理解华泰，不能只看310.27万吨，还要看新闻纸时代的工业能力如何被重新使用。
中国造纸二十强 · 07 / CHINA PAPER LEADERS
310.27万吨说明了华泰的规模；纸机改造、70万吨化学木浆、化工业务、日照项目和数字平台，则说明这家公司正在怎样换挡。本文拆开集团与上市公司口径，判断转型进展、经营结果和产业链机会。
核心判断 · CORE JUDGEMENT
华泰的优势，已经从新闻纸一个品种，扩展到纸机、木浆、化工、多基地和数字平台的组合。
2025年，包装纸和工业用纸毛利改善，浆产品收入明显增加，国外销售增长。下一步看库存周转、基地盈利和经营现金流。
在中国造纸协会发布的2025年重点造纸企业产量榜上，华泰集团有限公司以310.27万吨纸及纸板产量位列第七，同比增长0.65%。
这一项数字只能说明规模，不能说明华泰正在怎样调整产品、原料和资产。
过去，新闻纸给华泰带来了纸机运行、质量控制、印刷适性、客户服务和全国营销网络。现在，新闻纸需求持续收缩，华泰正在把这些能力转到更多纸种，同时向上补木浆、向外延伸化工，并用多基地和数字平台重新组织生产。
这项调整牵动整条经营链：纸机改做什么、自产浆如何分配、化工装置怎样与造纸协同、不同基地各自承担什么产品，以及新增投资多久能带来订单和现金回收。
RESEARCH QUESTION
新闻纸时代留下的设备、技术、人才和客户体系，能否支撑华泰形成更稳定的浆纸化工组合？
研究边界：310.27万吨为华泰集团纸及纸板排名口径；财务与项目数据主要属于华泰股份合并口径。两类主体不混算。2026年半年度数据仍为业绩预告。
01 · NEWSPRINT LEGACY
新闻纸需求收缩既有能力如何继续发挥作用
2025年，全国纸及纸板产量14135万吨，同比增长3.74%；同期，制浆造纸及纸制品全行业营业收入同比下降2.59%，利润总额同比下降13.55%。行业仍在增产，但价值增长比吨位增长困难。
新闻纸的变化更明显。2025年全国新闻纸产量65万吨，同比下降7.14%；消费量96万吨，同比下降12.73%。2016—2025年，产量和消费量年均分别下降14.28%和10.67%。
需求变化并没有抹去生产端的积累。华泰股份年报称，公司长期服务国家级报社、党报和印刷物资客户，并参与新闻纸、超级压光纸等标准制修订。高速纸机的连续运行、稳定定量、印刷适性和质量控制，仍可用于纸机改产和新纸种开发。
“十四五”以来，华泰对东营、河北、广东等基地的新闻纸纸机进行技术改造，完成日照浆纸搬迁改造，产品扩展到高档文化纸、环保型传媒纸、瓦楞纸和食品包装纸等方向。
2025年新闻纸收入10.92亿元，约占华泰股份总营业收入的8.8%、纸制品收入的14.1%。新闻纸仍保有技术和客户价值，但已不再承担主要增长任务。
310.27万吨｜华泰集团纸及纸板排名口径
187.34万吨｜华泰股份合并范围内机制纸产量
两组数字均为2025年数据，分别使用，不计算所谓差额产能。
02 · PULP & CHEMICALS
70万吨木浆与化工业务分别解决什么问题
华泰股份2025年建成投产年产70万吨化学木浆及配套热电项目。年报在建工程表显示，该项目当年有21.96亿元转入固定资产；同年，公司浆产品产量67.997万吨、销量17.674万吨、期末库存1.182万吨。
这些数据不能用来计算70万吨项目的利用率。华泰原有其他制浆能力，年报也没有拆出项目单独产量、内部领用量、具体浆种和单位成本。
不过，浆产品产量明显高于对外销量、期末库存不高，再结合公司“保证纸浆供应、降低原料成本”的项目定位，可以判断内部供浆是其主要用途之一。具体内部消耗量和自给率尚未公开。
这套木浆能力能否形成优势，最终要看自用浆替代、吨纸成本、纤维质量、纸机效率和现金回收。
化工业务构成另一条线。华泰股份年报披露，部分烧碱、双氧水供造纸内部使用，大部分化工产品独立对外销售，覆盖烧碱、液氯、双氧水、甲烷氯化物、环氧丙烷、氯乙酸和苯胺等。
2025年，东营华泰化工集团有限公司营业收入39.33亿元、净利润1.58亿元；华泰股份合并报表中的化工产品分部收入35.60亿元、毛利率7.62%，毛利率较上年提高1.96个百分点。前者是子公司口径，后者是合并产品分部口径。
化工与造纸之间有原料协同，化工本身也要面对独立市场。2025年液氯处置费上升，说明烧碱与氯产品的联产品平衡仍需管理。装置负荷、内部使用、外部销售和下游消纳要同时算账。
纸机、木浆和化工已经摆在同一张经营表上。接下来，看三者能否共同降低成本、稳定质量，并带来现金回收。
03 · OPERATING RESULTS
财务数据里哪些变化已经发生
包装纸：收入13.34亿元，毛利率10.35%，提高0.87个百分点。
工业用纸：收入10.11亿元，同比增长4.40%，毛利率提高4.22个百分点至7.61%。
浆产品：收入7.43亿元，同比增长114.79%，毛利率13.34%。
国外销售：主营业务分地区口径下收入4.49亿元，同比增长70.02%，毛利率29.51%。
口径说明：国外销售包含不同产品，规模也不大，不能外推到单一纸种或全部出口业务。它能证明的，是2025年外销收入和毛利率在该统计口径下确有改善。
