The new normal balancing continues

Transcription

1 The new normal balancing continues Aki Niemi Area President, China

2 Valmet in China Contents 1 2 Valmet in China in brief Market position, drivers and market review 3 Main competitors Strategy and competitive edges Summary Appendix: References in China

3 China area overview Focusing on businesses in pulp and paper industry Our business Our customers Our achievements We serve customers by providing technology and services for the pulp, paper and energy industries in China Improve customer relationship, understand the customers real needs and provide competitive solutions Our customers are in leading position in pulp and paper businesses Our customers are looking for opportunities in energy savings and efficiency Large installed base in pulp and paper industry Good reputation for lifecycle service Continuous technology development We have established strong local presence to serve our customers Orders received H1/215 3

4 Valmet offering in China Comprehensive offering in pulp and paper industry Complete paper, board and tissue making lines, rebuilds and key components Complete fiber lines and recovery islands, rebuilds Complete Automation offering for mainly pulp and paper customers Valmet full scope service for pulp and paper customers We have strong position at high end technologies Services Automation Pulp and Energy Service net sales has increased roughly 9% in the past five years 65% of orders received is from 1 key corporations Agreement based business has started to develop in the past two years Totally 5 installed automation systems (Quality Measurement, Process Control, Web Inspection, Contioning Monitoring) including 2 competitor replacements only in this year More than 6 pulp and paper analyzers and consistency measurements 18 complete Valmet pulp lines are running at 13 customers We are #1 counted by delivered capacity of pulp lines and #2 by number of deliveries in wood pulp lines Paper More than 85 running Valmet paper and board machines and 17 tissue machines at 49 customers We are clearly #1 in paper and board machines and #2-3 in tissue machines 4

5 Valmet s operations in China Serving the pulp, paper and energy industries A technology and services company with a unique customer offering also including full automation offering for pulp, paper, energy and other selected process industries. About 2, employees serving customers through a local network of production, sales and service units 6 production units, 3 service centers and several branch offices with the support of Valmet s global network Valmet s first deliveries to China were in the 193's (by Valmet s predecessor) The first joint venture (Valmet Xian) was established in

6 Valmet s milestones in China 215 Valmet acquire Metso s Process Automation Business 213 Fabrics Tianjin extended 21 Fabrics Tianjin 28 Metso Paper Technology (Xi an) 23 Metso Paper (Shanghai), Wai Gao Qiao Metso Paper (China) 1999 Start-up of the world's first OptiConcept paper machine (Nanping PM 5) 1989 Valmet-Xian joint venture 1933 First paper machine delivery to China by KMW (Guangzhou Paper) 214 Starts serving customers with new company name - Valmet 21 Zibo service center 29 Guangzhou service center 26 Metso Paper Technology (Shanghai), Jiading 21 Wuxi Service Center 1997 Valmet Beijing representative office 1956 First paper machine delivery to P.R. of China (Guangzhou PM 5) 6

7 Local presence in China Factory Shanghai (3) Xi an Tianjin (2) Xi an Beijing Tianjin Ji nan Zibo Wuxi Shanghai Service center Wuxi Guangzhou Zibo Chengdu Guangzhou Taiwan Office Beijing Ji nan Chengdu Guangzhou Taiwan 7

8 Strong regional customer base across China Serving pulp, paper and energy customers Services Pulp and Energy Paper Automation Valmet is a registered trademark of Valmet Corporation. Other trademarks appearing here are trademarks of their respective owners. 8

9 The share of China in Valmet Financial figures in 214 China is still an important market for new board and tissue machines However, China s relative weight in Valmet s business is balanced China 8% Orders received Net sales Personnel Asia- Pacific 19% North America 16% South America 9% China 11% Asia- Pacific 15% North America 18% South America 13% China 18% Asia- Pacific 6% North America 11% South America 4% EMEA 48% EMEA 43% EMEA 61% Automation business line is excluded 9 Source: Financial Report

10 Market position, drivers and market review

11 Market drivers Services Automation Pulp Paper Growth supported by significant amount of new capacity being installed during the last 15 years and the installed base is aging. New installations creating new growth opportunities. Increasing demand for saving costs of raw materials, energy and labor drives need for automation Higher quality requirements drive the need for automation Aging automation systems installed during last 15 years drive upgrade and replacement business Increasing standard of living in Asia driving demand for paper, board and tissue based products, expected to increase the demand for fiber Demand for paper, board and tissue is growing fastest in Asia, especially China and India, which do not have sufficient domestic fiber resources Developing markets, e.g. China, expected to drive containerboard demand Higher product penetration together with improved product quality drive tissue consumption e.g. in China Trend for lighter basis weights in packaging 11

