汇嘉时代 20250825 摘要 汇嘉时代北京路购物中心旗舰超市闭店调改后重装开业，通过硬件升级、 商品结构调整（增加鲜食、烘焙等）及引入胖东来商品，销售额达到历 史最高水平，周末日销达 200-220 万元，较调改前增长超 200%。 公司提高员工薪资福利，普通员工工资提升至 4,500 元，课长级别 12,000 元，大型门店店长 30,000 元，并减少工时，增加年休假，自 8 月起落实，显著提升员工积极性。 汇嘉时代计划在下半年逐步推进其他门店的自主性常规性调改，复制北 京路购物中心旗舰超市的成功经验，以提升整体运营水平和市场竞争力。 调改后门店客单量同比增长约 12%，日均成交笔数同比增长超过 230%，生鲜产品（尤其是卤制品和烘焙类）占比增加，大张供应链商 品占比约 50%，东来品占比逐步增加，本地供应商商品占比约 10%。 公司将继续推进自有品牌建设，目前已推出油、大米、生活用纸等自有 品牌，未来将持续拓宽品类，但需提升整体规模以体现毛利率优势。 超市板块毛利率因供应链切换后采购成本降低提升 3-4 个百分点，百货 业态自去年一季度以来业绩呈下降趋势，但超市贡献率逐步增加，对公 司整体业绩的推动 ...

以13%增值税计算 纸浆早报 | 产地 | 品牌 | 价格说明 | 港口美元价格 | 山东地区人民币价格 | 进口利润 | | --- | --- | --- | --- | --- | --- | | 加拿大 | 金狮 | CFR | 780 | 6350 | -48.45 | | | 雄狮 | CFR | 730 | 5500 | -492.78 | | 智利 | 银星 | CFR信用证 90天 | 720 | 5760 | -151.65 | 注：上一日汇率 - 7.18 研究中心能化团队 2025/08/25 SP主力合约收盘价： 5108.00 | 日期 | 2025/08/22 | 2025/08/21 | 2025/08/20 | 2025/08/19 | 2025/08/18 | | --- | --- | --- | --- | --- | --- | | 主力合约收盘价 | 5108.00 | 5130.00 | 5136.00 | 5178.00 | 5252.00 | | 折美元价 | 620.90 | 623.85 | 624.46 | 629.40 | 638.77 | | 距上一 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [4][6]. Core Views - The company has shown a significant improvement in profitability, with a notable performance turnaround in the first half of 2025, achieving a revenue of 4.33 billion yuan, a year-on-year increase of 7.67%, and a net profit attributable to shareholders of 150 million yuan, up 71.44% year-on-year [6]. - The company is focusing on optimizing its product structure and expanding its overseas market presence, with overseas revenue growing by 61.27% year-on-year, contributing to 4.27% of total revenue in the first half of 2025 [6]. - The report highlights a significant improvement in profitability due to declining pulp prices and cost reduction efforts, with a gross margin of 32.62% and a net profit margin of 3.49% in the first half of 2025 [6]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved a revenue of 4.33 billion yuan, with a quarterly breakdown of 2.068 billion yuan in Q1 and 2.262 billion yuan in Q2, reflecting year-on-year growth of 12.06% and 3.95% respectively [6]. - The net profit attributable to shareholders for the first half of 2025 was 150 million yuan, with a quarterly breakdown of 67 million yuan in Q1 and 83 million yuan in Q2, showing a year-on-year increase of 71.44% [6]. Product and Market Strategy - The company is strategically focusing on high-margin non-traditional products and personal care items, with a product matrix that includes women's hygiene products, household cleaning items, hand creams, and travel disposable products [6]. - The company is actively expanding into new retail and O2O channels, including live streaming and community group buying, to capture market share [6]. Profitability and Cost Management - The gross margin for the first half of 2025 was 32.62%, a decrease of 0.21 percentage points year-on-year, while the net profit margin increased by 1.33 percentage points to 3.49% [6]. - The report notes a reduction in expense ratios, with the total expense ratio decreasing by 2.79 percentage points to 28.04% [6].

