2026年第一季度，土耳其纸包装、生活用纸及造纸市场在政策驱动、消费升级与区域贸易重构的三重引 擎推动下，正加速向绿色化、智能化与功能化方向演进，各细分领域需求呈现差异化增长态势，形成覆 盖全产业链的百亿美元级市场格局。 政策强制升级成为纸包装市场扩容的核心推手。根据《包装废弃物管理法》与"绿色包装行动计划"， 2026年起所有纸包装必须含30%再生纤维，且40%的出口包装需通过FSC森林认证。这一政策直接催生 两大市场机遇： 其一，再生纤维需求激增推动废纸回收率从2015年的38%提升至2025年的52%，本土企业通过引入德国 分拣设备使废纸纯度达95%，支撑起年产360万吨瓦楞纸板的产能，为第一季度家电、电商等领域的包 装需求提供充足原料保障； 其二，FSC认证成为高端市场准入门槛，含农业废弃物（如秸秆、麦秆）的环保纸箱因溢价15%-20%， 在食品、日化等领域快速渗透。土耳其家电巨头与本土企业合作开发的秸秆浆纸箱，通过生物基材料替 代传统木浆，使进口依赖度降低40%，成为欧盟市场抢手货，预计第一季度出口量将同比增长25%。 消费需求迭代为市场注入持续动力。土耳其电商交易额从2022年的激增109%到20 ...

——编 者 关键是供需适配 抽纸、卷纸、湿纸、乳霜纸……生活里，纸巾是一种高频消费品。曾经"一卷卫生纸满足全家所需"，如 今"专纸专用"成了日常。"专纸专用"会助长浪费吗？如何看待纸品消费升级与反对浪费的关系？前段时 间，我们在"人民日报评论"微信公众号发起征稿，邀请读者朋友共同探讨这一话题。本期大家谈，我们 选刊3篇来稿，聊一聊对促进消费与反对浪费的思考。 实际上，节约的反义词从来都是浪费，而不是消费。产品品质更高，更能实现物尽其用之效。就拿乳霜 纸来说，虽然价格比普通纸巾贵，但韧性更足、不易破，还柔软。以前感冒时擦鼻子，要拿两三张纸， 后来用了乳霜纸，一次一张就够，浪费少了，也不用担心鼻子被磨得生疼。 勤俭节约精神永不过时。拒绝铺张浪费，不是要拒绝消费升级，而是要实现物尽其用。如今，市场上出 现"小包纸巾"，正是在提高纸品质量基础上，鼓励节俭用纸，实现减量不减品质。既追求生活品质，也 发扬勤俭节约精神，就能更好实现促进消费与反对浪费的统一。 绿色也是竞争力 湖南长沙市 李 婕 北京朝阳区 沈 晟 吸附力强的厨房纸、具有消毒功能的卫生湿巾、餐桌常备的面巾纸……细数下来，家中使用的纸品已有 七八种。从以前"够 ...

Group 1 - The core viewpoint of the report indicates that the Chinese fast-moving consumer goods (FMCG) market is stabilizing, with a 1.3% year-on-year sales growth in the first three quarters of 2025, driven by a 3.8% increase in volume and a 2.4% decrease in average price [14][17][18] - Lower-tier cities (third to fifth tier) are identified as the main growth engine, contributing 80% of market growth, supported by urbanization, brand penetration strategies, and new retail channels [14][26][47] - The performance of different categories shows divergence, with packaged food and household care leading growth at 3.4% and 3.3% respectively, while the beverage category declined by 1.1% due to price competition and market shifts [29][39][46] Group 2 - The "consumption substitution" trend continues in 2025 but is slowing down, with average price declines narrowing from 3.4% in 2024 to 2.4% in 2025, indicating consumers are weighing quality against price [2][15][49] - New retail channels are experiencing structural changes, with traditional offline channels shrinking while warehouse membership stores, snack collection stores, and discount stores are expanding rapidly, with growth rates of 40%, 51%, and 92% respectively [2][59][60] - E-commerce channels are also growing at 7%, with platforms like Douyin and Pinduoduo becoming major drivers, accounting for over 40% of total FMCG e-commerce sales [2][59] Group 3 - The report highlights that the FMCG market is entering a new phase driven by demand, where brands must adapt to fragmented and polarized retail landscapes to seize growth opportunities [58] - The average selling price in the FMCG market is stabilizing, with promotional contributions to sales decreasing from 24.1% to 23.0%, reflecting a shift in consumer behavior towards quality and price balance [18][49] - The report emphasizes the importance of understanding consumer needs and adapting product offerings and pricing strategies to achieve sustainable growth in the evolving market [2][58]

