Core Viewpoint - The company Forest Packaging (605500.SH) anticipates a significant decline in net profit for the year 2025, projecting a range of 53 million to 73 million yuan, which represents a decrease of 62.25% to 72.60% compared to the previous year [1] Group 1: Financial Performance - The expected net profit for 2025 is between 53 million and 73 million yuan [1] - This forecast indicates a substantial reduction in profitability compared to the prior year [1] Group 2: Reasons for Performance Decline - The primary reason for the profit decrease is the substantial losses incurred during the initial production phase of the "60,000 tons annual output digital inkjet paper industry upgrade project" by the company's subsidiary, Zhejiang Forest United Paper Industry Co., Ltd., which commenced production in April 2025 [1] - The company faces challenges from uncertainties in both domestic and international economic environments, as well as intensified market competition, leading to a decline in the selling prices of its main products, including raw paper and paper packaging [1]

Core Viewpoint - Forest Packaging (605500.SH) anticipates a significant decline in net profit for the year 2025, projecting a range of 53 million to 73 million yuan, representing a decrease of 62.25% to 72.60% compared to the previous year [1] Group 1: Financial Performance - The expected net profit for 2025 is between 53 million and 73 million yuan [1] - This forecast indicates a substantial reduction in profitability compared to the prior year [1] Group 2: Reasons for Performance Decline - The primary reason for the profit decrease is the substantial losses incurred during the initial production phase of the "600,000 tons digital inkjet paper industry upgrade project" by the company's subsidiary, Zhejiang Forest United Paper Industry Co., Ltd., which commenced production in April 2025 [1] - Additionally, the company faces challenges from uncertainties in the domestic and international economic environment, as well as intensified market competition, leading to a decline in the selling prices of its main products, including raw paper and paper packaging [1]

格隆汇1月22日丨森林包装(605500.SH)公布，公司预计2025年年度实现归属于母公司所有者的净利润 5300万元到7300万元，与上年同期相比，将减少72.60%到62.25%；公司预计2025年年度实现归属于母 公司所有者的扣除非经常性损益的净利润4500万元到6500万元，与上年同期相比，将减少75.66%到 64.84%。 ...

Core Viewpoint - The company Forest Packaging has announced an annual performance forecast indicating a significant decline in net profit for 2025, primarily due to operational challenges and market conditions [1] Group 1: Financial Performance - The expected net profit attributable to shareholders for 2025 is projected to be between 53 million and 73 million yuan, representing a year-on-year decrease of 62.25% to 72.60% [1] - The forecasted net profit after deducting non-recurring gains and losses is estimated to be between 45 million and 65 million yuan, reflecting a year-on-year decline of 64.84% to 75.66% [1] Group 2: Reasons for Performance Decline - The primary reason for the performance decline is the significant losses incurred during the initial production phase of the "600,000 tons digital inkjet paper industry upgrade project" by the company's subsidiary, Zhejiang Forest United Paper Co., Ltd., which is set to commence production in April 2025 [1] - The company is also facing challenges from uncertainties in the domestic and international economic environment, as well as intensified market competition, leading to a decrease in the selling prices of its main products, including raw paper and paper packaging [1]

Core Viewpoint - The company expects a significant decline in net profit for the year 2025, with projections indicating a decrease of 62.25% to 72.60% compared to the previous year [1] Financial Performance - The projected net profit attributable to the parent company is estimated to be between 53 million to 73 million yuan, down from 193.4 million yuan in the same period last year [1] - The net profit excluding non-recurring gains and losses is expected to be between 45 million to 65 million yuan, a decrease of 64.84% to 75.66% year-on-year, compared to 184.85 million yuan in the previous year [1] Reasons for Performance Decline - The primary reasons for the anticipated decline in performance include losses from new projects launched by the company's subsidiaries and a decrease in the selling prices of raw paper and paper packaging products [1]

Core Viewpoint - The company, Forest Packaging, anticipates a significant decline in net profit for the year 2025, projecting a net profit attributable to shareholders of the parent company between 53 million to 73 million yuan, which represents a decrease of 62.25% to 72.60% compared to the previous year [1] Financial Projections - The expected net profit attributable to shareholders of the parent company, excluding non-recurring gains and losses, is projected to be between 45 million to 65 million yuan, reflecting a decrease of 64.84% to 75.66% year-on-year [1] - The net profit for the same period last year was 193 million yuan, while the net profit excluding non-recurring gains and losses was 185 million yuan [1]

Core Insights - In November 2025, China's imports of pulp, paper, and related products reached 4.04 million tons, marking a year-on-year increase of 13.2% [1] - The import value for the same period was $2.348 billion, reflecting a year-on-year growth of 1.1% [1] - Exports of pulp, paper, and related products from China in November 2025 totaled 1.66 million tons, with a year-on-year increase of 15.5% [1] - The export value was $2.551 billion, showing a year-on-year growth of 0.5% [1] Import and Export Statistics - The import quantity of pulp, paper, and related products in November 2025 was 4.04 million tons, up 13.2% compared to the previous year [1] - The import value for these products was $2.348 billion, which is a 1.1% increase year-on-year [1] - The export quantity for the same products was 1.66 million tons, representing a 15.5% increase year-on-year [1] - The export value stood at $2.551 billion, reflecting a modest growth of 0.5% year-on-year [1]

