Core Viewpoint - Nine Dragons Paper Holdings Limited reported a significant increase in sales and profits for the fiscal year ending June 30, 2025, but the stock price fell over 3% following the earnings announcement [1] Financial Performance - Sales volume increased by 9.6% to approximately 21.5 million tons [1] - Revenue rose by approximately 6.3% to 63.241 billion yuan [1] - Gross profit increased by approximately 26.9% to 7.245 billion yuan [1] - Profit attributable to equity holders surged by approximately 135.4% to 1.767 billion yuan [1] Future Capacity Expansion - The company plans to add 2.5 million tons of cultural and packaging paper capacity and 1.35 million tons of pulp capacity in fiscal year 2026 [1] - Initial contributions from the increased capacity may be limited and could be offset by lower average pulp prices [1] Profitability Outlook - Citigroup's report suggests that as long as monthly profits remain above 200 million yuan, there is potential for further upward adjustments in the profit forecast for fiscal year 2026 [1]

Core Viewpoint - Citigroup's research report indicates that Nine Dragons Paper Holdings' net profit for the fiscal year ending June 2025 surged 135% year-on-year to 1.767 billion HKD, aligning with earlier guidance of 1.7 billion to 1.9 billion HKD [1] Group 1: Financial Performance - The bank raised its earnings forecasts for the fiscal years 2026 to 2027 by 12% to 16% due to better-than-expected performance [1] - The conservative estimate for the fiscal year ending June 2026 is a 43% year-on-year increase in profit to 2.529 billion HKD [1] - The target price has been adjusted from 6.2 HKD to 8 HKD, maintaining a "buy" rating [1] Group 2: Capacity Expansion - The group plans to add 2.5 million tons of cultural and packaging paper capacity and 1.35 million tons of pulp capacity in the fiscal year 2026 [1] - Initial contributions from the increased capacity may be limited and could be offset by lower average pulp prices [1] Group 3: Profitability and Sales Forecast - As long as monthly profits remain above 200 million HKD, there is potential for further upward adjustments in the profit forecast for fiscal year 2026 [1] - Sales volume for fiscal year 2026 is expected to grow approximately 9% to 23.5 million tons, with a projected net profit per ton of 108 HKD, down from 129 HKD in fiscal year 2025 [1]

Major Events - Chery Automobile (09973) has received a subscription rate of 308.18 times for its Hong Kong public offering [1] - Sinopec Oilfield Services (01033) has officially signed a contract for the second phase of the Ratawi oil field and inter-well pipeline project in Iraq [1] - Heng Rui Medicine (01276) has signed a licensing agreement for the Trastuzumab project with Glenmark Specialty [1] - AsiaInfo Technologies (01675) has signed a cooperation contract with Alibaba Cloud for a capability center [1] - Baidu Biotechnology-B (02315) has received approval from the Shanghai Stock Exchange's Science and Technology Innovation Board for its A-share issuance [1] Financial Data - Chow Tai Fook Enterprises (00659) reported a 3.73% year-on-year increase in net profit attributable to shareholders, reaching HKD 2.162 billion, with a final dividend of HKD 0.35 per share [1] - Nine Dragons Paper (02689) reported a 135.4% year-on-year increase in profit attributable to equity holders, amounting to approximately HKD 1.767 billion [1] - Datang New Energy Group (00559) announced an annual profit of HKD 33.614 million, marking a return to profitability [1] Buybacks and Increases - Tencent Holdings (00700) repurchased 858,000 shares at a cost of approximately HKD 550 million on September 24 [1] - Anta Sports (02020) spent HKD 188 million to repurchase 2.003 million shares on September 24 [1] - Midea Group (00300) repurchased 1.3541 million A-shares for approximately HKD 99.9934 million on September 24 [1] - Lianlian Digital (02598) plans to repurchase H-shares in the open market [1] - Giant Bio (02367) saw its controlling shareholder increase holdings by 2.0066 million shares [1] - New天绿色能源 (00956) received an increase of 1 million H-shares from its shareholder, Great Wall Life Insurance [1]

9月24日，玖龙纸业在港交所公告，截至2025年6月30日止的2025财政年度，集团销量增加9.6%至约 2150万吨；收入增加约6.3%至人民币632.405亿元；毛利润增加约26.9%至人民币72.451亿元；净利润增 加约177.3%至人民币22.017亿元；公司权益持有人应占盈利增加约135.4%至人民币17.671亿元；每股基 本盈利增加约137.5%至人民币0.38元。 ...

