Core Viewpoint - The packaging paper industry is experiencing a series of price increases driven by high raw material costs, particularly waste paper, and a combination of supply constraints and seasonal demand factors [1][2][3]. Group 1: Price Increases and Market Dynamics - Major players in the packaging paper industry, such as Nine Dragons Paper Holdings and Shanying International, have initiated multiple rounds of price hikes since August, with Nine Dragons implementing eight price increases [1]. - The average market price for AA-grade corrugated paper reached 2,789 RMB/ton by September 18, marking a 2.42% increase from the end of August and a 7.72% year-on-year rise [1]. - The combination of price increases and planned production halts during the holiday season aims to maintain a bullish market sentiment and encourage procurement from packaging factories [2]. Group 2: Demand and Supply Challenges - Despite a slight uptick in orders ahead of the holidays, the overall recovery in demand for packaging paper remains below expectations, with current price increases primarily driven by cost rather than demand [3]. - The packaging paper industry faces ongoing pressures, including an imbalance between supply and demand due to rapid capacity growth since 2012 and a slowdown in global economic growth [4]. Group 3: Industry Transformation and Future Outlook - The concept of "anti-involution" is seen as a potential key to achieving supply-demand balance in the packaging paper industry, shifting focus from quantity expansion to quality improvement [4]. - Industry leaders emphasize the need for differentiation in products and processes to escape low-price competition, with a focus on meeting customer needs through innovation [4]. - The implementation of new energy consumption standards in May 2025 is expected to drive technological upgrades and efficiency improvements within the industry [4]. - The process of capacity clearing and structural adjustment in the packaging paper industry is anticipated to take time, with price fluctuations and market competition playing a crucial role in achieving balance [5].

每经AI快讯，9月22日，玖龙纸业涨超3%，截至发稿，涨3.42%，报6.05港元，成交额4068.04万港元。 ...

Company Summary - Nine Dragons Paper Holdings Limited (玖龙纸业) shares increased by 3.42%, reaching HKD 6.05, with a trading volume of HKD 40.68 million [1] - The company announced a price adjustment across multiple bases, with increases of up to RMB 50 per ton [1] - A board meeting is scheduled for September 24 to approve the financial results for the year ending June 30, 2025 [1] - The company previously issued a profit warning, expecting a profit of approximately RMB 2.1 billion to RMB 2.3 billion for the current fiscal year, representing a growth of 165% to 190% compared to last year's profit of RMB 794 million [1] Industry Summary - According to Shenwan Hongyuan, the paper industry is entering its peak season in Q3, with slight price increases observed in the corrugated box paper segment [1] - There is a strong willingness among overseas pulp mills to control production, leading to a slight rebound in pulp prices, which supports paper prices [1] - The paper industry has faced challenges from weak demand and continuous new capacity additions, resulting in low operating rates and losses in some segments; however, potential supply improvements from reduced competition may enhance supply-demand dynamics [1]

Company Overview - Nine Dragons Paper Holdings Limited (玖龙纸业) shares increased by 3.42%, reaching HKD 6.05, with a trading volume of HKD 40.68 million [1] - The company announced a price adjustment across multiple bases, with the highest increase being HKD 50 per ton [1] Financial Performance - The company is set to hold a board meeting on September 24 to approve the financial results for the fiscal year ending June 30, 2025 [1] - Nine Dragons Paper previously issued a profit warning, expecting a profit of approximately RMB 2.1 billion to RMB 2.3 billion for the fiscal year ending June 30, 2025, representing a growth of 165% to 190% compared to last year's profit of RMB 794 million [1] Industry Insights - According to Shenwan Hongyuan, the paper industry is entering its peak season in Q3, with slight price increases observed in the corrugated box paper segment [1] - There is a strong willingness among overseas pulp mills to control production, leading to a slight rebound in pulp prices, which supports paper prices [1] - The paper industry has faced challenges due to weak demand and continuous new capacity additions, resulting in low operating rates and losses in some segments; however, potential supply improvements from reduced competition may enhance supply-demand dynamics [1]

玖龙纸业(02689.HK)公告，将于2025年9月24日(星期三)在香港九龙观塘海滨道181号One Harbour Square22楼1室举行董事会会议，藉以审批(其中包括)公司及其附属公司截至2025年6月30日止年度末期 业绩及其发布，以及考虑宣派末期股息(如有)。 ...

（於百慕達註冊成立的有限公司） （股份代號：2689） 董事會召開日期 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。 於本公告刊發日期，本公司董事會由六名執行董事張茵女士、劉名中先生、 張成飛先生、Ken Liu先生、張連鵬先生及張連茹女士；以及四名獨立非執 行董事林耀堅先生、陳曼琪女士、李惠群博士及曹振雷博士組成。 * 僅供識別 香港，二零二五年九月十二日 玖龍紙業(控股)有限公司 (「本公司」) 董事會 (「董事會」)謹此公佈將於二零 二五年九月二十四日(星期三) 在香港九龍觀塘海濱道181號One Harbour Square 22 樓1室舉行董事會會議，藉以審批(其中包括)本公司及其附屬公司截至二零二五年 六月三十日止年度末期業績及其發佈，以及考慮宣派末期股息(如有)。 承董事會命 玖龍紙業(控股)有限公司 公司秘書 鄭慧珠 ...

