在市场看来，岳阳纸业有限公司不在于{zd0}限度地提高纸的价值决策环节，但其现有和未来的森林资源可能。岳阳纸业配股说明书上通过的野心上游领域的进一步渗透，而市场是期待的时候，在湖南国资委否决的一纸空文和核准的人事变动公告天堂充分，空气中突然充满了犹豫和困惑。

11 17，岳阳纸业公告披露，岳阳就通过再融资问题进行股份配售的建议书，湖南省国资委“进行了认真研究，决定不同意岳阳纸业新问题通过配股发行行为国有资产管理部门的批准。“

去年9月18日，岳阳纸业公布配股方案，计划每10股配售股份筹资3 1 435万股股票，总资本基础。配售筹款将用于购买纸张泰格林氏湖南骏泰浆纸有限公司（以下简称“骏泰公司”），泰国100％的股份公司，以继续增加春怀化建设项目，补充流动资金怀化项目和不少于60万多亩林地的收购。

分配方案是，是否触发改变了用脚xx的价值
公司在二级市场
的敏感信息早已提前反应，10月10日的{zg}价格达到四十四点八五元相比岳阳纸业的市场份额价格几乎是“削减”。森在造纸工业李新证券首席分析师认为，在“分配不是一个突发事件，引发了该公司价值的变化。”

事实上，9月18日宣布，将广泛赞誉的分配计划和章程。的原因在于它代表继续渗透到了岳阳纸业利润丰厚的上游-林业资源。李岳阳纸业新毫不犹豫地在这个时候的赞美，形容“纸贵族”，是“经典-在内部和外部广厚，甚至上游。”

在新的李岳阳纸业一直被视为最重要的鱼种，在他看来，变化，岳阳纸业：“首先，预期提高盈利美德，另一个是预期利润快速增长。这方面的文件的{jd1}链接无法达成，岳阳纸业实际上一直致力于森林-纸浆-造纸工业的供应链和林业长远的联系，这就是纸张的真正价值以及贵族增长估值纸办公。“

”我们还没有岳阳纸业在造纸公司的存在，但它看成资源型企业毕竟。造纸行业，这个行业将恢复到正常的利润水平，而对森林资源的上游能继续扩大并产生巨额利润。某基金公司“对金融分析师周刊记者，”公司董事长王在几年前看到了宝贵的森林资源，并开始朝这个方向引导，公司只要拥有的森林资源。即使木材直销还可以获得约50％的净利润，而造纸行业的毛利百分之二十，即使是坏“。

李在按照新的计算，如果分配和项目融资在收购成功完成，则岳阳纸业从目前的1.06亿自己的森林的土地扩大到至少226公顷土地，将支持后林业基地的建成项目将至少达到376公顷，即在最能改善岳阳纸业的林业产业，商业价值，岳阳纸业的规模有望扩大2.5倍以上。 “与此同时，化学针叶木浆项目的盈利能力也明显强于文件，而该公司的价值，因此，不仅在短期内一次跳跃，其长期增长的趋势得到了进一步加强。”

高级别变化而动摇的基本配发的林业资源开发

整体融资是在同一时间没有，高级别泰格林纸的控股股东也发生了重要变化，这使岳阳前景纸变得更加扑朔迷离。

11 17，岳阳纸业公告称：湖南国资委“王恩茂同志从泰格林纸，主任，党组不是作为候选人，岳阳纸业董事长”，“主席同志吴佳林泰格林纸提名书记，删除（法律代表），提名为岳阳纸业（法人代表）的候选人;杨林彪同志泰格林纸候选人副总统感到骄傲。“

突然人事变动，外部的人谁愿意看到的真相，而不是岳阳纸业。 “现在是控股股东泰格林纸董事长吴佳林，并作为今后岳阳纸业董事长没有悬念，王，是岳阳纸业董事长。现在我们必须明白，不论是分配问题，例如为什么，谁做的，发现或发现王小姐？他们不说。岳阳纸业还表示，敏感时期，不能袖手旁观。“文件在经纪公司的分析师告诉记者，和记者在岳阳纸业董秘办公室电话号码多次呼吁该人回答。

