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: 2025年9月30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: 2025年10月2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/註冊股本總額： HKD 200,000 ...

Core Viewpoint - Sunshine Paper Industry (02002) reported a decline in revenue and net profit for the first half of 2025, attributed to intensified competition and industry challenges [1][2]. Financial Performance - The company achieved operating revenue of 3.573 billion yuan, a year-on-year decrease of 9.71% from 3.96 billion yuan [1][3]. - The net profit attributable to shareholders was 83.184 million yuan, down 56.09% from 189.44 million yuan in the same period last year [1][3]. - Basic earnings per share were 0.08 yuan, with an average return on equity of 1.71%, a decrease of 2.34 percentage points year-on-year [1][12]. Sales Volume and Product Segmentation - The sales volume of machine-made paper reached 967,000 tons, a decline of 4.73% from 1.015 million tons in the previous year [1]. - The sales and gross margin of various product segments showed mixed results, with white face cardboard sales at 671.5 million yuan and a gross margin of 17.0% [3]. Inventory and Financing - The inventory turnover rate decreased from 5.3 times to 5.08 times, indicating a slight decline but still maintaining a relatively good level in the industry [2]. - The proportion of financing costs to revenue decreased from 2.2% to 1.7%, reflecting a significant reduction in financing costs [2]. Asset and Liability Changes - Accounts receivable increased by 51.47%, and cash and cash equivalents decreased by 4.81%, impacting the total asset structure [14]. - Short-term borrowings increased by 13.84%, and long-term borrowings rose by 15.3%, indicating a rise in the company's leverage [16]. Strategic Partnerships - The report did not provide updates on the collaboration with Jianfa Pulp and Paper, although Jianfa remains the second-largest shareholder with a 15.21% stake [2].

Financial Performance - In the first half of 2025, the company achieved total revenue of RMB 3,752.5 million, a decrease of 9.7% compared to RMB 3,956.6 million in the same period of 2024[15] - The sales volume of paper products decreased by 9.8% to approximately 966,600 tons, down from approximately 1,014,600 tons in the first half of 2024[15] - The company reported a profit attributable to owners of RMB 83.18 million, a significant decline of 56.1% from RMB 189.44 million in the same period last year[12] - Gross profit decreased from RMB 566.4 million in the first half of 2024 to RMB 538.6 million in the first half of 2025, while the gross margin increased from 14.3% to 15.1%[18] - The net loss for the first half of 2025 was RMB 5.6 million, compared to a net profit of RMB 42.7 million in the first half of 2024[20] - Other income in the first half of 2025 was RMB 80.3 million, down from RMB 173.2 million in the first half of 2024[19] - The company reported a net current liability of approximately RMB 409,631,000 as of June 30, 2025, but expects to meet its financial obligations due to strong banking relationships[75] - The company reported a net cash outflow from investing activities of RMB 271,725 thousand, compared to RMB 110,548 thousand in the previous year, indicating increased investment expenditures[72] Cost Management - The financing cost as a percentage of revenue decreased from 2.2% in the previous year to 1.7% in the current period, reflecting effective cost management strategies[12] - Financing costs decreased by 31.6% to RMB 60.7 million in the first half of 2025 from RMB 88.7 million in the first half of 2024[21] - Sales cost for the first half of 2025 was RMB 3,033.9 million, a reduction of 10.5% compared to RMB 3,390.2 million in the first half of 2024[17] Liquidity and Financial Health - The company's liquidity ratio improved from 0.88 at the end of 2024 to 0.93 in the current period, indicating better short-term financial health[12] - The current ratio improved from 0.88 times at the end of 2024 to 0.93 times at the end of June 2025[29] - The company anticipates sufficient working capital to meet its financial responsibilities in the foreseeable future, supported by existing bank financing and internal financial resources[75] Acquisition and Expansion - The company completed the acquisition of 40% equity in Sunshine Prince, making it a wholly-owned subsidiary, which is expected to enhance management efficiency[13] - The acquisition of Sunshine Prince is expected to strengthen the group's position in the specialty paper market and enhance competitiveness[110] - If the acquisition had occurred on January 1, 2025, the group's revenue for the six months ending June 30, 2025, would have increased by RMB 374,120,000, while profit would have decreased by RMB 15,066,000[113] Employee and Management Costs - The group had approximately 4,400 employees as of June 30, 2025, with employee costs amounting to RMB 266.6 million, an increase from RMB 233.6 million in the same period of 2024[41] - The company’s management compensation for the six months ended June 30, 2025, totaled RMB 6,083,000, which is a significant increase of 126.5% from RMB 2,693,000 in the same period of 2024[29] Shareholder and Corporate Governance - The board has decided not to declare an interim dividend for the first half of 2025, consistent with the decision made in the first half of 2024[42] - The board believes that sound corporate governance practices are essential for enhancing and protecting shareholder interests[38] - Major shareholder China Sunrise holds 321,687,052 shares, representing 30.20% of the company[50] Market Conditions - The overall profit of the paper and paper products industry decreased by 21.4% to RMB 17.57 billion in the first half of 2025, highlighting the challenging market conditions[10] - The company plans to focus on high-quality packaging paper products and expand into the specialty paper market to meet diverse customer needs[13] Financial Position - Total assets less current liabilities amounted to RMB 7,250,134 thousand, an increase from RMB 6,928,844 thousand as of December 31, 2024[69] - The total equity attributable to owners of the company was RMB 4,937,590 thousand, an increase from RMB 4,852,828 thousand[69] - The company’s cash and cash equivalents stood at RMB 1,085,422 thousand, a slight decrease from RMB 1,135,383 thousand[67] Share Award Schemes - The 2017 Share Award Scheme was adopted on June 27, 2017, to incentivize eligible participants and promote the company's future development[53] - The total number of shares available for grant under the 2017 Share Award Scheme as of January 1, 2025, and June 30, 2025, is 63,484,800 shares, representing approximately 5.96% of the issued shares as of the report date[57] - The 2023 Share Option Scheme was adopted on May 31, 2023, and is effective for ten years, aimed at rewarding and retaining eligible participants[58] Investment and Capital Expenditures - Capital expenditures in the first half of 2025 amounted to approximately RMB 429.9 million, primarily for new production line equipment and land acquisition[31] - The company has a capital commitment of RMB 235,171,000 for property, plant, and equipment, which is an increase of 2.5% from RMB 230,111,000 as of December 31, 2024[22]

