Core Viewpoint - The domestic white card paper market is experiencing a new round of price increases, with several companies announcing a price hike of 200 yuan per ton effective November 1, 2025 [1] Group 1: Price Increase Announcement - Companies such as Bohui Paper Industry, Nine Dragons Paper, and Universal Paper have issued price increase notices for their white card paper products [1] - The price adjustment is set to be uniform across the mentioned companies, indicating a coordinated effort within the industry [1] Group 2: Factors Driving Price Increase - The price hike is driven by three main factors: rising costs nearing the breakeven point for companies, the arrival of the traditional demand peak season known as "Golden September and Silver October," and delays in the launch of some new production capacities [1] - Analysts suggest that improving profitability through price increases will be the dominant theme in the white card paper market for the fourth quarter [1]

Core Viewpoint - The domestic white cardboard market is experiencing a new round of price increases, with several paper companies announcing a price hike of 200 yuan/ton effective November 1, 2025, driven by rising costs, seasonal demand, and delayed new capacity releases [1][2]. Group 1: Price Increase Announcement - Multiple paper companies, including Bohui Paper and Nine Dragons Paper, have issued price increase notices, raising the price of white cardboard products by 200 yuan/ton [1][2]. - APP (China) also announced a price increase for all products produced by its subsidiaries, indicating a widespread trend among paper manufacturers [2]. Group 2: Factors Driving Price Increases - The price hike is primarily driven by three factors: continuous cost increases nearing the breakeven point for companies, the arrival of the traditional demand peak season ("Golden September and Silver October"), and delays in the release of new production capacity [1][2]. - Rising prices of raw materials such as waste paper and coal have significantly increased operational costs, leading to a divergence between current product prices and their actual value [2]. Group 3: Market Trends and Price Movements - The average market price for white cardboard in Q3 was 3981.78 yuan/ton, reflecting a 3.56% decrease from the previous quarter and a 9.32% year-on-year decline [3]. - The lowest market price was recorded at 3930 yuan/ton in late August, with a recovery to 3999 yuan/ton by the end of September, and a further increase to 4054 yuan/ton by October 23, marking a 1.38% rise since the end of September [3]. Group 4: Seasonal Demand and Supply Adjustments - The traditional consumption peak in September and October has led to a rigid increase in orders, particularly in the packaging sector, driven by the Mid-Autumn and National Day holidays [4]. - The overall inventory in the industry has decreased to a low level, and demand is expected to grow by 5.80% in Q4 [4]. - New production capacity releases have been adjusted, with a significant line in South China successfully launched, while another planned line by Nine Dragons Paper has faced delays, easing supply pressure [4]. Group 5: Future Market Outlook - The price of white cardboard is expected to rise further in October, with an overall average price forecasted to reach 4182 yuan/ton in Q4, representing a 5.02% increase [4].

(Incorporated in Bermuda with limited liability) （於百慕達註冊成立的有限公司） (Stock Code: 2689) （股份代號：2689） NOTIFICATION LETTER 通知信函 24 October 2025 Dear Non-registered Holder(s) (Note 1) , Nine Dragons Paper (Holdings) Limited (the "Company") — Notice of publication of (i) 2024/2025 Annual Report; (ii) Circular dated 24 October 2025 relating to general mandates to issue and repurchase share, re-election of retiring directors and notice of annual general meeting and (iii) Proxy form for use at the annual general meetin ...

24 October 2025 Dear Registered Shareholders, (Incorporated in Bermuda with limited liability) （於百慕達註冊成立的有限公司） (Stock Code: 2689) （股份代號：2689） NOTIFICATION LETTER 通知信函 Nine Dragons Paper (Holdings) Limited (the "Company") — Notice of publication of (i) 2024/2025 Annual Report; (ii) Circular dated 24 October 2025 relating to general mandates to issue and repurchase share, re-election of retiring directors and notice of annual general meeting and (iii) Proxy form for use at the annual general meeting to be hel ...

