来源：小财米 林平发展主要从事包装用瓦楞纸、箱板纸产品的研发、生产和销售，是一家具备自主研发与创新能力的高新技术企业。经过多年发展，公司已成长为集废纸 回收利用、热电联产、绿色造纸于一体的资源综合利用型企业。 当前，瓦楞纸和箱板纸行业正经历一场深刻的"冷热失衡"：一方面是下游消费需求持续疲软带来的市场寒意，另一方面则是上游产能扩张与行业内部激烈竞 争带来的灼热压力。作为被誉为经济"晴雨表"的包装纸行业，2025年上半年整体利润呈下行趋势，其中瓦楞纸毛利同比减少11.6%，箱板纸毛利同比下降 4.4%，行业深陷供应过剩与需求不振的双重挤压。从宏观视角看，中国造纸工业虽以占全球约三分之一的产量稳居世界第一，但在规模优势背后，瓦楞 纸、箱板纸等品类正面临严峻的结构性挑战与周期性调整。 行业困境：供需失衡与内部竞争加剧 行业的困境首先表现为显著的供需失衡与激烈的内部竞争。近年来，行业产能扩张速度明显快于需求增长，导致整体产能利用率偏低。2025年二季度进入传 统消费淡季后，市场需求不及预期，下游包装企业被迫下调开工率，造纸企业则不得不多次降价以促进出货。这使得市场竞争演变为激烈的价格战，部分产 线的开工负荷率持续处于 ...

Core Viewpoint - The acetic acid ethyl ester (EA) industry in China is experiencing a significant recovery in production capacity and output in 2024, driven by new installations and increasing export demand, despite previous challenges related to overcapacity and environmental regulations [1][4][10]. Industry Overview - Acetic acid ethyl ester is a widely used fine chemical product and an important organic solvent, primarily consumed in the coatings, pharmaceuticals, and adhesives sectors, which together account for over 80% of its downstream consumption [2][4]. - The industry has seen a production capacity increase to 4.3 million tons in 2024, representing a year-on-year growth of 21.1% [4][20]. Production Side - The production of acetic acid ethyl ester in China began in the 1970s, with significant growth in capacity observed in the 21st century, reaching 3.53 million tons by 2013 [4]. - In 2024, the total production volume is expected to reach 2.4 million tons, marking a 16.05% increase from the previous year, with the industry capacity utilization rate remaining above 50% for three consecutive years [4][10]. Import and Export - China has achieved self-sufficiency in acetic acid ethyl ester, with imports remaining below 0.15 million tons. However, exports are on the rise, projected to exceed 500,000 tons in 2024, reflecting a 19.3% increase [8][21]. - The average export price has been declining, with a 10.03% drop expected in 2024, indicating intensified competition in international markets [8][12]. Consumption Side - The demand for acetic acid ethyl ester has been weak in traditional sectors like coatings and adhesives due to adjustments in the real estate market, leading to a supply-demand imbalance [10][12]. - The apparent consumption volume is projected to reach 188,450 tons in 2024, showing a year-on-year growth of 15.19% as exports expand [10][12]. Competitive Landscape - The acetic acid ethyl ester market in China is characterized by intense competition among both international chemical giants and domestic companies such as Hualu Hengsheng, Jiangsu Sopo, and others [14][16]. - The market concentration is decreasing, with the CR3 dropping from 43.7% in 2023 to 38.4% in 2024, indicating a more fragmented competitive environment [20]. Development Trends 1. **Capacity Expansion and Increased Competition**: The industry is set to add 480,000 tons of new capacity in 2025, intensifying market competition and pressuring smaller firms [20]. 2. **Export Market as Growth Engine**: The export volume is expected to continue rising, particularly in Southeast Asia, driven by domestic capacity release and cost advantages [21]. 3. **Optimizing Downstream Demand Structure**: The demand for acetic acid ethyl ester is shifting towards high-end applications in coatings and pharmaceuticals, while traditional sectors face slower growth [22]. 4. **Accelerated Green and Smart Transformation**: The industry is moving towards greener and smarter production methods, including the use of new catalysts and biotechnological processes [23].