NINE DRAGONS PAPER (HOLDINGS) LIMITED 玖龍紙業（控股）有限公司 1 目錄 Contents | 公司資料 | Corporate Information | 2 | | --- | --- | --- | | 主要產品 | Main Products | 4 | | 董事長報告書 | Chairlady's Report | 10 | | 管理層討論及分析 | Management Discussion and Analysis | 13 | | 企業管治及其他資料 | Corporate Governance and Other Information | 21 | | 簡明綜合資產負債表 | Condensed Consolidated Balance Sheet | 31 | | 簡明綜合損益表 | Condensed Consolidated Income Statement | 33 | | 簡明綜合全面收入表 | Condensed Consolidated Statement of Comprehensive Income | 35 | | 簡明綜合權益變動 ...

[Table_MainInfo] 公司研究/造纸轻工 证券研究报告 玖龙纸业（2689）公司研究报告 2025 年 03 月 20 日 [Table_InvestInfo] 股票数据 | 3[T月ab19le日_S收t盘oc价k(I港nf元o]) | 3.46 | | --- | --- | | 52 周股价波动（港元） | 4.10-7.35 | | 总股本（百万股） | 4692 | | 总市值（百万港元） | 16235 | | 相关研究 | | 市场表现 [Table_QuoteInfo] 沪深 300 对比 1M 2M 3M 绝对涨幅（%） 2.7 12.0 7.8 相对涨幅（%） -5.3 -14.5 -17.6 资料来源：海通证券研究所 投资评级 优于大市 首次 覆盖 包装纸行业龙头，产能持续扩张 [Table_Summary] 投资要点： 分析师:郭庆龙 分析师:王文杰 Tel:(021)23185637 Email:wwj14034@haitong.com 证书:S0850523020002 | 主要财务数据及预测 | | | | | | | --- | --- | --- | --- | ...

一年内股价与基准指数对比走势： -16% 34% 84% HSCEI 玖龙纸业 上 市 公 司 公 司 研 究 / 公 司 点 评 证 券 研 究 报 告 | 市场数据： | 2025 年 03 月 06 日 | | --- | --- | | 收盘价（港币） | 3.46 | | 恒生中国企业指数 | 8938.09 | | 52 周最高/最低（港币） | 4.88/2.72 | | H 股市值（亿港币） | 162.35 | | 流通 H 股（百万股） | 4,692.22 | | 汇率（人民币/港币） | 1.0840 | 资料来源：Bloomberg 证券分析师 屠亦婷 A0230512080003 tuyt@swsresearch.com 张海涛 A0230524080003 zhanght@swsresearch.com 联系人 张海涛 (8621)23297818× zhanght@swsresearch.com 2025 年 03 月 06 日 玖龙纸业 (02689) ——FY2025H1 财报点评：业绩符合预期，产销量快速增 长，产业链一体化优势体现，期待后续行业景气改善 投资要点： ⚫ ...

（股份代號：2689） （於百慕達註冊成立的有限公司） 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，概不對因本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。 玖龍紙業（控股）有限公司（「本公司」）董事會（「董事會」）欣然公佈，本公司及其附屬公司 （「本集團」或「玖龍紙業」）截至二零二四年十二月三十一日止六個月（「本期間」）之未經審 核綜合中期業績，連同去年同期之比較數字。 中期簡明綜合損益表 | 截至十二月三十一日 | 止六個月 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 二零二四年 | 二零二三年 | 人民幣千元 | 附註 | 人民幣千元 | | | | | | | （未經審核） | （未經審核） | | | | | | | | | | 收入 | 33,464,611 | 30,611,229 | 5 | 銷售成本 | (30,270,346) | (27,905,603) | | ...

[Table_Introduction] 研究团队简介 曹馨茗，本科毕业于中央财经大学，硕士毕业于圣路易斯华盛顿大学。曾就职于保险资 管、国盛证券研究所，有 3 年左右行业研究经验，跟随团队在新财富、金麒麟、水晶球 等评选中获得佳绩。2024 年加入信达证券研究开发中心。 信达证券股份有限公司(以下简称"信达证券")具有中国证监会批复的证券投资咨询业务资格。本报告由信达证券制作并发布。 如未经信达证券授权，私自转载或者转发本报告，所引起的一切后果及法律责任由私自转载或转发者承担。信达证券将保留随时追 究其法律责任的权利。 姜文镪，新消费研究中心总经理，上海交通大学硕士，第一作者发表多篇 SCI+EI 论文， 曾就职于浙商证券、国盛证券，任职团队曾多次上榜新财富最佳分析师，带领团队获 2023 年水晶球评选第四名、2024 年金麒麟最佳分析师第四名。 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 4 免责声明 在任何情况下，本报告中的信息或所表述的意见并不构成对任何人的投资建议，也没有考虑到客户特殊的投资目标、财务状况或需 求。客户应考虑本报告中的任何意见或建议是否符合其特定状 ...

