2015 Annual Report of China's Paper Industry
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1 Annual Report Annual Report of China's Paper Industry China Paper Association I. Production and Consumption of Paper & Board, the average annual growth rate of paper & board production was 5.71%, and the average annual growth rate of paper & board consumption was 5.13%. As shown in Fig. 1 and Table The General Situation of Shares of production and consumption of main paper & board According to the survey made by China Paper Association (CPA), grades in the nation s gross in are shown in Fig.2 and Fig.3 in, there were about 2,900 paper & board manufacturers in respectively. mainland china. The total production and consumption of paper & board were million tons and million tons, increased by 2.29% and 2.79% compared with the previous year respectively; 2. The Production and Consumption of Main Paper & Board paper & board per capita consumption was 75 kg. From 2006 to Grades from 2006 to Qspevdujpo! Qbdlbhjoh qbqfs 7/32& Dpotvnqujpo 231 Boovbm!qspevdujpo!hspxui!sbuf;6/82ǁ Njmmjpo!upot Mjofs!cpbse!! 31/:7& Ipvtfipme qbqfs! 9/37& 215/81 218/21 Boovbm!dpotvnqujpo!hspxui!sbuf;6/24ǁ ::/41 :8/63 213/61 211/59 212/21 :8/93 211/82 214/63 :3/81 :2/84 97/51 96/7: 8:/91 8:/ /61 83/:1 76/11 77/ Dpbufe qsjoujoh qbqfst!! 8/2:& Xijuf!cpbse!24/18& Dpssvhbujoh nfejvn! 31/88&! Tqfdjbmuz!qbqfst Vodpbufe!qsjoujoh '!cpbset!3/58&!! '!xsjujoh!qbqfst Ofxtqsjou 27/3:& Puifs!hsbeft!3/12& 3/86& : Fig.1 Total Production and Consumption of Paper & Board Fig.2 Shares of Production of Main Paper & Board Grades in the Nation's Gross in Table 1 Production and Consumption of Main Paper & Board Grades in Production Grade Total amount 1. Newsprint 2. Uncoated printing & writing papers 3. Coated printing papers Coated art paper 4. Household paper 5. Packaging paper 6. White board Coated white board 7. Liner board 8. Corrugating medium 9. Specialty papers & boards 10. Other papers & boards Consumption Change /% 年第8期 造纸信息 Change /%
2 Fig.4 Production and Consumption of Newsprint Fig.3 Shares of Consumption of Main Paper & Board Grades in the Nation's Gross in (1) Newsprint In, the production and consumption were 2.95 million tons and 2.99 million tons, decreased by 9.23% and 6.85% compared production and consumption from 2006 to were -2.63% and -1.22% respectively. As shown in Fig. 4. (2) Uncoated Printing & Writing Papers In, the production and consumption were million tons and million tons, increased by 1.75% and 3.13% compared production and consumption from 2006 to were 4.06% and 3.70% respectively. As shown in Fig. 5. (3) Coated Printing Papers In, the production and consumption were 7.70 million tons and 6.42 million tons, decreased by 0.65% and increased by 2.72% compared with 2014 respectively. The average annual growth rates of production and consumption from 2006 to were 5.89% and 5.40% respectively. As shown in Fig. 6. In which, the production and consumption of coated art paper were 6.80 million tons and 5.96 million tons, decreased by 0.73% and increased by 1.53% compared with 2014 respectively. The average annual growth rates of production and consumption from 2006 to were 6.68% and 6.72% respectively. As shown in Fig. 7. (4) Household Paper In, the production and consumption were 8.85 million tons Fig.5 Production and Consumption of Uncoated Printing & Writing Papers Fig.6 Production and Consumption of Coated Printing Papers Fig.7 Production and Consumption of Coated Art Paper 100 NO CHINA PAPER NEWSLETTERS
3 and 8.17 million tons, increased by 6.63% and 7.64% compared production and consumption from 2006 to were 7.28% and 7.23% respectively. As shown in Fig. 8. (5) Packaging Paper In, the production and consumption were 6.65 million tons and 6.81 million tons, increased by 2.31% and 2.41% compared production and consumption from 2006 to were 2.77% and 2.87% respectively. As shown in Fig. 9. (6) White Board In, the production and consumption were million tons and million tons, increased by 0.36% and decreased by 0.15% compared with 2014 respectively. The average annual growth rates of production and consumption from 2006 to were 4.53% and 3.27% respectively. As shown in Fig. 10. In which, the production and consumption of coated white board were million tons and million tons, decreased by 0.37% and 1.04% compared with 2014 respectively. The average annual growth rates of production and consumption from 2006 to were 4.52% and 3.22% respectively. As shown in Fig. 11. (7) Liner Board In, the production and consumption were million tons and million tons, increased by 2.98% and 2.54% compared production and consumption from 2006 to were 7.72% and 6.99% respectively. As shown in Fig. 12. Fig.8 Production and Consumption of Household Paper Fig.9 Production and Consumption of Packaging Paper Fig.10 Production and Consumption of White Board Fig.11 Production and Consumption of Coated White Board Fig.12 Production and Consumption of Liner Board 2016 年第 8 期造纸信息 101
