Core Viewpoint - Nine Dragons Paper Holdings Limited reported significant growth in sales, revenue, and profits for the fiscal year ending June 30, 2025, indicating strong operational performance and improved profitability metrics [1]. Financial Performance - Sales volume increased by 9.6% to approximately 21.5 million tons [1] - Revenue rose by approximately 6.3% to RMB 63.2405 billion [1] - Gross profit increased by approximately 26.9% to RMB 7.2451 billion [1] - Net profit surged by approximately 177.3% to RMB 2.2017 billion [1] - Profit attributable to equity holders increased by approximately 135.4% to RMB 1.7671 billion [1] - Basic earnings per share rose by approximately 137.5% to RMB 0.38 [1] Profitability Metrics - Gross profit margin improved from 9.6% in the fiscal year 2024 to approximately 11.5% in fiscal year 2025 [1] - The increase in gross profit margin was primarily due to a larger decline in raw material costs compared to the decline in product prices [1]

Core Insights - The company, Nine Dragons Paper Holdings Limited, reported a 9.6% increase in sales volume to approximately 21.5 million tons for the fiscal year ending June 30, 2025 [1] - Revenue rose by approximately 6.3% to 63.241 billion yuan, while gross profit increased by about 26.9% to 7.245 billion yuan [1] - Profit attributable to equity holders surged by approximately 135.4% to 1.767 billion yuan, with basic earnings per share at 0.38 yuan [1] Revenue and Sales Performance - The revenue growth was primarily driven by a 9.6% increase in sales volume, despite a net impact from a 3.0% decrease in average selling prices [1] - The gross profit margin improved from 9.6% in the fiscal year 2024 to approximately 11.5% in fiscal year 2025 [1] Cost and Pricing Dynamics - The increase in gross profit margin was mainly due to a larger decline in raw material costs compared to the decrease in product selling prices [1]

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的內容概不負責，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） 截至二零二五年六月三十日止年度 全年業績公佈 財務摘要 – 1 – • 本集團的銷量增加9.6%至約21.5百萬噸。 • 收入增加約6.3%至人民幣63,240.5百萬元。 • 毛利潤增加約26.9%至人民幣7,245.1百萬元。 • 淨利潤增加約177.3%至人民幣2,201.7百萬元。 • 本公司權益持有人應佔盈利增加約135.4%至人民幣1,767.1百萬元。 • 每股基本盈利增加約137.5%至人民幣0.38元。 財務業績 玖龍紙業（控股）有限公司（「本公司」）董事會（「董事會」）欣然公佈，本公司及其附屬公司 （「本集團」或「玖龍紙業」）截至二零二五年六月三十日止年度（「二零二五財政年度」）之綜 合業績，連同上一財政年度（「二零二四財政年度」）之比較數字如下。 綜合損益表 | | | | | 截至六月三十日止年度 | | | --- | - ...

Core Viewpoint - The packaging paper industry is experiencing a series of price increases driven by high raw material costs, particularly waste paper, and a combination of supply constraints and seasonal demand factors [1][2][3]. Group 1: Price Increases and Market Dynamics - Major players in the packaging paper industry, such as Nine Dragons Paper Holdings and Shanying International, have initiated multiple rounds of price hikes since August, with Nine Dragons implementing eight price increases [1]. - The average market price for AA-grade corrugated paper reached 2,789 RMB/ton by September 18, marking a 2.42% increase from the end of August and a 7.72% year-on-year rise [1]. - The combination of price increases and planned production halts during the holiday season aims to maintain a bullish market sentiment and encourage procurement from packaging factories [2]. Group 2: Demand and Supply Challenges - Despite a slight uptick in orders ahead of the holidays, the overall recovery in demand for packaging paper remains below expectations, with current price increases primarily driven by cost rather than demand [3]. - The packaging paper industry faces ongoing pressures, including an imbalance between supply and demand due to rapid capacity growth since 2012 and a slowdown in global economic growth [4]. Group 3: Industry Transformation and Future Outlook - The concept of "anti-involution" is seen as a potential key to achieving supply-demand balance in the packaging paper industry, shifting focus from quantity expansion to quality improvement [4]. - Industry leaders emphasize the need for differentiation in products and processes to escape low-price competition, with a focus on meeting customer needs through innovation [4]. - The implementation of new energy consumption standards in May 2025 is expected to drive technological upgrades and efficiency improvements within the industry [4]. - The process of capacity clearing and structural adjustment in the packaging paper industry is anticipated to take time, with price fluctuations and market competition playing a crucial role in achieving balance [5].

