Fujian Nanzhi Co., Ltd. (600163)

Fujian Nanzhi Co., Ltd. (600163)

Fujian Nanzhi [600163] is a stock issued by China Fujian Energy Co., Ltd.

main points

Key points 1: the power industry plate, new energy plate, three-way concept plate, West Coast plate of the Strait, Fujian plate, St concept plate, solar energy plate and financing and securities trading plate are included.

Key point 2: business scope Newsprint, paper, paper products, pulp, forest chemical products (excluding dangerous chemicals), manufacturing and marketing of electrical machinery and equipment; industrial production materials (excluding passenger cars with less than nine), chemical (excluding dangerous chemicals) products, wholesale, retail, purchasing and selling of construction materials; talent training; technical consultation; light industry and technical services; foreign trade; forest trees Seed planting; seedling planting; tree planting; wood procurement and sales; paper forest technical consulting services. (if the above business scope involves the permitted business items, it shall be operated only after obtaining the permission of relevant departments). As the leading enterprise of news paper in China, the company is more than 200 single publishing single newsprint suppliers in China, such as people's daily, Beijing Daily, Jiefang Daily and Yangcheng Evening news. The annual production capacity of newsprint has reached 320000 tons, ranking the highest in market share Two.

Key point 3: the announcement of major business change wind power generation on December 1, 2014, the company plans to set up all assets and liabilities of Fujian nanpaper, and put 100% equity of China Fujian energy held by the major shareholder investment group. The difference is purchased by Fujian nanpaper to the other party such as investment group with RMB 3.28 / share issuance of 1827990500 shares. In addition, the company issues no more than 11942073100 shares to the investment group with RMB 3.28 / share, and the supporting financing shall not exceed RMB 39.7 million. The main business of energy in China and Fujian is the development, construction and operation of land wind power generation projects. Fujian Nanzhi will put out assets and replace it with the equivalent part of 68.59% of the equity of Zhongmin energy held by the investment group. Fujian nanpaper has established a wholly-owned subsidiary Nanping nanpaper, as the main body to undertake the proposed assets. After the asset replacement is completed, the investment group will own 100% equity of Nanping nanpaper. The difference of 100% equity of China Fujian energy after the replacement of the above assets is purchased by Fujian nanpaper to the trading party such as the investment group and other trading parties. The other party issuing shares to purchase assets is the investment group, and it acts in concert with the investors in the channel, Datong venture capital, Fosun Chuang Fu, Hongqiao new energy, railway investment and Huaxing venture capital.

Key point 4: the main paper industry company is a large-scale pulp and paper enterprise with newsprint production as its main industry. The leading products are newsprint and unbleached kraft pulp, and the annual production capacity of paper and pulp is 340000 tons. In 2010, the company produced 356600 tons of paper, an increase of 23.48% over the same period of last year, and the total volume of paper sold and pulp was 353900 tons, an increase of 21.07% over the same period of last year.

Key 5: major investment 1 The company has invested 1.671 billion yuan (of which 979million yuan has been invested and 531million yuan) to implement the project of low quantitative offset paper forest paper integration with annual output of 180000 tons, including a new production line with annual output of 180000 tons of offset press paper, a new production line of 600 (absolutely dry) tons of waste paper deinking pulp, an additional 10000 cubic meter sewage treatment plant a day and 750000 mu of raw material forest The base (of which there are 600000 mu of forest and 149900 mu of new afforestation). After the pulp part is completed and put into operation, the annual annual sales income can be increased by 733870000 yuan, with an annual profit of 91.33 million yuan. After the completion and operation of the raw material forest base, the annual sales income during the calculation period is 13.68 million yuan and the annual net profit is RMB 60.93 million. The paper workshop of the project (No.6 paper machine) was started in March 2008, and the equipment installation was officially started in May 2009, and the paper was successfully tested and produced in October 2009. In 2010, the company optimized and improved the problems of material preparation, flow system, wool cloth selection, sizing machine, soft calendering and other problems of No.6 paper machine. After optimization and transformation, the production became more stable and the quality was improved. According to the market demand, the company successfully developed the heat sensitive raw paper, carbon free copy paper, non-drying adhesive original paper and other special paper, and was able to produce 40g/m2 low quantitative thermal sensitive paper, which can be produced in China The same industry in the same industry in the paper machine ranking in the front. The pulp preparation system 500t/d BTMP wood flake mill system project of No.6 paper machine was started in June, 2009, and equipment installation has been completed by the end of October 2010. It is expected that the pulp supply for the company's No.6 paper machine will begin at the end of March 2011.

