正业国际(03363)发布公告，自2025年9月5日起，执行董事陈威女士已获委任为公司提名委员会成员。 ...

智通财经APP讯，正业国际(03363)发布公告，自2025年9月5日起，执行董事陈威女士已获委任为公司提 名委员会成员。 ...

ZHENGYE INTERNATIONAL HOLDINGS COMPANY LIMITED 正業國際控股有限公司 （於百慕達註冊成立的有限公司） （股份代號：3363） 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： | | 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 長） 胡正先生 | | | C | M | C | C | | 胡漢程先生 （副 董 | 事 長） | | | | | M | | 胡漢朝先生 | | | | | | M | | （行 政 胡健鵬先生 | 總 裁） | | | | | | | 陳威女士 | | | ...

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 上 述 變 動 後，提 名 委 員 會 由 五 名 成 員 組 成，即 胡 正 先 生（提 名 委 員 會 主 席）、 陳 威 女 士、歐 陽 寶 豐 先 生、鍾 國 武 先 生 及 劉 懷 鏡 先 生。 上 述 變 動 乃 因 應 香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 則（「上市規則」）及 上 市 規則附錄C1所 載 企 業 管 治 守 則 的 修 訂 而 作 出，該 等 修 訂 於 二 零 二 五 年 七 月 一 日 生 效。董 事 會 相 信 實 施 該 等 變 動 可 以 加 強 董 事 會 的 成 效 及 多 元 化，進 一 步 提 升 本 公 司 整 體 的 良 好 企 業 管 治 常 規。 董 事 會 謹 熱 烈 歡 迎 陳 威 女 士 加 入 提 名 委 員 會。 承董事會命 正業國際控股有限公司 ZH ...

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8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 正業國際控股有限公司 呈交日期: 2025年9月3日 I. 法定/註冊股本變動 | 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) | 03363 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | HKD | | 0.1 HKD | | 100,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 1,000,000,000 | HKD | | 0.1 HKD | | 100,000,000 | 本月底法定/註冊股本總額： HKD 100,000,00 ...

公告称，于报告期间，集团坚持技术创新，集团造纸分部大力推进低定量、高强度再生牛卡纸及瓦楞芯 纸的研发，同时通过纸机提速改造，以及对生物质锅炉的进一步强化改造，提升产能、稳定产品品质以 及提升各项生产效率，大幅降低各项成本费用，才能在行业竞争加剧的市场行情中稳住市场份额，并通 过向市场推出更具性价比产品以实现销售量的稳定增长。 正业国际(03363)发布截至2025年6月30日止六个月中期业绩，收入11.37亿元(人民币，下同)，同比减少 2.11%;股东应占溢利232.5万元，同比减少84.53%;每股基本盈利0.46分。 ...

格隆汇8月22日丨正业国际(03363.HK)发布公告，截至2025年6月30日止六个月，实现收入人民币11.37 亿元，同比减少2.1%；毛利为人民币1.03亿元，同比减少36.8%；公司拥有人应占溢利为人民币232.5万 元，同比减少84.5%；基本每股盈利人民币0.46分。 ...

智通财经APP讯，正业国际(03363)发布截至2025年6月30日止六个月中期业绩，收入11.37亿元(人民 币，下同)，同比减少2.11%;股东应占溢利232.5万元，同比减少84.53%;每股基本盈利0.46分。 公告称，于报告期间，集团坚持技术创新，集团造纸分部大力推进低定量、高强度再生牛卡纸及瓦楞芯 纸的研发，同时通过纸机提速改造，以及对生物质锅炉的进一步强化改造，提升产能、稳定产品品质以 及提升各项生产效率，大幅降低各项成本费用，才能在行业竞争加剧的市场行情中稳住市场份额，并通 过向市场推出更具性价比产品以实现销售量的稳定增长。 ...

