Core Viewpoint - The company has steadily expanded over thirty years, becoming a leading integrated paper and pulp enterprise with a comprehensive industrial chain, and is expected to see significant profit growth in the coming years due to improved supply-demand dynamics and cost optimization from its integrated operations [1][2]. Company Overview - Established in 1995 and headquartered in Dongguan, Guangdong, the company is the world's largest paper producer and a leader in integrated pulp and paper operations, with a design capacity exceeding 23 million tons [1]. - The company has achieved a compound annual growth rate (CAGR) of 7% in revenue over the past decade, with projected revenue of 63.24 billion for FY2025, reflecting a year-on-year increase of 6.3% [1]. - The net profit attributable to shareholders is expected to reach 1.77 billion in FY2025, representing a substantial year-on-year growth of 135% [1]. Industry Dynamics - The demand for corrugated paper is expected to remain stable, with consumption projected at 35.82 million tons and 34.07 million tons for boxboard and corrugated paper respectively in 2024, supported by a CAGR of 8.3% and 7.5% over the past five years [1][2]. - The industry has returned to a capacity expansion cycle since 2022, with increased imports due to waste bans and zero tariff policies, leading to temporary price pressures [2]. - The industry is expected to gradually improve its supply-demand balance as leading companies' capital expenditures decrease post-2025, and smaller capacities exit the market [2]. Production Capacity and Strategy - The company has been expanding its production capacity even during industry downturns, with a projected design capacity of nearly 29 million tons by June 30, 2025, and over 5 million tons of new paper capacity added from FY2022 to FY2025 [2]. - The company is focusing on high-end products such as high-grade kraft paper and white cardboard, which have higher profit margins, leading to a noticeable decrease in per-ton costs [2]. - The company is advancing its integrated pulp and paper strategy, with plans to achieve 1.02 million tons of self-sufficient raw material capacity by 2027, which will help reduce waste paper procurement costs and stabilize production quality [2]. Financial Outlook - The company is projected to achieve net profits of 3.12 billion, 3.49 billion, and 3.84 billion for FY2026 to FY2028, with corresponding price-to-earnings (PE) ratios of 8.6X, 7.7X, and 7.0X [3]. - The current PE and price-to-book (PB) ratios are at historical lows, and with the ongoing integration of pulp and paper operations, profitability is expected to improve as the market recovers [3]. - A target price range of 6.6 to 8.0 per share is set, with a "buy" rating assigned based on relative valuation methods [3].

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 | 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 | | 800,000,000 | 本月底法定/註冊股本總額： HKD 800,000,000 FF301 第 1 頁 共 10 頁 v 1.1.1 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公 ...

Core Viewpoint - Nine Dragons Paper Holdings Limited (玖龙纸业) experienced a nearly 4% increase in stock price, reaching HKD 5.78 with a trading volume of HKD 47.615 million [2] Group 1 - The stock price of Nine Dragons Paper rose by 3.77% as of the report time [2] - The trading volume for Nine Dragons Paper was recorded at HKD 47.615 million [2]

Core Viewpoint - The domestic white card paper market in China is experiencing a new round of price adjustments, with companies like Nine Dragons Paper announcing a price increase of 200 CNY per ton effective November 1, 2025 [1] Company Summary - Nine Dragons Paper's stock rose nearly 4%, currently trading at 5.78 HKD with a transaction volume of 47.615 million HKD [1] - The company is part of a broader trend where major paper manufacturers are increasing prices, indicating strong pricing power among leading firms [1] Industry Summary - The white card paper prices are gradually recovering but remain at the bottom of the cycle, with strong price support from leading companies [1] - The upcoming Double Eleven shopping festival and the Spring Festival are expected to drive strong packaging demand in Q4, with expectations for corrugated box prices to remain robust [1] - Q4 is traditionally a peak demand season, and with significant cost support, the packaging paper industry's outlook is anticipated to improve [1]

Core Viewpoint - The domestic white card paper market is experiencing a new round of price adjustments, with companies like Nine Dragons Paper announcing a price increase of 200 CNY per ton effective November 1, 2025 [1] Company Summary - Nine Dragons Paper's stock rose nearly 4%, closing at 5.78 HKD with a trading volume of 47.615 million HKD [1] - The company is part of a broader trend where major paper manufacturers are increasing prices, indicating strong pricing power among leading firms [1] Industry Summary - The white card paper prices are gradually recovering but remain at the bottom of the cycle, with strong price support from leading companies [1] - The upcoming demand from events like Double Eleven and the Spring Festival is expected to keep packaging demand robust in Q4, with forecasts suggesting that the price of corrugated box paper may continue to be strong [1] - Q4 is traditionally a peak demand season, and with significant cost support, the packaging paper industry's outlook is expected to improve [1]

(Incorporated in Bermuda with limited liability) （於百慕達註冊成立的有限公司） (Stock Code: 2689) （股份代號：2689） NOTIFICATION LETTER 通知信函 24 October 2025 Dear Non-registered Holder(s) (Note 1) , Nine Dragons Paper (Holdings) Limited (the "Company") — Notice of publication of (i) 2024/2025 Annual Report; (ii) Circular dated 24 October 2025 relating to general mandates to issue and repurchase share, re-election of retiring directors and notice of annual general meeting and (iii) Proxy form for use at the annual general meetin ...

