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。 由於適用之百分比率（定 義 見 上 市 規 則）高 於0.1%但低於5%，故 第 四 份 補 充 協議項下擬進行之交易須遵守上市規則第14A章 項 下 之 申 報 及 公 布 規 定，惟 獲豁免遵守通函（包 括 獨 立 財 務 意 見）及 股 東 批 准 規 定。 * 僅供識別 – 1 – * （於開曼群島註冊成立及其成員責任為有限） （股 份 編 號：2314） 關連交易 進一步延長向中國一間合營企業提供之貸款之到期日 及修訂貸款條款 茲提述日期為2017年2月10日、2018年12月28日、2020年12月28日 及2022年12 月13日 之 公 布，內 容 有 關 貸 款 方（為 本 公 司 間 接 全 資 附 屬 公 司）與中國合營企 業（由 本 公 司 間 接 擁 有50%之 合 營 企 業）訂 立 之 貸 款 協 議。 董 事 會 宣 ...

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11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: 理文造紙有限公司 呈交日期: 2025年12月1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) | 02314 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 8,000,000,000 | HKD | | 0.025 | HKD | | 200,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 8,000,000,000 | HKD | | 0.025 | HKD | | 200, ...

Market Overview - US stock indices rebounded overnight, with Hong Kong stocks slightly fluctuating and closing up 0.07% [1] - The economic outlook remains cautious, with half of the Federal Reserve districts reporting decreased hiring intentions, indicating potential interest rate cuts in December [2] International Relations - Trump urged Japanese Prime Minister Kishi to avoid escalating tensions regarding Taiwan, reflecting a more restrained stance from Japan [1] - French President Macron is set to visit China from December 3, aiming to improve Sino-French relations, which could benefit European relations as well [1] Consumer Sector - Pop Mart (09992) is expected to benefit from the upcoming holiday season, with a nearly 7% increase in stock price [3] - The automotive sector is seeing growth, with the Ministry of Commerce promoting reforms to boost consumption, leading to significant stock price increases for companies like Yongda Automobile (03669) [2] Technology and Innovation - Alibaba's Quark AI glasses were launched, with significant pre-sale success, leading to a 4% increase in stock price for related companies [4] - TCL Electronics is also entering the AI glasses market, contributing to a 6% rise in its stock price [4] Pharmaceutical Industry - Hansoh Pharmaceutical (03692) is advancing its innovative drug pipeline, with significant revenue growth and a strong project reserve [7] - The company reported a 22.1% year-on-year increase in sales revenue for its innovative drugs in the first half of 2025 [7] Gold Market - Deutsche Bank has raised its gold price forecast for 2026, indicating a structural bull market driven by official purchases rather than consumer demand [6] - The potential shift of cryptocurrency funds into physical gold could further boost prices, impacting related stocks [6] Clinical Trials and Drug Approvals - Hansoh Pharmaceutical has over 40 innovative drug candidates in clinical trials, with several new drugs entering Phase III trials [9] - The company has secured international partnerships for its ADC products, highlighting its growing recognition in the global market [9]

Core Viewpoint - The paper industry stocks are experiencing an upward trend, with major companies announcing price increases for their products in late November to early December, indicating a potential recovery in the sector [1] Group 1: Company Performance - Nine Dragons Paper (02689) saw a stock increase of 5.25%, reaching HKD 6.41, while Lee & Man Paper (02314) rose by 4.65% to HKD 3.15 [1] - Major companies such as Shanying, Nine Dragons, APP, and Asia Pulp & Paper have issued price adjustment notices for their products [1] Group 2: Price Adjustments - The upcoming price increases will affect both packaging paper and corrugated paper, with packaging paper experiencing a moderate increase of around CNY 50 per ton [1] - Cultural paper types, such as copy paper and double offset paper, will see a more significant price increase of CNY 200 per ton [1] Group 3: Industry Outlook - According to a report from Industrial Securities, the paper industry faced pressure on revenue and profits in Q3, but Q4 is expected to be a traditional demand peak season [1] - The anticipated price increases are expected to be partially or fully realized, alongside rising costs for waste paper and pulp, suggesting an upward trend in industry sentiment [1] - Industry leaders such as Sun Paper (002078) and Nine Dragons Paper are recommended for attention due to these developments [1]

Core Viewpoint - The paper industry stocks are experiencing an upward trend, with notable increases in share prices for companies like Nine Dragons Paper and Lee & Man Paper, driven by upcoming price hikes for various paper products [1] Group 1: Price Adjustments - Major companies including Shanying, Nine Dragons, APP, and Asia Pulp & Paper have announced plans to increase prices for their products between late November and early December [1] - The price hikes will affect both packaging paper and corrugated paper, with packaging paper seeing a moderate increase of around 50 CNY per ton, while cultural paper types, such as copy paper and double offset paper, will see a significant increase of 200 CNY per ton [1] Group 2: Industry Outlook - According to a report from Industrial Securities, the paper industry faced pressure on both revenue and profit in Q3, remaining at low levels [1] - Q4 is expected to be a traditional peak demand season, with various paper types issuing price increase notices, which are anticipated to be partially or fully realized [1] - The cost side is also seeing upward trends in waste paper and pulp prices, suggesting a potential improvement in industry conditions, with recommendations to focus on leading companies like Sun Paper and Nine Dragons Paper [1]