Key point 6: raw material forest base In May, 2005, the company invested 26.4 million yuan to jointly establish the yew Forest Farm Company of Guangguang County, accounting for 55%. It is conducive to accelerate the construction of the company's raw material forest base, ensure the orderly and stable supply of raw materials required by the company, among which, the established part of the raw material forest base has started cutting since 2006. In August 2007, an agreement was signed with the people's Government of Guangguang County, which proposed to cooperate in the construction of the paper industry raw material forest base project with a scale of 400000 mu, with the company investing 180million yuan, responsible for afforestation, and the company as the owner of forest rights. In December 2008, the first contract of 5000 mu of afforestation for the afforestation project of "South paper glossy forest paper integration" base was signed in Guangguang. The supporting construction of 750000 Mu raw material forest base project has a construction period of 5 years. Since 2008, the company has built 56821 mu of raw material forest base, including: Gutian, Yanping raw material forest base of 49255 mu, and ordered forest of 7566 mu. Since the reform of collective forest right system, it has been widely implemented to divide the mountain to the household, which results in the decentralization of forest rights, and it is difficult to establish a relatively centralized raw material forest base, rather than the continuous raw material forest can not form scale management, which objectively causes the slow progress of the project construction. The annual report of 2010 disclosed that the company is actively exploring the construction mode of raw material forest base and promoting the construction of raw material forest base.

Key point 7: in April, 2010, the company invested 322million yuan to build a light paper and supporting pulping system technology transformation project with an annual output of 80000 tons. After completion and put into operation, the annual annual incremental sales revenue was 284million yuan, and the annual net profit increased by 49.04 million yuan during the operation period. At the same time, the product structure diversification and product upgrading and replacement were realized after the technical transformation of the project.

Key 8: in May 2009, the company invested 168.6 million yuan to build an annual output of 250000 tons of bamboo pulp project. After completion and put into operation, the annual sales income was 206million yuan, the total profit was 21.12 million yuan, the income tax of the investment recovery period was 6.67 years, the investment profit rate was 11.71%, and the investment profit tax rate was 18.28%. In 2010, the company renewed four 75m3 cooking pans and added two 175m3 cooking pans. Through continuous filling and filling, the annual output of wood dissolving pulp of 50000 tons was realized in July 2010. The project brought good economic benefits to the company in 2010. The first phase of sewage deep treatment has been put into operation, and all indexes meet the new standards for discharge. Since the civil construction of the existing aerobic section expansion and reconstruction project of sewage treatment plant has been started at the end of April 2010, the civil construction has completed 80% in the reporting period. As of the end of 2010, the accumulated financial expenditure of the project was RMB 64.31 million.

Key 9: in February, 2011, the company established a wholly-owned subsidiary of Fujian nanpaper biomass fiber company with a registered capital of RMB 600 million and registered in July. The main business is the manufacture and sale of bamboo, wood dissolving pulp and viscose fiber. The project of bamboo (wood) dissolving pulp with annual output of 96000 tons is proposed.

