博碳生物基材料前沿讯，伴随全球"限塑降碳"政策的持续收紧与国际绿色贸易壁垒的日益高筑，中国造 纸与纸基包装产业正处于转型升级的十字路口。在这个"不环保就退场、无合规难出海"的关键时期，整 个产业链迎来了一项破局级的重大利好——困扰行业多年的"以纸代塑"技术拥堵与合规死结，终于被彻 底打通。 近日，中国创新型科技企业都佰城(DBC)正式宣布：旗下核心创新成果——Bioten(博碳)PHA生物基水 性阻隔涂层，顺利通过各项严苛审核，成功斩获BPI(北美)、DIN CERTCO(欧洲)、ABA(澳新)国际三大 权威堆肥认证，并取得涵盖植物生态毒性测试的Seedling Logo(欧洲"小树苗")标识。 业内资深专家指出，这一里程碑式的进展，绝不仅仅是多几张国际证书。它标志着困扰造纸与包装产业 多年的"高阻隔、易回收与可堆肥"不可能三角被彻底打破，正式宣告中国原创的生物基新材料，正引领 全球包装产业链跨入"以纸代塑2.0"的真闭环时代，让产业升级真正驶入了畅通无阻的"高速路"。 告别1.0时代的"生态大拥堵"：直击回收灾难，重塑系统级真闭环 要让"以纸代塑"真正跑上高速路，就必须直面并解决1.0时代留下的"生态陷阱" ...

博汇纸业（600966） 白卡龙头迎周期拐点，整合预期打开成长空间 西南证券研究院 轻工研究团队 2026年2月 核心观点 1 推荐逻辑：1）白卡纸行业供给增长放缓，供应压力缩减，行业的供需格局有望边际改善，吨盈利或迎 来触底回升；2）需求端看，高端白卡及白卡出口的需求亮眼，同时在咖啡茶饮等增量需求支撑下，预 计需求端仍将保持平稳增长态势；3）博汇纸业作为国内白卡纸龙头，背靠全球浆纸龙头金光集团，成 为其唯一A股上市平台，在同业竞争资产整合完成后，公司的供应链实力进一步增强，有望带来盈利弹 性的充分释放。 行业盈利触底，供给增长放缓，供需格局有望改善。过去几年行业供给大幅释放，供需失衡导致白卡纸 价一度跌至近4000元/吨，纸厂盈利显著承压。进入25年下半年，"反内卷"倡议下龙头停机供给收缩 ，新产能投产速度明显放缓，纸价从25Q4起触底反弹，浆价目前仍在低位盘整，吨纸盈利有望逐步回 升。未来供给结构持续优化，集中度提升，龙头优势进一步夯实。 以纸代塑趋势不减，结构性机会带动消费量增长趋稳。虽然消费需求的暂时疲弱对白卡纸需求形成一定 压制，但考虑到以纸代塑的政策支持、茶饮放量带动食品级白卡需求增长、白卡出口保 ...

Investment Rating - The report gives a "Buy" rating for Bohui Paper Industry [4]. Core Insights - The white card paper industry is expected to see a marginal improvement in supply-demand dynamics as supply growth slows down, potentially leading to a rebound in profitability per ton [4]. - Demand for high-end white card paper and exports remains strong, supported by incremental demand from coffee and tea beverages, indicating stable growth in the demand side [4]. - Bohui Paper, as a leading player in the domestic white card paper market, benefits from its backing by the global pulp and paper giant, Golding Group, enhancing its supply chain capabilities and profitability potential [4]. Company Overview - Bohui Paper Industry, established in 1994 and listed in 2004, is a leading white card paper manufacturer in China. The company was acquired by Golding Group in 2020, becoming its only A-share listed platform for domestic pulp and paper assets [10][12]. - The company focuses on various paper products, including white card paper, cultural paper, boxboard, and gypsum face paper, with white card paper being its core product [10][12]. - Bohui has production bases in Shandong and Jiangsu, continuously optimizing its product structure and expanding into high-value markets to increase market share [10][12]. Industry Analysis - The white card paper industry is currently experiencing a cyclical bottom, with expectations for marginal improvement in profitability as supply growth slows and demand stabilizes [4][36]. - The industry has faced significant supply-demand imbalances in recent years, leading to price declines, but recent initiatives to reduce supply and improve efficiency are expected to support price recovery [4][36]. - The trend of replacing plastic with paper continues to drive demand for white card paper, particularly in food packaging and environmentally friendly applications [39][42]. Profit Forecast and Valuation - The report forecasts net profits for Bohui Paper to be CNY 186 million, CNY 408 million, and CNY 551 million for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 54x, 25x, and 18x [4].

