Financial Performance - Sales volume increased by approximately 18.3%[2] - Revenue rose by approximately 4.9% to RMB 59,496.4 million, primarily due to the increase in sales volume for the fiscal year 2024[2] - Gross profit surged by approximately 273.2% to RMB 5,711.5 million[2] - Profit attributable to equity holders of the company for the fiscal year 2024 was approximately RMB 750.7 million[2] - Basic earnings per share for the fiscal year 2024 were approximately RMB 0.16[2] - The company reported a total comprehensive income of RMB 523.4 million for the fiscal year 2024, compared to a loss of RMB 2,275.1 million in the previous year[5] - The company reported a net profit of RMB 793,890 thousand for the year ending June 30, 2024, compared to a net loss of RMB (2,370,839) thousand in the previous year, indicating a significant turnaround[9] - The operating profit for fiscal year 2024 was approximately RMB 2,645.1 million, a turnaround from an operating loss of RMB 1,595.2 million in fiscal year 2023[48] - The company's net profit attributable to equity holders for fiscal year 2024 was approximately RMB 750.7 million, compared to a net loss of RMB 2,383.4 million in fiscal year 2023[51] Assets and Liabilities - Total assets increased to RMB 138,371.5 million from RMB 120,651.0 million year-on-year[8] - Non-current assets, including property, plant, and equipment, rose to RMB 95,462.9 million from RMB 86,557.2 million[7] - Total liabilities increased to RMB 89,887.0 million from RMB 75,514.6 million year-on-year[8] - Long-term bank and other loans increased to RMB 52,326.7 million as of June 30, 2024, compared to RMB 43,180.7 million in the previous year[37] - The company’s total loans reached RMB 67,179.1 million, an increase from RMB 56,773.3 million in the previous year[37] Cash Flow and Expenses - Cash and cash equivalents stood at RMB 10,560.7 million, compared to RMB 10,317.5 million in the previous year[7] - The company reported a net cash outflow from operating activities of RMB (794,199) thousand, a significant decrease from RMB 6,924,487 thousand in the previous year[9] - Financial expenses increased to RMB (1,568,765) thousand from RMB (1,288,915) thousand, indicating a rise of approximately 21.7% year-over-year[16] - The company incurred operating expenses of RMB 48,463,322 thousand for raw materials and consumables, compared to RMB 45,959,412 thousand in the previous year, which is an increase of approximately 5.5%[15] - The total interest and financing costs rose from RMB 2,035.8 million in the previous fiscal year to approximately RMB 2,317.0 million in the current fiscal year[58] Inventory and Receivables - The company’s total inventory as of June 30, 2024, was RMB 10,169,308,000, an increase from RMB 8,855,674,000 in the previous year[30] - The inventory level rose by approximately 14.8% to about RMB 10,169.3 million as of June 30, 2024, with raw materials accounting for approximately RMB 6,303.8 million[52] - As of June 30, 2024, accounts receivable and notes receivable amounted to RMB 8,482.3 million, an increase of approximately 90.2% compared to RMB 4,460.1 million as of June 30, 2023[53] - Accounts receivable from trade increased to RMB 3,565.7 million as of June 30, 2024, up from RMB 3,086.4 million the previous year[32] Corporate Governance - The board of directors consists of eight executive directors and four independent non-executive directors[66] - The company is led by Chairwoman Zhang Yin[66] - The company emphasizes its commitment to corporate governance[66] - The board composition reflects a balance between executive and independent oversight[66] - The company aims to enhance transparency and accountability[66] Strategic Initiatives - The company is focused on expanding its market presence in the packaging paper and specialty paper sectors, leveraging its production capabilities to enhance revenue growth[10] - The company plans to increase its annual production capacity by 3.70 million tons for white card paper and cultural paper, with completion expected between Q3 2024 and Q2 2025[42] - The company has ongoing expansion projects, including a new pulp production capacity of 1.10 million tons in Beihai, Guangxi, expected to be completed in Q3 2024[40] - The company plans to balance production and sales while enhancing technological innovation and resource integration to provide differentiated high-quality products[59] Dividends - The company did not recommend a final dividend for the year ended June 30, 2024, consistent with no dividend declared in the previous year[26] - The company has decided not to declare any interim or final dividends for the fiscal year ending June 30, 2024[60] Market Performance - The company reported a significant sales volume increase of 18.3% year-on-year, with total sales revenue rising by 4.9% to RMB 59,496.4 million[39] - Sales of packaging paper reached RMB 54,609,046 thousand, up from RMB 51,009,294 thousand, reflecting an increase of about 5.1% year-over-year[14] - The company's sales revenue for the fiscal year 2024 was approximately RMB 59,496.4 million, an increase of about 4.9% compared to fiscal year 2023[43] - The sales volume reached approximately 19.6 million tons, an increase of about 18.3% from 16.6 million tons in fiscal year 2023[43]

今天的话我们是邀请了九龙的这个温总来跟我们沟通一下公司的最近的一个情况因为整个这个二季度就我们看到这个消费的状态还是会有一些疲软所以整个追应下来的话呢就是关于到这个整体咱们的指甲的这个情况包括追应下来的这个就是像这个香和这个文化史这边的情况能不能先请这个温总都帮我们来简单介绍一下谢谢大家好谢谢 今天给我们这个机会参与本来我要过来的深圳那边但是因为我会拐杉了就是拗踩英通通话所以不好意思我只能做电话会这样子的第二制度呢虽然你刚才说的是消费比较疲软但在我们的情况来讲不是特别差应该说蛮好的从量的角度来讲蛮好的因为比方说季季度是四五月现在还没过完六月份但四五月呢其实我们的量销量是历史新高 三月份四月份我们做了一百七十万吨六月份我们做了一百八十万吨这个从我来了五年了我没有见过这么好的四五月因为都是淡季来的嘛但是为什么我们可以做得这么好呢我觉得有两个原因第一就是说我们加了产能所以加了产能呢应该是要卖多一点这应该是应该的对不对那第二呢就是说即便我们加了产能这可能卖不动啊 可能如果卖不动的话你积压你的库存啊对不对那我们看的库存的状态呢还是三周三周是可接受的不是非常高不算是非常低低的可能是两周但是高的时候可能是四周那我们现在是三 ...

