证券代码：002078 证券简称：太阳纸业 公告编号：2026-002 山东太阳纸业股份有限公司 2025 年度业绩快报 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。 特别提示： 本公告所载 2025 年度的财务数据仅为初步核算数据，已经山东太阳纸业股 份有限公司（以下简称"公司"）内部审计部门审计，未经会计师事务所审计， 与年度报告中披露的最终数据可能存在差异，请投资者注意投资风险。 1、经营业绩说明 1 2025 年度，公司生产经营总体情况较稳定，报告期内，公司营业总收入、 营业利润、利润总额、归属于上市公司股东的净利润、基本每股收益等指标的增 减变动幅度均不超过 30%。部分财务数据变动主要原因如下： 本报告期，实现营业总收入 3,918,421.84 万元，比去年同期减少 154,230.37 万元，同比降低 3.79%；实现营业利润 383,835.39 万元，比去年同期增加 22,570.93 万元，同比增长 6.25%；利润总额为 383,285.25 万元，比去年同期增 加 25,091.86 万元，同比增长 7.01%。前述公司财务数据同比 ...

行 业 及 产 业 轻工制造 行 业 研 究 / 行 业 点 评 证 券 研 究 报 告 证券分析师 黄莎 A0230522010002 huangsha@swsresearch.com 屠亦婷 A0230512080003 tuyt@swsresearch.com 庞盈盈 A0230522060003 pangyy@swsresearch.com 张海涛 A0230524080003 zhanght@swsresearch.com 魏雨辰 A0230525010001 weiyc@swsresearch.com 联系人 魏雨辰 A0230525010001 weiyc@swsresearch.com 2026 年 02 月 26 日 关注关税政策变化、AI 眼镜新品催 化；家居和内需消费有望边际改善 看好 ——造纸轻工周报 2026/02/09-2026/02/23 本期投资提示： ⚫ 重点提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 相关研究 - 汇率大幅波动的风险；关税预期波动的风险 ⚫ 1）出口：关税政策变化，海外下游存补库预期，推荐 Alpha ...

机器轰鸣声不绝于耳、自动化生产线高速运转、工人们紧张有序地忙碌……新春佳节，年味漫溢城乡街 巷，全国不少企业生产车间依然是一番忙碌景象。 宁波超260家企业、数万名员工坚守生产一线；洛阳超280家规上工业企业保持连续生产，较2025年增加 约30家；天津有约90家重点工业企业在春节期间连续生产，预计2月24日重点工业企业的整体复工率达 86.3%……保供应、赶订单，各地共同绘就一幅春节不停工、实干促发展的奋进画卷。 稳产保供，确保春节货丰价稳年味浓。 走进四川周黑鸭食品有限公司生产车间，香气扑面而来，一份份卤制品经自动化设备分选、打包、装箱 后，源源不断地运往各地商超门店。 "春节期间是传统的产销高峰期。为了让消费者吃上新鲜美味的产品，我们采取轮流值班的模式，确保 产线一刻不停。"公司总经理张超介绍，近期日均生产"气调锁鲜装"产品达5万多盒，有效保障了云贵川 陕的门店及渠道供应。 东北制药十多条生产线正常运转，千余名员工倒班接力，保障原料药市场供应；国家电网18.9万名员工 坚守运维保电一线；延长石油榆林炼油厂确保每天1万吨汽油、柴油、航空煤油稳定输出……广大劳动 者用坚守保障供应，全力守护节日的祥和稳定。 ...

Core Viewpoint - The stock of Kane Co. has hit the daily limit up, indicating strong market interest and positive sentiment towards the company and its peers in the paper industry [1] Group 1: Company Performance - Kane Co. has reached its daily trading limit, reflecting significant investor confidence [1] - Other companies in the paper industry, including Bohui Paper, Yueyang Forest Paper, Sun Paper, Wuzhou Special Paper, Yibin Paper, and Hengfeng Paper, have also seen their stock prices rise in response to Kane Co.'s performance [1]

