据证券之星公开数据整理，近期恒丰纸业（600356）发布2025年中报。截至本报告期末，公司营业总收 入13.53亿元，同比上升12.78%，归母净利润9493.67万元，同比上升69.06%。按单季度数据看，第二季 度营业总收入6.79亿元，同比上升1.62%，第二季度归母净利润6690.72万元，同比上升96.74%。本报告 期恒丰纸业盈利能力上升，毛利率同比增幅10.08%，净利率同比增幅39.44%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率17.14%，同比增10.08%，净利率7.12%，同比增 39.44%，销售费用、管理费用、财务费用总计7710.75万元，三费占营收比5.7%，同比减10.45%，每股 净资产8.93元，同比增6.15%，每股经营性现金流0.49元，同比增98.17%，每股收益0.32元，同比增 68.42% 业务评价：公司去年的ROIC为4.69%，资本回报率不强。去年的净利率为4.76%，算上全部成本后，公 司产品或服务的附加值不高。从历史年报数据统计来看，公司近10年来中位数ROIC为4.68%，中位投资 回报较弱，其中最惨年份2018年的ROIC为2.86%， ...

Core Insights - The paper industry in A-shares is under pressure, with only 4 out of 16 listed companies reporting positive net profit growth in the first half of 2025, highlighting the cyclical nature of the industry [1] - Shandong Sun Paper Industry Co., Ltd. leads the industry with a revenue of 19.113 billion and a net profit of 1.78 billion [1] - The industry is experiencing structural adjustments in capacity expansion, cost optimization, and export growth, but still faces supply-demand pressures and profit differentiation [1] Company Strategies - Sun Paper is implementing a differentiated strategy across raw materials, processes, and products, focusing on self-manufactured pulp to reduce fiber costs and improve production efficiency [1] - The company has achieved cost reductions in energy, raw materials, and maintenance during the reporting period, ensuring stable operational performance [1] - Mudanjiang Hengfeng Paper Co., Ltd. reports steady growth in core business profitability due to lean management practices, optimizing supply chain management, and controlling procurement costs [1] Industry Challenges - The paper industry faces significant cost pressures primarily from raw materials and energy, with uncertainties in their price trends impacting overall industry costs [2] - The financial attributes and price volatility of pulp used in cultural paper, along with rising costs of waste paper for packaging due to weather factors, contribute to these challenges [2] - The "anti-involution" policy is expected to accelerate structural adjustments in the industry, with a shift towards high-end and differentiated production necessary for overcoming current market challenges [2] Future Outlook - Sun Paper's "integrated forestry, pulp, and paper" strategy is set to advance with the completion of its Nanning base projects, enhancing operational synergy [2] - The packaging paper market is anticipated to see a slowdown in capacity expansion by 2025, with a need for transformation towards high-end products [2] - The industry is expected to achieve supply-demand balance through market mechanisms, with a potential turning point for paper prices by 2026 as the "anti-involution" policy continues [2]

Group 1 - The core viewpoint of the report emphasizes the importance of reviewing the full semi-annual report for a comprehensive understanding of the company's operational results, financial status, and future development plans [1] - The board of directors and senior management guarantee the authenticity, accuracy, and completeness of the semi-annual report, taking legal responsibility for any false statements or omissions [1] - The semi-annual report has not been audited [1] Group 2 - The board meeting was held in accordance with relevant laws and regulations, with all nine directors present [3][4] - The board approved the semi-annual report and its summary with unanimous consent [4][5] - The board also approved a proposal to re-establish the company's term system and contractual supporting system, which had been reviewed by the compensation and assessment committee [5]