Group 1 - Report Industry Investment Rating - The report does not provide an industry investment rating [1] Group 2 - Core View of the Report - Pulp prices in the futures market generally declined on August 19, 2025; while some spot prices remained stable and some increased. The supply side has price - increase announcements and production - reduction news; the demand side is still bearish for pulp prices as mainstream paper product prices have not stopped falling; and the inventory shows a cumulative trend. Currently, it is recommended to wait and see [1] Group 3 - Summary According to Relevant Catalogs 1. Pulp Price Data Futures Prices - On August 19, 2025, SP2601 was 5420, down 1.02% day - on - day and 1.24% compared to Philip; SP2511 was 5178, down 1.41% day - on - day and 1.63% compared to Philip; SP2509 was 5132, down 1.31% day - on - day and 1.61% compared to Philip [1] Spot Prices - On August 19, 2025, the spot price of coniferous pulp Silver Star was 5850, unchanged day - on - day and year - on - year; Russian Needle was 5300, unchanged day - on - day and up 0.95% year - on - year; broadleaf pulp Goldfish was 4200, unchanged day - on - day and up 1.20% year - on - year [1] Outer - Disk Quotes - In August 2025, the outer - disk quote of Chilean Silver Star was 720 dollars, down 2.70% month - on - month; Brazilian Goldfish was 510 dollars, up 4.08% month - on - month; Chilean Venus was 620 dollars, unchanged month - on - month [1] Import Costs - In August 2025, the import cost of Chilean Silver Star was 5884, down 2.68% month - on - month; Brazilian Goldfish was 4182, up 4.03% month - on - month; Chilean Venus was 5073, unchanged month - on - month [1] 2. Pulp Fundamental Data Supply - In June 2025, the import volume of coniferous pulp was 67.8 tons, down 6.09% month - on - month; broadleaf pulp was 143.5 tons, up 10.98% month - on - month. The domestic production of broadleaf pulp and chemimechanical pulp fluctuated slightly in August 2025 [1] Inventory - As of August 14, 2025, the pulp port inventory was 209.9 tons, up 2.5% month - on - month; the futures delivery warehouse inventory was 25.4 tons [1] Demand - In August 2025, the production of finished paper such as offset paper, coated paper, tissue paper, and white cardboard fluctuated slightly [1] 3. Pulp Valuation Data - On August 19, 2025, the Russian Needle basis was 122, with a quantile level of 0.867; Silver Star basis was 672, with a quantile level of 0.9. The import profit of coniferous pulp Silver Star was - 34, with a quantile level of 0.547; broadleaf pulp Goldfish was 18, with a quantile level of 0.653 [1] 4. Summary Supply - Side - Brazil's Suzano announced a 20 - dollar/ton price increase in the Asian market in August 2025, and its commodity pulp production in the next 12 - month operating cycle will be about 3.5% lower than its annual nominal capacity. Chile's Arauco notified the August quotes, with supply reductions [1] Demand - Side - Current paper product demand is basically stable, but mainstream paper product prices have not stopped falling, which is bearish for pulp prices [1] Inventory - Side - As of August 14, 2025, the inventory of China's mainstream pulp ports was 209.9 tons, up 2.5% month - on - month, showing a cumulative trend [1] Strategy - Pulp prices have dropped significantly under the influence of the commodity macro - environment, but the spot price remains stable. The broadleaf pulp basis has strengthened to over - 1000 yuan/ton, and the futures valuation is low. Currently, it is recommended to wait and see [1]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company achieved significant revenue and profit growth in the first half of 2025, with revenue reaching 4.33 billion yuan, up 7.7% year-on-year, and net profit attributable to shareholders at 150 million yuan, up 71.4% year-on-year [5] - The company is focusing on optimizing its product structure, emphasizing high-end and high-margin products, and expanding its overseas market presence, which has led to a substantial increase in revenue from international sales [6] - The second quarter of 2025 saw a notable improvement in