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China Sunshine Paper Holdings Co. Ltd.
(2002)
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Rating:49Neutral
Price Target:
HK$1.50
▲(53.06% Upside)
Action:Reiterated
Date:09/24/26
The score is held down primarily by weak financial performance—shrinking margins, negative recent revenue trend, and a sharp drop in operating cash flow with deeply negative free cash flow—alongside rising leverage and lower returns. Technicals are supportive with an uptrend, but overbought momentum signals add near-term risk. Valuation (low P/E and moderate dividend yield) provides some offset but is not enough to outweigh the fundamental deterioration.
Positive Factors
Resilient Gross Margin
Maintaining mid-teen gross margins through 2023–2025 indicates the company still retains some ability to manage product pricing and input costs. This provides a base for recovery if utilization, product mix, or market conditions improve, even though overall profitability remains weak.
Negative Factors
Sustained Profitability Decline
The decline from materially higher net and EBIT margins in 2020–2021 shows that the company’s earnings power has weakened substantially. Low current margins leave less room to absorb pricing pressure or cost increases and make returns more sensitive to changes in paper demand and production economics.
Read all positive and negative factors
Positive Factors
Negative Factors
Resilient Gross Margin
Maintaining mid-teen gross margins through 2023–2025 indicates the company still retains some ability to manage product pricing and input costs. This provides a base for recovery if utilization, product mix, or market conditions improve, even though overall profitability remains weak.
Read all positive factors
China Sunshine Paper Holdings Co. Ltd. (2002) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$1.70B
Dividend Yield3.13%
Average Volume (3M)230.57K
Price to Earnings (P/E)10.6
Beta (1Y)0.22
Revenue Growth14.95%
EPS Growth-15.17%
CountryHK
Employees4,500
SectorBasic Materials
Sector Strength58
IndustryPaper, Lumber & Forest Products
Share Statistics
EPS (TTM)0.13
Shares Outstanding1,065,144,400
10 Day Avg. Volume371,750
30 Day Avg. Volume230,566
Financial Highlights & Ratios
PEG Ratio-0.20
Price to Book (P/B)0.28
Price to Sales (P/S)0.18
P/FCF Ratio-2.37
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
China Sunshine Paper Holdings Co. Ltd. Business Overview & Revenue Model
Company Description
China Sunshine Paper Holdings Company Limited is an international enterprise primarily involved in the manufacturing and distribution of diverse paper products. Its extensive portfolio encompasses white top linerboards, both standard and coated va...
How the Company Makes Money
China Sunshine Paper Holdings Co., Ltd. makes money primarily by manufacturing paper products and selling them to customers. Its core revenue stream is sales of its paper products (including specialty paper and other paper products) where revenue ...
China Sunshine Paper Holdings Co. Ltd. Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
48
Neutral
Cash Flow
23
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 8.52B | 7.79B | 8.05B | 8.36B | 9.54B | 7.98B |
| Gross Profit | 1.07B | 1.09B | 1.20B | 1.31B | 1.16B | 1.53B |
| EBITDA | 596.55M | 731.19M | 613.96M | 1.19B | 918.92M | 1.24B |
| Net Income | 134.42M | 159.90M | 279.87M | 393.31M | 205.73M | 556.62M |
Balance Sheet | ||||||
| Total Assets | 14.08B | 13.54B | 12.11B | 12.16B | 12.10B | 11.03B |
| Cash, Cash Equivalents and Short-Term Investments | 3.05B | 2.92B | 1.15B | 1.59B | 868.93M | 840.09M |
| Total Debt | 6.94B | 6.50B | 5.11B | 5.18B | 5.56B | 4.71B |
| Total Liabilities | 8.70B | 8.22B | 6.81B | 7.19B | 7.68B | 6.94B |
| Stockholders Equity | 4.90B | 4.84B | 4.85B | 4.57B | 4.09B | 3.78B |
Cash Flow | ||||||
| Free Cash Flow | -290.44M | -582.25M | 86.51M | 870.30M | -111.79M | -50.98M |
| Operating Cash Flow | -4.61M | 113.71M | 680.54M | 1.41B | 546.40M | 1.07B |
| Investing Cash Flow | -503.85M | -791.12M | -884.63M | -118.01M | -1.13B | -1.39B |
| Financing Cash Flow | 742.15M | 853.55M | -228.69M | -559.81M | 607.55M | 536.07M |
China Sunshine Paper Holdings Co. Ltd. Technical Analysis
Positive
0.98
Price Trends
1.09
Positive
1.03
Positive
1.15
Positive
Market Momentum
0.14
Negative
87.11
Negative
97.24
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:2002, the sentiment is Positive. The current price of 0.98 is below the 20-day moving average (MA) of 1.26, below the 50-day MA of 1.09, and below the 200-day MA of 1.15, indicating a bullish trend. The MACD of 0.14 indicates Negative momentum. The RSI at 87.11 is Negative, neither overbought nor oversold. The STOCH value of 97.24 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HK:2002.