2025年8月28日，恒丰纸业(600356.SH)发布2025年中报。 公司营业总收入为13.53亿元，较去年同报告期营业总收入增加1.53亿元，实现5年连续上涨，同比较去 年同期上涨12.78%。归母净利润为9493.67万元，在已披露的同业公司中排名第4，较去年同报告期归母 净利润增加3878.01万元，实现3年连续上涨，同比较去年同期上涨69.06%。经营活动现金净流入为1.47 亿元，在已披露的同业公司中排名第5，较去年同报告期经营活动现金净流入增加7301.46万元，实现2 年连续上涨，同比较去年同期上涨98.17%。 公司最新资产负债率为25.45%，在已披露的同业公司中排名第4。 公司最新毛利率为17.14%，在已披露的同业公司中排名第5，较上季度毛利率增加1.47个百分点，较去 年同期毛利率增加1.57个百分点，实现2年连续上涨。最新ROE为3.56%，在已披露的同业公司中排名第 4，较去年同期ROE增加1.32个百分点。 公司摊薄每股收益为0.32元，在已披露的同业公司中排名第5，较去年同报告期摊薄每股收益增加0.13 元，实现3年连续上涨，同比较去年同期上涨68.42%。 公司最新总资产 ...

证券日报网讯 8月27日晚间，恒丰纸业发布公告称，2025年半年度公司实现营业收入1，353，286， 955.21元，同比增长12.78%；归属于上市公司股东的净利润为94，936，742.56元，同比增长69.06%。 （编辑 何成浩） ...

牡丹江恒丰纸业股份有限公司 十一届董事会第十二次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 一、董事会会议召开情况 （一）牡丹江恒丰纸业股份有限公司十一届董事会第十二次会议，符合《公司 法》、《证券法》和《公司章程》等有关法律、法规的规定。 （二）牡丹江恒丰纸业股份有限公司于 2025 年 8 月 15 日以书面形式和电子邮 股票代码：600356 股票简称：恒丰纸业 编号：2025-042 二、董事会会议审议情况 经与会董事认真审阅，审议通过了以下决议： 告及摘要的议案》。 本议案已经公司审计委员会审议通过。 具体内容详见《中国证券报》、 《上海证券报》、 《证券时报》和上海证券交易所 网站（www.sse.com.cn）上的公告。 件等方式，向公司各位董事，发出召开公司十一届董事会第十二次会议的通知。 （三）2025 年 8 月 26 日以通讯表决的方式召开了此次会议。 （四）会议应出席董事 9 人，实际出席董事 9 人。 董事会 和契约化配套制度的议案》。 本议案已经公司薪酬与考核委员会审议通过。 ...

新京报贝壳财经讯 8月27日，恒丰纸业公告，2025年上半年营业收入13.53亿元，同比增长12.78%，归 母净利润9493.67万元，同比增长69.06%。基本每股收益0.32元／股，同比增长68.42%。 ...

格隆汇8月27日丨恒丰纸业(600356.SH)公布半年度报告，坚持以市场为导向，以效益为核心。报告期 内，公司实现营业收入135,329万元，同比增长12.78%；归属于上市公司股东的净利润9,494万元，同比 增长69.06%；归属于上市公司股东的扣除非经常性损益的净利润8,538万元，同比增长96.57%；总体来 看，上半年，公司积极把握市场节奏，持续推进精益化管理，有效降低原材料及能源消耗，优化供应链 管理及加强存货周转，严控采购成本和运营费用，公司核心业务盈利能力稳步增长，经营业绩同比实现 强劲上升。 ...

智通财经APP讯，恒丰纸业(600356.SH)发布2025年半年度报告，报告期内，公司实现营业收入13.53亿 元，同比增长12.78%。实现归属于上市公司股东的净利润9493.67万元，同比增长69.06%。实现归属于 上市公司股东的扣除非经常性损益的净利润8537.86万元，同比增长96.57%。基本每股收益0.32元。 ...