12 Annual review 213 vs. 214 vs E215 Production and consumption in paper and pulp industry Paper Review Pulp Review 12, 12, 1, 8, 6, -4.2% -9.7% 3,2 3,25 3,6 +2.4% % 25,5 24,9 24,9 +3.% +7.2% 4,6 4,45 4,15 9,1 8,3 7, % +4.4% -3.4% -11.3% 3,2 3,21 3, % +.2% 23,1 22,54 22,5 +2.8% +6.2% 3,9 3,79 3,57 8,2 7,59 7, % +3.4% 1, 8, 6, 7, 7,55 8,29-9.% -7.5% -8.9% -8.9% 6,9 26,6 7,55 25,4 8,29 1,2 23, % 9, % 8,82 +5.% +4.2% 4, +5.5% +4.2% 6,5 63,8 66,5 +4.6% +3.2% 6,79 63,58 65,7 4, +8.% +9.1% 66,9 59,4 61,89 +7.% +6.8% 66,3 59,4 61,89 2, 2, Production Consumption 213/P 214/P 215E/P 213/C 214/C 215E/C Production Consumption 213/P 214/P 215E/P 213/C 214/C 215E/C Packaging & Board Tissue Others Printing & Writing Newsprint Recycled Wood Non-wood 12 Source: C.P.A, RISI

13 Production/Consumption: Containerboard Market outlook by RISI 25, 2, 15, 1, Linerboard Healthy balance with supply and demand. The growth is linked with economic activity. On-line shopping supports recyclable packaging growth. 5, Production Export Consumption Import Fluting 25, 2, 15, 1, 5, Production Export Consumption Import 5% 4% 4% 3% 3% 2% 2% 1% 1% % Containerboard Demand/Capacity Demand Growth Capacity Crowth 13 Source: C.P.A, RISI 16 th Asian Conference

14 Production/Consumption: Cartonboard Market outlook by RISI Cartonboard 18, 16, 14, 12, 1, 8, 6, 4, 2, Production Export Consumption Import Annual Change in Chinese Board Demand/Capacity, (RISI) Recycled boxboard demand will continue to drag down overall growth, and a larger demand and supply gap has lead to tougher market competition for both import and export grades and more closures China boxboard capacity has greatly outpaced demand, causing further imbalance in domestic market More than half of the 15 end-use sectors analyzed in this study indicate slower growth through the forecast period Domestic producers will compete to increase exports 14 Source: C.P.A, RISI 16 th Asian Conference

15 Packaging grade summary & outlook Some positive news Rebate of 5% on the valueadded tax (VAT) on recovered fiber (RCF) based paper and board products from July. Recent investments often focus on lighter basis weights leading to faster board machines where Valmet is the strongest. (ktons) 1, 9, 8, 7, 6, 5, 4, 3, 2, 1, Packaging Production/Consumption Forecast 1,5 1, , ,5 Production Consumption Import (LHS) (LHS) (RHS) 15 Source: RISI

16 1, 9, 8, 7, 6, 5, 4, 3, 2, 1, Production/Consumption: Tissue Market outlook by RISI Tissue Production Export Consumption Import China will continue to be the main driving force of global tissue industry expansion, followed by Latin America and the Middle East. Project delays will be common. The Chinese tissue industry seems to be in a structural change: small mills will disappear. - E.g. Guangxi Huamei (26, tons), and closure of smaller tissue mills in Dongguan City (total 2, tonnes). Tissue export will increase About 1.4 million tons gap between total installed capacity and effective capacity 16 Source: C.P.A, RISI 16 th Asian Conference

17 Production/Consumption: Graphic paper & newsprint Market outlook by RISI UWF(Uncoated Woodfree) 2, 18, 16, 14, 12, 1, 8, 6, 4, 2, Newsprint: Permanent Decline Printing & writing paper: Most Asian markets are growing The more mature markets will see continued decline. Production Export Consumption Import CWF(Coated Woodfree) 12, 1, 8, Declining 6, 4, 2, Production Export Consumption Import 17 Source: C.P.A, RISI 16 th Asian Conference