Company Information and Financial Summary [Company Overview](index=1&type=section&id=Company%20Overview) Zhengye International Holdings Company Limited announced its interim results for the six months ended June 30, 2025, with stock code 3363 - Company Name: **ZHENGYE INTERNATIONAL HOLDINGS COMPANY LIMITED**[2](index=2&type=chunk) - Stock Code: **3363**[2](index=2&type=chunk) - Reporting Period: Six months ended **June 30, 2025**[2](index=2&type=chunk)[3](index=3&type=chunk) [Financial Summary](index=1&type=section&id=Financial%20Summary) For the six months ended June 30, 2025, the company's revenue decreased by 2.11% year-on-year, gross profit margin significantly declined to 9.09%, and profit attributable to owners of the company and basic earnings per share both substantially decreased Financial Summary for the Six Months Ended June 30 | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Revenue | 1,137,332 | 1,161,830 | -2.11% | | Gross Profit Margin | 9.09% | 14.08% | -4.99 percentage points | | Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) | 89,094 | 110,867 | -19.64% | | Profit and Total Comprehensive Income Attributable to Owners of the Company for the Period | 2,325 | 15,026 | -84.53% | | Return on Equity Attributable to Owners of the Company for the Period | 0.21% | 1.36% | -1.15 percentage points | | Basic Earnings Per Share (RMB cents) | 0.46 | 3.01 | -84.72% | Condensed Consolidated Financial Statements [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the Group's revenue decreased by 2.11% year-on-year, with increased cost of sales leading to a 36.89% significant reduction in gross profit, while profit before tax and total comprehensive income for the period both substantially declined by 80.29% and 88.57% respectively Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Revenue | 1,137,332 | 1,161,830 | -2.11% | | Cost of Sales | (1,033,911) | (998,232) | +3.57% | | Gross Profit | 103,421 | 163,598 | -36.89% | | Other Income | 42,804 | 34,170 | +25.27% | | Other Gains and Losses | 7,806 | (1,591) | N/A (from loss to profit) | | Distribution and Selling Expenses | (33,835) | (46,800) | -27.69% | | Administrative and Other Expenses | (57,940) | (66,391) | -12.73% | | Finance Costs | (21,187) | (23,135) | -8.42% | | Research and Development Expenses | (36,116) | (40,198) | -10.16% | | Profit Before Tax | 3,792 | 19,238 | -80.29% | | Income Tax Expense | (1,691) | (851) | +98.71% | | Profit and Total Comprehensive Income for the Period | 2,101 | 18,387 | -88.57% | | Profit for the Period Attributable to Owners of the Company | 2,325 | 15,026 | -84.53% | | Non-controlling Interests | (224) | 3,361 | N/A (from profit to loss) | | Basic Earnings Per Share (RMB cents) | 0.46 | 3.01 | -84.72% | [Condensed Consolidated Statement of Financial Position](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets slightly increased, non-current assets rose, while net current assets decreased, with a significant increase in bank and other borrowings leading to higher current and total liabilities Condensed Consolidated Statement of Financial Position (As of June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | **Non-current Assets** | | | | | Property, Plant and Equipment | 1,468,012 | 1,427,194 | +2.86% | | Investment Properties | 143,876 | 115,138 | +24.96% | | Intangible Assets | 18,322 | 10,995 | +66.64% | | Total Non-current Assets | 1,777,012 | 1,726,327 | +2.94% | | **Current Assets** | | | | | Inventories | 212,352 | 200,510 | +5.91% | | Trade and Other Receivables | 728,077 | 686,735 | +6.02% | | Bank Balances and Cash | 198,228 | 187,379 | +5.79% | | Total Current Assets | 1,225,158 | 1,149,633 | +6.57% | | **Current Liabilities** | | | | | Trade and Other Payables | 337,852 | 362,337 | -6.76% | | Bank and Other Borrowings (due within one year) | 749,742 | 591,788 | +26.69% | | Total Current Liabilities | 1,102,088 | 971,159 | +13.48% | | Net Current Assets | 123,070 | 178,474 | -31.04% | | **Total Equity** | 1,409,043 | 1,406,942 | +0.15% | | **Non-current Liabilities** | | | | | Bank and Other Borrowings | 444,315 | 446,896 | -0.58% | | Total Non-current Liabilities | 491,039 | 497,859 | -1.37% | Notes to the Condensed Consolidated Financial Statements [Basis of Preparation and Principal Accounting Policies](index=5&type=section&id=Basis%20of%20Preparation%20and%20Principal%20Accounting%20Policies) The condensed consolidated financial statements are prepared in accordance with HKAS 34 and Appendix D2 of the Listing Rules, using the historical cost basis, with no significant impact from new HKFRS amendments applied this period - Preparation basis: **Hong Kong Accounting Standard 34** and **Appendix D2 of the Listing Rules**[8](index=8&type=chunk) - Accounting basis: **Historical cost basis**[9](index=9&type=chunk) - Application of new accounting policies: First-time application of amendments to **Hong Kong Financial Reporting Standards** had no significant impact on the financial position and