Core Viewpoint - The recent quarterly report of Reliable Co., Ltd. has faced strong opposition from its second-largest shareholder, Bao Jia, highlighting deep governance issues stemming from personal conflicts between her and the company's controlling shareholder, Jin Liwei [2][3]. Financial Performance - In Q3 2025, Reliable Co., Ltd. reported revenue of 280 million yuan, a year-on-year increase of 4.59%, while the net profit attributable to shareholders was a loss of 294,200 yuan, and the net profit after deducting non-recurring items was a loss of 1.6277 million yuan [5][6]. Governance Issues - Bao Jia has consistently opposed the company's reports, claiming that the board has deleted or altered her dissenting opinions, which raises concerns about transparency and compliance with disclosure regulations [6][10]. - The company has faced scrutiny for alleged violations related to related-party transactions and has received warnings from regulatory authorities regarding these issues [19][20]. Shareholder Disputes - The conflict between Bao Jia and Jin Liwei escalated after their divorce in February 2024, leading to a power struggle within the company's governance structure [17][18]. - Bao Jia has expressed concerns about the board's lack of independence, noting that five out of seven board members are closely associated with Jin Liwei, which undermines effective governance [21]. Investment Decisions - Reliable Co., Ltd. announced plans to acquire a 60% stake in Shanghai Hanhe Paper Industry Co., Ltd. for no more than 650 million yuan, a decision that Bao Jia claims she was not informed about prior to the announcement [20][21]. - The company’s strategic shift into the paper industry has been criticized as misaligned with its core focus on adult incontinence products, raising questions about the rationale behind such a significant investment [20][21].

Core Viewpoint - The article discusses the internal conflict within Reliable Co., highlighting the opposition from the second-largest shareholder, Bao Jia, against the company's third-quarter report for 2025, raising concerns about governance and transparency [3][4][5]. Financial Performance - In Q3 2025, Reliable Co. reported revenue of 280 million yuan, a year-on-year increase of 4.59%, while the net profit attributable to shareholders was a loss of 294,200 yuan, and the net profit after deducting non-recurring items was a loss of 1.6277 million yuan [7][8]. Governance Issues - Bao Jia has consistently opposed the company's reports, citing issues such as the concealment of investment project bankruptcies and the alteration of her dissenting opinions in board announcements [4][5][17]. - The company responded by asserting that it adheres to legal and regulatory requirements in its decision-making and information disclosure processes [5]. Shareholder Dispute - The conflict escalated following the divorce between Bao Jia and the company's actual controller, Jin Liwei, leading to a power struggle over company governance [20][21]. - Bao Jia has raised multiple concerns regarding the company's management capabilities and financial practices, including significant increases in management and consulting fees without corresponding revenue growth [8][14]. Regulatory Concerns - Bao Jia highlighted that the company has faced regulatory warnings regarding violations of disclosure rules related to related-party transactions, which have not been adequately addressed [23]. - The Zhejiang Securities Regulatory Bureau issued a warning to Reliable Co. for failing to disclose related-party transactions in a timely manner, which has raised concerns about the company's governance practices [23]. Recent Developments - Reliable Co. announced plans to acquire at least 60% of Shanghai Hanhua Paper Co. for no more than 650 million yuan, a decision that Bao Jia claims she was not informed about prior to the announcement [25][26]. - Despite the company's reported revenue growth, Bao Jia expressed skepticism about the strategic direction and governance structure, emphasizing the need for a return to compliant and professional management practices [26][27].