4 (8) Corrugating Medium In, the production and consumption were million tons and million tons, increased by 3.25% and 3.53% compared production and consumption from 2006 to were 7.82% and 7.19% respectively. As shown in Fig. 13. (9) Specialty Papers & Boards In, the production and consumption were 2.65 million tons and 2.17 million tons, increased by 6.00% and 5.85% compared Fig.13 Production and Consumption of Corrugating Medium production and consumption from 2006 to were 10.26% and 5.77% respectively. As shown in Fig. 14. II. Major Economic Indicators According to the statistics released by the National Bureau of Statistics, in, there were 2,791 paper and board producers whose scales were above the statistical threshold. The core business income was RMB billion, increased by 2.33% Fig.14 Production and Consumption of Specialty Papers & Boards compared with The growth rate of industrial added value was 1.90%. The products inventory was RMB 31.7 billion, decreased by 0.24% compared with The total pre-tax profits was RMB 61.1 billion, increased by 2.87% compared with 2014, of which total profits was RMB 37.3 billion and increased by 2.90% compared with The total asset was RMB billion, increased by 5.92% compared with The asset-liability ratio was 58.74%, increased 0.19 percentage points. The total liability was RMB billion, increased by 5.90% compared with mills accounting for 13.11% of total 2,791 mills were running with deficit. Note: The datas from 2007 to 2010 form CPA. Fig.15 Core Bussiness Income The major economic indicators from 2006 to were shown in Fig.15 and Fig.16. III. Ownership Structure and Scale Structure of Paper and Board Enterprises According to the industrial statistics of the paper enterprises whose scales were above the statistical threshold released by National Bureau of Statistics, in, 63 enterprises were state-owned Note: The datas from 2007 to 2010 form CPA. Fig.16 Total Pre-tax profits and Total Profits 102 NO CHINA PAPER NEWSLETTERS
5 or state-owned holding, accounted for 2.26% of the total paper enterprises; 301 enterprises were three types of foreign-investment, accounted for 10.78%; 2427 enterprises were collectively-owned or other ownerships, accounted for 86.96%. Of the core business income of paper and board enterprises, state-owned or state-owned holding enterprises accounted for 7.75%, three types of foreign-investment enterprises accounted for 26.96%, and the collectively-owned or other ownerships enterprises accounted for 65.29%. Of the total pretax profits, state-owned or state owned holding enterprises accounted for 4.38%, three types of foreign-investment enterprises accounted for 24.99%, and collectively-owned or other ownerships enterprises accounted for 70.62%. In terms of the total profits, state-owned or state-owned holding enterprises accounted for 1.64%, three types of foreign-investment enterprises accounted for 24.46%, and collectively-owned or other ownerships enterprises accounted for 73.90%. As shown in Fig. 17. The total 2,791 paper and board enterprises whose scales were above the statistical threshold in could be categorized as large, medium and small size according to China s standard, 517 paper enterprises belonged to large and medium size, accounted for 18.52% of the total paper & board enterprises; 2,274 paper enterprises belonged to small size, accounted for 81.48%. The paper & board core business income of large and medium size paper enterprises accounted for 66.28% of the industry s total, and small size enterprises accounted for 33.72%; the total pre-tax profits of large and medium size paper enterprises accounted for 64.68% and small size enterprises accounted for 35.32%; and the total profits of large and medium size paper enterprises accounted for 65.77% and small size enterprises accounted for 34.23%. As shown in Fig. 18. The enterprises with paper & board