格隆汇10月16日丨玖龙纸业(02689.HK)宣布，委任孙宝源为公司独立非执行董事，自2025年10月16日起 生效。 ...

（於百慕達註冊成立的有限公司） (「本公司」) (股份代號: 2689) 提名委員會 職權範圍書 2. 秘書 3. 會議 頁1 共4頁 1. 成員 1.1 所有提名委員會(「委員會」)成員須由董事會(「董事會」)從董事中委 任，由不少於三名成員組成，其大部分成員應為獨立非執行董事(「獨 立非執行董事」)。 董事會應為提名委員會委任至少一名不同性別的 董事。 1.2 董事會主席或獨立非執行董事應擔任委員會主席。董事會主席不得主 持有關其委任及連任的任何委員會會議。 2.1 委員會之秘書(「秘書」)由本公司的公司秘書擔任。 2.2 委員會可不時委任其他任何具備合適資格及經驗之人士為委員會之秘 書。 3.1 委員會每年須最少召開一次會議。亦視乎委員會工作之需要而召開額 外會議。 3.2 任何會議之通告、議程及相關之會議文件及附件均須於該會議舉行前 最少三個工作日發出，惟全體成員一致豁免有關通告則除外。無論發 出通告期限之長短，成員出席會議即被視為該成員已豁免會議通告之 所需期限。倘續會少於三個工作日內舉行，則毋須發出任何續會通告。 （於百慕達註冊成立的有限公司） 6. 匯報責任 委員會應定期向董事會匯報。 頁3 共 ...

（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 附註: C: 相關董事委員會之主席 M: 相關董事委員會之成員 香港，二零二五年十月十六日 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 | ...

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） 委任獨立非執行董事 董事會欣然宣佈孫寶源先生委任為本公司獨立非執行董事，自二零二五年十月十六 日起生效。 孫寶源先生（「孫先生」），64歲，香港特別行政區太平紳士。孫先生於1984年畢 業於香港理工大學（前稱香港理工學院），獲會計專業文憑。彼現為香港會計師公 會會員及英國特許公認會計師公會資深會員。孫先生畢業後加入羅兵咸永道會計師 事務所，於1996年至2021年擔任香港羅兵咸永道會計師事務所合夥人。在羅兵咸永 道會計師事務所任職期間孫先生曾於不同審計業務部門出任多個領導職位，包括香 港及澳門機構部，香港及中國南部地區企業家部以及香港及中國內地資本市場服務 部。 彼於2017年至2021年兼任普華永道大中華區監事委員會與普華永道亞太區監事委 員會召集人，亦是普華永道全球監事委員會成員。孫先生於2021年7月榮休。對外 公職方面，彼曾任香港科學園、香港 ...

Core Viewpoint - UBS reports that Nine Dragons Paper Holdings (02689) is expected to achieve a net profit growth of 135% year-on-year to 1.8 billion RMB in the fiscal year 2025, exceeding market expectations due to lower coal prices improving paper product margins and vertical integration driving product structure upgrades [1] Group 1: Financial Performance - The net profit for Nine Dragons Paper in fiscal year 2025 is projected to be 1.8 billion RMB, a 135% increase compared to the previous year [1] - UBS has raised its target price for Nine Dragons Paper from 4.58 HKD to 7 HKD, maintaining a "Buy" rating [1] Group 2: Management Outlook - Management expresses confidence in the profit outlook, forecasting a 10% year-on-year sales growth for fiscal year 2026 [1] - UBS has increased its profit forecasts for Nine Dragons Paper for fiscal years 2026 to 2028 by 61% to 78% [1] Group 3: Profitability Drivers - The profit forecast for fiscal year 2026 has been raised from 1.6 billion RMB to 2.9 billion RMB, primarily driven by increased sales volume and improved profitability [1]

Core Viewpoint - UBS reports that Nine Dragons Paper Holdings (02689) is expected to achieve a net profit growth of 135% year-on-year to 1.8 billion RMB in the fiscal year 2025, exceeding market expectations due to lower coal prices improving paper product margins and vertical integration driving product structure upgrades [1] Group 1: Financial Performance - The company is projected to have a net profit of 1.8 billion RMB in fiscal year 2025, a significant increase of 135% compared to the previous year [1] - UBS has raised its profit forecast for Nine Dragons Paper for fiscal years 2026 to 2028 by 61% to 78% [1] - The profit forecast for fiscal year 2026 has been increased from 1.6 billion RMB to 2.9 billion RMB, primarily driven by increased sales volume and improved profitability [1] Group 2: Market Outlook - Management expresses confidence in the profit outlook, predicting a 10% year-on-year sales growth for fiscal year 2026 [1] - The target price for Nine Dragons Paper has been raised from 4.58 HKD to 7 HKD, maintaining a "Buy" rating [1]

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%。 ...

