包装纸厂通过效率提升来持续降本，而上游的原纸企业则在拓展更多的原材料渠道，多地布局来保障废纸等原料的供应及价格稳定。 记者了解到，目前在我国，进口纸浆在生产用料中占比较低，因此国内废纸供应较紧带来的影响或将持续一段时间。 （央视财经《经济信息联播》）在这轮纸价上涨过程中，产业链各环节除了提高商品价格，也在通过多种方式积极应对原材料涨价带来的压力，寻求建立起 更长期的供需平衡。 卓创资讯瓦楞及箱板纸资深分析师 徐玲：纸厂对于原料的库存，处在一个比较低的位置，这样一来对于整个废纸的需求，还是存在一个比较强的支撑。 在河北廊坊的一家包装纸企业内，两条投产刚一年的新产线正在全速运转中。生产负责人介绍，他们去年设备更新后，效率比旧产线更高，今年也帮他们消 化了一部分的成本上涨压力。 锐智信咨询资讯总监 冯艳：根据我们统计，（今年）1至9月国内箱板瓦楞纸新增产能已超过350万吨。此外，随着行情走高，中小型纸线开工率普遍提高， 进一步导致市场整体供应量增加，可能会再度主导纸价走势（回稳）。 转载请注明央视财经 编辑：令文芳 业内人士分析认为，虽然短期来看，纸价仍有上行趋势，但今年国内箱板瓦楞纸行业也迎来了新产能的集中投放期 ...

总台央视记者 宁坤：在这家造纸厂的一处原料仓，这些就是从周边区域回收来的废纸；打成纸浆以后，就成为企业日常生产时会大量消耗的重要原材料。 像这样一个料仓，全部堆满以后可以存放近2万吨的废纸。但现在有大约三分之一的场地处于空闲的状态。相关负责人告诉我，这段时间他们的原料库存水 平并不算高，今年下半年的废纸回收量相对偏低，而价格则比以往更高。 （央视财经《经济信息联播》）记者从业内了解到，今年三季度以来，包装纸行业用到的原纸价格接连上涨；进入四季度后，又有多家造纸企业开启新一轮 提价。原纸价格上涨背后的原因是什么？ 潘天倚介绍，在这条年产能40万吨的生产线上，原纸大部分是由再生纸浆制成。近期，废纸价格的上涨推高了原纸的生产成本。 在山东济宁一家大型造纸企业的车间内，一卷卷包装行业使用的牛卡纸正陆续下线。企业负责人潘天倚告诉记者，近期确实对产品出厂价格进行了多次上 调。 在山东德州一家造纸企业，记者看到废纸堆场里同样也有不少空地。负责人告诉记者，企业正常每天要消耗近1000吨的废纸原料用于造纸，而下半年供应紧 缺带来的价格上涨，也让他们感受明显。 转载请注明央视财经 编辑：令文芳 ...

中国旺旺(00151)午后跌近3%，截至发稿，跌2.58%，报4.91港元，成交额2246.29万港元。 此外，2025财年上半年集团毛利率较上一财年同期下降1.1个百分点至46.2%。虽然白砂糖、明胶、原纸 等部分大宗原材料及包装材料单位耗用成本下降，但进口全脂奶粉与棕榈油单位耗用成本的上升，抵消 了前述下降的正向影响，仍使集团毛利率出现了下滑。 消息面上，中国旺旺今日午间公布截至2025年9月30日止六个月中期业绩，收益约111.08亿元，同比增 长2.1%；公司权益持有人应占利润约17.17亿元，同比减少7.8%；每股基本及摊薄盈利14.55份。 ...

Core Points - The stock price of Shanying International (600567) closed at 1.77 yuan as of October 31, 2025, down 2.75% from the previous week [1] - The company reported a total market capitalization of 10.293 billion yuan, ranking 3rd in the paper industry and 1841st among A-shares [1] Shareholder Changes - As of September 30, 2025, the number of shareholders for Shanying International was 196,139, an increase of 7,013 shareholders or 3.71% compared to June 30, 2025 [2][5] - The average number of shares held per shareholder rose to 29,600 shares, with an average holding value of 53,400 yuan [2] Performance Disclosure - For the first three quarters of 2025, Shanying International reported a main revenue of 21.133 billion yuan, a year-on-year decrease of 2.17% [3] - The net profit attributable to shareholders was -290 million yuan, a significant decline of 522.74% year-on-year [3][5] - The third quarter alone saw a main revenue of 7.291 billion yuan, down 0.77% year-on-year, and a net profit of -331 million yuan, a decrease of 636.03% [3] Company Announcements - The company released its third-quarter report, indicating a net cash flow from operating activities of 2.125 billion yuan, down 38.17% year-on-year [4] - The board approved the reappointment of the accounting firm and the addition of daily related transactions amounting to 1.4 billion yuan [4][5] - A temporary shareholders' meeting is scheduled for November 18, 2025, to discuss the aforementioned matters, with a registration date of November 7, 2025 [4]

