* (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]

理文造纸(02314)涨超7%，截至发稿，涨7.17%，报3.14港元，成交额5024.35万港元。 国泰海通此前指出，目前各主要纸种价格、盈利均处于较低水平，开工率和库存水平短期相对稳定，长 期来看造纸行业供过于求局面自2020年以来有所加剧，导致纸企多采取以价换量、抢占份额的竞争策 略，造纸环节盈利压力较大。新版国标加强了能耗限制，头部纸企新旧产能具明显优势，或催化行业进 入新一轮供给端出清周期，同时新建产能更难满足1级能耗等级要求，有望提高投产成本或减少新投产 能。 消息面上，理文造纸发布2025年中期业绩，集团收入122亿港元，比去年同期下跌2.2%；期内盈利8.11 亿港元，比去年同期上升0.7%;每股盈利18.88港仙；宣派中期股息每股6.6港仙。 ...

消息面上，理文造纸发布2025年中期业绩，集团收入122亿港元，比去年同期下跌2.2%；期内盈利8.11 亿港元，比去年同期上升0.7%;每股盈利18.88港仙；宣派中期股息每股6.6港仙。 智通财经APP获悉，理文造纸(02314)涨超7%，截至发稿，涨7.17%，报3.14港元，成交额5024.35万港 元。 国泰海通此前指出，目前各主要纸种价格、盈利均处于较低水平，开工率和库存水平短期相对稳定，长 期来看造纸行业供过于求局面自2020年以来有所加剧，导致纸企多采取以价换量、抢占份额的竞争策 略，造纸环节盈利压力较大。新版国标加强了能耗限制，头部纸企新旧产能具明显优势，或催化行业进 入新一轮供给端出清周期，同时新建产能更难满足1级能耗等级要求，有望提高投产成本或减少新投产 能。 ...

Market Overview - The Hong Kong stock market experienced a decline, with the Hang Seng Index falling over 200 points, closing below 25,000 points, and the Hang Seng Technology Index dropping by 1.56% [1] - Major technology stocks saw a broad decline, with Alibaba down 2.4% and JD.com down 1.44% [2] Sector Performance - The semiconductor sector faced significant losses, with SMIC dropping over 8%, marking the worst performance in the sector [4] - Gaming stocks also fell sharply, with Wynn Macau down over 7% and MGM China down over 6% [6] - The paper industry saw declines, with Chenming Paper down over 8% [7] - Innovative drug stocks continued to decline, with Hutchison China MediTech down over 15% and Zai Lab down over 10% [8] Positive Performances - Gold stocks led gains in the metals sector, with Zhaojin Mining and Lingbao Gold both rising over 3% [3][10] - Heavy machinery stocks showed resilience, with Zhonglian Heavy Industry rising nearly 6% [3] - Cement stocks performed well, with Shanshui Cement up over 6% [9] - Wind power stocks also saw increases, with Goldwind Technology rising over 10% [11] Capital Flows - Southbound funds recorded a net inflow of 6.271 billion HKD, with the Shanghai-Hong Kong Stock Connect contributing 3.28 billion HKD and the Shenzhen-Hong Kong Stock Connect contributing 2.992 billion HKD [12] Future Outlook - Huatai Securities suggests that the recent pullback in the Hong Kong market is due to adjustments in expectations, but the medium-term liquidity remains accommodative. They recommend focusing on sectors with improving conditions and low valuations, particularly in technology [13]

Major Events - Silver诺医药-B (02591) is set to conduct an IPO from August 7 to August 12, with an expected listing date of August 15 [1] - Boan Biotech (06955) plans to place 48 million shares at a discount of approximately 8.78%, aiming to raise about HKD 780 million [1] - Derin Holdings (01709) intends to raise HKD 653.3 million, focusing on the development of blockchain, RWA, and virtual asset businesses [1] - Fuhong Hanlin (02696) received FDA approval to initiate a Phase 1 clinical trial for HLX43, a PD-L1 targeted antibody-drug conjugate for thymic cancer treatment [1] - China Biopharmaceutical (01177) obtained NMPA approval for the Phase II clinical trial application of LM-24C5, a dual antibody targeting CEACAM5/4-1BB [1] Financial Reports - China Mobile (00941) reported a shareholder profit of HKD 84.235 billion, a year-on-year increase of 5.03% [1] - Manulife Financial-S (00945) announced a core profit of CAD 1.7 billion for the second quarter [1] - Swire Properties (01972) reported a basic profit attributable to shareholders of HKD 4.42 billion, a year-on-year growth of 15% [1] - Hutchison Whampoa (00013) posted a net profit of USD 455 million, a significant year-on-year increase of 1663.32% [1] - MGM China (02282) disclosed a net profit of HKD 2.383 billion, a year-on-year decrease of 11.25% [1] - SMIC (00981) reported a shareholder profit of USD 132 million for the second quarter, with a revenue guidance for the third quarter indicating a sequential growth of 5% to 7% [1] - Zai Lab (09688) achieved a total revenue of approximately USD 216 million for the first half of the year, reflecting a year-on-year growth of 15.35% [1] - Innovent Biologics (01801) reported total product revenue exceeding RMB 5.2 billion for the first half of the year, maintaining a strong growth rate of over 35% [1] - Pacific Basin Shipping (02343) announced a profit attributable to shareholders of USD 25.6 million, a year-on-year decrease of 56% [1] - Lee & Man Paper Manufacturing (02314) reported a net profit of HKD 811 million, a year-on-year increase of 0.7%, with an interim dividend of HKD 0.066 per share [1] - Swire Group reported a profit attributable to shareholders of HKD 815 million for the first half of the year, a year-on-year decrease of 79% [1] - Lee & Man Chemical Company (00746) reported a profit increase of 36.0% to HKD 327 million, with an interim dividend of HKD 0.195 per share [1] - Hua Hong Semiconductor (01347) reported a profit attributable to parent company owners of USD 7.952 million for the second quarter, a year-on-year increase of 19.2% [1] - Wharf Real Estate Investment (01997) reported a loss attributable to shareholders of HKD 2.406 billion, a year-on-year increase of 128.71%, with the first interim dividend of HKD 0.066 per share [1] - Dekang Agriculture (02419) issued a profit warning, expecting a year-on-year increase in fair value adjustments of biological assets to approximately RMB 1.1 billion to 1.4 billion [1] - Mongol Mining (00975) issued a profit warning, anticipating a net loss of approximately USD 15 million to 25 million for the first half of the year, marking a shift from profit to loss [1] - Dongfeng Motor Group (00489) issued a profit warning, expecting a decline in net profit attributable to the parent company of 90% to 95% for the first half of the year [1]