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Group 1: Company Overview - Shanghai Shunhao New Materials Technology Co., Ltd. focuses on "environmental low-carbon new materials + biological health" dual development strategy [2] - The company operates four main business areas: special environmental paper, printing products, industrial hemp processing, and new tobacco products [2][3] - The special anti-counterfeit environmental paper business includes vacuum aluminum paper and laser anti-counterfeit materials, primarily serving specific consumer goods and social consumer goods industries [2][3] Group 2: Business Performance - The printing business relies on bidding projects to secure orders, offering high customization and stability compared to other printing products [3] - The company has maintained stable revenue and profit levels in its core businesses over recent years [3] - New tobacco business has developed through subsidiaries, generating significant business revenue [3] Group 3: Industrial Hemp and International Expansion - The industrial hemp business focuses on CBD extraction and product export, with a subsidiary in the U.S. offering products like Vitaldiol—R series [3] - The company has plans for international product offerings that emphasize natural health [3] Group 4: Recent Investments and Financial Insights - The company invested 110 million RMB for a 19.30% stake in Beijing Rail Space Technology Co., Ltd. [3] - In the first half of 2025, pre-receipts increased by 2.6125 million RMB, accounting for only 0.10% of total assets [3] Group 5: Regulatory Compliance - The company adhered to regulations during investor relations activities, ensuring no undisclosed significant information was leaked [4]

Core Viewpoint - Shunhao Co., Ltd. plans to issue H shares and list on the Hong Kong Stock Exchange despite declining performance and ongoing legal issues, raising questions about the necessity and feasibility of the IPO [1][10]. Financial Performance - Shunhao's revenue and net profit have been on a downward trend since 2018, with revenue failing to exceed the 2018 peak of 20.55 billion yuan, and net profit showing significant losses in several years [4][5]. - In the first half of 2025, the company reported revenue of 620 million yuan and a net profit of 29 million yuan, representing year-on-year declines of 12.19% and 6.24% respectively [6]. Employee Reduction - The company has reduced its workforce by nearly 50% over the past seven years, from 2,121 employees in 2017 to 1,116 in 2024, indicating ongoing operational challenges [7][9]. Acquisition Issues - Shunhao has faced significant losses due to problematic acquisitions, such as the 2013 purchase of Zhejiang Demei, which led to a loss of 51 million yuan in 2014 due to management misconduct [5][6]. Legal and Compliance Challenges - The company is currently under investigation for alleged unit bribery, which poses a significant obstacle to its IPO plans, as compliance with regulatory standards is critical for approval from both the China Securities Regulatory Commission and the Hong Kong Stock Exchange [11][12][13].

Core Viewpoint - Shunhao Co., Ltd. plans to issue H-shares and list on the Hong Kong Stock Exchange, aiming to enhance its global strategy and respond to national policies promoting new productivity [1][11]. Company Overview - Shunhao Co., Ltd. was established in 2004 and is headquartered in Shanghai, focusing on eco-friendly packaging materials, with additional business segments in new tobacco products and industrial hemp [4]. - The company employs nearly 1,200 people and has around 30 subsidiaries globally, with products sold in various regions including North America, South America, Europe, Asia, the Middle East, and Africa [4]. - Shunhao Co. was listed on the Shenzhen Stock Exchange in March 2011, with a current market value of 9.042 billion yuan and a share price of 8.53 yuan [4]. Financial Performance - In the first half of 2025, Shunhao reported a revenue of 620 million yuan, a decrease of 12.19% year-on-year, while net profit attributable to shareholders increased by 23.11% to 33 million yuan [4][5]. - The decline in revenue was primarily due to a drop in product sales, with major products like printed materials and aluminum-plated paper seeing revenue reductions of 4.83% and 19.37%, respectively [6]. - The company sold a 49% stake in a loss-making associate for 29.89 million yuan, expected to increase net profit by 16.52 million yuan, thereby improving profitability and asset quality [6]. Strategic Initiatives - Shunhao is focusing on a dual strategy of "eco-friendly low-carbon new materials + biological health," emphasizing the development and sales of specialty eco-friendly paper, printed materials, new tobacco, and industrial hemp [6]. - The company is also expanding its overseas operations, with international revenue reaching 91.18 million yuan in the first half of 2025, a year-on-year increase of 33.31%, accounting for 14.72% of total revenue [7]. Leadership - The chairman, Wang Zhenglin, is a 30-year-old from Chaoshan, who became the youngest chairman of an A-share company in 2018 [8][10]. - Wang Zhenglin took over as the actual controller of Shunhao in 2023, succeeding his father, Wang Dan [11].