18 Production & Consumption outlook in China Compared with Asia totals by different grades Containerboard Cartonboard 1, 9, 8, 7, 6, 5, 4, 3, 2, 1, Asia consumption China consumption , 3, 25, 2, 15, 1, 5, Asia consumption China consumption , 16, 14, 12, 1, 8, 6, 4, 2, Tissue Asia consumption China consumption , 12, 1, 8, 6, 4, 2, Newsprint Asia consumption China consumption 6, 5, 4, 3, 2, 1, Printing & writing Asia consumption China consumption 18 Source: RISI

19 Consumption per capita Chinese consumption far away from the level at the Western world Tissue Consumption (kg/per) 3 25 Population NA 2 15 E.Europe W.Europe JPN 1 5 AFRICA SA Oceania ME China Rest of Asia Paper, Board -5 Consumption (kg/per) 19 Source: PPI Annual Review 214 (213 figures)

20 China will remain important market for new machines (ktons) 7, 6, 5, 4, 3, 2, 1, Paper & board capacity changes forecast Cartonboard Containerboard P&W News/Closure P&W/Closure -1, China India Vietnam Taiwan Indonesia Japan Thailand 2 Source: RISI

21 Environmental issues Government fight against water pollution Dongguan city has shut down 57 paper mills by June According to the plan, some 14 industrial plants, including 57 paper mills, was shut down permanently. The campaign was targeting board mills with a capacity below 2, tons/a and tissue plants with a capacity below 5, tons/a. This year, the pulp and paper equipment closure targets include Wood pulp lines with a capacity < 51, tons/a Non-wood pulp lines < 34, tons/a Recycled fiber-based pulp lines < 1, tons/a Newsprint machines with a capacity < 5, tons/a Printing and writing paper units < 1.76 m wide and with a speed < 12 m/min Cartonboard and recycled containerboard machines < 2 m wide and slower than 8 m/min. These closures are good for balancing the market and environment. The players in the market can be get more integrated. Bigger containerboard customers benefited from the price increase in June Source: News

22 2,1 2,3 51 1,65 1,8 5,332 4,64 4,922 8,196 8,311 7,414 8,31 9,954 1,57 Old facility closure in pulp and paper industry Closures on high level in the past 5 years 12, 1, 8, Target closure Actual closure 6, 4, 2, Source: Ministry of Industry and Information Technology of the P.R.O.C

23 Total new installations by startup year Overcapacity in coated boards, tissue and coated fine papers Wood pulp startups, kton/a Board startups, kton/a 1,2 6, 1, 5, 8 4, 6 3, 4 2, 2 1, Chem. Pulp Mech. Pulp Other Cartonboard Fluting Linerboard 1,2 Paper (Printing & Writing) startups, kton/a 2, Tissue startups, kton/a 1, 8 1,5 6 1, CWF Newsprint UWF Tissue 23

24 Development of paper industry in China Long-term trends Production and consumption will grow, but growth rate will be slower Competition will be tougher, winners and losers expected - consolidation Industry integration and elimination of out of date capacity will continue Paper and board export can grow, but fiber including virgin fiber and recycled fiber import will continue Policy and management on energy saving and pollution control will be strengthened 215 market perspective Still restructuring and rebalancing, but recovering Container board investments continue (mainly mid-size machines) Cartonboards suffering heavily on overcapacity Tissue investments estimated to slowly recover in next years, but winners and losers Some grade conversion rebuilds and even new paper machines planned for paper grades. US antidumping actions may impact on balance. 24

25 Development of net sales and orders received Orders received Net sales 2% % 28% % % 15% 11% 9% H1/15 China net sales H1/15 99 % of Valmet total 3% 25% 2% 15% 1% 5% % Orders received and net sales have been levelling in the past 2-3 years Record order intake and net sales years just after financial crisis Strong stimulus-driven investments led to overcapacity in most paper grades (like in many industries in China) Printing and writing paper consumption has been impacted by digital media Growth in packaging board and tissue consumption, but linked with overall economy development China s volumes are in new normal levels having higher ratio of Services. We have adapted to this market and expect this to continue with normal annual cyclicality 25

