"外卖市场火热，我们这几个月的营收环比之前增长了30%，客户下单的频率更高了，原本两个月来下一次单，现在半个月就返单了。"做外卖袋生意的陈 如济，8月份拓展了第二个车间，购置了多套立体制袋机设备，产能扩充到了每天可以生产100万个外卖袋。 随着淘宝闪购战略的持续推进，外卖市场迎来了新一轮爆发。阿里巴巴中国电商事业群CEO蒋凡在近期财报电话会上透露，淘宝闪购日订单峰值已达1.2 亿单，月度交易买家数突破3亿，较今年四月增长200%。 在这场由平台推动的"万物到家"浪潮中，不仅骑手、商户、消费者被重新连接，外卖包装袋这条隐于幕后的供应链也在悄然重塑。 在浙江温州，这家名为铭锐包装的企业，凭借每只最低5毛钱的外卖袋，年营收突破1亿元。创始人陈如济向《天下网商》表示："包装袋决定了消费者拿 到外卖的第一感觉，整洁不整洁、有没有调性，全靠它。"这家成立于2018年的小微企业，从4人团队起步，抓住2020年疫情期间外卖需求、2025年平台入 局潮等机遇，实现扩张。 据QYResearch调研显示，2024年全球无纺布袋市场规模大约为42.1亿美元（约合人民币300亿元），其中中国市场占全球份额的34%。而环保政策是核心 ...

Financial Performance - The company reported a total revenue of 1.025 billion yuan for the first half of 2025, an increase of 4.77% year-on-year [1] - The net profit attributable to shareholders reached 59.1465 million yuan, reflecting a year-on-year growth of 22.3% [1] - The gross profit margin improved to 19.36%, up 18.19% compared to the previous year, while the net profit margin increased to 7.78%, a rise of 29.49% [1] Key Financial Metrics - The company's operating expenses, including sales, management, and financial costs, totaled 72.5443 million yuan, accounting for 7.08% of revenue, a decrease of 6.14% year-on-year [1] - Earnings per share (EPS) increased to 0.11 yuan, up 22.22% from the previous year [1] - The cash flow from operating activities per share was 0.27 yuan, reflecting a year-on-year increase of 16.56% [1] Business Evaluation - The company's return on invested capital (ROIC) was 2.97% last year, indicating a relatively weak capital return [3] - The net profit margin for the previous year was 6.14%, suggesting that the added value of the company's products or services is average [3] - The company has a healthy cash asset position, which is crucial for its debt repayment capability [3] Market and Strategic Insights - The company is focusing on the premium packaging business, which achieved a revenue of 409.1412 million yuan in 2024, marking a year-on-year growth of 57.12% [4] - The company is actively expanding into premium and environmentally friendly packaging sectors, establishing both domestic and international sales teams [4] - The average marketing expense per sales personnel is 170,000 yuan, which is significantly higher than that of other companies in the industry [4]

Core Viewpoint - The company reported steady revenue growth in H1 2025, driven by recovering downstream demand and potential for continued expansion in eco-friendly packaging [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 7.10% growth, net profit growth of 11.42%, and a non-recurring net profit growth of 7.11%, totaling 7.876 billion, 554 million, and 560 million yuan respectively [1]. - For Q2 2025, revenue increased by 7.71%, net profit by 12.34%, and non-recurring net profit by 12.09%, reaching 4.177 billion, 313 million, and 313 million yuan respectively [1]. - The company’s gross margin and net margin for H1 2025 were 22.77% and 6.80%, showing a year-on-year decrease of 0.82 and 0.06 percentage points [3]. - The gross margins for paper packaging products were 24.09%, 22.31%, and 20.38% respectively, with year-on-year changes of -0.11, +0.48, and -1.20 percentage points [3]. Business Analysis - The company’s revenue from paper packaging, supporting products, and eco-friendly paper-plastic products in H1 2025 was 5.461 billion, 1.297 billion, and 584 million yuan, with year-on-year changes of +5.39%, -6.70%, and +6.77% respectively [2]. - The gradual recovery of downstream demand, particularly in the home appliance and liquor sectors, has laid a solid foundation for stable revenue growth [2]. - The company is experiencing a temporary slowdown in eco-friendly packaging growth due to external factors, but expects continued expansion as production capacity is relocated overseas [2]. Strategic Initiatives - The company launched a new equity incentive plan worth 2.08 billion yuan, with targets for net profit growth of 10%, 20%, and 30% for 2025, 2026, and 2027 compared to 2024, reflecting confidence in long-term development [4]. - The company has seen a continuous decline in capital expenditures since 2021, supporting a high dividend payout ratio, which has remained above 60% since 2023 [4]. Future Outlook - The company forecasts EPS of 1.86, 2.12, and 2.43 yuan for 2025-2027, with current stock prices corresponding to PE ratios of 13, 12, and 10 times [5]. - The company is expected to benefit from improved overseas profit margins and the ongoing development of new domestic demands, indicating a clear growth path ahead [4].

