正业国际(03363)发布公告，集团预期于截至2025年6月30日止六个月取得的公司权益持有人应占盈利为 约人民币100万元至300万元，而截至2024年6月30日止六个月的公司权益持有人应占盈利为约人民币 1503万元。 该公司权益持有人应占盈利减少乃主要由于贸易政策的不确定性以及国内消费疲软，纸及纸制品包装行 业产能过剩造成竞争加剧，集团造纸板块虽取得销售量较上年同期增长逾10%，包装板块业务订单亦与 去年基本持平，但原纸产品及纸制包装产品销售单价均较去年同期大幅下跌超过8%，而主要原材料废 纸价格却较上年同期上升约4%，集团整体毛利率较去年同期下跌约5%，面对上述经营困境，集团加强 管理优化，严控各项成本开支，使得期间费用同比下降约2%，以及期内集团造纸分部销售三旧改造物 业取得收益，使得集团净利率较去年同期仅下跌约1.3%所致。 ...

格隆汇8月8日丨正业国际(03363.HK)发布公告，集团预期截至2025年6月30日止六个月录得公司权益持 有人应占盈利为约人民币1.0百万元至人民币3.0百万元，而上年同期公司权益持有人应占盈利为约人民 币15.03百万元。 该公司权益持有人应占盈利减少乃主要由于贸易政策的不确定性以及国内消费疲软，纸及纸制品包装行 业产能过剩造成竞争加剧，集团造纸板块虽录得销售量较上年同期增长逾10%，包装板块业务订单亦与 去年基本持平，但原纸产品及纸制包装产品销售单价均较去年同期大幅下跌超过8%，而主要原材料废 纸价格却较上年同期上升约4%，集团整体毛利率较去年同期下跌约5%，面对上述经营困境，集团加强 管理优化，严控各项成本开支，使得期间费用同比下降约2%，以及期内集团造纸分部销售三旧改造物 业取得收益，使得集团净利率较去年同期仅下跌约1.3%所致。 ...

ZHENGYE INTERNATIONAL HOLDINGS COMPANY LIMITED （於百慕達註冊成立的有限公司） 正業國際控股有限公司 （股份代號：3363） 盈利警告 本 公 告 乃 正 業 國 際 控 股 有 限 公 司（「本公司」，連 同 其 附 屬 公 司 為「本集團」）根 據 香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 則（「上市規則」）第13.09條及香港法例第 571章 證 券 及 期 貨 條 例（「證券及期貨條例」）第XIVA部 項 下 之 內 幕 消 息 條 文（定 義 見 上 市 規 則）作 出。 本 公 司 董 事（「董 事」）會（「董事會」）謹 此 知 會 本 公 司 股 東（「股 東」）及 潛 在 投 資 者， 基 於 對 本 集 團 未 經 審 核 綜 合 管 理 賬 目 之 初 步 審 閱，本 集 團 預 期 於 截 至 二 零 二 五 年六月三十日止六個月錄得之本公司權益持有人應佔盈利為約人民幣1.0百 萬 元至人民幣3.0百 萬 元，而 截 至 二 零 二 四 年 六 月 三 十 日 止 六 個 月 之 本 公 司 權 益 持有人應佔盈利為約人 ...

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。 承董事會命 正業國際控股有限公司 董事長 胡 正 ZHENGYE INTERNATIONAL HOLDINGS COMPANY LIMITED （於百慕達註冊成立的有限公司） （股份代號：3363） 正業國際控股有限公司 香 港，二 零 二 五 年 八 月 七 日 於 本 公 告 日 期，董 事 會 由 執 行 董 事 胡 正 先 生、胡 漢 程 先 生（胡 健 君 先 生 為 其 候 補 董 事）、胡 漢 朝 先 生（譚 錫 健 先 生 為 其 候 補 董 事）、胡 健 鵬 先 生 及 陳 威 女 士；非 執 行 董 事 胡 健 雯 女 士；及 獨 立 非 執 行 董 事 歐 陽 寶 豐 先 生、鍾 國 武 先 生 及 劉 懷 鏡 先 生 組 成。 董事會會議召開日期 正 業 國 際 控 股 有 限 公 司（「本公司」）之 董 事 會（「董事會」 ...