Financial Performance - For the fiscal year ending June 30, 2024, the company reported revenue of RMB 59,496.4 million, an increase of 4.9% compared to RMB 56,739.4 million in the previous year[5]. - Gross profit surged to RMB 5,711.5 million, reflecting a significant increase of 273.2% from RMB 1,530.2 million in the prior year[5]. - Operating profit turned positive at RMB 2,645.1 million, compared to an operating loss of RMB 1,595.2 million in the previous year[5]. - The company achieved a net profit attributable to equity holders of RMB 750.7 million, a turnaround from a loss of RMB 2,383.4 million in the previous year[5]. - Total assets increased by 14.7% to RMB 138,371.5 million from RMB 120,651.0 million year-on-year[5]. - Total equity rose by 7.4% to RMB 48,484.5 million compared to RMB 45,136.4 million in the previous year[5]. - The gross margin improved to 9.6%, up by 6.9 percentage points from 2.7% in the previous year[5]. - In the fiscal year 2024, the group achieved a significant sales volume increase of 18.3% and a revenue growth of 4.9%, reaching RMB 59,496.4 million[27]. - The gross profit surged by 273.2% year-on-year, with the gross profit margin increasing by 6.9 percentage points, successfully turning a profit[27]. - The net profit for the fiscal year 2024 was RMB 793.9 million, a turnaround from a net loss of RMB 2,370.8 million in 2023[48]. Operational Efficiency - The company is enhancing its operational efficiency through comprehensive cost reduction measures and optimizing inventory management[24]. - The company is focused on high-value product development to enhance product competitiveness and market share[24]. - The company plans to enhance its market share and solidify its industry leadership through a focus on integrated pulp and paper strategies[47]. - The company is actively monitoring raw material supply and prices to improve resource utilization efficiency[27]. - The company is committed to sustainable development by implementing a comprehensive management system and promoting green low-carbon practices[24]. Product Offerings - The company offers a range of products including high-strength corrugated core paper with a basis weight range of 45-180 g/m², which helps reduce packaging weight and shipping costs[12]. - Coated white cardboard is produced with a basis weight range of 180-550 g/m², designed for high-quality printing applications such as packaging for consumer goods[12]. - The company provides food-grade white cardboard with a grammage range of 150-320 g/m², suitable for making various types of paper cups and food packaging[10]. - The environmentally friendly kraft paper is made from 100% recycled paper, catering to customers' cost-effective and eco-friendly requirements[10]. - The company has developed a range of new products to meet diverse customer needs, including lightweight and high-strength packaging solutions[19]. Capital Expenditures and Investments - Capital expenditures decreased by 27.6% to RMB 12,818.9 million from RMB 17,697.6 million in the previous year[5]. - The company plans to increase wood pulp production capacity by 3.05 million tons by 2025, with projects in Guangxi and Hubei provinces[29]. - The group plans to add a total annual production capacity of 3.70 million tons through expansion projects, expected to be completed between Q3 2024 and Q2 2025[30]. - The company has increased its capital expenditure for expanding production capacity of wood pulp, recycled pulp, and wood fiber, leading to a higher financial risk due to rising loan interest rates amid global inflation[64]. Environmental Sustainability - The company continues to focus on environmental sustainability by using recyclable waste paper as a primary raw material in its production processes[50]. - The company has implemented a waste water recycling rate of over 97.2% in the fiscal year 2024, maintaining a target of over 97.5%[72]. - The company has achieved a greenhouse gas density of 9,048 tons of CO2 equivalent per 10,000 tons of paper in the fiscal year 2024, down from 9,330 tons of CO2 equivalent in the fiscal year 2020[67]. - The company aims to reduce sulfur dioxide density to below 0.84 tons per 10,000 tons of paper by the fiscal year 2025, down from 0.94 tons in the fiscal year 2020[68]. - The company has recycled over 14 million tons of waste paper in both the fiscal year 2020 and the fiscal year 2024, with a target of over 16 million tons by the fiscal year 2030[73]. Risk Management