performance for the current and prior periods[9](index=9&type=chunk) [Segment Information](index=6&type=section&id=Segment%20Information) The Group operates in packaging paper and paper packaging segments, with packaging paper revenue increasing and paper packaging revenue decreasing, leading to a slight decline in total group revenue, while packaging paper profit significantly decreased and paper packaging segment turned from profit to loss Segment Revenue and Profit (For the six months ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | **Revenue** | | | | | Packaging Paper | 815,784 | 792,912 | +2.88% | | Paper Packaging | 321,548 | 368,918 | -12.84% | | **Segment Profit/(Loss)** | | | | | Packaging Paper | 2,840 | 10,318 | -72.47% | | Paper Packaging | (1,467) | 13,200 | N/A (from profit to loss) | | Group Profit Before Tax | 3,792 | 19,238 | -80.29% | [Other Income](index=7&type=section&id=Other%20Income) For the six months ended June 30, 2025, the Group's other income increased by 25.27% year-on-year, primarily due to higher government grants and miscellaneous income Details of Other Income (For the six months ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Interest Income from Bank Deposits | 1,282 | 1,659 | -22.72% | | Government Grants | 30,224 | 27,810 | +8.68% | | Miscellaneous Income | 11,269 | 4,671 | +141.25% | | Total | 42,804 | 34,170 | +25.27% | [Other Gains and Losses](index=8&type=section&id=Other%20Gains%20and%20Losses) During the reporting period, the Group's other gains and losses turned from a loss to a gain, primarily due to a net gain of approximately RMB8,454,000 from the disposal of investment properties - Net gain of approximately **RMB8,454,000** from the disposal of investment properties led to a shift from loss to gain in other gains and losses[15](index=15&type=chunk) - Net foreign exchange losses increased from **RMB48,000** to **RMB428,000**[15](index=15&type=chunk) - Net loss on disposal of property, plant and equipment decreased from **RMB1,543,000** to **RMB220,000**[15](index=15&type=chunk) [Finance Costs](index=8&type=section&id=Finance%20Costs) For the six months ended June 30, 2025, the Group's finance costs decreased by 8.42% year-on-year, mainly due to reduced interest on bank and other borrowings Details of Finance Costs (For the six months ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Interest on Bank Borrowings | 18,913 | 20,038 | -5.61% | | Interest on Other Borrowings | 1,705 | 1,984 | -14.06% | | Interest on Lease Liabilities | 569 | 680 | -16.32% | | Total | 21,187 | 23,135 | -8.42% | [Profit Before Tax and Income Tax Expense](index=8&type=section&id=Profit%20Before%20Tax%20and%20Income%20Tax%20Expense) The Group's profit before tax significantly decreased by 80.29%, while income tax expense increased by 98.71% year-on-year, with depreciation and amortization being key deductions, and Chinese subsidiaries benefiting from preferential tax rates - Key deductions from profit before tax included depreciation of property, plant and equipment of **RMB55,395,000** (2024: RMB61,870,000)[17](index=17&type=chunk) - Income tax expense increased from **RMB851,000** in 2024 to **RMB1,691,000** in 2025[18](index=18&type=chunk) - Chinese subsidiaries enjoy preferential tax rates of **15%** or a two-tier system based on their classification as high-tech enterprises or small-profit enterprises[19](index=19&type=chunk) [Dividends](index=9&type=section&id=Dividends) The Board of Directors decided not to declare an interim dividend for the six months ended June 30, 2025 - No interim dividend declared for the first half of **2025**[21](index=21&type=chunk)[74](index=74&type=chunk) [Earnings Per Share](index=9&type=section&id=Earnings%20Per%20Share) For the six months ended June 30, 2025, basic earnings per share significantly decreased to RMB0.46 cents from RMB3.01 cents in the prior year Basic Earnings Per Share (For the six months ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Profit for the Period Attributable to Owners of the Company Used to Calculate Basic Earnings Per Share | 2,325 | 15,026 | -84.53% | | Number of Ordinary Shares Used to Calculate Basic Earnings Per Share | 500,000,000 | 500,000,000 | 0% | | Basic Earnings Per Share (RMB cents) | 0.46 | 3.01 | -84.72% | [Property, Plant and Equipment](index=10&type=section&id=Property%2C%20Plant%20and%20Equipment) As of June 30, 2025, the carrying amount of property, plant and equipment increased to RMB1,468,012,000, primarily due to additions of RMB98,974,000, offset by depreciation and disposals - Carrying amount of property, plant and equipment increased from **RMB1,427,194,000** as of January 1, 2025, to **RMB1,468,012,000** as of June 30, 2025[24](index=24&type=chunk) - Additions to plant and equipment during the period amounted to **RMB98,974,000**[24](index=24&type=chunk) - Depreciation during the period amounted to **RMB55,395,000**[24](index=24&type=chunk) [Investment Properties](index=10&type=section&id=Investment%20Properties) As