每经AI快讯，9月22日，玖龙纸业涨超3%，截至发稿，涨3.42%，报6.05港元，成交额4068.04万港元。 ...

Company Summary - Nine Dragons Paper Holdings Limited (玖龙纸业) shares increased by 3.42%, reaching HKD 6.05, with a trading volume of HKD 40.68 million [1] - The company announced a price adjustment across multiple bases, with increases of up to RMB 50 per ton [1] - A board meeting is scheduled for September 24 to approve the financial results for the year ending June 30, 2025 [1] - The company previously issued a profit warning, expecting a profit of approximately RMB 2.1 billion to RMB 2.3 billion for the current fiscal year, representing a growth of 165% to 190% compared to last year's profit of RMB 794 million [1] Industry Summary - According to Shenwan Hongyuan, the paper industry is entering its peak season in Q3, with slight price increases observed in the corrugated box paper segment [1] - There is a strong willingness among overseas pulp mills to control production, leading to a slight rebound in pulp prices, which supports paper prices [1] - The paper industry has faced challenges from weak demand and continuous new capacity additions, resulting in low operating rates and losses in some segments; however, potential supply improvements from reduced competition may enhance supply-demand dynamics [1]

Company Overview - Nine Dragons Paper Holdings Limited (玖龙纸业) shares increased by 3.42%, reaching HKD 6.05, with a trading volume of HKD 40.68 million [1] - The company announced a price adjustment across multiple bases, with the highest increase being HKD 50 per ton [1] Financial Performance - The company is set to hold a board meeting on September 24 to approve the financial results for the fiscal year ending June 30, 2025 [1] - Nine Dragons Paper previously issued a profit warning, expecting a profit of approximately RMB 2.1 billion to RMB 2.3 billion for the fiscal year ending June 30, 2025, representing a growth of 165% to 190% compared to last year's profit of RMB 794 million [1] Industry Insights - According to Shenwan Hongyuan, the paper industry is entering its peak season in Q3, with slight price increases observed in the corrugated box paper segment [1] - There is a strong willingness among overseas pulp mills to control production, leading to a slight rebound in pulp prices, which supports paper prices [1] - The paper industry has faced challenges due to weak demand and continuous new capacity additions, resulting in low operating rates and losses in some segments; however, potential supply improvements from reduced competition may enhance supply-demand dynamics [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report provides a comprehensive analysis of the offset printing paper market, including supply, demand, inventory, cost, price, and spreads. It indicates that the market is in a slow and slightly increasing trend in production, with stable demand during the off - season. The inventory is expected to accumulate, and prices are likely to fluctuate or slightly decline. The production profit is expected to decline mainly in a fluctuating manner. For the market, it is recommended to hold the spot and make rigid - demand transactions, and consider light - position long or selling put options strategies based on the factory production cost line while paying attention to risk prevention [9][12][18]. 