26 Changes in the market environment Market environment Customers Growth opportunities in services, market growth mainly in services Fiber market will remain about the same level as today Bioenergy market is expected to grow fast, but not in focus now. Paper market flat, investment mainly on mid-size board grades with occasional large machines Profitability lower by slower market growth and overcapacity OPEX and cash flow is the main concern currently More cost and investments on environmental issues Bio-based power generators are struggling with many uncertain drivers Target market size (EUR million) 1, Services Paper 2, ,9 1, Automation Pulp and Energy Effects to us In new investment business focus more on mid-size segment, key components and rebuilds => Competition in mid-size segment with smaller international and local competitors => Further development of local capability, utilize capacity for global deliveries Services business having more local and international competitors => Development of combined offering like agreements and process competence => Development of local presence close to customer 26

27 Exchange rate affect pulp and paper industry China plays an important role in global paper industry China as a high portion of global demand and global growth Cost structure is critical to the paper and board mills in current market China is largely dependent on fiber imports (almost 48% in total, 214) Currency variation will impact on imported fiber cost and to some degree on paper exports 214 total: 94,84 ktons Local pulp; 52% Import pulp; 48% ktons 6, 5, 4, 3, 2, 1, Pulp & Paper / Import & Export in China Pulp Export Paper Export Pulp Import Paper Import 27 Source: J.P Morgan, RISI

28 Main competitors

29 Valmet s market position in China Services Automation Pulp Paper 8% 2% 35% 4% Valmet s market share of target market Valmet s market share of target market Valmet s market share of target market Valmet s market share of target market The service market is fragmented, with Valmet, Voith and Andritz having about the same market share. Valmet #1-3 in different Automation applications in China. ABB and Honeywell the main competitors. Valmet #1 in Pulp in China. Andritz the main competitor. Valmet #1 in Board and Paper. Tissue more fragmented with Valmet, Andritz and Toscotec having about the same market share. 29

30 Competitors Number of competitors in all business segments Global 1 st tier competitors expand local presence Global 2 nd tier competitors finding cooperation with local suppliers for new installations and actively competing with key components Local competitors are seeking technology development and expanding to Asian market Services Automation Pulp and Energy Paper Voith Paper ABB Pulp mill competitor Paper & board Andritz Pulp & Paper Honeywell Andritz Pulp & Paper Voith Paper Number of suppliers strong in selected products / technology, like AFT for baskets, BTG for doctor etc. Numbers of maintenance suppliers, like PMT, UP- Tech, Refine etc. Numbers of paper machine clothing suppliers like Albany, Xerium Siemens Voith Procemex Isra BTG PulpEye Hollysys Supcon Hangzhou Huazhang Sichuan Tongcheng GL&V Wenrui Machinery Fujian Sanming Paper Machinery Other local suppliers Huaji Group Energy competitor Wuhan Boiler Western Power Hangzhou boiler Wuxi boiler Yueli Machinery China Paper Machinery Corporation (CPMC) Bellmer Number of local suppliers Kadant BC Tissue Voith Paper Andritz Pulp & Paper A Celli Toscotec Jinan boiler Kawanoe Zoki Chempolis Key components Dong Energy PMP, PMT, ABK, GapCon, GL&V and others 3

31 Strategy and competitive edges

32 We achieve our strategic targets through the implementation of must-wins The facts Valmet has established strong position in pulp and paper industry Market Equipment business has levelled to current volumes with mid-size board grades, rebuilds and tissue Service market is expected to grow but impacted by customer profitability Our customers are looking for opportunities in energy savings, efficiency and lighter basis weights Competitors Global competitors have strengthened their local presence Local suppliers are trying to grow with mid-size capability and increase competence Cost competitiveness is critical Our way Forward Maintain our leading market position in capital business and service business growth Strengthening key account and reference management Market penetration of modularized technology with cost competitiveness and leading technologies Improving cost competitiveness through productivity development and capacity cost optimization Continuous development of process knowhow, bundling service business Competence development to support business targets Increasing Automation market share with new technology and products 32

33 Valmet s competitive edges Why has Valmet premium pricing? Value of our technology and engineering Value of our quality of manufacturing Value of our smooth start-up and lower OPEX Value of our services 33

34 Capitalizing the service potential Installed base Large installed base providing good opportunity to increase services. Key Account Management Strengthen Key Account Management to improve contribution from key accounts. Agreementbased business Continue to develop agreement-based business. Cost competitiveness Cost competitiveness to improve customer OPEX and to beat low-cost supplier. Spearhead products Introduce spearhead products to market. 34