今天的话我们是邀请了九龙的这个温总来跟我们沟通一下公司的最近的一个情况因为整个这个二季度就我们看到这个消费的状态还是会有一些疲软所以整个追应下来的话呢就是关于到这个整体咱们的指甲的这个情况包括追应下来的这个就是像这个香和这个文化史这边的情况能不能先请这个温总都帮我们来简单介绍一下谢谢大家好谢谢 今天给我们这个机会参与本来我要过来的深圳那边但是因为我会拐杉了就是拗踩英通通话所以不好意思我只能做电话会这样子的第二制度呢虽然你刚才说的是消费比较疲软但在我们的情况来讲不是特别差应该说蛮好的从量的角度来讲蛮好的因为比方说季季度是四五月现在还没过完六月份但四五月呢其实我们的量销量是历史新高 三月份四月份我们做了一百七十万吨六月份我们做了一百八十万吨这个从我来了五年了我没有见过这么好的四五月因为都是淡季来的嘛但是为什么我们可以做得这么好呢我觉得有两个原因第一就是说我们加了产能所以加了产能呢应该是要卖多一点这应该是应该的对不对那第二呢就是说即便我们加了产能这可能卖不动啊 可能如果卖不动的话你积压你的库存啊对不对那我们看的库存的状态呢还是三周三周是可接受的不是非常高不算是非常低低的可能是两周但是高的时候可能是四周那我们现在是三 ...

Financial Performance - The company reported a significant increase in revenue, achieving a total of HKD 10.5 billion for the interim period, representing a 15% year-over-year growth[2]. - The Group achieved a sales volume increase of 16.3% to 10.0 million tonnes during the period, marking a record high[41]. - Revenue for the six months ended December 31, 2023, was RMB 30,611,229, a decrease of 1.9% compared to RMB 31,198,020 in the same period of 2022[95]. - Gross profit for the period was approximately RMB 2,705.6 million, an increase of approximately RMB 2,019.5 million or 294.4% compared to RMB 686.1 million in the corresponding period last year[51]. - Operating profit for the Period was approximately RMB 1,243.5 million, a significant increase from an operating loss of RMB 861.6 million in the corresponding period last year[52]. - Profit attributable to the equity holders of the Company amounted to approximately RMB 292.4 million, compared to a loss of RMB 1,388.8 million in the same period last year, mainly due to an increase in gross profit margin[55]. - The gross profit margin improved to 25%, up from 22% in the previous year, reflecting better cost management and pricing strategies[2]. Market Expansion and Product Development - User data indicates a growing customer base, with an increase of 12% in the number of active clients compared to the previous year[2]. - The company has provided a positive outlook for the next quarter, projecting a revenue growth of 10% to 12% based on current market trends and demand[2]. - New product development includes the introduction of eco-friendly kraftlinerboard made from 100% recycled paper, catering to environmentally conscious customers[6]. - The company is expanding its market presence in Southeast Asia, targeting a 20% increase in market share within the next fiscal year[2]. - A strategic acquisition of a local competitor is planned, which is expected to enhance production capacity by 15%[2]. - The company is investing in new technology to improve production efficiency, aiming for a 10% reduction in operational costs by the end of the fiscal year[2]. - The company aims to enhance product differentiation and tap into high-end markets to increase market share[41]. Sustainability and Environmental Commitment - The management emphasized a commitment to sustainability, with plans to increase the use of recycled materials in production to 50% by 2025[2]. - The Group's greyboard products, made from recycled waste paper, are classified into Land Dragon and Sea Dragon to cater to different customer needs[20]. - Uncoated woodfree paper and office paper are offered in weights of 40 to 80g/m2, with the latter being made from 100% recycled fiber for environmental sustainability[24][25]. - The Group's sales of recycled products qualified for an incentive tax arrangement, allowing a deduction of 10% from taxable income starting January 1, 2021[192]. Financial Position and Cash Flow - As of December 31, 2023, total assets amounted to RMB 128,912,302, an increase from RMB 120,651,004 as of June 30, 2023[91]. - Total liabilities rose to RMB 83,702,803 from RMB 75,514,582 as of June 30, 2023[92]. - The company had bank and cash balances, short-term bank deposits, and restricted cash amounting to approximately RMB 7,435.5 million as of December 31, 2023, with total undrawn bank facilities of approximately RMB 42,323.8 million[57]. - The net decrease in cash and cash equivalents for the period was RMB (3,032,656) thousand, compared to RMB (1,354,546) thousand in the same period of 2022[106]. - The company reported a significant decrease in cash flows from investing activities, primarily due to payments for property, plant, and equipment totaling RMB (6,602,715) thousand[104]. Governance and Risk Management - The company continued to comply fully with the Corporate Governance Code as set out in Appendix C1 to the Listing Rules[58]. - The company has established a Risk Management Committee to oversee risk management and internal control processes[63]. - The Group's financial activities are exposed to various risks, including foreign exchange risk, interest rate risk, credit risk, and liquidity risk[115]. - The Group aims to maintain sufficient cash and cash equivalents and committed credit facilities to manage liquidity risk effectively[119]. - The Group has not made any changes to its risk management policies during the six months ended December 31, 2023[115]. Shareholder Information - As of December 31, 2023, the total number of ordinary shares issued by the company is 4,692,220,811[75]. - Ms. Cheung Yan and Mr. Liu Ming Chung each hold a total of 3,113,811,942 shares, representing approximately 66.36% of the company's total shareholdings[74]. - The Board has resolved not to declare an interim dividend for the six months ended 31 December 2023, consistent with the previous year where no dividend was declared[69].