2025年：营业收入124.56亿元，同比下降4.52%；归母净利润-6598.21万元，扣非净利润-1.09亿元；经营活动现金流量净额1.86亿元，同比下降48.93%。
产销：机制纸产量增长1.17%、销量下降0.53%、期末库存量增长12.25%。产品和资产结构已经变化，整体利润与周转仍在调整。
多基地中已经出现盈利样本。2025年，日照华泰纸业净利润约1.85亿元，东营华泰化工集团净利润约1.58亿元。其他部分造纸基地仍处于改善阶段。公司提出对子公司推行独立经营、独立核算、自负盈亏，并压缩库存、加强应收账款清收。
2026年一季度，公司营业收入31.24亿元，同比增长1.25%；归母净利润2287.65万元，实现单季归母盈利。半年度业绩预告预计，上半年归母净利润1400万—2100万元，同比下降68.95%—79.30%；扣非净利润预计-1000万—500万元。
公司将波动主要归因于文化纸、铜版纸售价降幅高于木浆与涂布化工辅料成本降幅，并提出加快浆线达产、提高自用浆替代，压降低毛利纸品、开拓高附加值产品和外销，提高化工装置效率等措施。
阶段说明：上述措施仍是经营规划，效果要由正式半年报和后续经营数据确认。
04 · PROJECTS & PEOPLE
日照项目与数字平台华泰还在补哪些能力
华泰股份2025年研发投入统计表披露研发投入4.16亿元，占营业收入3.34%，研发人员646人。公司称，当年开发“食品级木浆”等新产品、新技术30余项，“高透高强代塑伸性纸袋纸”入选“山东制造 鲁链优品”。
公司6月2日公告，年产15万吨高得率本色木纤维配套4.5万吨木质素项目总投资约4.5亿元，于2026年5月28日一次性试产成功并进入调试运行。配套的15万吨高透伸性纸项目于2025年9月投料成功，公司称目前正常生产运营、市场反响良好。
木纤维与木质素项目仍处调试阶段；高透伸性纸的客户、销量、毛利和复购也未在公告中披露。现阶段可以确认项目进度，不能确认商业化质量。
华泰股份年报还称，公司围绕生产、供应链、营销、物流和资金流建设造纸产业大脑；国家数据局2025年可信数据空间创新发展试点名单中，华泰股份子公司瞬捷数字科技（山东）有限公司入选企业可信数据空间试点。入选试点不等于产生财务收益，但为跨基地数据连接提供了公开可核验的进展。
人物侧写 · LEADERSHIP
李建华与华泰的五十年
华泰的发展史中，李建华是绕不开的人物。上市公司治理文件显示，他1976年进入造纸企业，历任车间主任、生产技术科长、副厂长等职；2025年年报显示，他现为华泰股份实际控制人、华泰集团董事长。年报还列示了其全国劳动模范、全国优秀经营管理者、全国人大代表和享受国务院特殊津贴等经历。
评价这段经历，最有说服力的是时间和产业轨迹。在其长期主政期间，华泰的业务由新闻纸扩展到木浆、宽纸种和氯碱化工，投资也逐步覆盖环保、数字化和特种浆纸。几轮行业变化下来，主业没有离开造纸，旧设备和旧能力却在不断换用途。
五十年中，华泰没有离开造纸主业，却多次调整产品、原料和技术路线。李建华的经营风格，也更接近一位长期制造业经营者：熟悉现场，重视连续投入，愿意在已有能力上继续改造。
05 · INDUSTRY COOPERATION
华泰的结构调整会怎样改变产业链合作
华泰增加自产浆、改造纸机、发展特种纸并拓展外销，会改变供应商与下游客户的合作方式。变化不会只体现在采购数量上，也会进入质量、工艺、交付和库存管理。
对木片、纸浆和化学品供应商，合作重点将从单一采购价格，转向纤维质量、制浆得率、化学品单耗、供应稳定性和吨纸综合成本。70万吨化学木浆提高了华泰的内部供浆能力，也要求外部供应商提供更清楚的差异化价值。
对设备、自动化和数字服务企业，机会主要来自纸机改产后的稳定运行。车速、断纸率、换产损失、良品率、能耗和维修周期，比“完成技改”更能说明设备与数字系统是否有效。
对功能材料和包装加工企业，新纸种仍要经过真实加工验证。伸性纸袋纸、食品包装纸和其他功能纸，需要继续测试印刷、制袋、涂布、热封、装填和运输表现；食品接触、回收和降解结论也必须对应具体产品结构。
对品牌客户和渠道商，判断产品价值要看供货稳定性、批量订单、退货率、价格条件和复购。2025年国外销售数据有所改善，但能否形成持续的高价值订单，还需要后续年份验证。
对产业链合作方而言，自产浆使用效率、纸机运行、新产品复购、基地库存和合并现金流，是理解华泰调整成效的几项关键数据。它们会陆续出现在定期报告、项目公告和实际合作中，无需人为归并成一套固定清单。
CONCLUSION
华泰的转型最后要回到毛利、周转与现金流
华泰已经完成了相当一部分结构调整：新闻纸不再是收入中心，纸机覆盖更宽纸种，70万吨化学木浆补上游，化工业务既服务造纸也独立经营，日照项目和数字平台继续扩展新的能力边界。
2025年，包装纸、工业用纸、浆产品和国外销售出现改善；与此同时，上市公司整体利润、库存和现金流仍需修复。两组事实应放在一起看。
华泰接下来的经营重点已经很明确：提高自产浆使用效率，收紧低毛利产品，扩大高价值订单，改善基地周转，并让化工与造纸之间的协同反映到合并现金流。
对一家重资产企业来说，转型成功往往没有单一时点。纸机稳定了、客户复购了、库存下降了、现金回来了，新的增长结构才算站稳。
