Shandong Sun Paper Industry JS Co., Ltd.

Shandong Sun Paper Industry JS Co., Ltd., listed on the Shenzhen Stock Exchange (SZSE: 002078) and headquartered in Jining, Shandong Province, China, is one of China's most successful vertically integrated pulp-and-paper enterprises. With forestry plantations in Laos and manufacturing bases in Shandong, Guangxi, and Hubei, Sun Paper achieved RMB 39.19 billion in revenue and RMB 3.25 billion in net profit in 2025.

Operational Highlights: Sun Paper sold 7.99 million tonnes of paper products and 1.30 million tonnes of commercial pulp in 2025, demonstrating strong volume growth of 6% YoY. The company's unique Laos-Guangxi-Shandong iron triangle strategy has successfully achieved raw material self-sufficiency, with the Laos base providing over 1 million tonnes of low-cost wood chips annually.

Strategic Position: Sun Paper operates across Virgin Wood Pulp, Printing & Copy Paper, Specialty Functional Papers, Containerboard, and Tissue Paper segments. The Guangxi Nanning mega-base added 1 million tonnes of high-end boxboard capacity in 2025, positioning the company for continued growth despite industry-wide headwinds.

Financial Strength: Net operating cash flow reached RMB 4.96 billion with an optimized expense ratio of 5.44%. The company maintained a disciplined capital structure while delivering 4.82% net profit growth in a challenging macroeconomic environment.