Financial Performance - Revenue decreased by 3.2% from approximately RMB 8,047.6 million in FY2024 to approximately RMB 7,788.6 million in FY2025[2] - Profit attributable to owners of the company for FY2025 was approximately RMB 159.9 million, a decrease of approximately RMB 120.0 million or 42.9% compared to RMB 279.9 million in FY2024[2] - Gross profit for FY2025 was RMB 1,097.5 million, down from RMB 1,195.9 million in FY2024[4] - Total comprehensive income for FY2025 was RMB 200.7 million, compared to RMB 338.7 million in FY2024[5] - Basic and diluted earnings per share for FY2025 were RMB 0.15, down from RMB 0.26 in FY2024[5] - Segment profit for the year ended December 31, 2025, was RMB 1,189,969,000, down from RMB 1,371,523,000 in 2024, indicating a decrease of about 13.2%[24] - Other income for the year ended December 31, 2025, totaled RMB 153,696,000, compared to RMB 274,287,000 in 2024, reflecting a decline of approximately 44%[28] - The company reported a comprehensive profit before tax of RMB 319,769,000 for the year ended December 31, 2025, compared to RMB 448,684,000 in 2024, indicating a decrease of about 28.8%[24] - The annual profit attributable to the company's owners for fiscal year 2025 was approximately RMB 159.9 million, a decrease of about RMB 120.0 million from RMB 279.9 million in fiscal year 2024[74] Revenue Breakdown - The group reported total revenue of RMB 7,788,614,000 for the year ended December 31, 2025, with paper products contributing RMB 7,418,041,000 and electricity and steam contributing RMB 363,807,000[20] - Revenue from contracts with customers was recognized at a point in time for paper products and electricity, totaling RMB 7,781,848,000, while revenue recognized over time was RMB 6,766,000[20] - The group’s revenue from the Chinese market was RMB 7,543,980,000, while overseas revenue was RMB 244,634,000 for the year ended December 31, 2025[20] - The group’s revenue for the year ended December 31, 2024, was RMB 8,047,605,000, with paper products contributing RMB 7,607,588,000 and electricity and steam contributing RMB 440,017,000[20] - The company’s total segment revenue for the year ended December 31, 2025, was RMB 8,548,610,000, compared to RMB 8,928,766,000 in 2024, indicating a decrease of about 4.3%[23] Assets and Liabilities - Non-current assets increased to RMB 8,056.5 million in FY2025 from RMB 7,553.9 million in FY2024[6] - Current liabilities increased to RMB 6,146.0 million in FY2025 from RMB 5,179.5 million in FY2024[7] - Total equity attributable to owners of the company was RMB 4,840.3 million in FY2025, slightly down from RMB 4,852.8 million in FY2024[7] - The group’s net current liabilities as of December 31, 2025, amounted to approximately RMB 663,570,000, indicating significant uncertainty regarding the group's ability to continue as a going concern[17] - The group’s financial statements are prepared based on historical cost, except for certain assets measured at fair value, indicating a conservative approach to financial reporting[17] Cash Flow and Financing - The net cash generated from operating activities for the fiscal year 2025 was approximately RMB 547.1 million, down from RMB 680.5 million in fiscal year 2024[80] - The net cash used in investing activities for fiscal year 2025 was approximately RMB 1,028.9 million, an increase from RMB 884.6 million in fiscal year 2024[80] - The net cash generated from financing activities for fiscal year 2025 was approximately RMB 404.6 million, compared to RMB 228.7 million in fiscal year 2024[81] - The group's net debt-to-equity ratio increased from approximately 16.4% as of December 31, 2024, to approximately 26.4% as of December 31, 2025, primarily due to an increase in bank borrowings[82] - As of December 31, 2025, the total bank borrowings amounted to RMB 4,111,428,000, an increase of 24.6% from RMB 3,298,300,000 in 2024[54] Expenses and Costs - Sales cost for fiscal year 2025 was approximately RMB 6,691.1 million, a reduction of about 2.3% from RMB 6,851.7 million in fiscal year 2024[68] - Administrative expenses for fiscal year 2025 were recorded at RMB 492.9 million, accounting for approximately 6.3% of total revenue, compared to 6.1% in fiscal year 2024[71] - Financing costs for the year ended December 31, 2025, were RMB 109,998,000, down from RMB 151,408,000 in 2024, showing a reduction of about 27.4%[30] - Total employee costs, including directors' remuneration, increased to RMB 535,127,000 in 2025 from RMB 497,418,000 in 2024, reflecting a growth of 7.6%[33] - Research and development expenses rose significantly to RMB 16,297,000 in 2025, up from RMB 9,369,000 in 2024, marking a 74.5% increase[33] Inventory and Receivables - The company reported a total inventory of RMB 696,117,000 in 2025, up from RMB 506,501,000 in 2024, indicating a 37.4% increase[38] - Trade receivables, net of expected credit loss provisions, increased to RMB 843,623,000 in 2025 from RMB 632,139,000 in 2024, representing a growth of 33.4%[38] - The expected credit loss provision for trade receivables at year-end 2025 was RMB 39,535,000, an increase from RMB 30,104,000 in 2024, reflecting a rise of 31.3%[40] - Prepayments and other receivables increased to RMB 644,502,000 in 2025 from RMB 566,221,000 in 2024, reflecting a growth of approximately 13.8%[44] Corporate Actions and Future Outlook - The company completed a 40% equity acquisition in a joint venture, enhancing its leadership position in the specialty paper segment[62] - The company has implemented a digital transformation strategy to enhance management efficiency and operational effectiveness[61] - The company will continue to focus on the paper manufacturing core business and optimize product structure and service models to enhance market share and industry influence[64] - The company aims to strengthen talent support and enhance digital construction to improve operational efficiency and business control capabilities[65] Shareholder Information - The company did not recommend a final dividend for the year ending December 31, 2025, compared to a final dividend of HKD 0.05 per share in 2024, which amounted to RMB 49,316,000[35] - The company will suspend shareholder registration procedures from June 9, 2026, to June 12, 2026, to determine eligibility for attending the annual general meeting[97] - The record date for shareholders entitled to attend and vote at the annual general meeting is June 12, 2026[97] - The annual general meeting notice will be published on the company's website and the Hong Kong Stock Exchange website[98] - The performance announcement will be available on the company's website and the Hong Kong Stock Exchange website[99] - The annual report for the fiscal year 2025 will be sent to shareholders and published on the company's website at an appropriate time[99] - The board expresses gratitude to all shareholders, customers, suppliers, banks, professionals, and employees for their continued support[100]

