业内人士呼吁，加强对进口再生纸浆监管，提升进口干法制造再生纸浆标准，并加强对造纸企业海外建 厂的指导和支持。 自2021年1月1日起，我国全面禁止进口固体废物，其中就包括多年来进口量较大的废纸。 于是，进口再生纸浆开始进入造纸企业与海外废纸供应商的视野。但随着竞争的加剧和生产成本的加 大，泥沙俱下，国内一些造纸企业借再生纸浆之名，跳过常规制浆工艺，直接将废纸原料打碎后包装进 口，带来环境隐患。 公开资料显示，2021年以来，全国已发生多起海关查验出疑似以再生纸浆名义进口固体废物并退运的案 例。业内人士呼吁，加强对进口再生纸浆监管，提升进口干法制造再生纸浆标准，并加强对造纸企业海 外建厂的指导和支持。 一些企业在海外生产再生纸浆 8月中旬的一天，第一财经记者在某造纸企业采访时，工作人员拿出3袋再生纸浆样品。第一袋纤维损伤 小、完整度高；第二袋废纸碎片形状大小不一，并且含有废塑料片和生活垃圾；第三袋是被海关退运的 样品。"据检测，第三袋样品杂质超标，含有不明细菌，无法改变其'固废'的真实身份。"工作人员说。 近年来，进口废纸在中国造纸原料结构中占据重要地位，曾是国内包装用纸生产企业获取优质再生纤维 原料的主要途径 ...

Group 1 - The core viewpoint of the article highlights the positive performance of various companies in the Hong Kong stock market, with significant profit growth and strategic initiatives such as share buybacks and financing rounds [1][2][3][4]. Group 2 - 万国数据-SW (09698) reported a profit of 690 million RMB for the first half of the year, marking a turnaround from losses, and is currently pursuing a Series C financing round to support future projects [1]. - BOSS直聘-W (02076) saw a 85% increase in net profit year-on-year, with a nearly 20% rise in average monthly active users, and announced a share buyback plan of up to 250 million USD [1]. - 长城汽车 (02333) experienced a nearly 6% increase in stock price, with over 20,000 orders for the Haval Menglong 2026 model within 24 hours, indicating strong demand and potential for profit growth [1]. - 周生生 (00116) anticipates a mid-term profit increase to over 900 million RMB, driven by rising gold prices and effective cost control measures [1]. - 中国中车 (01766) saw a stock price increase of over 5% due to the successful bidding for 210 sets of trains, with expectations of sustained high railway investment [2]. - 中广核矿业 (01164) issued a profit warning, expecting a mid-term loss of up to 90 million HKD due to significant price fluctuations in uranium trading [2]. - 特步国际 (01368) reported better-than-expected performance, with a 12% higher net profit than Goldman Sachs' forecast, attributed to increased other income and revenue [2]. - 中国联通 (00762) experienced a stock price increase of over 4%, with expectations of stable dividend growth despite mid-term performance pressures [2]. - 玖龙纸业 (02689) anticipates a maximum annual profit growth of 190%, driven by declining costs [2]. - 海丰国际 (01308) reported a nearly 80% increase in net profit for the first half of the year, attributed to a 7.3% increase in container volume and a 22.8% rise in average freight rates [3].

Core Viewpoint - Nine Dragons Paper Holdings Limited (玖龙纸业) has experienced a significant stock increase of over 4%, with a current price of HKD 5.64, following the announcement of an expected annual profit growth of 165% to 190% for the fiscal year ending June 2025, driven by increased sales and a notable decline in raw material costs [1][1][1] Financial Performance - The company anticipates an annual profit of approximately RMB 2.1 billion to RMB 2.3 billion, reflecting a substantial year-on-year increase [1][1] - The profit growth is primarily attributed to a rise in sales volume and a faster decline in raw material costs compared to product price reductions, leading to an increase in gross profit [1][1] Cost Management - According to a report from CICC, the key to the company's better-than-expected annual performance lies in significant cost reductions, particularly in self-produced pulp costs, which have exceeded expectations [1][1] - The integration of pulp and paper production at the Beihai base in Guangxi has been crucial for profit recovery in various paper grades [1][1] Market Conditions - The price of thermal coal has seen a significant year-on-year decline, providing additional profit margins for different paper grades [1][1] - Looking ahead, the report indicates that coal prices have begun to recover since the second half of 2025, suggesting that the energy cost advantage may narrow, necessitating close monitoring of changes in self-produced pulp costs and the pricing strategies for certain paper grades during peak seasons [1][1]

Group 1 - The core viewpoint of the article is that Nine Dragons Paper Holdings Limited (玖龙纸业) has experienced a significant stock price increase of over 4% following the announcement of a positive earnings forecast, projecting a profit of approximately 2.1 billion to 2.3 billion RMB for the fiscal year ending June 2025, representing a year-on-year growth of 165% to 190% [1] - The profit growth is primarily attributed to an increase in sales and a notable decline in raw material costs, which have decreased at a faster rate than product prices, thereby boosting gross margins [1] - According to a report from China International Capital Corporation (中金), the key factor behind the company's better-than-expected annual performance is the significant reduction in self-produced pulp costs, particularly at the integrated pulp and paper base in Beihai, Guangxi, which has contributed to the profit recovery of various paper grades [1] Group 2 - The decline in thermal coal prices year-on-year has created additional profit space for different types of paper [1] - Looking ahead, the report indicates that since the second half of 2025, coal prices have shown a noticeable recovery, suggesting that the energy cost advantage may narrow, necessitating close monitoring of changes in self-produced pulp costs and the pricing performance of certain paper grades during peak seasons [1]