ZHENGYE INTERNATIONAL HOLDINGS COMPANY LIMITED 董事名單及其角色和職能 正 業 國 際 控 股 有 限 公 司 的 董 事 會（「董事會」）成 員 及 董 事 會 已 設 立 下 的 五 個 董 事 委 員 會 之 董 事 會 成 員 於 此 等 董 事 委 員 會 中 所 擔 任 的 職 位 載 列 如 下： C 有關董事委員會的主席 正業國際控股有限公司 M 有關董事委員會的成員 （於百慕達註冊成立的有限公司） （股份代號：3363） 香 港，二 零 二 五 年 七 月 三 十 一 日 | 董事委員會 | | | 審 核 | 提 名 | 薪 酬 | 風險管理 | 預算管理 | | --- | --- | --- | --- | --- | --- | --- | --- | | 董事會 | | | 委員會 | 委員會 | 委員會 | 委員會 | 委員會 | | 執 行 董 事： | | | | | | | | | （董 事 胡正先生 | 長） | | | C | M | C | C | | （副 董 胡漢程先生 | | 事 長） | | | | | M | | ...

正 業 國 際 控 股 有 限 公 司（「本公司」）董 事（「董 事」）會（「董事會」）謹 此 宣 佈，自 二 零 二 五 年 七 月 三 十 一 日 起，由 於 有 意 投 放 更 多 時 間 於 私 人 事 務，冼 易 先 生（「冼 先 生」）已 辭 任 本 公 司 獨 立 非 執 行 董 事（「獨立非執行董事」）。 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。 ZHENGYE INTERNATIONAL HOLDINGS COMPANY LIMITED （於百慕達註冊成立的有限公司） （股份代號：3363） 正業國際控股有限公司 (1)獨 立 非 執 行 董 事 變 更；及 (2)董事委員會組成變更 獨立非執行董事辭任 冼 先 生 已 確 認，彼 與 董 事 會 並 無 意 見 分 歧，亦 並 無 有 關 彼 辭 任 的 事 宜 須 提 請 本 公 司 股 東（「股 東」）或 香 港 聯 ...

Financial Performance - For the year ended December 31, 2024, the company's revenue increased to RMB 2,435,830, up from RMB 2,390,517 in 2023, representing a growth of approximately 1.9%[7] - The profit attributable to the owners of the company for 2024 was RMB 36,392, a significant recovery from a loss of RMB 17,553 in 2023[7] - The return on equity attributable to the owners improved to 3.25% in 2024, compared to a loss of 1.61% in 2023[12] - The Group's total revenue for the twelve months ended December 31, 2024, was approximately RMB2,435,830,000, representing a year-on-year increase of 1.90% from RMB2,390,517,000 in 2023[40] - The Group achieved a gross profit of RMB293,879,000, with a gross profit margin of approximately 12.06%, up from 11.29% in the previous year[40] - Profit before tax for 2024 was RMB 33,069,000, compared to a loss of RMB 17,678,000 in 2023, indicating a significant turnaround in performance[144] - The gross profit for the year was RMB293,879,000, an increase of 8.85% from RMB269,996,000 in 2023[102] Dividends and Shareholder Returns - The company declared a dividend per share of RMB 2.00 for 2024, doubling from RMB 1.00 in 2023[13] - The Group's cash dividend for the year is RMB2.00 cents per share[47] - The board has recommended a final dividend of RMB 2 cents per share for the year ended December 31, 2024, compared to RMB 1 cent per share in 2023[128] Market and Industry Trends - The domestic papermaking industry saw a gradual introduction of new production capacity, leading to a relatively sufficient supply of raw paper[38] - Despite low overall demand in downstream sectors, festive factors in the fourth quarter boosted market demand, supporting rising paper prices[38] - The global economy showed unexpected resilience in 2024, with China's proactive fiscal policies aiding economic recovery[33] - The consumer market showed signs of recovery in the second half of 2024, aided by national policy efforts and seasonal demand[67] - In 2025, domestic demand is expected to be the primary driver of China's economic growth, leading to increased demand for high-quality paper and packaging products[91] Operational Efficiency and Capacity - The Group's vertically integrated industrial chain includes waste paper recycling, packaging paper manufacturing, and production of paper-based packaging products[78] - The Group has 8 packaging paper production lines with a total designed annual capacity of 900,000 tons as of December 31, 2024, making it one of the leading producers in Guangdong[80][81] - The planned annual capacity for corrugated cartons is 298,323,000 square meters, while the planned capacity for honeycomb paper-based products is 11,008,000 square meters[83][84] - The actual capacity utilization rate for the No. 1 paper machine in Zhongshan was 91.77% in 2024, compared to 91.31% in 2023[82] - The effective capacity utilization rate for the new No. 2 corrugated cartons production line was 91.76% in 2024[86] Financial Position and Cash Flow - As of December 31, 2024, the group's net assets increased to RMB 1,406,942,000 from RMB 1,370,638,000 in 2023[132] - The current ratio improved from 1.04 in 2023 to 1.18 in 2024, indicating better short-term financial health[132] - The net cash outflow from operating activities for 2024 was RMB 417,901,000, compared to RMB 120,773,000 in 2023[133] - The net cash inflow from financing activities amounted to RMB 619,310,000 in 2024, reflecting increased borrowing activities[134] - The net gearing ratio increased to 70.23% in 2024 from 61.96% in 2023, indicating a higher level of debt relative to equity[132] Cost Management - The cost of sales increased from RMB2,120,521,000 in 2023 to RMB2,141,951,000 in 2024, representing an increase of 1.01%[99] - Distribution and selling expenses