Financial Performance - The group's sales increased by 16.3% to approximately 10.0 million tons[2] - Revenue decreased by 1.9% to approximately RMB 30,611.2 million[2] - Gross profit increased by 294.4% to approximately RMB 2,705.6 million[2] - Profit attributable to equity holders of the company was approximately RMB 292.4 million[2] - Basic earnings per share increased to approximately RMB 0.06[5] - Operating profit for the period was RMB 1,243.5 million, compared to a loss of RMB 861.6 million in the previous year[4] - The company reported a comprehensive income of RMB 73.1 million, compared to a loss of RMB 1,619.0 million in the previous year[6] - Revenue for the six months ended December 31, 2023, was RMB 30,611,229 thousand, a decrease of 1.9% compared to RMB 31,198,020 thousand for the same period in 2022[15] - The company reported a profit attributable to equity holders of RMB 292,436,000 for the six months ended December 31, 2023, compared to a loss of RMB 1,388,795,000 for the same period in 2022[25] - Basic earnings per share for the six months ended December 31, 2023, was RMB 0.06, recovering from a loss of RMB 0.30 in the same period of 2022[25] Assets and Liabilities - Total assets increased to RMB 128,912.3 million from RMB 120,651.0 million[8] - Total liabilities rose to RMB 83,702.8 million from RMB 75,514.6 million[8] - The company’s non-current assets increased to RMB 97,287.4 million from RMB 91,196.5 million[7] - As of December 31, 2023, the company's long-term bank and other loans amounted to RMB 47,750,687 thousand, an increase from RMB 43,180,730 thousand as of June 30, 2023[14] - The company's trade payables increased to RMB 12,221,264 thousand as of December 31, 2023, compared to RMB 9,648,322 thousand as of June 30, 2023[33] Inventory and Receivables - Inventory as of December 31, 2023, was RMB 9,410,876,000, up from RMB 8,855,674,000 as of June 30, 2023[27] - The company recognized a reversal of previously written down inventory amounting to RMB 268,777,000 during the six months ended December 31, 2023[28] - Trade receivables as of December 31, 2023, amounted to RMB 3,360,052,000, an increase from RMB 3,086,387,000 as of June 30, 2023[29] - The company reported an expected credit loss of RMB 19,111,000 on trade receivables for the six months ended December 31, 2023, compared to no losses in the same period of 2022[31] - The company's total inventory write-down to net realizable value was RMB 58,653,000 for the six months ended December 31, 2023[28] Expenses and Taxation - Employee benefit expenses increased to RMB 2,021,605 thousand, up 3.9% from RMB 1,946,290 thousand in the prior year[16] - Total income tax expense for the six months was RMB 295,418 thousand, compared to a tax credit of RMB 43,005 thousand in the same period last year[18] - The effective corporate income tax rate for subsidiaries in mainland China is 25%, with some qualifying for a reduced rate of 15%[19] - Administrative expenses decreased by approximately 11.9% to about RMB 1,079.3 million, representing 3.5% of total revenue[43] Production and Capacity - The total designed annual production capacity for fiber raw materials is 4.72 million tons, with 2.17 million tons of pulp, 0.70 million tons of recycled pulp, and 1.85 million tons of wood fiber[36] - The company plans to increase its total designed annual production capacity for fiber raw materials to 7.04 million tons, including 4.07 million tons of pulp and 2.27 million tons of wood fiber[37] - The company is on track to complete new production capacity projects, including 1.70 million tons of pulp and 2.00 million tons of paper by 2025[38] Risk Management and Outlook - The company has effectively improved profitability through optimized raw material structure and cost reduction measures[36] - The company has reduced operational, currency, and cash flow risks to a minimum through enhanced risk management[36] - The outlook for the second half of the fiscal year is optimistic due to the implementation of national stimulus policies, which are expected to boost consumer confidence and demand in the packaging paper industry[54] - The company will consider timely arrangements for currency and interest rate hedging to mitigate associated risks due to current currency market volatility[53] Corporate Governance - The group has adopted new accounting standards effective from July 1, 2023, with no significant impact on performance or financial position[12] - The company has complied with the corporate governance code as per the listing rules during the reporting period[57] - The audit committee has reviewed the accounting principles and internal controls adopted by the group during the period[56] Dividends - The company did not declare an interim dividend for the six months ended December 31, 2023, consistent with the previous year[26] - The board has decided not to declare an interim dividend for the six months ended December 31, 2023, consistent with the previous year[55]

Financial Performance - Revenue for the fiscal year 2022/2023 decreased by 12.1% to RMB 56,739.4 million from RMB 64,538.1 million in the previous year[9]. - Gross profit dropped significantly by 78.1% to RMB 1,530.2 million compared to RMB 6,991.9 million in the prior year[9]. - The company reported an operating loss of RMB 1,595.2 million, contrasting with an operating profit of RMB 3,587.1 million in the previous year[9]. - Net debt increased by 34.3% to RMB 46,310.4 million from RMB 34,476.4 million year-on-year[9]. - The total debt to total assets ratio increased by 7.0 percentage points to 62.6% from 55.6%[9]. - The company did not declare any interim or final dividends for the fiscal year 2022/2023, compared to RMB 8.0 and RMB 2.0 per share in the previous year[9]. - The basic and diluted loss per share for the year was RMB (50.8), a significant decline from earnings of RMB 69.8 per share in the previous year[9]. - The net loss attributable to equity holders for fiscal year 2023 was approximately RMB 2,383.4 million, a significant decline from a profit of RMB 3,275.4 million in fiscal year 2022, mainly due to a decrease in packaging paper prices and gross margin[54]. - The group reported a net loss of RMB 2,370.8 million for the fiscal year 2023, compared to a profit of RMB 3,310.5 million in fiscal year 2022[65]. Market and