(Incorporated in the Cayman Islands and its members'liability is limited) Stock Code: 2314 （於開曼群島註冊成立及其成員責任為有限）股份代號: 2314 2024 ANNUAL REPORT 年 報 CONTENT 目錄 | 2 | About Lee & Man Paper | 關於理文造紙 | | --- | --- | --- | | 4 | Corporate Information | 公司資料 | | 6 | Financial Highlights | 財務摘要 | | 7 | Financial Summary | 財務概要 | | 8 | Chairman's Statement | 主席報告 | | 12 | Management Discussion and Analysis | 管理層討論及分析 | | 16 | Corporate Governance Report | 企業管治報告 | | 39 | Environmental, Social and Governance Report | 環 ...

年度業績 理文造紙有限公司（「本 公 司」）董事會（「董 事 會」）欣 然 公 布，本 公 司 及 其 附 屬 公 司（「本 集 團」）截 至2024年12月31日 止 年 度 經 審 核 綜 合 業 績 如 下： 年度業績公布 截 至2024年12月31日止年度 財務摘要 * 僅供識別 – 1 – • 本年度收入為259.95億港元（2023年：249.37億 港 元）； • 本年度純利為13.58億港元（2023年：11.54億 港 元）； • 穩定之派息比率約35%，議 派 末 期 股 息 每 股4.5港 仙。 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布之內容概不 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 會 就 本 公 布 全 部或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 * （於開曼群島註冊成立及其成員責任為有限） （股 份 編 號：2314） 綜合損益及其他全面收益表 截 至2024年12月31日止年度 | | | | | | | | | | | | | | | | | | | 2024年 | | ...

理 文 造 紙 有 限 公 司* Lee & Man Paper Manufacturing Limited (Incorporated in the Cayman Islands and its members' liability is limited) Stock Code: 2314 (於関曼群島註冊成立及其成員責任為有限）股份代號: 2314 INTERIM REPORT中期報告 2024 (12) (20 · 僵供識別 * For identification purposes only CONTENTS 目 錄 | --- | --- | |-------|-----------------------------------------------------------------------------------| | 2 | Corporate Information | | | 公司資料 | | 4 | Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | | | 簡明綜 ...

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布之內容概不 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 會 就 本 公 布 全 部或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 * （於開曼群島註冊成 立 及其成員責任為有限） （股 份 編 號：2314） 中期業績公布 截 至2024年6月30日 止6個 月 | --- | --- | --- | |-------|--------------------------------------------------------|-------| | | | | | | 財務摘要 | | | － | 收 入 125 億 港 元，比 去 年 同 期 上 升 2.4% 。 | | | – | 期內盈利 8.06 億 港 元，比 去 年 同 期 上 升 123.4% 。 | | | － | 每股盈利 17.69 港 仙。 | | | － | 宣派中期股息每股 6.2 港 仙。 | | * 僅供識別 – 1 – 中期業績 理文造紙有限公司（「本 公 司」）董 事 會 欣 然 公 布 ...

