真正拉开差距的，不是设备表，而是客户遇到难单时，第一时间找谁。
印刷包装企业观察 / PRINTING & PACKAGING STUDY
中国印刷包装企业20强，真正强在哪里？
客户为什么愿意继续下单？
20家核心样本 · 1个产业协同案例 · 六类制造路径，推动包装行业高质量发展
20个核心研究样本 · 708.67亿元公开转载榜单口径合计 · 80.67%占30家候选样本金额
研究资料｜博碳包装研究整理。
研究问题｜一张订单，客户真正买的是什么
为什么有的企业产品线并不最长，却能反复进入客户采购视野？为什么有的企业设备很多，利润和现金流仍然承压？差距通常不在产品名称，而在制造接口。
纸箱、彩盒、薄膜、罐、杯、标签，只是看得见的产品。客户真正买单的，是新品能不能更快落地，产线能不能稳定运行，质量问题能不能及时解决，旺季和急单能不能准时交付。
所以，判断一家包装企业，不必先问“它能做多少种产品”，而要问：它替客户减少了多少试错、停线和交付风险？
本文只沿一条主线展开：产品形态 → 制造接口 → 客户价值 → 持续选择。六项能力回答企业强在哪里，六类制造路径解释优势形成在哪个环节，四组价值信号判断这种能力是否正在转化为长期合作。
本文从公开转载榜单的前30家候选池中筛出20家：按公开转载的2025年产品销售收入复算，合计708.67亿元，占原30家公开转载样本金额80.67%。其中，13家拥有财务与业务双证据，2家有有限财务线索，5家以业务证据补足制造路径。
口径说明｜本文“20强”是为便于阅读采用的标题表达，指上述20家核心研究样本，不是公开榜单官方前20，也不是市场份额、技术水平或供应商准入排名。
核心判断｜把复杂留在工厂，把省心交给客户
这20家路径不同，却呈现出六项共同能力：
一、把材料做成方案。 纸、膜、容器、盖、标签和功能层，不是单独售卖，而是组合成能量产的完整结构。
二、把样品做成批量。 打样之后，还能穿过印刷、复合、成型、灌装和真实生产节拍。
三、把包装接进流程。 从品牌上新到工业灌装，从门店多SKU到医药批次，包装成为客户业务的一部分。
四、把多基地变成准时。 区域网络、供应链协同和数字化系统，最终都要服务稳定履约。
五、把质量变成可追溯。 检测、防伪、可变数据、批次与身份信息，正在成为新的客户接口。
六、把能力变成长久生意。 专业能力最终会落在复购、毛利、现金流和产能效率上。
价值坐标｜四个信号，看能力有没有变成长久生意
看四个信号，就能判断一家包装企业的能力是否正在转化为长期价值：
产品跑得稳｜良率、一次合格率、缺陷率、破损率。
项目交得准｜利用率、线速、准时交付、切换周期。
新品推得快｜持续供货、新增SKU、复购与续单。
合作做得久｜分部毛利、经营现金流、应收与库存质量。
这些信号不能互相替代。收入高，不等于质量稳；产能大，不等于利用率高；技术储备多，也不等于客户已经持续购买。
研究边界｜“20强”是研究标题，不是官方排名
候选池来自公开转载的“2026中国印刷包装企业100强”，按2025年销售收入或产品销售收入排序。本文核心20是按规模、证据强度与制造路径覆盖筛出的研究样本，不是市场份额、技术排名、供应商准入或食品接触合规结论。
行业坐标｜利润承压，客户价值更有分量
国家统计局口径显示，2026年上半年“印刷和记录媒介复制业”营业收入2,971.2亿元，同比增长0.9%；营业成本2,482.1亿元，同比增长1.1%；利润总额119.8亿元，同比下降13.8%。这一口径不等同于包装行业，也不能与榜单金额相加，但它说明了一件事：收入还能增长，利润却更难守住。
越是这样的阶段，越能看清哪些企业真正具备结构、量产、交付和客户协同能力。裕同2025年经营现金流27.37亿元，中荣2026年一季度收入、利润和经营现金流同比增长，东港智能卡与无线射频产品收入增长60.66%——它们分别体现规模交付、柔性响应和信息化增长的不同价值。
研究资料：国家统计局2026年上半年规模以上工业企业数据
正文｜中国20家核心样本，各强在什么地方
A
MANUFACTURING TRACK · CAPABILITY PATH
制造路径A｜品牌与消费品包装：把创意变成稳定量产
品牌包装拼的不是一次打样，而是新品能否在不同批次、不同工厂和不同市场稳定复制。
01
企业案例
企业案例01｜裕同：把全球交付做成品牌确定性
公开信息｜候选池第1，纸质包装、植物纤维、软包装、标签与功能材料并行。
近期进展｜2025年收入172.38亿元、归母净利润15.92亿元、经营现金流27.37亿元，海外收入61.31亿元。
客户价值｜设计、材料与多区域制造协同，让品牌新品可以在不同市场更快复制。
后续看点｜海外基地利用率、新增SKU、业务毛利和经营现金流。
研究资料：裕同科技2025年年度报告
02
企业案例
企业案例02｜中荣：柔性制造，让品牌迭代更快
公开信息｜候选池第7，核心是纸制消费包装、研发与跨基地制造。
近期进展｜2025年收入31.67亿元、归母净利润1.53亿元、经营现金流3.39亿元；2026年一季度三项指标继续同比增长。
客户价值｜数字印刷与结构研发，为小批量、多版本和快速补单提供了扎实底盘。
后续看点｜打样周期、一次合格率、量产毛利和复购。
研究资料：中荣股份2025年年度报告；中荣数字印刷资料
03
企业案例
企业案例03｜美盈森：把工业包装做成一站式方案
公开信息｜候选池第4，轻重型包装、标签、材料与包装服务组合完整。
近期进展｜2025年度归母净利润约2.61亿元。
客户价值｜重型包装、结构设计与供应链服务放在同一接口，为工业客户减少多方协调成本。
后续看点｜分部毛利、项目利用率、应收账款和现金流。
研究资料：美盈森2025年度利润分配公告
04
企业案例
企业案例04｜吉宏：把多品类包装做成清晰增长单元
公开信息｜候选池第10，包装业务23.45亿元，其中纸盒纸箱12.18亿元。