gross margin, primarily due to a decline in wood pulp prices, which helped alleviate cost pressures [7] Summary by Sections Financial Performance - In 1H2025, the company reported a gross margin of 32.6%, with a second-quarter gross margin of 34.2%, reflecting a year-on-year increase of 2.9 percentage points and a quarter-on-quarter increase of 3.4 percentage points [7] - The company’s operating cash flow turned positive, amounting to 64.68 million yuan, compared to a negative figure in the previous year [5] Revenue Breakdown - For 1H2025, the company’s revenue from household paper and personal care products was 4.28 billion yuan and 50 million yuan, respectively, with year-on-year growth of 8.2% and a decline of 22.8% [6] - Domestic revenue was 4.14 billion yuan, up 6.1% year-on-year, while overseas revenue surged by 61.3% to 180 million yuan [6] Cost Management - The company’s expense ratio for 1H2025 was 28.0%, down 2.8 percentage points year-on-year, with reductions in sales, management, and R&D expenses contributing to this improvement [7][8] - The implementation of an employee stock ownership plan is expected to enhance employee motivation and align their interests with the company's performance [8] Profit Forecast - The report raises the profit forecast for the company, projecting net profits of 310 million yuan, 410 million yuan, and 500 million yuan for 2025, 2026, and 2027, respectively, reflecting significant upward adjustments [9] - The current stock price corresponds to price-to-earnings ratios of 34, 26, and 21 for the years 2025, 2026, and 2027 [9]

Group 1: SP Main Contract Information - The closing price of the SP main contract on August 19, 2025, was 5178.00, showing a -1.40899% change from the previous day [3] - The corresponding converted US dollar price was 629.40 [3] - The basis for Shandong Yinxing was 672, and for Jiangsu, Zhejiang, and Shanghai Yinxing was 707 [3] Group 2: Import Profit and Price Information - With a 13% VAT calculation, for Canadian Golden Lion (CFR), the port US dollar price was 780, the Shandong region RMB price was 6350, and the import profit was -48.45; for Canadian Lion (CFR), the port US dollar price was 730, the Shandong region RMB price was 5580, and the import profit was -392.78; for Chilean Yinxing (CFR with 90 - day letter of credit), the port US dollar price was 720, the Shandong region RMB price was 5850, and the import profit was -61.65 [4] Group 3: Pulp and Paper Price Averages - From August 13 - 19, 2025, the national and Shandong region average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp remained unchanged [4] - The indices of cultural paper (double - offset and double - copper), packaging paper (white card), and living paper also remained unchanged during this period [4] Group 4: Profit Margin Information - The estimated profit margins of double - offset paper, double - copper paper, white card paper, and living paper showed little change from August 14 - 19, 2025, except for the living paper which had a 0.1528 change [4] Group 5: Price Spread Information - The price spreads between softwood and hardwood, softwood and natural, softwood and chemimechanical, and softwood and waste paper showed minor changes from August 13 - 19, 2025 [4]

Group 1: Report Industry Investment Rating - Not provided in the report Group 2: Report's Core View - The fundamentals of pulp are strongly driven, but commodity futures are weak. It is expected that pulp futures will fluctuate [2] Group 3: Summary by Related Catalogs Pulp Price Data - Futures prices: On August 18, 2025, SP2601 was 5476, down 0.90% day-on-day and up 0.07% week-on-week; SP2511 was 5308, down 0.23% day-on-day and up 0.08% week-on-week; SP2509 was 5200, down 0.84% day-on-day and down 0.04% week-on-week [1] - Spot prices: Coniferous pulp Silver Star was 5850, unchanged day-on-day and week-on-week; Russian Needle was 5300, unchanged day-on-day and up 0.95% week-on-week; Broadleaf pulp Goldfish was 4200, unchanged day-on-day and up 1.20% week-on-week [1] - Foreign offers: Chilean Silver Star's foreign offer was 720, down 2.70% month-on-month; Brazilian Goldfish was 