NEXT COMPANY · NO.08
下一篇｜中国纸业投资有限公司
2025年纸及纸板产量309.79万吨，位列第八，同比增长19.15%。
下一篇将先拆分集团、上市公司和多基地口径，再研究其专业化整合、产品组合与增长质量。这里只确认系列顺序，不预设企业结论。
博碳包装·产业洞察·研究说明
本文以协会统计确定集团规模坐标，以华泰股份法定报告拆解经营结构，以项目公告核对建设进度，并用政府原始名单复核数字化试点。信息核验截至2026年8月17日。
310.27万吨属于华泰集团纸及纸板产量排名口径；187.34万吨机制纸产量、分产品收入、利润、库存、现金流和子公司数据属于华泰股份合并口径。华泰集团为华泰股份控股股东，截至2026年一季度末持股39.78%。两类口径不混算。
东营华泰化工集团39.33亿元收入、1.58亿元净利润为子公司口径；35.60亿元收入、7.62%毛利率为华泰股份合并报表化工产品分部口径。国外销售4.49亿元、毛利率29.51%为主营业务分地区口径，包含不同产品。
70万吨化学木浆项目已投产并转入固定资产，但公开资料没有拆分项目单独产量、内部领用量、自给率和单位成本。2025年年报在建工程表文字显示“45万吨木质素”，后续2026年6月2日专项公告在标题、建设内容与装置描述中均明确为4.5万吨木质素。
15万吨高透伸性纸项目按公司公告表述为正常生产运营；15万吨高得率本色木纤维配套4.5万吨木质素项目仅进入调试运行。产品名称、名单和试点不替代食品接触合规、可回收性、降解性、客户验证或商业化证据。
2026年半年度业绩预告属于财务部门初步测算且未经审计；公司截至核验日尚未披露正式半年报。本文不补算预告未披露的营业收入、库存、毛利或经营现金流。
李建华的身份、任职和荣誉来自上市公司正式披露。文中产业链分析不构成合作背书、产品认证、投资建议或交易依据。
数据与核验来源
01｜中国造纸协会《中国造纸工业2025年度报告》
02｜华泰股份2025年年度报告
03｜华泰股份2026年第一季度报告
04｜华泰股份2025年度社会责任报告
05｜华泰股份估值提升计划（2026年4月修订）
06｜华泰股份关于计提资产减值准备的公告
07｜华泰股份2026年半年度业绩预告公告
08｜日照华泰15万吨木纤维配套4.5万吨木质素项目调试运行公告
09｜上海证券交易所：华泰股份公司公告检索
10｜国家数据局：2025年可信数据空间创新发展试点项目名单
11｜华泰股份公司专项活动报告（李建华履历）
I understand Walter. We can't just look at it. 3.1027 million metric tonsIt was also important to see how industrial capabilities in the news paper era were being reused.
Chinese paper is 20% strong. 07 The #McCs_Teams_BAR_is_a_treat ()
3.1027 million metric tonsIt shows the size of Walter; paper machines are modified, 700, 000 metric tonsChemicalwood pulpThis paper breaks down the corporate and listed company's calibre, judging transition progress, business outcomes, and opportunities for industry chains.
Core judgement..
Walter's advantage has been extended from a variety of newspapers to paper machines. Wood pulpThe combination of chemical, multi-base and digital platforms.
2025 The next step is to look at stock turnover, base-based profitability and operating cash flows.
Published at the Chinese Paper Association 2025 The main paper companies are on the list of production. Huatai Group Co., Ltd. By 3.1027 million metric tons Paper and paperboardProduction is seventh in rank, increasing from year to year 0.65%I'm sorry.
This figure can only be indicative of size and does not indicate how Walter is adjusting products, raw materials and assets.