近期进展｜2025年包装业务毛利率20.69%；集团经营现金流2.61亿元，同比下降32.45%。
客户价值｜纸盒、食品包装与纸袋形成清晰业务单元，让不同场景获得更专注的产品响应，也让品类价值持续被看见。
后续看点｜包装分部毛利、复购、现金贡献和新品导入。
研究资料：吉宏股份2025年年度报告
B
MANUFACTURING TRACK · CAPABILITY PATH
制造路径B｜瓦楞与工业包装：把区域网络变成准时交付
工业包装的价值，往往藏在交付距离、生产节拍、运输破损和旺季响应里。
05
企业案例
企业案例05｜合兴：用全国网络守住交付半径
公开信息｜候选池第2，主营瓦楞纸箱、纸板、缓冲包装及相关印刷品。
近期进展｜2025年收入101.94亿元、同比下降11.13%；归母净利润1.03亿元、同比增长10.61%；经营现金流2.58亿元、同比下降53.07%。2026年一季度收入增长7.04%，利润与现金流仍处调整阶段。
客户价值｜广泛的区域交付网络，让客户更容易获得就近生产、快速响应和稳定供货。
后续看点｜基地利用率、准时交付、单位毛利和经营现金流。
研究资料：合兴包装2025年年度报告；合兴包装2026年第一季度报告
06
企业案例
企业案例06｜森林：纸、板、箱一体化的扎实底盘
公开信息｜候选池第11，产品覆盖包装原纸、瓦楞纸板和纸箱。
近期进展｜2025年年报持续披露高强瓦楞、纸板和纸箱的产销变化。
客户价值｜原纸—纸板—制箱协同，增强了成本传导、品质衔接与区域交付的组织能力。
后续看点｜库存周转、产能利用率和包装业务毛利。
研究资料：森林包装2025年年度报告
07
企业案例
企业案例07｜国际济丰：重型包装，靠现场能力赢得订单
公开信息｜候选池第13，产品包括瓦楞箱、纸栈板、展示架、重型与特殊包装，以及瓦楞纸板。
近期进展｜2025年订单量创历史高位，收入20.92亿元、综合毛利率13.2%；面对原纸与价格压力，收入同比下降1.9%、毛利率下降2.0个百分点，并出现0.44亿元阶段性亏损，但仍实现经营现金流2.27亿元。重庆工厂已于2025年12月投运。
客户价值｜重型结构与邻近客户的区域交付，让它能够深入工业现场，解决运输、防护与装载问题。
后续看点｜单位售价、原纸成本传导、新厂爬坡、破损率和经营现金流。
研究资料：国际济丰包装集团2025年年度报告
08
企业案例
企业案例08｜和瑞：让智能制造成为区域交付底气
公开信息｜候选池第14，覆盖纸质包装、塑料包装、标签和包装装潢印刷。
近期进展｜政府报道引述企业口径称，其无人化生产线日产能突破200万只纸箱；2026年拟补助名单列有数字化升级项目。
客户价值｜纸塑与标签并行，叠加MES和无人化产线，为区域客户提供更快、更稳定的履约基础。
后续看点｜实际利用率、项目投产、各品类收入和现金回款。
研究资料：银川市人民政府报道；项目拟补助名单
C
MANUFACTURING TRACK · CAPABILITY PATH
制造路径C｜功能材料与软包装：把材料性能变成完整结构
阻隔、热封、复合和轻量化只有进入完整结构，才能从材料参数变成客户价值。
09
企业案例
企业案例09｜永新：把材料性能做进完整软包装
公开信息｜候选池第5，覆盖真空镀膜、多功能薄膜、彩印复合、纸基复合和医药包装材料。
近期进展｜2025年年报继续按包装材料、彩印、镀铝和软包装薄膜拆分业务。
客户价值｜印刷、镀膜、复合与薄膜协同，为高阻隔、轻量化和多层结构优化提供完整制造基础。
后续看点｜阻隔与热封测试、良率、分品类毛利和复购。
研究资料：永新股份2025年年度报告
10
企业案例
企业案例10｜紫江：多材料平台，服务完整包装系统
公开信息｜候选池第3，PET瓶、瓶盖、标签、复合包装、纸包装和功能膜并行。
近期进展｜公开资料持续披露瓶、瓶坯、瓶盖与塑料标签等产品和产销数据。
客户价值｜容器、盖、标签、膜与纸包装可以协同服务客户的完整包装系统。
后续看点｜各产品与子公司的利润贡献、利用率和现金流。
研究资料：紫江企业官网
11
企业案例
企业案例11｜艾录：让纸袋直接接入客户生产线
公开信息｜候选池第27，业务覆盖工业用纸包装、消费品纸包装、塑料包装和智能包装系统。
近期进展｜2025年收入11.74亿元、经营现金流1.17亿元；扩产爬坡带来阶段性利润压力，归母净利润亏损1.23亿元，工业纸包装项目尚未满产。
客户价值｜纸袋与自动抓袋、计量灌装、检测、码垛协同，把包装直接接入粉体和颗粒物料生产线。
后续看点｜项目利用率、工业纸包装毛利、漏粉与破袋率、灌装节拍和经营现金流。
研究资料：上海艾录2025年年度报告
D
MANUFACTURING TRACK · CAPABILITY PATH
制造路径D｜食品容器与成型：让材料真正跑过客户设备
食品包装必须真正跑过制罐、制杯、封口、灌装、仓储和运输，实验室性能只是起点。
INDUSTRY COLLABORATION
产业协同案例｜湖南立乐（Lido）：水涂纸杯，带动一条制造链
水性阻隔、纸张、印刷、制杯与回收，正在围绕一只纸杯形成更完整的产业协同。
公开信息｜企业官网列示纸杯、纸碗、纸碟、纸餐盒、纸吸管等产品，并展示单层杯、中空杯、瓦楞杯及定制印刷能力；湖南省市场监管资料显示，其食品用纸包装、容器等制品生产许可证有效期至2029年4月3日。
近期进展｜开发区项目备案显示，企业厂房改造升级项目总投资3,800万元，规划购置40台设备、完成9条生产线智能化改造，项目设计目标为年产21亿只环保纸杯。
研究资料：湖南立乐官网；GB/T 44834—2024；GB/T 27591—2025；湖南省生产许可资料；平江县项目备案；巴斯夫、APP金光、都佰城产业链协同公开报道资料
12
企业案例
企业案例12｜嘉美：从制罐到灌装的协同价值
公开信息｜候选池第9，业务包括二片罐、三片罐、灌装和无菌纸包装。
近期进展｜2025年上半年金属包装收入占比76.20%，其中三片罐占56.24%。