Core Viewpoint - The recent third-quarter report of Reliable Co., Ltd. has faced strong opposition from its second-largest shareholder and director, Bao Jia, highlighting deep governance issues stemming from personal conflicts between her and the company's actual controller, Jin Liwei [2][21][34]. Financial Performance - In the third quarter, Reliable Co., Ltd. achieved a revenue of 280 million yuan, representing a year-on-year growth of 4.59%. However, the net profit attributable to shareholders was a loss of 294,200 yuan, with a non-recurring net profit loss of 1.6277 million yuan [4][24]. Governance Issues - Bao Jia has consistently opposed the company's reports, citing issues such as the concealment of investment project bankruptcies and the alleged misconduct of the actual controller regarding shareholding in suppliers. She claims that her dissenting opinions were altered or deleted in official announcements [2][5][12]. - The company has responded by asserting that all decisions and disclosures comply with relevant regulations and that the governance structure is functioning effectively [2][25]. Specific Allegations - Bao Jia raised seven specific objections regarding the third-quarter report, including: 1. Violations in related party transactions confirmed by regulatory warnings [25][26]. 2. Allegations of the actual controller's involvement in undisclosed shareholding arrangements with suppliers, which may involve significant conflicts of interest [27]. 3. Non-disclosure of a bankrupt investment project prior to the half-year report, raising concerns about the accuracy of financial disclosures [28]. 4. Suspicion regarding the authenticity of management and legal consulting fees, which have shown unusual fluctuations [30]. 5. Concerns about the actual controller's ongoing civil litigation and potential asset transfer risks [25][28]. 6. Criticism of the management team's operational capabilities and decision-making failures [25][28]. 7. A significant loss in the third quarter, questioning the management's effectiveness [25][28]. Shareholder Dynamics - The conflict between Bao Jia and Jin Liwei has escalated since their divorce in February 2024, leading to a power struggle within the company's governance [34][36]. - Bao Jia has attempted to convene extraordinary shareholder meetings to address governance issues, but these proposals have been consistently blocked by the board [37]. Recent Developments - On October 30, Reliable Co., Ltd. announced plans to acquire at least 60% of Shanghai Hanhe Paper Industry Co., Ltd. for a cash consideration of up to 650 million yuan. Bao Jia expressed that she was unaware of this significant investment decision until after the announcement, raising concerns about governance and decision-making transparency [38].

Group 1 - Major internet companies are shifting their competitive focus from online delivery to offline discount supermarkets, with Meituan opening its first "Happy Monkey" supermarket and JD launching multiple discount stores [5][6][14] - These discount supermarkets offer significantly lower prices compared to traditional supermarkets, with examples such as 30 eggs priced at 9.9 yuan, while traditional stores charge between 15 to 20 yuan [8][11] - The operational model of these discount supermarkets differs from traditional ones, focusing on community locations, smaller store sizes, and a limited number of SKUs to reduce costs and improve efficiency [10][11][12] Group 2 - The rise of discount supermarkets is driven by the saturation of online growth and increasing customer acquisition costs, with the community retail market projected to reach 4.8 trillion yuan in 2024, growing at 8.5% [14][17][18] - Unlike traditional discount strategies, these supermarkets maintain low prices consistently without relying on promotions or subsidies, emphasizing deep supply chain control [21][22] - Major players like Meituan, Alibaba, and JD have different strategies based on their existing business strengths, focusing on proximity to users, system efficiency, and supply chain capabilities [24][30][31] Group 3 - The operational logic of these discount supermarkets has evolved from human judgment to data-driven decision-making, utilizing algorithms to predict consumer demand and optimize inventory [36][38] - The integration of online and offline retail is becoming more pronounced, with consumers increasingly relying on apps for purchasing daily necessities, changing their shopping habits [40][41] - The competition in instant retail is shifting from price to user retention, with companies aiming to become the default choice for consumers in their daily lives [42][44]