Group 1 - The paper industry stocks experienced a rise in early trading, with Lee & Man Paper (02314) up 5.17% to HKD 3.05, Nine Dragons Paper (02689) up 4.63% to HKD 5.88, and Chenming Paper (01812) up 4.6% to HKD 0.91 [1] - Major paper manufacturers, including Nine Dragons Paper, Shanying International, Lee & Man Paper, and Wuzhou Special Paper, have announced price increases for certain products starting in early September [1] - Since August, domestic paper manufacturers have implemented multiple rounds of price hikes, indicating a trend towards rising prices in the industry [1] Group 2 - According to Industrial Securities, as the fourth quarter approaches the traditional peak season, both pulp and paper prices are expected to continue rising, supported by anti-involution policies [1] - Huashan Securities previously noted that under the national "anti-involution" backdrop and supply-side structural reforms, the packaging paper industry may see the exit of outdated production capacity, improving supply-demand balance and driving up paper prices, which would enhance profitability for paper companies [1]

Group 1 - The Hong Kong paper industry stocks collectively rose, with Chenming Paper up 4.6%, Lee & Man Paper up over 3%, and Nine Dragons Paper up over 2% [1] - Major paper manufacturers such as Nine Dragons Paper, Shanying International, Lee & Man Paper, and Wuzhou Special Paper announced price increases for certain products in early September, indicating a potential last opportunity for price hikes before the traditional peak season [1] - The paper packaging industry is facing challenges due to an imbalance in supply and demand as new production capacities come online, making it difficult for companies like Nine Dragons to maintain stability in a volatile market [1] Group 2 - Shanying Paper announced a maintenance shutdown plan during the National Day holiday, affecting 12 paper lines across multiple bases in Anhui, Zhejiang, Central China, Fujian, Guangdong, and Jilin, with shutdown durations ranging from 4 to 8 days, concentrated from September 29 to October 6 [1]

Core Viewpoint - The white card paper industry is experiencing a price increase due to operational pressures and anticipated seasonal demand, following a trend of price declines earlier in the year [1][3][6]. Price Increase Announcement - Six major white card paper companies announced a price increase of 100 yuan/ton effective September 1, 2025, following previous price adjustments earlier in the year [1][2]. - This marks the third price increase notification for white card paper in 2025 [2]. Reasons for Price Increase - The price adjustments are attributed to rising operational costs and a recovery in demand, particularly as the traditional demand season approaches [3][6]. - APP (China) cited the need to maintain normal operations and product quality as a reason for the price hike, while Nine Dragons Paper pointed to improving market demand [3][6]. Market Conditions - The white card paper market has been under pressure, with prices at a low point for the year and theoretical profitability in a negative state [1][6]. - The overall performance of the paper industry has been declining, with only 6 out of 20 listed paper companies reporting profit growth in the first half of 2025 [1][6]. Impact of Corrugated Paper Prices - The increase in white card paper prices is influenced by the rising prices of corrugated paper, which saw significant price hikes in August due to increased raw material costs [4][6]. - The average gross margin for the corrugated paper industry improved slightly in August, indicating a potential positive trend for the overall paper market [4]. Future Outlook - The sustainability of the price increase remains uncertain, as the market is still expanding, and demand recovery is crucial for the success of the price hikes [7]. - Analysts suggest that if demand does not improve, there may be downward pressure on prices, with expectations of a potential decline of 0.15% to 0.53% in average prices for September compared to August [7].

Core Viewpoint - The white card paper market is experiencing a price increase due to operational pressures and an anticipated demand recovery, following a period of price decline and industry losses [1][7][8]. Group 1: Price Adjustments - Six major white card paper companies announced a price increase of 100 yuan/ton effective September 1, 2025, following previous price hikes earlier in the year [1][2]. - This marks the third price adjustment for white card paper in 2025, with earlier increases attributed to rising operational costs and a need to align prices with actual usage value [2][8]. - The price of corrugated paper has also risen significantly, with increases ranging from 130 to 260 yuan/ton since August, driven by higher raw material costs [4]. Group 2: Market Conditions - The white card paper market has been under pressure, with theoretical profitability in the industry being negative, leading to operational challenges for companies [1][7]. - Demand is expected to increase due to seasonal factors, including upcoming holidays and specific orders, which may help alleviate supply-demand imbalances [3][8]. - The overall performance of the paper industry has been poor, with only 6 out of 20 listed companies reporting profit growth in the first half of 2025, while others faced significant declines [1][7]. Group 3: Future Outlook - The success of the recent price increases will depend on the improvement of market demand and the willingness of downstream buyers to accept higher prices [8]. - Despite rising costs supporting price increases, demand remains weak, leading to cautious market sentiment and potential downward pressure on prices [8].