Group 1 - The core viewpoint of the news is that Shunhao Co., Ltd. plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy and competitiveness [2] - The company is actively discussing the issuance and listing with relevant intermediaries, and specific details are yet to be finalized [2] - Shunhao Co., Ltd. has appointed Hong Kong Lixin as the auditing firm for this issuance and listing [2] Group 2 - Shunhao Co., Ltd. was established in 2004 and focuses on eco-friendly packaging materials, new tobacco products, and industrial hemp, with a clear business structure [3] - The company employs nearly 1,200 people and has around 30 subsidiaries located in various regions including the US, Cambodia, and several provinces in China [3] - As of August 18, the company's market capitalization is approximately 9.042 billion RMB [3]

Investment Rating - The report assigns an "Outperform" rating to the company for the first time, with a target valuation range of HKD 17.62 to HKD 18.35 per share, indicating a potential upside of 22.5% to 27.6% from the current price of HKD 14.67 [5][3]. Core Insights - The company has a stable foundation in its infrastructure and environmental sectors, particularly in toll roads and water services, while awaiting marginal improvements in real estate and tobacco sectors [1][2]. - The real estate segment reported a loss of HKD 236 million in 2024 due to impairment losses on property projects, despite holding quality land resources totaling 4.2 million square meters [2]. - The consumer segment, which includes leading companies in tobacco and printing, has shown signs of recovery, with net profit for Nanyang Tobacco increasing by 86% year-on-year to HKD 560 million in 2024 [2]. - The company has successfully generated significant cash flow through the sale of a 19.5% stake in Yuefeng Environmental, amounting to HKD 2.33 billion, which may lead to increased dividends [2]. - The company is considered undervalued with a high dividend yield compared to peers in the Hong Kong market [2]. Financial Projections and Valuation - The company is projected to achieve net profits of HKD 2.943 billion, HKD 3.084 billion, and HKD 3.197 billion for the years 2025, 2026, and 2027, respectively, reflecting growth rates of 4.8%, 4.8%, and 3.7% [3][4]. - The estimated price-to-earnings (PE) ratios for the same years are 5.0, 4.7, and 4.6 times, indicating a favorable valuation compared to industry standards [3][4]. - The report highlights a stable revenue forecast, with expected revenues of HKD 29.711 billion in 2025, showing a slight increase from 2024 [4]. Business Segments Overview - The infrastructure and environmental segment remains robust, with the company holding 100% stakes in three major toll roads in Shanghai, which have shown stable traffic and revenue growth [1][40]. - The water services segment, comprising two platforms, has a combined daily treatment capacity exceeding 20 million tons, ranking among the top in the country [1][49]. - The real estate segment has faced challenges, with a significant decline in revenue and profitability due to market conditions and impairment losses [2][21]. - The consumer segment is recovering, with improved sales and profitability driven by international expansion and operational optimizations [2][21].

Group 1 - The 31st Beijing International Book Fair will feature a Hong Kong Pavilion showcasing over 500 Hong Kong publishing, printing, and cultural products, aiming to highlight Hong Kong's role as a center for cultural exchange [1] - The theme of the Hong Kong Pavilion is "Walking through Hong Kong: Intangible Heritage and Urban Memory," focusing on the integration of intangible cultural heritage with urban memories to promote cultural and tourism development [1] - The Pavilion will include a "Theme Exhibition Area" displaying various intangible cultural heritage items such as bamboo steamers, Cantonese opera headgear, and Hong Kong-style milk tea making techniques, alongside related publications and printed materials [1] Group 2 - The Hong Kong Pavilion will introduce a new "Spotlight on Hong Kong Writers" exhibition area, featuring over 70 Chinese literary works published in Hong Kong, serving as a promotional event for the upcoming "World Chinese Literature Festival" in October [2] - The "World Chinese Literature Festival" aims to establish a global platform for Chinese literary exchange, reinforcing Hong Kong's position as a center for cultural and artistic exchange between China and the world [2] - The Hong Kong Pavilion is organized by the Cultural, Sports and Tourism Bureau of the Hong Kong SAR Government, with the Hong Kong Publishing Association and the Hong Kong Printers Association as co-organizers [2]

Core Viewpoint - The article discusses the environmental tax obligations for newly established printing companies in Beijing, emphasizing the types of pollutants generated during the production process and the corresponding tax liabilities [5][10]. Summary by Relevant Sections Environmental Tax Obligations - Printing companies are considered taxpayers under the Environmental Protection Tax Law of the People's Republic of China if they directly emit taxable pollutants [5]. - The article highlights that printing processes generate various pollutants, including air pollutants, water pollutants, and solid waste, which are subject to environmental tax [6]. Types of Pollutants - **Air Pollutants**: The use of inks and cleaning agents in printing can release volatile organic compounds such as benzene, toluene, and xylene, which are classified as taxable air pollutants [7]. - **Water Pollutants**: Wastewater generated during plate making and equipment cleaning may contain heavy metals (e.g., chromium, nickel) and chemical oxygen demand (COD), making it a taxable water pollutant if discharged improperly [8]. - **Solid Waste**: Waste materials like used ink buckets and developing solutions are categorized as solid waste and hazardous waste. If not stored or disposed of according to environmental standards, they also incur environmental tax [9].

Group 1: Company Performance and Strategy - The company is facing challenges such as environmental pressure, digital transformation, and demand structure adjustments, but also sees new growth opportunities through advanced technologies like big data and AI [1][2] - In 2025, the company plans to expand its production capacity in South China while focusing on environmental protection and product innovation to enhance profitability [3] - The company aims to become a market leader in brand value, market share, and customer satisfaction by adhering to a customer-centric approach and core values of innovation, service, and value [3] Group 2: Financial Outlook and Shareholder Value - The company is currently not in a position to distribute cash dividends due to not meeting the necessary conditions, but is committed to sustainable development and will follow legal requirements for profit distribution when feasible [3] - The management expresses confidence in achieving over 300 million in revenue for 2025, emphasizing efforts to enhance operational performance and core competitiveness [4] - The company acknowledges the impact of macroeconomic factors and market fluctuations on its stock price, and is focused on improving its internal value and governance structure to boost market performance [4]