该行估计FY25公司造纸销量2,100万吨+，同比+10%，过去玖龙专注箱瓦纸，2024年市占率近30%，近 几年公司战略重心为：扩浆纸品类+强化原料布局，产业链一体化增厚超额利润。据公司公告，FY22- 25公司核心聚焦广西+湖北新基地，扩产重心在纸浆、及配套造纸，FY25公司投产120万吨白卡纸、60 万吨文化纸，175万吨化学浆、60万吨化机浆，截至FY25，该行估算公司造纸、纸浆(含再生浆)产能超 2,300万吨、500万吨，对应2021-25年产能增速CAGR在8%、30%+。往前看，公司1HFY26仍有120万吨 白卡纸、70万吨文化纸、70万吨化机浆拟投放，至2025年末公司纸+浆产能突破3,000万吨，该行估计 FY26公司销量延续小幅增长，产品结构继续优化。 中金发布研报称，考虑到玖龙纸业(02689)自制浆成本优势超预期，上调FY25-26年业绩25%、49%至18 亿元、25亿元，引入FY27年25亿元，对应P/B为0.5x、0.4x、0.4x;该行维持跑赢行业评级，上调目标价 33%至6.0港元，目标价对应P/B为0.5x、0.5x、0.5x，隐含11%上行空间。公司发布盈利预告，预计 ...

Core Viewpoint - 中金上调玖龙纸业FY25-26年业绩预期，主要因自制浆成本控制超预期，预计FY25盈利21-23亿元，同比增加165%至190% [1] Group 1: Performance and Financials - FY25业绩上调25%至18亿元，FY26上调49%至25亿元，FY27引入25亿元 [1] - 目标价上调33%至6.0港元，隐含11%上行空间 [1] - FY25归母净利润预计17-19亿元，同比增加126%至153% [1] Group 2: Production and Market Strategy - FY25造纸销量预计2100万吨，同比增长10% [2] - 公司战略重心为扩浆纸品类及强化原料布局，预计FY25投产120万吨白卡纸、60万吨文化纸、175万吨化学浆、60万吨化机浆 [2] - 预计到2025年末，纸+浆产能将突破3000万吨 [2] Group 3: Cost Management and Market Conditions - 业绩超预期的核心在于自制浆成本控制及动力煤价格下跌 [3] - 预计2025年下半年煤价环比修复，需关注自制浆成本变化对利润的影响 [3] Group 4: Capital Expenditure and Debt Management - FY25资本开支预计在130亿元以上，FY26资本开支可能仍偏高 [4] - 需关注公司负债率变化及最新投产规划 [4]

8月20日，截至港股收盘，恒生指数上涨0.17%，报25165.94点。玖龙纸业（02689.HK）收报5.4港元/ 股，上涨12.27%，成交量9120.38万股，成交额4.74亿港元，振幅13.31%。 本文源自：金融界 作者：行情君 行业估值方面，原材料行业市盈率（TTM）平均值为21.6倍，行业中值6.35倍。玖龙纸业市盈率22.42 倍，行业排名第26位；其他大成生化科技（00809.HK）为1.16倍、骏东控股（08277.HK）为1.4倍、中 木国际（01822.HK）为2.15倍、中国三江化工（02198.HK）为4.04倍、武汉有机（02881.HK）为4.8 倍。 资料显示，玖龙纸业(控股)有限公司成立于1995年,总部位于中国广东省东莞市,2006年于香港联交所主 板上市,目前为全球产能排名第一的造纸集团和林浆纸一体化的龙头企业(主要产品为各类环保包装纸、 高档全木浆纸及其上下游产业链)。集团现有造纸设计年产能为超过2,000万吨,员工20,000余人。玖龙纸 业目前在中国的东莞、太仓、重庆、天津、乐山、泉州、沈阳、河北及湖北拥有生产基地,并于广西北 海建设浆纸基地。玖龙纸业积极响应'一 ...

8月20日，玖龙纸业(02689)盘中上涨10.19%，截至14:09，报5.3元/股，成交2.55亿元。 玖龙纸业是全球产能排名第一的造纸集团，主要产品为各类环保包装纸、高档全木浆纸及其上下游产业 链，设计年产能超过2000万吨。公司在中国和海外拥有多个生产基地，并通过收购和扩建，不断推进国 际化发展和产业链完善。 截至2024年中报，玖龙纸业营业总收入334.65亿元、净利润4.7亿元。 本文源自：金融界 作者：行情君 ...

Group 1 - The core viewpoint of the article is that Nine Dragons Paper Holdings Limited expects its profit for the fiscal year ending June 30, 2025, to be between RMB 2.1 billion and RMB 2.3 billion, representing a growth of 165% to 190% compared to the previous year [2] - The profit growth is primarily attributed to an increase in sales and a faster decline in raw material costs compared to the decrease in product prices, which has led to an improvement in gross profit [2]

Core Viewpoint - Nine Dragons Paper Holdings Limited (玖龙纸业) has announced a significant increase in expected profits for the fiscal year ending June 30, 2025, projecting earnings between RMB 2.1 billion and RMB 2.3 billion, representing a growth of 165% to 190% compared to last year's RMB 794 million [1] Group 1 - The company's profit growth is primarily attributed to an increase in sales and a notable decline in raw material costs, which decreased at a faster rate than product prices, leading to an increase in gross profit [1] - The company plans to issue USD 400 million in perpetual capital securities in June 2024, with an expected attributable profit of approximately RMB 400 million for the current year from these securities [1] - The projected attributable profit for equity holders is estimated to be between RMB 1.7 billion and RMB 1.9 billion, marking an increase of 126% to 153% from last year's RMB 751 million [1]