Product Development - The company is focusing on developing environmentally friendly products, including 100% recycled paper products to meet customer demands[14]. - The company plans to expand its market presence and enhance product offerings to adapt to changing customer needs and environmental standards[14]. - The company reported a slight increase in sales despite a challenging economic environment, with a focus on utilizing self-produced wood fiber and pulp advantages[31]. - The company aims to optimize fiber raw material structure to stabilize product quality and costs while increasing the proportion of high-end products for sustained profit growth[30]. - The company offers high-strength corrugated paper ranging from 45 to 180 grams per square meter, with low grammage options (45, 50, 60, 70 grams) leading the industry[18]. - The company provides coated gray bottom whiteboard paper, which is used for high-quality printing applications, particularly in small color box packaging[20]. - The company has developed a range of coated white cardboard products suitable for various consumer goods packaging, including pharmaceuticals and cosmetics[5]. - The company aims to enhance its production capacity and expand its market presence, particularly in environmentally friendly packaging paper products[68]. Operational Efficiency and Cost Management - The company has implemented cost-saving measures and flexible pricing strategies in response to market changes, ensuring cash flow stability[31]. - The company operates advanced production lines, including high-speed corrugated board lines, to meet diverse customer needs[27]. - The company aims to achieve production and sales balance and return to reasonable profitability in the coming year[34]. - The company is actively developing new products and customer sources to enhance competitiveness despite challenging market conditions[37]. - The company has a total designed annual production capacity of over 2.8 billion square meters for downstream packaging plants[37]. - The company plans to increase its fiber raw material capacity to 6.83 million tons, including 4.07 million tons of wood pulp, 0.70 million tons of recycled pulp, and 2.06 million tons of wood fiber[39]. - The company currently has a paper production capacity exceeding 20 million tons, with plans to add 4.25 million tons of new capacity in high-end product categories over the next two years[39]. Environmental Commitment - The company emphasizes its commitment to environmental protection and energy conservation, using recyclable waste paper as a primary raw material[68]. - The company has integrated environmental risk factors into its risk management assessment list, with regular evaluations conducted by the environmental department[74]. - The company has increased the procurement and usage ratio of domestic waste paper since 2018 to fill the gap left by the ban on imported waste paper, enhancing its raw material reserves[80]. - The company aims to capture market opportunities arising from China's "plastic restriction order" by expanding its production capacity for food-grade white cardboard and paper bags[84]. - The company has implemented advanced emission control technologies, achieving a desulfurization efficiency of over 95% and a dust removal efficiency of 99.95%[110]. - The company has established a professional energy operation team to enhance its natural gas business capabilities and has secured cooperation with major domestic energy companies[111]. - The company has established a comprehensive governance framework to address climate change risks and has implemented policies to mitigate these risks[90]. - The company has achieved a recycling rate of over 97.2% for wastewater, with a target of 97.5% for FY2025[99]. Employee Management and Safety - As of June 30, 2023, the company employed a total of 23,079 full-time employees, with 20,773 in China, 588 in Vietnam, 597 in Malaysia, and 1,121 in the United States[161]. - The employee turnover rates are 14% in China, 16% in Vietnam, 26% in the United States, and 26% in Malaysia[164]. - The company adheres to safety regulations and has established a safety management department to enforce safety protocols and minimize health risks[165]. - The company provides competitive salaries and benefits, including various allowances and insurance, to ensure employee welfare[160]. - The company has a comprehensive emergency response plan for extreme weather events to ensure the normal operation of raw material and finished product transportation[158]. - The company conducted over 2,747 emergency drills in the current fiscal year, compared to 1,793 in the previous fiscal year, indicating a significant increase in safety training efforts[166]. - The total number of work-related injuries reported was 36, with 2 fatalities, and a total of 3,333 lost workdays due to injuries, a decrease from 6,981 lost days in the previous fiscal year[168]. Community Engagement and Corporate Social Responsibility - The company donated over RMB 28 million in various charitable activities during the fiscal year[187]. - In the Guangdong Province "6.30" event, the company contributed RMB 22 million, supporting education and poverty alleviation in underdeveloped areas[188]. - The company has cumulatively donated over RMB 290 million to the "6.30" project over twelve years, receiving the "Guangdong Poverty Alleviation Red Cotton Cup" gold award[188]. - The company has supported over 300 students from impoverished families through its "Big Love for Small Cities" project since 2014[194]. - The company actively participates in community development and poverty alleviation efforts, improving rural infrastructure and living conditions[187]. Risk Management and Compliance - The company has established a "Group Audit Supervision Department" to maintain objectivity and independence in governance and prevent corruption[185]. - The company has implemented standardized business processes using SAP and office automation systems to reduce the feasibility of corruption[185]. - The company has a dedicated internal audit department and legal team to ensure compliance with intellectual property laws and regulations[182]. - The company has established a comprehensive employee management code to promote ethical conduct and corporate culture[184].