Company Overview - Shunhao Co., Ltd. is located in Putuo District, Shanghai, and was established on December 21, 2004. The company went public on March 18, 2011. Its main business includes the research, production, processing, and sales of vacuum aluminum-coated paper, composite film paper, white cardboard, printed products, and cigarette polypropylene fiber bundles [1]. Business Revenue Composition - The revenue composition of Shunhao Co., Ltd. is as follows: printed products account for 48.07%, aluminum-coated paper for 30.03%, other (supplementary) products for 8.51%, composite film paper for 5.56%, others for 3.93%, optical anti-counterfeiting film for 2.02%, new tobacco for 1.65%, and white cardboard for 0.23% [1]. Stock Performance - On January 22, Shunhao Co., Ltd. saw a stock price increase of 5.37%, reaching 14.90 CNY per share, with a trading volume of 6.91 billion CNY and a turnover rate of 4.49%. The total market capitalization is 157.94 billion CNY [1]. Fund Holdings - According to data, one fund under Huatai Baoxing holds a significant position in Shunhao Co., Ltd. The Huatai Baoxing Jinianhong Mixed Fund A (016272) held 58,500 shares in the third quarter, representing 3.18% of the fund's net value, ranking it as the tenth largest holding. The estimated floating profit for today is approximately 44,500 CNY [2]. Fund Performance - The Huatai Baoxing Jinianhong Mixed Fund A (016272) was established on May 7, 2024, with a latest scale of 12.95 million CNY. Year-to-date, it has achieved a return of 6.8%, ranking 3300 out of 8843 in its category. Over the past year, it has returned 57.7%, ranking 1302 out of 8096, and since inception, it has returned 65.26% [2]. Fund Manager Information - The fund managers of Huatai Baoxing Jinianhong Mixed Fund A (016272) are Zhao Jian and Huang Junqing. Zhao Jian has a tenure of 7 years and 227 days, with a total fund asset size of 70.90 million CNY, achieving a best return of 95.13% and a worst return of -36.16% during his tenure. Huang Junqing has a tenure of 260 days, with a total fund asset size of 77.35 million CNY, achieving a best return of 10.75% and a worst return of -6.15% during his tenure [3].

Report Information - Report Title: Pulp Daily Report [1] - Date: January 22, 2025 [2] Industry Investment Rating - Not provided Core View - Short - term pulp is restricted by the sector and weak downstream procurement, showing a wide - range oscillatory trend with both upward pressure and downward support [8] Summary by Directory 1. Market Review and Operation Suggestions - Pulp futures contract 05 had a previous settlement price and closing price of 5376 yuan/ton, with an overall decline of 0.00%. The intended transaction price range of softwood pulp in the Shandong market was 4900 - 5700 yuan/ton, remaining stable compared to the previous trading day. The Shandong Yinxing was quoted at 5400 - 5420 yuan/ton [7] - Arauco's January pulp export prices: softwood pulp Yinxing increased by 10 dollars/ton to 710 dollars/ton; unbleached pulp Jinxing remained at 620 dollars/ton; hardwood pulp Mingxing increased by 20 dollars/ton to 590 dollars/ton [8] - In November, the chemical pulp shipments of 20 pulp - producing countries decreased by 6.9% year - on - year, softwood pulp by 7.6%, and hardwood pulp by 7.3%. Shipments to the Chinese market decreased significantly [8] - In December 2025, the European pulp inventory was 759,600 tons, up 7.6% month - on - month and 2.4% year - on - year; the European pulp consumption was 722,400 tons, down 10.9% month - on - month and up 0.6% year - on - year [8] - In December 2025, the total pulp imports were 3.113 million tons, down 4.1% month - on - month and 3.8% year - on - year [8] - As of January 15, 2026, the weekly pulp inventory in major regions and ports decreased by 0.56% [8] - In the cultural paper market, some idle production lines in South China plan to resume production. Some publishing orders have been picked up, weakening the rigid demand support for offset paper, and the mainstream quotes remained stable [8] 2. Industry News - On January 21, the 6600 paper machine of Yunnan Dongsheng Paper was successfully put into operation. It is the first 6600 paper machine of Sichuan Chengfa Papermaking Machinery Co., Ltd., with a high - speed output of packaging paper and stable product quality [9] 3. Data Overview - Multiple data charts are provided, including import bleached softwood pulp spot prices in Shandong, pulp futures prices, pulp spot - futures price differences, needle - broadleaf price differences, warehouse receipt totals, domestic main port pulp inventories, European main port pulp inventories, copperplate paper and offset paper prices and differences, white cardboard and whiteboard paper prices and differences, and the US dollar to RMB exchange rate [15][26][31]

Core Viewpoint - The company emphasizes its commitment to enhancing its market value through efficient operations, strategic development, and effective communication with investors, while also focusing on its core business and emerging industries [1] Group 1: Company Strategy - The company believes in its intrinsic value and growth potential, aiming to integrate market value management into daily operations and strategic development [1] - The company is enhancing operational efficiency and competitiveness through various methods, including improving its core business and fostering emerging industries [1] Group 2: Carbon Market Engagement - The expansion of the carbon border adjustment mechanism (CBAM) has increased opportunities in carbon asset management [1] - The company’s subsidiary, Chengtong Carbon Sink, is involved in the full-cycle management of carbon sink projects, providing comprehensive services from accounting to trading [1] - The company is actively developing various carbon sink projects to meet the demands of international enterprises in a complex economic environment [1]