Group 1 - The company has successfully passed international certifications such as CEPI for its "zero plastic paper cup paper" products and is now supplying them in bulk to customers in the EU [2] - The implementation of the EU Packaging and Packaging Waste Regulation (PPWR) aligns with the company's strategy of "paper instead of plastic," which is expected to drive demand for zero plastic packaging products in the EU market [2] - The company plans to continue deepening its market presence in the EU and increase its share of international business [2]

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 5.00 CNY [7][21]. Core Insights - The company is a leading state-owned enterprise in the specialty paper industry, focusing on both specialty paper and specialty materials, with a commitment to expanding production capacity and integrating pulp and paper operations [24][12]. - The specialty paper industry is experiencing weak growth overall, but the company is expanding its production capacity and optimizing its product structure to enhance competitiveness [2][24]. - The company has a stable revenue scale, with white card paper becoming a core business segment, expected to account for 50.6% of revenue by 2024 [24][25]. Financial Summary - Total revenue is projected to be 7,403 million CNY in 2023, with a slight increase to 7,588 million CNY in 2024, followed by a decrease to 7,070 million CNY in 2025, and then a recovery to 8,374 million CNY in 2026 and 8,726 million CNY in 2027 [4][13]. - Net profit attributable to the parent company is expected to be -46 million CNY in 2023, recovering to 184 million CNY in 2024, but dropping to -50 million CNY in 2025, and then significantly increasing to 459 million CNY in 2026 and 540 million CNY in 2027 [4][13]. - The company’s earnings per share (EPS) is forecasted to be -0.03 CNY in 2023, 0.10 CNY in 2024, -0.03 CNY in 2025, 0.26 CNY in 2026, and 0.31 CNY in 2027 [4][13]. Production Capacity and Market Position - The company has a total production capacity of 230,000 tons for specialty paper and 90,000 tons for white card paper, with production lines located in Guangdong [12][29]. - The company maintains a high production and sales rate, consistently above 90%, indicating strong demand for its products [29][30]. - The company is focusing on technological innovation and product development to enhance its market position, particularly in high-end applications [19][24].

Summary of the Conference Call for Bohui Paper Industry Company Overview - Bohui Paper Industry is a leading player in the white cardboard sector with 30 years of industry experience. The company operates two major production bases in Shandong and Jiangsu, with the Jiangsu base having a capacity of 2 million tons of white cardboard, contributing 80%-90% of the company's profits due to its scale, high matching rate, and logistical advantages from proximity to ports [4][5]. Industry Insights - The paper industry is currently facing overcapacity, with new capacity expected to nearly double in 2024-2025, leading to a decline in operating rates to 50%-60%. Despite stable demand growth, the imbalance between supply and demand has caused a drop in white cardboard prices [2][6]. - The "paper replaces plastic" policy is expected to support long-term growth in white cardboard, with a forecasted reduction in new capacity by 2026, alongside a recovery in domestic demand and strong export performance [2][7]. Price Trends and Influencing Factors - Since September 2025, white cardboard prices have been increasing due to rising raw material costs, with price recoveries of 370 CNY/ton in South China and 230 CNY/ton in East China. Factors such as production halts in Zhanjiang and increased seasonal demand have also supported price recovery [2][8]. Operational Efficiency and Financial Health - Bohui has shown significant improvements in operational efficiency and cash flow quality. The company plans to integrate resources in 2026 to address industry competition, which is expected to benefit its development. Continuous price increases are anticipated to enhance profit elasticity [2][9]. - The company has maintained a stable debt-to-asset ratio of around 70%, with cash flow sufficient to cover interest expenses [11]. Revenue and Profit Performance - Over the past few years, Bohui's revenue has steadily increased, although profits have fluctuated. The company experienced a peak in 2021, followed by a period of marginal profits from 2022 to 2024. Despite this, the overall balance sheet and cash flow remain healthy [10]. Impact of APP's Acquisition - Following the acquisition by APP, Bohui has seen a notable decrease in per-ton financial, management, and sales expenses, leading to significant operational improvements. The integration has also enhanced employee motivation and expanded the R&D and sales teams [11][13]. Product Development and Innovation - Bohui has made significant strides in R&D, including breakthroughs in core technologies for sterile liquid packaging and digital empowerment of production operations, which have improved production efficiency and yield rates [3][14]. Raw Material Procurement and Energy Structure - The company primarily uses chemical pulp, with a low self-supply ratio, benefiting from synergies with APP. Most wood pulp is sourced from the Asian APP Group, and the energy structure relies mainly on electricity and steam from affiliated parties, enhancing future efficiency [15]. Future Outlook - Overall, Bohui is expected to have a positive development outlook through improved internal management, cost structure optimization, and product innovation, alongside synergies with APP. The focus on sustainable development and high-quality growth is anticipated to further enhance operational efficiency and achieve cost reduction goals [16].

