Sun Paper 2026 H1 Revenue RMB20.862 billion, Net Profit RMB1.951 billion, Up 9.15% and 9.6%

Sun Paper and Jingxing Paper released their 2026 interim reports on August 25. Sun Paper's H1 revenue reached RMB20.862 billion, up 9.15% year-on-year; net profit attributable to listed shareholders was RMB1.951 billion, up 9.6%; basic earnings per share stood at RMB0.70. Jingxing Paper's H1 revenue was RMB3.161 billion, up 20.22% year-on-year; net profit attributable to shareholders was RMB139 million, up 152.95% year-on-year. By quarter, Sun Paper's Q2 net profit attributable to shareholders was RMB1.045 billion, up 16.84% year-on-year and up 15.34% quarter-on-quarter. Jingxing Paper's Q2 net profit was RMB118 million, up 50.40% year-on-year and up 456.33% quarter-on-quarter. Both companies' profitability improved sequentially, mainly driven by the industrial packaging paper cycle. Jingxing Paper primarily produces industrial packaging paper; its H1 industrial base paper revenue was RMB2.183 billion, up 18.57% year-on-year; its carton board and recycled pulp board businesses also grew. Sun Paper's packaging paper segment performed strongly: corrugated base paper revenue was RMB283 million, up 292.01% year-on-year; kraft linerboard revenue was RMB7.076 billion, up 35.54% year-on-year; household paper revenue was RMB1.466 billion, up 13.74% year-on-year. Cultural paper business declined: uncoated woodfree paper revenue was RMB3.998 billion, down 4.86% year-on-year; coated paper revenue was RMB1.418 billion, down 29.65% year-on-year. Since Q3, the paper industry has seen divergent trends: cultural paper prices are at cyclical lows, while industrial packaging paper prices remain relatively high. The Mid-Autumn Festival and National Day stocking period is approaching.