Core Viewpoint - The companies Lihua Technology (00746.HK) and Lihua Paper (02314.HK) have announced a land transfer agreement involving the sale of land use rights in Jiangsu Province for approximately RMB 67.53 million [1] Group 1: Transaction Details - The land transfer agreement is set to be executed on August 15, 2025, between Jiangsu Paper (the transferor) and Jiangsu Chemical (the transferee) [1] - The land is located in the Changshu Economic and Technological Development Zone, covering an area of approximately 74,900 square meters [1] - The land is designated for industrial use, with the land use rights expiring between October 12, 2059, and October 20, 2060 [1]

Core Viewpoint - The land transfer agreement between Lee & Man Paper Manufacturing (02314) and Lee & Man Chemical (00746) aims to optimize asset structure and enhance operational efficiency for both companies through the sale of unused land in Jiangsu, China [1][2] Group 1: Land Transfer Details - Lee & Man Paper's subsidiary Jiangsu Paper agrees to transfer land use rights to Lee & Man Chemical for approximately RMB 67.53 million [1] - The land, located in Changshu Economic and Technological Development Zone, covers an area of about 74,937 square meters and is designated for industrial use [1] - The original acquisition cost of the land by Jiangsu Paper in 2010 was approximately RMB 22.7 million [1] Group 2: Strategic Benefits - The land is currently unused by Jiangsu Paper, and its sale will help optimize asset structure and improve internal land use efficiency [1] - For Lee & Man Chemical, the land's proximity to existing production facilities will reduce construction costs for new plants and enhance management and safety production layout [2] - The transaction is expected to create greater economic benefits and long-term development potential for Lee & Man Chemical, improving overall operational efficiency [2]

Core Viewpoint - The land transfer agreement between Lee & Man Paper Manufacturing (02314) and Lee & Man Chemical (00746) is aimed at optimizing asset structure and enhancing operational efficiency for both companies through the sale of unused land in Jiangsu Province, China [1][2] Group 1: Land Transfer Details - Lee & Man Paper Manufacturing's subsidiary Jiangsu Paper has conditionally agreed to transfer land use rights to Lee & Man Chemical's subsidiary Jiangsu Chemical for approximately RMB 67.53 million [1] - The land, located in Changshu Economic and Technological Development Zone, covers an area of approximately 74,937 square meters and is designated for industrial use, with land use rights expiring between October 12, 2059, and October 20, 2060 [1] - The original acquisition cost of the land by Jiangsu Paper in 2010 was approximately RMB 22.7 million [1] Group 2: Strategic Implications - The sale of the land, which is currently unused by Jiangsu Paper, will help optimize its asset structure and improve overall land usage efficiency [1] - For Lee & Man Chemical, the land's proximity to existing production facilities will facilitate product line expansion, reduce construction costs for new facilities, and enhance management and safety production layout [2] - The transaction is expected to create greater economic benefits and long-term development potential for Lee & Man Chemical, thereby improving overall operational efficiency and effectiveness [2]

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聯合公布之內容 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 聯 合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。 聯合公布 關連交易 轉讓中國常熟市的土地使用權 轉讓土地使用權 於2025年8月15日，江 蘇 造 紙 與 江 蘇 化 工 訂 立 土 地 轉 讓 合 約，據 此，江 蘇 造 紙 有 條 件 同 意 轉 讓，而 江 蘇 化 工 有 條 件 同 意 收 購 位 於 中 國 江 蘇 省 常 熟 經 濟 技 術 開 發 區 之 該 土 地 之 土 地 使 用 權，代 價 約 為 人 民 幣67.53百 萬 元。 上市規則涵義 由於江蘇造紙及江蘇化工分別為理文造紙及理文化工之間接全資附屬公 司，而 根 據 上 市 規 則 第14A章 理 文 造 紙 及 理 文 化 工 為 彼 此 之 關 連 人 士，故 根 據上市規則第14A章，土 地 轉 讓 合 約 項 下 擬 進 行 之 交 易 構 成 理 文 造 紙 及 理 文 化 工 之 關 連 ...

* (Incorporated in the Cayman Islands and its members' liability is limited) （於開曼群島註冊成立及其成員責任為有限） （Stock Code 股份編號：2314） NOTIFICATION LETTER 通知信函 18 August 2025 Dear Non-registered Holder(s) (Note 1), Lee & Man Paper Manufacturing Limited (the "Company") – Notice of publication of 2025 Interim Report (the "Current Corporate Communication") 理文造紙有限公司*（「本公司」） －刊發2025年中期報告（「本次公司通訊」） 本 公 司 的 本 次 公 司 通 訊 之 中、英 文 版 本 已 分 別 上 載 於 本 公 司 網 站(www.leemanpaper.com)及香港聯合交易所有限公司（「聯交所」）之網站 (www.hkexnews.hk)（「網站版本」）。本公司建議 閣 ...

