執行董事辭任 玖龍紙業（控股）有限公司（「本公司」，連同其子公司「本集團」）董事會（「董事 會」）宣佈，張連茹女士（「張女士」））為投入時間於其他工作而辭任執行董事一職， 自二零二五年九月三十日生效。 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。 香港，二零二五年九月三十日 （於百慕達註冊成立的有限公司） （股份代號：2689） 張女士已確認彼與董事會並無意見分歧，且概無有關其辭任的事宜需本公司股東或香港聯 合交易所有限公司垂注。 董事會謹此對張女士於其任期內對本公司作出的寶貴貢獻致以衷心謝意。 承董事會命 玖龍紙業（控股）有限公司 董事長 張茵 於本公告刊發日期，本公司董事會由五名執行董事張茵女士、劉名中先生、張成飛先 生、Ken Liu先生及張連鵬先生；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 ...

尽管玖纸自有纸浆产量将从2025财年的300万吨增至2026财年预估的470万吨，并于2027年后进一步提 升，但单位成本降低及利润率扩张的效应可能减弱。例如，原本利润最高的广西北海工厂的双胶纸产 品，因拥有新建自有纸浆产能的竞争对手降价、以及作为纸浆原料的国内木片价格从每吨1,000元人民 币涨至1,200元人民币，其每吨净利润已从800元人民币至1,000元人民币降至近期的500元人民币至600元 人民币。为应对潜在的木片短缺，玖纸已租赁船只以便有必要时进口木片，且在可预见的未来采购成本 可能微幅上升。 美银证券与玖纸首席财务官张元福举行业绩后电话会议。玖纸2025财年下半年业绩超预期，主要归功于 自有纸浆供应带来的成本节省优于预期，而基础箱板纸市场表现持续温和。他粗略估算，2025财年下半 年实现的每吨净利润约129元人民币中，约有80元人民币来自此成本领导优势。 智通财经APP获悉，美银证券发表报告称，预期玖龙纸业(02689)将维持高于同业的美元计价利润，但进 一步扩大此优势可能面临挑战。该行微幅下调玖纸2026至2027财年预测，并同步下调目标价8%至6港 元。重申"买入"评级，因认为以7.4倍2 ...

美银证券发表报告称，预期玖龙纸业(02689)将维持高于同业的美元计价利润，但进一步扩大此优势可 能面临挑战。该行微幅下调玖纸2026至2027财年预测，并同步下调目标价8%至6港元。重申"买入"评 级，因认为以7.4倍2026年预测市盈率计，估值具吸引力，且潜在需求加速可能推升利润率，成本优势 亦有助限制盈利下行风险。 美银证券与玖纸首席财务官张元福举行业绩后电话会议。玖纸2025财年下半年业绩超预期，主要归功于 自有纸浆供应带来的成本节省优于预期，而基础箱板纸市场表现持续温和。他粗略估算，2025财年下半 年实现的每吨净利润约129元人民币中，约有80元人民币来自此成本领导优势。 尽管玖纸自有纸浆产量将从2025财年的300万吨增至2026财年预估的470万吨，并于2027年后进一步提 升，但单位成本降低及利润率扩张的效应可能减弱。例如，原本利润最高的广西北海工厂的双胶纸产 品，因拥有新建自有纸浆产能的竞争对手降价、以及作为纸浆原料的国内木片价格从每吨1,000元人民 币涨至1,200元人民币，其每吨净利润已从800元人民币至1,000元人民币降至近期的500元人民币至600元 人民币。为应对潜在的木片短 ...

该行预期玖纸将维持高于同业的美元计价利润，但进一步扩大此优势可能面临挑战。该行微幅下调玖纸 2026至2027财年预测，并同步下调目标价8%至6港元，重申"买入"评级，因认为以7.4倍2026年预测市盈 率计，估值具吸引力，且潜在需求加速可能推升利润率，成本优势亦有助限制盈利下行风险。 美银证券发表报告称，玖龙纸业2025财年下半年业绩超预期，主要归功于自有纸浆供应带来的成本节省 优于预期，而基础箱板纸市场表现持续温和。尽管玖纸自有纸浆产量将从2025财年的300万吨增至2026 财年预估的470万吨，并于2027年后进一步提升，但单位成本降低及利润率扩张的效应可能减弱。为应 对潜在的木片短缺，玖纸已租赁船只以便有必要时进口木片，且在可预见的未来采购成本可能微幅上 升。 ...