3. Summary by Relevant Catalogs 3.1 Part 1: Offset Printing Paper Overview - **Supply, Demand, and Inventory**: Domestic weekly production was 20.90 million tons, with a week - on - week increase of 0.40 million tons and a year - on - year increase of 1.00 million tons. The capacity utilization rate was 56.70%, up 1.00% week - on - week and down 3.50% year - on - year. Monthly imports were 1.19 million tons, down 0.29 million tons month - on - month and 0.53 million tons year - on - year. Weekly apparent demand was 19.20 million tons, up 2.10 million tons week - on - week. Monthly exports were 6.25 million tons, down 0.39 million tons month - on - month and 1.66 million tons year - on - year. Domestic demand was 83.31 million tons, up 2.32 million tons month - on - month and down 1.12 million tons year - on - year. Enterprise inventory and total spot inventory were on an upward trend, and it was expected that the inventory would accumulate with the increase in production and stable demand [10]. - **Price**: Factory delivery prices and market self - pick - up prices remained stable compared to the previous week but decreased year - on - year. The futures prices of OP2601 and OP2603 showed a slight increase. It was expected that the offset printing paper prices would fluctuate or slightly decline, and the futures prices would mainly fluctuate [12]. - **Spreads and Basis**: The spreads between factory delivery and self - pick - up prices were stable, and the futures spreads and basis were expected to remain stable or slightly decline. Seasonally, January is a small peak season for spring teaching - aid textbook tenders, and March is a traditional peak season [14]. - **Cost and Profit**: Raw material costs were expected to remain stable or slightly increase. The production profit was expected to decline mainly in a fluctuating manner due to the limited increase in finished product prices during the off - season [16]. - **Strategy Recommendation**: In the industrial chain, the spot market was stable, and transactions were based on rigid demand during the off - season. It was recommended to consider light - position long or selling put options strategies based on the factory production cost line while paying attention to risk prevention [18]. 3.2 Part 2: Offset Printing Paper Balance Sheet The balance sheet shows the monthly import, production, supply, demand, supply - demand gap, inventory, and inventory - to - consumption ratio of offset printing paper from 2024 to 2025. In 2025, the cumulative import volume showed a certain change trend, and the production, supply, and demand also had different degrees of year - on - year changes. The inventory generally showed an upward trend compared to 2024 [20]. 3.3 Part 3: Offset Printing Paper Supply and Demand Analysis - **Supply - Production Situation**: In 2025, many paper mills had production plans. A total of 1.4 million tons of production capacity had been put into operation, and 2.25 million tons were expected to be put into operation, mostly in the third quarter, including the resumption of Chenming's production. In 2026, the planned production capacity to be put into operation was 1.2 - 1.4 million tons [22]. - **Demand, Inventory, and Import - Export**: No detailed data or analysis content other than the overview part was provided in the given text. 3.4 Part 4: Offset Printing Paper Cost and Profit - **Raw Material Cost**: The raw material costs of different types of pulp, such as U - needle, Moon, and Goldfish, were at relatively low levels, and it was expected that the cost would have limited downward space [16]. - **Profit**: The production profit was expected to decline mainly in a fluctuating manner, with the profit of self - used pulp and low - cost production showing a downward trend [16]. 3.5 Part 5: Offset Printing Paper Price and Spread Analysis - **Spot Quotation**: The spot quotations of different brands of offset printing paper remained stable compared to the previous week but decreased year - on - year [12]. - **Futures - Spot Basis and Seasonal Chart and Inter - monthly Spread of OP Main Contract**: The basis was expected to remain stable or slightly decline, and the seasonal chart and inter - monthly spread analysis showed that January and March had certain seasonal characteristics [14].