510, up 4.08% month-on-month; Chilean Venus was 620, unchanged month-on-month [1] - Import costs: Chilean Silver Star was 5884, down 2.68% month-on-month; Brazilian Goldfish was 4182, up 4.03% month-on-month; Chilean Venus was 5073, unchanged month-on-month [1] Pulp Fundamental Data Supply - Import volume in June 2025: Coniferous pulp was 67.8 tons, down 6.09% month-on-month compared to May; Broadleaf pulp was 143.5 tons, up 10.98% month-on-month compared to May [1] - Shipment volume to China in May 2025 was 140 tons, up 3.30% month-on-month compared to April [1] - Domestic production: Broadleaf pulp and Chemimechanical pulp showed fluctuations in different periods [1] - Supply-side news: Brazil's Suzano announced a $20/ton price increase in the Asian market in August 2025, and its commercial pulp production in the next 12 months will be about 3.5% lower than its annual nominal capacity; Asia Symbol announced a 150 yuan/ton increase in the acceptance price of broadleaf pulp, only for long-term contract customers; pulp foreign offers decreased in volume and increased in price [1] Demand - This week, the output of major finished paper increased slightly, but the prices of finished paper remained low, providing weak support for pulp overall [2] Inventory - As of August 14, 2025, the inventory of China's mainstream pulp ports was 209.9 tons, an increase of 5.1 tons from the previous period, a 2.5% month-on-month increase, showing an inventory accumulation trend [2] Pulp Valuation Data - On August 18, 2025, the Russian Needle basis was -6, with a quantile level of 0.68; the Silver Star basis was 544, with a quantile level of 0.857 [1] - On August 18, 2025, the import profit of Coniferous pulp Silver Star was -34, with a quantile level of 0.547; the import profit of Broadleaf pulp Goldfish was 18, with a quantile level of 0.653 [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The supply - demand situation of pulp shows initial marginal improvement. International pulp mills are actively reducing production and switching production, leading to a tightening of domestic circulating supply. The downstream procurement sentiment has slightly improved, with leading paper mills entering the market to purchase. It is expected that the price of the pulp 2511 contract will oscillate and rebound in the range of 5200 - 5450 this week [4]. 3. Summary According to the Table of Contents 3.1 Pulp Price Analysis - **Spot Pulp Price Review**: Last week, the spot market price of pulp showed that softwood pulp remained relatively stable, while hardwood pulp increased slightly. Among them, the price of softwood pulp Silver Star in Shandong was 5850 yuan/ton, unchanged from the previous week; the price of hardwood pulp Goldfish was 4200 yuan/ton, up 120 yuan/ton (or +2.94%) from the previous week. The prices of chemical mechanical pulp, natural color pulp, and non - wood pulp were flat compared to the previous week [10][13]. - **Pulp Futures Review**: Last week, the main pulp futures contract SP2511 oscillated and rebounded in a range of more than 140 points, closing at 5306 yuan/ton for the week, up 114 yuan/ton (or +2.2%) [14]. - **Pulp Futures - Spot Basis Comparison**: Due to the smaller increase in the spot price of softwood pulp than that of pulp futures, the basis discount has decreased. The basis discount between softwood pulp and the closing price of the main futures contract is 544 yuan/ton, a reduction of 144 yuan/ton compared to last week [18]. - **Log Futures Review**: Last week, the main log futures contract 2509 showed a slight oscillatory decline, closing at 815.0 yuan/cubic meter for the week, down 15.5 yuan/cubic meter (or -1.87%) from the previous week [19]. 