客户价值｜罐体、涂层与灌装协同，让包装制造更贴近食品饮料客户的真实生产节拍。
后续看点｜利用率、罐型切换、迁移测试和单位罐毛利。
研究资料：嘉美包装2025年半年度报告
13
企业案例
企业案例13｜恒鑫：把绿色材料真正做成终端产品
公开信息｜候选池第18，餐饮具、材料改性、片材、印刷和成型一体化。
近期进展｜2025年收入18.45亿元、归母净利润2.24亿元、经营现金流3.40亿元；可降解产品毛利率26.25%，同比下降4.81个百分点。
客户价值｜从材料改性到杯、碗、餐盒和餐饮具成型，形成了较完整的终端制造链条。
后续看点｜单位成本、合格率、品类毛利、复购和经营现金流。
研究资料：恒鑫生活2025年年度报告
14
企业案例
企业案例14｜庞度：纸杯纸碗背后的场景化服务
公开信息｜候选池第20，覆盖纸杯、纸碗、纸桶、纸盒、纸袋和纸吸管。
近期进展｜官网持续展示餐饮、咖啡、便利店和食品服务场景方案。
客户价值｜杯型、功能层、印刷与制杯协同，使产品能够围绕不同餐饮场景快速组合。
后续看点｜线速、杯底与侧封良率、最终SKU文件和复购。
研究资料：庞度官网
15
企业案例
企业案例15｜南王：服务门店多SKU的组织能力
公开信息｜候选池第24，产品包括纸袋、食品包装、无纺布、标签和收银纸。
近期进展｜2025年集团营业收入17.59亿元，食品包装和无纺布业务增长；纸袋收入与毛利仍有压力。
客户价值｜多材料、多SKU与区域交付协同，契合连锁门店复杂而高频的包装需求。
后续看点｜纸袋、食品包装、无纺布和标签各自的毛利与现金贡献。
研究资料：南王科技2025年年度报告
E
MANUFACTURING TRACK · CAPABILITY PATH
制造路径E｜烟标、安全印刷与标签：让包装成为质量与数据接口
当包装带上身份、批次、防伪和追溯，它就从印刷品进入客户的信息系统。
16
企业案例
企业案例16｜上海烟草包装印刷：把一致性做到工业标准
公开信息｜候选池第12，烟标设计、卷烟商标印刷，以及纸张、油墨、印刷品和VOCs检测体系齐备。
近期进展｜公开资料持续展示烟标设计、特殊工艺与质量检测能力。
客户价值｜色彩、材料、防伪与检测协同，形成对稳定性和一致性的系统控制。
后续看点｜合格率、持续供货、开发周期和质量控制表现。
研究资料：上海烟草包装印刷官网
17
企业案例
企业案例17｜东港：印刷之外，打开身份与数据接口
公开信息｜候选池第26，覆盖票证、数据打印、标签、智能卡、RFID、证照和技术服务。
近期进展｜2025年收入11.86亿元、归母净利润1.44亿元、经营现金流2.28亿元；传统印刷产品收入同比下降13.81%，智能卡与无线射频产品收入增长60.66%。
客户价值｜印刷、身份、无线射频、数据与追溯形成同一接口，为包装和标签打开信息服务空间。
后续看点｜智能卡与RFID收入质量、真实应用、数据服务复购和经营现金流。
研究资料：东港股份2025年年度报告
F
MANUFACTURING TRACK · CAPABILITY PATH
制造路径F｜综合印刷与复杂印后：把复杂工艺做成稳定品质
复杂印后不是堆工艺，而是把结构、触感、色彩和装配一致性稳定做出来。
18
企业案例
企业案例18｜盛通：食品医药包装的严谨制造
公开信息｜候选池第15，包装印刷主要服务食品和医药产品，同时拥有出版和商业印刷业务。
近期进展｜年报持续披露食品和医药包装客户行业。
客户价值｜食品、医药、商业与出版印刷边界清晰，有利于持续提升包装业务的批次、文件与追溯能力。
后续看点｜包装毛利、续单、质量事故、批次追溯和回款。
研究资料：盛通股份2025年年度报告
19
企业案例
企业案例19｜雅图仕：复杂印后，构筑高端包装质感
公开信息｜候选池第16，产品包括书籍、纸板书、游戏套装、礼品和包装。
近期进展｜官网与官方访谈显示，其拥有完整的印前、印刷和印后体系。
客户价值｜纸板书、礼品与高档包装共享复杂印后能力，形成结构、表面与装配的综合优势。
后续看点｜包装占比、出口收入、印后良率、利用率和现金流。
研究资料：雅图仕官网；国家新闻出版署访谈
20
企业案例
企业案例20｜鸿兴：跨品类出口制造的长期积累
公开信息｜候选池第17，彩盒、书籍、纸制玩具和瓦楞纸箱并行。
近期进展｜官网持续展示面向全球客户的包装设计与制造能力。
客户价值｜彩盒、儿童产品、瓦楞与出口包装组合，形成跨品类制造与国际订单响应能力。
后续看点｜包装收入、客户集中度、出口订单、纸张成本和现金流。
研究资料：鸿兴印刷集团官网
客户把下一单交给谁？
看完这20家，答案已经很清楚：强，不是产品多，也不是设备新，而是客户遇到新品、急单、复杂结构和质量难题时，愿意第一时间把项目交给你。
裕同的全球交付、中荣的柔性制造、美盈森的一体化服务、合兴的区域网络、永新的结构协同、东港的数据接口——路径不同，做的其实是同一件事：让客户少试错、少停线、少担心。
湖南立乐提供了另一种值得肯定的答案：当水性涂层、纸张、印刷、制杯和回收开始围绕同一只纸杯协同，新材料才真正拥有走向产业的路径。
经营压力并不否定专业能力，反而让能力所处的阶段更清楚。国际济丰的订单高位与正向经营现金流、艾录的系统协同与产能爬坡、东港的RFID增长，都是值得继续观察的积极信号。
对包装企业而言，最有分量的认可，不是“行业领先”四个字，而是下一次采购时，客户仍愿意把新品、急单和难单交给你。答案不在口号里，而在一次又一次稳定交付里。
博碳包装·产业洞察·研究说明
本文基于截至2026年8月21日可核验的公开披露形成。标题中的“20强”指本文从博碳观察的30家候选池中筛出的20家核心研究样本，不是公开榜单官方前20；湖南立乐为不计入榜单金额的产业协同案例。
关系披露｜所属博碳包装与湖南立乐同为“零碳循环纸杯先行者联盟”发起方。本文只依据公开资料描述其产业协同价值。
博碳观察数据与核验来源｜研究资料