Financial Performance - Revenue decreased by approximately 12.1% to RMB 56,739.4 million, primarily due to a decline in product selling prices during the fiscal year 2023[2] - Gross profit decreased by approximately 78.1% to RMB 1,530.2 million[2] - The loss attributable to equity holders of the company for the fiscal year 2023 was approximately RMB 2,383.4 million, with a basic loss per share of RMB 0.51[2][4] - The company reported a comprehensive loss of RMB 2,275.1 million for the fiscal year 2023[5] - The company reported a net loss of RMB 2,370,839 thousand for the year ended June 30, 2023, compared to a profit of RMB 3,310,501 thousand in the previous year, indicating a significant decline in performance[8] - The operating loss for fiscal year 2023 was approximately RMB 1,595.2 million, compared to an operating profit of RMB 3,587.1 million in fiscal year 2022, primarily due to the decline in gross margin[44] - The net loss attributable to equity holders for fiscal year 2023 was approximately RMB 2,383.4 million, a significant decline from a profit of RMB 3,275.4 million in fiscal year 2022, mainly due to a decrease in packaging paper prices and gross margin[49] Assets and Liabilities - Total assets increased to RMB 120,651.0 million from RMB 107,080.8 million in the previous year[6][7] - Non-current assets rose to RMB 91,196.5 million, up from RMB 74,459.4 million in the previous year[6] - Current liabilities increased to RMB 28,070.98 million from RMB 18,191.5 million in the previous year[7] - Total liabilities rose to RMB 75,514.6 million, compared to RMB 59,575.5 million in the previous year[7] - Trade payables as of June 30, 2023, amounted to RMB 3,277.5 million, compared to RMB 2,650.9 million in the previous year[34] - The company reported a significant increase in long-term bank loans, rising to RMB 43,180.7 million from RMB 36,861.7 million year-over-year[14] - The group’s shareholder equity as of June 30, 2023, was approximately RMB 45,136.4 million, a decrease of about RMB 2,368.9 million or approximately 5.0% compared to June 30, 2022[51] Cash Flow and Investments - Operating cash flow for the year was RMB 6,924,487 thousand, up from RMB 3,030,496 thousand in the previous year, reflecting improved operational efficiency[8] - The company invested RMB 17,424,026 thousand in investment activities, an increase from RMB 12,321,554 thousand in the previous year, indicating a focus on expansion and development[8] - Financing activities generated a net cash inflow of RMB 11,136,472 thousand, compared to RMB 8,920,623 thousand in the previous year, suggesting increased borrowing or capital raising efforts[8] - The company’s cash and cash equivalents at year-end increased to RMB 10,317,488 thousand from RMB 9,654,344 thousand, reflecting a positive cash position despite operational losses[8] Inventory and Receivables - Inventory decreased to RMB 8,855.7 million from RMB 12,170.1 million in the previous year[6] - The total inventory as of June 30, 2023, was RMB 8,855,674,000, a decrease from RMB 12,170,100,000 in 2022, with cost of goods sold for the year amounting to RMB 54,940,449,000 compared to RMB 57,546,222,000 in the previous year[28] - Trade receivables decreased to RMB 3,086,387,000 as of June 30, 2023, from RMB 3,682,958,000 in 2022, while notes receivable increased to RMB 1,373,742,000 from RMB 1,268,153,000[29] Expenses - Depreciation expenses rose to RMB 3,691,597 thousand from RMB 2,937,717 thousand, indicating increased asset utilization or capital investments[15] - Employee benefits expenses increased to RMB 4,014,510 thousand from RMB 3,652,758 thousand, reflecting higher labor costs[15] - Selling and marketing expenses increased by approximately 8.6% to about RMB 2,124.4 million in fiscal year 2023, accounting for approximately 3.7% of total revenue, up from 3.0% in fiscal year 2022[42] - Administrative expenses rose by about 11.0% to approximately RMB 2,577.0 million in fiscal year 2023, representing about 4.5% of total revenue, up from 3.6% in fiscal year 2022[43] - Net financial expenses increased by approximately RMB 415.5 million or 58.4% to about RMB 1,126.8 million in fiscal year 2023, attributed to an increase in total loans from RMB 44,241.0 million to RMB 56,773.3 million[45] Dividends - The company did not declare any dividends for the fiscal year 2023[2] - The company did not declare any interim or final dividends for the fiscal year ending June 30, 2023, while it paid a final dividend of RMB 0.02 per share in 2022, totaling RMB 469,222,000[25] - The company has decided not to declare a final dividend for the year ending June 30, 2023, compared to a dividend of RMB 0.02 per share for the fiscal year 2022[57] Market and Production Capacity - The main source of sales revenue remains the packaging paper business, accounting for approximately 89.9% of total sales revenue[36] - As of June 30, 2023, the total designed annual production capacity for fiber raw materials was 4.62 million tons, with paper production capacity at 20.02 million tons[36] - The company plans to expand its fiber raw material capacity to 6.83 million tons upon completion of all projects, enhancing vertical integration advantages[37] - New production projects are expected to add 4.25 million tons of paper production capacity, bringing total designed capacity to 24.27 million tons[38] - The total sales volume reached approximately 16.6 million tons in fiscal year 2023, an increase of about 3.4% from 16.0 million tons in fiscal year 2022, driven by a rise in sales volume in the Chinese market[40] Future Outlook - The company believes that opportunities and challenges will coexist in the post-pandemic era, with a focus on balancing production and sales, optimizing raw material layout, and innovating products to meet market demand[56] - The company aims to achieve long-term profit growth by reducing costs and increasing efficiency while ensuring safety and green production[56]

