公告指出，公司于2024年6月发行4亿美元永续资本证券。期间永续资本证券持有人的应占盈利为约人民 币2.01亿元。因此，集团预计公司的权益持有人应占盈利在本期间为约人民币19.5亿元至人民币20.5亿 元之间，较去年同期人民币4.7亿元增加315.2%至336.5%。 消息面上，1月28日，玖龙纸业公布，预计截至2025年12月31日止6个月将取得盈利约人民币21.5亿元至 人民币22.5亿元，较去年同期人民币6.8亿元增长216.0%至230.7%。主要由于产品销售量增加及销售价 格上升，及原材料成本下降而导致毛利润大幅增加。 玖龙纸业(02689)高开近15%，截至发稿，涨14.88%，报8.57港元，成交额707.03万港元。 ...

智通财经APP获悉，玖龙纸业(02689)高开近15%，截至发稿，涨14.88%，报8.57港元，成交额707.03万 港元。 消息面上，1月28日，玖龙纸业公布，预计截至2025年12月31日止6个月将取得盈利约人民币21.5亿元至 人民币22.5亿元，较去年同期人民币6.8亿元增长216.0%至230.7%。主要由于产品销售量增加及销售价 格上升，及原材料成本下降而导致毛利润大幅增加。 公告指出，公司于2024年6月发行4亿美元永续资本证券。期间永续资本证券持有人的应占盈利为约人民 币2.01亿元。因此，集团预计公司的权益持有人应占盈利在本期间为约人民币19.5亿元至人民币20.5亿 元之间，较去年同期人民币4.7亿元增加315.2%至336.5%。 ...

每经AI快讯，1月28日，玖龙纸业(02689.HK)在港交所发布公告称，2005年下半年盈利介于21.5亿元至 22.5亿元之间，较上年同期的6.803亿元增长216.0%至230.7%。盈利增长主要是因为产品销售量增加、 销售价格上升以及原材料成本下降，从而导致毛利润大幅增加。 ...

本公司于2024年6月发行4亿美元永续资本证券。本期间永续资本证券持有人的应占盈利为约人民币2.01 亿元。因此，本集团预计本公司的权益持有人应占盈利在本期间为约人民币19.5亿元至人民币20.5亿元 之间，较去年同期人民币4.7亿元增加315.2%至336.5%。 玖龙纸业(02689)发布公告，本集团预计将取得本期间(截至2025年12月31日止6个月)盈利约人民币21.5 亿元至人民币22.5亿元之间，较去年同期人民币6.8亿元增长216.0%至230.7%。 该盈利增长主要由于产品销售量增加及销售价格上升，及原材料成本下降而导致毛利润大幅增加。 ...

智通财经APP讯，玖龙纸业(02689)发布公告，本集团预计将取得本期间(截至2025年12月31日止6个月) 盈利约人民币21.5亿元至人民币22.5亿元之间，较去年同期人民币6.8亿元增长216.0%至230.7%。 本公司于2024年6月发行4亿美元永续资本证券。本期间永续资本证券持有人的应占盈利为约人民币2.01 亿元。因此，本集团预计本公司的权益持有人应占盈利在本期间为约人民币19.5亿元至人民币20.5亿元 之间，较去年同期人民币4.7亿元增加315.2%至336.5%。 该盈利增长主要由于产品销售量增加及销售价格上升，及原材料成本下降而导致毛利润大幅增加。 ...

格隆汇1月28日丨玖龙纸业(02689.HK)发布公告，截至2025年12月31日止六个月，集团预计将录得本期 间盈利约人民币21.50亿元至人民币22.50亿元之间，较去年同期人民币6.803亿元增长216.0%至230.7%。 该盈利增长主要由于产品销售量增加及销售价格上升，及原材料成本下降而导致毛利润大幅增加。 公司于2024年6月发行4亿美元永续资本证券。本期间永续资本证券持有人的应占盈利为约人民币2.01亿 元。因此，集团预计公司的权益持有人应占盈利在本期间为约人民币19.50亿元至人民币20.50亿元之 间，较去年同期人民币4.696亿元增加315.2%至336.5%。 ...

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。 董事會謹此通知本公司股東及潛在投資者，根據對本集團管理帳目之初步審閱，本集 團預計將錄得本期間盈利約人民幣2,150百萬元至人民幣2,250百萬元之間，較去年同期 人民幣680.3百萬元增長216.0%至230.7%。該盈利增長主要由於產品銷售量增加及銷售 價格上升，及原材料成本下降而導致毛利潤大幅增加。 本公司於二零二四年六月發行400,000,000 美元永續資本證券。本期間永續資本證券持 有人的應佔盈利為約人民幣201.0百萬元。因此，本集團預計本公司的權益持有人應佔 盈利在本期間為約人民幣1,950百萬元至人民幣2,050百萬元之間，較去年同期人民幣 469.6百萬元增加315.2%至336.5%。 （於百慕達註冊成立的有限公司） （股份代號：2689） 本公司股東及潛在投資者於買賣本公司股份時務請審慎行事。 截至二零二五年十二月三十一日止六個月 正面盈利預警 本公告乃玖龍紙業（控股）有限公司（ ...

