Investment Rating - The report maintains a "Buy" rating for Xianhe Co., Ltd. (603733.SH) [1] Core Insights - The company achieved significant revenue growth driven by increased production and sales, although some product price reductions impacted profit performance in the first half of 2025 [5][6] - The company reported a revenue of 5.99 billion yuan for 1H2025, a year-on-year increase of 30.1%, while net profit attributable to shareholders decreased by 13.8% to 470 million yuan [5][6] - The production of specialty pulp paper reached 1.108 million tons in 1H2025, a 98.6% increase year-on-year, with sales volume at 833,000 tons, up 62.3% [6] - The company is expanding its production capacity with new lines in Hubei and Guangxi, which are expected to enhance revenue and profitability in the long term [6][9] Summary by Sections Revenue Performance - 1H2025 revenue was 5.99 billion yuan, up 30.1% year-on-year; 1Q2025 revenue was 2.99 billion yuan, up 35.4%, while 2Q2025 revenue was 3.00 billion yuan, up 25.3% [5][6] Production and Sales - Specialty pulp paper production reached 1.108 million tons in 1H2025, with sales of 833,000 tons; the company is increasing its market presence through international sales, which generated 420 million yuan in revenue, a 15.4% increase [6] Profitability - The gross margin for 1H2025 was 13.7%, down 4.0 percentage points year-on-year; the second quarter gross margin was 12.8%, down 4.6 percentage points year-on-year and 1.8 percentage points quarter-on-quarter [7] - The report anticipates a recovery in profitability in the second half of 2025 as prices stabilize and production efficiency improves [8][9] Financial Forecast - The forecast for net profit attributable to shareholders for 2025 is adjusted to 1.098 billion yuan, with EPS estimates of 1.55 yuan for 2025, 1.89 yuan for 2026, and 2.30 yuan for 2027 [9][10]

公司发布2025年中报，1H2025实现营收59.9亿元，同比增长30.1%，归母净利润4.7亿元，同比减少13.8%；1Q2025，公司实现营收29.9亿元，同比增长35.4%，归母净利润2.4亿元，同比 点评： 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 事件： 我们估计，仙鹤本部1Q2025/2Q2025特种浆纸吨均价约7480/6920元左右，2Q2025环比-560元左右，1Q2025/2Q2025特种浆纸吨净利约460/420元左右(均包括白卡纸)，2Q2025环比-4 根据卓创资讯数据，1Q/2Q2025阔叶浆吨均价为4782/4284元，分别同比-402/-1383元，环比+227/-498元。我们认为，公司二季度毛利率环比走低主要原因系：热转印、格拉辛等纸种受市 1H2025公司期间费用率为6.2%，同比+0.4pcts，分项目看，销售/管理/研发/财务费用率分别为0.3%/1.7%/1.2%/3.0%，分别同比+0.1/+0.1/-0.1/+0.3pcts，财务费用率小幅升高， 展望下半年，盈利能力有望环比修复：目前，广西基地已实现稳定盈利，湖北基地受到产能爬 ...

信达证券研报指出，五洲特纸25H1归母净利润1.22亿元（同比-47.7%）；25Q2归母净利润0.57亿元（同 比-42.2%）。盈利见底，景气复苏可期。该行认为，单吨盈利承压主要系湖北基地全面投产、产品结构 变化，以及热转印等承压纸种拖累。展望未来，受益于浆价见底、需求旺季修复，我们判断包装纸等价 格底部品类Q3有望边际回暖，叠加低价浆逐步入库，盈利能力改善可期。食品卡纸/文化纸受制于竞争 加剧，该行预计量价同比均承压，但伴随公司自产化机浆成本优化、Q2盈利能力预计环比稳中向上； 格拉辛/描图纸/工业衬纸等格局优异，预计量价环比平稳；热转印由于供需短期错配，预计盈利能力短 期承压；包装纸湖北基地全面投产，判断始终保持稳健盈利。营运能力方面，截至2025H1公司存货/应 收/应付周转天数分别为50.15/44.93/37.64天（同比+10.25/-11.25/-5.39天）。 ...