increased by approximately 2.37% from RMB86,334,000 in 2023 to RMB88,381,000 in 2024[114] - Administrative expenses decreased by approximately 4.17% from RMB138,972,000 in 2023 to RMB133,183,000 in 2024[115] - Research and development expenses decreased from RMB90,235,000 in 2023 to RMB86,688,000 in 2024, representing approximately 3.56% of sales revenue[117] Human Resources and Management - As of December 31, 2024, the Group employed 2,705 employees, an increase from 2,615 employees in the previous year, with total staff costs amounting to RMB 308,669,000, up from RMB 287,052,000[167][172] - The total number of employees in production and quality control functions is 1,797, representing 66.43% of the total workforce[173][172] - The Group plans to optimize human resources and promote a younger management team to adapt to transformative changes in the industry[92] Risks and Challenges - The Group's packaging business faces significant competition, with operational risks stemming from macroeconomic policy adjustments and rising raw material prices impacting profitability[179][180][181] - The Group's operational risks include potential increases in costs due to tightening environmental protection policies in China[179][186] Governance and Compliance - The Board of Directors consists of nine members, including five Executive Directors and three Independent Non-executive Directors, ensuring a balanced composition of skills and experience[198] - The Company has received annual confirmations of independence from each Independent Non-executive Director, adhering to the independence guidelines set out in Rule 3.13 of the Listing Rules[199] - The Board assesses a director's independence on a case-by-case basis, considering factors such as business acumen, industry experience, and professional qualifications, rather than solely on tenure[200]

Financial Performance - Total revenue for the year ended December 31, 2024, was RMB 2,435,830, an increase of 1.9% from RMB 2,390,517 in 2023[3] - Gross profit margin improved to 12.06% in 2024 from 11.29% in 2023[3] - The company reported a net profit attributable to shareholders of RMB 36,392, compared to a loss of RMB 17,553 in the previous year[4] - Basic earnings per share increased to RMB 0.07 from a loss of RMB 0.04 in 2023[4] - The group reported a pre-tax profit of RMB 33,069,000 for 2024, compared to a pre-tax loss of RMB 17,678,000 in 2023[16][27] - The gross profit for the year was RMB 293,879,000, an increase of 8.85% compared to RMB 269,996,000 in the same period of 2023, with an average gross margin rising from 11.29% to 12.06%[54] - The gross profit from packaging paper for 2024 was RMB 150,862,000, up 25.10% from RMB 120,589,000 in 2023, with a gross margin of 8.67%, an increase of 1.69 percentage points[55] - The gross profit from paper packaging products for 2024 was RMB 143,017,000, a decrease of 4.28% from RMB 149,407,000 in 2023, with a gross margin of 20.58%, down 1.99 percentage points[56] Dividends - The board proposed a final dividend of RMB 0.02 per share, up from RMB 0.01 per share in the previous year[3] - The company declared a final dividend of RMB 2.00 per share for the year ending December 31, 2024, compared to RMB 1.00 per share in 2023, representing a 100% increase[31] - The board recommends a final dividend of RMB 0.02 per share for the year ending December 31, 2024, compared to RMB 0.01 per share for the previous year[75] - The proposed final dividend will be distributed to shareholders on or around July 11, 2025[85] Assets and Liabilities - Non-current assets increased to RMB 1,726,327 in 2024 from RMB 1,594,926 in 2023[5] - Current liabilities decreased to RMB 971,159 in 2024 from RMB 1,340,883 in 2023[5] - Total equity attributable to shareholders rose to RMB 1,120,428 in 2024 from RMB 1,089,036 in 2023[6] - The total asset liability ratio as of December 31, 2024, was approximately 36.12%, up from 34.15% in 2023, with a net debt-to-equity ratio of 70.23%, compared to 61.96% in 2023[70] - As of December 31, 2024, the group has pledged assets with a carrying value of RMB 599,729,000, down from RMB 895,429,000 as of December 31, 2023[71] - As of December 31, 2024, the group's capital commitments amounted to RMB 176,628,000, significantly increased from RMB 12,611,000 as of December 31, 2023, primarily for the purchase of properties, plants, and equipment[72] Income and Expenses - The company recorded other income of RMB 83,407, slightly down from RMB 83,835 in the previous year[4] - The total depreciation and amortization expenses for 2024 amounted to RMB 125,882,000, up from RMB 122,716,000 in 2023[18][27] - Interest income from bank deposits decreased to RMB 2,799,000 in 2024 from RMB 4,232,000 in 2023[24] - The