Core Insights - The article reports that Nine Dragons Paper's Chongqing base has increased the price of corrugated paper by 50 yuan per ton starting January 26, indicating a potential increase in market demand or supply constraints [2][3]. Group 1: Price Adjustment - Nine Dragons Paper has raised the price of corrugated paper by 50 yuan per ton, effective January 26 [2][3]. - This price increase suggests a direct positive impact on spot prices due to increased market demand or supply tightness [3]. Group 2: Market Implications - The price adjustment may be driven by rising raw material costs or a recovery in downstream demand, leading to expectations of short-term support and slight increases in spot prices [3]. - The pricing mechanism is based on the PriceSeek model, which utilizes big data to generate transaction guidance prices, known as the PriceSeek price [3]. Group 3: Pricing Formula - The pricing formula for determining transaction settlement prices includes a base price adjusted by a coefficient (K) and a premium or discount (C) [3][4]. - K accounts for factors such as account period costs, while C includes logistics costs, brand price differences, and regional price differences [4].

Investment Rating - The report maintains a "Neutral" rating for the light industry and textile apparel sectors [53] - Specific companies such as Oppein Home (603833), Sophia (002572), Explorer (300005), Semir Apparel (002563), Guai Bao Pet (301498), and Zhongchong Co. (002891) are rated as "Buy" [53] Core Insights - Major paper companies are set to increase white card paper prices by 200 yuan/ton after the Spring Festival, driven by rising operational costs and a reduction in supply due to maintenance shutdowns [16][9] - The domestic consumption market is projected to exceed 4 trillion yuan, with retail sales of consumer goods expected to grow by 3.7% in 2025, supported by policies promoting consumption [10][52] - The report highlights a positive trend in the light industry, with the sector outperforming the CSI 300 index by 5.10 percentage points from January 19 to January 23 [46][49] Industry News - White card paper prices are currently stable at 4,560 yuan/ton, with expectations for an increase due to upcoming maintenance periods in major paper companies [9][52] - Bubble Mart has repurchased shares totaling nearly 350 million Hong Kong dollars, indicating strong market confidence [16] Important Company Announcements - Zhihong Home expects a decline in net profit attributable to shareholders by 42.92%-55.89% in 2025 [4][46] - Lutai A anticipates a net profit increase of 38.92%-53.54% in 2025 [5][46]

Investment Rating - The industry rating is "Positive" (maintained) [6] Core Insights - The industry is at a valuation and profit bottom, with pulp prices expected to rise due to the US dollar interest rate cut cycle [1][12] - The supply of commodity pulp is tightening, with limited new overseas capacity expected after 2025, while domestic self-sufficient pulp production is increasing [2][19] - Short-term demand remains resilient, driven by Chinese demand, but structural impacts from self-sufficient pulp projects may suppress commodity pulp demand in the medium term [2][25] - Current inventory levels are relatively low, supporting strong price expectations for Q1 2026 [3][41] - Cost differences in pulp production are significant, with domestic pulp relying heavily on imported wood chips [3][33] Summary by Sections Section 1: Market Cycle and Price Dynamics - The pulp and paper cycle is at a bottom, with historical price performance indicating a potential rebound [1][11] - As of January 16, paper prices are at historical low percentiles, while pulp prices are also low, providing a safety margin for the industry [1][11] - The US dollar's depreciation is expected to stimulate demand and drive pulp prices upward [12] Section 2: Supply and Demand Analysis - Commodity pulp supply is slowing, with global capacity at approximately 36.14 million tons as of 2024, and utilization rates around 90% [2][19] - Domestic self-sufficient pulp production is projected to add about 6.6 million tons in 2025-2026, primarily from vertical integration projects [24] - Global demand for hardwood pulp is expected to remain resilient, with a year-on-year increase of 7% in shipments driven by China [25][26] Section 3: Inventory Levels - Global hardwood pulp producer inventory days are at 44.7 days, indicating a relatively low stock level [3][37] - China's main port inventory has decreased to 1.906 million tons, reflecting strong demand and continuous inventory reduction [41] Section 4: Cost Structure - The cash cost of domestic pulp production varies significantly based on the source of wood chips, with costs around $480 per ton for imported wood and $420 per ton for domestic wood [3][33] - The cost structure is influenced by the production of self-sufficient pulp, which may lead to increased domestic wood chip prices [44] Section 5: Investment Recommendations - Recommended companies include Sun Paper, Nine Dragons Paper, Xianhe Paper, and Bohui Paper, which have strong cost control and high self-sufficient pulp ratios [4][56][57][58]