production above 1 million tons in included Nine Dragons Paper Co., Ltd million tons, Lee & Man Paper Manufacturing Limit Ltd million tons, Shandong Chenming Paper Group Co., Ltd million tons, Shandong Sun Paper Co., Ltd million tons, Shandong Huatai Group Co., Ltd million tons, Anhui Shanying Paper Co., Ltd million tons, Fujian Liansheng Paper 2.32 million tons, Gold East Paper (Jiangsu) 2.03 million tons, Ningbo Zhonghua Paper (including Asia Pulp & Paper) 1.99 million tons, China Paper Corporation 1.76 million tons, Jiangsu Longchen Greentech Co., Ltd million tons, Fig.17 Ownership Structure and Scale Structure of Paper Enterprises Fig.18 The Main Ecomonic Index of Paper & Board Enterprises Fig.19 Consumption of Domestic Pulp Dongguan Jianhui Paper Co., Ltd million tons, Gold Hongye Paper Group Co., Ltd million tons, Zhejiang Jingxing Paper Co., Ltd million tons, Shandong Sunshine Paper Group Co., Ltd million tons, Hainan Jinhai Pulp & Paper Co., Ltd million tons, Shandong Bohui Paper 1.06 million tons, Zhejiang Yongzheng Holding Co., Ltd million tons, as shown in attached table. The enterprises with pulp production above 1 million tons in 2016 年第 8 期造纸信息 103
6 included Shandong Asia Pacific SSYMB Pulp & Paper Co., Ltd million tons, Hainan Jinhai Pulp & Paper Co., Ltd million tons. IV. Production and Consumption of Pulp 1. The Production of Pulp According to CPA s survey, the total pulp production was million tons in, increased by 0.99% compared with the previous year. In which, wood pulp was 9.66 million tons, increased by 0.42%; pulp from waste paper was million tons, increased by 2.41%; non-wood pulp production was 6.80 million tons, decreased by 9.93%. As shown in Table The Consumption of Pulp In, the total pulp consumption was million tons, increased by 2.60%. The consumption of wood pulp was million tons, and its share in total pulp consumption was 28%; in which, imported wood pulp accounted for 18%, domestic Fig.20 Consumption of Pulp wood pulp accounted for 10%. The consumption of pulp from wastepaper was million tons, and its share in total pulp consumption was 65%; in which, the pulps from imported and domestic waste paper accounted for 25% and 40% respectively. The consumption of non-wood pulp was 6.80 million tons, and its share in total pulp consumption was 7%; in which, wheat & rice straw pulps accounted for 3.1%, bamboo pulp accounted for 1.5%, reed pulp accounted for 1.0%, bagasse pulp accounted for 1.0%, other non-wood pulps accounted for 0.4%. As shown in Table 3, Fig. 19 and Fig. 20. Table 2 Pulp Production in 2006 Million tons Grades Year Total amount Wood pulp Pulp from wastepaper Non-wood pulp Reed pulp Bagasse pulp Bamboo pulp Wheat & rice straw pulp Other pulps Table 3 Total Pulp Consumption in Million tons Pulp grades 2014 Share/% Share/% Change/% Total amount Wood pulp Imported wood pulp * * Pulp from wastepaper Pulp from imported wastepaper Non-wood pulp Note: *1 the import of wood pulp in 2014 was million tons, deduct the dissolving pulp of 2.09 million tons, and the actual consumption was million tons; *2 the import of wood pulp in was million tons, deduct the dissolving pulp of 2.27 million tons, and the actual consumption was million tons. 104 NO CHINA PAPER NEWSLETTERS
7 V. Production and Consumption of Converted Paper Products 1. Production and Consumption of Converted Paper Products According to the statistics from National Bureau of Statistics, there were 3,898 converted paper products enterprises whose scales were above the statistical threshold in. Their production was million tons, increased by 6.07% compared with 2014; the consumption was million tons, increased by 6.18% compared with 2014; the import amount was 120,000 tons and the export amount was 2.84 million tons. The average annual growth rates of production and consumption from 2006 to were 13.60% and 13.84% respectively. As shown in Fig Ownership Structure and Scale Structure of the Converted Paper Products Enterprises In, there were 3,898 converted paper products enterprises whose scales were above the statistical threshold, in which, 40 enterprises were state-owned or state-owned holding, accounted for 1.03% of the total mills; 629 enterprises were three types of foreign-investment, accounted for 16.14%; 3,229 enterprises were collectively-owned or other ownerships, accounted for 82.84%. Of the core business income of converted paper products enterprises, state-owned or state-owned