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。 （於百慕達註冊成立的有限公司） （股份代號：2689） 委任獨立非執行董事 董事會欣然宣佈孫寶源先生委任為本公司獨立非執行董事，自二零二五年十月十六 日起生效。 孫寶源先生（「孫先生」），64歲，香港特別行政區太平紳士。孫先生於1984年畢 業於香港理工大學（前稱香港理工學院），獲會計專業文憑。彼現為香港會計師公 會會員及英國特許公認會計師公會資深會員。孫先生畢業後加入羅兵咸永道會計師 事務所，於1996年至2021年擔任香港羅兵咸永道會計師事務所合夥人。在羅兵咸永 道會計師事務所任職期間孫先生曾於不同審計業務部門出任多個領導職位，包括香 港及澳門機構部，香港及中國南部地區企業家部以及香港及中國內地資本市場服務 部。 彼於2017年至2021年兼任普華永道大中華區監事委員會與普華永道亞太區監事委 員會召集人，亦是普華永道全球監事委員會成員。孫先生於2021年7月榮休。對外 公職方面，彼曾任香港科學園、香港 ...

Core Viewpoint - UBS reports that Nine Dragons Paper Holdings (02689) is expected to achieve a net profit growth of 135% year-on-year to 1.8 billion RMB in the fiscal year 2025, exceeding market expectations due to lower coal prices improving paper product margins and vertical integration driving product structure upgrades [1] Group 1: Financial Performance - The net profit for Nine Dragons Paper in fiscal year 2025 is projected to be 1.8 billion RMB, a 135% increase compared to the previous year [1] - UBS has raised its target price for Nine Dragons Paper from 4.58 HKD to 7 HKD, maintaining a "Buy" rating [1] Group 2: Management Outlook - Management expresses confidence in the profit outlook, forecasting a 10% year-on-year sales growth for fiscal year 2026 [1] - UBS has increased its profit forecasts for Nine Dragons Paper for fiscal years 2026 to 2028 by 61% to 78% [1] Group 3: Profitability Drivers - The profit forecast for fiscal year 2026 has been raised from 1.6 billion RMB to 2.9 billion RMB, primarily driven by increased sales volume and improved profitability [1]

Core Viewpoint - UBS reports that Nine Dragons Paper Holdings (02689) is expected to achieve a net profit growth of 135% year-on-year to 1.8 billion RMB in the fiscal year 2025, exceeding market expectations due to lower coal prices improving paper product margins and vertical integration driving product structure upgrades [1] Group 1: Financial Performance - The company is projected to have a net profit of 1.8 billion RMB in fiscal year 2025, a significant increase of 135% compared to the previous year [1] - UBS has raised its profit forecast for Nine Dragons Paper for fiscal years 2026 to 2028 by 61% to 78% [1] - The profit forecast for fiscal year 2026 has been increased from 1.6 billion RMB to 2.9 billion RMB, primarily driven by increased sales volume and improved profitability [1] Group 2: Market Outlook - Management expresses confidence in the profit outlook, predicting a 10% year-on-year sales growth for fiscal year 2026 [1] - The target price for Nine Dragons Paper has been raised from 4.58 HKD to 7 HKD, maintaining a "Buy" rating [1]

基于行业纪律、销售预期增长及利润率改善，该行将玖龙纸业2026至28财年盈利预测上调61%至78%； 将2026财年盈利预测由16亿元上调至29亿元，主要受惠于销售量的增加和盈利能力改善。该行维持对 其"买入"评级，目标价由4.58港元上调至7港元。 瑞银发表研究报告指，玖龙纸业2025财年净利润按年增长135%至18亿元，优于市场预期，受惠于煤价 下降令纸品利润率提升，以及垂直整合带动产品结构升级。管理层对盈利前景有信心，并预测2026财年 销量按年增长10%。 ...

Core Viewpoint - The Chinese customs authority has clearly stated a ban on the import of foreign waste, particularly focusing on the regulation of recycled paper pulp imports, following heightened attention from industry stakeholders and media reports [1] Group 1: Regulatory Actions - The General Administration of Customs and the China Paper Association are working to improve relevant standards and strengthen customs supervision regarding recycled paper pulp [1] - A working seminar on imported recycled paper pulp will be held, involving representatives from various paper companies, industry associations, and experts [1] Group 2: Industry Concerns - The seminar will address the current situation of recycled paper pulp imports by Chinese paper companies, production processes (dry and wet pulping), and their respective proportions [2] - Discussions will include the risks associated with radioactive materials, heavy metals, hazardous waste, and public health safety related to imported recycled paper pulp [2] - Stakeholders will provide opinions and suggestions on ensuring the safety and stability of the recycled paper pulp supply chain, revising relevant standards, and enhancing regulatory measures [2]