国家统计局工业数据；公开转载的2026中国印刷包装企业100强及评选说明；核心20企业与湖南立乐的交易所年报、标准、监管、官方访谈和企业资料。
The real differentiator is not the equipment list, but which supplier customers call first when a difficult order arrives.
Printing and Packaging Company Review / PRINTING & PACKAGING STUDY
China’s Top 20 Printing and Packaging Companies: What Makes Them Strong?
Why Do Customers Keep Coming Back?
20 core samples · 1 industrial collaboration case · Six manufacturing pathways advancing high-quality development in packaging
20 core research samples · RMB 70.867 billion in aggregate under the published ranking methodology · 80.67% of the revenue represented by the 30 candidate companies
Research materials |Compiled by BIOTEN Packaging Research.
Research question | What is a customer really buying with a packaging order?
Why do some companies repeatedly enter customers’ procurement shortlists even when they do not have the broadest product range? Why do others own extensive equipment yet still face pressure on profit and cash flow? The difference usually lies not in the product names, but in the manufacturing interface.
Corrugated cases, folding cartons, films, cans, cups and labels are only the visible products. What customers actually pay for is whether a new product can reach production faster, whether their lines can run reliably, whether quality issues can be resolved promptly, and whether peak-season and urgent orders can be delivered on time.
To assess a packaging company, therefore, the first question should not be “How many products can it make?” but:How much trial and error, downtime and delivery risk does it remove for customers?
This study follows a single chain of logic:Product format → manufacturing interface → customer value → continued selection. The six capabilities show where each company is strong; the six manufacturing pathways explain where those advantages are created; and the four value signals indicate whether those capabilities are translating into enduring customer relationships.
From the 30-company candidate pool in a published reproduction of the ranking, this study selects 20 companies. Based on recalculated 2025 product sales revenue disclosed in that source, the 20 generated a combined RMB 70.867 billion, representing 80.67% of the amount attributed to the original 30-company sample. Thirteen have both financial and business evidence, two have limited financial indicators, and five are included primarily for business evidence that rounds out the manufacturing pathways.