（於百慕達註冊成立的有限公司） 地址為 為玖龍紙業（控股）有限公司（「本公司」）股本中每股面值0.10港元普通股（附註2） 股之登記持有人，茲委任（附註3） 地址為 ， 或如其未克出席，則委任大會主席為本人╱吾等之代表，代表本人╱吾等出席本公司謹訂於二零二五年十二月十一日（星期四） 上午十一時正假座香港九龍港鐵九龍站柯士甸道西一號W Hong Kong 7樓工作室1&2舉行之股東週年大會及其任何續會，依 照下列所載指示代表本人╱吾等投票表決下列決議案： | | | 普通決議案 | 贊成（附註4） | 反對（附註4） | | --- | --- | --- | --- | --- | | 1. | | 考慮及接納截至二零二五年六月三十日止年度之經審核財務報表、董事會報 | | | | | 告書與獨立核數師報告書。 | | | | | 2. | (a) | (i) 重選張成飛先生為本公司執行董事； | | | | | | (ii) 重選張連鵬先生為本公司執行董事； | | | | | | 重選陳曼琪女士為本公司獨立非執行董事； (iii) | | | | | | 重選孫寶源先生為本公司獨立非執行董事；及 (iv) ...

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通告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本通告全部或任何 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。 – 1 – 1. 考慮及接納截至二零二五年六月三十日止年度之經審核財務報表、董事會報告 書及獨立核數師報告書。 2. (a) (i) 重選張成飛先生為本公司執行董事； (ii) 重選張連鵬先生為本公司執行董事； (iii) 重選陳曼琪女士為本公司獨立非執行董事； (iv) 重選孫寶源先生為本公司獨立非執行董事；及 (b) 授權董事會釐定董事酬金。 3. 續聘羅兵咸永道會計師事務所為核數師並授權董事會釐定其酬金。 「有關期間」乃指由本決議案通過之日期至下列之最早日期止之期間： （於百慕達註冊成立的有限公司） （股份代號：2689） 股東週年大會通告 茲通告玖龍紙業（控股）有限公司（「本公司」）謹訂於二零二五年十二月十一日（星期 四）上午十一時正假座香港九龍港鐵九龍站柯士甸道西一號W Hong Kong 7樓工作 室1&2舉行股東週年大會，藉以處理下列事項： – 2 – 4. 作為特別事項，考慮及酌情通過下 ...

此 乃 要 件 請 即 處 理 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通函之內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示概不就因本通函全部或任何部份內容而產生或因倚賴該等內容 而引致之任何損失承擔任何責任。 閣下如對本通函任何方面或應採取之行動有任何疑問，應諮詢 閣下之持牌證券交易商、銀行經理、 律師、專業會計師或其他專業顧問。 閣下如已出售或轉讓名下所有玖龍紙業（控股）有限公司之股份，應立即將本通函連同本通函隨附之 代表委任表格送交買主或承讓人或經手買賣或轉讓之銀行經理、持牌證券交易商或其他代理商，以 便轉交買主或承讓人。 （於百慕達註冊成立的有限公司） （股份代號：2689） 發行及購回股份之一般授權 重選退任董事 及 股東週年大會通告 玖龍紙業（控股）有限公司謹訂於二零二五年十二月十一日（星期四）上午十一時正假座香港九龍港鐵 九龍站柯士甸道西一號W Hong Kong 7樓工作室1&2舉行股東週年大會，大會通告載於本通函第14 至18頁。隨函附奉股東週年大會適用之代表委任表格。 無論 閣下是否擬出席股東週年大會並於會上投票，務請 閣下按照隨附之代表委任表格列印之指 示將其 ...