company received government subsidies totaling RMB 67,233,000 in 2024, slightly down from RMB 72,814,000 in 2023[24] - The total financing costs decreased to RMB 44,302,000 in 2024 from RMB 52,434,000 in 2023[26] - The company's income tax expense was RMB 1,897,000, compared to RMB 407,000 in 2023, indicating a significant increase[28] - Distribution and selling expenses increased by approximately 2.37% to RMB 88,381,000 from RMB 86,334,000 in 2023[58] - Administrative expenses decreased by approximately 4.17% to RMB 133,183,000 from RMB 138,972,000 in 2023[59] - Research and development expenses decreased to RMB 86,688,000, accounting for approximately 3.56% of sales revenue, down from RMB 90,235,000 or 3.77% in 2023[61] Market and Operations - The company is primarily engaged in the production and sale of packaging paper and paper products[15] - The packaging paper segment generated external sales of RMB 1,740,985,000, while the paper packaging segment generated RMB 694,845,000[16] - In 2024, the group's paper business achieved revenue of RMB 1,740,985,000, a slight increase of approximately 0.71% compared to RMB 1,728,660,000 in the previous year[43] - The packaging segment recorded revenue of RMB 694,845,000, up 4.98% from RMB 661,857,000 in the previous year[46] - The paper product sales volume increased by 12.59% year-on-year, while the sales price decreased by approximately 10.54%[50] - The company aims to enhance competitiveness in the packaging and paper business while optimizing human resources and management processes[49] Accounting Standards - The group has adopted new Hong Kong Financial Reporting Standards, effective from January 1, 2024, which include significant revisions to accounting standards[8] - The implementation of HKAS 7 and HKFRS 7 has introduced new disclosure requirements regarding supplier financing arrangements, impacting the assessment of liabilities and cash flows[9] - The group has not applied any new accounting standards that have been issued but are not yet effective, indicating a cautious approach to upcoming changes[11] - The company is evaluating the specific impact of HKFRS 18 on its consolidated financial statements, which will affect the presentation and disclosure in future income statements[13] - The group has not identified any significant impact on its financial position or performance from the newly adopted accounting standards for the current and prior years[8] - The new accounting standards are expected to influence the presentation of financial statements starting from 2027, with early application permitted[13] Shareholder Information - The company’s major shareholders collectively own 75% of the shares, indicating a strong control over the company[1] - The company has complied with the public float requirement, with over 25% of its issued shares held by the public[80] - The audit committee has confirmed that the consolidated financial statements for the year have been prepared in accordance with applicable accounting standards and fairly present the group's financial position and performance[82] - The annual general meeting is scheduled for June 13, 2025, with a record date for attendance and voting set for the same day[83] - The company will suspend share registration from June 27, 2025, to July 2, 2025, for the purpose of determining the entitlement to the proposed final dividend[85] - The record date for the entitlement to the proposed final dividend is July 2, 2025[85] Economic Environment - The global economic environment remains challenging, with geopolitical tensions and policy uncertainties impacting growth, but the company aims to adapt and strengthen its market position[41] - The majority of the group's income and expenses are denominated in RMB, with low exposure to foreign exchange risk from transactions primarily in USD and HKD[74]

Financial Performance - For the six months ended June 30, 2024, the Group reported sales revenue of RMB1,161,830,000, which is nearly the same as the corresponding period last year (RMB1,164,940,000) [12] - The Group's gross profit was RMB163,598,000, with a gross profit margin of approximately 14.08%, reflecting an increase of 2.77% compared to the same period last year [11] - Profit and comprehensive income attributable to owners of the Company amounted to RMB15,026,000, with basic earnings per share of approximately RMB3 cents [12] - The Group's performance improved significantly compared to the corresponding period last year, indicating a recovery in market demand for paper packaging [11] - The Group's EBITDA for the first half of 2024 was RMB 110,867,000, compared to RMB 71,397,000 in the same period last year [23] - The profit attributable to the owners of the Company was RMB 