基于行业纪律、销售预期增长及利润率改善，该行将玖龙纸业2026至28财年盈利预测上调61%至78%； 将2026财年盈利预测由16亿元上调至29亿元，主要受惠于销售量的增加和盈利能力改善。该行维持对 其"买入"评级，目标价由4.58港元上调至7港元。 瑞银发表研究报告指，玖龙纸业2025财年净利润按年增长135%至18亿元，优于市场预期，受惠于煤价 下降令纸品利润率提升，以及垂直整合带动产品结构升级。管理层对盈利前景有信心，并预测2026财年 销量按年增长10%。 ...

Summary of Jiulong Paper Industry Conference Call Industry Overview - Jiulong Paper's sales remained strong, with sales exceeding 2 million tons in both July and August, maintaining low inventory levels [2][4] - The industry is shifting from price competition to quality competition, benefiting leading companies like Jiulong Paper [2][4] - Finished paper prices have started to rise more than waste paper prices, indicating a positive seasonal trend [2][5] Company Performance - Jiulong Paper's overall profitability has remained stable despite challenges in the cultural paper market, where profit per ton has decreased [2][7] - The white card paper business has reached breakeven, with total capacity expected to exceed 3 million tons [2][8] - The growth in profitability in the first half of 2025 is primarily attributed to the development of the wood pulp business, with significant contributions from the Beihai and Hubei bases [2][10] Financial Metrics - The average cost of pulp production is below 3,000 RMB per ton, with plans to stop purchasing external wood pulp by 2026 [3][20] - The company has seen a decrease in profit margins for cultural paper, with profit per ton dropping from 700-800 RMB to 500-600 RMB [7] - The profitability of card and corrugated paper products is similar, around 80-90 RMB per ton [21] Future Outlook - The cultural paper market is expected to remain under pressure until the end of 2025, despite efforts to increase export orders [2][7] - The Beihai and Hubei bases are projected to continue ramping up production in the second half of 2025, with profitability expected to be demonstrated in FY26 [11] - The company plans to invest approximately 75-80 billion RMB in three new pulp lines, with a significant portion of the capital expenditure allocated for existing projects [12][13] Cost Management - Jiulong Paper has implemented measures to control financial costs, including repaying perpetual bonds and issuing new bonds at lower interest rates [25] - The company is also considering various options for handling its perpetual bonds, with a decision expected in 2026 [26] Management Changes - Recent management changes include the resignation of the chairman's son and the chairman's niece, who were involved in government relations and financial matters [27] Key Challenges - The cultural paper market faces challenges due to slow economic recovery and increased production capacity [2][7] - The company is dealing with external pressures from rising waste paper costs and competition in the market [4][5] Conclusion - Jiulong Paper is navigating a complex market landscape with a focus on quality competition and strategic investments in production capacity, while managing costs and addressing challenges in specific product segments.

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9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 玖龍紙業(控股)有限公司 呈交日期: 2025年10月2日 I. 法定/註冊股本變動 III.已發行股份及/或庫存股份變動詳情 | 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 | | | ...

Group 1 - The core point of the article is that Nine Dragons Paper Holdings Limited (玖龙纸业) announced the resignation of Zhang Lianru as an executive director, effective September 30, 2025 [1]

Core Viewpoint - Nine Dragons Paper Holdings Limited (玖龙纸业) announced the resignation of Zhang Lianru as an executive director, effective September 30, 2025, due to the need to dedicate time to other work [1] Company Summary - Zhang Lianru's resignation is part of a strategic decision to allocate time to other responsibilities, which may impact the company's leadership structure moving forward [1]

Core Points - Jiu Long Paper Industry announced the resignation of Zhang Lianru as an executive director, effective September 30, 2025 [1] Company Summary - Zhang Lianru is resigning to dedicate time to other work commitments [1]

