The concentration of the industry is relatively low, and the "four strong" leaders occupy a dominant position. In 2019, the market share of household paper CR4 was 30.0%, which was only 2.6pct higher than that in 2013. We found that the market concentration of the household paper industry is relatively low, and the trend of leading differentiation is relatively slow. We believe that this is mainly due to the relatively simple production process of household paper, the dispersion of forest resources in China, regional small household paper factories in various regions can also achieve small-scale production, and household paper as a relatively strong commodity with homogenous attributes, some consumers are relatively sensitive to the price. It is more inclined to local brand products with relatively low freight and relatively low brand premium space.

The "top four" show a trend of share change. In the household paper industry, Hengan International's Xinxiang Printing, Zhongshun Jierou's Jierou, Vinda International's Vinda and Jinhongye's Qingfeng stable occupy the top four positions in the industry. From 2013 to 2019, Vinda and Jiesoft's share increase momentum was relatively strong, increasing 1.2pct and 2.0pct to 9.4% and 5.5% respectively.

The consumer groups corresponding to the "Top four" brands still have a certain pursuit of the high quality represented by the brand endorsement. We believe that although household paper has a certain homogeneity attribute, its quality differentiation cognition is relatively similar, that is, in the cognition of most consumers, the quality of paper products with better toughness, thicker paper, not easy to drop scraps, and less chemical residue is higher, and the recognition of this view is relatively high.

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