Methodology note |“Top 20” is used here as an editorial shorthand for the 20 core research samples. It is not the official top 20 in the published ranking, nor is it a ranking of market share, technological capability or supplier qualification.
Core conclusion | Keep complexity inside the factory and give customers confidence
These 20 companies follow different paths, but they share six capabilities:
1. Turn materials into solutions. Paper, film, containers, closures, labels and functional layers are not sold in isolation; they are engineered into complete structures that can be mass-produced.
2. Turn prototypes into volume production. After sampling, a design must still pass through printing, lamination, forming, filling and actual production-cycle requirements.
3. Integrate packaging into customer processes. From brand launches and industrial filling to multi-SKU retail operations and pharmaceutical batches, packaging becomes part of the customer’s business process.
4. Turn a multi-site network into on-time delivery. Regional networks, supply-chain coordination and digital systems must ultimately support reliable fulfilment.
5. Turn quality into traceability. Testing, anti-counterfeiting, variable data, batch identification and product identity information are becoming new customer interfaces.
6. Convert capabilities into durable business. Professional capabilities must ultimately show up in repeat orders, margins, cash flow and capacity efficiency.
Value framework | Four signals that show whether capabilities are becoming durable business
Four signals help determine whether a packaging company’s capabilities are translating into long-term value:
Products run reliably |Yield, first-pass yield, defect rate and breakage rate.
Projects arrive on time |Capacity utilization, line speed, on-time delivery and changeover time.
New products launch quickly |Continuity of supply, new SKUs, repeat purchases and order renewals.
Partnerships endure |Segment margins, operating cash flow, and the quality of receivables and inventories.
These signals are not interchangeable. High revenue does not prove stable quality; large capacity does not prove high utilization; and a broad technology portfolio does not prove that customers are buying repeatedly.
Research boundary | “Top 20” is a research title, not an official ranking
The candidate pool comes from a published reproduction of the “2026 Top 100 Printing and Packaging Companies in China,” ranked by 2025 sales revenue or product sales revenue. The core 20 are research samples selected for scale, strength of evidence and coverage of manufacturing pathways. They do not constitute a ranking of market share, technology, supplier qualification or food-contact compliance.
Industry context | When profits are under pressure, customer value matters even more
According to China’s National Bureau of Statistics, in the first half of 2026 the printing and recorded-media reproduction sector generated RMB 297.12 billion in revenue, up 0.9% year on year; operating costs were RMB 248.21 billion, up 1.1%; and total profit was RMB 11.98 billion, down 13.8%. This statistical category is not the same as the packaging industry and cannot be added to the ranking data, but it makes one point clear: revenue can still grow even as profit becomes harder to protect.
Conditions like these reveal which companies truly possess structural engineering, scale-up, delivery and customer-coordination capabilities. YUTO TECH. generated RMB 2.737 billion in operating cash flow in 2025; ZRP recorded year-on-year growth in revenue, profit and operating cash flow in the first quarter of 2026; and Donggang’s smart-card and RFID product revenue rose 60.66%. Each reflects a different source of value: scaled delivery, flexible response and information-enabled growth.
Research source:National Bureau of Statistics data on industrial enterprises above designated size for the first half of 2026
Main analysis | What distinguishes China’s 20 core samples?
A
MANUFACTURING TRACK · CAPABILITY PATH
Manufacturing Path A | Brand and consumer packaging: turning creativity into reliable mass production
Brand packaging is not won through a single prototype. The real test is whether a new product can be reproduced consistently across batches, factories and markets.
01
COMPANY CASE
Case 01 | YUTO TECH.: making global delivery a source of brand certainty
Public information |No. 1 in the candidate pool, with paper packaging, molded fiber, flexible packaging, labels and functional materials.
Recent developments |In 2025, revenue was RMB 17.238 billion, net profit attributable to shareholders was RMB 1.592 billion, operating cash flow was RMB 2.737 billion, and overseas revenue reached RMB 6.131 billion.
Customer value |Coordinated design, materials and multi-region manufacturing allow brands to replicate new products more quickly across markets.
Indicators to watch |Utilization at overseas sites, new SKUs, business margins and operating cash flow.
Research source:YUTO TECH. 2025 Annual Report
02
COMPANY CASE
Case 02 | ZRP: flexible manufacturing that accelerates brand iteration
Public information |No. 7 in the candidate pool, centered on paper-based consumer packaging, R&D and cross-site manufacturing.
Recent developments |In 2025, revenue was RMB 3.167 billion, net profit attributable to shareholders was RMB 153 million and operating cash flow was RMB 339 million. All three continued to grow year on year in the first quarter of 2026.
Customer value |Digital printing and structural development provide a strong platform for short runs, multiple versions and rapid replenishment.
Indicators to watch |Sampling lead time, first-pass yield, production margin and repeat orders.
Research source:ZRP 2025 Annual Report; ZRP digital-printing materials
03
COMPANY CASE
Case 03 | MYS Group: turning industrial packaging into a one-stop solution
Public information |No. 4 in the candidate pool, with a broad offering spanning light- and heavy-duty packaging, labels, materials and packaging services.
Recent developments |Net profit attributable to shareholders was approximately RMB 261 million in 2025.
Customer value |Heavy-duty packaging, structural design and supply-chain services are combined through a single interface, reducing coordination costs for industrial customers.