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - The domestic pulp supply is expected to increase as there are no short - term shutdown and maintenance plans from pulp mills, and Chenming is operating at full capacity, with the output of broad - leaf pulp expected to rise gradually. Although the overseas pulp shipment volume did not significantly shrink from June to August, the arrival volume in China decreased by about 200,000 tons in August, and some shipments may arrive in September [7][8]. - The downstream pulp demand is stable. New production capacities are being put into operation, but the terminal demand is limited, resulting in stable output, gradually decreasing operating rates, and fluctuating inventories. The demand for household paper and white cardboard is entering the peak season, but the demand has not yet picked up [9][10]. - The pulp price shows a fluctuating and weak trend. The spot price is supported, but the futures price is affected by factors such as capital and old warehouse receipts, showing a fluctuating and weak trend. The prices of household paper and white cardboard are expected to rise as they enter the peak season, while the price of offset paper continues to decline during the off - season [11][12]. 3. Summary According to the Directory Part 1: Pulp Overview 1.1 Supply - side - **Domestic Production**: The output of domestic broad - leaf pulp and chemi - mechanical pulp increased in the week of September 19, 2025. There are no short - term shutdown and maintenance plans from pulp mills, and the output of broad - leaf pulp is expected to rise [7][8]. - **Imports**: In August 2025, China's pulp import volume was 2.653 million tons, a month - on - month decrease of 7.8% and a year - on - year decrease of 5.5%. The cumulative import volume for the year was 24.108 billion tons, a cumulative year - on - year increase of 5.0%. The overseas shipment volume from June to August did not significantly shrink, but the arrival volume in China decreased in August, and some shipments may arrive in September [8]. 1.2 Demand and Inventory - side - **Demand**: The downstream production of household paper, offset paper, coated paper, and white cardboard was stable this week. The new production capacities are being put into operation, but the terminal demand is limited, resulting in stable output, gradually decreasing operating rates, and fluctuating inventories. The demand for household paper and white cardboard is entering the peak season, but the demand has not yet picked up [9][10]. - **Inventory**: The port inventory is expected to show a fluctuating and accumulating trend as the arrival volume increases and the demand remains stable. The warehouse receipt inventory is stable and shows a slight decreasing trend. The low price has led to insufficient new warehouse receipt registrations, and the pressure on old warehouse receipts is acceptable. The downstream inventory tends to fluctuate and accumulate [10]. 1.3 Price and Spread - **Prices**: The overseas offer prices of silver star and goldfish remained unchanged this week, while the spot prices of some pulp varieties increased slightly. The futures price shows a fluctuating and weak trend, affected by factors such as capital and old warehouse receipts. The prices of household paper and white cardboard are expected to rise as they enter the peak season, while the price of offset paper continues to decline during the off - season [11][12]. - **Spreads**: The needle - broad spread is expected to narrow, but the range is still limited. The futures spread shows a weakening trend, and the basis has strengthened this week [12]. 1.4 Strategy Recommendation - The spot offer price of the industrial chain is stable. From the cancellation volume of warehouse receipts in the 09 contract, the actual digestion of old warehouse receipts is limited, and the intention to resell is strong. At the same time, the macro and market sentiment is poor, and the 11 contract is under pressure and increasing positions. In the short term, it is recommended to observe whether the port inventory reduction continues and the spot transaction situation [16]. Part 2: Pulp Balance Sheet - The report provides a detailed pulp balance sheet from January 2024 to October 2025, including supply (imports, domestic production), demand (pulp consumption, other demand), and inventory (warehouse receipt inventory, port inventory) data, as well as their year - on - year and cumulative year - on - year changes [19]. Part 3: Pulp Supply and Demand Analysis 3.1 Global Pulp Supply and Demand Analysis - **Supply - Global Pulp Shipment Volume**: No specific data and analysis are provided in the content. - **Demand and Inventory - European Apparent Demand and Inventory**: No specific data and analysis are provided in the content. 