TacticScaleWhat C&S Paper (中顺洁柔) Does & How It Makes Money (002511.SZ)
Updated October 2026 · reflects C&S Paper's latest reported financials
Chinese maker of tissue paper, wipes, diapers, and personal care products. The company earns revenue mainly by manufacturing branded tissue and hygiene products and selling them to consumers through wholesale, retail, and online channels.
How C&S Paper makes money
The company earns revenue mainly by manufacturing branded tissue and hygiene products and selling them to consumers through wholesale, retail, and online channels. It also generates smaller income from trading related goods such as wood pulp, packaging materials, and medical hygiene products, plus warehousing services.
What C&S Paper does
C&S Paper Co.,Ltd is a household paper company based in Zhongshan, China, serving the mainland Chinese market. Its core business is making tissue products such as paper rolls, tissue boxes, facial tissues, and scented handkerchiefs, sold under brands including Jie Rou, Duo Lei Mi, Sun, Jie Shi Jia, Jie Rou Mian Zi, Yue Yi Rou, Xin Mian Chu Bai, and Rou Ke Shi. Beyond tissue, the company has moved into related hygiene and personal care categories, including wet wipes, non-woven products, cotton tissues, baby diapers, and disposable medical and hygiene products. It also trades materials like wood pulp and packaging, sells a range of daily goods through wholesale, retail, and online channels, and provides warehousing services. That makes it a consumer staples business tied to everyday household demand.
Products & services
- Jie Rou tissue and paper rolls
- Sun household paper
- Facial tissues and scented handkerchiefs
- Wet wipes and cotton tissues
- Baby diapers
- Disposable medical and hygiene products
中顺洁柔是做什么的？
中顺洁柔（C&S Paper）总部位于广东中山，主要面向中国大陆市场，核心业务是生产和销售生活用纸，包括卷纸、盒装抽纸、面巾纸和香味手帕纸等。旗下品牌包括洁柔、朵蕾蜜、太阳、洁仕家、洁柔棉子、悦怡柔、心棉初白、柔可适等。 除纸巾外，公司还涉足湿巾、无纺布制品、棉柔巾、婴儿纸尿裤及一次性医疗卫生用品等个人护理和卫生品类，同时经营木浆、包装材料等物资贸易，通过批发、零售和线上渠道销售多种日用品，并提供仓储服务。公司属于与日常家庭消费密切相关的必需消费品行业。
What is C&S Paper worth?
On an owner-earnings DCF, C&S Paper's most-likely value is about ¥14 versus a recent price near ¥7 (51% below fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~¥8) with a margin of safety — so the honest verdict here is “Deeply discounted.” Fair value earns its keep only at the extremes, not in the wide middle.
On the financials alone, $7 is below even the no-growth floor ($8); the market's discount — expectations and sentiment beyond the numbers — is pricing in ≈ -1.6%/yr. A bargain only if that pessimism is overdone.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
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