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

Aug.15.2025
Shunho Half-Year Report: New Tobacco Revenue Up 278% YoY to 10.2 Million Yuan, E-Cigarette Segment Revenue 15.59 Million Yuan
In the first half of 2025, Shanghai Shunho New Materials Science & Technology Co., Ltd. recorded revenue of 619 million yuan, down 12.19% year-on-year, and net profit of 33.3 million yuan, up 23.11% year-on-year. Printed products and metallized paper remained the company’s main revenue drivers, but the new tobacco business delivered standout growth, generating 10.2 million yuan in revenue—a surge of 277.83% compared with the same period last year. The e-cigarette segment posted revenue of 15.59

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.

 

Shunho Half-Year Report: New Tobacco Revenue Up 278% YoY to 10.2 Million Yuan, E-Cigarette Segment Revenue 15.59 Million Yuan
Shunho's first half performance ｜Image source: Shunho Company

 

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.

 

Shunho Half-Year Report: New Tobacco Revenue Up 278% YoY to 10.2 Million Yuan, E-Cigarette Segment Revenue 15.59 Million Yuan
Composition of operating income | Source: Shunho Corporation

 

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%.

 

Shunho Half-Year Report: New Tobacco Revenue Up 278% YoY to 10.2 Million Yuan, E-Cigarette Segment Revenue 15.59 Million Yuan
Report on the financial information of the branches | Image source: Shunho Corporation

 

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.

 

References:
[1] 上海顺灏新材料科技股份有限公司 2025 年半年度报告

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