Core Viewpoint - The paper industry stocks have collectively risen, with notable increases in companies like Nine Dragons Paper and Lee & Man Paper, driven by recent price adjustments in various paper products [1] Group 1: Stock Performance - Nine Dragons Paper (02689) increased by 5.34%, reaching HKD 6.11 [1] - Lee & Man Paper (02314) rose by 4.18%, reaching HKD 2.99 [1] Group 2: Price Adjustments - Several major domestic pulp and paper companies have announced price increases for products such as white card paper, copper plate card, food card, recycled kraft paper, and high-strength corrugated paper [1] - The price adjustment range is between 50 CNY/ton to 200 CNY/ton, with implementation scheduled mainly from late November to December 1, 2025 [1] Group 3: Market Trends - After five years of stagnation, the white card paper industry is beginning to rebound [1] - Driven by e-commerce stocking demands, paper companies are maintaining high operating rates, supported by high costs and low inventory levels [1] - White card paper prices have been consistently rising since November, with a strong determination from companies to increase prices due to significant pressure on industry profitability and confirmed replenishment intentions from downstream packaging paper manufacturers [1] - It is expected that paper manufacturers will aim to improve profitability, leading to a continued steady increase in white card paper prices [1]

Core Viewpoint - The Hong Kong paper industry stocks have collectively risen, indicating positive market sentiment towards this sector [1] Company Performance - Nine Dragons Paper (02689.HK) increased by 5.34%, reaching HKD 6.11 [1] - Lee & Man Paper (02314.HK) rose by 4.18%, trading at HKD 2.99 [1]

Core Viewpoint - The paper industry stocks have collectively risen, with notable increases in companies like Nine Dragons Paper and Lee & Man Paper, driven by recent price adjustments in various paper products [1] Group 1: Price Adjustments - Several major domestic pulp and paper companies have announced price increases for products including white cardboard, coated paper, food-grade cardboard, recycled kraft paper, and high-strength corrugated paper, with adjustments ranging from 50 to 200 yuan per ton [1] - The implementation of these price changes is primarily scheduled between late November and early December 2025 [1] Group 2: Market Conditions - After five years of stagnation, the white cardboard industry is showing signs of recovery [1] - Driven by e-commerce stocking demands, paper companies are maintaining high operating rates, supported by high costs and low inventory levels, which have contributed to the continued price increase of corrugated and boxboard paper [1] Group 3: Future Outlook - White cardboard prices have been consistently rising since November, with a strong determination from companies to increase prices due to significant pressure on industry profitability and a clear willingness from downstream packaging paper manufacturers to replenish stocks [1] - It is anticipated that paper manufacturers will aim to improve profitability, leading to a steady upward trend in white cardboard prices [1]

Core Viewpoint - The paper industry stocks have collectively risen, with notable increases in companies like Nine Dragons Paper and Lee & Man Paper, driven by recent price adjustments in various paper products [1] Industry Summary - Several well-known domestic pulp and paper companies have announced price increases for products including white cardboard, coated paper, food-grade cardboard, recycled kraft paper, and high-strength corrugated paper, with price hikes ranging from 50 to 200 yuan per ton, effective from late November to December 1, 2025 [1] - After five years of stagnation, the white cardboard industry is beginning to rebound, indicating a potential recovery in the sector [1] - Driven by e-commerce stocking demands, the operating rates of paper companies remain high, supported by high costs and low inventory, leading to continued price increases for corrugated and boxboard paper [1] - Since November, the price of white cardboard has been on the rise, with a strong determination from companies to increase prices due to significant pressure on industry profitability and confirmed replenishment intentions from downstream packaging paper manufacturers [1] - It is anticipated that paper manufacturers will aim to improve profitability, suggesting that the price of white cardboard may continue to rise steadily in the future [1]

Core Viewpoint - The paper industry stocks in Hong Kong and A-shares have experienced significant price increases, driven by major companies announcing price hikes for their products in late November to early December [1] Group 1: Stock Performance - Hong Kong paper stocks saw notable gains, with Lee & Man Paper rising nearly 4%, Nine Dragons Paper increasing over 2%, and Chenming Paper up over 1% [1] - In the A-share market, Qingshan Paper reached its daily limit, while Jingxing Paper rose over 3% and Shanying International increased over 1% [1] Group 2: Price Increase Announcements - Major companies such as Shanying, Nine Dragons, APP, and Asia Pulp & Paper have issued price adjustment notices, planning to raise prices for their products [1] - The price hikes will affect both packaging paper and corrugated paper, with packaging paper experiencing a moderate increase of around 50 yuan per ton [1] - Cultural paper, including copy paper and double offset paper, will see a more substantial price increase of up to 200 yuan per ton [1]