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 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: 玖龍紙業(控股)有限公司 呈交日期: 2025年9月1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) | 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 ...

Core Viewpoint - The company Jiu Long Paper Industry (Shenyang) Co., Ltd. has obtained a patent for a workshop waste heat recovery device, indicating its commitment to energy efficiency and innovation in the paper manufacturing sector [1]. Company Overview - Jiu Long Paper Industry (Shenyang) Co., Ltd. was established in 2010 and is located in Shenyang, primarily engaged in the paper and paper products industry [1]. - The company has a registered capital of 51.8057 million USD [1]. - It has participated in 57 bidding projects and holds 95 patents, along with 251 administrative licenses [1]. Patent Details - The patent, titled "A Workshop Waste Heat Recovery Device," was authorized with the announcement number CN223258331U, and the application date was October 2024 [1]. - The device includes a ventilation duct, a T-slot, a T-slider, and a heat-absorbing fan, designed to enhance energy recovery and efficiency [1]. - The design allows for easier disassembly of the heat-absorbing fan for dust removal, addressing efficiency issues caused by dust accumulation [1].

格隆汇8月22日丨玖龙纸业(02689.HK)发布公告，刘晋嵩为投入时间于其他工作及个人事务而辞任执行 董事一职，自2025年8月22日生效。 ...

智通财经APP讯，玖龙纸业(02689)公布，刘晋嵩先生为投入时间于其他工作及个人事务而辞任执行董事 一职，自2025年8月22日生效。 ...

（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:- （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 | | M | | | M | | 張成飛先生 | | M | M | M | M | | Ken Liu先生 | | | | | M | | 林耀堅先生 | C | M | M | M | | | 陳曼琪女士 | M | C | M | M | | | 李惠群博士 | M | M | M | C | | | 曹振雷博士 | M | | | | | 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 ...

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。 （於百慕達註冊成立的有限公司） （股份代號：2689） 承董事會命 玖龍紙業（控股）有限公司 董事長 張茵 香港，二零二五年八月二十二日 於本公告刊發日期，本公司董事會由六名執行董事張茵女士、劉名中先生、張成飛先 生、Ken Liu先生、張連鵬先生及張連茹女士；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 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，劉晉嵩先生（「劉先生」））為投入時間於其他工作及個人事務而辭任執行 董事一職，自二零二五年八月二十二日生效。 劉先生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。 董事會謹此對劉先生於其任期內對本公司作出的寶貴貢獻致以衷心謝意。 ...

Core Viewpoint - The company forecasts FY25 net profit attributable to shareholders to be between 1.7 billion to 1.9 billion yuan, exceeding both market expectations and previous estimates due to better-than-expected cost control in self-produced pulp and a decline in coal prices [1] Group 1: Financial Performance - The company expects FY25 earnings to be between 2.1 billion to 2.3 billion yuan, representing a year-on-year increase of 165% to 190%, with net profit attributable to shareholders increasing by 126% to 153% [1] - The company estimates FY25 paper production volume to be over 21 million tons, a year-on-year increase of 10% [1] - The company has a projected capital expenditure of over 13 billion yuan for FY25, with a potential decline in FY26 capital expenditure but still at a relatively high level [2] Group 2: Production and Capacity Expansion - The company is focusing on expanding its production capacity in Guangxi and Hubei, with plans to produce 1.2 million tons of white cardboard, 600,000 tons of cultural paper, 1.75 million tons of chemical pulp, and 600,000 tons of mechanical pulp by FY25 [1] - By the end of FY25, the company's total paper and pulp production capacity is expected to exceed 30 million tons, with a compound annual growth rate (CAGR) of over 8% for paper and over 30% for pulp from 2021 to 2025 [1] Group 3: Cost Management and Market Conditions - The company's performance is primarily driven by a significant reduction in self-produced pulp costs, particularly at its integrated pulp and paper base in Beihai, Guangxi [2] - The average prices for various paper products have shown a downward trend, with boxboard, double glue paper, and white cardboard prices decreasing by 4%, 9%, and 7% respectively in the first half of 2025 [2] - The company needs to monitor changes in self-produced pulp costs and the pricing performance of certain paper products during peak seasons [2] Group 4: Earnings Forecast and Valuation - The company has raised its earnings forecast for FY25 and FY26 by 25% and 49% respectively, with projected earnings of 1.8 billion yuan and 2.5 billion yuan [3] - The target price has been increased by 33% to 6.0 HKD, corresponding to a price-to-book ratio of 0.5x for FY25, FY26, and FY27 [3]

