Financial Performance - Revenue decreased by approximately 12.1% to RMB 56,739.4 million, primarily due to a decline in product selling prices during the fiscal year 2023[2] - Gross profit decreased by approximately 78.1% to RMB 1,530.2 million[2] - The loss attributable to equity holders of the company for the fiscal year 2023 was approximately RMB 2,383.4 million, with a basic loss per share of RMB 0.51[2][4] - The company reported a comprehensive loss of RMB 2,275.1 million for the fiscal year 2023[5] - The company reported a net loss of RMB 2,370,839 thousand for the year ended June 30, 2023, compared to a profit of RMB 3,310,501 thousand in the previous year, indicating a significant decline in performance[8] - The operating loss for fiscal year 2023 was approximately RMB 1,595.2 million, compared to an operating profit of RMB 3,587.1 million in fiscal year 2022, primarily due to the decline in gross margin[44] - The net loss attributable to equity holders for fiscal year 2023 was approximately RMB 2,383.4 million, a significant decline from a profit of RMB 3,275.4 million in fiscal year 2022, mainly due to a decrease in packaging paper prices and gross margin[49] Assets and Liabilities - Total assets increased to RMB 120,651.0 million from RMB 107,080.8 million in the previous year[6][7] - Non-current assets rose to RMB 91,196.5 million, up from RMB 74,459.4 million in the previous year[6] - Current liabilities increased to RMB 28,070.98 million from RMB 18,191.5 million in the previous year[7] - Total liabilities rose to RMB 75,514.6 million, compared to RMB 59,575.5 million in the previous year[7] - Trade payables as of June 30, 2023, amounted to RMB 3,277.5 million, compared to RMB 2,650.9 million in the previous year[34] - The company reported a significant increase in long-term bank loans, rising to RMB 43,180.7 million from RMB 36,861.7 million year-over-year[14] - The group’s shareholder equity as of June 30, 2023, was approximately RMB 45,136.4 million, a decrease of about RMB 2,368.9 million or approximately 5.0% compared to June 30, 2022[51] Cash Flow and Investments - Operating cash flow for the year was RMB 6,924,487 thousand, up from RMB 3,030,496 thousand in the previous year, reflecting improved operational efficiency[8] - The company invested RMB 17,424,026 thousand in investment activities, an increase from RMB 12,321,554 thousand in the previous year, indicating a focus on expansion and development[8] - Financing activities generated a net cash inflow of RMB 11,136,472 thousand, compared to RMB 8,920,623 thousand in the previous year, suggesting increased borrowing or capital raising efforts[8] - The company’s cash and cash equivalents at year-end increased to RMB 10,317,488 thousand from RMB 9,654,344 thousand, reflecting a positive cash position despite operational losses[8] Inventory and Receivables - Inventory decreased to RMB 8,855.7 million from RMB 12,170.1 million in the previous year[6] - The total inventory as of June 30, 2023, was RMB 8,855,674,000, a decrease from RMB 12,170,100,000 in 2022, with cost of goods sold for the year amounting to RMB 54,940,449,000 compared to RMB 57,546,222,000 in the previous year[28] - Trade receivables decreased to RMB 3,086,387,000 as of June 30, 2023, from RMB 3,682,958,000 in 2022, while notes receivable increased to RMB 1,373,742,000 from RMB 1,268,153,000[29] Expenses - Depreciation expenses rose to RMB 3,691,597 thousand from RMB 2,937,717 thousand, indicating increased asset utilization or capital investments[15] - Employee benefits expenses increased to RMB 4,014,510 thousand from RMB 3,652,758 thousand, reflecting higher labor costs[15] - Selling and marketing expenses increased by approximately 8.6% to about RMB 2,124.4 million in fiscal year 2023, accounting for approximately 3.7% of total revenue, up from 3.0% in fiscal year 2022[42] - Administrative expenses rose by about 11.0% to approximately RMB 2,577.0 million in fiscal year 2023, representing about 4.5% of total revenue, up from 3.6% in fiscal year 2022[43] - Net financial expenses increased by approximately RMB 415.5 million or 58.4% to about RMB 1,126.8 million in fiscal year 2023, attributed to an increase in total loans from RMB 44,241.0 million to RMB 56,773.3 million[45] Dividends - The company did not declare any dividends for the fiscal year 2023[2] - The company did not declare any interim or final dividends for the fiscal year ending June 30, 2023, while it paid a final dividend of RMB 0.02 per share in 2022, totaling RMB 469,222,000[25] - The company has decided not to declare a final dividend for the year ending June 30, 2023, compared to a dividend of RMB 0.02 per share for the fiscal year 2022[57] Market and Production Capacity - The main source of sales revenue remains the packaging paper business, accounting for approximately 89.9% of total sales revenue[36] - As of June 30, 2023, the total designed annual production capacity for fiber raw materials was 4.62 million tons, with paper production capacity at 20.02 million tons[36] - The company plans to expand its fiber raw material capacity to 6.83 million tons upon completion of all projects, enhancing vertical integration advantages[37] - New production projects are expected to add 4.25 million tons of paper production capacity, bringing total designed capacity to 24.27 million tons[38] - The total sales volume reached approximately 16.6 million tons in fiscal year 2023, an increase of about 3.4% from 16.0 million tons in fiscal year 2022, driven by a rise in sales volume in the Chinese market[40] Future Outlook - The company believes that opportunities and challenges will coexist in the post-pandemic era, with a focus on balancing production and sales, optimizing raw material layout, and innovating products to meet market demand[56] - The company aims to achieve long-term profit growth by reducing costs and increasing efficiency while ensuring safety and green production[56]

玖龍 玖龍紙業(控股)有限公司" NINE DRAGONS PAPER (HOLDINGS) LIMITED (Incorporated in Bermuda with limited liability) (在百慕速注开成立的有限公司) Stock Code 股份代號 : 2689 no environmental Management 沒 有 環 保 NO PAPER MAKING Interim Report 中期業績報告 2022/2023 * For identification purposes only 優供識別 玖龍紙業（控股）有限公司 NINE DRAGONS PAPER (HOLDINGS) LIMITED 公司資料 Corporate Information 2 主要產品 Main Products 4 董事長報告書 Chairlady's Report 9 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 23 簡明綜合資產負債表 Con ...

