Shunho Half-Year Report: New Tobacco Revenue Up 278% YoY to 10.2 Million Yuan, E-Cigarette Segment Revenue 15.59 Million Yuan

On August 15, Shanghai Shunho New Materials Science & Technology Co., Ltd. (Stock Code: 002565, hereinafter referred to as Shunho New Materials) released its 2025 half-year report. The report shows that in the first half of the year, the company achieved operating revenue of 619 million yuan, down 12.19% year-on-year. Net profit attributable to shareholders of the listed company reached 33.3 million yuan, marking a 23.11% increase compared with the same period last year.

Core Business Performance:

• The printing products business remained the company’s primary revenue contributor, generating 298 million yuan, accounting for 48.07% of total revenue.
• The metallized paper business recorded revenue of 186 million yuan, representing 30.03% of total revenue.
• The new tobacco business (noted in the report as generally referring mainly to heated tobacco products) still accounted for a relatively small share of revenue (1.65%).

During the reporting period, the company’s new tobacco business achieved sales revenue of 10.2 million yuan, a sharp increase of 277.83% compared with 2.7 million yuan in the same period last year. The e-cigarette segment recorded operating revenue of 15.59 million yuan, with operating costs of 11.32 million yuan, a gross profit margin of about 27.4%, total assets of 189 million yuan, and total liabilities of 250 million yuan.

The printing business remains the main component of the company's revenue, generating 2.98 billion yuan, accounting for 48.07% of total revenue. The aluminum foil business generated revenue of 1.86 billion yuan, accounting for 30.03% of total revenue. The new tobacco business (commonly believed to include mainly HNB tobacco products) currently contributes a smaller proportion of revenue at 1.65%.

Domestic Market:

Through its subsidiaries and affiliated companies, the company has obtained a full range of licenses covering e-cigarette OEM manufacturing, product production, and brand ownership.

• Subsidiary Lvxinfeng – Holds a Tobacco Monopoly Production Enterprise License for e-cigarette OEM manufacturing.
• Affiliated company Meizhonglian – Holds a Tobacco Monopoly Production Enterprise License for e-cigarette product manufacturing.
• Subsidiary Shunho Yilong – Holds a Tobacco Monopoly Production Enterprise License for domestic sales as a brand-owning e-cigarette enterprise.
• In-house brand launched – The “Yilong” brand pod-based vapor e-cigarette, under subsidiary Shunho Yilong, has successfully entered select retail stores in the Shanghai market.

International Market:

• Extensive production capabilities – Subsidiaries such as Lvxinfeng have the capacity to produce e-liquid products (disposable, pod-based, and open-system), CBD devices, and heated tobacco (HNB) devices.
• Global reach – Products are mainly exported to multiple countries and regions across North America, Europe, Asia, the Middle East, and Africa.