CHINA SUNSHINE PAPER HOLDINGS COMPANY LIMITED 中國陽光紙業控股有限公司 * （於開曼群島註冊成立的有限公司） （股份代號：2002） 香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公佈全部或任何部 分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 盈利警告 本公佈乃由中國陽光紙業控股有限公司（「本公司」）根據香港聯合交易所有限公司證 券上市規則（「上市規則」）第13.09條及香港法例第571章證券及期貨條例第XIVA部 項下內幕消息條文（定義見上市規則）作出。 本公司董事會（「董事會」）謹此知會本公司股東及有意投資者，根據對目前可得之資 料作出之初步評估，預期截至二零二五年十二月三十一日止年度本公司及其附屬公 司（統稱「本集團」）擁有人應佔之溢利較二零二四年同期預期錄得下降介乎約35%至 55%。本集團截至二零二五年十二月三十一日止年度之業績倒退主要是由於i)紙品 售價下降，導致收入及毛利下降；ii)增值稅金額下降，導致本公司無條件政府補助 下降；及iii）按公允價值計入 ...

（於開曼群島註冊成立的有限公司） （股份代號：2002） 香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公佈全部或任何部 分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 CHINA SUNSHINE PAPER HOLDINGS COMPANY LIMITED 中國陽光紙業控股有限公司 * 於本公佈日期，本公司董事包括： 執行董事： 王東興先生、施衛新先生、王長海先生及慈曉雷先生 非執行董事： 吳蓉女士及陳東旭先生 獨立非執行董事： 章濤女士、李恒源先生及孫俊辰先生 * 僅供識別 中國陽光紙業控股有限公司 主席 王東興 中國濰坊，二零二六年三月十三日 董事會會議通告 中國陽光紙業控股有限公司（「本公司」）董事會（「董事會」）宣佈，董事會會議將於二 零二六年三月二十七日（星期五）舉行，藉以批准（其中包括）本公司及其子公司截至 二零二五年十二月三十一日止年度的終期業績及考慮宣派末期股息（如有）的建議。 承董事會命 ...