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: 2025年9月2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/註冊股本總額： HKD 200,000,000 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 ...

Group 1 - Yangguang Paper (02002) announced the resignation of Ms. Jiao Jie as an independent non-executive director, chairman of the nomination committee, member of the audit committee, and member of the remuneration committee, effective from August 29, 2025 [1] - Mr. Sun Junchen has been appointed as the independent non-executive director, chairman of the nomination committee, member of the audit committee, and member of the remuneration committee, effective from August 29, 2025 [1]

Core Viewpoint - Sunshine Paper Holdings (02002) announced the resignation of Ms. Jiao Jie as an independent non-executive director, effective from August 29, 2025, due to other business commitments and personal obligations [1] Group 1 - Ms. Jiao Jie has also served as the chairperson of the nomination committee, a member of the audit committee, and a member of the remuneration committee [1] - Mr. Sun Junchen has been appointed as the independent non-executive director, chairperson of the nomination committee, member of the audit committee, and member of the remuneration committee, effective from August 29, 2025 [1]

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 張曉暉先生 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） 董事名單及其角色和職能 中國陽光紙業控股有限公司董事會（「董事會」）成員載列如下： 執行董事 獨立非執行董事 章濤女士 王澤風先生 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） 王澤風先生 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 王澤風先生 張曉暉先生 章濤女士 – 1 – 薪酬委員會 王澤風先生 （委員會主席） 王東興先生 張曉暉先生 孫俊辰先生 章濤女士 * 僅供識別 – 2 – 中國濰坊，二零二五年八月二十九日 ...

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） 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。 （股份代號：2002） 董事變更及 董事委員會成員變更 獨立非執行董事辭任 中國陽光紙業控股有限公司（「本公司」，連同其子公司統稱「本集團」）董事會（「董事 會」）謹此宣佈焦捷女士（「焦女士」）因其他業務及個人承諾，已提呈辭任本公司獨立 非執行董事、本公司提名委員會主席、本公司審核委員會成員及本公司薪酬委員會 成員，自二零二五年八月二十九日起生效。 焦女士已確認(i)其並無就其辭任向本公司提出申索；(ii)其與董事會概無意見分歧； 及(iii)概無有關其辭任之事宜須敦請本公司股東及香港聯合交易所有限公司（「聯交 所」）垂注。 董事會謹此感謝焦女士於其任期內對本公司作出的寶貴付出及貢獻。 委任獨立非執行董事 繼焦女士辭任後，董事會欣然宣佈孫俊辰先生（「孫 ...

Core Viewpoint - Sunshine Paper Holdings (02002.HK) reported a revenue of RMB 3.57 billion for the first half of 2025, representing a year-on-year decrease of approximately 9.7% [1] - The company's attributable profit decreased by about 56.1% to RMB 83.2 million during the same period [1] Financial Performance - Revenue for the first half of 2025 was RMB 3.57 billion, down 9.7% year-on-year [1] - Attributable profit for the same period was RMB 83.2 million, a decline of 56.1% year-on-year [1] Management Efficiency - The company's liquidity ratio improved from 0.88 at the end of 2024 to 0.93 in the first half of 2025, indicating enhanced management capabilities [1] - The proportion of financing costs to revenue decreased from 2.2% in the previous year to 1.7% in the current period, reflecting effective cost reduction strategies [1] Inventory Management - Inventory turnover ratio decreased from 5.3 times in the previous year to 5.08 times in the current period, influenced by the industry environment and the acquisition of Sunshine Prince Specialty Paper Co., Ltd. [1] - Despite the decrease in turnover, the company maintained a relatively good level of inventory management, effectively controlling inventory capital [1]

Core Viewpoint - Sunshine Paper Holdings (02002) reported a decline in revenue and profit for the first half of 2025, indicating challenges in the current market environment [1] Financial Performance - The company's revenue for the first half of 2025 was 3.573 billion RMB, representing a year-on-year decrease of 9.71% [1] - Shareholders' profit attributable to the company was 83.184 million RMB, down 56.09% compared to the previous year [1] - Basic earnings per share were reported at 0.08 RMB [1]