of June 30, 2025, the carrying amount of investment properties increased to RMB143,876,000, mainly due to increased construction costs and transfers of investment properties under construction, partially offset by disposals - Carrying amount of investment properties increased from **RMB115,138,000** as of January 1, 2025, to **RMB143,876,000** as of June 30, 2025[25](index=25&type=chunk) - Construction costs incurred during the period amounted to **RMB38,729,000**[25](index=25&type=chunk) - Net gain of approximately **RMB8,454,000** from the disposal of investment properties during the period[15](index=15&type=chunk) [Intangible Assets](index=11&type=section&id=Intangible%20Assets) As of June 30, 2025, the carrying amount of intangible assets increased to RMB18,322,000, primarily due to new additions of RMB9,534,000 during the period, amortized on a straight-line basis over five years - Carrying amount of intangible assets increased from **RMB10,995,000** as of January 1, 2025, to **RMB18,322,000** as of June 30, 2025[27](index=27&type=chunk) - New intangible assets added during the period amounted to **RMB9,534,000**[27](index=27&type=chunk) - Intangible assets are amortized on a straight-line basis over **five years**[28](index=28&type=chunk) [Trade and Other Receivables](index=11&type=section&id=Trade%20and%20Other%20Receivables) As of June 30, 2025, total trade and other receivables increased to RMB728,077,000, with a significant increase in trade receivables backed by bills and a change in the aging structure of trade receivables not backed by bills - Total trade and other receivables increased from **RMB686,735,000** as of December 31, 2024, to **RMB728,077,000** as of June 30, 2025[29](index=29&type=chunk) - Trade receivables backed by bills increased from **RMB204,515,000** to **RMB247,030,000**[29](index=29&type=chunk) - Among trade receivables not backed by bills, the proportion of **0-60 days** aging decreased, while **61-180 days** and above aging increased[31](index=31&type=chunk) - The Group provides an average credit period of **30 to 120 days** to trade customers[30](index=30&type=chunk) [Bank Balances and Cash / Pledged Bank Deposits](index=12&type=section&id=Bank%20Balances%20and%20Cash%20%2F%20Pledged%20Bank%20Deposits) As of June 30, 2025, bank balances and cash increased to RMB198,228,000, and pledged bank deposits rose to RMB76,232,000, serving as collateral for bank financing - Bank balances and cash increased from **RMB187,379,000** as of December 31, 2024, to **RMB198,228,000** as of June 30, 2025[6](index=6&type=chunk)[32](index=32&type=chunk) - Pledged bank deposits increased from **RMB64,428,000** as of December 31, 2024, to **RMB76,232,000** as of June 30, 2025, serving as collateral for bank financing[6](index=6&type=chunk)[32](index=32&type=chunk) - Bank balances bear interest at annual rates ranging from **0.05% to 1.8%**, while pledged bank deposits bear interest at annual rates ranging from **0.05% to 1.4%**[32](index=32&type=chunk) [Trade and Other Payables](index=13&type=section&id=Trade%20and%20Other%20Payables) As of June 30, 2025, total trade and other payables decreased to RMB337,852,000, primarily due to a reduction in trade payables and secured bills payable - Total trade and other payables decreased from **RMB362,337,000** as of December 31, 2024, to **RMB337,852,000** as of June 30, 2025[33](index=33&type=chunk) - Trade payables decreased from **RMB227,394,000** to **RMB178,589,000**[33](index=33&type=chunk) - Bills payable (secured) increased from **RMB9,334,000** to **RMB52,429,000**[33](index=33&type=chunk) - Credit period for material purchases ranges from **30 to 120 days**[33](index=33&type=chunk) [Amounts Due to Directors](index=13&type=section&id=Amounts%20Due%20to%20Directors) As of June 30, 2025, amounts due to directors were unsecured, interest-free, and repayable on demand - Amounts due to directors are **unsecured, interest-free, and repayable on demand**[34](index=34&type=chunk) [Bank and Other Borrowings](index=14&type=section&id=Bank%20and%20Other%20Borrowings) As of June 30, 2025, total bank and other borrowings increased to RMB1,129,957,000, with a significant portion being secured borrowings and a notable increase in borrowings due within one year - Total bank and other borrowings increased from **RMB995,054,000** as of December 31, 2024, to **RMB1,129,957,000** as of June 30, 2025[35](index=35&type=chunk) - Borrowings due within one year increased from **RMB548,158,000** to **RMB685,642,000**[35](index=35&type=chunk) - Most borrowings consist of **secured bank borrowings (RMB1,014,445,000)** and **secured other borrowings (RMB115,512,000)**[35](index=35&type=chunk) - Fixed-rate borrowings have effective annual interest rates ranging from **0.68% to 5.98%**, while floating-rate borrowings range from **3.15% to 4.50%**[36](index=36&type=chunk) [Deferred Taxation](index=15&type=section&id=Deferred%20Taxation) As of June 30, 2025, net