Affected by waste policy and environmental protection, unpredictable waste paper prices, new waste paper standards, and loading standards have once faced enormous challenges for the waste paper recycling industry. Not only that, but the storm that swept the entire paper industry also made the competition between paper companies extremely fierce.

I. 23 A-share listed paper enterprises announced the results of the first half of 2018, the paper industry is extremely competitive

Affected by the waste paper import policy and environmental pressure, the competition in China's paper industry was extremely fierce in the first half of 2018. In just half a year, the number of papermaking enterprises above designated size increased by 56, while the number of loss-making enterprises in papermaking enterprises above the scale also increased sharply. In the past six months, it has increased by 322.

Judging from the changes in the revenue and net profit of the following 23 A-share listed paper companies, only the rankings of some enterprises in the first half of 2018 remained unchanged, and the rankings of other paper enterprises fluctuated.

Chart 1: The operating income of 23 A-share listed paper enterprises in China in the first half of 2017-2018 (unit: 100 million yuan)

Chart 2: The net profit ranking of 23 A-share listed paper companies in China in the first half of 2017-2018 (unit: 100 million yuan)

Among the operating income rankings, the largest fluctuations were Jihong, Jingshan Light and Hexing Packaging, all of which were related to packaging paper. The biggest fluctuations in net profit are Hexing Packaging, Yibin Paper and Jihong. The net profit rankings of Yibin Paper and Hexing Packaging both increased by 9 places from the end of last year, and Jihong shares rose by 6 places.

Second, the evaluation results of the top ten enterprises in China's light industry industry announced that Nine Dragons Paper continued to dominate

In June 2018, the China National Light Industry Council released the results of the 2017 Top Ten Enterprises in China's Light Industry Industry.

Figure 3: China Light Industry Federation released the results of the 2017 Top Ten Enterprises in China's Light Industry Industry

In this list, paper-making dragons and dragons still dominate the paper, Shandong Chenming, Huatai Group, Lee & Man Paper, Sun Paper and Shanying International ranked second to sixth. In addition, the China National Light Industry Council also announced the top ten list of pulp and paper machinery industry closely related to the development of the paper industry. In the list, Fujian Light Industry Machinery Equipment Co., Ltd. ranked first, Weifang Kaixin Machinery Co., Ltd., Henan Zhongya Intelligent Technology Co., Ltd., Heshan Shandong Chenzhong Machinery Co., Ltd., Shandong Jiefeng Machinery Manufacturing Co., Ltd. and Henan Dazhi Papermaking Equipment Integration Engineering Co., Ltd. ranked 2nd to 6th.

Chart 4: The position of the top ten paper companies in the 2017 production ranking (unit: 10,000 tons, %)

It is worth noting that this ranking ranks larger with the output of the China Paper Association. Shandong Bohui Group Co., Ltd., Jindong Paper (Jiangsu) Co., Ltd., Jiangsu Rongcheng Environmental Protection Technology Co., Ltd. and Zhejiang Jingxing Paper Co., Ltd. in the top ten list only Jiangsu Rongcheng Environmental Protection Technology Co., Ltd. with 209.53 The output of 10,000 tons is ranked tenth, and the other three companies are ranked in the top ten.

However, the production of Nine Dragons Paper in 2017 was 13.13 million tons, which was 7.58 million tons more than the second-place Lee & Man paper production. The leading position in the industry cannot be shaken.

According to the 2018 financial report released by Nine Dragons Paper, the company's operating income and net profit have all broken through, and the results are very bright. According to data released by its financial report, for the year ended June 30, 2018, the company's operating income was 52.782 billion yuan, a year-on-year increase of 34.8%, surpassing 50 billion yuan for the first time. The net profit attributable to shareholders of the company was 7.848 billion yuan, a year-on-year increase of 79%.

Chart 5: Trends in revenue and profit changes of Nine Dragons Paper in 2008-2017 (Unit: 100 million yuan)

Responsible editor: Ge

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