Group 1 - The European Commission has officially released the strategic guidance document "Building a Competitive and Sustainable EU Bioeconomy Strategy Framework" on November 27, 2025, which is seen as the beginning of a significant regulatory shift [1] - A series of stringent regulations are being implemented, including the EU Biotech Act, PPWR, ESPR, and the Green Claims Directive, which will impact the market access and compliance for bio-based materials [1] - By 2026, the EU will implement carbon footprint accounting rules for bio-based plastics and initiate compliance reviews for microplastic release in food contact materials [1] Group 2 - The Chinese paper and packaging industry is undergoing a critical reflection due to the new international standards emerging from Europe, questioning the sustainability of the past decade's growth driven by simple physical replacements [2] - The first round of growth, characterized by "paper replacing plastic," has led to significant market expansion but has also created challenges, particularly with the traditional "paper + PE coating" structure that hinders recyclability [2][3] - There is a consensus in the industry that the reliance on simple physical replacements has reached its limits, prompting a shift towards bio-based water-based coating technologies that focus on carbon reduction and sustainability [2] Group 3 - The traditional PE coating structure presents three systemic challenges: difficulties in recycling, environmental risks from microplastics, and regulatory pressures from new EU laws [3][4] - The emergence of bio-based water-based coating technology represents a significant advancement, moving from a "composite" approach to a "reduction" and "multiplication" strategy [5][6] - This technology allows for easy separation of materials during recycling, significantly reducing the carbon footprint and providing a pathway to meet stringent international market standards [6] Group 4 - Chinese companies are transitioning from being followers of international trends to defining them, leveraging the largest paper industry and advanced synthetic biology capabilities [7] - The integration of various sectors, including chemical technology and new materials, enables China to offer cost-effective and high-performance solutions like Bioten™, transforming low-carbon packaging from experimental to industrial standards [7] - The competition in the second phase of "paper replacing plastic" will focus on technological barriers and data credibility rather than price [8] Group 5 - The bio-based high-performance water-based coating technology is not just a material innovation but also a strategic battle for "carbon rights" and "recycling rights" [8] - Mastery of these rights will define the future of global green packaging, with a focus on solving challenges related to carbon reduction and recyclability [8]

Company Overview - Hengda New Materials focuses on the production of medical and food packaging paper, emphasizing innovation and digital empowerment [3] - The company has developed over 20 provincial-level industrial new products and has been recognized as a "Digital Workshop" in Zhejiang Province [3] - As of September 2025, total assets are CNY 1.663 billion, total liabilities are CNY 286 million, and the debt-to-asset ratio is 17% [3] Financial Performance - Recent years have seen a decline in net profit due to increased supply and depreciation from new production lines [3] - In the first three quarters of 2025, the company achieved synchronized growth in revenue and profit [3] - Cash flow from operating activities has shown volatility, influenced by raw material price trends and customer order expectations [3] Market Trends and Opportunities - The "Plastic Ban" and the "14th Five-Year Plan" indicate a growing demand for sustainable and green packaging solutions [3] - The medical packaging sector is experiencing heightened quality demands, while the food packaging industry is expanding due to rising living standards and consumer preferences [3] Product Focus - Medical and food packaging paper accounts for over 80% of the company's revenue [4] - The company is committed to high-end medical packaging and functional food packaging, with ongoing research and development efforts [4] Competitive Landscape - The paper industry faces price pressures due to rapid capacity increases and intensified competition [4] - The company adopts a differentiated competition strategy, focusing on mid-to-high-end markets and sustainable development [4] Export Strategy - Current export business accounts for 5% to 10% of total revenue, with plans to increase this share [5] - The company faces barriers in entering overseas markets, including established supply chains and stringent environmental certifications [4][5] - Successful exports have been made to Germany, Turkey, South Korea, Malaysia, India, and Vietnam [4] Future Plans - The company aims to enhance brand influence through innovation, customer collaboration, and increased export ratios [3] - Strategic investments and mergers are being considered to boost company impact and shareholder value [4]