and Governance - The company has established a comprehensive governance framework to address climate change risks and comply with stricter environmental standards[65]. - The board regularly reviews the company's overall strategy, risk management, and sustainable development issues, ensuring alignment with environmental, social, and governance (ESG) goals[54]. - The company has adopted the corporate governance code as per the listing rules, ensuring compliance throughout the fiscal year[179]. - The board of directors consists of 13 members, including 8 executive directors and 5 independent non-executive directors[180]. - The company has maintained a high level of attendance at board meetings, with the chairman attending all 5 board meetings[183]. Employee Welfare and Training - The company provides a variety of health and wellness facilities for employees, including gyms and sports fields, to promote work-life balance[130]. - The average training hours per employee increased to 18.0 hours in the fiscal year 2024, up from 17.1 hours in fiscal year 2023[141]. - Total training hours conducted by the company reached 457,380 hours in fiscal year 2024, compared to 375,649 hours in fiscal year 2023, representing a 21.7% increase[142]. - The company emphasizes the importance of employee morale and development through various training programs and career advancement opportunities[141]. - The employee turnover rate was 55% in the United States, 14% in China, 17% in Vietnam, and 22% in Malaysia[133]. Community Engagement and Social Responsibility - The company donated over RMB 16 million to various charitable activities during the fiscal year[159]. - In the 2023 "6.30" event, the company contributed RMB 12 million to support rural revitalization efforts, including education and infrastructure improvements[160]. - The company has cumulatively donated over RMB 310 million to rural revitalization projects over the years, receiving the "Guangdong Poverty Alleviation Red Cotton Cup" for thirteen consecutive years[160]. - The company actively engages in community investment and focuses on understanding community needs[173]. Compliance and Quality Control - The company has implemented strict procurement principles to avoid materials that negatively impact the environment and climate change[149]. - The company has a 100% response rate for customer complaints, with a commitment to resolve issues within three working days for local complaints and five working days for remote or out-of-province complaints[152]. - The company emphasizes quality control through ISO 9000 and ISO 14000 certifications, ensuring no harmful substances are added during production[150]. - The company has not reported any incidents of customer personal data leakage during the year[154].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 3.38 [4] Core Views - The company is in the final stage of its capacity expansion phase, with capital expenditures expected to slow down significantly by FY2026 [4] - The company's total designed capacity is projected to increase by 370 million tons to 25.37 million tons by FY2025, driven by expansions in Guangxi and Hubei [4] - The company's cost pressure is expected to ease due to the decline in overseas hardwood pulp prices, and paper prices are anticipated to stabilize and rise in the second half of the year [4] - The company's revenue is forecasted to grow by 9.1%, 6.9%, and 6.6% in FY2025, FY2026, and FY2027, respectively, with net profit expected to increase by 66.7%, 30.4%, and 24.6% over the same period [4] Financial Performance - FY2024 revenue increased by 4.9% YoY to RMB 59.5 billion, with net profit turning positive to RMB 751 million [5] - Sales volume for FY2024 grew by 18.3% YoY to 19.6 million tons, driven by strong performance in cardboard sales [5] - Average selling price in H2 FY2024 decreased by RMB 64/ton to RMB 2,997/ton, with mixed performance across product categories [5] - The company's fiber raw material capacity increased by 520,000 tons to 5.14 million tons, with further expansions expected in Guangxi and Hubei [5] - FY2024 operating cash flow was negative RMB 794 million, primarily due to a significant increase in bank acceptance bills [5] Financial Projections - Revenue is projected to reach RMB 64.9 billion, RMB 69.3 billion, and RMB 73.9 billion in FY2025, FY2026, and FY2027, respectively [6] - Net profit is expected to grow to RMB 1.26 billion, RMB 1.66 billion, and RMB 2.08 billion over the