Core Viewpoint - Forest Packaging is a significant supplier of packaging products in China, with a focus on the production of raw paper, corrugated cardboard, and corrugated boxes, showcasing a full industry chain production advantage [1] Group 1: Business Performance - In Q3 2025, Forest Packaging reported revenue of 1.981 billion yuan, ranking 8th among 10 companies in the industry, significantly lower than the top company, Sun Paper, which had revenue of 28.936 billion yuan [2] - The net profit for the same period was -7.9587 million yuan, placing the company 7th in the industry, while the leading company, Sun Paper, achieved a net profit of 2.506 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, Forest Packaging's debt-to-asset ratio was 37.30%, an increase from 24.36% year-on-year, which is lower than the industry average of 56.77%, indicating good solvency [3] - The gross profit margin for Q3 2025 was 5.07%, down from 13.76% year-on-year, but still higher than the industry average of 0.28% [3] Group 3: Executive Compensation - The chairman, Lin Qijun, received a salary of 235,600 yuan in 2024, an increase of 31,700 yuan from 203,900 yuan in 2023 [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 31.51% to 20,600, while the average number of circulating A-shares held per account increased by 46.00% [5]

Group 1 - The Hong Kong paper industry stocks collectively rose, with Chenming Paper up 4.6%, Lee & Man Paper up over 3%, and Nine Dragons Paper up over 2% [1] - Major paper manufacturers such as Nine Dragons Paper, Shanying International, Lee & Man Paper, and Wuzhou Special Paper announced price increases for certain products in early September, indicating a potential last opportunity for price hikes before the traditional peak season [1] - The paper packaging industry is facing challenges due to an imbalance in supply and demand as new production capacities come online, making it difficult for companies like Nine Dragons to maintain stability in a volatile market [1] Group 2 - Shanying Paper announced a maintenance shutdown plan during the National Day holiday, affecting 12 paper lines across multiple bases in Anhui, Zhejiang, Central China, Fujian, Guangdong, and Jilin, with shutdown durations ranging from 4 to 8 days, concentrated from September 29 to October 6 [1]

Core Insights - Yibin Paper Industry (600793) reported a total revenue of 1.23 billion yuan for the first half of 2025, representing a year-on-year increase of 6.89% [1] - The net profit attributable to shareholders reached 22.06 million yuan, a significant increase of 200.22% compared to the previous year [1] - The company's gross margin improved by 1088.17%, with a gross margin of 21.77% and a net margin of 6.28%, reflecting a year-on-year increase of 1109.12% [1] Financial Performance - Total revenue for 2025 was 1.23 billion yuan, up from 1.15 billion yuan in 2024, marking a 6.89% increase [1] - Net profit for 2025 was 22.06 million yuan, compared to a loss of 22.02 million yuan in 2024, indicating a turnaround [1] - The company reported a significant increase in cash flow per share, reaching 1.81 yuan, up 74.55% from 1.04 yuan in 2024 [1] Cost and Expense Analysis - Total sales, management, and financial expenses amounted to 90.76 million yuan, accounting for 7.38% of revenue, a decrease of 10.59% year-on-year [1] - The increase in revenue was attributed to the new corrugated box business, which also led to a 33.36% rise in sales expenses [4] - Financial expenses decreased by 26.32% due to a reduction in high-interest borrowings [4] Asset and Liability Management - Cash and cash equivalents increased by 108.97% to 302 million yuan, primarily due to the recovery of funds from the original shareholder [1][3] - Accounts receivable surged by 339.03% to 103 million yuan, driven by increased sales in the corrugated box business [1][2] - Interest-bearing liabilities rose by 35.72% to 2.006 billion yuan, indicating a growing debt load [1] Investment and Return Metrics - The company's return on invested capital (ROIC) has been historically low, with a median of 3.44% over the past decade and a particularly poor ROIC of -1.11% in 2023 [4] - The company has reported losses in 8 out of 36 annual reports since its listing, suggesting a challenging investment history [4]