珩似乎并不为预期的观众。 “另一篇论文上市公司谁告诉我，在王岳阳纸业{zd0}的不确定性。” A股市场参与者对记者说。记者阅读

岳阳纸业2006年年报显示，当时62岁的王，在董事长的任期应于2009年9月21日在结束办公室，1481.0万股份数额;和53岁的时间吴佳林自2004年11月25日，他被任命为总经理的公司，没有所有权。在今年上半年吴佳林不再担任岳阳纸业，总经理职务杨哩嗯引以自豪对这一立场。

但岳阳纸业11月20日刊登的公告，再次引起震动。该公告称，岳阳纸业有限公司杨岙林，伍伟总干事在07年11月21号清，以书面形式向公司董事会20名公司董事辞职递交了报告，上述辞职上述报告，辞职生效后的董事会任职。

原高层结构的岳阳纸业事先的基本条件上游发生的，现在这样的变量，它不能帮助公司的未来发展方向产生了怀疑。 “我们已经习惯于在总领导与王，岳阳纸业王，交易已逐步向森林资源开发的上游，和行政人员有所改变，一切都开始变得不明朗。这种不确定性意味着风险的风险，我们将给予优惠。“一券商分析师对记者说。

今年上半年，岳阳纸业营业收入为9.37亿元，比增长百分之5.52，以及3311.98万元，为43.84％，净利润增长。之所以在净利润增长远高于营业收入，岳阳纸业对森林资源发展战略上游立了大功劳动。报告期内，主要的林业公司实现收入茂源2085.200万元，利润九百一十点四零零万元，而在同时，岳阳纸业的主要产品几种类型-涂装胶版纸，低定量涂布纸，新闻纸的毛利率为18.16％，15.33％和12.16％。比较两个，林业资产价值更加突出，分配程序是否更是令人遗憾的。

Yueyang Paper惊变double mu forest竹篮打水

In the market view, Yueyang Paper Co., Ltd. does not lie in maximizing the value of paper-making links, but its existing and future forest resources may have. Yueyang Paper on Lettings Prospectus with further penetration through the upstream area of ambition, while the market is full of looking forward to a time when a piece of paper in Hunan SASAC’s veto and approved personnel changes NOTICE heaven, the air suddenly filled with hesitation and confusion.

11 17, Yueyang Paper Notice disclosure, Yueyang Paper on the proposed placement of shares conducted through the issue of refinancing, Hunan SASAC “conducted a careful study, decided not to agree to the adoption of Yueyang Paper placement issue of new shares issued acts of state-owned equity management approval. “

the previous September 18, Yueyang Paper published Lettings programs, plans a total capital base of 435 million shares for 10 shares for every 3 Placing Shares financing. Allotment of the fund-raising will be used to buy paper泰格林’s Hunan Chun Thai Pulp and Paper Co., Ltd. (hereinafter referred to as “Chun Tai Company”) {bfb} of the shares of Thai companies to increase Chun Huaihua continued construction projects, to add liquidity Huaihua projects and the acquisition of not less than 60 million mu of forest land.

allotment program was whether the trigger changes the value of the company vote with their feet

in the secondary market, the sensitive information has long been ahead of the response, and October 10 was the highest price hit 44.85 yuan compared Yueyang Paper’s share price almost “cut.” Guosen Securities in the paper industry Li, principal analyst for the new view, the “allotment was not a sudden incident, triggered changes in the value of the company.”

In fact, September 18 announced the allotment program and its Prospectus into the wide acclaim. The reason that it represents the continued penetration into the Yueyang Paper lucrative upstream - of forest resources. Li Yueyang Paper new hesitate at this time of praise, describing it as “paper aristocracy”, “the upper reaches of the classic - thick on the inside and even outside Canton.”

the changes before the new Li Yueyang Paper has always regarded as the most important species, in his view, Yueyang Paper “First, by virtue of the expected enhanced profitability, and the other is the expected rapid growth in profits. this aspect of its absolute links in the paper can not be reached, Yueyang Paper has actually been committed to forest - pulp - paper industry supply chain and long-term forestry links, that is where the true value of paper as well as the valuation of the aristocracy Growth Paper Office. “

