Core Viewpoint - The recent surge in Hong Kong paper stocks is driven by a combination of falling raw material prices, improved demand, and low valuation levels, indicating a potential recovery in the paper industry [3][11]. Group 1: Market Performance - From June 20 to July 14, paper stocks in Hong Kong experienced a significant increase, with an average rise of approximately 15%, outperforming the Hang Seng Index [1][4]. - Notable companies such as Sunshine Paper and Nine Dragons Paper saw monthly gains of 19% and nearly 12%, respectively [1][3]. - The paper sector recorded a cumulative increase of 13.73% during this period, with a trading volume of 2.520 billion shares and a total transaction value exceeding 5.6 billion HKD [4][5]. Group 2: Cost and Pricing Dynamics - The decline in international wood pulp prices, with European softwood pulp prices dropping about 15% since the beginning of the year, has positively impacted paper companies' profit margins [3][10]. - Major companies have raised their factory prices for cultural paper by 300-500 HKD per ton since June, reflecting a strong demand recovery and low inventory levels in downstream sectors [3][10]. - The combination of lower costs and successful price increases is expected to enhance profit expectations for paper companies in the upcoming quarters [10][11]. Group 3: Demand Signals - Seasonal demand for educational materials during the summer is expected to boost printing needs, while packaging paper benefits from recovering orders in consumer electronics and home appliances [11]. - Export performance has been strong, with a 34% year-on-year increase in corrugated paper exports from January to May, particularly to emerging markets in Southeast Asia and the Middle East [11]. Group 4: Valuation and Market Sentiment - The paper sector in Hong Kong is currently undervalued, with dynamic P/E ratios for companies like Nine Dragons Paper and Lee & Man Paper below their five-year averages [11]. - Recent inflows from southbound funds into leading paper companies indicate a shift in market sentiment towards optimism regarding the sector's recovery [11].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints The report provides daily observations on the pulp market, including market conditions, important news, logical analyses, and trading strategies. Market conditions cover futures and spot prices of different pulp types. Important news includes company - related events, project investments, and international trade situations. Logical analyses are based on various economic and industry data, and trading strategies offer suggestions for single - sided and arbitrage trading. 3. Summary by Related Catalogs Market Conditions - Futures market shows various trends such as weak, small, and high - level oscillations. For example, on 25 - 06 - 09, the SP main 09 contract was in a weak oscillation, closing at 5222 points, down 2 points or 0.04% [1]. - Spot prices of different pulp types (coniferous, broad - leaf, natural, and chemical mechanical) vary in different regions. For instance, in the Shandong market on 25 - 06 - 06, the import coniferous pulp market had relatively light trading, and prices of some brands were adjusted with the market [5]. Important News - North American paper giant Georgia - Pacific plans to permanently close its Cedar Springs box - board paper mill later this year, affecting about 535 jobs and with an annual capacity of 1 million tons [1]. - China's C&D Group plans to invest $2 billion in a pulp and finished paper production project in Vietnam's Quang Binh province [11]. - In 2025, India's paper and board imports reached a record 2.05 million tons, and imports from China increased by 33% [8]. Logical Analysis - In April, European coniferous pulp consumption decreased by 17.6% year - on - year, and domestic living paper production increased by 9.4% year - on - year in May, which is favorable for the broad - needle price difference [6]. - As of the end of last Friday, the inventory of the SHFE SP contract decreased by 75.6% year - on - year, while the social inventory of domestic pulp in five ports increased by 33.4 million tons year - on - year [1]. Trading Strategies - Single - sided trading: Suggestions include holding long positions, waiting and seeing, and making small - scale trial purchases. For example, on 25 - 06 - 09, it was recommended to wait and see for the SP main 07 contract and pay attention to the support at last Friday's low [1]. - Arbitrage trading: Usually involves waiting and seeing or reducing positions and waiting. For example, on 25 - 06 - 09, it was recommended to wait and see for the arbitrage strategy (long - short) [1].

股東週年大會之投票結果 董 事 會 欣 然 宣 布，於2025年5月8日，本 公 司 舉 行 股 東 週 年 大 會，而載於通告 內 的 普 通 決 議 案 已 於 會 上 正 式 通 過。 * （於開曼群島註冊成立及其成員責任為有限） （股 份 代 號：2314） 理文造紙有限公司（「本公司」）董事會（「董事會」）欣 然 宣 布，於2025年5月8日召開 股東週年大會（「股東週年大會」），而 載 於2025年4月1日股東週年大會通告（「通 告」）內的普通決議案已於會上獲出席大會之本公司股東（「股 東」）以投票表決方 式 通 過，卓 佳 證 券 登 記 有 限 公 司 為 是 次 投 票 的 監 票 員。 以 下 董 事 親 身 出 席 股 東 週 年 大 會：李 文 斌 先 生、周 承 炎 先 生、羅 詠 詩 女 士 及 陳惠仁先生，而以下董事則以電子方式出席股東週年大會：李文俊博士、李經緯 先 生、葉 向 勤 先 生 及 李 浩 中 先 生。 於 股 東 週 年 大 會 日 期，本 公 司 之 已 發 行 股 份（「股 份」）總數為4,295,000,000股。由 於 並 無 任 何 股 東 需 要 於 ...

