Core Viewpoint - Hengda New Materials (301469.SZ) reported steady revenue growth in the first half of 2025, driven by its core business in medical and food packaging paper, despite intensified competition and raw material price fluctuations [1][2]. Revenue Performance - In the first half of 2025, the company achieved operating revenue of 521 million yuan, representing a year-on-year increase of 2.55% [1]. - The medical and food packaging paper segment generated 450 million yuan in revenue, a significant year-on-year growth of 21.56%, serving as the main driver for overall revenue growth [1]. Product Highlights - Medical packaging paper includes dialysis paper and medical laminated paper, known for their excellent breathability, antibacterial properties, and biocompatibility, widely used in medical consumables packaging [1]. - Food packaging paper features oil-proof paper, waxed paper, and straw paper, designed to meet diverse scenarios such as baking, fast-moving consumer goods, and takeout, aligning with the demand for greener and higher-quality food packaging [1]. Capacity Expansion and Project Progress - The company is advancing its key project of a new production line for 50,000 tons of new packaging paper and 10,000 tons of deep processing of food and medical paper products, with an investment progress of 95.91% [2]. - Some production lines have been completed and transitioned to fixed assets, which will enhance the capacity for medical and food packaging paper and strengthen the company's supply capabilities in the mid-to-high-end market [2]. Research and Development - As a national high-tech enterprise, the company increased its R&D investment to 19.44 million yuan, a year-on-year growth of 7.71% [2]. - The company holds 44 patents, including 39 invention patents, and has obtained multiple certifications, ensuring compliance with major international standards [2]. Cost Control and Supply Chain Management - The company relies on imported wood pulp as a primary raw material and has implemented measures such as market monitoring, flexible procurement adjustments, and futures hedging to mitigate cost fluctuations [3]. - By anticipating raw material price trends, the company increased raw material inventory in the first half of the year, effectively controlling production costs [3]. - Leveraging the advantages of the special paper industry cluster in Quzhou, Zhejiang, the company has improved supply chain efficiency through better procurement, logistics, and technical collaboration [3]. Future Outlook - The company plans to continue focusing on its core business in medical and food packaging paper, expanding high-end customer outreach in the domestic market, and accelerating international market penetration based on product quality and certification advantages [3]. - The company aims to release its in-progress capacity and drive technological innovation to further solidify its competitive edge in the specialty paper segment for long-term stable development [3].
恒达新材2025年上半年营收稳定增长 医疗食品包装原纸驱动增长