” We have not Yueyang Paper When paper companies are, but see it as resource-based enterprises. paper industry, after all, the industry will return to normal profit levels, while the upper reaches of the forest resources can continue to expand and generate huge profits. “of a certain fund company told financial analysts Weekly Journalist,” company chairman Wang a few years ago saw the valuable forest resources, and began to guide the company in that direction. As long as owned forest resources, even if the direct sale of wood can also get about 50% of net profit, while the paper industry to the gross margin to 20 percent even if the bad. “

measured in accordance with new Li, if the allotment and project financing the successful completion of the acquisition, then the Yueyang Paper’s own forest land from the current 106 million to expand to at least 226 hectares, to be supporting the project after the completion of the forestry base will reach at least 376 hectares, that is, at the most can improve Yueyang Paper the value of the forestry industry, business, Yueyang Paper size is expected to expand more than 2.5 times. “At the same time, chemical coniferous pulp project profitability is also significantly stronger than paper, while the value of the company and would therefore not only in the short term once jumping, its long-term growth trends have been further strengthened.”

High-level changes shaken the development of forestry resources in the basic allotment

overall financing package was not at the same time, the controlling shareholder of the high-level泰格林paper also undergone important changes, which allow the prospect of Yueyang Paper has become more complicated and confusing.

11 17, Yueyang Paper Bulletin said: Hunan SASAC “Comrade Wang泰格林removed from the paper, chairman and party secretary, not nominated as a candidate, chairman of Yueyang Paper,” “吴佳林Comrade Chairman泰格林paper (legal representative), nominated for Yueyang Paper (legal representative) candidates; Yang proud of Comrade Lin泰格林paper candidates for vice president. “

abrupt personnel changes, the external person who wishes to see the truth and not Yueyang Paper. “Now is the controlling shareholder吴佳林paper泰格林chairman, and the future as chairman of Yueyang Paper has no suspense, and Wang is the chairman of Yueyang Paper. Now we have to understand that the allotment was whether issues such as why, the who do, find or find Miss Wang? they do not say. Yueyang Paper also said that the sensitive period can not stand. “a brokerage analyst at the paper told reporters, and journalists call on many occasions Yueyang Paper Office Tel no董秘the person answering.

Xiangheng does not seem to be for the spectators expected. “Another paper listed companies who tell me, Yueyang Paper biggest uncertainty in the Wang.” A market participants told reporters. Journalist reading

Yueyang Paper 2006 Annual Report found that the then 62-year-old Wang, the chairman of the board shall hold office in September 21, 2009 The End, the amount of 14.81 million shares; and 53-year-old at the time吴佳林, since November 25, 2004, he was appointed general manager of the company, no ownership.吴佳林in the first half of this year is no longer served as general manager of Yueyang Paper, Yang Lin proud to take over this position.

but November 20 Yueyang Paper published a notice once again shocking people. The notice said the director of Yueyang Paper Co., Ltd. Yang Ao Lin, Ng Wai-Ching in November 21, 2007, 20 in writing to the company’s board of directors resigned from the company directors to submit resignation of the report, the above-mentioned report, the resignation take effect when served on the Board of Directors .

original high-rise structures are Yueyang Paper advance to the upper reaches of the basic conditions happen now so variable, it can not help the future direction of the company have had a doubt. “We have become accustomed to dealing with and Wang, Yueyang Paper Wang, under the leadership of the total has been gradually to the upper reaches of the forest resources development, and executives now change, everything started to become uncertain. This uncertainty means that the risks, of risk that we will give a discount. “a brokerage analyst told reporters.

first half of this year, Yueyang Paper operating income was 937 million yuan, an increase of 5.52 percent; and net profit of 33,119,800 yuan, an increase of 43.84%. The reason why the increase in net profit was much higher than operating income, Yueyang Paper to the upper reaches of the forest resources development strategy立了大功labor. The reporting period, the main forestry companies realize revenue MaoYuan 20,852,000 yuan, the profit 9,104,000 yuan, while at the same time, several types of Yueyang Paper’s main products - paint finishing Offset paper, LWC, newsprint gross profit margins were 18.16%, 15.33% and 12.16%. Compared the two, the value of forestry assets become even more prominent, and whether the allotment program was even more regrettable. (07-11-26)