holding enterprises accounted for 0.86%, three types of foreign-investment enterprises accounted for 24.72%, and collectively-owned or other ownerships enterprises accounted for 74.42%. Of the total pre-tax profits, state-owned or state-owned holding enterprises accounted for 0.76%, three types of foreign-investment enterprises accounted for 29.51%, and collectively-owned or other ownerships enterprises accounted for 69.73%. The total profits of stateowned or state-owned holding enterprises, three types of foreign-investment enterprises and collectively-owned or other ownerships enterprises accounted for 0.61%, 30.74% and 68.65% respectively. As shown in Fig. 22. The total 3,898 converted paper products enterprises whose scales were above the statistical threshold in could be categorized as large, medium and small size according to China s standard, 465 enterprises belonged to large and medium size, accounted for 11.93% of the total converted paper products enterprises; 3,433 enterprises belonged to small size and accounted for 88.07%. The core business income of large and medium size converted paper products enterprises accounted for 36.53% of the industry s total, and small size accounted for 63.47%; the pre-tax profits of large and medium size converted paper products enterprises accounted for 43.65%, and small size accounted for 56.35%; and the total profits of large and medium size converted paper products enterprises accounted for 45.79%, and small size accounted for 54.21%. As shown in Fig. 23. Fig.21 Production and Consumption of Converted Paper Products Fig.22 Ownership Structure and Scale Structure of Converted Paper Products Enterprises Fig.23 The Main Ecomonic Index of Converted Paper Products Enterprises 2016 年第 8 期造纸信息 105
8 VI. Import and Export of Paper & Board, Pulp, Wastepaper and Converted Paper Products 1. Import of Paper & Board, Pulp, Wastepaper and Converted imported wastepaper was USD per ton, decreased by 7.19% compared with As shown in Table Export of Paper & Board, Pulp, Wastepaper and Converted Paper Products Paper Products In, the export amount of paper & board was 6.45 million tons, In, the import amount of paper & board was 2.87 million tons, increased by 1.77% compared with The import amount of pulp was million tons, increased by 10.41% compared with The import amount of wastepaper was million tons, increased by 6.40% compared with The import amount of converted paper decreased by 5.29% compared with The export amount of pulp was 102,000 tons, increased by 4.62% compared with The export amount of wastepaper was 700 tons, as the same as the previous year. The export amount of converted paper products was 2.84 million tons, increased by 2.90% compared with products was 120,000 tons, decreased by 7.69% compared with In, the total export amount of paper & board, pulp, wastepaper, In, the total import amount of paper & board, pulp, wastepaper, converted paper products was million tons, increased by 7.58% compared with 2014; their total cost was USD billion, increased by 1.65% compared with The average price of imported paper & board was USD 1, per ton, decreased by 7.70% compared with The average price of imported pulp was USD per ton, decreased by 4.28% compared with The average price of converted paper products was 9,392.7 thousand tons, decreased by 2.85 compared with 2014; their total earning was USD billion, increased by 5.60% compared with The average price of exported paper & board was USD 1, per ton, increased by 8.55% compared with The average price of exported pulp was USD 1, per ton, decreased by 8.11% compared with As shown in Table 5. Table 4 Imports of Pulp, Wastepaper, Paper & Board and Converted Paper Products in Grades 2014 /10,000 tons Import Change /10,000 /% tons I. Pulp II. Wastepaper III. Paper & board Newsprint Uncoated printing & writing papers Coated printing papers Coated art paper Packaging paper Liner board White board Coated white board Household paper Corrugating medium Specialty papers & boards Other papers & boards IV. Paper products Total amount Data source: General Administration of Customs. Table 5 Exports of Pulp, Wastepaper, Paper & Board and Converted Paper Products in Grades 2014 /10,000 tons Export Change /10,000 /% tons I. Pulp II. Wastepaper III. Paper & board Newsprint Uncoated printing & writing papers Coated printing papers Coated art paper Packaging paper Liner board White board Coated white board Household paper Corrugating medium Specialty papers & boards Other papers & boards IV. Paper products Total amount Data source: General Administration of Customs. 106 NO CHINA PAPER NEWSLETTERS