Key point 10: in August 2009, the company, Xiamen Shuncheng Asset Management Co., Ltd. and Xiamen Haicang Investment Group Co., Ltd. jointly invested to establish Xiamen Xinyang Paper Co., Ltd. The registered capital of the joint venture company is 250million yuan, the company contributes 105million yuan in cash, accounting for 42%, Shun Cheng company contributes 107.5 million yuan in cash, accounting for 43%, and Haitou Group contributes 375 million yuan in cash, accounting for 15%. The first phase of the joint venture is constructed with an annual output of 110000 tons of paper, including one special paper production line with an annual output of 50000 tons and two advanced domestic paper production lines with an annual output of 60000 tons. The registered capital of the first phase construction project is 250million yuan, and the total investment estimated is about 84million yuan. After the first phase of construction project is completed and put into operation, the annual average sales income is RMB 93.459 million, the annual average after tax profit is RMB 104.75 million, and the investment profit rate is 12.47%. In August, 2010, the company decided to abandon the second phase of new Yang paper industry with a capital contribution of RMB 63million, and the adjusted share proportion of the company decreased from 42% to 16.8%.

Key 11: in January of October, Longyan nanpaper Co., Ltd. and Longyan Huasheng Enterprise Investment Co., Ltd. jointly invested to establish Longyan nanpaper Co., Ltd. with the registered capital of 250million yuan. Among them: the company contributed RMB 170million (mainly by the land, buildings, machinery and equipment, accessories and cash, etc. owned by the longpaper company which is bidding) accounting for 68% of the registered capital of the joint venture. The main operating assets of longpaper company include a used newsprint machine with an annual output of 70000 tons, a production line of BCTMP bleacher pulp of 180 tons / day, an 80 ton / day waste paper deinking pulp production line, 510 mu of land use right and factory building, etc. due to market and capital reasons, longpaper company has been unable to maintain normal operation and has been shut down from May 2007 to now. After the successful bidding, it is proposed to carry out technical transformation to BCTMP workshop, and resume production as soon as possible, so as to make the production capacity of commercial pulp reach 60000 tons. Net profit in 2010 - 7.96 million yuan.

Key 12: the concept company of the cross strait three links is located in Fujian, separated from the Taiwan sea. With the realization of the three links, the company is expected to expand the sales market by virtue of a large forest base.

Key 13: the listed companies with shares hold 69 million state-owned legal persons in Qingshan Paper Industry, with an initial investment of RMB 128.49 million. In 2010, the company reduced its holdings of 20million shares in Qingshan Paper Industry, accounting for 1.88% of the total equity of Qingshan Paper Industry. After the reduction, it still held 49million shares of Qingshan Paper Industry, accounting for 4.61% of the total equity of Qingshan Paper Industry.

Key 14: in may2011, the strategic investor was proposed to be introduced. The controlling shareholder textile holding company was to invest in the company shares held, and introduce strategic investors to establish a new company to cooperate in the construction of bamboo and wood fiber project through open market. After several negotiations on some important matters, it was unable to reach an agreement, which ended its operation.

Key 15: in July 2007, the Central Committee comprehensively promoted the reform of collective forest right system: improving the management system of forest cutting, regulating the forest land and forest circulation system, establishing public financial system supporting the development of collective forestry, and improving the forestry investment and financing policy. Financial institutions should develop credit products suitable for forestry characteristics and broaden the financing channels of forestry. We will increase the investment of forestry credit, improve the policy of financial discount and interest subsidy of forestry loans, and vigorously develop the micro loans to forestry. We will improve the way of forestry credit guarantee and the mortgage system of forest right. Fujian is now ranked the top in China with 62.96% of forest coverage.

Key 16: the major shareholder changed in April, 2013, Fujian light textile (holding) Co., Ltd., the controlling shareholder of the company, signed the agreement on free transfer of state-owned shares of listed companies with Fujian investment and Development Group Co., Ltd.; in June, it obtained the approval of China Securities Regulatory Commission without objection and agreed to exempt Fujian investment group from its obligation of offering for acquisition. After the transfer of shares, Fujian investment and Development Group Co., Ltd. holds 286115110 shares, accounting for 39.66% of the total share capital of the company, becoming the controlling shareholder of the company, and Fujian light textile (holding) Co., Ltd. no longer holds the company shares.

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