Group 1 - The event "Million Talents Gathering in South Guangdong: Dongguan Employment and Youth Creation" was held on October 11, attracting over 2000 attendees and resulting in 2561 resumes submitted and 538 preliminary employment intentions reached [1] - More than 150 local well-known companies participated in the recruitment fair, including Sanyou Lianzhong Group and Jiu Long Paper, offering nearly 600 quality job positions across various key industries in Dongguan, with a demand for over 2500 candidates [1] - High-paying technical positions such as robot algorithm engineers and data analysts can offer annual salaries up to 420,000 yuan [1] Group 2 - Dazhu Yuedong Laser Group presented five positions, with the highest comprehensive monthly salary reaching 8000 yuan, indicating strong demand for technical, research, and sales talents in the equipment manufacturing sector [2] - A new employment model job area was established at the event, allowing graduates to choose flexible employment roles such as live stream hosts and freelance designers, with support for registering for flexible employment to access government subsidies [2] - The Dongguan Human Resources and Social Security Bureau plans to continue supporting unemployed graduates through a series of services, including policy briefings, career guidance, job recommendations, and skills training, ensuring ongoing recruitment activities [2]

Company Background and Industry Position - Linping Development, established in 2002, specializes in the research, production, and sales of corrugated paper and boxboard products, becoming a significant player in the paper industry in Anhui Province, with a 35.65% share of the province's paper and board output in 2024 [2][4] - The company has a current capacity of 1.2 million tons and ranks among the top 30 paper producers in China, but it is classified as a second-tier medium-sized enterprise, significantly trailing behind first-tier companies like Nine Dragons Paper and Lee & Man Paper [4] Financial Performance and Capital Structure - Linping Development's revenue has declined from 2.88 billion yuan in 2022 to 2.49 billion yuan in 2024, with net profits fluctuating between 154 million yuan and 212 million yuan during the same period [7][12] - The company plans to raise 1.2 billion yuan through its IPO to fund capacity expansion projects, despite its net profit in 2024 being only 153 million yuan, which raises concerns about the sustainability of such fundraising [5][6] Governance and Control Issues - The actual controller, Li Jianshe, holds 84.86% of the shares, leading to a highly concentrated ownership structure that may pose governance risks [8][11] - Li's dual role as a community leader and business executive raises questions about potential conflicts of interest and the overall governance structure of the company [10][11] Dependency on Tax Incentives - Linping Development's reliance on tax incentives is concerning, with tax benefits accounting for over 80% of its net profit in 2024, indicating a lack of sustainable profit generation from core operations [13][14] Capacity Utilization and Expansion Plans - The company's capacity utilization rates for corrugated paper have been below optimal levels, with 2024 showing a utilization rate of only 76.15%, yet it plans to double its production capacity [16][18] Debt Management and Cash Flow Concerns - Although the company's interest-bearing debt has decreased significantly, the reduction may indicate a contraction in business operations to maintain cash flow, raising questions about its future investment capabilities [19][20] Research and Development Investment - Linping Development's R&D expenditure in 2024 was only 83.8 million yuan, representing 3.37% of its revenue, which is below the industry average, suggesting inadequate investment in innovation [20][21] Safety and Internal Management Issues - The company has reported multiple employee fatalities, highlighting potential weaknesses in its safety management practices, despite claims of having established comprehensive safety protocols [24][25] Customer Concentration and Potential Conflicts - Linping Development's customer base is highly concentrated, with its largest client accounting for 4.59% of its revenue in 2024, raising concerns about the stability of its revenue streams [26][27]

Investment Rating - The report maintains an "Outperform" rating for the light industry manufacturing sector, indicating a positive outlook compared to the broader market [2]. Core Insights - The report highlights the resilience of defensive assets and manufacturers with overseas production capabilities amid fluctuations in the trade environment between China and the U.S. Recommended stocks include Meiyingsen, Yutong Technology, and Yongxin Co., with a focus on companies like Jiangxin Home and Aopu Technology [1][5]. - The light industry manufacturing sector is expected to see a steady performance in Q3, with leading companies in personal care maintaining stable operations and overseas manufacturers strengthening their competitive edge [1][5]. Summary by Sections Light Industry Manufacturing - The light industry manufacturing index increased by 0.71% from October 8 to October 10, 2025, outperforming the CSI 300 index, which decreased by 0.51% [11]. - Key companies expected to perform well include Meiyingsen (projected Q3 net profit growth of 20%-30%), Yutong Technology (5%-15%), and Yongxin Co. (0%-10%) [6][7]. Home Furnishing - The home furnishing sector is experiencing pressure, with a notable bankruptcy in the custom home industry reflecting challenges for smaller firms. However, leading companies are expected to gain market share as demand stabilizes [5][6]. - The report suggests a left-side investment opportunity in home furnishing stocks, particularly those with high dividend yields [5]. Paper and Packaging - The report notes a mixed performance in the paper and packaging sector, with prices for various paper types showing fluctuations. For instance, double glue paper prices decreased by 50 RMB/ton, while corrugated paper prices increased by 65.62 RMB/ton [37]. - The overall revenue for the paper and paper products industry saw a decline of 1.9% year-on-year from January to August 2025, indicating a challenging environment [46][48]. Consumer Goods - The consumer goods segment is expected to benefit from a strong Q4, with companies like Zhengkang Oral Care and Mingyue Lens projected to see revenue growth of 10%-20% and 0%-10%, respectively [6]. - The report emphasizes the potential for growth in the personal care sector, particularly with brands expanding their marketing channels [6]. Export Chain - The report discusses the impact of U.S. tariffs on imported furniture and cabinetry, which may benefit companies with established overseas production capabilities [6]. - Companies like Zhongxin Co. and Jiangxin Home are highlighted as key players in the export chain, with expected net profit declines of 20%-10% for Q3 [6]. Cost Tracking - The report provides insights into cost trends, noting a decrease in shipping costs and fluctuations in raw material prices, which could impact overall profitability in the sector [33][40].