（编辑 姚尧） 证券日报网1月7日讯 ，顺灏股份在接受调研者提问时表示，公司坚持"环保低碳新材料+生物大健康"双 翼发展的战略布局，围绕特种环保纸的研发、生产及销售，印刷品的研发、生产及销售，工业大麻精深 加工及应用场景研发，新型烟草的研发、生产与销售等四大业务展开。2025年6月公司通过对外投资参 股了北京轨道辰光科技有限公司（以下简称"轨道辰光"），该公司核心业务包括"天数天算"和"地数天 算"。公司是国内较早从事特种防伪环保纸研发、生产和销售的企业，特种防伪环保纸业务是公司上市 时的主营业务，主要包含真空镀铝纸、激光防伪等环保纸质材料，主要应用于特定客户终端消费品、社 会消费品等行业。印刷品业务主要生产及销售模式主要在下游企业广泛实施的招投标项目中，通过参与 招投标获取订单，并按照客户的订单要求组织生产和销售。公司印刷产品与终端客户的黏性较高，可按 照客户要求提供个性化定制服务，较其他印刷包装产品具有高稳定性、大批量、多批次、高精度、高防 伪和环保性强等特点。上述两块业务近年来营收和利润水平较稳定。公司2011年上市后，积极寻找第二 成长曲线，先后布局了新型烟草业务和工业大麻业务。工业大麻业务，在国内， ...

编号：2026-001 | 投资者关系活动类别 | □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 | | --- | --- | | | □新闻发布会 □路演活动 | | | □现场参观 | | ☑ | 其他 国金证券商业航天专题会议 | | | 国金证券孙恺祈；博时基金蔡宗延、万冠宇；万家基金张希晨、冯 | | 参与单位名称与姓名 | 哲、崔逸凡；南方基金万朝辉；申万菱信卜忠林、付娟、张贇；新 | | | 华基金李业彬；北京磐泽资管庄启臣；大成基金孔祥；蜂巢基金徐 | | | 嶒；上海南土资管李辻；上海胤胜资管谭佩佩；翀云投资俞海海； | | | 博道基金郭晓萱；上海森锦资管季亮；上海趣时资管沈成宇；光大 | | | 保德信基金王艺伟；中银资管林博程、张丽新；银叶资管寇晨飞； | | | 陆家嘴国泰人寿保险何蓉；鑫元基金张汉毅；湘财基金张海波；兴 | | | 业基金蒲延杰；上海混沌投资王菁；上海胤胜资管李美泽；大成基 | | | 金吴天齐；招商基金陈西中；湖南长心私募基金徐行余；金鹰基金 | | | 金达莱；友邦人寿保险赵一路、丁戈；国寿安保基金肖佳琪；上海 | | | 浦泓资管彭聪；中银资管陆莎 ...

（文章来源：证券日报） "上述投资事项对公司现有业务无协同性，对公司2025年经营业绩影响较小，相关产业发展仍处早期， 未来收益存在较大不确定性。公司郑重提示广大投资者注意股票市场交易风险，审慎决策，理性投 资。"顺灏股份在公告中表示。 公开资料显示，顺灏股份业务涉及特种防伪环保纸、印刷品、新型烟草、工业大麻四大产业。子公司广 泛分布于上海、香港、深圳、广东、福建、湖北、云南、安徽、海南等国内重要地区，并延伸布局至美 国、日本、柬埔寨，业务范围遍及全球。2025年前三季度，顺灏股份实现归属于上市公司股东的净利润 6731.90万元，同比增长20.29%。 2025年6月份，顺灏股份以1.1亿元投资轨道辰光，持股比例为19.30%。轨道辰光的主要业务是通过将算 力卫星发射至晨昏轨道，组建太空数据中心，为客户提供算力服务，其经营范围包括卫星技术综合应用 系统集成、卫星导航服务、卫星移动通信终端制造、卫星移动通信终端销售等。 近期，随着商业航天被纳入国家航天发展总体布局，作为AI与航天交叉融合的前沿领域，太空算力正 成为市场关注的焦点。深圳华道研究咨询有限公司合伙人王志球对《证券日报》记者表示，当前，算力 正加速渗 ...

Core Viewpoint - Shunhao Co., Ltd. has experienced a significant stock price increase, with a cumulative rise of over 110% in 11 trading days, leading to a market capitalization of 16.9 billion yuan. However, the company has issued a warning regarding the lack of synergy between its existing business and its investment in Beijing Trajectory Chuang Technology Co., Ltd. [1] Group 1: Company Overview - Shunhao Co., Ltd. operates in four main industries: special anti-counterfeiting environmentally friendly paper, printing products, new tobacco, and industrial hemp. Its subsidiaries are located in key regions across China and have extended operations to the United States, Japan, and Cambodia [2]. - For the first three quarters of 2025, Shunhao Co., Ltd. reported a net profit attributable to shareholders of 67.319 million yuan, representing a year-on-year growth of 20.29% [2]. Group 2: Investment in Trajectory Chuang - In June 2025, Shunhao Co., Ltd. invested 110 million yuan in Trajectory Chuang, acquiring a 19.3% stake. Trajectory Chuang's primary business involves launching computing satellites into the twilight orbit to establish a space data center, providing computing services to clients [2]. - The space computing sector is gaining attention as commercial aerospace is integrated into national space development plans. However, it is noted that space computing is still in the early stages of technological validation and industrial cultivation, requiring time for maturity and large-scale commercialization [2]. Group 3: Risks and Challenges - The announcement from Shunhao Co., Ltd. highlighted that the business of Trajectory Chuang does not create synergies with its existing operations and is subject to various risks, including macroeconomic factors, industry policies, and market environment changes. The commercial value of Trajectory Chuang's "Tianshu Tiansuan" business may only become clear in the next five years, while its "Dishu Tiansuan" business may take 5 to 10 years to compete effectively with ground data centers [1]. - The company emphasized that the investment in Trajectory Chuang would have a minimal impact on its operating performance by 2025, and the development of related industries remains in the early stages, with significant uncertainty regarding future returns [1].

