① Qingshan Paper's recent series of expansion actions have attracted investors' attention; ② Fujian state-owned assets participated in both investments, and the integration or acceleration of forestry resources in the province; ③ CCER's restart promotion and “bamboo instead of plastic” are both driving forces on the policy side.
Financial News Agency, December 5 (Reporter Luo Yichen) The paper industry's prosperity is declining, and the performance of Qingshan Paper (600103.SH) continues to be under pressure. However, with the relaunch of CCER and policies such as “using bamboo instead of plastic,” the company's development is expected to usher in a turning point. At the performance briefing held this afternoon, the company's management responded that a series of recent investment expansion decisions are all related to policy direction and “can be understood to some extent as preparations for policy implementation.”
This past November, Aoyama Paper expanded frequently. On November 29, the company announced that it intends to transfer 34% of the shares of Sanming SDIC Forestry Group Co., Ltd. (hereinafter referred to as Sanming Forestry) held by Xiamen Fuyu Green Industry Partnership (Limited Partnership). On the same day, Qingshan Paper also announced that it plans to jointly invest with Fujian Shaxian Qingfeng Trading Co., Ltd. (hereinafter referred to as Qingfeng Trade) to establish Fujian Qingzhou Zhongzhu Industry Development Co., Ltd. (hereinafter referred to as Qingzhou Zhongzhu).
Both investments are related to the development and utilization of forestry resources. According to reports, the majority shareholders of Sanming Forestry have a background in Fujian state-owned assets. The company has little public information, and its business scope includes tourism and forestry. Regarding the Financial Services Association reporter's proposal, “Will the acquisition increase the company's forestry resource reserves? Can it be understood as reserving resources for the opening of CCER?” Lin Xiaohe, chairman of Qingshan Paper, replied at the meeting, “In a sense, it can be understood that way.”
The establishment of the Qingzhou Zhongzhu joint venture is more based on the strategic needs of forest paper integration. At the meeting, Director Pan Qixing said that the purpose of the joint venture is to make full use of the rich advantages of nearby maozhu resources and combine the company's pulp and paper product direction to achieve bamboo instead of wood and paper instead of plastic, and promote the “expansion and expansion” of the industrial chain. At the same time, it is also an initiative to expand the company's raw materials for pulp and paper and expand supply channels. According to Tianyan investigation, the actual controller behind Qingfeng Trade, which is a partner, is the Qingzhou Town People's Government in Shaxian District of Sanming City, which owns a forest farm in Qingzhou Town, Shaxian County under its name.
As the province with the highest forest cover in the country, Fujian has outstanding advantages in forestry resources. This time, the frequent cooperation between Qingshan Paper and local state-owned assets may indicate that the pace of integration and development of forestry resources in Fujian is speeding up.
A reporter from the Financial Association News Agency noticed that spurred by news of CCER's restart, in recent years, a number of listed forestry companies have signed contracts for woodland development in “horse racing grounds” across the country. With the recent release of CCER management measures and supporting rules, woodland resource development is expected to accelerate further. In addition, bamboo development has also been driven by the “bamboo instead of plastic” policy, that is, the National Development and Reform Commission and other departments have proposed that compared with 2022, the comprehensive added value of the main products of “bamboo instead of plastic” will increase by more than 20%, and the comprehensive utilization rate of bamboo materials will increase by 20 percentage points.
According to reports, Qingshan Paper currently holds 350,000 mu of forestry base through wholly-owned or holding subsidiaries, but in addition to advancing the integrated forest paper strategy to expand resources abroad, the company's performance is clearly under pressure. In the first three quarters of this year, the company's revenue and net profit declined by 16.63% and 48.39%, respectively. Regarding the situation in the fourth quarter, the company's management confessed that the domestic pulp products market is currently fluctuating and recovering, but the prices of the company's corresponding wrapping paper products are still hovering at a low level.