In the past, newspapers have brought to Walter paper operations, quality control, printing readiness, customer service and national marketing networks. Now that demand for newspaper is shrinking, Walter is shifting these capabilities to more paper, while at the same time filling up the top. Wood pulp- Extension of chemical industries and reorganization of production using multi-base and digital platforms.
This adjustment has tied the entire business chain: what will be done with a paper machine, how will it distribute its own slurry, how chemical installations work with paper, what products will each take on from different bases and how long new investments can lead to orders and cash recovery.
RESEARCK QUESTION
Can the equipment, technology, talent and customer systems left behind in the newspaper era support a more stable mix of millers?
Studying boundaries: 3.1027 million metric tonsYes. Huatai Grouppaper and paperboardThe two subjects are not mixed. 2026 The semi-annual data remain a performance forecast.
01. NEWSPRINT LEGACY
How the capacity available to reduce press paper demand continues to function
2025 Nationalpaper and paperboardProduction 141.35 million metric tons, in the same year 3.74%; the total business income for paper and paper products decreased in the same period 2.59%Total profit is down, year to year. 13.55%Industry is still increasing, but value growth is more difficult than tonnage.
The changes in newspapers are even more evident. 2025 National press paper production 650, 000 metric tons♪ We're down, we're out 7.14%consumption 960, 000 metric tons♪ We're down, we're out 12.73%I'm sorry. 2016I'm not sure. 2025 Production and consumption have decreased each year 14.28%and 10.67%I'm sorry.
The annual Huatay Stock Exchange reports that companies have long served national newspapers, party newspapers and print customers, and participated in standard revisions such as press paper, super-pressure paper. The continuous operation of high-speed paper machines, stabilization of quantity, printing suitability, and quality control are still available for paper reproducing and new paper development.
