According to the Cinda Securities Research Report, production capacity of Wuzhou specialty paper is climbing, price increases have been implemented, and the pulp and paper layout continues to improve. 26H1's net profit to mother was 226-236 million yuan, and the median net profit of 26Q2 to mother was 132 million yuan. Looking forward to the future, as pulp prices fall from a high level, the price of special paper may remain stable at 26Q3. Paper & food card price increases are expected to gradually be implemented, and the overall profit per ton of pulp paper may be moderately recovered; wrapping paper benefits from extreme weather and is still in a price increase channel, and overall ton profit is expected to continue to improve. At the same time, with the advent of the peak season and the increase in capacity utilization, production and sales will continue to grow month-on-month, and the overall profit situation will continue to improve quarter by quarter. The company's paper production capacity growth is expected to slow marginally in '26. Following that, along with the Jiujiang logistics terminal and the landing of 600,000 tons of chemical pulp, the company's operating efficiency and profit center are expected to further improve.

According to the Cinda Securities Research Report, production capacity of Wuzhou specialty paper is climbing, price increases have been implemented, and the pulp and paper layout continues to improve. 26H1's net profit to mother was 226-236 million yuan, and the median net profit of 26Q2 to mother was 132 million yuan. Looking forward to the future, as pulp prices fall from a high level, the price of special paper may remain stable at 26Q3. Paper & food card price increases are expected to gradually be implemented, and the overall profit per ton of pulp paper may be moderately recovered; wrapping paper benefits from extreme weather and is still in a price increase channel, and overall ton profit is expected to continue to improve. At the same time, with the advent of the peak season and the increase in capacity utilization, production and sales will continue to grow month-on-month, and the overall profit situation will continue to improve quarterly. The company's paper production capacity growth is expected to slow marginally in '26. Following that, along with the Jiujiang logistics terminal and the landing of 600,000 tons of chemical pulp, the company's operating efficiency and profit center are expected to further improve.