Core Viewpoint - The recent quarterly report of Reliable Care Products Co., Ltd. (referred to as "Reliable Co."), reveals significant internal conflicts among the board members, particularly between board member Bao Jia and Chairman Jin Liwei, regarding the management decisions and financial performance of the company [1][2][8]. Financial Performance - Reliable Co. reported a revenue of 2.81 billion yuan for Q3 2025, a year-on-year increase of 4.59%, with a gross profit margin up by 2.1 percentage points [3]. - For the first three quarters of 2025, the company achieved a total revenue of 8.29 billion yuan, reflecting a 5.12% year-on-year growth, and a net profit of 279.84 million yuan, which is a 26.79% increase compared to the previous year [3]. - Despite the revenue growth, the company faced a net loss of 294,200 yuan in Q3 2025, although this was an improvement from a net loss of 1.14 million yuan in the same period last year, marking a 74.28% year-on-year improvement [3]. Management Disputes - Board member Bao Jia has consistently opposed management decisions, particularly criticizing the loss-making Dudi brand diaper business led by Chairman Jin Liwei, which has incurred losses in both 2024 and 2025 [2][3]. - The internal conflicts have escalated since Bao Jia's divorce from Jin Liwei, leading to multiple instances of dissent during board meetings and proposals for temporary shareholder meetings [8][9]. Business Strategy - Reliable Co. aims to focus on the adult care segment while positioning the infant care business to support the growth of adult products, indicating a strategic shift in its business model [7]. - The company plans to enhance its operational efficiency through the adoption of smart factories and cost-reduction strategies, while also expanding its global customer base for its ODM business [7]. Regulatory Issues - Reliable Co. received a warning letter from the Zhejiang Securities Regulatory Bureau for violations related to information disclosure concerning related party transactions [10]. - The company has faced scrutiny for not adhering to proper procedures in its related party transactions, which has raised concerns about governance and compliance [10].

Core Viewpoint - Reliable Co. plans to acquire at least 60% of Shanghai Hanhua Paper Industry Co. for cash, with a valuation of no more than RMB 650 million for 100% of Hanhua's equity, aiming to enhance its market position and international reach [1][2] Group 1: Acquisition Details - The acquisition is expected to be completed with less than RMB 400 million in cash, allowing Reliable Co. to gain access to Hanhua's established sales channels in Japan, South America, and Europe [2] - Hanhua Paper's main business includes ODM/OEM production of daily paper products, which are primarily export-oriented [1] Group 2: Financial Performance - In the first three quarters of the year, Reliable Co. achieved revenue of RMB 829 million, a year-on-year increase of 5.12%, and a net profit of RMB 27.98 million, up 26.79% [2] - The operating cash flow reached RMB 89.72 million, reflecting a significant year-on-year growth of 136.29% [2] Group 3: Market Context - The adult incontinence care market is experiencing growing demand domestically due to an aging population, while the international market is more mature with higher consumer expectations for product quality [3] - Hanhua's international operational experience is expected to provide valuable insights for Reliable Co. in navigating cultural differences, consumer habits, and regulatory policies in various markets [3]

Group 1 - Reliable Co. plans to acquire at least 60% of Shanghai Hanhua Paper Industry Co., Ltd. for a valuation of 650 million yuan, requiring a minimum payment of 390 million yuan [1] - Hanhua Paper, established in 2008, specializes in the production of consumer paper products, primarily exporting to Japan, South America, and Europe [2] - The paper industry is facing intense competition, with leading companies experiencing significant profit declines, indicating a challenging market environment [2] Group 2 - Reliable Co. has faced market challenges, with profits declining significantly since reaching a peak in 2020, and is currently in a slow recovery phase [2] - The company has previously attempted to diversify its operations by investing in Zhejiang Haizheng Sulikang Biotechnology Co., Ltd. and selling Dudi brand baby diapers, but these efforts have faced criticism from its second-largest shareholder [3] - The actual financial condition of Hanhua Paper remains unclear as the financial audit has not yet been conducted [2]