Cinda Securities(SH:601059) Zhi Tong Cai Jing·2025-05-08 08:39Group 1 - The core viewpoint of the report indicates that the pulp and paper industry is experiencing a bottoming out of profitability, with costs stabilizing and paper prices showing slight recovery in Q1 2025 [1][2] - The report highlights that the overall pulp price is expected to maintain a low-level fluctuation, with domestic demand remaining weak while international prices are experiencing increases due to maintenance shutdowns in overseas pulp mills [2][3] - The cultural paper segment is seeing a gradual recovery in profitability, with major players like Sun Paper benefiting from strategic raw material management and cost control [3][5] Group 2 - The white card paper prices are showing signs of stabilization, with a slight increase in Q1 2025 due to supply disruptions from major producers [4][5] - The special paper segment is witnessing an expansion of leading companies' market share, although prices are under pressure due to weak demand in certain categories [4][5] - The waste paper segment is experiencing price fluctuations, with overall profitability showing improvement, particularly for companies like Nine Dragons Paper [6][7] Group 3 - The report anticipates that the profitability of paper companies may continue to face pressure in Q2 2025 despite cost optimization efforts, with limited new capacity expected from leading firms [7] - Companies to watch include Sun Paper and Xianhe Co., which are expected to see improvements in profitability, along with others like Huawang Technology and Wuzhou Special Paper [8]