2026年包裝紙協議 於2025年11月21日，利 龍 與 買 方 訂 立2026年 包 裝 紙 協 議。據 此，各 買 方 已 同 意購買（為 其 自 身 及 代 表 買 方 集 團 之 其 他 成 員），而 利 龍 已 同 意（或 促 使 本 集 團 其 他 成 員 公 司）基於買方集團不時所下個別訂單向買方集團出售該等產 品。2026年 包 裝 紙 協 議 為 期 三 年，自2026年1月1日起至2028年12月31日（包 括 該 日）止。 上市規則涵義 根 據 上 市 規 則，賣 方 各 自 為 本 公 司 之 關 連 人 士，而 根 據 上 市 規 則，2026年 包 裝 紙 協 議 項 下 擬 進 行 之 交 易 構 成 本 公 司 之 持 續 關 連 交 易。 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 代 號：2314） ...

Core Viewpoint - The paper industry is experiencing a significant price increase, with major companies like Nine Dragons Paper and Chenming Paper seeing substantial stock price gains as a result of rising prices across the supply chain [1] Industry Summary - Since November, the domestic paper industry has been undergoing a price surge, with companies like Shanying Paper announcing price hikes of 30-100 RMB per ton for products such as red sand paper and corrugated paper [1] - Key regions like Guangdong and Zhejiang have seen price increases of 50 RMB per ton for core product categories, indicating a widespread adjustment in pricing [1] - The price increases are being echoed by downstream paperboard manufacturers in regions like Zhejiang and Hunan, with single-instance price hikes reaching 3%-10%, creating a comprehensive price adjustment across the entire supply chain from raw paper to end packaging [1] Company Summary - Stocks of major paper companies have risen significantly, with Nine Dragons Paper up 10.23% to 6.25 HKD, Chenming Paper up 8.86% to 0.86 HKD, and Lee & Man Paper up 4.88% to 3.01 HKD [1] - Analysts from Bohai Securities suggest that the ongoing price increases in packaging paper are solidifying the foundation for price adjustments, supported by upcoming demand from events like "Double Eleven" and the New Year and Spring Festival [1] - According to Industrial Securities, the period from 2023 to 2025 is expected to be one of capacity expansion for the industry, with a slowdown in new capacity additions starting in 2026, potentially leading to an upward turning point for the paper industry [1]

Core Viewpoint - The paper industry stocks have seen significant gains due to a price increase trend in the domestic paper sector, driven by rising demand and upcoming holidays [1] Group 1: Stock Performance - Nine Dragons Paper (02689) rose by 10.23% to HKD 6.25 - Chenming Paper (01812) increased by 8.86% to HKD 0.86 - Lee & Man Paper (02314) gained 4.88% to HKD 3.01 [1] Group 2: Price Increase Trend - Since November, the domestic paper industry has experienced a continuous price increase, with Shanying Paper leading the way by raising prices for products like red sand paper and corrugated paper by CNY 30-100 per ton - Core product prices in Guangdong and Zhejiang have increased by CNY 50 per ton - Nine Dragons Paper and other companies have followed suit, with increases in kraft paper and boxboard [1] Group 3: Market Dynamics - Downstream paperboard manufacturers in regions like Zhejiang and Hunan have quickly responded with price increases of 3%-10% in a full-chain pricing adjustment from raw paper to end packaging - Bohai Securities noted that the price increase in packaging paper is spreading downstream, solidifying the basis for paper companies' price hikes, supported by the upcoming "Double Eleven" shopping festival and major holidays like New Year's and Spring Festival [1] Group 4: Industry Outlook - According to Industrial Securities, the period from 2023 to 2025 is expected to be a capacity expansion phase for the industry, with a slowdown in new capacity additions starting in 2026 - The "anti-involution" policy is expected to support the paper industry, potentially leading to an upward turning point from the bottom [1]

Core Viewpoint - The Hong Kong paper industry stocks experienced significant gains, with notable increases in share prices for key companies. Group 1: Company Performance - Nine Dragons Paper and Chenming Paper both saw their stock prices rise by over 10% [1] - Lee & Man Paper also reported a stock price increase of over 4% [1]