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通告之內容概不負 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通告全部或 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） 股東週年大會通告 茲通告 理文造紙有限公司（「本公司」）謹訂於2025年5月8日（星期四）中 午12時正假 座香港夏愨道18號海富中心第一期24樓縱橫公共關係顧問集團辦事處舉行股東 週年大會（「股東週年大會」），以處理下列事項： 作為一般事項，考慮並酌情通過下列普通決議案： * 僅供識別 – 1 – 1. 省覽及採納本公司截至2024年12月31日止年度之經審核綜合財務報表、董事 會報告及核數師報告； 2. 宣派截至2024年12月31日止年度末期股息； 3. 重選李浩中先生為本公司執行董事； 4. 重選葉向勤先生為本公司執行董事； 5. 委任周承炎先生（在任超過九年）為本公司獨立非執行董事； 6. 授權本公司董事會（「董事」）批准及確認本公司獨立非執行董事周承炎先生之 委任條款（包括酬金），進一步詳情載於股東週年大會通函； 7. 授權 ...

* (Incorporated in the Cayman Islands and its members' liability is limited) （Stock Code 股份編號：2314） NOTIFICATION LETTER 通知信函 Dear Non-registered Holder(s) (Note 1), Lee & Man Paper Manufacturing Limited (the "Company") – Notice of publication of 2024 Annual Report, circular dated 1 April 2025 together with Notice of Annual General Meeting and Proxy Form (the "Current Corporate Communication") The English and Chinese versions of the Company's Current Corporate Communications are available on the Company's we ...

NOTIFICATION LETTER 通知信函 * (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） 1 April 2025 Dear Registered Shareholders, Lee & Man Paper Manufacturing Limited (the "Company") – Notice of publication of 2024 Annual Report, circular dated 1 April 2025 together with Notice of Annual General Meeting and Proxy Form (the "Current Corporate Communication") The English and Chinese versions of the Company's Current Corporate Communications are now a ...

此乃要件 請即處理 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通函之內容概不負責，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通函全部或任何部分內 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。 閣下如對本通函任何方面或應採取的行動有任何疑問，應諮詢持牌證券商、銀行經理、 律師、專業會計師或其他專業顧問。 閣下如 已將名下的理文造紙有限公司股份全部 出售或轉讓，應立即將本通函及隨附的 代表委任表格送交買主或承讓人或經手買賣或轉讓的銀行、持牌證券商或其他代理商， 以便轉交買主或承讓人。 * （於開曼群島註冊成立及其成員責任為有限） （股份編號：2314） 股東週年大會通告 有關重續發行及購回股份的 一般授權建議 及 重選董事 理文造紙有限公司謹訂於2025年5月8日中午12時正假座香港夏愨道18號海富中心第一 期24樓縱橫公共關係顧問集團辦事處舉行股東週年大會（「股東週年大會」），大會召開 通告載於本通函第17至 第21頁。無 論 股 東 能 否 出 席 股 東 週 年 大 會，務 請 儘 快 按 照 隨 附 的代表委任表格上所印列的指示填妥代表委任表格，並交回理文造紙有限公司的 ...

