On November 12, the company replied that the paper industry is currently in a downward phase of the cycle. The company's management will continue to follow and study various policy tools such as mergers, acquisitions and restructuring, industrial integration, and repurchase loans, and actively explore paths conducive to the development of the company's main business and enhance corporate value. Various capital operation plans require careful verification based on industry trends, the company's actual production and operation, cash flow affordability, balance and liability structure, and regulatory policy requirements to balance operating risks and shareholders' interests. If subsequent company planning involves important matters such as mergers and acquisitions, share repurchases, refinancing, etc., the company will promptly fulfill its information disclosure obligations in strict accordance with regulations.

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