same period [6] - Gross margin is forecasted to improve from 9.6% in FY2024 to 10.6% by FY2027, with net margin increasing from 1.3% to 2.9% [6] - ROE is expected to rise from 1.5% in FY2024 to 4.0% by FY2027 [6] Balance Sheet and Cash Flow - Total assets are projected to grow from RMB 138.4 billion in FY2024 to RMB 166.7 billion by FY2027 [8] - Cash and cash equivalents are expected to increase from RMB 10.7 billion in FY2024 to RMB 20.6 billion by FY2027 [8] - Operating cash flow is forecasted to turn positive in FY2025, reaching RMB 9.35 billion, and continue to grow in subsequent years [11] - Capital expenditures are expected to decline significantly from FY2026 onwards, supporting debt repayment [4]

Investment Rating - The report maintains a "Buy" rating for Nine Dragons Paper (02689) [3] Core Views - Nine Dragons Paper's FY2024 performance met expectations with revenue of RMB 59.496 billion, up 4.9% YoY, and net profit attributable to shareholders of RMB 751 million, turning from a loss to a profit [3] - The company achieved a sales volume of 19.6 million tons, up 18.3% YoY, with a profit per ton of RMB 38 [3] - In H2 FY2024, revenue was RMB 28.885 billion, up 13.1% YoY, with net profit attributable to shareholders of RMB 458 million and a profit per ton of RMB 48 [3] - The company's strategic layout in pulp-paper integration and product diversification is gradually showing results, with significant improvement in profitability [3] - The company's capacity expansion is progressing, with new capacities in chemical pulp, mechanical pulp, and cultural paper expected to further stabilize profitability [3] Financial Performance - FY2024 revenue breakdown by product: corrugated paper RMB 33.035 billion (+17.7% YoY), white board paper RMB 8.148 billion (-4.1% YoY), cultural paper RMB 4.134 billion (-12.0% YoY) [3] - FY2024 sales volume breakdown: corrugated paper 11.1 million tons (+32.9% YoY), white board paper 2.7 million tons, cultural paper 0.7 million tons [3] - The company's debt-to-asset ratio rose to 65.0% at the end of FY2024, up 2.4 percentage points YoY, due to large-scale capacity expansion [3] - FY2024 operating cash flow was a net outflow of RMB 794 million, but improved significantly in H2 with a net inflow of RMB 1.719 billion [5] Future Outlook - The company plans capital expenditure of RMB 12.8 billion in FY2025, similar to FY2024, with expectations of a gradual improvement in the debt-to-asset ratio from FY2026 onwards [3] - The company's profit per ton is expected to continue improving, supported by pulp-paper integration and product diversification strategies [3] - The report forecasts FY2025-2027 net profit attributable to shareholders at RMB 1.444 billion, RMB 2.234 billion, and RMB 3.243 billion, respectively, with PE ratios of 10.9X, 7.1X, and 4.9X [5] Industry Analysis - The paper industry is expected to see improved supply-demand dynamics as downstream demand recovers, import paper impact eases, and leading paper companies slow down new capacity additions [5] - Leading companies with advantages in raw materials, scale, and management are expected to continue consolidating the market [5]

Financial Performance - Sales volume increased by approximately 18.3%[2] - Revenue rose by approximately 4.9% to RMB 59,496.4 million, primarily due to the increase in sales volume for the fiscal year 2024[2] - Gross profit surged by approximately 273.2% to RMB 5,711.5 million[2] - Profit attributable to equity holders of the company for the fiscal year 2024 was approximately RMB 750.7 million[2] - Basic earnings per share for the fiscal year 2024 were approximately RMB 0.16[2] - The company reported a total comprehensive income of RMB 523.4 million for the fiscal year 2024, compared to a loss of RMB 2,275.1 million in the previous year[5] - The company reported a net profit of RMB 793,890 thousand for the year ending June 30, 2024, compared to a net loss of RMB (2,370,839) thousand in the previous year, indicating a significant turnaround[9] - The operating profit for fiscal year 2024 was approximately RMB 2,645.1 million, a turnaround from an operating loss of RMB 1,595.2 million in fiscal year 2023[48] - The company's net profit attributable to equity holders for fiscal year 2024 was approximately RMB 750.7 million, compared to a net loss of RMB 2,383.4 million in fiscal year 2023[51] Assets and Liabilities - Total assets increased to RMB 138,371.5 million from RMB 120,651.0 million year-on-year[8] - Non-current