Shandong Sunpaper (002078) Q3 2026 earnings summary

Executive summary

• Q3 revenue was ¥11.10B, up 13.03% YoY; net profit attributable to shareholders was ¥970.6M, up 34.89%.

• 9M revenue reached ¥31.96B, up 10.46% YoY; attributable net profit was ¥2.92B, up 16.88%.

• Q3 financial statements were unaudited.

Financial highlights

• Q3 net profit excluding non-recurring items was ¥1.03B, up 45.64% YoY; 9M adjusted net profit was ¥2.96B, up 19.99%.

• 9M operating cash flow was ¥4.58B, up 37.81% YoY, supported by higher cash receipts from sales relative to payments for purchases and services.

• 9M financial expenses declined 36.20% YoY to ¥226.0M, mainly due to increased foreign-exchange gains.

Outlook and guidance

• A proposed 500,000-ton natural biomass fiber project carries estimated investment of ¥2.5B; subject to shareholder and regulatory approvals, completion and trial production are targeted for Q4 2027.

• A proposed 600,000-ton green paper-based packaging materials project carries estimated investment of ¥1.5B; subject to approvals, completion and trial production are targeted for Q4 2027.

• The Nanning integrated forestry-pulp-paper upgrade targets 40% of total investment by end-2026, with full investment and trial production planned for Q4 2027.