Indicators to watch |Segment margins, project utilization, receivables and cash flow.
Research source:MYS Group 2025 profit-distribution announcement
04
COMPANY CASE
Case 04 | JIHONG CO: building clear growth units across packaging categories
Public information |No. 10 in the candidate pool. Packaging revenue was RMB 2.345 billion, including RMB 1.218 billion from folding cartons and corrugated cases.
Recent developments |The packaging business recorded a gross margin of 20.69% in 2025. Group operating cash flow was RMB 261 million, down 32.45% year on year.
Customer value |Distinct business units for folding cartons, food packaging and paper bags enable more focused product responses in different applications while making the value of each category more visible.
Indicators to watch |Packaging-segment margin, repeat orders, cash contribution and new-product introductions.
Research source:JIHONG CO 2025 Annual Report
B
MANUFACTURING TRACK · CAPABILITY PATH
Manufacturing Path B | Corrugated and industrial packaging: turning regional networks into on-time delivery
The value of industrial packaging is often embedded in delivery distance, production cadence, transport damage and peak-season responsiveness.
05
COMPANY CASE
Case 05 | Hexing Packaging: using a nationwide network to protect delivery radius
Public information |No. 2 in the candidate pool, principally engaged in corrugated cases, corrugated board, cushioning packaging and related printed products.
Recent developments |In 2025, revenue was RMB 10.194 billion, down 11.13%; net profit attributable to shareholders was RMB 103 million, up 10.61%; and operating cash flow was RMB 258 million, down 53.07%. In the first quarter of 2026, revenue grew 7.04%, while profit and cash flow remained in an adjustment phase.
Customer value |An extensive regional delivery network gives customers greater access to nearby production, rapid response and reliable supply.
Indicators to watch |Site utilization, on-time delivery, unit margin and operating cash flow.
Research source:Hexing Packaging 2025 Annual Report; Hexing Packaging First Quarter 2026 Report
06
COMPANY CASE
Case 06 | Forest Packaging: a solid integrated platform across paper, board and boxes
Public information |No. 11 in the candidate pool, with products spanning packaging paper, corrugated board and corrugated cases.
Recent developments |The 2025 annual report continued to disclose production and sales trends for high-strength corrugating medium, corrugated board and corrugated cases.
Customer value |Coordination across packaging paper, corrugated board and box converting strengthens cost pass-through, quality continuity and regional delivery.
Indicators to watch |Inventory turnover, capacity utilization and packaging-segment margins.
Research source:Forest Packaging 2025 Annual Report
07
COMPANY CASE
Case 07 | International Jifeng: winning orders through on-site heavy-duty packaging expertise
Public information |No. 13 in the candidate pool, offering corrugated cases, paper pallets, displays, heavy-duty and specialty packaging, and corrugated board.
Recent developments |Order volume reached a record high in 2025. Revenue was RMB 2.092 billion and the overall gross margin was 13.2%. Under pressure from paper costs and selling prices, revenue fell 1.9% year on year and gross margin declined by 2.0 percentage points, resulting in an interim loss of RMB 44 million. Even so, operating cash flow remained positive at RMB 227 million. The Chongqing plant began operations in December 2025.
Customer value |Heavy-duty structural expertise and regional delivery close to customers allow the company to work directly at industrial sites and solve transport, protection and loading challenges.
Indicators to watch |Unit selling prices, paper-cost pass-through, ramp-up of the new plant, damage rates and operating cash flow.
Research source:International Jifeng Packaging Group 2025 Annual Report
08
COMPANY CASE
Case 08 | Herui Packaging: making smart manufacturing the foundation of regional delivery
Public information |No. 14 in the candidate pool, covering paper packaging, plastic packaging, labels and decorative packaging printing.
Recent developments |A government report cited the company as saying that its unmanned production line had exceeded daily capacity of 2 million cartons. A digital-upgrade project also appeared on a proposed 2026 subsidy list.
Customer value |Parallel capabilities in paper, plastics and labels, combined with MES and unmanned production lines, provide regional customers with a faster and more reliable fulfilment platform.
Indicators to watch |Actual utilization, project commissioning, revenue by category and cash collection.
Research source:Yinchuan Municipal People’s Government report; proposed project-subsidy list
C
MANUFACTURING TRACK · CAPABILITY PATH
Manufacturing Path C | Functional materials and flexible packaging: turning material properties into complete structures
Barrier performance, heat sealability, lamination and lightweighting create customer value only when engineered into a complete structure.
09
COMPANY CASE
Case 09 | Huangshan Novel: engineering material performance into complete flexible-packaging structures
Public information |No. 5 in the candidate pool, covering vacuum metallization, multifunctional films, printed laminates, paper-based laminates and pharmaceutical packaging materials.
Recent developments |The 2025 annual report continued to break down operations across packaging materials, printed packaging, metallized products and flexible-packaging films.
Customer value |Coordination across printing, metallization, lamination and film production creates a complete manufacturing platform for high-barrier, lightweight and optimized multilayer structures.
Indicators to watch |Barrier and heat-seal testing, yield, category-level margins and repeat orders.
Research source:Huangshan Novel 2025 Annual Report
10
COMPANY CASE
Case 10 | Zijiang Enterprise: a multi-material platform for complete packaging systems
Public information |No. 3 in the candidate pool, with PET bottles, closures, labels, laminated packaging, paper packaging and functional films.