9 3. Import and Export Shares of Major Paper & Board Grades The import and export shares of major paper & board grades are shown in Fig.24 and Fig.25. Fig.24 The Shares of Imported Paper & Board Grades in Fig.25 The Share of Exported Paper & Board Grades in 4. Import and Export of Major Paper Grades from 2006 to The imports and exports of major paper grades from 2006 to were showed in Fig. 26-Fig. 36. Fig.26 Import and Export of Newsprint Fig.27 Import and Export of Uncoated Printing & Writing Papers Fig.28 Import and Export of Coated Printing Papers (1) Newsprint: its import exceeded the export and the net import amount was 40,000 tons in, as shown in Fig. 26. (2) Uncoated printing & writing papers: its export exceeded the import and the net export amount was 650,000 tons in, as shown in Fig. 27. (3) Coated printing papers: its export exceeded the import and the net export amount was 1.28 million tons in, as shown in Fig. 28; in which, the export of coated art paper exceeded the import and the net export amount was 840,000 tons, as shown in Fig. 29. Fig.29 Import and Export of Coated Art Paper 2016 年第 8 期造纸信息 107
10 (4) Household paper: its export exceeded the import and the net export amount was 680,000 tons in, as shown in Fig.30. (5) Packaging paper: its import exceeded the export and the net import amount was 160,000 tons in, as shown in Fig. 31. (6) White board: its export exceeded the import and the net export amount was 1,010,000 tons in, as shown in Fig. 32; in which, the export of coated white board exceeded import and the net export amount was 1,020,000 tons, as shown in Fig. 33. Fig.30 Import and Export of Household Paper (7) Liner board: its import exceeded the export and the net import amount was 520,000 tons in, as shown in Fig. 34. (8) Corrugating medium: its import exceeded the export and the net import amount was 30,000 tons in. As shown in Fig. 35. (9) Specialty papers & boards: its export exceeded the import and the net export amount was 480,000 tons in, as shown in Fig Import and Export of Converted Paper Products from 2006 to Fig.31 Import and Export of Packaging Paper The imports and exports of converted paper products from 2006 to were showed in Fig. 37 and Fig. 38. (1) The import amount of converted paper products was 120,000 tons in, decreased by 8% compared with (2) The export amount of converted paper products was 2.84 million tons, increased by 3% compared with Fig.32 Import and Export of White Board VII. Production Distribution and Centralization According to the survey of CPA, in, the total paper & board production of 11 provinces (regions, cities) in eastern China accounted for 75.0% of the nation s gross, as the same as 2014; the total production of the 8 provinces (regions, cities) in central China accounted for 16.3%, increased 0.5 percentage points compared with 2014; and the total production of the 12 provinces (regions, cities) in Fig.33 Import and Export of Coated White Board 108 NO CHINA PAPER NEWSLETTERS
11 Fig.34 Import and Export of Liner Board Fig.35 Import and Export of Corrugating Medium Fig.36 Import and Export of Specialty Papers & Boards Provinces/ regions in eastern China 75.0% Fig.38 Export of Converted Paper Products Provinces/regions in central China 16.3% Provinces/regions in western China 8.7% Fig.39 Regional Distribution of China's Paper Industry in Fig.40 The Production Share of Major Provinces in Fig.37 Import of Coverted Paper Products western China accounted for 8.7%, decreased 0.5 percentage point compared with As shown in Table 6 and Fig. 39. There were 16 provinces (regions, cities) where the paper & board production exceeded 1 million tons in, they were Guangdong, Shandong, Zhejiang, Jiangsu, Fujian, Henan, Hunan, Hebei, Chongqing, Anhui, Tianjin, Hubei, Guangxi, Sichuan, Jiangxi and Hainan, their total production reached million tons, accounted for 95.48% of nation s gross, as shown in Table 7 and Fig 年第 8 期造纸信息 109
