NINE DRAGONS PAPER(02689.HK)：PREANNOUNCED 1HFY26 RESULTS BEAT EXPECTATIONS; PROFIT GROWTH OF SELF-PRODUCED PULP TO SUSTAIN

机构：中金公司 研究员：Yunyan XU/Yan CHEN/Lan LOU Results Preview Preannounced net profit beat our and market expectations Nine Dragons Paper (NDP) preannounced its 1HFY26 results, estimating that attributable net profit ranged between Rmb2.15bn and Rmb2.25bn. Excluding interest from perpetual bonds, its adjusted attributable net profit might have increased 315–337% YoY to Rmb1.95–2.05bn in 1HFY26, beating our and market expectations. We think the firm's sales volume was around 12mnt in 1HFY25, with per-tonne net prof ...