Summary of Jiulong Paper Industry Conference Call Industry Overview - Jiulong Paper's sales remained strong, with sales exceeding 2 million tons in both July and August, maintaining low inventory levels [2][4] - The industry is shifting from price competition to quality competition, benefiting leading companies like Jiulong Paper [2][4] - Finished paper prices have started to rise more than waste paper prices, indicating a positive seasonal trend [2][5] Company Performance - Jiulong Paper's overall profitability has remained stable despite challenges in the cultural paper market, where profit per ton has decreased [2][7] - The white card paper business has reached breakeven, with total capacity expected to exceed 3 million tons [2][8] - The growth in profitability in the first half of 2025 is primarily attributed to the development of the wood pulp business, with significant contributions from the Beihai and Hubei bases [2][10] Financial Metrics - The average cost of pulp production is below 3,000 RMB per ton, with plans to stop purchasing external wood pulp by 2026 [3][20] - The company has seen a decrease in profit margins for cultural paper, with profit per ton dropping from 700-800 RMB to 500-600 RMB [7] - The profitability of card and corrugated paper products is similar, around 80-90 RMB per ton [21] Future Outlook - The cultural paper market is expected to remain under pressure until the end of 2025, despite efforts to increase export orders [2][7] - The Beihai and Hubei bases are projected to continue ramping up production in the second half of 2025, with profitability expected to be demonstrated in FY26 [11] - The company plans to invest approximately 75-80 billion RMB in three new pulp lines, with a significant portion of the capital expenditure allocated for existing projects [12][13] Cost Management - Jiulong Paper has implemented measures to control financial costs, including repaying perpetual bonds and issuing new bonds at lower interest rates [25] - The company is also considering various options for handling its perpetual bonds, with a decision expected in 2026 [26] Management Changes - Recent management changes include the resignation of the chairman's son and the chairman's niece, who were involved in government relations and financial matters [27] Key Challenges - The cultural paper market faces challenges due to slow economic recovery and increased production capacity [2][7] - The company is dealing with external pressures from rising waste paper costs and competition in the market [4][5] Conclusion - Jiulong Paper is navigating a complex market landscape with a focus on quality competition and strategic investments in production capacity, while managing costs and addressing challenges in specific product segments.

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 玖龍紙業(控股)有限公司 呈交日期: 2025年10月2日 I. 法定/註冊股本變動 III.已發行股份及/或庫存股份變動詳情 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02689 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 8,000,000,000 | HKD | | 0.1 HKD | | | 800,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | | 本月底結存 | | | 8,000,000,000 | HKD | | 0.1 HKD | | | ...

Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - The packaging paper prices are steadily increasing, supported by strong seasonal demand and effective price transmission from leading companies like Nine Dragons and Shanying [4] - The price of pulp is stabilizing, with domestic bleached softwood pulp priced at 5725 CNY/ton and bleached hardwood pulp slightly increasing to 4232.5 CNY/ton, indicating a trend towards a balanced supply-demand relationship [4] - The industry is accelerating its transformation towards high-end, green, and intensive development, as evidenced by significant projects like the 280,000-ton specialty paper project by Jindong Paper [4][26] - The valuation of the paper sector remains low historically, with strong cash flow and high certainty in mid-term performance, suggesting potential for valuation recovery [4] Summary by Sections Industry News - The recent price increases in raw paper are a response to rising costs, with many paperboard manufacturers issuing price hikes of 3%-4% [6] - Leading companies in the packaging paper sector have initiated multiple price increases since August, driven by high raw material costs [7] High-Frequency Data - The average pulp futures inventory has decreased to 239,900 tons, indicating a tightening supply [8] - The average closing price for pulp futures is 4999.2 CNY/ton, reflecting a slight increase [9] Company Events and Announcements - Nine Dragons Paper reported a 135.4% year-on-year increase in net profit for the fiscal year 2025, reaching 1.767 billion CNY, with significant growth in sales volume and revenue [27] - Jindong Paper's specialty paper project has reached a construction milestone, emphasizing the company's commitment to market transformation and green development [26] Investment Strategy - The report suggests focusing on leading companies in the packaging paper sector that are benefiting from seasonal demand and price increases, while also considering companies with clear growth paths and resilience to economic cycles in specialty and consumer paper segments [29]

Group 1 - The core point of the article is that Nine Dragons Paper Holdings Limited (玖龙纸业) announced the resignation of Zhang Lianru as an executive director, effective September 30, 2025 [1]

Core Viewpoint - Nine Dragons Paper Holdings Limited (玖龙纸业) announced the resignation of Zhang Lianru as an executive director, effective September 30, 2025, due to the need to dedicate time to other work [1] Company Summary - Zhang Lianru's resignation is part of a strategic decision to allocate time to other responsibilities, which may impact the company's leadership structure moving forward [1]