报告要点 [Table_Summary] 近日，玖龙纸业发布 FY2026H1 中期业绩（未经审核），对应自然年度 2025H2 收入 372 亿元 （同比+11.2%），销量约 1240 万吨（同比+8.3%），均价同比+2.7%；归母净利润 19.7 亿元（同 比+318.8%），净利润 22.1 亿元（同比+225.1%），永续债利息 2.01 亿元。2025 年（自然年度） 玖龙纸业归母净利润较之前年度实现跃升，业绩拐点的核心驱动来自玖龙自产浆利润的释放， 2025 年较 2024 年吨归母净利绝对值提升约 100 元，预估主要源自玖龙自产浆开始贡献利润， 单看造纸环节的吨净利预估变化较小。 丨证券研究报告丨 行业研究丨点评报告丨纸与林木产品 [Table_Title] 轻工"反内卷"思考（四）： 从玖龙纸业财报，看浆纸一体化优势和弹性 分析师及联系人 [Table_Author] 蔡方羿 仲敏丽 SAC：S0490516060001 SAC：S0490522050001 SFC：BUV463 请阅读最后评级说明和重要声明 [Table_Summary2] 事件描述 从造纸企业 2025 年三季报表现 ...

箱板瓦楞纸供需格局持续优化，公司产品结构向高端化、差异化、多元化发展。1）分产品看，FY26H1 公司牛卡纸、瓦楞芯纸、涂布灰底白板纸、白卡纸、文化纸、高价特种纸及浆品销售收入分别约为 189.26 亿元/+5. 5% 、75.87 亿元/+7.0%、35.30 亿元/-11.7%、30.78 亿元/+119.5%、37.21 亿元/+40.9%、 3.79 亿元/-2.7%。一方面，公司以包装系纸种为主，包装纸收入合计占比89%，近年来箱板瓦楞纸需求 端稳健增长、供给端新产能有限，年度产能利用率自2023 年触底后持续改善。根据我们统计，2026 年 箱板瓦楞纸新产能计划383 万吨且多是小厂，预计供需平衡情况继续优化。在2025 年7 月反内卷和国废 紧缺、10 月外废进口环保趋紧下，箱板瓦楞纸价格大幅拉涨（12 月9 日箱板纸、瓦楞纸价较7 月低点上 涨14.0%、29.1%），春节前纸价回落，年后涨价函频发，预计随着下游开机提升逐步落实提价。另一 方面，随着公司文化纸、白卡纸产能释放，公司产品结构向高端化、差异化、多元化发展。2）分地区 看，FY26H1 中国、海外市场销售收入分别为322.17 亿元 ...

Core Viewpoint - Nine Dragons Paper Industries reported a revenue of 63.24 billion RMB for the fiscal year ending June 30, 2025, representing a year-on-year growth of approximately 6.3% and a gross profit increase of about 26.9% to 7.25 billion RMB, primarily due to a larger decline in raw material costs compared to product prices [1] Group 1: Financial Performance - Revenue for the fiscal year 2024-2025 reached 63.24 billion RMB, marking a 6.3% increase from the previous fiscal year [1] - Gross profit rose by approximately 26.9% to 7.25 billion RMB, attributed to a more significant decrease in raw material costs compared to product prices [1] Group 2: Expansion Projects - The company continues to advance new project constructions, with successful launches of high-end paper and raw material projects in Beihai, Guangxi, and Jingzhou, Hubei [1] - In the third quarter, new production lines for 1.2 million tons of white cardboard and 700,000 tons of wood pulp, as well as 400,000 tons of cultural paper, were put into operation [1] Group 3: Production Capacity - As of June 30, 2025, Nine Dragons Paper's fiber raw material production capacity reached 7.5 million tons, with a designed paper production capacity of 23.5 million tons [1] - The designed production capacity for corrugated paperboard and cartons is approximately 2.9 billion square meters [1] Group 4: Future Plans - In the new fiscal year, the company plans to further expand wood pulp production capacity in Beihai, Jingzhou, Chongqing, and Tianjin, totaling a designed capacity of 3.4 million tons [2] - The company aims to increase cultural paper and white cardboard production capacity by a combined 2.5 million tons at the Jingzhou and Beihai bases [2] Group 5: Capital Expenditure and Expansion Projects - Key capital expenditures and expansion projects include: - Jingzhou, Hubei: 0.65 million tons of chemical pulp completed by June 2025, and 0.70 million tons of chemical mechanical pulp completed by August 2025 [3] - Chongqing: 0.70 million tons of chemical pulp expected to be completed by Q4 2026 [3] - Tianjin: 0.50 million tons of chemical pulp expected to be completed by Q4 2026 [3] - Beihai, Guangxi: 0.80 million tons of chemical pulp expected to be completed by Q1 2027 [3] - Successful completion of these expansion plans will enhance the company's integrated pulp and paper advantages, improve profitability, and strengthen sustainable development in the industry [3]