于本期间，集团的收入较去年同期增加11.22%，乃由于销量增加约8.3%及平均售价上升约2.7%的综合 影响所致。 玖龙纸业(02689)发布截至2025年12月31日止六6个月中期业绩，该集团取得收入372.21亿元(人民币，下 同)，同比增加11.22%;公司权益持有人应占盈利19.66亿元，同比增加318.78%;每股基本盈利0.42元。 ...

Core Viewpoint - Nine Dragons Paper Holdings Limited reported significant growth in its mid-term performance, showcasing strong sales and profit increases driven by strategic advancements in its integrated pulp and paper operations [1][2] Group 1: Financial Performance - Sales increased by 8.3% to approximately RMB 12.4 million tons [1] - Revenue rose by 11.2% to around RMB 37.2208 billion [1] - Gross profit surged by 67.4% to about RMB 5.3472 billion [1] - Net profit jumped by 225.1% to approximately RMB 2.2117 billion [1] - Profit attributable to equity holders increased by 318.8% to around RMB 1.9665 billion [1] - Earnings per share grew by 320.0% to approximately RMB 0.42 [1] Group 2: Strategic Developments - The company successfully completed the core construction of its integrated pulp and paper strategy, enhancing its core competitiveness through optimized raw material layout and product differentiation [1] - The establishment of a self-controlled raw material supply system effectively mitigated the risks associated with fluctuating prices of purchased wood pulp, laying a solid foundation for high-end product upgrades [1] - The company has strategically expanded into high-value paper products such as high-end kraft paper, cultural paper, and white cardboard, significantly broadening its business coverage and driving robust performance growth [1] Group 3: Production Capacity - The company’s fiber raw material total designed annual capacity is approximately 8.2 million tons, comprising 5.4 million tons of wood pulp, 0.7 million tons of recycled pulp, and 2.1 million tons of wood fiber [2] - The total designed annual production capacity for paper is about 25.4 million tons [2] - The total designed annual production capacity for downstream packaging plants is approximately 2.9 billion square meters [2]

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。 （於百慕達註冊成立的有限公司） （股份代號：2689） 截至二零二五年十二月三十一日止六個月 未經審核中期業績公佈 財務摘要 – 1 – • 本集團的銷量增加8.3%至約12.4百萬噸。 • 收入增加11.2%至約人民幣37,220.8百萬元。 • 毛利潤增加67.4%至約人民幣5,347.2百萬元。 • 淨利潤增加225.1%至約人民幣2,211.7百萬元。 • 本公司權益持有人應佔盈利增加318.8%至約人民幣1,966.5百萬元。 • 每股盈利增加320.0%至約人民幣0.42元。 財務業績 玖龍紙業（控股）有限公司（「本公司」）董事會（「董事會」）欣然公佈，本公司及其附屬公司 （「本集團」或「玖龍紙業」）截至二零二五年十二月三十一日止六個月（「本期間」）之未經審 核綜合中期業績，連同去年同期之比較數字。 中期簡明綜合損益表 | 截至十二月三十一日 | 止六個月 | | | | | | | | | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Insights - The company is expected to achieve a net profit of 2.15-2.25 billion yuan for FY26H1, representing a year-on-year increase of 216%-231%. After considering perpetual bonds, the attributable net profit is projected to be 1.95-2.05 billion yuan, reflecting a year-on-year growth of 315.2%-336.5%. This strong performance is primarily due to increased product sales volume, rising sales prices, and a decrease in raw material costs leading to a significant increase in gross profit [1] - The scale effect of pulp production is becoming evident, with the company's pulp production capacity in Guangxi coming online. This has resulted in a rapid reduction in pulping costs and an increase in the self-supply ratio of pulp, which are key factors driving the company's performance beyond expectations [2] - The pulp segment is contributing significantly to profits, while the waste paper segment is showing improvement in profitability. Despite cultural and white card paper prices being at historical lows, the company is still able to generate profit increments due to its self-produced pulp advantage. By FY25, the company’s production capacity for white card and cultural paper is expected to reach 1.8 million and 2.27 million tons, respectively, with further expansions planned for FY26H1 [3] - The company continues to expand its pulp production capacity, with total pulp capacity reaching 23.5 million tons by FY25. The focus remains on increasing the self-supply ratio of raw materials, with additional production capacity planned for FY26 and FY27. This ongoing expansion is expected to further enhance the company's profitability [4] Financial Summary - Revenue projections for FY26-FY28 are 72.67 billion, 73.99 billion, and 74.76 billion yuan, representing year-on-year growth of 15%, 2%, and 1%, respectively. The attributable net profit is forecasted to be 4.08 billion, 4.41 billion, and 5.04 billion yuan, with year-on-year increases of 131%, 8%, and 14%, respectively. The corresponding P/E ratios are 8.9, 8.3, and 7.2 times [4][9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Insights - The company is expected to achieve a net profit of 2.15-2.25 billion yuan for FY26H1, representing a year-on-year increase of 216%-231%. After considering perpetual bonds, the attributable net profit is projected to be 1.95-2.05 billion yuan, reflecting a year-on-year growth of 315.2%-336.5%. This strong performance is primarily due to increased product sales volume, rising sales prices, and a decrease in raw material costs leading to a significant increase in gross profit [1] - The scale effect of pulp production is becoming evident, with the company's pulp production capacity in Guangxi contributing to a rapid reduction in production costs and an increase in the self-supply ratio of pulp, which are key factors driving the company's performance above expectations [2] - The pulp segment is contributing significantly to profits, while the waste paper segment is showing improvement in profitability. Despite cultural and white card paper prices being at historical lows, the company is still able to generate profit growth due to its self-produced pulp advantages [3] - The company continues to expand its pulp production capacity, with total pulp capacity reaching 23.5 million tons by FY25. The focus on increasing the self-supply ratio of raw materials is expected to further enhance profitability. The company has plans to build additional chemical pulp production facilities in Chongqing and Tianjin, with expected production increases in the coming years [4] Financial Forecast and Valuation - The company is projected to achieve revenues of 72.67 billion yuan, 74 billion yuan, and 74.76 billion yuan for FY26, FY27, and FY28, respectively, with year-on-year growth rates of 15%, 2%, and 1%. The attributable net profit is expected to be 4.08 billion yuan, 4.41 billion yuan, and 5.04 billion yuan for the same periods, with year-on-year growth rates of 131%, 8%, and 14%. The corresponding P/E ratios are 8.9, 8.3, and 7.2 [4][9]