Core Insights - The company, Nine Dragons Paper Holdings Limited, reported a 9.6% increase in sales volume to approximately 21.5 million tons for the fiscal year ending June 30, 2025 [1] - Revenue increased by approximately 6.3% to 63.241 billion yuan, driven by the increase in sales volume despite a 3.0% decrease in average selling price [1] - Gross profit rose by approximately 26.9% to 7.245 billion yuan, with net profit attributable to equity holders increasing by approximately 135.4% to 1.767 billion yuan, resulting in basic earnings per share of 0.38 yuan [1] Revenue and Profitability - Revenue growth was primarily attributed to a 9.6% increase in sales volume, offset by a 3.0% decline in average selling prices [1] - The gross margin improved from 9.6% in the fiscal year 2024 to approximately 11.5% in fiscal year 2025, mainly due to a larger decline in raw material costs compared to the decrease in product prices [1]

Core Viewpoint - Nine Dragons Paper Holdings Limited reported significant growth in sales, revenue, and profits for the fiscal year ending June 30, 2025, indicating strong operational performance and improved profitability metrics [1]. Financial Performance - Sales volume increased by 9.6% to approximately 21.5 million tons [1] - Revenue rose by approximately 6.3% to RMB 63.2405 billion [1] - Gross profit increased by approximately 26.9% to RMB 7.2451 billion [1] - Net profit surged by approximately 177.3% to RMB 2.2017 billion [1] - Profit attributable to equity holders increased by approximately 135.4% to RMB 1.7671 billion [1] - Basic earnings per share rose by approximately 137.5% to RMB 0.38 [1] Profitability Metrics - Gross profit margin improved from 9.6% in the fiscal year 2024 to approximately 11.5% in fiscal year 2025 [1] - The increase in gross profit margin was primarily due to a larger decline in raw material costs compared to the decline in product prices [1]

Core Insights - The company, Nine Dragons Paper Holdings Limited, reported a 9.6% increase in sales volume to approximately 21.5 million tons for the fiscal year ending June 30, 2025 [1] - Revenue rose by approximately 6.3% to 63.241 billion yuan, while gross profit increased by about 26.9% to 7.245 billion yuan [1] - Profit attributable to equity holders surged by approximately 135.4% to 1.767 billion yuan, with basic earnings per share at 0.38 yuan [1] Revenue and Sales Performance - The revenue growth was primarily driven by a 9.6% increase in sales volume, despite a net impact from a 3.0% decrease in average selling prices [1] - The gross profit margin improved from 9.6% in the fiscal year 2024 to approximately 11.5% in fiscal year 2025 [1] Cost and Pricing Dynamics - The increase in gross profit margin was mainly due to a larger decline in raw material costs compared to the decrease in product selling prices [1]

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。 （於百慕達註冊成立的有限公司） （股份代號：2689） 截至二零二五年六月三十日止年度 全年業績公佈 財務摘要 – 1 – • 本集團的銷量增加9.6%至約21.5百萬噸。 • 收入增加約6.3%至人民幣63,240.5百萬元。 • 毛利潤增加約26.9%至人民幣7,245.1百萬元。 • 淨利潤增加約177.3%至人民幣2,201.7百萬元。 • 本公司權益持有人應佔盈利增加約135.4%至人民幣1,767.1百萬元。 • 每股基本盈利增加約137.5%至人民幣0.38元。 財務業績 玖龍紙業（控股）有限公司（「本公司」）董事會（「董事會」）欣然公佈，本公司及其附屬公司 （「本集團」或「玖龍紙業」）截至二零二五年六月三十日止年度（「二零二五財政年度」）之綜 合業績，連同上一財政年度（「二零二四財政年度」）之比較數字如下。 綜合損益表 | | | | | 截至六月三十日止年度 | | | --- | - ...

Core Viewpoint - The packaging paper industry is experiencing a series of price increases driven by high raw material costs, particularly waste paper, and a combination of supply constraints and seasonal demand factors [1][2][3]. Group 1: Price Increases and Market Dynamics - Major players in the packaging paper industry, such as Nine Dragons Paper Holdings and Shanying International, have initiated multiple rounds of price hikes since August, with Nine Dragons implementing eight price increases [1]. - The average market price for AA-grade corrugated paper reached 2,789 RMB/ton by September 18, marking a 2.42% increase from the end of August and a 7.72% year-on-year rise [1]. - The combination of price increases and planned production halts during the holiday season aims to maintain a bullish market sentiment and encourage procurement from packaging factories [2]. Group 2: Demand and Supply Challenges - Despite a slight uptick in orders ahead of the holidays, the overall recovery in demand for packaging paper remains below expectations, with current price increases primarily driven by cost rather than demand [3]. - The packaging paper industry faces ongoing pressures, including an imbalance between supply and demand due to rapid capacity growth since 2012 and a slowdown in global economic growth [4]. Group 3: Industry Transformation and Future Outlook - The concept of "anti-involution" is seen as a potential key to achieving supply-demand balance in the packaging paper industry, shifting focus from quantity expansion to quality improvement [4]. - Industry leaders emphasize the need for differentiation in products and processes to escape low-price competition, with a focus on meeting customer needs through innovation [4]. - The implementation of new energy consumption standards in May 2025 is expected to drive technological upgrades and efficiency improvements within the industry [4]. - The process of capacity clearing and structural adjustment in the packaging paper industry is anticipated to take time, with price fluctuations and market competition playing a crucial role in achieving balance [5].

每经AI快讯，9月22日，玖龙纸业涨超3%，截至发稿，涨3.42%，报6.05港元，成交额4068.04万港元。 ...