35 How to improve profitability in China? Competitive cost of raw materials and other procurement China is still competitive sourcing area Increase the share of subcontracting and reduce own capacity cost Localize component sourcing further Manufacturing efficiency and WTO Further optimize capacity cost Basic productivity development Modular manufacturing Implement Lean Increase the share of local engineering and project operations Continue to reduce quality cost Low investment needs less cost pressure from depreciation costs in coming years. 35

36 Summary

37 Summary The installed base is still young and the service culture yet underdeveloped, which offers good possibilities to grow in services Board and tissue consumption is growing Supported by megatrends Overcapacity still impacting market in short-term Valmet has adapted to current market situation and we can further improve competitiveness with own actions. Our strong focus on Key Account Management, performance and technology development will keep us ahead of competition. 37

38 Appendix: References in China

39 Our success in moving forward in China New orders in 215 About EUR 11 million order from Huanggang Chenming Able to produce softwood kraft pulp and dissolving pulp depending on the market needs. Estimated start-up in 217. Lee & Man PM21 Container board, Testliner, 1,1m/min, 1,6 ton/d Repeat order of OptiConcept M by Lee & Man Yuen Foong Yu, Taiwan Containerboard, 3, tonnes, design speed 1,2 m/m, OptiConcept M Jingxing PM12 Rebuild, Kraftliner boxboard Environmental protection projects Air pollution control equipment Sun Paper, Zhan Jiang Chen Ming and HaiNan Jinhai mill Automation: 2 competitor replacements, mainly QCS and Profilers. E.g. Jin Feng Huang Paper, Long Chen Erhlin, Huangchong Yinzhou, Dongguan Shunyu. 39

40 Our success in moving forward in China Well recognition from Tissue makers Lee & Man TM4 ordered in 214 Site: Chongqing New tissue machine: Advantage DCT 2 HS Design speed: 2 m/min Estimate start-up: In 215 Placed repeat orders in 215: TM5 &TM6 Site: Chongqing New tissue machine: Advantage DCT 2 HS Design speed: 2 m/min Start-up : In Valmet

41 Our success in moving forward in China Successful new startups in 215 Zhanjiang Chenming PM3 relocation Old Jilin Shixian PM1 relocated to Zhanjiang Grades: Offset, LWC, Art Paper Design speed at reel 16 m/min Zhejiang Long Chen Paper PM7 Containerboard, 9 m/min. Estimate start-up : Late half of 215 Fiberboard project 3 deliberator systems have been started up in Hubei Jixiang, Heze Yalian, Jining Wandu by end of July 2 more deliberator systems in late half of 215. Automation project Package projects Direct sold projects Tralin PM9/16, DCS/QCS Sun Paper PM29, DMM/PQV Taiwan ChingTshui TM9 Wuhan Jinfenghuang PM6/7/8, QCS Zhenjiang Dadong PM1, QCS Zhanjiang Chenming PM3, The first parent roll in the reel after startup Valmet

42 Our success in moving forward in China New developments in 215 Services capacity Valmet LiteFit and LiteCompact holders production launched in August, 215, in WaiGaoQiao, Shanghai. Aiming to serve China and Asia-Pacific market. 2th roll delivered from Guangzhou Service Center on August 8, 215 Xian improved environmental performance In 214, Xian workshop replaced old coal boilers with a natural gas heating system, the improvement made key contribution to the decreasing of Valmet s CO 2 emissions last year. 42

43 Contributing to the well-being of communities and the education We continue the programs that are helping to education and build the well-being of communities Donate 2 sets of water filters to Kengzheng Primary school at Jiaxian, Yulin, Shaanxi Province in June, 215. Valmet (China) Co., Ltd. awarded Labor Prize of Shanghai and Top 1 of Publicity of Democratic Management in Shanghai by Shanghai Federation of Trade Unions, for its excellent results in internal communication and for having established a harmonious labor relationship. Provide scholarships to top industry universities since 29. Working with the Chinese Red Cross, we supported rebuilding of two schools in Sichuan Province after the 28 earthquake. 43