Financial Performance - Revenue for FY2024 reached HK$25,995 million, a 4.3% increase from FY2023's HK$24,937 million[13] - Profit for the year in FY2024 was HK$1,317 million, a decrease of 63.3% compared to FY2023's HK$3,652 million[15] - Total equity as of December 31, 2024, was HK$30,750 million, up from HK$28,607 million in 2022, representing a 7.5% increase[17] - Total assets as of December 31, 2024, amounted to HK$55,350 million, an increase from HK$54,097 million in 2023[22] - For 2024, the Group recorded total revenue of HK$26.0 billion, representing an increase of 4.2% from the previous year, while profit for the year increased by 17.6% to HK$1.4 billion[25][28] - The overall gross profit margin of the Group for the year was 12.0%, up by two percentage points year-on-year[31][34] - For the year ended December 31, 2024, the Group reported revenue of HK$26.00 billion and a profit attributable to ordinary shareholders of HK$1.31 billion, with a net profit per tonne of HK$187[45] - The earnings per share increased to HK30.56 cents for the year ended December 31, 2024, compared to HK24.39 cents for the previous year[48] Production and Sales - Sales volume for packaging paper in FY2024 was 5,629,000 tons, a slight increase from 5,476,000 tons in FY2023[19] - Sales volume for tissue paper in FY2024 was 816,000 tons, up from 676,000 tons in FY2023, indicating a growth of 20.8%[21] - The company has a planned tissue paper production capacity of 100,000 tons in Guangxi Chongzuo Lee & Man[5] - The company operates multiple production facilities with a total annual paper production capacity of 5.59 million tons across various locations[5] - The packaging paper business remains the Group's core focus, supported by government policies aimed at reducing excessive plastic packaging[37][40] - The tissue paper business is expanding with the introduction of natural bamboo unbleached tissue paper to meet market demand for environmentally friendly products[38][40] - The annual production capacities of the company's plants in Guangdong, Jiangsu, Chongqing, Vietnam, and Malaysia account for nearly 70% of total production[171] Cost and Expenses - Distribution and selling expenses rose to HK$656 million, representing approximately 2.5% of revenue, up from 2.4% in the previous year[46] - General and administrative expenses increased to HK$1,297 million, accounting for about 5.0% of revenue, compared to 4.5% in the previous year[47] - Total finance costs for the year were HK$935 million, an increase from HK$831 million in the previous year, primarily due to higher bank borrowing amounts and interest rates[51] Corporate Governance - The Group is committed to high standards of corporate governance and has complied with the Code on Corporate Governance Practices during the year[65] - The Board comprises five executive directors and three independent non-executive directors as of December 31, 2024[73] - The Chairman and the Chief Executive Officer hold separate roles, with the Chairman overseeing the Board's effective functioning[71] - The Board's principal focus is on the overall strategic development and financial performance of the Group[74] - The Company has adopted a new remuneration committee scope effective from January 1, 2023, and reviewed its remuneration policies[68] - The Audit Committee reviewed the Group's consolidated financial statements for the year ended 31 December 2024[86] - The Remuneration Committee was established in 2005 and is responsible for recommending remuneration packages for directors and senior management, ensuring a link to corporate performance[95] Risk Management and Compliance - The Group has established a risk management framework involving the Board, Audit Committee, and Risk Management Taskforce to monitor risks effectively[121] - Risk management and internal control reports are submitted to the Audit Committee and the Board at least annually, ensuring ongoing oversight[127] - The Group's risk management systems are designed to provide reasonable assurance against material misstatement or loss, rather than absolute assurance[128] - The Company emphasizes the importance of compliance management to ensure business operations meet regulatory requirements[196] Employee and Diversity Initiatives - The Group maintained a workforce of over 10,000 employees, with competitive salaries and internal training programs[62] - The Group had over 10,000 employees as of December 31, 2024, with approximately 19% being female, and senior management comprised about 40% female members[150] - The Company is committed to maintaining female representation on the Board and developing a pipeline of potential successors[150] - The Board regularly assesses the diversity profile of all employee levels to attract and retain a wide pool of talent[150] Environmental, Social, and Governance (ESG) Efforts - The company aims to reduce overall air emissions by 2%, wastewater by 1%, and non-hazardous waste by 2% by 2025, using 2019 figures as a baseline[180] - The company has been recognized with the "2024 Energy Efficiency Benchmark of Guangdong Paper Manufacturing Industry" and "Top 100 Green and Sustainable Enterprises 2024" awards[176] - The board is responsible for sustainable development, including evaluating risks and opportunities related to key ESG issues[175] - The company has invested in environmentally friendly production technologies, including ultra-low emission technology and biomass fuel[176] - The Group aims to enhance employee compensation and benefits to increase satisfaction and loyalty[196] - The ESG task force, led by senior management, identifies major ESG issues and monitors the Group's ESG performance regularly[187] - The Group has identified 31 significant ESG issues based on stakeholder assessments, with a focus on environmental concerns due to increased stakeholder interest this year[198]

EF001 其他信息 其他信息 不適用 發行人董事 於本公布日期，本公司董事會成員包括五位執行董事，計有李文俊博士、李文斌先生、葉向勤先生、李浩中先生及李經緯先生及三 第 2 頁 共 2 頁 v 1.1.1 EF001 免責聲明 | 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | 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告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 理文造紙有限公司 | | 股份代號 | 02314 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 截至2024年12月31日止12個月之末期股息 | | | 公告日期 | 2025年3月6日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 末期 | | 股息性質 | 普通股息 | | 財政年末 | 2024年12月31日 | | 宣派股息的報告期末 | 2024年12月31日 | | 宣派股息 | 每 股 0 ...

EF001 免責聲明 | 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | 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告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 理文造紙有限公司 | | 股份代號 | 02314 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 截至2024年12月31日止12個月之末期股息 | | | 公告日期 | 2025年3月6日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 末期 | | 股息性質 | 普通股息 | | 財政年末 | 2024年12月31日 | | 宣派股息的報告期末 | 2024年12月31日 | | 宣派股息 | 每 股 0.045 HKD | | 股東批准日期 | 2025年5月8日 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | 每 股 0.045 HKD | | 匯率 | 1 HKD : 1 H ...