* (Incorporated in the Cayman Islands and its members' liability is limited) （於開曼群島註冊成立及其成員責任為有限） The English and Chinese versions of the Company's Current Corporate Communications are now available on the Company's website at www.leemanpaper.com and the website of The Stock Exchange of Hong Kong Limited (the "Stock Exchange") at www.hkexnews.hk respectively (the "Website Version"). The Company strongly recommends you to access the Website Version of the Current Corporate Communication and all future Corpor ...

| 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 | | 6 | Condensed Consolidated Statement of Financial Position | | | 簡明綜合財務狀況表 | | 8 | Condensed Consolidated Statement of Cash Flows | | | 簡明綜合現金流量表 | | 9 | Condensed Consolidated Statement of Changes in Equity | | | 簡明綜合權益變動表 | | 10 | Notes to the Condensed Consolidated Financial Statements | | | 簡明綜合財務報表附註 | | 26 | Interim Dividend/Closure of ...

Group 1 - The core viewpoint of the report is that Lee & Man Paper Manufacturing's net profit after tax for the first half of the year increased by 7% year-on-year to 811 million HKD, reaching 56% of the bank's full-year forecast [1] - The company declared an interim dividend of 0.066 HKD per share, with a payout ratio of 35%, which is in line with historical levels [1] - Based on better-than-expected profit margins in the first half, the bank raised its earnings forecasts for Lee & Man Paper for the next two years by 16% and 3% respectively, reflecting a faster-than-expected profit recovery [1] Group 2 - In terms of business performance, the sales volume of packaging paper was 2.97 million tons, a year-on-year increase of 1%, while the sales volume of tissue paper was 521,000 tons, a year-on-year increase of 16% [1] - The net profit per ton for packaging paper remained stable at 105 HKD, while the net profit per ton for tissue paper exceeded expectations, reaching 960 HKD, and has consistently maintained around 1,000 HKD since the second half of 2023 [1] - Other income decreased by 35% year-on-year to 240 million HKD due to a reduction in government subsidies, while interest expenses fell by 34% year-on-year to 116 million HKD due to an optimized loan portfolio and the redemption of perpetual bonds [1]

Market Overview - The Hang Seng Index rose by 0.19%, gaining 47 points to close at 24,906 points, while the Hang Seng Tech Index increased by 0.11% [1] - Early trading volume in Hong Kong stocks reached HKD 121.3 billion [1] Lithium Sector - Ningde Times confirmed the suspension of its lithium mine in Jiangxi, leading to significant gains in lithium stocks, with Tianqi Lithium rising by 15% and Ganfeng Lithium increasing by 19% [1] Automotive Sector - XPeng Motors saw a 6.43% increase, with its new P7 model achieving over 10,000 pre-orders in under 7 minutes, indicating strong institutional confidence in the company's sales growth [1] Food and Beverage Sector - Ajisen China reported a 9.4% increase in stock price, expecting to turn a profit of up to RMB 40 million in the first half of the year [1] Paper Industry - Lee & Man Paper saw a stock price increase of over 5%, with a 0.7% year-on-year growth in net profit for the first half of the year, as institutions anticipate a new round of supply clearance driven by new national standards [1] Pharmaceutical Sector - North Sea Kangcheng-B experienced a surge of over 32%, with the first prescription for its product successfully launched, and the company is actively communicating with medical insurance payment departments [1] Alcohol Sector - Zhenjiu Lidou's stock rose by over 2%, although product sales pressure affected its first-half performance, with expectations for improvement in the second half due to new product contributions [1] Aluminum Sector - Rusal's stock increased by 8.45%, amid market attention on the upcoming meeting between the US and Russian presidents regarding sanctions on Rusal [1] Semiconductor Sector - The US Department of Commerce began issuing export licenses for NVIDIA's H20 chips to mainland China, leading to declines in semiconductor stocks, with Hua Hong Semiconductor dropping over 4% and SMIC falling by 3% at one point, ultimately closing down 0.16% [1] Real Estate Sector - Shimao Group's stock fell by over 15%, with July contract sales decreasing by approximately 27% year-on-year [2]

Core Viewpoint - Bank of America Securities reports that Lee & Man Paper's net profit after tax for the first half of the year increased by 7% year-on-year to HKD 811 million, achieving 56% of the bank's full-year forecast [1] Financial Performance - The company declared an interim dividend of HKD 0.066, with a payout ratio of 35%, consistent with historical levels [1] - The sales volume of packaging paper reached 2.97 million tons, a year-on-year increase of 1% [1] - The sales volume of tissue paper was 521,000 tons, reflecting a year-on-year increase of 16% [1] Profitability - The net profit per ton for packaging paper remained stable at HKD 105 [1] - The net profit per ton for tissue paper exceeded expectations, reaching HKD 960, and has consistently maintained around HKD 1,000 since the second half of 2023 [1] Forecast Adjustments - Based on better-than-expected profit margins in the first half, the bank raised Lee & Man Paper's earnings forecasts for the next two years by 16% and 3% respectively [1] - The target price was increased from HKD 2.7 to HKD 3.2, with a reiterated "buy" rating [1]