Yongfeng Yu was affected by the cost of raw materials and packaging materials. The profit in the third quarter of 2018 was higher than that of the same period of last year, and it was still the second highest in the same period in the past seven years. Looking forward to this season, as the Sino-US trade war has caused customers to place orders and disrupt the traditional demand season, the follow-up impact is still difficult to judge. The company is cautious about the fourth quarter and the first quarter of next year.

However, the fluctuation of raw materials mainly affects the papermaking business. The performance of Yongfengyu's paper mills in China and Vietnam remains stable. The trade war has increased the growth momentum of the ASEAN market. The new paper mill in the construction of North Vietnam is expected to be put into operation in the first half of next year. With an increase of 7 to 8 million square meters, the South China 4th Paper Mill has a monthly production capacity of about 26 million square meters. There will also be expansion plans next year.

In the third quarter of 2018, Yongfeng’s combined revenues reached a new high of 19.989 billion yuan, a quarterly increase of 5.01% and an annual increase of 14.45%. However, the gross profit margin and profitability ratio fell to 15.59% and 3.84%, and the gross profit margin was a low for the same period in the past four years. However, the net profit after tax of the owner was 793 million yuan, an increase of 81.58% in the quarter and a decrease of 25.71% in the same period. It was still the second highest in the same period in the past seven years, with a surplus of 0.48 yuan per share.

Among them, the pulp and paper business group revenue was 4.836 billion yuan, a quarterly decrease of 1.07%, an annual increase of 6.38%, and a profit rate of 3.71%, lower than the 4.47% in the second quarter and better than 3.23% in the same period last year. According to the company, the third quarter was due to the implementation of routine annual maintenance, which caused the revenue and profitability to decline compared with the second quarter. However, the international pulp price was higher than the same period of last year, and the product prices were adjusted simultaneously, and the annual growth was still maintained.

The paper paper business group's third quarter revenue was 8.588 billion yuan, a 12.9% increase in the quarter and an annual increase of 21.57%. However, the profit rate was “double down” to 3.94%, mainly due to the annual increase in raw material costs of Yangzhou plant by nearly 30%. The amplitude modulation could not be reacted. Fortunately, the 12 paper mills in mainland China were profitable, and the Vietnamese paper mills also grasped the supply chain regional conversion business opportunities to fill the profit decline of the Yangzhou plant.

As for the consumer goods business group of 2.821 billion yuan, the quarter increased by 0.03%, the annual increase of 7.08%, the profit rate was 1.52%, lower than the second quarter of 2.99%, but a negative change of 2.54% compared with the same period last year. Yong Fengyu said that mainly because the international short-staple pulp price and packaging material costs continue to rise, but the product price can not reflect the cost, resulting in business benefits are affected.

In the first three quarters of Yongfeng, the combined revenues reached a record high of 56.844 billion yuan, an increase of 16.47%, but the gross profit margin fell to a near four-year low of 15.26%. The profit rate was 3.31%, down from 4.5% in the same period last year. Under the industry's revenue of 590 million yuan, the net profit attributable to the owner after tax was 1.34 billion yuan, down 11.94% year-on-year, still a record high of nearly 7 years, with a surplus of 0.81 yuan per share.

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