outflow of 149 million yuan from institutional investors, while retail investors had a net inflow of 130 million yuan [1] - The table indicates that institutional investors had varying levels of net inflow and outflow across different stocks, with Sun Paper showing a net inflow of 32.24 million yuan from retail investors [2] - Xianhe Co. had a significant net inflow of 26.34 million yuan from institutional investors, while other stocks like Yuyuan Lin Paper (600963) experienced substantial net outflows [2]

Core Viewpoint - The company announced the resignation of its Vice President, Chen Wenjun, due to reaching the statutory retirement age, effective immediately upon the delivery of the resignation report to the board [1] Group 1 - The resignation of Chen Wenjun means he will not hold any position in the company or its subsidiaries after his departure [1]

Group 1 - The company Sun Paper announced the resignation of its Vice President Chen Wenjun due to reaching the legal retirement age, effective February 2, 2026 [1] - Following his resignation, Chen Wenjun will not hold any positions within the company or its subsidiaries [1] Group 2 - The automotive sales giant Baolide, known for selling luxury cars such as Rolls-Royce and Porsche, is undergoing bankruptcy liquidation [1] - The headquarters in Hangzhou has been vacated, and the subsidiary in Yiwu has been sealed [1]

证券代码：002078 证券简称：太阳纸业 公告编号：2026-001 山东太阳纸业股份有限公司 陈文俊先生的原定任期为 2024 年 11 月 22 日至 2027 年 11 月 21 日，根据《中 华人民共和国公司法》、《深圳证券交易所股票上市规则》、《深圳证券交易所 上市公司自律监管指引第 1 号——主板上市公司规范运作》、《公司章程》等有 关规定，其辞职自辞职报告送达董事会之日起生效。 截至本公告披露日，陈文俊先生持有公司股份 312 万股，不存在未履行完毕 的公开承诺，并已按照公司离职相关管理规定做好工作交接，其辞职不会对公司 经营产生影响。辞职后，陈文俊先生所持公司股份将继续按照《上市公司董事和 高级管理人员所持本公司股份及其变动管理规则》、《深圳证券交易所上市公司 自律监管指引第 18 号——股东及董事、高级管理人员减持股份》等相关法律法 规和有关规定进行管理。 二、备查文件 陈文俊先生的辞职报告。 特此公告。 山东太阳纸业股份有限公司 董 事 会 关于高级管理人员辞职的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、高级管理人员离任情 ...

Core Viewpoint - The announcement from Sun Paper Industry indicates that Vice President Chen Wenjun has resigned due to reaching the statutory retirement age, effective immediately upon the board's receipt of his resignation report, and this will not impact the company's operations [1] Group 1: Resignation Details - Chen Wenjun submitted his resignation on February 2, 2026, and will not hold any position in the company or its subsidiaries after his resignation [1] - His original term was set to end on November 21, 2027, but he has completed the necessary work handover prior to his departure [1] Group 2: Shareholding Information - As of the announcement date, Chen Wenjun holds 3.12 million shares in the company, and his shares will be managed according to regulations following his resignation [1]

Group 1 - The stock price of Sun Paper Industry fell by 5.11% to 15.96 CNY per share, with a trading volume of 354 million CNY and a turnover rate of 0.78%, resulting in a total market capitalization of 44.601 billion CNY [1] - Sun Paper Industry, established on April 26, 2000, and listed on November 16, 2006, is located in Yanzhou District, Jining City, Shandong Province. The company specializes in the production and sales of various paper products, including kraft linerboard, double offset paper, coated paper, and dissolving pulp [1] - The revenue composition of Sun Paper Industry includes kraft linerboard (27.32%), double offset paper (21.99%), coated paper (10.55%), and other paper products (10.39%), among others [1] Group 2 - Huatai Baoxing Fund holds a significant position in Sun Paper Industry, with its Huatai Baoxing Value Growth A fund (012132) owning 115,000 shares, accounting for 2.88% of the fund's net value, making it the eighth largest holding [2] - The Huatai Baoxing Value Growth A fund was established on November 10, 2021, with a latest scale of 58.8295 million CNY. Year-to-date returns are 5.4%, with a one-year return of 21.15% [2] - The fund manager, Shang Shuohui, has been in the position for 8 years and 318 days, with the fund's total asset size at 847 million CNY. The best return during his tenure is 190.74%, while the worst return is -38.16% [3]

