【Daily Research Report Analysis · Guanhao High-Tech】

(Source: Wealth Online Technology)

Founded in 1993, the company is a third-tier state-owned enterprise under China Chengtong Holdings Group, the only state-controlled enterprise specializing in the production of specialty paper.

It owns several wholly owned (or controlling) subsidiaries including Zhanjiang Guanhao, Zhejiang Guanhao, Hongta Renheng, Zhuhai Huafeng, Jinjihua Chemical, and Guanhao R&D. Its production bases are located in key transportation hubs such as Zhanjiang and Zhuhai in Guangdong, and Jiaxing in Zhejiang. The product range covers specialty paper, new high-end materials, and more.

The company’s strategic focus is on building a moderately sized, high-end, green specialty paper industry, cultivating and incubating related diversified strategic emerging industries. It continuously promotes deep integration of Party building and operations, fully implements comprehensive reforms under the “Science and Technology Reform Action,” and leverages technological innovation to create new productive forces. The company steadily advances digital and intelligent manufacturing, remains committed to green and sustainable development, actively fulfills social responsibilities, and aims to become a world-class provider of specialty new materials.

Company Highlights:

1. Leading enterprise in specialty paper, driven by dual development of specialty paper and specialty materials.

Main businesses include R&D, manufacturing, and sales of specialty paper (thermal paper, sublimation transfer paper, high-end coated white cardboard, etc.) and specialty materials (self-adhesive labels, medical film coatings, digital printing films, papermaking chemicals, etc.).

The company focuses on its core specialty paper business, strengthening the supply chain and building a high-end green specialty paper production base with core competitiveness. With technological innovation as the driving force, it has pioneered the replacement of imported carbonless copy paper, thermal paper, and white cardboard for cigarette packaging.

From 2015 to 2024, the company’s revenue CAGR was 21.7%.

The revenue share of white cardboard has increased to 50%.

2. The overall growth of the specialty paperboard industry remains weak, with the mid-to-high-end market maintaining relative stability.

In the first half of 2025, new capacity was significantly released, expanding the overall capacity and further increasing regional concentration. Due to the slower growth of end-user demand compared to capacity expansion, combined with seasonal inventory buildup, the market supply and demand are temporarily unbalanced, leading to low price levels.

However, in the long term, policies on environmental protection, the “dual carbon” strategy, and upgrades in consumer packaging will continue to drive steady demand for alternatives like paper replacing plastics. As leading domestic companies optimize product structures and expand overseas markets, China’s specialty paperboard products are expected to further enhance their position in the global supply chain, supporting industry long-term development.

3. The company is expanding capacity for specialty paper and accelerating the integration of pulp and paper development.

Currently, the company has 3 specialty paper production lines for raw paper, 7 coating lines, 4 high-end coated white cardboard lines, and 1 lamination line, mainly located in Zhanjiang and Zhuhai, Guangdong. The annual capacity for specialty paper raw material is 230,000 tons, coated paper is 193,000 tons, and white cardboard is 900,000 tons.

It also has 4 self-adhesive coating lines, 1 precision coating line, a system for producing thermal medical film coatings, and 2 latex production lines, located in Zhanjiang, Zhuhai, and Pinghu, Zhejiang. The annual capacity for self-adhesive materials is 95,000 tons, film-based materials 5,000 tons, and latex 150,000 tons.

Capacity distribution (in 10,000 tons):

The company’s production and sales rate remains above 90%.

4. Core Competitiveness

(1) Market Leadership Advantage

The company adheres to the principle of “market-oriented, customer-centric,” accurately grasping industry trends and product positioning. It proactively tackles technological challenges, breaks through core technologies, and has formed significant market leadership advantages with fruitful innovation results.

In the field of import substitution, the company has achieved breakthroughs in replacing imports of carbonless copy paper, thermal paper, and white cardboard for cigarette packaging, and is now tackling high-end industrial reverse osmosis membranes and carbon paper raw materials, entering market validation stages. This helps break foreign monopolies, reduce reliance on imports, and promote domestic industry independence.

By accurately capturing market opportunities, the company has launched forward-looking products aligned with the “dual carbon” and environmental trends. It has developed paper-based barrier materials and barrier latex, achieving breakthroughs in high-barrier core technologies. Its products exhibit excellent moisture and oxygen barrier properties, supporting multiple application fields and the “paper replacing plastic” initiative.

Additionally, by understanding end-user demands for environmental safety, the company has launched BPA-free thermal paper, washable adhesives, digital surface films, and other new products, reducing potential safety hazards, expanding application scenarios, and enhancing competitiveness—embodying a customer-centric philosophy.

(2) Brand and Channel Advantages

The company strictly follows the quality policy of “details determine quality, standards are law,” focusing on technological craftsmanship and continuous improvement. It has established long-term stable relationships with large domestic and international clients, becoming a trusted partner and a preferred brand in high-end packaging, thermal paper, and sublimation transfer paper.