deferred tax liabilities decreased to RMB6,794,000 from RMB7,889,000 as of December 31, 2024, with no deferred tax liabilities recognized for taxable temporary differences related to undistributed earnings of Chinese subsidiaries - Net deferred tax liabilities decreased from **RMB7,889,000** as of December 31, 2024, to **RMB6,794,000** as of June 30, 2025[37](index=37&type=chunk) - No deferred tax liabilities were recognized for taxable temporary differences related to undistributed earnings of Chinese subsidiaries, amounting to approximately **RMB863,507,000**[38](index=38&type=chunk) [Share Capital](index=16&type=section&id=Share%20Capital) As of June 30, 2025, the company's issued share capital was HKD50,000,000, comprising 500,000,000 ordinary shares, with no changes during the reporting period - Issued share capital: **HKD50,000,000**[39](index=39&type=chunk) - Number of ordinary shares issued: **500,000,000** shares, with a par value of **HKD0.1** per share[39](index=39&type=chunk) - No changes in authorized and issued share capital during the reporting period[61](index=61&type=chunk) [Pledge of Assets](index=16&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, the Group's total pledged assets increased to RMB653,654,000, primarily including buildings and construction in progress, plant and machinery, leasehold land, trade receivables backed by bills, pledged bank deposits, and inventories - Total pledged assets increased from **RMB599,729,000** as of December 31, 2024, to **RMB653,654,000** as of June 30, 2025[40](index=40&type=chunk) - Key pledged assets include **buildings and construction in progress (RMB236,316,000)**, **plant and machinery (RMB78,395,000)**, and **trade receivables backed by bills (RMB136,118,000)**[40](index=40&type=chunk) [Capital Commitments](index=17&type=section&id=Capital%20Commitments) As of June 30, 2025, the Group's capital commitments (contracted and authorized) amounted to approximately RMB87,861,000, primarily for the acquisition of property, plant and equipment and investment properties, a significant decrease from the end of last year - Total capital commitments decreased from **RMB176,628,000** as of December 31, 2024, to **RMB87,861,000** as of June 30, 2025[42](index=42&type=chunk)[68](index=68&type=chunk) - Primarily for the acquisition of **property, plant and equipment** and **investment properties**[68](index=68&type=chunk) [Related Party Transactions and Balances](index=17&type=section&id=Related%20Party%20Transactions%20and%20Balances) The Group's related party balances primarily consist of amounts due to directors, and total remuneration for key management personnel decreased during the reporting period - Amounts due to directors are disclosed in the **condensed consolidated statement of financial position**[43](index=43&type=chunk) - Remuneration and other benefits for key management personnel decreased from **RMB11,478,000** in 2024 to **RMB9,285,000** in 2025[44](index=44&type=chunk) Management Discussion and Analysis [Business Review](index=18&type=section&id=Business%20Review) The Group manufactures paper packaging products and produces corrugated medium and kraftliner, aiming to be an eco-friendly packaging enterprise, with total revenue decreasing by 2.11% and profit attributable to owners of the company significantly down by 84.53% due to macroeconomic and trade policy impacts - Main business: Providing **paper packaging products** and integrated packaging solutions for manufacturers of home appliances, food, consumer electronics, cosmetics, etc.; producing **corrugated medium** and **kraftliner** using recycled waste paper[45](index=45&type=chunk) - Strategic goal: To become one of the **world's leading eco-friendly packaging ecosystem enterprises**[46](index=46&type=chunk) - Product scope: **Kraftliner cartons, color-printed cartons, honeycomb paper products, exquisite color box packaging, corrugated medium, kraftliner**[46](index=46&type=chunk) - Operating entities: Owns **10 wholly-owned subsidiaries** and **4 non-wholly-owned subsidiaries** in different regions of China[46](index=46&type=chunk) - Operating revenue: **RMB1,137,332,000**, a year-on-year decrease of **2.11%**[49](index=49&type=chunk) - Profit attributable to owners of the company: **RMB2,325,000**[52](index=52&type=chunk) - Basic earnings per share: **RMB0.0046**[52](index=52&type=chunk) [Macroeconomic Environment](index=19&type=section&id=Macroeconomic%20Environment) The global economic recovery remains weak with trade and policy uncertainties, while China's economy shows long-term positive trends, but traditional manufacturing and service sectors face significant transformation pressures - Global economic recovery is weak, with numerous uncertainties in the trade and policy environment[50](index=50&type=chunk) - China's economy maintains a long-term positive trend, with manufacturing demonstrating advantages in skill density, supply chain maturity, and industrial collaboration