Core Viewpoint - Nine Dragons Paper Holdings Limited (玖龙纸业) has experienced a significant stock increase of over 4%, with a current price of HKD 5.64, following the announcement of an expected annual profit growth of 165% to 190% for the fiscal year ending June 2025, driven by increased sales and a notable decline in raw material costs [1][1][1] Financial Performance - The company anticipates an annual profit of approximately RMB 2.1 billion to RMB 2.3 billion, reflecting a substantial year-on-year increase [1][1] - The profit growth is primarily attributed to a rise in sales volume and a faster decline in raw material costs compared to product price reductions, leading to an increase in gross profit [1][1] Cost Management - According to a report from CICC, the key to the company's better-than-expected annual performance lies in significant cost reductions, particularly in self-produced pulp costs, which have exceeded expectations [1][1] - The integration of pulp and paper production at the Beihai base in Guangxi has been crucial for profit recovery in various paper grades [1][1] Market Conditions - The price of thermal coal has seen a significant year-on-year decline, providing additional profit margins for different paper grades [1][1] - Looking ahead, the report indicates that coal prices have begun to recover since the second half of 2025, suggesting that the energy cost advantage may narrow, necessitating close monitoring of changes in self-produced pulp costs and the pricing strategies for certain paper grades during peak seasons [1][1]

Group 1 - The core viewpoint of the article is that Nine Dragons Paper Holdings Limited (玖龙纸业) has experienced a significant stock price increase of over 4% following the announcement of a positive earnings forecast, projecting a profit of approximately 2.1 billion to 2.3 billion RMB for the fiscal year ending June 2025, representing a year-on-year growth of 165% to 190% [1] - The profit growth is primarily attributed to an increase in sales and a notable decline in raw material costs, which have decreased at a faster rate than product prices, thereby boosting gross margins [1] - According to a report from China International Capital Corporation (中金), the key factor behind the company's better-than-expected annual performance is the significant reduction in self-produced pulp costs, particularly at the integrated pulp and paper base in Beihai, Guangxi, which has contributed to the profit recovery of various paper grades [1] Group 2 - The decline in thermal coal prices year-on-year has created additional profit space for different types of paper [1] - Looking ahead, the report indicates that since the second half of 2025, coal prices have shown a noticeable recovery, suggesting that the energy cost advantage may narrow, necessitating close monitoring of changes in self-produced pulp costs and the pricing performance of certain paper grades during peak seasons [1]

Core Viewpoint - CICC has raised its earnings forecast for Nine Dragons Paper (02689) for FY25-26 by 25% and 49% to 1.8 billion and 2.5 billion HKD respectively, citing better-than-expected self-produced pulp cost advantages [1] Group 1: Earnings and Performance - The company expects FY25 earnings to be between 2.1 billion and 2.3 billion HKD, representing a year-on-year increase of 165% to 190%, with net profit attributable to shareholders projected at 1.7 billion to 1.9 billion HKD, up 126% to 153% [1] - CICC maintains an "outperform" rating for the industry and has raised the target price by 33% to 6.0 HKD, which implies an 11% upside potential [1] Group 2: Production and Capacity - For FY25, the company is estimated to produce 21 million tons of paper, a 10% increase year-on-year, with a focus on expanding the pulp paper category and enhancing raw material layout [2] - The company plans to invest in new production bases in Guangxi and Hubei, with a total production capacity expected to exceed 30 million tons by the end of FY25 [2] Group 3: Cost Management - The core reason for the better-than-expected performance is attributed to a significant reduction in costs, particularly in self-produced pulp, and a notable decline in coal prices [3] - The average prices for various paper types have decreased, with boxboard paper, double glue paper, and white card paper down by 4%, 9%, and 7% respectively [3] Group 4: Capital Expenditure and Debt - The company is entering a new phase of high capital expenditure, with FY25 capital spending expected to exceed 13 billion HKD [4] - There is a need to monitor the company's debt levels closely, as capital expenditures may remain relatively high in FY26 [4]