China Sunshine Paper Holdings Co. Ltd. Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | HK$26.07B | 6.25 | 7.96% | 2.07% | 22.31% | 109.79% | |
64 Neutral | HK$14.45B | 5.80 | 7.88% | 6.08% | 13.69% | 83.56% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
56 Neutral | HK$109.40M | 2.12 | 21.02% | ― | -5.13% | -4.83% | |
49 Neutral | HK$1.70B | 10.56 | 2.76% | 3.13% | 14.95% | -15.17% | |
41 Neutral | HK$4.70B | -1.16 | -447.20% | 4.48% | 4.20% | 52.87% | |
40 Underperform | HK$389.02M | -3.90 | -55.61% | 5.45% | 27.73% | -478.69% |
* Basic Materials Sector Average
HK:2002
China Sunshine Paper Holdings Co. Ltd.
1.60
-0.13
-7.51%
HK:2314
Lee & Man Paper Manufacturing
3.37
0.69
25.56%
HK:2689
Nine Dragons Paper Holdings
5.56
0.06
1.18%
HK:1812
Shandong Chenming Paper Holdings Co., Ltd. Class H
0.59
-0.27
-31.40%
HK:0731
C&D Newin Paper & Pulp Corporation Limited
0.28
0.10
57.14%
HK:8481
Shenglong Splendecor International Limited
0.27
-0.19
-41.30%
China Sunshine Paper Holdings Co. Ltd. Corporate Events
China Sunshine Paper Unit Strikes RMB120m Finance Lease for Linerboard Equipment
Aug 31, 2026
China Sunshine Paper’s wholly owned unit Numat Paper has entered into a finance lease arrangement with Ping An International Financial Leasing involving key equipment used for coated white top linerboard production in Shandong. The leased as...
China Sunshine Paper lifts revenue but profit drops on higher costs
Aug 28, 2026
China Sunshine Paper Holdings reported interim results for the six months ended 30 June 2026, showing revenue of RMB4.30 billion, up 20.2% from a year earlier, while gross profit slipped 3.5% to RMB519.6 million. Profit attributable to shareholder...
China Sunshine Paper Schedules Board Meeting to Review Interim Results and Dividend
Aug 17, 2026
China Sunshine Paper Holdings Company Limited has called a board meeting for 28 August 2026 to review and approve the unaudited interim results for the six months ended 30 June 2026. The directors will also consider whether to declare an interim d...
China Sunshine Paper Uses Sale-and-Leaseback to Unlock Capital From Linerboard Assets
Jul 21, 2026
China Sunshine Paper Holdings Co. Ltd., via its subsidiary Numat Paper, is a Chinese paper manufacturer specializing in coated white top linerboard, relying on dedicated production equipment installed at its Weifang, Shandong facility. These indus...
China Sunshine Paper Warns of Sharply Lower Interim Profit Amid Rising Costs
Jul 17, 2026
China Sunshine Paper Holdings Company Limited, a Hong Kong-listed paper manufacturer incorporated in the Cayman Islands with main operations in Shandong, PRC, produces paper and related materials for regional and broader markets. The group operate...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.