数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 根据国家统计局数据显示：2025年7月中国机制纸及纸板(外购原纸加工除外)产量为1394万吨，同比增 长4.8%；2025年1-7月中国机制纸及纸板(外购原纸加工除外)累计产量为9362.3万吨，累计增长3.6%。 2020-2025年1-7月中国机制纸及纸板(外购原纸加工除外)产量统计图 上市企业：太阳纸业（002078）,晨鸣纸业（000488）,博汇纸业（600966）,岳阳林纸（600963）,山鹰国 际（600567）,恒丰纸业（600356） 相关报告：智研咨询发布的《2025-2031年中国造纸行业市场调查研究及发展前景展望报告》 ...

Core Insights - The A-share listed paper companies in China reported a significant decline in revenue and profit for the first half of 2025, with total revenue of 91.647 billion yuan and total profit of only 64 million yuan, indicating a challenging operating environment for the industry [1][4][13] Revenue Summary - A total of 27 listed paper companies reported revenues exceeding 2 billion yuan, with 19 companies achieving revenues over 10 billion yuan, representing 70.37% of the total [4] - The revenue of the top two companies, Sun Paper and Shanying International, was 19.113 billion yuan and 13.842 billion yuan respectively, while Chenming Paper's revenue dropped to 2.107 billion yuan due to production line maintenance [4][5] - 14 companies experienced revenue growth, accounting for 51.85% of the total, a decrease from 64.29% in the previous year [5] Profit Summary - The total profit for the 27 listed paper companies was only 64 million yuan, a drastic drop from 4.385 billion yuan in the same period last year, with 24 companies remaining profitable [8][9] - Sun Paper led the profit rankings with 1.78 billion yuan, while 10 companies reported profits exceeding 100 million yuan, a decrease of one company compared to the previous year [8][9] - 15 companies saw a decline in net profit, with 3 companies experiencing losses, the most significant being ST Chenming with a net loss of 3.858 billion yuan [9][10] Industry Trends - The paper industry is facing a "ice-fire two重天" situation, with production increasing but profits declining due to supply-demand imbalances and high costs [13] - The production of mechanical paper and paperboard in China increased by 3.2% in the first half of 2025, but the revenue for the paper and paper products industry decreased by 2.3% [13] - Leading companies like Sun Paper and Xianhe Co. are focusing on integrated operations to mitigate cost pressures and enhance profitability [13][14]

Core Viewpoint - Yibin Paper Industry Co., Ltd. reported a significant increase in revenue and net profit for the first half of 2025, indicating a successful turnaround and growth strategy in a challenging market environment [1][3]. Company Overview and Financial Indicators - The company achieved an operating income of approximately 1.23 billion yuan, a year-on-year increase of 6.89% compared to 1.15 billion yuan in the same period last year [2][4]. - The total profit for the period reached approximately 112 million yuan, a substantial increase of 524.53% from a profit of about 18 million yuan in the previous year [2][4]. - The net profit attributable to shareholders was approximately 22 million yuan, marking a return to profitability after a loss in the previous year [3][4]. - Total assets increased by 2.57% to approximately 3.46 billion yuan compared to the previous year [2][4]. Industry and Main Business Analysis - The national production of paper and cardboard reached approximately 7.93 million tons in the first half of 2025, reflecting a year-on-year growth of 3.20% [3]. - The company operates in several segments, including food-grade paper, household paper, finished paper, and acetate fiber, with a focus on high-value products [3][4]. - The acetate fiber industry is characterized by high entry barriers and is primarily focused on green transformation and high-end product development [3]. Operational Performance - The company implemented a three-pronged strategy focusing on marketing, cost reduction, and research and development, which contributed to the revenue growth [3][4]. - The introduction of new products, such as packaging paper and bamboo-based products, has been a key driver of sales [3][4]. - The company has also expanded its operations into the corrugated box business, which has positively impacted overall revenue [4]. Competitive Advantages - Yibin Paper benefits from abundant bamboo resources in the region, which supports its development of bio-based materials [4]. - The company has established itself as a leader in the bamboo pulp and paper industry, leveraging its technological capabilities and innovative product offerings [4]. - The production process for acetate fiber is environmentally friendly, utilizing renewable resources and promoting sustainability [4]. Financial Management and Cost Control - The company has successfully reduced financial costs by optimizing its borrowing strategy, resulting in a 26.32% decrease in financial expenses [4]. - Cash flow from operating activities increased by 74.55% to approximately 320 million yuan, indicating improved operational efficiency [4]. Governance and Management Changes - The company has undergone changes in its board of directors and management team, enhancing its governance structure [7]. - The cancellation of the supervisory board and the election of new directors are part of the company's efforts to improve management efficiency [7].