Core Viewpoint - Nine Dragons Paper Holdings Limited (玖龙纸业) has experienced a stock price increase of over 4%, attributed to a positive earnings forecast indicating significant profit growth for FY26H1 [1] Company Summary - The company expects a net profit of 2.15 to 2.25 billion yuan for FY26H1, representing a year-on-year growth of 216% to 231% [1] - After excluding perpetual bond interest, the attributable net profit is projected to be 1.95 to 2.05 billion yuan, showing a year-on-year increase of 315% to 337% [1] - The significant profit growth is primarily driven by the effective integration of pulp and paper production, with a total pulp capacity of 5.43 million tons as of FY26H1 [1] - An additional 2 million tons of chemical pulp is expected to be put into production in FY27, enhancing the self-sufficiency rate of pulp and providing substantial cost advantages [1] Industry Summary - Since the second half of 2025, prices for corrugated box paper and white card paper have rebounded from their lows, with the average price of corrugated paper increasing by 33 yuan/ton to 3,648 yuan/ton [1] - The price of white card paper has risen by 309 yuan/ton to 4,239 yuan/ton since the end of August [1] - The company benefits from a production capacity of 17.13 million tons of corrugated box paper and 3 million tons of white card paper, allowing it to take full advantage of the improving supply-demand dynamics in the industry [1] - Although cultural paper prices have declined, the company maintains stable profitability due to its pulp and paper integration advantages [1]

Core Viewpoint - Nine Dragons Paper Holdings Limited (玖龙纸业) has announced a positive earnings forecast, with significant profit growth expected for FY26H1, driven by integrated pulp and paper operations and improved market conditions [1] Company Performance - The company anticipates a net profit of 2.15 to 2.25 billion yuan for FY26H1, representing a year-on-year increase of 216% to 231% [1] - After excluding perpetual bond interest, the attributable net profit is projected to be 1.95 to 2.05 billion yuan, reflecting a year-on-year growth of 315% to 337% [1] Industry Dynamics - The company benefits from significant cost advantages due to an increase in self-sufficiency in wood pulp, with a production capacity of 5.43 million tons as of FY26H1, and an additional 2 million tons of chemical pulp expected to be operational in FY27 [1] - Prices for corrugated box paper and white card paper have rebounded since H2 2025, with the average price of corrugated paper increasing by 33 yuan/ton to 3,648 yuan/ton, and white card paper prices rising by 309 yuan/ton to 4,239 yuan/ton [1] - The company has a production capacity of 17.13 million tons of corrugated box paper and 3 million tons of white card paper, positioning it well to benefit from improvements in industry supply and demand [1] - Despite a decline in cultural paper prices, the company's profitability remains stable due to the advantages of its integrated pulp and paper operations [1]