Recent developments |Public disclosures continue to report products, production and sales data for bottles, preforms, closures and plastic labels.
Customer value |Containers, closures, labels, films and paper packaging can be coordinated to support a customer’s complete packaging system.
Indicators to watch |Profit contribution, utilization and cash flow by product line and subsidiary.
Research source:Zijiang Enterprise website
11
COMPANY CASE
Case 11 | Shanghai Ailu: connecting paper sacks directly to customer production lines
Public information |No. 27 in the candidate pool, with industrial paper packaging, consumer paper packaging, plastic packaging and intelligent packaging systems.
Recent developments |In 2025, revenue was RMB 1.174 billion and operating cash flow was RMB 117 million. The ramp-up of expansion projects created interim earnings pressure: net profit attributable to shareholders was a loss of RMB 123 million, and the industrial paper-packaging project had not yet reached full production.
Customer value |Paper sacks are integrated with automated bag handling, weighing and filling, inspection and palletizing, connecting packaging directly to powder and granular-material production lines.
Indicators to watch |Project utilization, industrial paper-packaging margin, leakage and bag-breakage rates, filling cadence and operating cash flow.
Research source:Shanghai Ailu 2025 Annual Report
D
MANUFACTURING TRACK · CAPABILITY PATH
Manufacturing Path D | Food containers and forming: proving materials on customer equipment
Food packaging must run successfully through canmaking, cup forming, sealing, filling, warehousing and transport. Laboratory performance is only the starting point.
INDUSTRY COLLABORATION
Industrial collaboration case | Lido: water-based coated paper cups mobilizing an entire manufacturing chain
Water-based barriers, paper, printing, cup forming and recycling are beginning to form a more complete industrial collaboration around the paper cup.
Public information |The company website lists paper cups, bowls, plates, food containers and straws, and shows capabilities in single-wall, double-wall and ripple-wall cups as well as custom printing. Hunan provincial market-regulation records show that its production licence for paper packaging and containers for food use is valid until 3 April 2029.
Recent development | Development-zone projectA project filing states that the company plans to invest RMB 38 million in plant renovation and upgrading, purchase 40 pieces of equipment, and complete intelligent upgrades to nine production lines. The designed target is annual capacity of 2.1 billion environmentally responsible paper cups.
Research sources:Lido website; GB/T 44834—2024; GB/T 27591—2025; Hunan production-licence records; Pingjiang County project filing; public reports on industrial-chain collaboration involving BASF, APP Sinar Mas and DBC
12
COMPANY CASE
Case 12 | Jiamei Food Packaging: coordination from canmaking to filling
Public information |No. 9 in the candidate pool, with two-piece cans, three-piece cans, filling services and aseptic paper packaging.
Recent developments |Metal packaging accounted for 76.20% of revenue in the first half of 2025, including 56.24% from three-piece cans.
Customer value |Coordination across cans, coatings and filling brings packaging manufacturing closer to the actual production cadence of food and beverage customers.
Indicators to watch |Utilization, can-format changeovers, migration testing and margin per can.
Research source:Jiamei Food Packaging 2025 Interim Report
13
COMPANY CASE
Case 13 | Hengxin Life: turning sustainable materials into finished products
Public information |No. 18 in the candidate pool, with integrated capabilities across foodservice products, material modification, sheet extrusion, printing and forming.
Recent developments |In 2025, revenue was RMB 1.845 billion, net profit attributable to shareholders was RMB 224 million and operating cash flow was RMB 340 million. Gross margin on biodegradable products was 26.25%, down 4.81 percentage points year on year.
Customer value |From material modification through forming of cups, bowls, food containers and tableware, the company has built a relatively complete finished-product manufacturing chain.
Indicators to watch |Unit costs, pass rates, category margins, repeat orders and operating cash flow.
Research source:Hengxin Life 2025 Annual Report
14
COMPANY CASE
Case 14 | Pando: application-led service behind paper cups and bowls
Public information |No. 20 in the candidate pool, covering paper cups, bowls, tubs, cartons, bags and straws.
Recent developments |The company website continues to present application solutions for foodservice, coffee, convenience-store and packaged-food settings.
Customer value |Coordination across cup formats, functional layers, printing and cup forming enables rapid configuration for different foodservice applications.
Indicators to watch |Line speed, bottom- and side-seal yield, final SKU files and repeat orders.
Research source:Pando website
15
COMPANY CASE
Case 15 | Nanwang: the organizational capability to serve multi-SKU retail operations
Public information |No. 24 in the candidate pool, with products including paper bags, food packaging, nonwoven products, labels and receipt paper.
Recent developments |Group revenue was RMB 1.759 billion in 2025. Food packaging and nonwoven operations grew, while paper-bag revenue and margins remained under pressure.
Customer value |Coordination across materials, SKUs and regional delivery fits the complex, high-frequency packaging requirements of chain retailers.
Indicators to watch |Margin and cash contribution from paper bags, food packaging, nonwovens and labels.
Research source:Nanwang 2025 Annual Report
E
MANUFACTURING TRACK · CAPABILITY PATH
Manufacturing Path E | Tobacco packaging, security printing and labels: making packaging a quality and data interface
Once packaging carries identity, batch, anti-counterfeiting and traceability information, it moves beyond print and into the customer’s information system.