3.2 Pulp Supply - Side Analysis - **Weekly Pulp Production**: Last week, the pulp production was 48.1 tons, a week - on - week increase of 0.2 tons (or +0.42%). It is expected that the domestic production of hardwood pulp will be about 21.0 tons and chemical mechanical pulp will be about 20.9 tons this week [4][21]. - **Capacity Utilization of Hardwood Pulp and Chemical Mechanical Pulp**: Last week, the capacity utilization rate of domestic hardwood pulp was 76.6%, up 0.3% week - on - week; the capacity utilization rate of domestic chemical mechanical pulp was 87.1%, up 0.4% week - on - week [26]. - **Monthly Pulp Production**: In July 2025, the domestic pulp production was 212.4 tons, a month - on - month increase of 5.2 tons (or +2.51%) [27]. - **Monthly Capacity Utilization of Chemical Mechanical Pulp and Hardwood Pulp**: In July 2025, the domestic chemical mechanical pulp production was 89.6 tons, a month - on - month increase of 4.1 tons (or +4.8%), with a capacity utilization rate of 84.2%, down 0.8% month - on - month; the hardwood pulp production was 91.7 tons, a month - on - month increase of 2.6 tons (or +2.92%), with a capacity utilization rate of 83.0%, up 2.4% month - on - month [31]. - **Monthly Production Profit of Hardwood Pulp and Chemical Mechanical Pulp**: In July 2025, the production profit of hardwood pulp was 512.7 yuan/ton, a month - on - month increase of 19.1 yuan/ton (or +3.87%); the production profit of chemical mechanical pulp was - 307.9 yuan/ton, with a month - on - month loss reduction of 69 yuan/ton [35]. - **Pulp Imports**: In July 2025, the pulp import volume was 287.68 tons, a month - on - month decrease of 15.38 tons (or -5.08%), and a year - on - year increase of 55.22 tons (or +23.75%) [36]. 3.3 Pulp Demand - Side Analysis - **Downstream Tissue Paper Market**: Last week, the domestic tissue paper production was 28.05 tons, a week - on - week increase of 0.19 tons (or +0.68%); the capacity utilization rate was 63.5%, up 0.4% week - on - week [40]. - **Downstream Cultural Paper Market**: Last week, the copperplate paper production was 7.8 tons, a week - on - week increase of 0.1 tons (or +1.3%); the offset paper production was 20.7 tons, a week - on - week decrease of 0.3 tons (or -1.43%) [42]. - **Downstream Packaging Paper Market**: Last week, the white cardboard production was 31.5 tons, a week - on - week increase of 0.8 tons (or +2.61%); the white board paper production was 18.0 tons, a week - on - week decrease of 0.6 tons (or -3.23%); the corrugated paper production was 46.17 tons, a week - on - week decrease of 0.91 tons (or -1.93%); the boxboard paper production was 61.91 tons, a week - on - week increase of 0.92 tons (or +1.51%) [45][48]. - **Downstream Base Paper Spot Price Analysis**: Last week, the prices of tissue paper and cultural paper remained stable compared to the previous week; the price of white board paper increased slightly, while the price of white cardboard remained stable; the price of corrugated paper increased slightly, while the price of boxboard paper remained stable [49][52][55]. - **Downstream Base Paper Capacity Utilization**: In July 2025, the capacity utilization rate of domestic tissue paper was 65.33%, up 2.33% month - on - month; the capacity utilization rate of white cardboard was 74.59%, up 1.29% month - on - month; the capacity utilization rate of offset paper was 55.96%, down 0.41% month - on - month; the capacity utilization rate of copperplate paper was 57.6%, up 1.25% month - on - month [57][59]. - **Domestic Actual Pulp Consumption**: In July 2025, the actual pulp consumption was 332.1 tons, a month - on - month increase of 12.6 tons (or +3.94%), and a year - on - year increase of 10.6 tons (or +3.3%) [63]. 3.4 Pulp Inventory - Side Analysis - **Pulp Port Inventory**: Currently, the overall pulp port inventory shows an accumulation trend, with the inventory of mainstream port samples at 209.9 tons, a week - on - week increase of 5.1 tons (or +2.49%); among them, the inventory at Qingdao Port was 137.5 tons, a week - on - week decrease of 1.0 tons (or -0.72%); the inventory at Changshu Port was 53.6 tons, a week - on - week increase of 5.1 tons (or +10.52%); the inventory at Tianjin Port was 6.3 tons, a week - on - week increase of 0.3 tons (or +5.0%) [64][68]. - **Pulp Futures Warehouse Receipts**: Currently, the pulp futures warehouse receipts are 24.18 tons, a week - on - week decrease of 2455 tons (or -1.01%); the total warehouse receipts in Shandong are 22.32 tons, a week - on - week decrease of 1856 tons (or -0.82%) [69].