Core Viewpoint - The recognition of outstanding entrepreneurs by the China Enterprise Confederation and the China Entrepreneur Association aims to promote the spirit of entrepreneurship and enhance the role of entrepreneurs in driving high-quality development in the context of China's modernization [1][2]. Group 1: Company Recognition - Sun Paper Industry's founder, Li Hongxin, has been awarded the title of Outstanding Entrepreneur for the 2023-2024 period, highlighting his leadership and strategic vision in navigating challenges and fostering innovation within the company [1][2]. - This national honor serves as both a significant accolade and a motivational call for the entire Sun Paper team to embark on a new entrepreneurial journey [2][3]. Group 2: Company Development Philosophy - Sun Paper Industry embodies the spirit of private manufacturing enterprises in China, demonstrating resilience and adaptability through strategic decision-making and a commitment to high-quality development [2][3]. - The company maintains a consistent value pursuit, emphasizing patriotism, industrial responsibility, integrity, and innovation, which has allowed it to create substantial industrial, social, and temporal value over its 40-year history [2][3]. Group 3: Future Aspirations - As the company enters a new phase of high-quality development, it aims to integrate excellence into every aspect of its operations and align its goals with national modernization efforts [2][3]. - Sun Paper Industry is committed to advancing green, low-carbon, and high-quality development, reinforcing its confidence and momentum in contributing to China's modernization journey [2][3].

摘要 太阳纸业未来营收增长主要来源于新增产能投放，预计 2025-2027 年 将有 170 万吨包装纸和 47 万吨文化纸投产，销量增长确定性高。预计 2025 年至 2027 年公司的营收增速分别为 3%、13%和 9%。 公司盈利能力提升短期依赖于 2025-2027 年投产的 110 万吨自制浆， 长期则依赖老挝丰富林木资源带来的成本节约。自制浆成本较外采浆有 显著优势，包括一体化烘干和木片价格优势。 文化纸业务方面，预计价格将温和修复，受益于浆价修复和产品溢价。 销量增长主要依靠山东和南宁 47 万吨文化纸的投产。毛利增长则看上 游浆价回升及 2025 年至 2027 年 110 万吨自制浆的投产。 包装纸业务预计 2025-2027 年营收增速分别为 4%、25%和 20%，吨 毛利分别为 529、563 和 605 元/吨。销量增长主要依靠 170 万吨包装 纸的投产，价格受益于供需关系趋向合理。 木浆业务方面，化机浆与化学浆主要自用，溶解浆全部外售。预计营收 增速分别为 2%、9%和 5%，增长来源于行业内整体木浆价格修复及外 售规模增加。 Q&A 太阳纸业作为国内领先的造纸龙头企业，其未来的 ...

Group 1 - The appreciation of the RMB is beneficial for the company's procurement cost optimization, particularly for imported raw materials and equipment, primarily settled in USD [1] - Since November 2025, the RMB has accelerated its appreciation, with the USD to RMB exchange rate at approximately 6.95 as of January 28, 2026, which may lower foreign trade procurement costs and enhance profitability [1] - The company has established a "forest-pulp-paper integration" industry system, enhancing its core competitiveness through strategic positioning and resource diversification across three major industrial bases in Shandong, Guangxi, and Laos [1] Group 2 - The company is one of the few listed firms in China achieving "forest-pulp-paper integration" and full category coverage, continuously gaining sustainable cost advantages through structured cost reduction [2] - Recent significant increases in gold prices and expectations of rising prices for certain commodities contrast with the relatively low pulp prices since 2025, indicating potential upward trends in pulp and white paper prices as macroeconomic stability and consumption policies take effect [2] - The anticipated rise in pulp prices is expected to improve corporate profitability, increase operating rates, and optimize gross margins [3] Group 3 - The company is adjusting its profit forecasts while maintaining a "buy" rating, expecting net profits for 2025-2027 to be 3.37 billion, 3.83 billion, and 4.50 billion RMB respectively [4] - The company continues to optimize its business structure and focuses on differentiated, high-end product development while implementing a "forest-pulp-paper integration" strategy to ensure sustainable development [4]