Shanghai Securities News · China Securities Network, April 22 — Hengda New Material has released its 2025 annual report. During the reporting period, the company achieved operating revenue of RMB 1.151 billion, a year-on-year increase of 14.24%; net profit attributable to shareholders of the listed company was RMB 80.31 million, up 17.32% year-on-year; net profit excluding non-recurring gains and losses was RMB 70.77 million, up 17.64%; basic earnings per share were RMB 0.90, up 16.88% year-on-year.

The company continued to focus on its core businesses of medical and food packaging base paper, maintaining steady growth in main operations. Among them, medical and food packaging base paper generated revenue of RMB 983 million, up 18.21% year-on-year, accounting for 85.43% of total revenue, with the contribution of core products continuing to strengthen. Industrial specialty paper and other businesses developed steadily, further optimizing the overall product structure.

During the reporting period, the company achieved operating profit of RMB 90.89 million, up 20.30% year-on-year, with total profit and net profit increasing simultaneously, demonstrating a steady improvement in profit quality.

From a market perspective, the company’s domestic business maintained steady growth, achieving revenue of RMB 1.049 billion, up 7.22% year-on-year. Meanwhile, overseas market expansion showed results, with overseas revenue reaching RMB 103 million, up 246.25%, significantly increasing the proportion of international business and further optimizing market structure.

In terms of production and sales, both production volume and sales volume grew rapidly, increasing 20.49% and 19.81% year-on-year, respectively. Capacity expansion drove business scale growth, and inventory levels rose slightly, mainly due to the commissioning of new production lines, reflecting the company’s enhanced ability to match capacity with market demand.

Regarding R&D and technology, the company continued to increase technical investment, with annual R&D spending of RMB 39.91 million, up 2.88%. Technical research and development progressed in areas such as medical cold-seal paper and PFAS-free food packaging materials, with multiple products achieving technical breakthroughs and commercialization, further strengthening the company’s technological advantage in high-end specialty paper.

During the reporting period, Hengda’s asset scale and net assets steadily increased. Total assets at year-end were RMB 1.735 billion, up 2.98% year-on-year, and net assets attributable to shareholders of the listed company were RMB 1.398 billion, up 2.50%, showing continuously enhanced overall capital strength. The company also plans to distribute a cash dividend of RMB 4.0 per 10 shares (including tax) to all shareholders, continuing to improve shareholder returns.

Overall, in 2025, the company continued to deepen its presence in the specialty paper segment, leveraging its core business of medical and food packaging base paper to achieve steady growth in revenue and profit. Product and market structures were continuously optimized, and R&D and technological advantages were strengthened. In line with industry trends toward green and high-end development, the company further consolidated its competitive foundation through continuous product upgrades and capacity expansion, laying a foundation for improved operational quality and long-term steady growth.