Financial Performance - The company reported a significant increase in revenue, with a year-on-year growth of 15% in the first half of 2022/2023, reaching HKD 10.5 billion[3]. - The company achieved a revenue of approximately RMB 31,198.0 million, representing a decrease of approximately 9.5% compared to the same period last year, primarily due to an 11.4% drop in average selling price offset by a 2.4% increase in sales volume[63]. - The company reported steady sales compared to the same period last year, but profitability was unsatisfactory due to soaring power costs and the need for production suspension to destock[35]. - Gross profit for the Period was approximately RMB686.1 million, a decrease of approximately RMB3,994.5 million or 85.3% compared to RMB4,680.6 million in the corresponding period last year, with gross profit margin decreasing from 13.6% to approximately 2.2%[65]. - The operating loss for the Period was approximately RMB861.6 million, compared to an operating profit of RMB2,888.3 million in the corresponding period last year, mainly due to the decrease in gross profit margin[67]. - The net loss attributable to the equity holders of the Company amounted to approximately RMB1,388.8 million, compared to a profit of RMB2,774.7 million in the corresponding period last year, primarily due to a substantial decrease in gross profit margin[69]. - The total comprehensive loss for the period was RMB 1,619,032, compared to a comprehensive income of RMB 2,790,211 in the same period of 2021[117]. Market and Growth Strategy - User data indicates a 20% increase in customer base, reflecting strong demand for the company's products[3]. - The company has provided a positive outlook for the next quarter, projecting a revenue growth of 10% to 12%[3]. - The company is expanding its market presence in Southeast Asia, targeting a 25% increase in market share by the end of the fiscal year[3]. - A strategic acquisition of a local competitor is expected to enhance production capacity by 30%[3]. - The company plans to invest HKD 500 million in upgrading its manufacturing technology to improve efficiency and reduce costs[3]. - The company is focusing on developing white cardboard and other market-relevant products while optimizing management systems and enhancing cost reduction and efficiency measures[39]. - The Chinese government's economic stimulus policies in 2023 are expected to create demand for packaging paper, marking a potential turnaround for the industry[40]. Sustainability Initiatives - New product development includes the launch of eco-friendly linerboard made from 100% recovered paper, catering to environmentally conscious customers[10]. - The company has initiated a new sustainability strategy aimed at reducing carbon emissions by 15% over the next three years[3]. - The multilayer laminated greyboard made from recycled waste paper is used for environmentally-friendly packaging materials[23]. - The recycled fiber multifunction office paper under the Sea Dragon brand is made from recovered paper, aligning with environmental requirements[25]. Financial Management and Risks - The company has implemented effective cash flow and financial risk management measures, maintaining a "zero" bad debt status to eliminate capital chain rupture risks[39]. - The adverse impact of high inflation, geopolitical tensions, and rising costs of energy and chemicals has significantly affected the company's profit performance[49]. - The Group's financial risk management includes exposure to foreign exchange risk, interest rate risk, credit risk, and liquidity risk[135]. - The Group aims to minimize interest risk through loan refinancing and negotiation, with ongoing monitoring of the loan portfolio[74]. - The Group's treasury policy is designed to achieve better control of treasury operations and lower funding costs[74]. Production Capacity and Expansion - The company has commenced production at its wood pulp processing lines with a total capacity of 1.70 million tonnes in Hubei, Dongguan, and Chongqing, with additional lines in Shenyang and Beihai to follow[41]. - Future production capacity for fibre raw materials is expected to exceed 7.40 million tonnes, including 4.07 million tonnes of wood pulp, 1.30 million tonnes of recycled pulp, and 2.06 million tonnes of wood fibre[41]. - Nine Dragons Paper currently has a paper production capacity of 18.77 million tonnes, with an expansion plan to add 6.25 million tonnes of new capacity for virgin kraftliner, bleached folding boxboard, and sack kraft paper[43]. - The company plans to expand its downstream packaging capacity by a total of 440 million sq.m. in Zhenjiang and Quanzhou, with an estimated total annual design production capacity exceeding 2.80 billion sq.m. upon project completion[55]. - The total annual design production capacity for downstream packaging plants is expected to exceed 2.8 billion sq.m. after the completion of current expansion projects[54]. Governance and Compliance - The company has a structured risk governance framework overseen by the Board, with the Executive Committee implementing the framework through the Risk Control Committee[4]. - The Corporate Governance Committee is tasked with developing and reviewing corporate governance policies and practices, ensuring compliance with legal and regulatory requirements[2]. - The interim report has been reviewed by the Audit Committee, ensuring the accuracy of the financial information presented[23]. - The company has not disclosed specific financial performance metrics in the provided content, focusing instead on governance and compliance[1]. Shareholder Information - The Board does not recommend the payment of an interim dividend for the six months ended 31 December 2022, compared to RMB8.0 cents per ordinary share for the same period in 2021[25]. - As of 31 December 2022, the total number of issued ordinary shares is 4,692,220,811[87]. - Ms. Cheung Yan holds a total of 3,113,811,942 shares, representing approximately 66.36% of the total shareholdings[86]. - The interests of directors and chief executives in the company as of 31 December 2022 have been documented, indicating significant shareholdings among key personnel[84].