15,026,000, a significant improvement from a loss of RMB 15,583,000 in the previous year [23] - Profit before tax for the period was RMB 19,238, a significant recovery from a loss of RMB 19,886 in 2023 [28] - Total comprehensive income for the period was RMB 18,387, compared to a loss of RMB 19,446 in the previous year [28] - Basic earnings per share improved to RMB 0.03, compared to a loss of RMB 0.03 in the same period last year [28] Market and Economic Conditions - The overall economic performance in China showed a recovery trend, despite challenges such as fading consumer confidence and geopolitical tensions [9] - Continued implementation of macroeconomic policies is expected to enhance China's economic resilience and support sustainable development [9] - The macroeconomic environment showed positive signs, with improved business confidence and recovery in the service and manufacturing sectors during the first half of 2024 [106] - The Group anticipates challenges in the second half of 2024 due to global economic fluctuations and weak downstream market demand, but expects recovery in domestic demand to positively impact the industry [18] Strategic Focus and Future Plans - The Group aims to become China's leading environmentally friendly paper packaging enterprise, aligning with macroeconomic policies aimed at stabilizing growth [8] - The Group's strategic focus on environmentally friendly products positions it well for future market expansion and competitiveness [8] - The Group plans to focus on integrated development of paper manufacturing and packaging operations, aiming to strengthen its presence in the Greater Bay Area [20] - The Group plans to accelerate the integration of paper manufacturing and packaging, focusing on high value-added products and intelligent production [121][122] Segment Performance - The packaging segment's sales revenue rose by 1.87% to RMB 368,918,000, with a gross profit margin of 23.49%, an increase of 0.16% compared to the previous year [14] - The paper manufacturing segment's sales revenue slightly decreased by 1.23% to RMB 792,912,000, despite a 6.82% increase in the unit price of products sold [16] - The gross profit margin for the paper manufacturing segment improved by 3.83% year-on-year to 9.71% [16] - The sales volume of the Group's paper packaging products decreased by approximately 4.83% compared to the same period last year, while the unit price increased by 7.04% [109] - The sales volume of paper production products decreased by 7.54% year-on-year, but the unit price of products sold increased by 6.82% compared to the same period last year [112][114] Cash Flow and Financial Position - The net cash used in operating activities for the first half of 2024 was RMB (298,220,000), a significant decrease from RMB 109,905,000 in the same period of 2023 [35] - The net cash used in investing activities was RMB (96,428,000) for the six months ended June 30, 2024, compared to RMB (73,318,000) in 2023, indicating an increase in investment outflows [36] - The net cash from financing activities was RMB 364,989,000 for the six months ended June 30, 2024, compared to RMB (76,461,000) in 2023, showing a positive turnaround [37] - The Group's cash and cash equivalents at June 30, 2024, were RMB 224,256,000, down from RMB 239,966,000 at the same date in 2023, representing a decrease of 6.5% [37] - The Group's cash used in operating activities would have increased by approximately RMB356,995,000 if certain accounting policies had not been applied [133] Shareholding and Corporate Governance - As of June 30, 2024, Mr. Hu Zheng holds 191,250,000 ordinary shares, representing 38.25% of the Company [160] - Mr. Hu Hancheng owns 93,750,000 ordinary shares, accounting for 18.75% of the Company [161] - The Company has not adopted any new share option scheme as of June 30, 2024 [154] - The Board believes that having the same individual serve as both Chairman and CEO is in the best interest of the Company at this stage [191] - The Company did not purchase, sell, or redeem any of its listed securities during the reporting period, and as of June 30, 2024, it held no treasury shares [184] Assets and Liabilities - Current assets increased to RMB 1,403,591, up from RMB 1,397,522 as of December 31, 2023 [29] - Total equity attributable to owners of the company increased to RMB 1,104,062 from RMB 1,089,036 at the end of 2023 [31] - The total amount of taxable temporary differences associated with undistributed earnings of subsidiaries was RMB 786,078,000 as of June 30, 2024 [89] - The total pledged assets to secure banking and other facilities amounted to RMB 887,038,000 as of June 30, 2024, a slight decrease from RMB 895,429,000 as of December 31, 2023 [93] Employee and Operational Metrics - As of June 30, 2024, the Group had 2,663 employees, an increase from 2,615 employees as of December 31, 2023 [150][151] - The average credit period allowed to trade customers ranges from 30 to 120 days, with certain customers required to pay upon delivery [66] - The average credit period for purchasing materials is between 30 to 120 days, with financial risk management policies in place to monitor settlements [76]