Core Viewpoint - Nine Dragons Paper's FY25 results met expectations, with a revenue increase of 6.3% YoY to Rmb63.24 billion and a net profit attributable to shareholders of Rmb1.77 billion, reflecting a significant 176% HoH increase in 2HFY25 [1]. Sales and Production Trends - The company reported a total sales volume increase of 10% YoY to 21.5 million tonnes in FY25, driven by growth in kraft paper (+1.10 million tonnes), ivory board (+500,000 tonnes), and P&W paper (+400,000 tonnes) [1]. - For FY26, the company has commissioned 1.2 million tonnes of ivory board paper, 350,000 tonnes of P&W paper, and 700,000 tonnes of chemical pulp in 1HFY26, with plans for an additional 350,000 tonnes of P&W paper within the year [2]. - Forecasts indicate paper production and sales volume will increase by over 5% YoY in FY26, with plans to commission 700,000 tonnes of ivory board paper in Chongqing and another 500,000 tonnes in Tianjin in 1HFY27 [3]. Pricing and Profitability - The company anticipates a near-term recovery in linerboard and corrugated board prices, estimating profit per tonne (before interest on perpetual bonds) at Rmb59 in 1HFY25 and Rmb151 in 2HFY25, with the latter benefiting from increased self-produced pulp output and lower thermal coal prices [4]. - Price hikes for linerboard and corrugated board have been progressing since July, supported by improving industry demand and rising domestic wastepaper prices, although costs per tonne have slightly increased due to rising coal and wastepaper prices [4]. Capital Expenditure and Financial Outlook - In FY25, the company's capex reached Rmb14.8 billion, a 15.7% YoY increase, while the debt-to-asset ratio rose by 1 percentage point YoY to 66%. For FY26, capex is guided at Rmb11 billion, reflecting ongoing expansion efforts [5]. - Following the implementation of cost-cutting and efficiency measures, earnings forecasts for FY26 and FY27 have been raised by 11% and 15% to Rmb2.75 billion and Rmb2.88 billion, respectively. The stock is currently trading at 0.5x and 0.4x P/B, with a target price increase of 17% to HK$7, indicating a 22% upside [5].

Group 1: Alibaba Group - CMB International maintains a "Buy" rating for Alibaba-SW, raising the target price to HKD 195, citing advancements in AI infrastructure investment of RMB 380 billion and a projected 10x increase in data center energy consumption by 2032 [1] - CICC also maintains an "Outperform" rating for Alibaba-SW, increasing the target price to HKD 197, highlighting the leading position of Tongyi model ecosystem and the potential for commercial value release [1] Group 2: Kuaishou Technology - UBS maintains a "Buy" rating for Kuaishou-W, setting a target price of HKD 95.37, noting significant advancements in the 可灵 2.5 Turbo model for text understanding and video generation [1] Group 3: Xiaomi Corporation - Daiwa Securities maintains a "Buy" rating for Xiaomi Group, with a target price of HKD 76, reporting an increase in weekly electric vehicle deliveries to 10,000-12,000 units and plans to enter the European market by 2027 [2] Group 4: Longwind Pharmaceutical - China Everbright Securities International highlights Longwind Pharmaceutical's strong growth prospects, focusing on inhalation technology and drug development, with six products approved in the respiratory disease field [3] Group 5: Nine Dragons Paper Holdings - Bank of America maintains a "Buy" rating for Nine Dragons Paper, setting a target price of HKD 6.5, with a projected net profit of RMB 1.767 billion for FY25 and a 9.7% increase in sales [3] - Shenwan Hongyuan also maintains a "Buy" rating, noting significant improvements in gross profit and net profit, with expected growth in net profit for 2026-2028 [4] - Guotai Junan raises the target price for Nine Dragons Paper to HKD 7.37, citing a 9.6% increase in sales and a 1.9 percentage point rise in gross margin [4] Group 6: Xindong Company - CMB Securities strongly recommends Xindong Company, highlighting the successful public testing of "伊瑟" and a 37.74% increase in revenue from the TapTap platform [5] Group 7: Mixue Group - CITIC Securities maintains a "Buy" rating for Mixue Group, emphasizing its efficient supply chain and membership growth exceeding 300 million, with plans for expansion in Southeast Asia and new global markets [6]

Core Viewpoint - The company reported FY25 results that met expectations, with significant growth in both revenue and net profit, indicating strong operational performance and effective cost management [1][2]. Financial Performance - FY25 revenue reached 63.241 billion yuan, a year-on-year increase of 6.3% - Net profit was 2.202 billion yuan, up 177.3% - Net profit attributable to shareholders was 1.767 billion yuan, an increase of 135.4% after deducting approximately 400 million yuan in perpetual bond interest - Sales volume for FY25 was 21.5 million tons, a growth of 9.6% [1]. Segment Performance - In FY25, revenue from various paper products was as follows: - Corrugated paper: 33.344 billion yuan (+9.1%) - Grey bottom white paper: 6.901 billion yuan (-15.3%) - White card paper: 3.723 billion yuan (+51.2%) - Cultural paper: 5.408 billion yuan (+30.8%) - The share of cultural paper and white card paper has significantly increased, benefiting from favorable competition dynamics [3]. Production Capacity and Raw Material Advantage - As of FY25, the company had 4.73 million tons of wood pulp capacity, with plans to increase this to 7.43 million tons by FY27 - The self-produced wood pulp provides a significant cost advantage compared to external sourcing, contributing positively to FY25H2 profitability [2][4]. Market Dynamics - The demand for corrugated paper is expected to improve due to a gradual recovery in downstream demand and a slowdown in new capacity from leading manufacturers - The pricing for corrugated paper and other products has shown signs of stabilization and potential upward movement, driven by supply-demand dynamics [3][4]. Future Outlook - The company has raised its net profit forecasts for FY26-27 to 3.117 billion yuan and 3.759 billion yuan, respectively, reflecting a strong growth trajectory - The projected PE ratios for FY26-28 are 7.9, 6.5, and 5.5, indicating attractive valuation levels [4].