Financial Performance - Revenue for the fiscal year ending June 30, 2025, reached RMB 63,240.5 million, representing a 6.3% increase from RMB 59,496.4 million in 2024[13] - Gross profit increased by 26.9% to RMB 7,245.1 million, up from RMB 5,711.5 million in the previous year[13] - Operating profit rose by 48.8% to RMB 3,936.6 million, compared to RMB 2,645.1 million in 2024[13] - Profit attributable to equity holders surged by 135.4% to RMB 1,767.1 million, up from RMB 750.7 million in 2024[13] - Basic and diluted earnings per share increased by 135.6% to RMB 37.7, compared to RMB 16.0 in 2024[13] - Net profit surged by 177.3% to RMB 2.2 billion, with profit per ton of paper at approximately RMB 102.5[44] - Revenue from the Chinese market accounted for 88.7% of total sales revenue in fiscal year 2025, with the remaining 11.3% from other countries[61] Production and Capacity - The company achieved a record sales volume of 21.5 million tons, an increase of 9.6% year-on-year[44] - The total designed annual production capacity for fiber raw materials is approximately 7.5 million tons, with paper production capacity at approximately 23.5 million tons, and downstream packaging plants at approximately 2.9 billion square meters[55] - The total designed annual production capacity for packaging paperboard, cultural paper, high-end specialty paper, and pulp products is approximately 28.9 million tons as of June 30, 2025[60] - The company plans to enhance its raw material self-sufficiency, targeting an annual design capacity of 10.2 million tons, including 7.4 million tons of wood pulp and 0.7 million tons of recycled pulp[45] - New production lines at Beihai and Hubei bases are expected to increase the high-end paper product ratio, contributing to the company's profitability[46] Cost Control and Efficiency - The company is focusing on cost control by optimizing procurement strategies and maximizing the reduction of raw material prices, including waste paper and wood chips[49] - The strategic focus on vertical integration of the wood pulp supply chain is expected to enhance cost control and product quality[45] - The company aims to enhance cost control and increase the proportion of high-value-added products while optimizing production and sales relationships[78] Environmental Initiatives - The introduction of environmentally friendly products aligns with market demands and regulatory standards, enhancing the company's competitive edge[37] - The company has implemented a waste water recycling rate of approximately 97.2% in the fiscal year 2020, aiming to maintain it above 97.5% by 2030[99] - The company has recycled over 14 million tons of waste paper in the fiscal year 2020, with a target to maintain this level through 2030[99] - The company has established a comprehensive governance framework to address climate change risks[96] - The company has been recognized with multiple environmental certifications, including ISO 14001 and "Green Factory" status[114] Risk Management - The company has established a robust risk management system to control operational capital, cash flow, and exchange rate fluctuations, ensuring sustainable high-quality development[54] - The company has established emergency management protocols to quickly respond to public health emergencies, such as the COVID-19 pandemic[94] - The company has established a list of alternative suppliers to mitigate supply chain disruptions caused by extreme weather events[167] Employee Welfare and Development - The company employs 27,453 full-time employees as of June 30, 2025, with 90% based in China[174] - Employee turnover rates are 13% in China, 18% in Vietnam, 44% in the United States, and 22% in Malaysia[180] - The average monthly overtime for employees this year is 9 hours, promoting a work-life balance[173] - The group reported a total of 70 work-related accidents in FY2025, an increase from 55 in FY2024 and 36 in FY2023[185] - The average training hours per employee increased to 18.1 hours in FY2025 from 18.0 hours in FY2024 and 17.1 hours in FY2023[192] Safety and Compliance - The group strictly adheres to labor laws in China, ensuring no child or forced labor is used, with the youngest employee being over 18 years old[194] - The group has implemented the SA 8000 social responsibility management system since 2013 and received certification in February 2015[194] - The group has established a union to represent the interests of employees from various departments, emphasizing humane management practices[197] Future Outlook - The company anticipates opportunities and challenges in fiscal year 2026, with support from government policies but potential impacts from international relations and new capacity additions[78] - The company is actively implementing digital transformation through the introduction of big data and artificial intelligence to improve management decision-making efficiency[48]

每经AI快讯，10月21日，港股玖龙纸业(02689.HK)涨超4%，截至发稿，涨4.12%，报5.56港元，成交额 2387.89万港元。 ...

消息面上，10月中旬，国内纸包装市场热度攀升，玖龙、山鹰两大巨头发力，更新调价通知。其中，自 10月21日起，湖北基地玖龙优质牛卡、海龙优质牛卡系列、海龙牛卡、地龙优质牛卡系列、地龙牛卡、 再生牛卡系列价格上调RMB50元/吨；玖龙北海基地、玖龙天津、河北基地及玖龙太仓基地也同步调 价。 大同证券指出，本周造纸行业旺季需求与成本共振效应进一步凸显，包装纸价格呈现"龙头引领+全品 类跟涨"态势。从政策赋能看，河北省碳抵销、山东省产业链指引等政策推动绿色化、数智化转型，后 续随着双十一大促需求进一步兑现与企业转型成果落地，板块估值修复空间值得期待。 玖龙纸业(02689)涨超4%，截至发稿，涨4.12%，报5.56港元，成交额2387.89万港元。 ...