efficiency[50](index=50&type=chunk) - Traditional manufacturing and service industries face significant pressure for transformation and upgrading[50](index=50&type=chunk) [Paper Packaging Business Performance](index=19&type=section&id=Paper%20Packaging%20Business%20Performance) The paper packaging business saw a significant decline in sales unit price and gross profit margin, with revenue decreasing by 12.84% due to tariff increases and trade policy uncertainties, despite stable order volumes from new customer development - Export orders from existing downstream customers significantly declined due to tariff increases and trade policy uncertainties[51](index=51&type=chunk) - Order growth from newly developed fast-moving consumer goods and home appliance customers kept order volume largely stable[51](index=51&type=chunk) - Sales unit price significantly decreased by approximately **13.10%**[51](index=51&type=chunk) - Operating revenue was approximately **RMB321,548,000**, a year-on-year decrease of approximately **12.84%**[51](index=51&type=chunk) - Gross profit margin was approximately **15.44%**, a significant year-on-year decrease of approximately **8.05 percentage points**[51](index=51&type=chunk) - Raw paper prices significantly decreased by approximately **5.12%**[51](index=51&type=chunk) [Papermaking Business Performance](index=20&type=section&id=Papermaking%20Business%20Performance) The papermaking business achieved over 10% capacity increase through production line upgrades, leading to an 11.94% sales volume growth, despite an 8.09% drop in sales unit price and a 3.95% rise in raw material costs, resulting in a 2.88% revenue increase and a 3.12 percentage point decline in gross profit margin - Completed speed-up modifications for some paper machine production lines, increasing capacity by over **10%**[53](index=53&type=chunk) - Sales volume increased by approximately **11.94%** year-on-year[53](index=53&type=chunk) - Sales unit price significantly decreased by approximately **8.09%**[53](index=53&type=chunk) - Raw material waste paper prices increased by approximately **3.95%** year-on-year[53](index=53&type=chunk) - Operating revenue was approximately **RMB815,784,000**, a year-on-year increase of approximately **2.88%**[53](index=53&type=chunk) - Gross profit margin was approximately **6.59%**, a year-on-year decrease of approximately **3.12 percentage points**[53](index=53&type=chunk) [Financial Review](index=20&type=section&id=Financial%20Review) The Group's total revenue for the first half decreased by 2.11% to RMB1,137,332,000, with gross profit margin falling from 14.08% to 9.09%, and profit attributable to owners of the company significantly declining to RMB2,325,000, mainly due to reduced sales unit prices in the paper packaging business and intensified industry competition - Group's total revenue was **RMB1,137,332,000**, a year-on-year decrease of **2.11%**[54](index=54&type=chunk) - Group's gross profit margin was **9.09%**, a significant decrease from **14.08%** in the prior year[54](index=54&type=chunk) - Profit attributable to owners of the company was **RMB2,325,000**, a significant decrease from **RMB15,026,000** in the prior year[55](index=55&type=chunk) - The papermaking segment stabilized market share and achieved sales volume growth through **technological innovation, capacity enhancement, and cost reduction and efficiency improvement**[54](index=54&type=chunk) - The paper packaging segment's gross profit margin significantly declined due to **trade policy uncertainties, decreased existing customer orders, and a substantial drop in sales unit prices**[55](index=55&type=chunk) [Business Outlook](index=21&type=section&id=Business%20Outlook) Looking ahead, global economic challenges persist, with China focusing on expanding domestic demand and consumption, while the paper packaging industry faces intense competition but also opportunities from AI technology and green transformation, prompting the Group to pursue green and intelligent transformation through technological innovation, industrial integration, and overseas business expansion with a 'long-termism' strategy - Global economy faces challenges with weak investment growth, and the Chinese government will adopt comprehensive strategies to address inflation, with **expanding domestic demand and promoting consumption** as key priorities[56](index=56&type=chunk) - The paper packaging industry faces intense competition, but the application of **AI technology** and **green transformation** under the 'dual carbon' goals present development opportunities[57](index=57&type=chunk) - The Group will leverage its integrated industry chain advantages to pursue **technological innovation, industrial integration, and business model transformation**, exploring low-carbon growth models[58](index=58&type=chunk) - Exploring expansion into **overseas packaging businesses** to seek new growth directions and strategic layouts[58](index=58&type=chunk) - Promoting