（於百慕達註冊成立的有限公司） (股份代號: 2689) 董事名單與其角色和職能 玖龍紙業(控股)有限公司(「本公司」)董事會(「董事會」)之成員載列如下:- 執行董事 | 張茵女士 太平紳士 | （董事長） | | --- | --- | | 劉名中先生 | （副董事長兼行政總裁） | | 張成飛先生 | （副董事長兼副行政總裁） | | Ken Liu 先生 | （副董事長兼副總裁） | | 張連鵬先生 | （副總裁） | 獨立非執行董事 林耀堅先生 陳曼琪女士 榮譽勳章，太平紳士 李惠群博士 曹振雷博士 本公司已設立四個董事委員會，並制定有關職權範圍，及設有一個執行委員會，由董事 會及根據公司細則條文控制和監督下運作。下表提供各董事會成員於各委員會所擔任的 職務。 1 （於百慕達註冊成立的有限公司） | 董事委員會 | | | | | | | --- | --- | --- | --- | --- | --- | | | 審核委員會 | 薪酬委員會 | 提名委員會 | 企業管治委員會 | 執行委員會 | | 董事 | | | | | | | 張茵女士 | | | C | M | C | | 劉名中先生 ...

執行董事辭任 玖龍紙業（控股）有限公司（「本公司」，連同其子公司「本集團」）董事會（「董事 會」）宣佈，張連茹女士（「張女士」））為投入時間於其他工作而辭任執行董事一職， 自二零二五年九月三十日生效。 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。 香港，二零二五年九月三十日 （於百慕達註冊成立的有限公司） （股份代號：2689） 張女士已確認彼與董事會並無意見分歧，且概無有關其辭任的事宜需本公司股東或香港聯 合交易所有限公司垂注。 董事會謹此對張女士於其任期內對本公司作出的寶貴貢獻致以衷心謝意。 承董事會命 玖龍紙業（控股）有限公司 董事長 張茵 於本公告刊發日期，本公司董事會由五名執行董事張茵女士、劉名中先生、張成飛先 生、Ken Liu先生及張連鵬先生；以及四名獨立非執行董事林耀堅先生、陳曼琪女士、 李惠群博士及曹振雷博士組成。 *僅供識別 ...

Core Viewpoint - Bank of America Securities expects Nine Dragons Paper (02689) to maintain higher dollar-denominated profits than its peers, but further expanding this advantage may face challenges [1] Group 1: Financial Performance - Nine Dragons Paper's fiscal year 2025 second half performance exceeded expectations, primarily due to cost savings from its own pulp supply, which was better than anticipated [1] - The estimated net profit per ton for the second half of fiscal year 2025 is approximately 129 RMB, with around 80 RMB attributed to cost leadership advantages [1] Group 2: Production and Cost Dynamics - The company's self-produced pulp output is projected to increase from 3 million tons in fiscal year 2025 to an estimated 4.7 million tons in fiscal year 2026, with further increases expected post-2027 [2] - However, the effects of reduced unit costs and profit margin expansion may weaken, as seen in the Guangxi Beihai plant's double-sided paper products, where net profit per ton has decreased from 800-1,000 RMB to 500-600 RMB due to competition and rising raw material costs [2] - To address potential wood chip shortages, Nine Dragons has leased vessels for possible imports and anticipates a slight increase in procurement costs in the foreseeable future [2] Group 3: Valuation and Ratings - Bank of America Securities has slightly lowered its fiscal year 2026 to 2027 forecasts for Nine Dragons Paper and reduced the target price by 8% to 6 HKD, while reiterating a "Buy" rating due to attractive valuation at 7.4 times the projected 2026 price-to-earnings ratio [1]

Core Viewpoint - Bank of America Securities expects Nine Dragons Paper (02689) to maintain higher dollar-denominated profits than its peers, but further expanding this advantage may face challenges [1] Group 1: Financial Performance - Nine Dragons Paper's fiscal year 2025 second half performance exceeded expectations, primarily due to cost savings from its own pulp supply, which was better than anticipated [1] - The estimated net profit per ton for the second half of fiscal year 2025 is approximately 129 RMB, with around 80 RMB attributed to cost leadership advantages [1] Group 2: Production and Cost Dynamics - The company's self-produced pulp output is projected to increase from 3 million tons in fiscal year 2025 to an estimated 4.7 million tons in fiscal year 2026, with further increases expected post-2027 [2] - However, the effects of reduced unit costs and profit margin expansion may weaken due to competition and rising raw material prices, such as domestic wood chip prices increasing from 1,000 RMB per ton to 1,200 RMB per ton [2] - The net profit per ton for the high-margin double-coated paper products at the Beihai factory has decreased from 800-1,000 RMB to a recent 500-600 RMB due to new competitors and rising costs [2] - To address potential wood chip shortages, Nine Dragons Paper has leased ships for possible imports and anticipates a slight increase in procurement costs in the foreseeable future [2]