Core Viewpoint - The company has announced a significant increase in net profit for FY26H1, exceeding expectations, driven by the integration of pulp and paper production and improvements in pricing dynamics within the industry [1] Group 1: Financial Performance - For FY26H1, the company achieved a net profit of 2.15-2.25 billion yuan, representing a year-on-year growth of 216%-231%. After excluding 201 million yuan in perpetual bond interest, the attributable net profit is estimated at 1.95-2.05 billion yuan, reflecting a year-on-year increase of 315%-337% [1] - The company has revised its net profit forecasts for FY2026-2028 to 3.789 billion, 4.671 billion, and 5.702 billion yuan, respectively, with corresponding price-to-earnings ratios of 8.8, 7.1, and 5.9 times [3] Group 2: Industry Dynamics - The integration of pulp and paper production has shown significant effects, with the company owning 5.43 million tons of pulp capacity, including 2 million tons of chemical pulp, and plans to increase capacity to 7.43 million tons by FY27 [1] - The industry is experiencing improved supply-demand dynamics, with certain paper types seeing price recoveries. As of FY26H1, the company has a total capacity of 17.13 million tons for corrugated box paper, 2 million tons for gray bottom white paper, 3 million tons for white card paper, and 2.97 million tons for cultural paper [1] Group 3: Product Pricing and Market Trends - The price of corrugated box paper has been rising due to factors such as increased costs of recycled paper and seasonal demand, with average prices reaching 3,648 yuan per ton for box paper and 2,857 yuan per ton for corrugated paper in 2025H2, reflecting increases of 33 and 174 yuan per ton, respectively [2] - White card paper prices have also been on an upward trend, reaching 4,239 yuan per ton by the end of 2025, up 309 yuan per ton from August, with expectations for profitability improvement in this segment [2] - Cultural paper prices are under pressure, with an average price of 4,843 yuan per ton in 2025H2, down 489 yuan per ton, but the company is expected to maintain stable profitability in this segment due to its integrated production advantages [2]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company has reported a significant increase in net profit for FY26H1, with an expected growth of 216%-231% year-on-year, and a growth of 315%-337% when excluding perpetual bond interest [6] - The integration of pulp and paper production has shown significant benefits, contributing to improved profitability [6] - The company is expected to increase its chemical pulp production capacity to 743 million tons by FY27, enhancing its cost advantages [6] - The industry supply-demand dynamics are improving, with some paper prices rebounding, which is expected to contribute positively to the company's profitability [6] Financial Data and Profit Forecast - Revenue projections for FY2024 to FY2028 are as follows: - FY2024: 59.496 billion RMB - FY2025: 63.241 billion RMB - FY2026E: 73.954 billion RMB - FY2027E: 80.367 billion RMB - FY2028E: 85.478 billion RMB - Net profit attributable to ordinary shareholders is projected to grow significantly, with estimates of 3.789 billion RMB for FY2026, 4.671 billion RMB for FY2027, and 5.702 billion RMB for FY2028 [5][7] - The company's earnings per share (EPS) is expected to reach 1.00 RMB for FY2026 and 1.22 RMB for FY2028 [5] Industry Context - The company operates in the light manufacturing sector, specifically in the paper industry, which is experiencing a recovery in demand and pricing [6] - The report highlights that the company has a significant production capacity exceeding 20 million tons, which provides substantial economies of scale [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has reported a significant increase in net profit for FY26H1, with an expected range of RMB 2.15-2.25 billion, representing a year-on-year growth of 216%-231%. After excluding perpetual bond interest of RMB 201 million, the attributable net profit is expected to be RMB 1.95-2.05 billion, reflecting a year-on-year increase of 315%-337% [8] - The integration of pulp and paper operations has shown significant effects, contributing to improved profitability. The company has a total of 5.43 million tons of pulp capacity, with plans to increase this to 7.43 million tons by FY27 [8] - The industry supply-demand dynamics are improving, with some paper prices rebounding, which is expected to contribute to profit elasticity [8] Financial Data and Profit Forecast - Revenue projections for the company are as follows: - FY2024: RMB 59.496 billion (5% growth) - FY2025: RMB 63.241 billion (6% growth) - FY2026E: RMB 73.954 billion (17% growth) - FY2027E: RMB 80.367 billion (9% growth) - FY2028E: RMB 85.478 billion (6% growth) [7] - Attributable net profit forecasts are: - FY2024: RMB 751 million - FY2025: RMB 1.767 billion - FY2026E: RMB 3.789 billion - FY2027E: RMB 4.671 billion - FY2028E: RMB 5.702 billion [7] - The company’s earnings per share (EPS) are projected to be: - FY2024: RMB 0.16 - FY2025: RMB 0.38 - FY2026E: RMB 0.81 - FY2027E: RMB 1.00 - FY2028E: RMB 1.22 [7]