纸包一周｜纸价在分化，包装企业为何开始拼现金与兑现？

01 · PRICE & PROFIT

Paper Prices and Profit: Recovery Remains Uneven

Pricing needs a new logic: purchasing and sales decisions should be broken down by paper grade, product and order, rather than following a single paper-price curve.

01｜From January to July, profit at industrial enterprises above designated size in the papermaking and paper products sector reached RMB 22.75 billion, up 27.6% year on year; printing-industry profit was RMB 14.09 billion, down 13.7%. The two curves are still moving in opposite directions. 〔01〕

02｜In July, the producer price index (PPI) for papermaking and paper products rose 0.9% month on month and 1.2% year on year; the printing sector fell 0.3% month on month and 3.0% year on year. Even as sector indices recover, purchasing and quotations still need to be based on the specific paper grade and order. 〔02〕

03｜Zijiang Enterprise reported that its purchase price for white paperboard fell 8.2% year on year, while greyboard rose 8.4%; the unit selling price for color-printed paper packaging fell 11.4%. Even within one company, raw materials and finished products must be priced separately. 〔03〕

04｜Pacific Millennium Packaging Group Corporation (International Jifeng Packaging Group) reported a 4.3% increase in revenue, a rise in gross margin to 13.9%, and a narrower loss; yet operating cash flow moved from a net inflow of RMB 162.4 million to a net outflow of RMB 20.2 million as higher inventories slowed cash conversion. 〔04〕

02 · CASH & MIX

Packaging Companies: Growth Must Be Assessed Through Cash Flow and Product Mix

Operating performance also needs a broader scorecard: revenue and profit tell only half the story; cash flow, product gross margins and returns on capacity determine the quality of growth.

05｜XinTongLian reported first-half revenue of RMB 505 million, up 10.92% year on year, and net operating cash flow of RMB 34.61 million, up 71.31%. The company attributed the growth to higher sales volumes of wood and paper products. 〔05〕

06｜XinTongLian's paper-products revenue was RMB 128.3 million; based on disclosed revenue and cost, its estimated gross margin was approximately 18.11%, above the roughly 16.04% for wood products. The value of industrial packaging cannot be judged simply by whether it is paper or wood. 〔05〕

07｜Forest Packaging's revenue increased 74.51%, but net profit attributable to shareholders fell 73.68%; its 600,000-tonne digital inkjet paper project has yet to become profitable after commissioning. A gap remains between ramping up capacity and realizing returns. 〔06〕

08｜Based on Forest Packaging's disclosures, estimated gross margins were approximately 3.64% for containerboard and 4.10% for corrugating medium, versus roughly 14.38%–17.94% for corrugated board, flexographic printing, offset printing and digital printing. Converting and services are widening the gap in value density. 〔06〕

09｜Great Shengda's revenue rose 5.69% and net profit attributable to shareholders increased 9.07%, yet operating cash flow fell 35.90%. Beyond profit growth, purchasing outlays, collections and project investment still require close attention. 〔07〕

10｜Great Shengda reported revenue of RMB 23.93 million and cost of RMB 31.35 million for eco-friendly tableware; based on those figures, the business's path to profitability remains under validation. Compared with an estimated gross margin of about 5.79% for corrugated cases and board, this category will depend even more on improvements in yield, repeat orders and cost structure. 〔07〕

03 · MOLDED FIBER

Molded Fiber: From Capacity Expansion to Market Validation

The sequence of expansion is changing: lock in the market, product and manufacturing economics first, then commit capacity and capital.

11｜ZX Packing Group postponed the scheduled ready-for-use date of its two bagasse tableware projects, each with annual capacity of 100,000 tonnes, in Chongzuo and Laibin from September 2026 to September 2028. In Chongzuo, 30,000 tonnes of capacity has reached design output and another 30,000 tonnes is under construction. 〔08〕

12｜Great Shengda's Thailand corrugated-box facility has used 43.94% of its allocated raised funds and is scheduled for completion in November 2026. Funding came from the reallocation of unused proceeds and interest from an earlier molded-fiber project. Capital is being rematched to customers and regional delivery. 〔07〕

13｜Papela has joined the Blister Pack Collective as its first converter partner to help develop and validate applications for supplements. Molded fiber is moving into the engineering phase, where barrier performance, sealing, particle control, equipment cycle time and yield must all be proven. 〔09〕

04 · FUNCTIONAL PAPER

Functional Paper and Materials: After Product Launch, the Full Engineering Package Matters

Material screening must go one step further: paper-based, water-based, fluorine-free or bio-based is only the starting point; a complete engineering package determines whether a material can run on a production line.

14｜Ahlstrom launched two grease-resistant food-service papers in North America, one with enhanced water holdout for moisture-prone applications and the other for exceptional grease resistance and heat retention. The purchasing value lies not in the words “paper-based,” but in the grade, coating, food-contact documentation, converting performance and repulpability documentation. 〔10〕

15｜A new study produced microfibrillated lignocellulose films using low-consistency refining: hot pressing improved strength and thermal stability but reduced flexibility. Material advances still need to pass tests for continuous manufacturing, barrier performance, sealing and cost. 〔11〕

05 · PULP & TRADE

Pulp Supply and Trade: Policy Is Reaching the Equipment Level

Supply risk now extends to equipment and pulp grades; buyers cannot focus only on spot prices.

16｜Canada is providing C$20 million in support to the Mercer Peace River pulp mill—C$1 million non-repayable and C$19 million repayable—for upgrades to black-liquor piping, pulp-machine rolls, the lime kiln and the recovery boiler. 〔12〕

17｜Canada's counter-tariff plan will take effect on September 8 at rates of 15%, 25% and 50%. Pulp and paper companies cannot treat all “paper products” alike; they still need to verify each HS tariff item, origin and contractual liability. 〔13〕

Next Week: Only Verifiable Changes Matter

01｜ZX Packing Group's project schedule and sales volumes in non-U.S. markets.

02｜Great Shengda's gross margin on eco-friendly tableware, fluorine-free spray-coating trials and trial production at the Thailand facility.

03｜Utilization, unit energy consumption and profitability improvement at Forest Packaging's new projects.

04｜Final products using Ahlstrom's grease-resistant papers and PulPac's fiber blisters, along with food-contact, barrier and production-line data.

05｜Canada's September 8 tariff list and Mercer's retrofit timetable.

Ultimately, every week's information must come back to operations: can the material be made consistently, can the product be delivered repeatedly, and can orders preserve gross margin and convert it into cash? Those are the changes most worth tracking next week.