3.2 Domestic Pulp Supply and Demand Analysis - **Supply - side**: - **Pulp Imports**: The report provides data on China's pulp imports from 2022 to 2025, including the import volume and cumulative import volume of bleached softwood pulp, bleached hardwood pulp, chemi - mechanical pulp, and other varieties, as well as their year - on - year changes [39][44][49]. - **Pulp Imports by Country**: The report provides data on the import volume and cumulative import volume of bleached softwood pulp from different countries (Russia, Chile, Canada, etc.) from 2022 to 2025, as well as their year - on - year changes [52][64][69]. - **Import of Wood Chips**: The report provides data on the import volume and cumulative import volume of coniferous and broad - leaf wood chips from 2022 to 2025, as well as their year - on - year changes [82][83][84]. - **Demand - side**: - **Pulp Apparent Demand**: No specific data and analysis are provided in the content. - **Analysis of Downstream Finished Paper**: The report provides information on the production, supply, demand, and inventory of downstream finished paper (household paper, offset paper, coated paper, white cardboard), as well as the planned production capacity and production time of new projects [93][109]. - **Inventory - side**: - **Total Pulp Inventory**: The report provides data on China's total pulp inventory, warehouse receipt inventory, and port inventory from 2022 to 2025 [156][157][158]. - **Inventory by Port**: The report provides data on the weekly inventory of pulp in different ports (Qingdao Port, Tianjin Port, Changshu Port, etc.) from 2022 to 2025 [163][164][166]. Part 4: Cost and Profit - **Pulp Import Cost and Profit**: The report provides data on the import cost and profit of pulp from 2022 to 2025 [173]. - **Domestic Pulp Production Cost and Profit**: The report provides data on the production cost and profit of domestic pulp from 2022 to 2025 [176]. Part 5: Pulp Price and Spread Analysis - **Pulp Overseas Offer Prices**: The report provides the seasonal price data of silver star, Russian needle, goldfish, etc. from 2022 to 2025 [181][186][187]. - **Price Spreads**: The report provides the seasonal spread data of silver star - goldfish, Russian needle - goldfish, etc. from 2022 to 2025 [189][190]. - **Basis**: The report provides the basis data of silver star - main contract, Russian needle - main contract from 2022 to 2025 [192][193][196]. - **SP Main Contract Seasonal Chart and Inter - month Spread**: The report provides the seasonal chart and inter - month spread data of the SP main contract from 2022 to 2025 [200].

Investment Rating - The industry investment rating is "Positive" [2] Core Views - The report highlights that the recent interest rate cut in the US and expected demand improvement could catalyze growth in sectors such as smart glasses and new tobacco products [2][3] - The report emphasizes the potential for export recovery due to the interest rate cut, which is expected to benefit companies with strong overseas production capabilities [2][4] - The smart glasses sector is seeing product improvements and optimization of industry pain points, which may lead to high growth in sales [3][4] Summary by Sections Pulp and Paper - Supply disruptions in pulp continue, with UPM extending maintenance at its Kaukas pulp mill until October 11, 2025, impacting production [2] - Price adjustments for various types of pulp are noted, with expectations of price increases from paper companies in Q4 [2] Exports - The recent interest rate cut by the Federal Reserve is expected to lead to a gradual recovery in interest-sensitive sectors like real estate and home consumption [2] - Companies with robust overseas production are anticipated to show greater resilience and improved export orders [2][4] New Tobacco - Increased competition in Japan's heated tobacco market is noted, with major players reducing prices to enhance market share [2][3] - The report anticipates growth in sales of new tobacco products, particularly in Europe and North America [3] Smart Glasses - Meta's launch of new AI smart glasses with improved features is expected to enhance market appeal and sales [3] - The report suggests that the industry may see high growth in sales due to these advancements [3] Packaging - The report discusses the strong overseas expansion of packaging leaders, with expectations of increased profitability [2] - Companies are focusing on high-margin clients and expanding their overseas production capabilities [2] Gold and Jewelry - The report notes a positive outlook for traditional jewelry brands despite challenges from rising gold prices [2] - Companies are expected to adapt their strategies to maintain sales growth [2] Two-Wheel Vehicles - The electric three-wheeler market is seen as having growth potential, with new product launches from leading companies [2] - The report highlights strategic partnerships aimed at enhancing performance in the electric motorcycle segment [2] E-commerce - The report indicates that cross-border e-commerce sellers are expected to maintain stable performance, with a focus on optimizing operations [2] - The upcoming holiday season is anticipated to drive sales growth [4] Pet Products - The pet industry is expected to maintain a positive trend, with new high-end products being introduced [2] - Companies are focusing on brand development to enhance market presence [4] IP Retail - The report highlights the strong performance of brands like Pop Mart in the global market, with plans for further expansion [2] - New product launches are expected to drive sales during the upcoming holiday season [4] Maternal and Child Products - Recent government policies aimed at boosting birth rates are expected to benefit the maternal and child retail sector [5] - Leading companies are positioned to capitalize on these policy changes [5]