Financial Performance - The company's operating revenue for the first half of 2025 reached CNY 1,353,286,955.21, representing a 12.78% increase compared to CNY 1,199,960,917.58 in the same period of 2024[17]. - The total profit for the reporting period was CNY 105,302,396.52, a significant increase of 57.62% from CNY 66,808,261.61 in the previous year[17]. - The net profit attributable to shareholders was CNY 94,936,742.56, up 69.06% from CNY 56,156,614.38 year-on-year[17]. - Basic earnings per share rose to CNY 0.32, reflecting a 68.42% increase from CNY 0.19 in the previous year[18]. - The total profit for the first half of 2025 was CNY 116,597,261.19, up from CNY 68,271,634.47 in the first half of 2024, marking an increase of 70.9%[95]. - The company's operating profit for the first half of 2025 was CNY 116,196,132.57, an increase of 73.5% from CNY 66,912,945.12 in the first half of 2024[95]. - The company reported a significant decrease in credit impairment losses, with a loss of CNY 6,532,003.83 in the first half of 2025 compared to a gain of CNY 1,861,161.79 in the same period of 2024[95]. Cash Flow - The net cash flow from operating activities increased by 98.17%, reaching CNY 147,387,913.77 compared to CNY 74,373,285.71 in the same period last year[17]. - Operating cash inflow for the first half of 2025 reached ¥1,633,555,966.52, a 30% increase from ¥1,254,188,244.33 in the first half of 2024[97]. - Cash inflow from financing activities amounted to ¥306,374,403.62, slightly increasing from ¥304,643,280.50 in the previous year[98]. - The ending balance of cash and cash equivalents was ¥439,800,572.10, up from ¥337,915,694.11 at the end of the first half of 2024, representing a 30% increase[98]. - Cash outflow for purchasing goods and services was ¥1,138,027,690.36, up from ¥871,536,440.04, indicating a 30.6% rise[97]. Assets and Liabilities - Total assets increased by 5.49%, reaching CNY 3,663,249,136.16 compared to CNY 3,472,618,236.40 at the end of the previous year[17]. - The company's total current assets as of June 30, 2025, amount to ¥2,157,122,927.70, an increase from ¥1,987,053,518.58 as of December 31, 2024[82]. - Current liabilities totaled ¥636,443,595.63, an increase from ¥555,033,774.48, representing a rise of 14.6%[87]. - Non-current liabilities increased to ¥293,761,579.03 from ¥258,433,456.78, marking a growth of 13.7%[88]. - The company's total equity reached ¥2,685,234,518.24, up from ¥2,576,438,981.66, reflecting an increase of 4.2%[88]. Research and Development - Research and development expenses for the first half of 2025 were ¥44,527,130.83, slightly higher than ¥42,629,533.66 in the same period of 2024[90]. - The company has filed 5 new invention patent applications and received 1 authorization during the reporting period, emphasizing its commitment to technological innovation[33]. - The company is actively pursuing digital transformation, enhancing R&D, design, and production capabilities, and has been recognized as a national-level intelligent factory[33][36]. Market and Product Development - The company specializes in the production of specialty paper, including tobacco industrial paper, which is its main product line[27]. - New tobacco paper products are being developed, including specialized base paper and sealing paper, to meet market demands[29]. - The company aims to strengthen cooperation with domestic and international tobacco companies to advance new tobacco technology innovations[29]. - The company launched new products including smoke-free eco-friendly moxibustion paper and medical absorbent paper, which have received patents and industry recognition[30][32]. Corporate Governance and Compliance - The company has committed to maintaining its independence, ensuring that key management personnel do not hold positions in other companies controlled by the parent company[55]. - The company guarantees the independence of its financial department and accounting system, ensuring compliance with regulations[56]. - The company has established a complete and independent asset management system, ensuring that all assets are under its control[56]. - The company has made commitments to avoid competition with its parent company and ensure operational independence[54]. Risks and Challenges - The company faces risks from macroeconomic fluctuations, intensified market competition, and raw material price volatility[42][43]. - The company has not engaged in any non-operational fund occupation by controlling shareholders or related parties during the reporting period[62]. - There are no significant lawsuits or arbitration matters reported during the reporting period[62]. Taxation and Government Grants - The company obtained a high-tech enterprise certificate valid for three years, allowing a reduced corporate income tax rate of 15% for the years 2023-2025[196]. - The company reported a cash balance of approximately ¥442.87 million at the end of the period, an increase from ¥320.76 million at the beginning of the period, representing a growth of about 38.1%[199]. - Government grants are recognized when the company meets the conditions attached to the grants and can receive them, measured at the amount received or receivable[186].