Group 1: Report Information - The report is a pulp morning report released by the Energy and Chemicals Team of the Research Center on August 18, 2025 [2] Group 2: SP Main Contract Closing Price - On August 15, 2025, the closing price of the SP main contract was 5306.00 [3] - From August 11 - 15, 2025, the closing price, converted US - dollar price, daily change, Shandong Yinxing basis, and Jiangsu - Zhejiang - Shanghai Yinxing basis of the main contract are presented in a table [3] Group 3: Import Information - Calculated with a 13% VAT, for Canadian brands (Jinshi and Xiongshi) and Chilean brand (Yinxing), port US - dollar prices, Shandong region RMB prices, and import profits are provided [4] - The exchange rate on the previous day was 7.18, and US - dollar and RMB prices are from Zhuochuang data [4] Group 4: Price Averages - From August 11 - 15, 2025, the national and Shandong region price averages of different pulp types (coniferous, broad - leaf, natural color, and chemimechanical pulp) remained unchanged [4] - During the same period, the price indices of cultural paper (double - offset and double - copper), packaging paper (white card), and living paper (living index) remained unchanged [4] - The profit margins of different paper types (double - offset, double - copper, white card, and living paper) also remained unchanged from August 12 - 15, 2025 [4] Group 5: Price Spreads - From August 11 - 15, 2025, the price spreads between coniferous and broad - leaf pulp, coniferous and natural color pulp, coniferous and chemimechanical pulp, and coniferous pulp and waste paper are presented in a table [4]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints No clear core viewpoints are presented in the given content. 3. Content Summaries by Relevant Aspects SP Main Contract Price - The closing price of the SP main contract on August 14, 2025, was 5318.00, with a daily increase of 0.30177%. The closing prices on previous days were 5302.00 (Aug 13), 5264.00 (Aug 12), 5246.00 (Aug 11), and 5162.00 (Aug 08) [3]. - The converted US - dollar prices on these days were 647.46 (Aug 14), 645.26 (Aug 13), 639.19 (Aug 12), 637.80 (Aug 11), and 627.38 (Aug 08) [3]. - The basis for Shandong Yinxing on these days were 542 (Aug 14), 558 (Aug 13), 586 (Aug 12), 604 (Aug 11), and 673 (Aug 08), and for Jiangsu, Zhejiang, and Shanghai Yinxing were 582 (Aug 14), 598 (Aug 13), 636 (Aug 12), 654 (Aug 11), and 738 (Aug 08) [3]. Pulp Import Price and Profit - With a 13% VAT calculation, for Canadian pulp, the CFR price of Golden Lion was 780 US dollars, with an import profit of 60.36 yuan in Shandong; the CFR price of Lion was 730 US dollars, with an import loss of 359.53 yuan in Shandong. For Chilean pulp, the CFR price of Yinxing (90 - day letter of credit) was 720 US dollars, with an import loss of 43.51 yuan in Shandong [4]. Pulp and Paper Product Prices and Margins - From August 8 to August 14, 2025, the national average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp remained unchanged, as did the average prices in Shandong [4]. - The indices of cultural paper (double - offset, double - copper), packaging paper (white card), and living paper remained unchanged from August 11 to August 14, 2025 [4]. - The estimated profit margins of double - offset paper decreased from 6.3015% on August 11 to 4.8347% on August 14; double - copper paper decreased from 24.1238% to 22.6500%; white card paper remained at a loss of around - 12%; and living paper decreased from 7.7189% to 6.7640% [4]. Pulp Price Spreads - From August 8 to August 14, 2025, the price spreads between softwood and hardwood pulp decreased from 1700 to 1660; between softwood and natural pulp increased from 435 to 460; between softwood and chemimechanical pulp increased from 2010 to 2035; and between softwood pulp and waste paper increased from 4259 to 4284 [4].