| 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02002 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | HKD | | 0.1 | HKD | | 200,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 2,000,000,000 | HKD | | 0.1 | HKD | | 200,000,000 | 本月底法定/註冊股本總額： HKD 200,000,000 第 1 頁 共 10 頁 v 1.2.0 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公佈全部或任何部 分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 CHINA SUNSHINE PAPER HOLDINGS COMPANY LIMITED 中國陽光紙業控股有限公司 * （於開曼群島註冊成立的有限公司） （股份代號：2002） 終止協議及 溢利保證更新之 補充公佈 緒言 目標集團之最新財務狀況 截至本公佈日期，根據買賣協議，來自賣方擔保人A之借款974,690.98美元及來自 賣方擔保人B之借款2,000,000美元已獲悉數償還（「償還」），並已於目標集團之管理 賬目中妥為反映。於償還後及根據目標集團截至二零二五年十二月三十一日之管理 賬目，目標集團之總資產約為11百萬美元，目標集團之總負債約為8百萬美元，而 目標集團之現金及現金等價物約為400,000美元。 – 1 – 償還並未對目標集團之業務營運造成重大不利影響。目標公司互聯網數據中心電力 業務之應收款項週轉期較短，少於10天，部分客戶按日付款。根據目標公司之管理 賬目，二零二五年十二月之月收入與 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國陽光紙業控股有限公司 呈交日期: 2026年2月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02002 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | HKD | | 0.1 | HKD | | 200,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 2,000,000,000 | HKD | | 0.1 | HKD | | 200,000,000 | 本月底法定/註冊 ...

Core Viewpoint - Sunshine Paper Holdings (02002.HK) announced the resignation of Zhang Xiaohui and Wang Zefeng as non-executive director and independent non-executive director, respectively, effective January 29, 2026. Following their resignation, Chen Dongxu and Li Hengyuan have been appointed as non-executive director and independent non-executive director, effective January 29, 2026 [1]. Group 1 - Zhang Xiaohui and Wang Zefeng have resigned from their positions due to personal matters [1]. - Chen Dongxu and Li Hengyuan have been appointed to fill the vacancies left by the resignations [1].

Group 1 - Yangguang Paper (02002) announced the resignation of Mr. Zhang Xiaohui and Mr. Wang Zefeng as non-executive director and independent non-executive director, effective from January 29, 2026 [1] - Following the resignations, Mr. Chen Dongxu and Mr. Li Hengyuan have been appointed as non-executive director and independent non-executive director, effective from January 29, 2026 [1] - Mr. Zhang will no longer serve as a member of the company's remuneration committee and nomination committee, while Mr. Chen will be appointed to these committees; Mr. Wang will step down as chairman of the remuneration committee and member of the audit committee and nomination committee, with Mr. Li appointed as chairman of the remuneration committee and member of both the audit committee and nomination committee [1]

Core Viewpoint - Sun Paper Industry (02002) announced the resignation of Mr. Zhang Xiaohui and Mr. Wang Zefeng as non-executive director and independent non-executive director, respectively, effective January 29, 2026 [1] Group 1 - Mr. Zhang and Mr. Wang are resigning due to personal matters [1] - Following their resignation, Mr. Chen Dongxu and Mr. Li Hengyuan have been appointed as non-executive director and independent non-executive director, respectively, effective January 29, 2026 [1] - Mr. Zhang will no longer serve as a member of the remuneration committee and nomination committee, while Mr. Chen will be appointed to these committees [1] Group 2 - Mr. Wang will cease to be the chairman of the remuneration committee and a member of the audit committee and nomination committee, while Mr. Li will be appointed as the chairman of the remuneration committee and a member of both the audit committee and nomination committee [1]

CHINA SUNSHINE PAPER HOLDINGS COMPANY LIMITED 中 國 陽 光 紙 業 控 股 有 限 公 司 * （於開曼群島註冊成立的有限公司） 董事名單及其角色和職能 （股份代號：2002） 中國陽光紙業控股有限公司董事會（「董事會」）成員載列如下： 薪酬委員會 李恒源先生 （委員會主席） 王東興先生 陳東旭先生 孫俊辰先生 章濤女士 中國濰坊，二零二六年一月二十九日 獨立非執行董事 章濤女士 李恒源先生 孫俊辰先生 董事會設立了三個委員會，各董事會成員於該等委員會擔任成員的資料載列如下： 審核委員會 章濤女士 （委員會主席） 李恒源先生 孫俊辰先生 提名委員會 孫俊辰先生 （委員會主席） 王東興先生 李恒源先生 陳東旭先生 章濤女士 – 1 – 執行董事 王東興先生 （主席） 施衛新先生 （副主席） 王長海先生 （總經理） 慈曉雷先生 （副總經理） 非執行董事 吳蓉女士 陳東旭先生 * 僅供識別 – 2 – ...