assets, including property, plant, and equipment, rose to RMB 95,462.9 million from RMB 86,557.2 million[7] - Total liabilities increased to RMB 89,887.0 million from RMB 75,514.6 million year-on-year[8] - Long-term bank and other loans increased to RMB 52,326.7 million as of June 30, 2024, compared to RMB 43,180.7 million in the previous year[37] - The company’s total loans reached RMB 67,179.1 million, an increase from RMB 56,773.3 million in the previous year[37] Cash Flow and Expenses - Cash and cash equivalents stood at RMB 10,560.7 million, compared to RMB 10,317.5 million in the previous year[7] - The company reported a net cash outflow from operating activities of RMB (794,199) thousand, a significant decrease from RMB 6,924,487 thousand in the previous year[9] - Financial expenses increased to RMB (1,568,765) thousand from RMB (1,288,915) thousand, indicating a rise of approximately 21.7% year-over-year[16] - The company incurred operating expenses of RMB 48,463,322 thousand for raw materials and consumables, compared to RMB 45,959,412 thousand in the previous year, which is an increase of approximately 5.5%[15] - The total interest and financing costs rose from RMB 2,035.8 million in the previous fiscal year to approximately RMB 2,317.0 million in the current fiscal year[58] Inventory and Receivables - The company’s total inventory as of June 30, 2024, was RMB 10,169,308,000, an increase from RMB 8,855,674,000 in the previous year[30] - The inventory level rose by approximately 14.8% to about RMB 10,169.3 million as of June 30, 2024, with raw materials accounting for approximately RMB 6,303.8 million[52] - As of June 30, 2024, accounts receivable and notes receivable amounted to RMB 8,482.3 million, an increase of approximately 90.2% compared to RMB 4,460.1 million as of June 30, 2023[53] - Accounts receivable from trade increased to RMB 3,565.7 million as of June 30, 2024, up from RMB 3,086.4 million the previous year[32] Corporate Governance - The board of directors consists of eight executive directors and four independent non-executive directors[66] - The company is led by Chairwoman Zhang Yin[66] - The company emphasizes its commitment to corporate governance[66] - The board composition reflects a balance between executive and independent oversight[66] - The company aims to enhance transparency and accountability[66] Strategic Initiatives - The company is focused on expanding its market presence in the packaging paper and specialty paper sectors, leveraging its production capabilities to enhance revenue growth[10] - The company plans to increase its annual production capacity by 3.70 million tons for white card paper and cultural paper, with completion expected between Q3 2024 and Q2 2025[42] - The company has ongoing expansion projects, including a new pulp production capacity of 1.10 million tons in Beihai, Guangxi, expected to be completed in Q3 2024[40] - The company plans to balance production and sales while enhancing technological innovation and resource integration to provide differentiated high-quality products[59] Dividends - The company did not recommend a final dividend for the year ended June 30, 2024, consistent with no dividend declared in the previous year[26] - The company has decided not to declare any interim or final dividends for the fiscal year ending June 30, 2024[60] Market Performance - The company reported a significant sales volume increase of 18.3% year-on-year, with total sales revenue rising by 4.9% to RMB 59,496.4 million[39] - Sales of packaging paper reached RMB 54,609,046 thousand, up from RMB 51,009,294 thousand, reflecting an increase of about 5.1% year-over-year[14] - The company's sales revenue for the fiscal year 2024 was approximately RMB 59,496.4 million, an increase of about 4.9% compared to fiscal year 2023[43] - The sales volume reached approximately 19.6 million tons, an increase of about 18.3% from 16.6 million tons in fiscal year 2023[43]

非常荣幸的邀请到九龙职业的这个RRB温总然后大家也可以叫他Joy就英文名然后今天的话我们就是先请温总这边给我们做一下这个近况的一些就是最近的情况的一些介绍吧温总先把时间交给您谢谢谢谢大家早上好对我很简单说一下吧因为可能之前也有机会跟大家交流过 大家记得我们2月底的时候就做了一个中保的业绩报告就是说去年的7月到12月我们的成绩是怎么样这个我不多说了那说一下第一季度跟4月份我们的量方面的update吧整体上我觉得是蛮好的比方说我们第一季度总共做了超过400万吨 然后呢四月份单月份我们也做了差不多一百七十万吨就是如果如果用这个量来看的话是蛮不错的因为始终比方说那个春节以后来讲是那个淡季嘛但是呢也做了这么好的一个量来讲所以我觉得量是不错 从那个开机率来讲也是稳定的也是偏高的基本上我没有听说过我们有停机除了这个春节的时候大家都看到我们一个一般来讲春节都有停机嘛就是回收啊等等是已经安排好的以及预判好的那个停机有之后基本上三四月都没有什么停机过 从这个库存来讲我们现在三周左右三周多一点吧我相信你说是很低也说不上很高也不是我觉得是正常如果用以前的标准就是没有疫情的时候的标准来讲是正常高一点也是淡季一般也是这个范围 从价格来讲 ...