Group 1 - The stock price of Sun Paper Industry (002078) closed at 16.69 yuan on February 10, 2026, with a slight increase of 0.18% and a turnover rate of 0.58% [1] - The trading volume for Sun Paper Industry on the same day was 159,700 shares, resulting in a transaction amount of 267 million yuan [1] - On February 10, the net outflow of main funds was 6.15 million yuan, while the net inflow of speculative funds was 15.06 million yuan, and retail investors experienced a net outflow of 8.91 million yuan [2][3] Group 2 - A block trade of 4.10 million yuan occurred for Sun Paper Industry on February 10 [2][3] - The company’s secretary responded to an investor inquiry regarding the impact of a 1% appreciation of the RMB against the USD on net profit, indicating that the effect depends on the company's import dependency and financial structure [2] - The appreciation of the RMB is expected to lower the costs of imported raw materials and production equipment, as the company primarily settles its overseas purchases in USD [2]

Core Viewpoint - The appreciation of the RMB positively impacts the paper industry by reducing raw material costs and increasing foreign exchange gains, with the extent of impact depending on the company's import dependency and financial structure [2]. Group 1: Impact of RMB Appreciation - The appreciation of the RMB primarily benefits the company by lowering the costs of imported raw materials, production equipment, and other purchases, which are mainly settled in USD [2]. - The company's foreign procurement of raw materials includes wood pulp, wood chips, and chemical raw materials, which are significantly affected by currency fluctuations [2]. Group 2: Financial Management Strategies - The company's foreign exchange business is determined based on actual import amounts, and it also utilizes forward foreign exchange contracts and other financial derivatives to manage exchange rate risks [2].

Core Viewpoint - The company, Sun Paper (002078), addressed investor inquiries regarding the impact of a 1% appreciation of the RMB against the USD on its net profit for 2026 compared to 2025, highlighting the effects of currency fluctuations on raw material costs and exchange gains [1] Group 1: Impact of RMB Appreciation - The appreciation of the RMB primarily affects the paper industry by reducing raw material costs and increasing exchange gains [1] - The specific impact of RMB appreciation on the company's net profit depends on its reliance on imports and financial structure [1] - The company sources raw materials such as wood pulp, wood chips, and chemical materials mainly in USD, meaning RMB appreciation can lower procurement costs for imports and production equipment [1] Group 2: Currency Risk Management - The company's foreign exchange operations are determined based on actual import amounts, and it utilizes forward foreign exchange contracts to manage currency risk [1]

Core Viewpoint - The paper industry is experiencing stable price trends ahead of the Spring Festival, with leading companies initiating "expectation management" for the post-holiday market [1] Group 1: Price Adjustments and Market Strategies - Nine major bases of Nine Dragons Paper Industries announced a price increase of 50 yuan/ton for key packaging paper types starting March 2 [1] - Several paper companies are implementing maintenance plans during the Spring Festival, urging downstream packaging firms to prepare production in advance [1] - Analysts suggest that these actions are standard market behaviors aimed at stabilizing prices during seasonal demand declines [1] Group 2: Market Sentiment and Profit Recovery - Price adjustments by large paper manufacturers provide market guidance, especially after several rounds of price declines [2] - The first quarter is expected to see reduced supply due to maintenance, with potential price increases post-Spring Festival supported by rising demand [2] - Leading companies like Lee & Man Paper Manufacturing Co. have issued positive profit forecasts, indicating a recovery in the industry [2] Group 3: Industry Performance and Challenges - Among 24 A-share listed paper companies, 11 have disclosed 2025 performance forecasts, with several predicting losses due to intensified competition and price declines [3] - The paper sector is at a critical stage of "profit recovery + long-term growth," focusing on price elasticity and benefiting from exports and policies [3] Group 4: Segment Analysis - Packaging paper is benefiting from e-commerce logistics and export demand, while cultural paper faces long-term demand pressures due to digitalization [4] - The supply-demand relationship in the packaging paper sector is becoming more balanced, suggesting continued price recovery [4] - Companies with integrated supply chains, such as Shandong Sun Paper Industry, are positioned favorably for profit resilience [4]

Group 1 - The core viewpoint of the article is that Sun Paper Industry has been exporting products to several EU member countries, including Spain, Germany, and Greece, with EU exports accounting for approximately 5% of the company's total export revenue [2] - The sales model for exports to EU countries includes direct sales and supply through regional agents [2]

Group 1 - The core viewpoint of the article is that Sun Paper Industry has a presence in the European Union market, with a specific focus on its export revenue and sales model [2][3] - The company's products are exported to several EU member countries, including Spain, Germany, and Greece [2] - Revenue from exports to EU countries accounts for approximately 5% of the company's total export revenue [2] - The sales model for exports to EU countries includes direct sales and supply through regional agents [2]