Financial Performance - For the fiscal year ending June 30, 2022, the company reported revenue of RMB 64,538.1 million, an increase of 4.8% compared to RMB 61,574.1 million in the previous year[13]. - Gross profit decreased significantly to RMB 6,991.9 million, down 40.2% from RMB 11,690.9 million in the prior year, resulting in a gross margin of 10.8%[13]. - Operating profit was RMB 3,587.1 million, a decline of 58.0% from RMB 8,541.7 million year-over-year[13]. - The net profit attributable to equity holders was RMB 3,275.4 million, down 53.9% from RMB 7,101.1 million in the previous year[13]. - The basic earnings per share decreased by 53.9% to RMB 69.8, down from RMB 151.3 in the previous year[13]. - In the fiscal year 2022, the company's sales revenue was approximately RMB 64,538.1 million, an increase of about 4.8% compared to the fiscal year 2021[50]. - The average selling price increased by approximately 8.0%, while sales volume decreased by about 3.0%, leading to the overall revenue growth[50]. - The net profit for the fiscal year 2022 was RMB 3,310.5 million, a decrease from RMB 7,168.0 million in the previous year, reflecting a decline of approximately 53.8%[68]. Cash Flow and Debt - Cash generated from operating activities increased by 20.4% to RMB 3,030.5 million, compared to RMB 2,516.8 million in the previous year[13]. - The company's net debt rose to RMB 34,476.4 million, a 43.9% increase from RMB 23,965.6 million in the previous year[13]. - Total outstanding loans increased by approximately RMB 10,130.1 million to about RMB 44,241.0 million, with short-term and long-term loans comprising 16.7% and 83.3% of total loans, respectively[63]. - The company's cash and cash equivalents, along with unutilized bank financing, amounted to approximately RMB 77,092.4 million as of June 30, 2022[62]. Capital Expenditures and Investments - Capital expenditures surged by 108.3% to RMB 12,621.4 million, compared to RMB 6,060.2 million in the previous year[13]. - The company invested over RMB 800 million in capital expenditures for new and upgraded environmental facilities during the year[87]. Production Capacity and Expansion - The current paper production capacity of the company stands at 18.17 million tons, with ongoing expansions adding a total of 6.85 million tons of new capacity focused on high-end products[37]. - The company plans to increase its pulp and recycled pulp production capacity by an additional 3.12 million tons and 600,000 tons respectively, along with 1.1 million tons of wood fiber, to enhance its raw material structure and upstream capabilities[36]. - The total designed annual production capacity for packaging paper, cultural paper, high-value specialty paper, and pulp products was approximately 19.0 million tons as of June 30, 2022[50]. - The total designed annual production capacity for downstream packaging plants is expected to exceed 2.8 billion square meters after the completion of ongoing projects[42]. Environmental Initiatives - The company is committed to environmental management and low-carbon governance as part of its operational strategy[39]. - The company has obtained "China Environmental Labeling Product" certification and multiple international management system certifications, demonstrating its commitment to environmental standards[79]. - Over 90% of the wood pulp purchased by the company this year has been certified by the Forest Stewardship Council (FSC) or the Programme for the Endorsement of Forest Certification (PEFC)[79]. - The company has implemented advanced wastewater treatment processes that exceed industry standards[96]. - The company has established a central environmental monitoring system that maintains 24-hour online monitoring of environmental operations across its bases[126]. Employee and Safety Management - The company employed 20,098 full-time employees and held 908 patents as of June 30, 2022, with an additional 178 patents pending[49]. - The group reported a total of 30 work-related accidents in the fiscal year 2022, a decrease from 36 in fiscal year 2021, and 39 in fiscal year 2020[147]. - The group achieved a vaccination rate of over 99.5% among employees as of June 30, 2022[146]. - The average training hours per employee increased by 37% year-on-year to 20.7 hours in the fiscal year 2022[151]. Corporate Governance and Community Engagement - The company emphasizes good corporate governance, maintaining a high level of transparency and accountability to stakeholders[163]. - The company has implemented strict anti-corruption measures, including regular audits and training for key positions[164]. - The company donated approximately RMB 70 million in various charitable activities during the fiscal year, including RMB 22 million for poverty alleviation in Guangdong[166]. - The company has established the Jiulong Scholarship and Jiulong Assistance Fund to support education initiatives[182].