Financial Performance - Revenue for FY2023 was HK$29,170 million, an increase from HK$25,868 million in FY2022, representing a growth of 12.8%[16] - Profit for the year in FY2023 was HK$1,317 million, compared to HK$3,252 million in FY2022, indicating a decrease of 59.6%[18] - For 2023, the Group recorded total revenue of HK$24.9 billion, representing a decrease of 14.5% from the previous year[31] - The profit for the year decreased by 12.4% to HK$1.2 billion compared to the previous year, with earnings per share at HK24.39 cents[31] - The Group's revenue for the year ended December 31, 2023, was HK$24.9 billion, with a profit attributable to owners of HK$1.05 billion, resulting in a net profit per tonne of HK$176[55] - Earnings per share decreased to HK$24.39 cents from HK$27.46 cents in the previous year[55] Production Capacity and Operations - The annual production capacity for paper across various locations includes 2.30 million tons in Guangdong and 1.12 million tons in Jiangsu[6] - The company plans to increase tissue paper production capacity by 200,000 tons, enhancing its product offerings[6] - Lee & Man Paper has expanded its operations in Vietnam, with an annual production capacity of 550,000 tons of paper/products[6] - The company reported a significant increase in pulp production capacity, with 300,000 tons in Jiangxi and 400,000 tons in Malaysia[6] - The Group's new pulp production lines in Chongqing, Jiangxi, and Guangxi commenced operation, adding an annual production capacity of 950,000 tons, bringing total pulp production capacity to 1.2 million tons[37] - The fourth paper-making machine production line in Malaysia has commenced operation, with an annual production capacity of 350,000 tons, increasing the total production capacity in Malaysia to 1.4 million tons[38] - The Group's core paper manufacturing operations in Guangdong, Jiangsu, Chongqing, Vietnam, and Malaysia account for nearly 80% of total annual production capacity[198] Financial Position and Ratios - Total assets as of FY2023 amounted to HK$XX million, reflecting a change from the previous fiscal year[19] - The Group's total shareholders' fund increased to HK$28.77 billion from HK$28.61 billion[68] - Current assets rose to HK$13.14 billion, while current liabilities decreased to HK$11.44 billion, resulting in a current ratio of 1.15[68] - Outstanding bank borrowings increased to HK$19.29 billion from HK$16.33 billion, leading to a net debt-to-equity ratio rise from 0.51 to 0.62[69] - The net capital debt ratio increased from 0.51 on December 31, 2022, to 0.62 on December 31, 2023[73] Expenses and Cost Management - Distribution and selling expenses were HK$595 million, representing about 2.4% of revenue, down from 2.7% in the previous year[56] - General and administrative expenses increased to HK$1,118 million, accounting for approximately 4.5% of revenue, up from 4.2% in the previous year[57] - Total finance costs rose significantly to HK$831 million from HK$365 million, primarily due to increased bank borrowings and interest rates[62] - The Group continues to focus on expanding its pulp business and optimizing production costs through vertical integration strategies[47] Governance and Board Structure - Recent changes in the board of directors include the appointment of new independent non-executive directors in August 2023[7] - The Board comprises five executive directors and three independent non-executive directors as of December 31, 2023[89] - The Group has complied with the Code on Corporate Governance Practices as set out in the Listing Rules[79] - The Audit Committee reviewed the Group's consolidated financial statements for the year ended December 31, 2023, discussing accounting principles and internal controls[103] - The Remuneration Committee was established in 2005 and is responsible for advising on the overall policy and structure for the remuneration of directors and senior management[111] - The Nomination Committee was established on March 28, 2012, and reviews the Board composition to ensure a balance of expertise, skills, and experience[116] Employee and Workforce Management - The Group maintained a workforce of over 10,000 employees as of December 31, 2023, with competitive salary levels reviewed annually[75] - The Group has not faced significant employee issues or operational disruptions due to labor disputes[76] - As of December 31, 2023, the Group employed over 10,000 individuals, with approximately 19% being female[172] - The Senior Management team comprised approximately 40% female members, including the Financial Controller and Senior Finance Manager[172] Environmental, Social, and Governance (ESG) Initiatives - The company prepared an Environmental, Social and Governance Report for the period from January 1, 2023, to December 31, 2023, to inform stakeholders about its ESG performance[195] - The Board is responsible for sustainable development, including evaluating risks and opportunities related to key ESG issues[200] - The Group aims to create value for all stakeholders through its ESG efforts[199] - The Group emphasizes the importance of balancing its ESG performance reporting in an objective manner[198] Shareholder Engagement and Dividends - The proposed final dividend for 2023 is HK6.1 cents per share, up from HK3.3 cents in 2022[31] - The board considers sustainable returns to shareholders as a primary objective, with a focus on stable dividend payments[190] - The company will not declare dividends if there are reasonable grounds to believe it would be unable to meet its liabilities after the payment[194] - Shareholders holding at least one-tenth of the paid-up capital can requisition an extraordinary general meeting[176]

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布之內容概不 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 會 就 本 公 布 全 部或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 * （於開曼群島註冊成立及其成員責任為有限） （股 份 編 號：2314） 年度業績公布 截 至2023年12月31日止年度 | --- | --- | --- | |-------|------------------------------------------------------------|-------| | | | | | | 財務摘要 | | | • | 本年度收入為 249.37 億港元（ 2022 年： 291.70 億 港 元）； | | | • | 本年度純利為 11.54 億港元（ 2022 年： 13.17 億 港 元）； | | | • | 本年度每噸純利約 176 港 元； | | | • | 穩定之派息比率約 35% ，議 派 末 期 股 息 每 股 6.1 港 仙。 | | * 僅供識別 – 1 – 年度業績 ...

理 文 造 紙 有 限 公 司* Lee & Man Paper Manufacturing Limited (Incorporated in the Cayman Islands and its members liability is limited) Stock Code: 2314 (於開曼群島註冊成立及其成員責任為有限） 股份代號: 2314 4 INTERIM REPORT中期報告 · 僅供識別 * For identification purposes only CONTENTS 目 錄 | --- | --- | |-------|-----------------------------------------------------------------------------------| | 2 | Corporate Information | | | 公司資料 | | 4 | Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | | | 簡明綜合損益及其他全面收益表 ...

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布之內容概不 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 會 就 本 公 布 全 部或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 * （於開曼群島註冊成 立 及其成員責任為有限） （股 份 編 號：2314） 中期業績公布 截 至2023年6月30日 止6個 月 | --- | --- | --- | --- | |-------|-------------------------------------------------------|----------|-------| | | | | | | | | 財務摘要 | | | － | 收 入 122 億 港 元，比 去 年 同 期 下 跌 20.1% 。 | | | | – | 期內盈利 3.61 億 港 元，比 去 年 同 期 下 跌 58.2% 。 | | | | － | 每股盈利 7.15 港 仙。 | | | | － | 宣派中期股息每股 2.5 港 仙。 | | | * 僅供識別 – 1 – 中期業績 理文造 ...

理 文 造 紙 有 限 公 司* Lee & Man Paper Manufacturing Limited (Incorporated in the Cayman Islands and its members liability is limited) Stock Code: 2314 (於開曼群島註冊成立及其成員責任為有限） 股份代號: 2314 4 ANNUAL REPORT 年 報 · 僅供識別 * For identification purposes only CONTENT 目錄 | --- | --- | --- | |-------|------------------------------------------------|----------------------| | 2 | About Lee & Man Paper | 關於理文造紙 | | 4 | Corporate Information | 公司資料 | | 6 | Financial Highlights | 財務摘要 | | 7 | Financial Summary | 財務概要 | | 8 | Chairman ...