Core Viewpoint - The company reported a revenue increase of 20.1% year-on-year for 1H2025, but a significant decline of 47.6% in net profit attributable to shareholders, indicating challenges in profitability despite revenue growth [3]. Group 1: Financial Performance - In 1H2025, the company achieved a revenue of 4.12 billion yuan, with a net profit of 120 million yuan [3]. - The revenue for Q1 and Q2 of 2025 was 1.99 billion yuan and 2.13 billion yuan, respectively, showing year-on-year growth of 15.2% and 25.1% [3]. - The net profit for Q1 and Q2 of 2025 was 64.68 million yuan and 56.99 million yuan, reflecting a year-on-year decline of 51.7% and 42.2% [3]. Group 2: Production and Capacity - The company completed a production volume of 1.0237 million tons of mechanical paper in 1H2025, with sales of 987,200 tons, marking increases of 76.3% and 74.4% year-on-year, respectively [4]. - The average price per ton was 4,175 yuan, which is a decrease of 1,886 yuan year-on-year [4]. - The full production of the industrial packaging paper line at the Hubei base added 550,000 tons per year of corrugated boxboard capacity, contributing to ongoing revenue growth [4]. Group 3: Market Conditions and Margins - The gross margin for 1H2025 was 8.2%, down 3.9 percentage points year-on-year, with Q1 and Q2 margins at 8.8% and 7.7%, respectively [5]. - The average price per ton for paper cup base paper in Q1 and Q2 of 2025 was 6,800 yuan and 6,489 yuan, showing declines of 300 yuan and 418 yuan year-on-year [5]. - The increase in competition led to price reductions in various paper products, contributing to the decline in gross margin [5]. Group 4: Expense Management - The company’s expense ratio for 1H2025 was 4.8%, a slight decrease of 0.1 percentage points year-on-year [5][6]. - The financial expense ratio increased due to the cessation of capitalizing interest on loans as paper machine production lines were completed and increased bank borrowings [5].

Core Viewpoint - The company reported a revenue of 4.12 billion yuan for 1H2025, reflecting a year-on-year increase of 20.1%, while the net profit attributable to shareholders was 120 million yuan, down 47.6% year-on-year [1] Group 1: Financial Performance - In 1H2025, the company achieved a production volume of 1.0237 million tons of mechanical paper and a sales volume of 987,200 tons, representing year-on-year increases of 76.3% and 74.4% respectively [1] - The average price per ton for mechanical paper was 4,175 yuan, a decrease of 1,886 yuan year-on-year [1] - The gross margin for 1H2025 was 8.2%, down 3.9 percentage points year-on-year, with 1Q and 2Q gross margins at 8.8% and 7.7%, respectively, showing year-on-year declines of 4.2 and 3.6 percentage points [1] Group 2: Market Conditions - The market is experiencing intensified competition, leading to price reductions; the average price per ton for paper cup base paper in 1Q and 2Q2025 was 6,800 yuan and 6,489 yuan, down 300 yuan and 418 yuan year-on-year, respectively [1] - The average price per ton for hardwood pulp in 1Q and 2Q2025 was 4,782 yuan and 4,284 yuan, reflecting year-on-year decreases of 402 yuan and 1,383 yuan, respectively [1] Group 3: Cost Structure - The company's expense ratio for 1H2025 was 4.8%, a slight decrease of 0.1 percentage points year-on-year; the sales, management, R&D, and financial expense ratios were 0.3%, 1.1%, 1.1%, and 2.2%, with respective year-on-year changes of +0.1, -0.2, -0.5, and +0.6 percentage points [1] - The increase in financial expense ratio was primarily due to rising financial costs [1] Group 4: Future Outlook - The specialty paper industry is expected to bottom out and recover in the second half of the year; since July, prices for certain paper types, such as heat transfer paper, have shown signs of recovery, which may improve profitability [1] - The company is currently constructing a 70,000-ton decorative base paper production line [1]