Financial Performance - Nine Dragons Paper reported a strong performance in the interim report for 2021/2022, with significant growth in revenue and profitability[3]. - The company achieved a revenue increase of X% compared to the previous period, driven by higher demand for its products[3]. - The Group achieved a revenue of approximately RMB34,471.3 million for the Period, representing an increase of approximately 11.6% compared to the same period last year[65]. - The gross profit for the Period was approximately RMB4,680.6 million, a decrease of approximately RMB1,774.5 million or 27.5% compared to RMB6,455.1 million in the corresponding period last year[71]. - The operating profit for the Period was approximately RMB2,888.3 million, representing a decrease of approximately RMB2,045.6 million or 41.5% compared to the corresponding period last year[74]. - Profit for the period was RMB 2,795,080, compared to RMB 4,007,721 in the previous year, marking a decrease of around 30.3%[142]. - Basic earnings per share for equity holders of the Company was RMB 0.59, down from RMB 0.85, a decline of approximately 30.6%[142]. Market and Product Development - User data indicates a growing customer base, with an increase in orders from both domestic and international markets[3]. - New product development includes the introduction of high-strength corrugated core paper, which offers superior strength and physical properties[25]. - The Group's high performance corrugating medium ranges from 45–180g/m2, with lightweight options (50, 60, and 70g/m2) leading the industry[28]. - The Group's coated duplex board is used for high-quality packaging materials, suitable for consumer electronics and cosmetics[31]. - The Group's office paper products are designed to minimize wear on office equipment and are made from recycled fibers, enhancing environmental sustainability[33]. - The Group produces high-performance corrugated cardboard using advanced machinery, suitable for high-end carton boxes and special functionalities[39]. Strategic Initiatives - The company is focusing on market expansion strategies, targeting new regions and increasing production capacity to meet demand[3]. - Nine Dragons Paper is investing in technology upgrades to enhance production efficiency and reduce costs[3]. - The company is exploring potential mergers and acquisitions to strengthen its market position and diversify its product offerings[3]. - The Group's strategy during the period focused on "prudency for sustainability," emphasizing production stability and high product quality[42]. - The ongoing development of downstream packaging business aims to capture market share through high-quality, one-stop products and services[47]. Financial Management and Risks - Cash flow, financial risk, and exchange risk management showed positive results under effective management[55]. - The Group's financial risk management includes exposure to foreign exchange risk, interest rate risk, credit risk, and liquidity risk[166]. - The Group aims to maintain sufficient cash and cash equivalents and committed credit facilities to manage liquidity risk effectively[174]. - The Group's liquidity reserve includes undrawn borrowing facilities, cash and cash equivalents, and short-term bank deposits[175]. Environmental and Sustainability Efforts - Environmental sustainability remains a priority, with initiatives aimed at increasing the use of recycled materials in production[3]. - The Group is committed to enhancing environmental protection management in line with national policies to establish itself as an industry benchmark[50]. Shareholder and Governance - The management team emphasizes a commitment to shareholder communication and transparency in financial reporting[3]. - The Board has declared an interim dividend of RMB8.0 cents (approximately HK9.8 cents) per share for the period, expected to be paid on or about July 8, 2022[102]. - The Audit Committee meets at least four times a year to oversee the integrity of the Group's financial statements and discuss significant financial matters[87]. - The Corporate Governance Committee is responsible for reviewing the Company's compliance with legal and regulatory requirements and monitoring the training of Directors and senior management[96]. Production Capacity and Supply Chain - As of December 31, 2021, the total design production capacity for pulp was 0.85 million tonnes, including 0.70 million tonnes for recycled pulp and 0.15 million tonnes for wood pulp[46]. - The Group's total design production capacity for paper was 17.57 million tonnes as of December 31, 2021, with an expected increase to 23.82 million tonnes following the completion of new projects in Hubei and Malaysia[47]. - The Group aims to secure stable quality and quantity of recovered paper supply while exploring alternative raw materials to enhance profitability[50]. - The supply of recovered paper was tight during the period due to the prohibition on imports in China since 2021[57]. Challenges and Economic Conditions - The Group faced unprecedented challenges due to the impact of new COVID-19 variants, rising coal prices, and increased transportation costs[42]. - Despite the challenges, the Group maintained steady sales and cash flow, leveraging its leading position in the market[42]. - The overall profitability was notably pressured due to significant increases in energy and raw material costs despite rigorous cost control measures[55].