enterprise transformation towards **green, intelligent, and digital intelligence**, centered on 'user needs', driven by 'technological innovation', and supported by 'ecological cooperation'[58](index=58&type=chunk) [Current Assets, Liquidity and Financial Resources](index=22&type=section&id=Current%20Assets%2C%20Liquidity%20and%20Financial%20Resources) As of June 30, 2025, the Group's net assets slightly increased, bank and cash balances rose, but total borrowings significantly increased, leading to a rise in the net gearing ratio from 70.23% to 81.91% and a slight decrease in the current ratio Summary of Liquidity and Financial Resources (As of June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Net Assets | 1,409,043 | 1,406,942 | +0.15% | | Bank and Cash Balances | 198,228 | 187,379 | +5.79% | | Total Borrowings | 1,194,057 | 1,038,684 | +14.96% | | Equity Attributable to Owners of the Company | 1,122,753 | 1,120,428 | +0.21% | | Current Ratio | 1.11 | 1.18 | -0.07 | | Net Gearing Ratio | 81.91% | 70.23% | +11.68 percentage points | - Primary sources of funds are **cash generated from operating activities** and **bank loans**[59](index=59&type=chunk) [Capital Structure](index=22&type=section&id=Capital%20Structure) As of June 30, 2025, the company's issued share capital was HKD50,000,000, comprising 500,000,000 ordinary shares, with no changes during the reporting period - Issued share capital: **HKD50,000,000**[61](index=61&type=chunk) - Number of ordinary shares issued: **500,000,000** shares, with a par value of **HKD0.1** per share[61](index=61&type=chunk) - No changes in authorized and issued share capital during the reporting period[61](index=61&type=chunk) [Cash Flow](index=22&type=section&id=Cash%20Flow) For the six months ended June 30, 2025, net cash flow from operating activities turned into an inflow of RMB3,666,000, with net cash outflow from investing activities of RMB109,204,000 and net cash inflow from financing activities of RMB116,387,000 - Net cash flow from operating activities: **RMB3,666,000** inflow in 2025 (2024: RMB298,220,000 outflow)[62](index=62&type=chunk) - Net cash flow from investing activities: **RMB109,204,000** outflow, primarily for the acquisition of long-term assets[62](index=62&type=chunk) - Net cash flow from financing activities: **RMB116,387,000** inflow, mainly comprising proceeds from borrowings and repayment of borrowings[64](index=64&type=chunk) - Group's net cash inflow: **RMB10,849,000** inflow in 2025 (2024: RMB29,659,000 outflow)[64](index=64&type=chunk) - If the IFRIC agenda decision were not applied, net cash from operating activities would increase by **RMB177,197,000**, and net cash from financing activities would decrease by the same amount[66](index=66&type=chunk) [Capital Expenditure](index=23&type=section&id=Capital%20Expenditure) For the six months ended June 30, 2025, the Group's total capital expenditure was approximately RMB83,129,000, with the papermaking division accounting for 80.11% and the packaging division for 19.89% Details of Capital Expenditure (For the six months ended June 30) | Division | Amount (RMB thousands) | Proportion | | :--- | :--- | :--- | | Papermaking Division | 66,593 | 80.11% | | Packaging Division | 16,536 | 19.89% | | Total | 83,129 | 100.00% | [Contingent Liabilities](index=24&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no significant contingent liabilities or material litigation or arbitration - No significant contingent liabilities or material litigation or arbitration[69](index=69&type=chunk) [Foreign Exchange Risk](index=24&type=section&id=Foreign%20Exchange%20Risk) The Group primarily operates in China, with most assets, revenue, and cash settled in RMB, and the directors believe exchange rate fluctuations have no significant impact on performance, currently having no foreign exchange hedging policy but will monitor closely - Primarily operates in China, with most assets, revenue, and cash settled in **RMB**[70](index=70&type=chunk) - Directors believe exchange rate fluctuations have **no significant impact** on performance[70](index=70&type=chunk) - Currently has **no foreign exchange hedging policy**, but will monitor closely and consider hedging arrangements[70](index=70&type=chunk) [Human Resources Management](index=24&type=section&id=Human%20Resources%20Management) As of June 30, 2025, the Group had 2,605 employees, with production and quality control personnel accounting for the largest proportion, and R&D technical and engineering personnel making up 13.40% - Total number of employees: **2,605** (December 31, 2024: 2,705)[71](index=71&type=chunk) - Approximately **522** employees are engineers, technical personnel, or have higher education backgrounds[71](index=71&type=chunk) Employee Functional Distribution (As of June 30) | Function | Number of Employees | Proportion | | :--- | :--- | :--- | | Management and Administration | 348 | 13.36% | | Sales and Marketing | 115 | 4.41% | | Research and