Since the 14th Five-Year Planners at Camp East, Hebei and Guangdong have been technically upgraded to complete the day-show remodelling and extension of products to high-end locationsprinting and writing paperEnvironmental media paper, tiles andfood packaging paperIn the same direction.
2025 Newspaper revenueRMB 1.092 billionI'm the one who earns some of the total sales income from the Huatay shares. 8.8%of income from paper products 14.1%. Newspapers retain technology and customer value but no longer have the major growth tasks.
3.1027 million metric tons - Oh, my God. Huatai Grouppaper and paperboardRanked caliber
1.8734 million metric tons Mechanism paper production within the context of the merger of shares in Xuanhuatai
Both sets. 2025 Data, used separately, do not calculate the so-called difference in capacity.
• PUP & CHEMICALS
700, 000 metric tonswood pulpWhat's the problem with chemical industry?
Wah Tai shares 2025- We're building a productive year. 700, 000 metric tonsChemicalwood pulpThe annual report shows that the project was in progress during the year. RMB 2.196 billionTransfer to fixed assets; production of corporate slurry products in the same year 679, 970 metric tonsSales 176, 740 metric tonsEnd of inventory 11, 820 metric tonsI'm sorry.
These data are not for calculation. 700, 000 metric tonsThe project utilization rate. Other slurry capacity previously available in Hua Thai does not include annual reports that deplete the project ' s individual output, internal intake, specific slurries and unit costs.
However, the production of slurry products is significantly higher than external sales and there are no end-of-term stocks.
This one. Wood pulpThe advantages of capacity will ultimately depend on self-slurp substitution, ton paper cost, fibre quality, paper machine efficiency and cash recovery.
The annual report of the Huatay Stock Exchange reveals that some of the products are used for internal use in falcon, dioxyhydrate and most of them are sold independently to foreign countries covering such areas as falciparum, liquid chlorine, hexaoxygen water, methane chloride, epoxypropanes, chloracetic acid and amphetamine.
2025 Operating income from the East Camp Huatai Chemical Group Ltd. RMB 3.933 billionNet profitsRMB 158 million; proceeds from the chemical products segment in the Huatay equity statementRMB 3.56 billionMāori rate 7.62%Māori rate is higher than last year 1.96 The former is subsidiary and the latter is a merger of product segments.
There is a synergy between chemical and paper, and chemicals themselves face an independent market. 2025 The increase in the cost of liquid chlorine disposal indicates that the balance between falcon and the products still needs to be managed.
Paper machines, wood pulpAnd the chemical industry is on the same business list.
03. OPRATING RECULTS
Which changes in financial data have occurred
Packaging paper: IncomeRMB 1.334 billionMāori Rate 10.35%♪ Up, up 0.87 Percentage points.
Industrial paper: IncomeRMB 1.011 billion, in the same year 4.40%% of Māori population has increased 4.22 Percentage to 7.61%I'm sorry.
Slurry products: IncomeRMB 743 million, in the same year 114.79%Māori Rate 13.34%I'm sorry.
Foreign sales: Income under calibre from main battalion operationsRMB 449 million, in the same year 70.02%Māori Rate 29.51%I'm sorry.
Note by calibre: Foreign sales include different products and are not large enough to be extrapolated to a single paper or all export operations. 2025 The sales earnings and the Maori ratio did improve under this statistical calibre.
2025: Operating incomeRMB 12.456 billion♪ We're down, we're out 4.52%; net profit on maternityRMB -65.9821 million, deducting non-net profitsRMB -109 million; net cash flows from operating activitiesRMB 186 million♪ We're down, we're out 48.93%I'm sorry.
Production and marketing: Growth in institutional paper production 1.17%- Decline in sales 0.53%Increase in stock at end of period 12.25%The product and asset structure has changed, and overall profits and turnover are still being adjusted.
A profit sample has been shown in multiple bases. 2025 The net profit of the Chinese paper industry is now in sight. RMB 185 millionThe net profit of the East Watter Chemical GroupRMB 158 millionThe other parts of the paper base are still in an improved phase. Companies propose to operate independently, self-accounting, self sufficiency and loss for subsidiaries, as well as to reduce their stock and enhance collection of receivables.