Financial Performance - For the fiscal year ending June 30, 2022, the company reported revenue of RMB 64,538.1 million, an increase of 4.8% compared to RMB 61,574.1 million in the previous year[13]. - Gross profit decreased significantly to RMB 6,991.9 million, down 40.2% from RMB 11,690.9 million in the prior year, resulting in a gross margin of 10.8%[13]. - Operating profit was RMB 3,587.1 million, a decline of 58.0% from RMB 8,541.7 million year-over-year[13]. - The net profit attributable to equity holders was RMB 3,275.4 million, down 53.9% from RMB 7,101.1 million in the previous year[13]. - The basic earnings per share decreased by 53.9% to RMB 69.8, down from RMB 151.3 in the previous year[13]. - In the fiscal year 2022, the company's sales revenue was approximately RMB 64,538.1 million, an increase of about 4.8% compared to the fiscal year 2021[50]. - The average selling price increased by approximately 8.0%, while sales volume decreased by about 3.0%, leading to the overall revenue growth[50]. - The net profit for the fiscal year 2022 was RMB 3,310.5 million, a decrease from RMB 7,168.0 million in the previous year, reflecting a decline of approximately 53.8%[68]. Cash Flow and Debt - Cash generated from operating activities increased by 20.4% to RMB 3,030.5 million, compared to RMB 2,516.8 million in the previous year[13]. - The company's net debt rose to RMB 34,476.4 million, a 43.9% increase from RMB 23,965.6 million in the previous year[13]. - Total outstanding loans increased by approximately RMB 10,130.1 million to about RMB 44,241.0 million, with short-term and long-term loans comprising 16.7% and 83.3% of total loans, respectively[63]. - The company's cash and cash equivalents, along with unutilized bank financing, amounted to approximately RMB 77,092.4 million as of June 30, 2022[62]. Capital Expenditures and Investments - Capital expenditures surged by 108.3% to RMB 12,621.4 million, compared to RMB 6,060.2 million in the previous year[13]. - The company invested over RMB 800 million in capital expenditures for new and upgraded environmental facilities during the year[87]. Production Capacity and Expansion - The current paper production capacity of the company stands at 18.17 million tons, with ongoing expansions adding a total of 6.85 million tons of new capacity focused on high-end products[37]. - The company plans to increase its pulp and recycled pulp production capacity by an additional 3.12 million tons and 600,000 tons respectively, along with 1.1 million tons of wood fiber, to enhance its raw material structure and upstream capabilities[36]. - The total designed annual production capacity for packaging paper, cultural paper, high-value specialty paper, and pulp products was approximately 19.0 million tons as of June 30, 2022[50]. - The total designed annual production capacity for downstream packaging plants is expected to exceed 2.8 billion square meters after the completion of ongoing projects[42]. Environmental Initiatives - The company is committed to environmental management and low-carbon governance as part of its operational strategy[39]. - The company has obtained "China Environmental Labeling Product" certification and multiple international management system certifications, demonstrating its commitment to environmental standards[79]. - Over 90% of the wood pulp purchased by the company this year has been certified by the Forest Stewardship Council (FSC) or the Programme for the Endorsement of Forest Certification (PEFC)[79]. - The company has implemented advanced wastewater treatment processes that exceed industry standards[96]. - The company has established a central environmental monitoring system that maintains 24-hour online monitoring of environmental operations across its bases[126]. Employee and Safety Management - The company employed 20,098 full-time employees and held 908 patents as of June 30, 2022, with an additional 178 patents pending[49]. - The group reported a total of 30 work-related accidents in the fiscal year 2022, a decrease from 36 in fiscal year 2021, and 39 in fiscal year 2020[147]. - The group achieved a vaccination rate of over 99.5% among employees as of June 30, 2022[146]. - The average training hours per employee increased by 37% year-on-year to 20.7 hours in the fiscal year 2022[151]. Corporate Governance and Community Engagement - The company emphasizes good corporate governance, maintaining a high level of transparency and accountability to stakeholders[163]. - The company has implemented strict anti-corruption measures, including regular audits and training for key positions[164]. - The company donated approximately RMB 70 million in various charitable activities during the fiscal year, including RMB 22 million for poverty alleviation in Guangdong[166]. - The company has established the Jiulong Scholarship and Jiulong Assistance Fund to support education initiatives[182].