24 October 2025 Dear Registered Shareholders, (Incorporated in Bermuda with limited liability) （於百慕達註冊成立的有限公司） (Stock Code: 2689) （股份代號：2689） NOTIFICATION LETTER 通知信函 Nine Dragons Paper (Holdings) Limited (the "Company") — Notice of publication of (i) 2024/2025 Annual Report; (ii) Circular dated 24 October 2025 relating to general mandates to issue and repurchase share, re-election of retiring directors and notice of annual general meeting and (iii) Proxy form for use at the annual general meeting to be hel ...

（於百慕達註冊成立的有限公司） 地址為 為玖龍紙業（控股）有限公司（「本公司」）股本中每股面值0.10港元普通股（附註2） 股之登記持有人，茲委任（附註3） 地址為 ， 或如其未克出席，則委任大會主席為本人╱吾等之代表，代表本人╱吾等出席本公司謹訂於二零二五年十二月十一日（星期四） 上午十一時正假座香港九龍港鐵九龍站柯士甸道西一號W Hong Kong 7樓工作室1&2舉行之股東週年大會及其任何續會，依 照下列所載指示代表本人╱吾等投票表決下列決議案： | | | 普通決議案 | 贊成（附註4） | 反對（附註4） | | --- | --- | --- | --- | --- | | 1. | | 考慮及接納截至二零二五年六月三十日止年度之經審核財務報表、董事會報 | | | | | 告書與獨立核數師報告書。 | | | | | 2. | (a) | (i) 重選張成飛先生為本公司執行董事； | | | | | | (ii) 重選張連鵬先生為本公司執行董事； | | | | | | 重選陳曼琪女士為本公司獨立非執行董事； (iii) | | | | | | 重選孫寶源先生為本公司獨立非執行董事；及 (iv) ...

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通告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本通告全部或任何 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。 – 1 – 1. 考慮及接納截至二零二五年六月三十日止年度之經審核財務報表、董事會報告 書及獨立核數師報告書。 2. (a) (i) 重選張成飛先生為本公司執行董事； (ii) 重選張連鵬先生為本公司執行董事； (iii) 重選陳曼琪女士為本公司獨立非執行董事； (iv) 重選孫寶源先生為本公司獨立非執行董事；及 (b) 授權董事會釐定董事酬金。 3. 續聘羅兵咸永道會計師事務所為核數師並授權董事會釐定其酬金。 「有關期間」乃指由本決議案通過之日期至下列之最早日期止之期間： （於百慕達註冊成立的有限公司） （股份代號：2689） 股東週年大會通告 茲通告玖龍紙業（控股）有限公司（「本公司」）謹訂於二零二五年十二月十一日（星期 四）上午十一時正假座香港九龍港鐵九龍站柯士甸道西一號W Hong Kong 7樓工作 室1&2舉行股東週年大會，藉以處理下列事項： – 2 – 4. 作為特別事項，考慮及酌情通過下 ...

此 乃 要 件 請 即 處 理 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通函之內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示概不就因本通函全部或任何部份內容而產生或因倚賴該等內容 而引致之任何損失承擔任何責任。 閣下如對本通函任何方面或應採取之行動有任何疑問，應諮詢 閣下之持牌證券交易商、銀行經理、 律師、專業會計師或其他專業顧問。 閣下如已出售或轉讓名下所有玖龍紙業（控股）有限公司之股份，應立即將本通函連同本通函隨附之 代表委任表格送交買主或承讓人或經手買賣或轉讓之銀行經理、持牌證券交易商或其他代理商，以 便轉交買主或承讓人。 （於百慕達註冊成立的有限公司） （股份代號：2689） 發行及購回股份之一般授權 重選退任董事 及 股東週年大會通告 玖龍紙業（控股）有限公司謹訂於二零二五年十二月十一日（星期四）上午十一時正假座香港九龍港鐵 九龍站柯士甸道西一號W Hong Kong 7樓工作室1&2舉行股東週年大會，大會通告載於本通函第14 至18頁。隨函附奉股東週年大會適用之代表委任表格。 無論 閣下是否擬出席股東週年大會並於會上投票，務請 閣下按照隨附之代表委任表格列印之指 示將其 ...