Core Viewpoint - Sunshine Paper Industry (02002) reported a decline in revenue and net profit for the first half of 2025, attributed to intensified competition and industry challenges [1][2]. Financial Performance - The company achieved operating revenue of 3.573 billion yuan, a year-on-year decrease of 9.71% from 3.96 billion yuan [1][3]. - The net profit attributable to shareholders was 83.184 million yuan, down 56.09% from 189.44 million yuan in the same period last year [1][3]. - Basic earnings per share were 0.08 yuan, with an average return on equity of 1.71%, a decrease of 2.34 percentage points year-on-year [1][12]. Sales Volume and Product Segmentation - The sales volume of machine-made paper reached 967,000 tons, a decline of 4.73% from 1.015 million tons in the previous year [1]. - The sales and gross margin of various product segments showed mixed results, with white face cardboard sales at 671.5 million yuan and a gross margin of 17.0% [3]. Inventory and Financing - The inventory turnover rate decreased from 5.3 times to 5.08 times, indicating a slight decline but still maintaining a relatively good level in the industry [2]. - The proportion of financing costs to revenue decreased from 2.2% to 1.7%, reflecting a significant reduction in financing costs [2]. Asset and Liability Changes - Accounts receivable increased by 51.47%, and cash and cash equivalents decreased by 4.81%, impacting the total asset structure [14]. - Short-term borrowings increased by 13.84%, and long-term borrowings rose by 15.3%, indicating a rise in the company's leverage [16]. Strategic Partnerships - The report did not provide updates on the collaboration with Jianfa Pulp and Paper, although Jianfa remains the second-largest shareholder with a 15.21% stake [2].

Core Viewpoint - Xianhe Co., Ltd. plans to issue A-shares to raise up to 3 billion yuan for the second phase of its high-performance paper-based new materials project and to supplement working capital [1][6]. Group 1: Fundraising Details - The company intends to issue no more than 211,792,834 shares to no more than 35 specific investors, with total fundraising not exceeding 3 billion yuan [1]. - The total investment for the second phase of the Guangxi Sanjiangkou New Area high-performance paper-based new materials project is 5.404 billion yuan, with 2.1 billion yuan allocated from the raised funds [3][9]. Group 2: Project Overview - The project aims to achieve an annual production capacity of 600,000 tons of pulp and 700,000 tons of paper, totaling 1.3 million tons [9]. - The project will utilize local raw material resources to enhance production capacity and improve profitability and risk resistance [9]. Group 3: Market Context - The shift towards paper alternatives to plastic and the dual carbon policy are creating significant market opportunities for paper-based materials, especially in packaging [10]. - Consumer behavior changes are driving demand for high-quality, food-safe packaging materials, particularly in e-commerce and food delivery sectors [11]. Group 4: Strategic Objectives - The fundraising aims to strengthen the company's market leadership and support its strategic development plan amid favorable industry conditions [12]. - The company seeks to optimize its financial structure and reduce operational capital pressure through this fundraising initiative [13]. Group 5: Company Background - Xianhe Co., Ltd. has over 20 years of experience in the specialty paper industry and is one of the largest companies in China for research and production of specialty paper [6]. - The company is controlled by Wang Minliang, whose family ranks 294th on the New Fortune 500 list with a wealth of 11.4 billion yuan [5]. Group 6: Recent Performance - In the first half of 2025, the company reported a revenue of 5.991 billion yuan, a year-on-year increase of 30.14%, while net profit decreased by 13.80% [19].