16
COMPANY CASE
Case 16 | Shanghai Tobacco Package Printing: industrial-grade consistency
Public information |No. 12 in the candidate pool, with capabilities in tobacco-pack design and printing as well as testing systems for paper, inks, printed materials and VOCs.
Recent developments |Public materials continue to demonstrate capabilities in tobacco-pack design, specialty processes and quality testing.
Customer value |Coordination across color, materials, anti-counterfeiting and testing creates systematic control of stability and consistency.
Indicators to watch |Pass rates, continuity of supply, development lead time and quality-control performance.
Research source:Shanghai Tobacco Package Printing website
17
COMPANY CASE
Case 17 | Donggang Inc.: opening identity and data interfaces beyond printing
Public information |No. 26 in the candidate pool, covering bills and forms, data printing, labels, smart cards, RFID, identity documents and technical services.
Recent developments |In 2025, revenue was RMB 1.186 billion, net profit attributable to shareholders was RMB 144 million and operating cash flow was RMB 228 million. Revenue from traditional printing products declined 13.81% year on year, while revenue from smart-card and RFID products increased 60.66%.
Customer value |Printing, identity, RFID, data and traceability are integrated through a single interface, creating room for information services in packaging and labels.
Indicators to watch |Revenue quality and real-world deployment of smart-card and RFID products, repeat purchases of data services, and operating cash flow.
Research source:Donggang Inc. 2025 Annual Report
F
MANUFACTURING TRACK · CAPABILITY PATH
Manufacturing Path F | Integrated printing and complex finishing: turning process complexity into consistent quality
Complex finishing is not about accumulating decorative processes. It is about delivering consistent structure, tactility, color and assembly.
18
COMPANY CASE
Case 18 | Shengtong Printing: rigorous manufacturing for food and pharmaceutical packaging
Public information |No. 15 in the candidate pool. Its packaging-printing business primarily serves food and pharmaceutical products, alongside publishing and commercial-printing operations.
Recent developments |Annual reports continue to disclose the customer industries served by its food and pharmaceutical packaging business.
Customer value |Clear separation among food, pharmaceutical, commercial and publishing-printing operations supports continued improvement in batch control, artwork management and traceability for packaging.
Indicators to watch |Packaging margin, order renewals, quality incidents, batch traceability and cash collection.
Research source:Shengtong Printing 2025 Annual Report
19
COMPANY CASE
Case 19 | Leo Paper Group: using complex finishing to create premium packaging quality
Public information |No. 16 in the candidate pool, with products including books, board books, game sets, gifts and packaging.
Recent developments |The company website and official interviews describe a complete prepress, printing and postpress system.
Customer value |Board books, gifts and premium packaging share complex finishing capabilities, creating combined strengths in structure, surface treatment and assembly.
Indicators to watch |Packaging mix, export revenue, finishing yield, utilization and cash flow.
Research sources:Leo Paper Group website; interview published by the National Press and Publication Administration
20
COMPANY CASE
Case 20 | Hung Hing Printing Group: long-established cross-category export manufacturing
Public information |No. 17 in the candidate pool, with folding cartons, books, paper-based toys and corrugated cases.
Recent developments |The company website continues to present packaging design and manufacturing capabilities for global customers.
Customer value |A portfolio spanning folding cartons, children’s products, corrugated packaging and export packaging creates cross-category manufacturing and responsiveness to international orders.
Indicators to watch |Packaging revenue, customer concentration, export orders, paper costs and cash flow.
Research source:Hung Hing Printing Group website
Who wins the customer’s next order?
Across these 20 companies, the answer is clear. Strength is not defined by a longer product list or newer equipment, but by whether customers turn to a supplier first when they face a product launch, an urgent order, a complex structure or a difficult quality problem.
YUTO TECH.’s global delivery, ZRP’s flexible manufacturing, MYS Group’s integrated services, Hexing Packaging’s regional network, Huangshan Novel’s structural coordination and Donggang Inc.’s data interfaces follow different paths, but they all accomplish the same thing:They reduce customers’ trial and error, downtime and uncertainty.
Lido offers another instructive answer. When water-based coatings, paper, printing, cup forming and recycling begin to collaborate around the same paper cup, a new material gains a credible path to industrial adoption.
Operating pressure does not negate professional capability; it makes the stage of development more visible. International Jifeng’s record order volume and positive operating cash flow, Shanghai Ailu’s system integration and capacity ramp-up, and Donggang Inc.’s RFID growth are all constructive signals worth monitoring.
For a packaging company, the most meaningful recognition is not the phrase “industry-leading,” but a customer’s willingness to entrust it with the next new product, urgent order or difficult project. The answer is not found in slogans, but in one reliable delivery after another.
BIOTEN Packaging · Industry Insights · Research Note
This article is based on public disclosures that could be verified as of 21 August 2026. “Top 20” in the title refers to the 20 core research samples selected from BIOTEN Observer’s 30-company candidate pool; it is not the official top 20 in the published ranking. Lido is an industrial collaboration case and is excluded from the ranking revenue total.
Relationship disclosure |BIOTEN Packaging and Lido are both founding members of the Zero-Carbon Circular Paper Cup Pioneer Alliance. This article describes the value of their industrial collaboration solely on the basis of public information.
BIOTEN Observer data and verification sources | Research materials
National Bureau of Statistics industrial data; the published reproduction of the 2026 Top 100 Printing and Packaging Companies in China and its selection methodology; exchange filings, standards, regulatory records, official interviews and company materials relating to the core 20 companies and Lido.