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 1,161,830 thousand, a slight decrease from RMB 1,164,940 thousand in the same period of 2023[1] - EBITDA for the period was RMB 110,867 thousand, up from RMB 71,397 thousand year-on-year[1] - Net profit attributable to owners of the company was RMB 15,026 thousand, recovering from a loss of RMB 15,583 thousand in the same period last year[2] - Basic earnings per share was RMB 0.03, compared to a loss of RMB 0.03 per share in the previous year[2] - The net profit before tax for the six months ended June 30, 2024, was RMB 34,170 thousand, compared to RMB 27,806 thousand for the same period in 2023, indicating a growth of about 23%[10] - The group achieved revenue of RMB 1,161,830,000 for the six months ended June 30, 2024, remaining stable compared to RMB 1,164,940,000 in the same period last year[40][44] - The group reported a net profit attributable to shareholders of approximately RMB 15,026,000, compared to a loss of RMB 15,583,000 in the same period last year[40][44] Profitability and Margins - Gross profit margin improved to 14.08% compared to 11.31% in the previous year[1] - The group's gross profit margin increased to 14.08%, up 2.77% from approximately 11.31% in the same period last year, primarily due to a 5.61% decrease in raw material prices[44] - The gross profit margin for the paper manufacturing segment improved from 5.88% in the previous year to 9.71% in the current period[43] Assets and Liabilities - Total assets as of June 30, 2024, amounted to RMB 1,898,779 thousand, an increase from RMB 1,651,565 thousand at the end of 2023[4] - Current assets net worth improved to RMB 292,917 thousand from RMB 56,639 thousand at the end of 2023[4] - The company’s total equity increased to RMB 1,389,025 thousand from RMB 1,370,638 thousand at the end of 2023[4] - The total bank and other borrowings amounted to RMB 1,175,443,000 as of June 30, 2024, compared to RMB 1,022,062,000 as of December 31, 2023, indicating an increase of approximately 15%[28] - The total borrowings increased to RMB 1,175,443,000 as of June 30, 2024, compared to RMB 1,022,062,000 as of December 31, 2023[47] Cash Flow and Expenditures - The net cash outflow from operating activities for the first half of 2024 was RMB 298,220,000, compared to a net inflow of RMB 109,905,000 for the same period in 2023[48] - Capital expenditures for the first half of 2024 totaled approximately RMB 92,273,000, with 73.30% allocated to the paper division and 26.70% to the packaging division[49] - The group has capital commitments of RMB 55,323,000 for new projects, factories, and equipment as of June 30, 2024, compared to RMB 12,611,000 as of December 31, 2023[50] Trade Receivables and Payables - The total trade and other receivables amounted to RMB 935,133,000 as of June 30, 2024, compared to RMB 833,939,000 as of December 31, 2023, reflecting an increase of approximately 12.2%[20] - The total trade payables were RMB 372,058,000 as of June 30, 2024, down from RMB 428,982,000 as of December 31, 2023, a decrease of approximately 13.2%[24] - The aging analysis of trade receivables shows that RMB 312,651,000 (0 to 60 days) was recorded as of June 30, 2024, compared to RMB 256,266,000 for the same period in 2023, representing a significant increase[22] Research and Development - Research and development expenses for the period were RMB 40,198 thousand, slightly up from RMB 39,294 thousand in the previous year[2] - The group is focused on R&D innovation and has implemented cost and differentiation strategies to enhance competitiveness in the market[44] Market Strategy and Outlook - The company plans to continue its strategy of expanding its market presence and investing in new technologies to drive future growth[10] - The group anticipates a continued soft market in the paper packaging industry for the second half of 2024 due to global economic uncertainties and domestic demand challenges[45] Corporate Governance and Management - The company has adopted and complied with the corporate governance code as per the listing rules, with a noted deviation regarding the roles of the Chairman and CEO being held by the same individual[56] - The company expressed gratitude to its management team and employees for their contributions during the review period[60]