Development, Technical and Engineering | 349 | 13.40% | | Production and Quality Control | 1,793 | 68.83% | | Total | 2,605 | 100.00% | Other Information [Repurchase, Sale or Redemption of Securities](index=25&type=section&id=Repurchase%2C%20Sale%20or%20Redemption%20of%20Securities) During the reporting period, neither the company nor its subsidiaries repurchased, sold, or redeemed any of the company's listed securities, and the company held no treasury shares - No repurchase, sale, or redemption of listed securities during the reporting period[73](index=73&type=chunk) - The company held no treasury shares[73](index=73&type=chunk) [Dividend Policy](index=25&type=section&id=Dividend%20Policy) The Board of Directors does not recommend the payment of an interim dividend for the six months ended June 30, 2025 - No interim dividend recommended for the first half of **2025**[74](index=74&type=chunk) [Corporate Governance](index=25&type=section&id=Corporate%20Governance) During the reporting period, the company consistently complied with all applicable code provisions of the Corporate Governance Code set out in Appendix C1 of the Listing Rules and adopted most best practices - Complied with all applicable code provisions of the **Corporate Governance Code** set out in **Appendix C1 of the Listing Rules** during the reporting period[75](index=75&type=chunk) - Adopted most **best practices**[75](index=75&type=chunk) [Standard Securities Dealing Code for Directors](index=25&type=section&id=Standard%20Securities%20Dealing%20Code%20for%20Directors) All current directors confirmed compliance with the Standard Securities Dealing Code for Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules during the reporting period - All current directors confirmed compliance with the **Standard Code** set out in **Appendix C3 of the Listing Rules**[76](index=76&type=chunk) [Events After Reporting Period](index=25&type=section&id=Events%20After%20Reporting%20Period) No significant events affecting the Group occurred after the reporting period and up to the announcement date, other than those disclosed in the announcement - No significant events after the reporting period[77](index=77&type=chunk) [Review by Audit Committee](index=25&type=section&id=Review%20by%20Audit%20Committee) The Group's condensed consolidated financial statements for the six months ended June 30, 2025, although unaudited, have been reviewed by the company's Audit Committee, comprising all independent non-executive directors - Condensed consolidated financial statements are **unaudited**[78](index=78&type=chunk) - Reviewed by the company's **Audit Committee**, comprising all independent non-executive directors[78](index=78&type=chunk) [Publication of Interim Results and Interim Report](index=25&type=section&id=Publication%20of%20Interim%20Results%20and%20Interim%20Report) The interim results announcement has been published on the websites of Hong Kong Exchanges and Clearing Limited and the company, with the interim report to be published in due course - Interim results announcement published on the websites of **Hong Kong Exchanges and Clearing Limited** and the **company**[79](index=79&type=chunk) - Interim report will be published on the aforementioned websites in due course[79](index=79&type=chunk) [Acknowledgement](index=26&type=section&id=Acknowledgement) The Board of Directors extends gratitude to the management team, employees for their contributions, and all shareholders and business partners for their support - The Board of Directors thanks the **management team and employees** for their contributions[80](index=80&type=chunk) - Appreciation to all **shareholders and business partners** for their support[80](index=80&type=chunk) - Information on **Board members**[81](index=81&type=chunk)

Group 1 - The company expects to achieve a profit attributable to equity holders of approximately RMB 1 million to 3 million for the six months ending June 30, 2025, compared to approximately RMB 15.03 million for the six months ending June 30, 2024 [1] - The decrease in profit is primarily due to uncertainties in trade policies and weak domestic consumption, leading to intensified competition in the paper and paper products packaging industry [1] - Although the sales volume of the paper segment increased by over 10% year-on-year, the sales prices of both raw paper products and paper packaging products fell significantly by over 8% compared to the same period last year [1] Group 2 - The price of major raw material, waste paper, increased by approximately 4% year-on-year, contributing to a decline in overall gross margin by about 5% compared to the previous year [1] - The company has implemented management optimization and strict cost control measures, resulting in a year-on-year decrease in period expenses of approximately 2% [1] - The net profit margin only decreased by approximately 1.3% year-on-year, aided by revenue from the sale of old renovation properties in the paper division [1]