Investment Rating - The report maintains a "Buy" rating for the company, with expected EPS for 2025-2027 at 1.86, 2.12, and 2.43 RMB respectively, corresponding to PE ratios of 13, 12, and 10 times [6]. Core Viewpoints - The company has shown steady revenue growth in H1 2025, with a revenue increase of 7.10% year-on-year, and a net profit increase of 11.42% [2]. - The recovery of downstream demand is expected to support stable revenue growth, particularly in eco-friendly packaging, which is anticipated to continue expanding [3]. - The company has implemented a new equity incentive plan, reflecting confidence in long-term development and a clear path for valuation uplift [5]. Performance Summary - In H1 2025, the company reported revenues of 7.876 billion RMB and a net profit of 554 million RMB, with a proposed cash dividend of 0.43 RMB per share, resulting in a payout ratio of 70.18% [2]. - The revenue from paper-based premium packaging, packaging supporting products, and eco-friendly paper-plastic products was 5.461 billion RMB, 1.297 billion RMB, and 584 million RMB respectively, with year-on-year growth rates of 5.39%, -6.70%, and 6.77% [3]. - The gross margin for H1 2025 was 22.77%, with a net margin of 6.80%, showing slight declines compared to the previous year [4]. Financial Projections - The company is projected to achieve revenues of 19.002 billion RMB in 2025, with a growth rate of 10.75% [11]. - The diluted EPS is expected to grow from 1.864 RMB in 2025 to 2.425 RMB in 2027, indicating a positive growth trajectory [11]. - The company’s return on equity (ROE) is projected to be 14.10% in 2025, with a P/E ratio of 13.24 [11].

Core Viewpoint - Turkey's unique geographical position serves as a crucial bridge between Europe and Asia, presenting both opportunities and challenges for Chinese paper packaging companies in the Turkish market [1] Market Opportunities - The upcoming Paper Eurasia exhibition in May 2026 will provide a significant platform for Chinese companies to showcase their products and engage with local customers [1] - Understanding Turkish customs data allows Chinese paper packaging companies to accurately gauge the demand scale and trends for paper packaging products in Turkey [1][16] Product Development - The increasing import volume of eco-friendly paper packaging products for food indicates a growing consumer focus on environmental protection and food safety in Turkey [1][16] - Companies can adjust their production focus towards developing biodegradable and pollution-free materials, enhancing packaging design, and improving product sealing and preservation to meet specific market demands [3][16] Pricing Strategy - By analyzing the price range of imported products, companies can formulate competitive pricing strategies, optimizing production processes to offer cost-effective products or investing in high-end custom packaging for premium markets [5][12] Regional Market Insights - Different economic development levels and consumption habits across Turkey's regions lead to varying demands for paper packaging products [6][8] - Coastal industrial cities require robust industrial packaging, while inland consumer cities prioritize aesthetic and functional small packaging [8][10] Marketing Strategies - Companies should enhance brand promotion and marketing efforts in inland consumer cities, incorporating local cultural elements into packaging design to meet consumer preferences [10] - For coastal industrial cities, collaboration with local industries to provide customized industrial packaging solutions is essential [11] Competitive Analysis - Understanding the competitive landscape through customs data helps companies identify key competitors and their product characteristics, enabling strategic adjustments to enhance innovation and quality [12][14] - Collaborating with local Turkish paper packaging companies can leverage their established sales channels and customer relationships, creating mutually beneficial opportunities [15] Future Trends - Long-term import data analysis can reveal emerging market demands for materials, functions, and designs in paper packaging [16] - The anticipated rise in demand for biodegradable packaging and the integration of smart packaging technologies, such as QR codes and sensors, can enhance product value and market positioning [17]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [3][7]. Core Viewpoints - The company, Hengxin Life, specializes in paper and plastic dining utensils and is actively expanding its biodegradable product offerings, which opens up growth opportunities [7]. - The company has shown steady revenue and net profit growth, with a CAGR of 30.4% and 40.1% respectively from 2021 to 2024 [7][28]. - The market for dining utensils is benefiting from increased downstream demand, particularly for biodegradable products, which are becoming a significant trend in the industry [9][40]. Financial Data and Profit Forecast - Total revenue is projected to reach CNY 1,594 million in 2024, with a year-on-year growth rate of 11.9% [2]. - The net profit attributable to the parent company is expected to be CNY 220 million in 2024, reflecting a 2.8% increase year-on-year [2]. - The company’s gross margin is forecasted to be 26.3% in 2024, with a return on equity (ROE) of 21.0% [2][28]. Industry Overview - The dining utensils market is experiencing robust growth driven by increased consumer demand, with the retail sales of China's catering industry expected to reach CNY 5.57 trillion in 2024, a 5.3% increase year-on-year [9][40]. - The market for ready-to-drink coffee and new-style tea is rapidly expanding, with significant growth rates projected for the coming years [42][43]. - The industry is characterized by a low entry barrier and a fragmented market, with high-end products maintaining better profit margins due to brand loyalty and advanced production capabilities [48]. Company Competitive Advantages - The company possesses a comprehensive supply chain and core processing technologies, enabling it to meet diverse customer needs effectively [7][15]. - It has established strong relationships with high-profile clients such as Luckin Coffee, Starbucks, and major fast-food chains, which contribute to its revenue stability [7][15]. - The company’s biodegradable product revenue is expected to account for 54.7% of total revenue in 2024, highlighting its commitment to sustainability [9][17]. Profitability and Valuation - The forecasted net profits for 2025, 2026, and 2027 are CNY 262 million, CNY 321 million, and CNY 390 million respectively, with year-on-year growth rates of 19.4%, 22.4%, and 21.5% [2][7]. - The current market capitalization is estimated at CNY 7.1 billion, with corresponding price-to-earnings (PE) ratios of 27, 22, and 18 for the years 2025 to 2027 [7][28].