2026 Corporate operating income, one quarterRMB 3.124 billion, in the same year 1.25%; net profit on maternityRMB 22.8765 million, achieves a single-season return to the mother. RMB 14–21 million♪ We're down, we're out 68.95%I'm not sure. 79.30%; deduction non-netted profit projectionsRMB -10–5 millionI'm sorry.
Companies attributed the volatility mainly toprinting and writing paperThe price of copper paper is lower than the price. Wood pulpThe cost of coating the chemical support was reduced and measures were proposed to accelerate production of the magnification line, increase self-plastic substitution, reduce Maori paper, develop high value added products and externalization, and improve efficiency in chemical installations.
Description of the phase: The above measures are still operational planning, the effects of which are confirmed by official semi-annual reports and subsequent business data.
• PROJECTS & PEOPLE
What's the capacity of Sunny Project and Digital Platform Wah Tai to do?
Wah Tai shares 2025RD input statistics to disclose R& D inputsRMB 416 million% of operating income 3.34%Research and development personnel 646 People. The company said that it developed the food grade. Wood pulpNew products, new technologies, etc. 30 The remainder, "High-to-Tight Sulphur Packs" is selected for "Santung Manufacturing Luchang's Best.
Company 6 months 2nd Proclamation, Annual Births 150, 000 metric tonsHigh probability of a log fibre match. 45, 000 metric tonsTotal investment in woody projectsRMB 450 million, and 28 May 2026 The one-time test product is successful and goes into debugging. 150, 000 metric tonsHigh-resortability paper projectSeptember 2025 The input was successful, and the company stated that it currently operated normally and that the market had responded well.
The wood fibre and wood-plum project is still in the commissioning phase; high-scalability paper clients, sales, Maori and repurchases are not disclosed in the bulletin.
The annual report of the Huatay stock company also states that it builds a paper industry brain around production, supply chains, marketing, logistics and financial flows; National Data Agency 2025 The selection of the pilot project is not a financial gain, but provides publicly verifiable progress for cross-base data links.
Personal profile: LEADERSHIP
Fifty years of Li Jinghua and Wah-taek.
In the development history of Walter, Li Jianhua is a man who cannot be bypassed. The listed corporate governance documents show that he 1976 Entering the paper-making enterprise, where he has been a workshop director, a production technology section chief and a deputy factory manager; 2025 The annual report says he's actually controlling the ownership of the stock market. Huatai GroupThe annual report also shows the experience of its national labour model, its good management, its representative and the State Council's special allowances.
The most compelling thing about evaluating this experience is the time and industry trajectory. During his long term in office, Walter's business was expanded from newspaper to news paper. Wood pulpThe industry has changed several rounds, and the main industry has not left the paper industry, while old equipment and capacity are changing.
For 50 years, Walter has not left the paper-making industry, but has repeatedly adapted products, materials and technologies. Li Jianhua’s business style is closer to a long-term manufacturer: familiar with the field, focused on continuous inputs, and willing to continue to adapt to his capabilities.
..industry COOPERATION
How would Walter's restructuring change the industrial chain?
The increase in auto-sulptor, the retrofitting of paper machines, the development of special paper and the expansion of external sales will change the way suppliers work with downstream customers. Changes will not only be seen in terms of volume of procurement but also in quality, process, delivery, and inventory management.
For wood, pulp and chemical suppliers, The focus of cooperation will shift from single purchasing prices to fibre quality, slurry yield, chemical monopleasuction, supply stability and tot paper mix costs. 700, 000 metric tonsChemicalwood pulpThe internal milk capacity of Huataire has been enhanced, and external suppliers have been requested to provide clearer differentiated values.
For equipment, automation and digital services enterprises, The speed, loss, lost product exchange, good quality, energy consumption and maintenance cycles are more effective than “completed technological change.”
For the functional material and packaging processing enterprises, New paper is still authenticated. Food packaging paper (a) Other functional paper, which requires continuous testing of printing, bag making, clothing, heat sealing, filling and transport performance; food contactThe recovery and degradation findings must also correspond to the product-specific structure.
For brand clients and channelers, The value of the product is judged by supply stability, bulk orders, return rates, price conditions and repurchase. 2025 Data on foreign sales have improved, but the ability to form persistent high-value orders needs to be validated in subsequent years.