Core Viewpoint - The paper industry is facing continuous pressure on performance due to supply-demand imbalances and policy adjustments, as evidenced by the financial results of leading domestic paper company Shanying International in the first half of 2025 [1][2]. Financial Performance - Shanying International reported a revenue of 13.842 billion yuan, a year-on-year decline of 2.89%, and a net profit of 41.8154 million yuan, down 63.17% year-on-year [1]. - The company's net profit after deducting non-recurring items was -65.7799 million yuan, indicating a significant narrowing of losses compared to the previous year [1]. - The raw paperboard segment saw production increase to 3.5664 million tons, up 4.3% year-on-year, while sales reached 3.4742 million tons, a slight increase of 0.29% [1]. Segment Performance - The raw paperboard segment's sales revenue was 9.215 billion yuan, down 3.56% year-on-year due to product price reductions [1]. - The packaging segment achieved a production volume of 977 million square meters, a decrease of 0.95%, but sales increased to 1.03 billion square meters, up 2.29% year-on-year, with a revenue of 3.358 billion yuan, an increase of 2% [1]. - New valuable clients in the packaging business included Nestlé, Unilever, and Pinduoduo [1]. Cost Management and Profitability - Despite weak market demand, Shanying International improved its gross profit margin to 9.51%, an increase of 0.72 percentage points year-on-year, with the core paperboard segment's gross margin rising to 8.05%, up 1.31 percentage points [2]. - The company implemented measures such as lean production and cost reduction to enhance profitability [2]. Industry Trends and Strategic Initiatives - The Guangdong Paper Association initiated an "anti-involution" campaign to resist low-price competition and optimize capacity structure [2]. - Shanying International adopted a strategy of "strategic contraction, value focus, and industry collaboration" to address overcapacity and price wars [2]. - The company has announced price increases and is focusing on high-end corrugated paper markets while enhancing collaboration with leading e-commerce platforms [2]. Future Outlook - With the implementation of "anti-involution" policies, the industry supply-demand balance is expected to improve, leading to stabilized prices and enhanced profitability for companies [3]. - Forecasts suggest that the cost of raw materials may decrease due to an expected 15% year-on-year increase in wood pulp imports, which will support profit levels [3]. - Shanying International is also diversifying its growth by establishing the "Zhiyuan Fund" to invest in industrial technology-related enterprises and is focusing on smart logistics solutions [3].

Core Viewpoint - The company reported a significant decline in net profit despite an increase in production and sales volume, indicating challenges in pricing and revenue generation [1] Financial Performance - The company achieved operating revenue of 13.842 billion yuan, with a net profit attributable to shareholders of 41.8154 million yuan, a year-on-year decrease of 63.17% [1] - The production volume of the paperboard segment was 3.5664 million tons, an increase of 4.30% year-on-year, while sales volume reached 3.4742 million tons, up 0.29% year-on-year [1] - The sales revenue from the paperboard segment was 9.215 billion yuan, reflecting a decrease of 3.56% compared to the same period last year due to price reductions [1] Operational Efficiency - The company improved production costs through lean production and efficiency enhancement measures, leading to a recovery in the gross profit margin of the paper manufacturing segment [1] - The completion of the Suzhou facility marks the establishment of seven major paper manufacturing bases, positioning the company for future growth [1] Strategic Focus - The company plans to concentrate on technological innovation, process optimization, and smart manufacturing to create differentiated high-quality products [1] - There will be an increased emphasis on lean initiatives to further reduce costs and enhance profitability, thereby strengthening the company's competitive advantage [1]

Core Insights - The company reported a total operating revenue of 2.335 billion yuan for the first half of 2025, an increase of 6.95% year-on-year, but the net profit attributable to shareholders decreased by 42.43% to 95.903 million yuan [2][9] - The decline in profit is attributed to various factors including reduced rainfall and changes in foreign trade policies, impacting overall business performance [6][9] Financial Overview - The company's gross profit margin decreased to 16.02%, down 27.73% year-on-year, while the net profit margin fell to 4.55%, a decrease of 42.92% [7] - Operating cash flow per share dropped significantly by 93.44% to 0.06 yuan, indicating severe cash flow issues [7][10] - The company’s total liabilities with interest reached 7.113 billion yuan, an increase of 6.94% year-on-year, with a debt-to-asset ratio of 54.55% [7][10] Revenue Composition - The revenue from hydropower business decreased by 36.99%, while biomass power generation revenue surged by 114.11% [6] - The sales volume of paper tableware dropped by 27%, leading to a revenue decline of 24.49%, whereas the revenue from original paper business increased by 16.58% [6] Regional Distribution - Revenue from Guangdong Province accounted for 69.15% of total revenue, with a gross margin of 15.33%, while revenue from outside Guangdong made up 30.85% with a gross margin of 17.57% [7] Future Outlook - The company plans to implement refined management practices, enhance biomass fuel varieties and channels, and accelerate the construction of new energy projects [8]