44 Paper, board and tissue machine references in China New order Delivered Hebei Longteng PanAsia Puyang Longfeng Paper Wuhan Chenming Yue Yang Jiangsu Gold East Paper StoraEnso Suzhou Lee & Man Changshu Jiangxi Chenming Fook Woo Liujiang Foshan Huafeng Zhuhai Zhanjiang Chenming Zhanjiang Guanhao Paper Max. Fortune Hongkong Anhui Shanying Jilin Paper Black Dragon Paper, Qiqihar Jia Mu Si Paper Mill MCC Paper Yinhe Shandong Chenming Shandong Huatai MCC Paper Yinhe Shandong Sishui Jinyi Shandong Huazhong Zhenjiang Dadong Paper UPM Changshu Xiameng Xinyang Dongguan Jianhui Nine Dragons Dongguan Jilin Shixian Paper, Tumen Changle Numat Paper Shandong Sun Paper Shandong Bohui Paper Nine Dragon Taicang Shanghai Xinghuo Zhejiang Zhenzhou Huzhou Paper Qing Shan Paper Mill Guangzhou Paper Mill Kimberly-Clark Shanghai Ningbo Ningshin Fujian Nanping Paper Heng An Holding Fujian Hengli Lee & Man Donguan Zhejiang Jingxing Zhejiang Ji An Hangzhou Huajing Fujian Liansheng 44

45 Pulping references in China Jilin Paper Black Dragon Paper, Qiqihar Jiamusi, Heilongjiangl Xinjiang Bositenghu Xinjiang Tianxi Zhalantun Sun Paper Shandong MCC Yinhe Heilongjiang Dare Wood Jilin Hongshi Yingkou Paper Shandong Chenming Shandong Huatai April Rizhao Bohui Paper Jilin Helong Shandong Sishui Jinyi Zhengda Paper Co. 45 Fiberboard Stock preparation and recycled fiber line Mechanical pulping Chemical pulping Guangyuan shengda Sichuan Leshan Sichuan Yongfeng Sichuan Yibin Guangxi Jindaxing Tengchong Gulin Wuhan Chenming Yue Yang Paper Guangdong Hanhong Guangxi Sunway Guangxi Hexian Zhanjiang Guanlong UPM Changshu StoraEnso Suzhou Hubei PTP Jiangxi Robina Yiyang Senhua Fujian Nanping Chitianhua Paper APP Hainan Hainan Huasheng Hainan Sanya Timber Oj Paper Jiangsu Nantong Kimberly-Clark Shanghai Shanghai Xinlun Zhejiang Minfeng Hangzhou Xinhua Fujian Qingshan Ningbo Xiaogang Hunan Chenzhou Yunong Paper Fujian Tengrongda Guangdong Dare Wood Nine Dragons Paper Guangzhou Paper Mill Zhuhai Hongta Renheng

46 Automation references in China Mudanjiang Hengfeng Jilin Chenming 46 L&M Chongqing ND Chongqing C&S Chengdu Sichuan Xunyuan Yibing Paper Meilin Paper Yunnan Yunjing Hubei APP Wuhan GoldenPhoenix Wuhan Chenming Guangxi Jindaxing Nanning Phoenix Nanning Jinlang Guangxi Yongkai Guangxi Jingui Tangshan C&S April SSYBOL ND Tianjing Hebei Huatai Shandong Quanlin MCC Yinhe Zhengda Shandong Huatai Shandong Chenming Shandong Changle Weifang HengAn Shandong Bohui Puyang Longfeng IPSP & Sunpaper Xinxiang Xinya Jiangsu L&M, Taixing CPKelco Henan Tianbang Jiangsu Bohui UPM Changshu, Nantong Oji Xuchang Tobacco StoraEnso Suzhou, Kunshan Banknote Zhongliang Suzhou Anhui Shanying Anhui Huatai Yueyang Paper Hunan Yuanjiang Hunan HengAn Hunan Juntai Asia Symbol Guangdong Huatai Jiangmen C&S Zhuhai Huafeng Zhanjiang Chenming Zhanjiang Guanlong Hainan Jinhai APP Hainan Goldenhongye Wuxi Longchen Zhenjiang Dadong Zhejiang Huabang Zhejiang Kingdector Jiangxi Chenming Zhejiang JiAn, Hangzhou Huajing Ningbo APP, Ningbo Zhonghua Zhejiang jinxing, Zhejinag Haijin Zhejiang Dongda, Zhejiang Longchen Fujian Nanping Qingshan Paper Fujian HengLi Fujian HengAn Fujian Liansheng Xiameng Xinyang Guangzhou L&M Gongdong Wanlida Dongguan Jianhui Dongguan Jinzhou ND Dongguan Guangzhou Paper Suzhou GoldHogye, Kunshan Avery ND Taichang, Kunshan YFY Shangai Orient Champion Shanghai Yintai

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