For industry chain partners, the efficiency of slurry use, paper machine operations, repurchases of new products, base stock and combined cash flows are some key data to understand the impact of the adjustments. They will appear in regular reports, project announcements and practical cooperation without artificial consolidation into a fixed list.
CONCLUSION
Walter's transition ends with a return to Maori, working and cash flow.
Walter has already made a substantial part of the restructuring: newspapers are no longer revenue centers, paper machines cover wider types of paper. 700, 000 metric tonsChemicalwood pulpUpstream, chemical industries operate both on paper and independently, and solar-light projects and digital platforms continue to expand new capacity boundaries.
2025 Both sets of facts should be seen together.
The business priorities of Huaitai are now clear: to improve the efficiency of self-production slurry use, tighten Maori products, expand high value orders, improve base turnover and reflect synergies between chemical and paper in consolidated cash flows.
For a heavy asset enterprise, there is often no single point in the success of the transition. Paper machines are stable, customers repurchase, stock falls and cash returns are needed to stabilize the new growth structure.
Nexis. 08
Next entry: China Paper Investment Ltd.
2025paper and paperboardProduction 3.0979 million metric tonsNumber eight, same-year growth. 19.15%I'm sorry.
The next article will split the groups, listed companies and multi-base calibres before studying their professional integration, product mix and growth quality. This confirms only the sequence of events, without prejudging business conclusions.
BIOTEN PackagingIndustry Insight Research Note
This document identifies the group size coordinates in association statistics, dismantles the operating structure with a mandatory report from Huatai shares to verify construction progress against project announcements and reviews the digitization pilot using the original government list. 17 August 2026I'm sorry.
3.1027 million metric tonsOfHuatai Grouppaper and paperboard (a) The output ranking caliber; 1.8734 million metric tonsThe mechanism paper production, sub-product earnings, profits, inventory, cash flow and subsidiary data are the consolidated Chinese shares. Huatai GroupHolding stock holdings for the company, as of 2026 Holdings at the end of the quarter 39.78%. The two types of calibre are not mixed.
East Camp Wathai Chemical GroupRMB 3.933 billionIncome, RMB 158 million (a) Net profits are subsidiary; RMB 3.56 billionIncome, 7.62%The Māori rate is the combined share of Huatay, which is recorded in the Chemical Products Division. RMB 449 millionMāori rate 29.51%The main battalion operates on a regional basis and contains different products.
700, 000 metric tonsChemicalwood pulpThe project was put into production and transferred to fixed assets, but the public information did not dismantle the sub-project ' s separate output, internal intake, self-sufficiency rates and unit costs. 2025 The text of the construction schedule in progress is shown in the annual report. 450, 000 metric tonsWoody, follow up 2 June 2026 The special bulletin is clearly defined in the title, construction and device description. 45, 000 metric tonsWoody. I'm sorry.
150, 000 metric tons (a) High-resortability paper projects are described as normal production operations in accordance with corporate announcements; 150, 000 metric tonsHigh probability of a log fibre match. 45, 000 metric tonsThe woody mesh project is only running in debug. Food-contact compliantI'm not sure. RecyclabilityEvidence of degradation, customer certification or commercialization.
2026 The semi-annual performance forecast is a preliminary measurement by the treasury and has not been audited; the company has not disclosed its official biannual report as of the verification date.
Li Jianhua’s identity, position and honour are officially disclosed by the listed company.
Data and sources of verification
01 | Chinese Paper Association, China Paper Industry 2025 Report on the Year
02 X-O-Tea 2025 Annual report
03 X-O-Team 2026 First quarterly report
04 |Waltai shares 2025 Social responsibility report
05 X-Wartai Stock Valuation Upgrade (VAT)April 2026 (revised)
Circular on the preparation of impairments in assets taken from 06 Xhuatai shares
07 | Wathai shares 2026 Semi-annual performance forecast
"08 Days of Wartaire."150, 000 metric tonsWood fibres. 45, 000 metric tonsModified run announcement for woody project
09 | Shanghai Stock Exchange: WAELCOM Bulletin Retrieval
10 National Data Office: 2025 List of credible pilot projects on spatial innovation development in data
11 Xiaohuathai Company special activity report (Li Jianhua curriculum vitae)