Core Viewpoint - The Hong Kong paper industry stocks experienced a strong performance in the afternoon trading session, with notable gains in several companies [1] Company Performance - Nine Dragons Paper Holdings saw its stock price increase by over 10% [1] - Chenming Paper Holdings also reported a rise of more than 10% [1] - Lee & Man Paper Manufacturing recorded an increase of over 4% [1]

Group 1 - The core viewpoint of the article highlights the strong performance of Hong Kong paper stocks, with notable increases in share prices for several companies [1] Group 2 - Nine Dragons Paper Holdings saw its stock price rise by over 10% [1] - Chenming Paper Holdings also experienced a stock price increase of over 10% [1] - Lee & Man Paper Manufacturing's stock rose by more than 4% [1]

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 | | | 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11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) | 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 | | 200,000,000 | 本月底法定/註冊股本總額： HKD 200,000, ...

Investment Rating - The report maintains an "Overweight" rating for the industry [4] Core Views - The report emphasizes the importance of valuation switching logic in the new consumption sector, highlighting stable operational performance in the sports brand sector for Q3 [6][4] - It suggests a focus on high-growth tracks in new consumption and the valuation switching logic within the sector, particularly in the collectible toy segment [6][4] - The report identifies several companies with strong growth potential and suggests monitoring their performance closely [6][4] Summary by Sections Industry Overview - The industry consists of 175 listed companies with a total market value of 10,672.79 billion and a circulating market value of 8,623.31 billion [2] Market Performance - The Shanghai Composite Index decreased by 1.47%, while the Shenzhen Component Index fell by 4.99% during the week of October 13-17, 2025 [6][11] - The light industry manufacturing index dropped by 2.22%, ranking 13th among 28 Shenwan industries, while the textile and apparel index decreased by 0.31%, ranking 5th [6][11] Key Company Insights - Companies such as Bubble Mart are expected to release Q3 operational data, with new product launches anticipated to drive performance in Q4 [6] - 361 Degrees reported a stable performance with a 10% increase in offline and children's clothing sales, and a 20% increase in e-commerce sales [6] - Anta Sports, Li Ning, and other functional apparel brands are highlighted for their growth potential [6] Investment Opportunities - The report suggests focusing on the acceleration of the Chinese consumption supply chain going overseas, particularly in non-woven fabric manufacturing [6][7] - Companies like Yanjiang Co. are recommended for their advanced production techniques and global supply chain capabilities [7] - The pet supplies sector is also highlighted, with companies like Yuanfei Pet expected to benefit from growth in both OEM and OBM businesses [6][7] Sector Recommendations - The report recommends monitoring companies in the home furnishing sector, such as Xilinmen and Gujia Home, for potential recovery in performance and valuation [6] - In the paper industry, Sun Paper is recommended due to its integrated advantages and expected improvement in profitability [6][7] - The textile manufacturing sector suggests a focus on companies like Jingyuan International for their market share growth potential [6][7]

Core Viewpoint - The Chinese customs authority has clearly stated a ban on the import of foreign waste, particularly focusing on the regulation of recycled paper pulp imports, following heightened attention from industry stakeholders and media reports [1] Group 1: Regulatory Actions - The General Administration of Customs and the China Paper Association are working to improve relevant standards and strengthen customs supervision regarding recycled paper pulp [1] - A working seminar on imported recycled paper pulp will be held, involving representatives from various paper companies, industry associations, and experts [1] Group 2: Industry Concerns - The seminar will address the current situation of recycled paper pulp imports by Chinese paper companies, production processes (dry and wet pulping), and their respective proportions [2] - Discussions will include the risks associated with radioactive materials, heavy metals, hazardous waste, and public health safety related to imported recycled paper pulp [2] - Stakeholders will provide opinions and suggestions on ensuring the safety and stability of the recycled paper pulp supply chain, revising relevant standards, and enhancing regulatory measures [2]

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 | | | 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) | 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 | | 200,000,000 | 本月底法定/註冊股本總額： HKD 200,000, ...