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]
港股异动 | 玖龙纸业(02689)再涨超4% 预计年度纯利增长最多190% 机构称成本下滑带动业绩超预期