1. People's Republic of China Stocks

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    Basic Materials

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    Paper, Lumber & Forest Products
Shandong Bohui Paper Industry Co., Ltd.

Shandong Bohui Paper Industry Co., Ltd.

600966.SS
Shandong Bohui Paper Industry Co., Ltd.CN flagShanghai Stock Exchange
4.93
CNY
-0.16
- -
6.59BMarket Cap
Shandong Bohui Paper Industry Co., Ltd.
600966.SS
(Shanghai Stock Exchange)

Recent

price

4.93

P/E

ratio

- -

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
4.56
5.28
4.95
5.66
6.21
5.27
5.83
6.7
6.24
7.29
10.46
12.27
14.23
15.11
15.31
15.18
15.57
Revenue per Share
0.16
0.13
0.01
-0.18
0.04
0.03
0.15
0.64
0.19
0.1
0.62
1.29
0.18
0.15
0.14
0.12
0.11
Basic EPS, GAAP
-0.42
-0.32
-1.81
-1.04
0.12
0.33
0.64
0.06
-0.97
-0.35
2.44
2.52
-1.02
1.28
0.12
1.25
-0.32
Free Cash Flow per Basic Share
0.1
0.19
0.28
0.45
0.48
0.31
0.22
0.26
0.41
0.43
0.41
0.35
0.64
0.33
0.34
0.27
0.32
Dividend per Share
1.56
1.66
1.66
1.48
1.51
1.8
1.95
2.55
2.7
2.78
3.38
4.57
4.58
4.8
4.87
4.87
4.95
Book Value per Share
3.02
3.12
3.15
2.97
3.57
3.03
3.2
3.53
3.65
3.77
4.39
5.27
4.81
5.13
5.23
5.6
5.32
Tangible Book Value per Share
1,009
1,009
1,009
1,009
1,125
1,338
1,337
1,337
1,337
1,336
1,337
1,326
1,291
1,237
1,236
1,262
1,236
Basic Weighted Avg Shares
4,606
5,330
5,000
5,715
6,981
7,058
7,796
8,955
8,339
9,740
13,982
16,276
18,362
18,693
18,930
19,158
19,232
Sales/Revenue/Turnover
9.01
8.73
6.55
6.18
5.01
4.47
7.86
16.87
9.64
7.3
11.86
15.41
3.47
3.75
2.83
3.29
2.41
Operating Margin (%)
309
338
341
397
509
515
504
466
459
637
782
765
780
704
787
765
- -
Depreciation Expense
163
128
7
-183
45
39
201
856
256
134
834
1,706
228
182
176
155
135
Net Income, GAAP
19.28
15.56
20.7
- -
4.44
28.09
27.62
24.33
17.04
5.53
23.68
23.92
- -
17.06
14.66
15.77
31.85
Effective Tax Rate (%)
3.54
2.41
0.14
-3.2
0.64
0.55
2.58
9.56
3.07
1.37
5.97
10.48
1.24
0.97
0.93
0.81
0.7
Profit Margin (%)
406
241
-52
-2,156
-1,481
-1,331
-1,149
-1,627
-2,819
-4,294
-4,107
-2,892
-4,502
-4,431
-4,933
-4,390
-4,972
Working Capital
1,342
1,125
3,299
1,793
1,361
805
421
978
3,318
2,925
2,686
1,596
2,214
1,765
1,115
1,252
823
LT Debt
3,222
3,368
3,399
3,216
4,219
4,261
4,471
4,965
5,164
5,272
6,087
7,267
6,518
6,669
6,800
7,419
6,893
Total Equity
5.85
6.03
3.15
- -
2.9
2.11
4.38
10.86
5.44
4.82
8.98
14.03
- -
3.93
2.95
3.28
4.76
Return on Invested Capital (%)
6.54
5.91
2.98
- -
5.72
3.92
4.97
12.16
5.76
4.64
9.94
16.48
- -
3.23
2.98
2.67
-4.26
Return on Capital (%)
10.89
7.91
0.42
-11.52
2.81
1.88
8.03
28.45
7.29
3.65
20.23
32.24
3.81
3.07
2.94
2.56
2.22
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Dec'24
Mar'25
Jun'25
ST Debt
8,277
8,434
10,032
LT Borrowings
1,072
899
790
LT Finance Leases
43
41
33
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
1,337
1,337
1,337
Market Capitalization
6,380
5,597
5,461

Working Capital

FRC

•

in mil. unless spec.
Dec'24
Mar'25
Jun'25
Total Current Assets
8,503
9,892
10,695
Cash, Cash Equivalents & STI
3,078
3,848
5,088
Accounts Receivable, Net
1,452
1,705
1,767
Inventories
2,419
2,702
2,201
Total Current Liabilities
13,436
14,918
15,667
Payables & Accruals
- -
- -
- -
ST Debt
8,277
8,434
10,032
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
6%
4.49%
9.1%
Free Cash Flow
-194.4%
107.55%
985.16%
Net Income, GAAP
113.59%
-3.45%
-11.56%
Sales/Revenue/Turnover
11.23%
6.7%
1.2%
Total Cash Common Dividend
4.27%
-0.89%
-19.18%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
4,398
4,864
4,705
4,963
18,930
2025
4,564
4,999
4,707
- -
19,158
2026
4,460
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.08
- -
- -
- -
0.14
2025
0.04
- -
- -
- -
0.12
2026
0.04
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.06
- -
- -
- -
0.34
2025
0.06
- -
- -
- -
0.27
2026
0.05
- -
- -
- -
- -
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Business
Shandong Bohui Paper Industry Co., Ltd. manufactures and markets a broad range of pulp and paper products in China. Founded in 1994 and headquartered in Zibo, Shandong Province, the company, listed on the Shanghai Stock Exchange (600966.SS) since 2004, operates two major production bases in Shandong and Jiangsu provinces and distributes domestically and internationally. Its main products include white ivory cardboard, cultural paper such as double adhesive paper and offset printing paper, boxboard paper encompassing AAT cow card paper and white-faced cow card paper, gypsum cover paper or gypsum facing paper, containerboard, and chemical wood pulp; it also engages in pulp manufacturing, paper products trading, and related import-export activities through its manufacturing and trading segments. As the sole A-share listed platform under Jinguang Group APP (China) following the 2020 acquisition of Bohui Group by APP China, which established APP as the controlling shareholder with nearly 49% stake, the company continues to optimize its equity structure and leverage group synergies in coated board and uncoated woodfree paper production. Recent developments feature the successful launch of the 450,000-ton high-end information paper project in October 2022, the water treatment upgrading and transformation project, and the laminated paper project; the digital lean management system entered operation in May 2022, advancing the company into its digital 1.0 phase with emphasis on intelligent production, big data, and lean systems. In December 2025, Shandong Bohui announced plans to invest 1.7 billion yuan ($240.65 million) in a chemical wood pulp expansion project to enhance self-sufficiency and production capacity; additionally, its subsidiary Jiangsu Bohui received a 27.4 million yuan government subsidy in early 2025. The company employs over 5,800 people and pursues green low-carbon initiatives, including three wastes management and circular economy practices, while focusing on digital transformation, technological innovation, and high-quality sustainable development.