Core Viewpoint - The report highlights the growth trajectory of China's paper and paperboard production, projecting a production volume of 13.99 million tons by June 2025, reflecting a year-on-year increase of 3.1% [1] Industry Summary - According to the National Bureau of Statistics, the cumulative production of paper and paperboard (excluding purchased raw paper processing) in China for the first half of 2025 is expected to reach 79.33 million tons, with a cumulative growth rate of 3.2% [1] - The report provides a comprehensive market survey and development outlook for the paper industry in China from 2025 to 2031, indicating a sustained focus on industry research and analysis [1] Company Summary - Listed companies in the paper industry include Sun Paper Industry (002078), Chenming Paper (000488), Bohui Paper (600966), Yueyang Forest & Paper (600963), Shanying International (600567), and Hengfeng Paper (600356) [1] - The report emphasizes the importance of industry insights and tailored consulting services for investment decision-making in the paper sector [1]

Report Summary 1. Investment Rating No investment rating information is provided in the report. 2. Core View The pulp market is currently facing challenges with high port inventories, weak downstream demand, and a shift from peak to off - peak season. Although the domestic consumption is currently poor, due to the large basis, the pulp price is expected to show a low - level oscillating trend [36]. 3. Summary by Directory 3.1走势回顾：4月纸浆震荡走弱 - In April, the pulp price continued the downward trend from March, and the basis expanded to 995 yuan/ton due to the relatively smaller decline in spot prices [8]. 3.2供应端分析：去库进程中断 - The domestic pulp spot price significantly declined in April. The Shandong Yinxing spot price dropped by 100 yuan compared to the end of March, and the Shandong Yingwu price dropped by 260 yuan. The adjustment of broad - leaf pulp was more obvious, and the price difference between needle - leaf and broad - leaf pulp widened to 1950 yuan [12]. - The import quotation of pulp was adjusted. The Arauco Company in Chile kept the price of coniferous pulp Yinxing at 825 US dollars/ton, and the price of broad - leaf pulp Mingxing increased by 20 US dollars/ton to 630 US dollars/ton [13]. - In March 2025, China's pulp import volume was 3.249 million tons, and the cumulative import volume from January to March was 9.639 million tons, a year - on - year increase of 5.0%. The import of bleached coniferous pulp in March was 798,000 tons, a month - on - month decrease of 0.1% and a year - on - year decrease of 6.5% [15]. - The domestic pulp inventory decreased rapidly in the futures market, with a total inventory of 323,937 tons, a decrease of 51,286 tons from the previous month. As of April 18, 2025, the inventory at major Chinese pulp ports was 2.069 million tons, an increase of 55,000 tons from the previous period [17]. - In March 2025, the inventory of bleached coniferous pulp in Europe was 245,900 tons, a month - on - month decrease of 10,700 tons and a year - on - year increase of 24,700 tons. The inventory days were 27 days, the same as the previous month and an increase of 3 days year - on - year [21]. 3.3需求端分析：需求维持弱势 - In March, the year - on - year growth rate of social consumer goods retail was 5.9%, a significant increase of 1.9 percentage points from the previous month. The nominal growth rate of social consumer goods retail in the first quarter was 5.0%, a 1.1 - percentage - point increase from the fourth quarter of last year. In March, China's export amount was 313.91 billion yuan, higher than the average of the past five years and a year - on - year increase of 12.4% [27]. - From January to March 2025, the cumulative output of machine - made paper and cardboard was 38.19 million tons, a year - on - year increase of 5.1%. The output in March was 14.55 million tons, a year - on - year increase of 5.1%. However, the industry's profit continued to decline and recently fell into losses [28]. - The previous price increase of downstream paper products has ended. Currently, due to weak consumption, price increases are difficult, and there may be pressure in the later stage. This week, the price of offset paper dropped by 48 yuan/ton, the price of coated paper dropped by 92 yuan/ton, and the price of white cardboard dropped by 31 yuan/ton [32]. 3.4逻辑与展望：震荡筑底 - The inventory reduction was not smooth in March, and the port inventory is still at a historical high of over 2 million tons. Downstream demand has shifted from peak to off - peak season in April, with no bright spots in paper mill operations. Since February this year, the price difference between coniferous pulp brands and between coniferous and broad - leaf pulp has been widening. Weak demand and expectations have led to a downward trend in pulp prices, but the high basis provides some support [36].