Industry - In January 2025, the National Bureau of Statistics reported that the total profit of industrial enterprises above designated size reached 73,982 billion yuan, a 0.6% increase from 2024. The paper and paper products industry generated revenue of 14,186.7 billion yuan, a 2.6% decrease year-on-year, with costs at 12,463.7 billion yuan, down 2.8%, and total profits at 443 billion yuan, down 13.6% [3] Company - On January 28, Nine Dragons Paper (02689.HK) announced a profit forecast for the second half of 2025 between 2.15 billion and 2.25 billion yuan, representing a growth of 216.0% to 230.7% compared to 680.3 million yuan in the same period of 2024, driven by increased sales volume and prices, along with reduced raw material costs [3] - On January 28, Yuyuan Forest Paper projected a net profit attributable to shareholders of the parent company for 2025 to be between -260 million and -200 million yuan [4] - On January 29, Yibin Paper (600793.SH) estimated a net profit for 2025 of 24 million to 36 million yuan, indicating a turnaround from losses in 2024 [4] - On January 30, Zhongshun Jierou announced an expected net profit of 300 million to 330 million yuan for 2025, a significant increase of 288.69% to 327.56% year-on-year [4] - On January 31, Chenming Paper forecasted a net profit for 2025 between -8.8 billion and -8.2 billion yuan [5] - On January 31, Huatai Co. projected a net profit for 2025 between -50 million and -70 million yuan [6] - Recently, Hengfeng Paper announced an expected net profit for 2025 of 178 million to 215 million yuan, an increase of 53.69% to 85.63% year-on-year [6] - Recently, Shandong Huajin Group announced a project to upgrade a 56,500 t/a pulping production line to produce reed pulp, with an expected annual output of 56,500 t of reed pulp and 90,000 t of humic acid [6] - Recently, Taisheng Technology Group acquired 40% of Sichuan Yongfeng Pulp and Paper Co., Ltd. from Xiamen Jianfa Co., Ltd. for 98,527.57 million yuan, achieving full control of Yongfeng Pulp and Paper [6]

Group 1: Report Overview - Report Name: Pulp Daily Report [1] - Date: January 30, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Group 2: Investment Rating - No investment rating information provided Group 3: Core View - The pulp market is in a wide - range volatile trend with pressure on the upside and support on the downside. Short - term pulp prices are affected by the sector and weak downstream procurement [8] Group 4: Market Review and Operation Suggestions - The previous settlement price of the pulp futures 05 contract was 5,342 yuan/ton, and the closing price was 5,388 yuan/ton, a rise of 0.86%. The intended transaction price range of coniferous pulp in the Shandong wood pulp market was 4,750 - 5,650 yuan/ton, remaining stable compared with the previous trading day's closing price, with the Shandong Yinxing quotation at 5,400 yuan/ton [7] - Suzano announced a price increase of $10/ton in the Asian market in February 2026, and the foreign market quotation continued to rise. In November, the chemical pulp shipments of 20 pulp - producing countries in the world decreased by 6.9% year - on - year, coniferous pulp by 7.6% year - on - year, and broad - leaf pulp by 7.3% year - on - year, with a significant decline in shipments to the Chinese market. In December 2025, the European wood pulp inventory was 759,600 tons, a month - on - month increase of 7.6% and a year - on - year increase of 2.4%; the European wood pulp consumption was 722,400 tons, a month - on - month decrease of 10.9% and a year - on - year increase of 0.6%. The total pulp imports in December 2025 were 3.113 million tons, a month - on - month decrease of 4.1% and a year - on - year decrease of 3.8%. As of January 22, 2026, the weekly pulp inventory in major regions and ports was 2.0198 million tons, a month - on - month increase of 3.37%. On the demand side, the market purchase and sales rhythm slowed down, the raw material stocking intention of downstream paper enterprises decreased, the pre - holiday restocking was gradually ending, and the support from the demand side of the pulp market weakened [8] Group 5: Industry News - On January 27, Nantong Data Bureau released an environmental assessment acceptance notice. The 2 - million - ton natural cellulose project of Golden Hongye Paper (Nantong) Co., Ltd.'s APP Rudong Base was officially announced. The total investment of the project is about 16.395 billion yuan, with a construction period of 36 months. It mainly serves the Rudong Base's household paper - making and the planned Phase IV project, with 1.6 million tons to be supplied as wood pulp for the existing in - plant Phase I and Phase II household paper projects. The project uses the chemical sulfate pulping process [9] - On January 28, Leshan Shawan District People's Government website announced that Sichuan Fuhua Yuantai Bamboo Fiber Co., Ltd. plans to build a bamboo - based fiber and specialty paper project. The project is located in the papermaking and paper products industrial park of Hulu Group, Sichuan Shawan Economic Development Zone. The main construction contents and scale include: a single - line annual production line of 300,000 tons of bleached chemical bamboo pulp (bamboo - based fiber), a supporting annual production line of 400,000 tons of specialty paper, specifically including 150,000 tons/year of food and medical packaging paper, 150,000 tons/year of wiping paper, 100,000 tons/year of bamboo - based fiber materials (fluff pulp), and supporting public works and environmental protection facilities [9] Group 6: Data Overview - Multiple data charts are provided, including import bleached softwood pulp spot price in Shandong, pulp futures price, pulp spot - futures price difference, needle - broadleaf price difference, inter - period price difference, warehouse receipt volume, domestic main port pulp inventory, European main port wood pulp inventory, copperplate paper and offset paper price and price difference, white cardboard and whiteboard paper price and price difference, and US dollar to RMB exchange rate [15][17][19][23][25][27]