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company has shown significant improvement in profitability due to product structure upgrades and a successful integration of pulp and paper operations. The FY2025 results met expectations, with revenue of 63.241 billion RMB, a year-on-year increase of 6.3%, and a net profit of 2.202 billion RMB, a year-on-year increase of 177.3% [5][7] - The company has a strong production capacity of over 20 million tons in paper manufacturing, which provides significant scale advantages and upward elasticity in performance [7] - The company is expected to see continued growth in net profit, with projections of 3.117 billion RMB for FY2026 and 4.425 billion RMB for FY2028, reflecting year-on-year growth rates of 76.4% and 17.7% respectively [6][7] Financial Data and Profit Forecast - FY2024 revenue is projected at 59.496 billion RMB, with a growth rate of 5%, while FY2025 revenue is expected to reach 63.241 billion RMB, reflecting a 6% increase. The net profit for FY2025 is forecasted at 1.767 billion RMB, a 135% increase year-on-year [6][7] - The company’s earnings per share (EPS) is expected to grow from 0.16 RMB in FY2024 to 0.38 RMB in FY2025, with a net asset return rate increasing from 1.66% to 3.74% [6][7] - The company’s market-to-earnings ratio is projected to decrease from 32.7 in FY2024 to 13.9 in FY2025, indicating improved valuation metrics [6][7] Product and Market Dynamics - The company has diversified its product offerings, increasing the production capacity of cultural paper and white card paper, which are expected to account for 12% of total production capacity by FY2026 [7] - The company has seen a significant increase in gross profit per ton of paper, with FY2025 figures showing a gross profit of 337 RMB per ton, up from previous years [7] - The market dynamics for boxboard and corrugated paper are improving, with expected demand growth and a reduction in supply pressure from imports, which will benefit the company's performance [7]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [9][19]. Core Insights - The company reported FY2025 results that met expectations, with revenue of 63.241 billion RMB, a year-on-year increase of 6.3%, and a net profit of 2.202 billion RMB, reflecting a significant year-on-year growth of 177.3% [9]. - The integration of pulp and paper production and the diversification of paper types have led to notable improvements in profitability [9]. - The company has a strong cost advantage in raw materials, with a projected increase in self-produced pulp capacity, which is expected to enhance profitability further [9]. - The company’s product structure is gradually improving, with a focus on high-end products, which is anticipated to benefit from industry demand recovery [9]. Financial Data and Profit Forecast - FY2025 revenue is projected at 63.241 billion RMB, with a year-on-year growth rate of 6% for FY2026 and 10% for FY2027 [8]. - The net profit for FY2025 is expected to reach 1.767 billion RMB, with significant growth projected for the following years, reaching 4.425 billion RMB by FY2028 [8]. - The earnings per share (EPS) is forecasted to increase from 0.38 RMB in FY2025 to 0.94 RMB in FY2028 [8]. - The return on equity (ROE) is expected to improve from 3.74% in FY2025 to 7.64% in FY2028 [8].

Core Viewpoint - 中金上调玖龙纸业FY26-27净利润预测，分别增加11%和15%至27.5亿和28.8亿元，维持跑赢行业评级，并将目标价上调17%至7港元 [1] Financial Performance - FY25 revenue reached 632.41 billion, a year-on-year increase of 6.3%, with a net profit of 17.67 billion, aligning with prior forecasts [1] - In 2HFY25, net profit was 12.97 billion, a quarter-on-quarter increase of 176%, driven by self-produced pulp benefits and reduced coal prices [1] Production and Sales - FY25 total sales volume was 21.5 million tons, a year-on-year increase of 10%, with core growth in牛卡纸 (110,000 tons), 白卡纸 (50,000 tons), and 文化纸 (40,000 tons) [1] - In 1HFY26, the company has launched 1.2 million tons of white cardboard, 350,000 tons of cultural paper, and 700,000 tons of chemical pulp, with plans for an additional 350,000 tons of cultural paper [2] Market Outlook - The company is optimistic about the paper price recovery, estimating profits of 59 yuan/ton and 151 yuan/ton for 1HFY25 and 2HFY25 respectively, supported by improved industry demand and rising waste paper prices [3] - The company anticipates a slight increase in costs due to rising coal and waste paper prices, but expects a small recovery in profits for box board and corrugated paper from July to September [3] Capital Expenditure - FY25 capital expenditure was 14.8 billion, a year-on-year increase of 15.7%, with continued pressure on free cash flow and a debt ratio of 66% [4] - For FY26, the company has guided a capital expenditure of 11 billion, which is higher than previous guidance [4]