Company Overview - Xiamen Jihong Technology Co., Ltd. (referred to as "Jihong Co.") officially listed on the Hong Kong Stock Exchange on May 27, 2025, under the stock code 02603.HK [1] - Established in 2003, Jihong Co. operates in cross-border e-commerce and paper packaging for fast-moving consumer goods (FMCG) [3] - The company aims to provide one-stop paper packaging products and services for FMCG clients, focusing on marketing strategies, product design, process design, technical planning, and logistics [3] Industry Insights - The B2C cross-border social media e-commerce business in Asia (excluding mainland China) is expected to experience strong growth due to factors such as a large population base, increasing internet penetration, and a growing middle class [5] - The market size for China's B2C export social media e-commerce in Asia is projected to reach USD 29.1 billion in 2024, with an expected growth to USD 69.5 billion by 2029, reflecting a compound annual growth rate (CAGR) of 19.0% from 2024 [5][8] Market Drivers for Social Media E-commerce - Continuous growth in social media platform traffic due to an expanding user base and increased time spent on these platforms [8] - Advancements in data analytics and advertising technology enhance platforms' ability to understand consumer needs and identify potential buyers, increasing purchase motivation and conversion rates [8] - Growing consumer trust in social media platforms, leading to a higher likelihood of purchasing through these channels [8] Market Dynamics for Paper Packaging - The market size for paper packaging in China's FMCG sector has grown from RMB 145.6 billion in 2020 to RMB 170.3 billion in 2024, with expectations to reach RMB 222.7 billion by 2029 [8][10] - Key drivers include the accelerated launch of new products in response to rising consumer expectations and the increasing frequency of product category updates [10] - Environmental policies promoting the use of paper packaging over plastic are expanding market opportunities, as paper is biodegradable and offers superior packaging performance [10][11] - The need for enhanced packaging value due to intense competition in the FMCG sector is driving investment in paper packaging solutions [11]

Core Viewpoint - Jihong Co., Ltd. is launching a global offering of H shares, marking a significant step in its dual-platform strategy of "A+H" and aiming to inject global momentum into its cross-border e-commerce and green packaging businesses [1] Group 1: Global Offering Details - The global offering consists of 67,910,000 H shares, with 6,791,000 shares allocated for public offering in Hong Kong and 61,119,000 shares for international offering [1] - The price range for the H share issuance is preliminarily set between HKD 7.48 and HKD 10.68 [1] Group 2: Cross-Border E-Commerce Performance - Jihong Co., Ltd. ranks second among Chinese B2C export e-commerce companies with a market share of 1.3%, generating revenue of CNY 336,590.31 million from its cross-border social e-commerce business in 2024 [2] - The company's unique "goods find people" model has contributed to its success, allowing for proactive identification of target customers based on consumer data [2][3] - Revenue from the cross-border social e-commerce business accounted for 57.8%, 63.6%, and 60.9% of total revenue from 2022 to 2024, with corresponding gross profit margins of 59.1%, 63.1%, and 60.5% [3] Group 3: Packaging Business Growth - Jihong Co., Ltd. is a leading provider of paper packaging solutions in mainland China, with a market share of 1.2% in the fast-moving consumer goods (FMCG) packaging sector [4] - The market size for paper FMCG packaging in mainland China is projected to grow from CNY 145.6 billion in 2020 to CNY 170.3 billion in 2024, with expectations to reach CNY 222.7 billion by 2029 [5] - The company has established strong partnerships with major FMCG brands, enhancing its competitive position in the packaging industry [6] Group 4: Environmental Trends and Innovations - The shift towards environmentally friendly packaging solutions is reshaping the industry, with increasing emphasis on sustainability and compliance with ESG policies [5] - Jihong Co., Ltd. has been proactive in developing eco-friendly packaging materials and technologies, positioning itself to benefit from the growing demand for sustainable packaging [6]