12 Table 6 Production Distribution of China s Paper Industry in Production 2014 Share /% Production Share /% Total production Eastern Central Western Data source: CPA. Table 7 Provinces with Paper & Board Production Over 1 Million Tons in Province /regions/cities Production 2014 VIII. Environmental Protection Change/% Guangdong Shandong Zhejiang Jiangsu Fujian Henan Hunan Hebei Chongqing Anhui Tianjin Guangxi Hubei Sichuan Jiangxi Hainan Total amount Data source: CPA. According to the statistics of the Ministry of Environmental Protection in 2014, the water consumption of pulping & papermaking and paper converting enterprises (the number of surveyed enterprises was 4,664, decreased 192 compared with the previous year) was billion tons; in which fresh water consumption was billion tons and accounted for 8.68% of the Nation s total industrial fresh water consumption of billion tons. The recycled water was billion tons and water recycling rate was 71.96%, as the same as previous year. Fresh water consumption per RMB 10,000 output values (current price) was 46.2 tons, decreased by 5.5% (i.e. 2.7 tons) compared with The effluent discharge from paper industry was billion tons in 2014, accounted for14.7% of the nation s total industrial effluent discharge ( billion tons). The COD discharge from pulp and paper industry was 478,000 tons and decreased by 10.3% (i.e. 55,000 tons) compared with 2013 (533,000 tons), accounted for 17.4% of the nation s total industrial COD discharge (2,746,000 tons) and decreased 1.3 percentage points. The COD discharge intensity for RMB 10,000 output values (current price) of pulp and paper industry was 6.6 kg, decreased by 13.2%. The ammonia nitrogen in discharged effluent was 16,000 tons, accounted for 7.6% of the nation s total industrial ammonia nitrogen emission (210,000 tons) and as the same as The ammonia nitrogen discharge intensity for RMB 10,000 output values (current price) of pulp and paper industry was 0.22 kg, decreased by 12%. The annual operating cost for wastewater treatment facilities of paper industry was RMB 5.69 billion, decreased RMB 100 million compared with previous year (as shown in Fig. 41). In 2014, the SO 2 emission from paper and converted paper products industries was 412,000 tons, decreased by 8.2% (i.e. 37,000 tons) compared with The nitrogen oxide emission was 194,000 tons, as the same as previous year. The discharged smoke and dust was 142,000 tons, decreased by 4.7% compared with The annual operation cost for exhaust gas treatment facilities was RMB 1.73 billion, increased by 6.1% compared with Fig.41 COD Discharge Intensity of RMB 10,000 Output Value ( ) 110 NO CHINA PAPER NEWSLETTERS
13 IX. Summary In, under the background of the economic downward pressure strengthened, confidence in the market weakened the market competition of some products grown fiercer, enterprise's profit margins narrowed, the enterprises of China's paper industry were experiencing more difficulties in production and operation, and the industry has not yet completely overcame difficulty. But the whole paper industry made a concerted effort to solve many problems and maintained stable development with the basically stable production and operation, and balanced supply and demand through intensifying the restructuring, exploiting potentialities, saving energy and reducing consumption, reducing production costs, actively adapting to the changes in market demand, and focusing on improving the quality and efficiency. Rank Attached Table Top 30 Paper Enterprises Ranked by Production in Enterprises 2014 /10,000 tons Production /10,000 tons Change/% 1 Nine Dragons Paper Co., Ltd Lee & Man Paper Manufacturing Limit Ltd Shandong Chenming Paper Group Co., Ltd Shandong Sun Paper Co., Ltd Shandong Huatai Group Co., Ltd Anhui Shanying Paper Co., Ltd Fujian Liansheng Paper Gold East Paper (Jiangsu) Co., Ltd Ningbo Zhonghua Paper Co., Ltd. (including Ningbo Asia Pulp & Paper) China Paper Corporation Jiangsu Longchen Greentech Co., Ltd Dongguan Jianhui Paper Co., Ltd Gold Hongye Paper Group Co., Ltd Zhejiang Jingxing Paper Co., Ltd Shandong Sunshine Paper Group Co., Ltd Hainan Jinhai Pulp & Paper Co., Ltd Shandong Bohui Paper Co., Ltd Zhejiang Yongzheng Holding Co., Ltd UPM-Kymmene (China) Paper Co., Ltd Dongguan Jinzhou Paper Co., Ltd Shandong Tralin Paper Co., Ltd Xinxiang Xinya Paper Group Co., Ltd Gold Huasheng Paper (Suzhou Ind'l Park) Co., Ltd Dahe Paper Co., Ltd Shandong Huajin Group Co., Ltd Henan Yinge Industrial Investment Co., Ltd Shandong Guihe Xianxing Paper Co., Ltd Zaozhuang Huarun Paper Co., Ltd Guangzhou Paper Group Co., Ltd Asia Symbol (Guangdong) Paper Co., Ltd Note: based on the collected data 年第 8 期造纸信息 111
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