With excellent quality, the company’s brand and market performance are outstanding: “Hongta Renheng” brand specialty paperboard leads in quality in the domestic and international white cardboard industry; its cigarette packaging specialty paperboard accounts for nearly a quarter of the niche market. Its thermal sensitive products are technologically advanced, with stable quality, and competitive advantages in high-end protective thermal paper, leading market share. Brands like “Guanhao,” “Haozheng,” and “Hongmei” also enjoy high recognition and reputation within the industry.

Furthermore, the company has broken international monopolies with multiple technologies, aligning with the “dual carbon” goals, and helping the packaging industry move toward high-end and sustainable development. It has received numerous national and provincial honors, including the “National Scientific and Technological Progress First Prize,” “National Intellectual Property Advantage Enterprise,” and “Guangdong Provincial Enterprise Technology Center.”

(3) Technological Innovation Advantages

The company clearly defines its technological and developmental positioning, with the core goal of “serving national strategies, ensuring key industrial chain security, promoting transformation and upgrading of traditional industries, and actively developing strategic emerging industries.” It follows the principles of “aligning with overall strategy, open cooperation, and value creation,” making innovation the core driver of corporate development.

During the 14th Five-Year Plan, the company increased R&D investment, with fixed asset investments exceeding 210 million yuan. It has set up five pilot lines, two comprehensive research laboratories, and one doctoral workstation in Guangzhou and Zhanjiang to support innovation. It also emphasizes talent-driven development, continuously optimizing its talent structure, with over one-third of technical staff holding master’s or doctoral degrees by the end of the reporting period.

Significant R&D achievements include a leap in new product revenue—from about 170 million yuan in 2021 to approximately 470 million yuan in 2025, with an average annual growth rate exceeding 35%. In 2025, the company obtained 43 new patents, including 20 invention patents, and participated in the formulation of 8 national standards, continuously strengthening core technological competitiveness.

(4) Digital and Intelligent Transformation Advantages

As a pilot unit for the “Two Integration” management system standard (GB/T23000 series), the company has established a closed-loop management mechanism for digital transformation, effectively promoting its development.

It has built an advanced digital production and enterprise management platform, utilizing digital and intelligent technologies to develop a new IT architecture tailored to its business needs. This digital empowerment supports innovation, facilitates scientific decision-making, and improves operational efficiency.

(5) Deepening Reform Advantages

Through years of operation, the company has cultivated a large pool of talented personnel in technological innovation and management. It has assembled a high-level, broad-vision, forward-thinking management team.

It actively promotes mechanism reforms, implementing board authority, adopting term limits and contractual management, improving long-term incentive and restraint mechanisms, and refining market-oriented personnel systems. These reforms continuously enhance market-based operation, stimulate innovation vitality, and foster a positive environment for technological innovation, further improving management levels.

(6) Environmental Governance Advantages

The company adheres to the concept of high-quality sustainable development, vigorously advancing green manufacturing systems and fulfilling social responsibilities. Notably, Guanhao High-tech, Hongta Renheng, and Hongren New Materials have been awarded the “National Green Factory” title. The company has developed a 2030 sustainability strategy plan, setting targets such as a 30% reduction in unit product carbon emissions by 2030, implementing high-standard carbon reduction strategies to fulfill its social responsibilities as a central enterprise.

Future Outlook:

The company will continue to pursue its strategic vision of “becoming a world-class specialty new materials enterprise,” with the goal of “building a moderately sized, high-end green specialty paper industry and cultivating related diversified strategic emerging industries.”

1. Unwaveringly strengthen the pulp and paperboard supply chain, accelerate addressing resource shortages in pulp and energy, optimize industrial layout, and enhance cost control and core competitiveness to solidify industry foundation.

2. Persistently develop strategic emerging industries, precisely deploy related new materials, and set clear goals for quality and quantity growth during the 14th Five-Year Plan, promoting industrial structure upgrades and cultivating new growth drivers.

3. Firmly pursue a differentiated, high-end product route, deepening specialization in coating new materials and specialty paper segments, refining product quality, upgrading customer service, and consolidating market position.

Risk Warning: Risks of intensified market competition; fluctuations in raw material prices and exchange rates.

Source: WIND, January 15, 2026, Guotai Haitong Securities, Guanhao High-tech (600433): Veteran leader in specialty paper, steady operational improvement; company announcement; compiled by Wealth Online, March 25, 2026.

The above opinions, strategies, and analysis results are for reference only and are not investment advice. Investment risks are borne by the investor. The stock market involves risks; please proceed with caution.

These insights are provided by the Investment Advisory Service Department. Investment advisors: Chang Jianwu (A1050619080001), Zhu Xiaofei (A1050621070003), Cai Manqiang (A1050621040002).