Group 1: Company Overview and Operations - The company focuses on the research, development, manufacturing, and sales of eco-friendly packaging products, including paper bags, food packaging, non-woven bags, and labels [2] - As of 2024, the company holds 94 domestic patents, including 11 invention patents, 73 utility model patents, and 10 design patents [3] - The company has established subsidiaries in Canada and Indonesia to capture the Southeast Asian, North American, and European eco-friendly packaging markets [4] Group 2: Financial Performance - As of April 30, 2025, the company has repurchased 1,743,100 shares, accounting for 0.8934% of the total share capital, with a total repurchase amount of RMB 19,660,448.00 [3] - In Q1 2025, the company's revenue increased year-on-year, primarily due to the investment in a non-woven shopping bag production line that commenced operations in May 2024 [4] - The decline in profit for Q1 2025 is attributed to the unproductive status of newly established factories in Canada and Indonesia, as well as increased depreciation costs from new facilities in Fujian [4] Group 3: Product Innovation and Market Strategy - The company emphasizes product innovation and R&D, aiming to launch practical and innovative paper packaging and non-woven products [4] - Non-woven bags are highlighted for their environmental benefits, including reduced plastic usage and low overall lifecycle impact, indicating a promising market outlook [4] - The company plans to enhance production efficiency and product quality by increasing the use of AI and industrial robots at its production base in Fujian [4] Group 4: Investor Relations and Market Position - The company is focused on maintaining investor confidence and stabilizing stock performance, especially given the ongoing challenges since its listing [5] - It aims to expand its product lines in response to market trends and customer demands, thereby increasing brand recognition and market share [5]

Report Information - The report is a daily pulp report dated May 13, 2025, from the Research and Development Department of CCB Futures [1][2] Industry Investment Rating - No information provided Core View - The pulp fundamentals remain weak, but after a rapid price decline, the sentiment of reluctance to sell at low prices has increased. The price has rebounded slightly due to sector support in the short term and may continue to fluctuate in a low - level range [7] Summary by Directory 1. Market Review and Operation Suggestions - The previous settlement price of the pulp futures 09 contract was 5,120 yuan/ton, and the closing price was 5,188 yuan/ton, a 1.33% increase. In the Shandong wood pulp market, the intended transaction price range of softwood pulp was 5,150 - 6,800 yuan/ton, with the low - end price up 50 yuan/ton compared to the previous trading day's closing price. The Shandong Yinxing offer was 6,200 - 6,220 yuan/ton [7] - In April, only Chile's Arauco readjusted its offer, and most other brands had not announced prices. The extent of foreign market price concessions was unclear, leading to a strong wait - and - see atmosphere in the market [7] - On the supply side, the shipping volume from major pulp - producing countries decreased slightly month - on - month, and combined with the news of reduced shipping volume from major hardwood pulp - producing countries recently, China's subsequent imports are expected to shrink. The downstream is in the traditional off - season of the paper - making industry. Although the recent rapid decline in raw material prices has boosted the immediate profit of finished paper, there is insufficient impetus for the improvement of terminal demand [7] 2. Industry News - On May 12, the Hohhot Ecological Environment Bureau announced that the Inner Mongolia Mengneng Environmental Protection Technology Project in Hohhot's Qinghe County Industrial Park has a total investment of 50 million yuan from the company's own funds. The project has been successfully registered and is planned to start construction within two years. It includes a production line for 5,000 tons of pulp molded tableware and degradable packaging and a production facility for 15,000 tons of packaging paper per year [8] - On May 8, the intelligent manufacturing base of Jiangsu Yusheng for 1.9 billion mid - to - high - end care products broke ground in Huai'an Economic Development Zone. After completion, it will have an annual production capacity of 1.9 billion care products, covering baby care, adult incontinence, and female hygiene. The project will build a national - level R & D and testing center to focus on environmental protection technologies such as the application of degradable materials. The park has 12 upstream and downstream supporting enterprises in reserve, expected to drive over 3 billion yuan of industrial chain investment [8] 3. Data Overview - The report provides multiple data graphs, including import softwood pulp spot prices in Shandong, pulp futures prices, pulp spot - futures price differences, needle - broadleaf price differences, inter - period price differences, warehouse receipt totals, domestic main port pulp inventories, European main port wood pulp inventories, copperplate paper and offset paper prices and price differences, white cardboard and whiteboard paper prices and price differences, and the US dollar - RMB exchange rate [14][16][18][25][27][30]