Group 1: Business Strategy and Development - The company adheres to a dual development strategy of "environmentally friendly low-carbon new materials + biological health," focusing on special environmentally friendly paper, printing products, and industrial hemp processing [2][3]. - Continuous efforts are made to optimize production lines and implement cost-reduction reforms while expanding new customer markets and investing in R&D for industrial hemp technologies and products [2][3]. Group 2: Product Innovation and Market Expansion - The special anti-counterfeit environmentally friendly paper includes vacuum aluminum paper and laser anti-counterfeit materials, with a focus on technological innovation and market expansion [3]. - The company plans to actively explore overseas markets, particularly in South America and Southeast Asia, to meet the demand for high-end packaging orders and promote environmentally friendly film paper technology [4][5]. Group 3: Environmental Compliance and Efficiency - The company has reduced VOC emissions by over 75% by adopting water-based inks, complying with national and EU environmental regulations [6]. - Implementation of an AI visual inspection system and a digital production management system has improved production efficiency and reduced labor costs [5][6]. Group 4: Industrial Hemp Development - The company collaborates with Yunnan University to establish a CBD research center, focusing on the potential applications of CBD in various medical fields [7]. - Multiple patents related to industrial hemp extraction and purification have been applied for, supporting drug formulation development [7]. Group 5: Financial Performance and Future Plans - In the first half of 2025, the company's main revenue decreased by 12.19%, while net profit increased by 23.11% due to high-value business expansion and cost control measures [9]. - The company is in discussions for an H-share listing, which is expected to enhance its global strategy and brand image [9].

Group 1: Company Overview - Shanghai Shunhao New Materials Technology Co., Ltd. focuses on "environmental low-carbon new materials + biological health" dual development strategy [2] - The company operates four main business areas: special environmental paper, printing products, industrial hemp processing, and new tobacco products [2][3] - The special anti-counterfeit environmental paper business includes vacuum aluminum paper and laser anti-counterfeit materials, primarily serving specific consumer goods and social consumer goods industries [2][3] Group 2: Business Performance - The printing business relies on bidding projects to secure orders, offering high customization and stability compared to other printing products [3] - The company has maintained stable revenue and profit levels in its core businesses over recent years [3] - New tobacco business has developed through subsidiaries, generating significant business revenue [3] Group 3: Industrial Hemp and International Expansion - The industrial hemp business focuses on CBD extraction and product export, with a subsidiary in the U.S. offering products like Vitaldiol—R series [3] - The company has plans for international product offerings that emphasize natural health [3] Group 4: Recent Investments and Financial Insights - The company invested 110 million RMB for a 19.30% stake in Beijing Rail Space Technology Co., Ltd. [3] - In the first half of 2025, pre-receipts increased by 2.6125 million RMB, accounting for only 0.10% of total assets [3] Group 5: Regulatory Compliance - The company adhered to regulations during investor relations activities, ensuring no undisclosed significant information was leaked [4]

Core Viewpoint - The report highlights the financial performance and strategic direction of Shanghai Shunho New Materials Technology Co., Ltd., emphasizing its focus on environmentally friendly packaging and the industrial hemp market, while also addressing the challenges and opportunities within the tobacco and new tobacco product sectors [1][2][3]. Financial Performance - The company's operating revenue for the first half of 2025 was approximately 619.54 million yuan, a decrease of 12.19% compared to the same period in 2024 [2]. - The net profit attributable to shareholders was approximately 29.48 million yuan, down 6.24% from the previous year [2]. - Basic and diluted earnings per share increased by 23.14% to 0.0314 yuan per share [2]. Industry Overview - The global green packaging market is experiencing significant growth, with the tobacco packaging sector projected to reach 10.15 billion USD by 2031, reflecting a compound annual growth rate (CAGR) of 1.9% [3]. - In China, the packaging industry is supported by a robust policy framework aimed at promoting green development, with the government emphasizing the establishment of a resource-circulating industrial system by 2025 [3]. - The industrial hemp market is expanding globally, with 57 countries legalizing some form of medical cannabis, and the market for medical cannabis expected to reach 21.04 billion USD by 2025 [3]. Company Strategy - The company maintains a dual strategy focusing on "environmentally friendly low-carbon new materials" and "biological health," with core business areas including special environmentally friendly paper, printing products, industrial hemp processing, and new tobacco products [7][11]. - The company is actively pursuing research and development in new tobacco products and has obtained necessary licenses for electronic cigarette production [11][12]. - The company has established subsidiaries in the U.S. to capitalize on the growing industrial hemp market and has developed innovative products such as Nano Joints, which aim to provide a healthier alternative to traditional smoking [9][10]. Competitive Advantages - The company is recognized as a high-tech enterprise and has been involved in setting industry standards, maintaining a competitive edge in the special anti-counterfeiting environmentally friendly paper market [12][16]. - The company has a strong focus on research and development, holding 402 patents and 223 trademarks, which supports its innovation capabilities [13][12]. - The company emphasizes sustainable practices, having developed biodegradable packaging products and implemented advanced waste treatment technologies [14][19].