Group 1 - The company expects to achieve 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] - The profit increase is primarily attributed to a rise in sales, with the decline in raw material costs occurring at a rate and magnitude that significantly outpaces the decrease in product prices, thereby boosting gross profit [1] - The company issued USD 400 million perpetual capital securities in June 2024, with the attributable profit for perpetual capital securities holders estimated at approximately RMB 400 million for the current year [1] Group 2 - The company anticipates that the attributable profit for equity holders will be around RMB 1.7 billion to RMB 1.9 billion for the current year, an increase of 126% to 153% from last year's RMB 751 million [1]

本文源自：财华网 【财华社讯】玖龙纸业(02689.HK)公布，预计截至2025年6月30日止年度盈利约21亿元至23亿元之间(人 民币,下同)，同比增长165%至190%。该盈利增长主要得益于销量上升，且原材料成本下降幅度及速度 显着快于产品售价降幅，从而推动毛利上升。 公司于2024年6月发行4亿美元永续资本证券。年度永续资本证券持有人的应占盈利为约4亿元。因此， 集团预计公司的权益持有人应占盈利约17亿元至19亿元之间，较同比增加126%至153%。 ...

本文源自：金融界AI电报 玖龙纸业(2689.HK)公布，集团预计将录得截至2025年6月30日止盈利约人民币 21.00亿元至人民币23.00 亿元之间，较去年度人民币7.93.9亿元增长165%至190%。该盈利增长乃主要得益于销量上升，且原材 料成本下降幅度及速度显著快于产品售价降幅，从而推动毛利上升。 ...

Core Viewpoint - The company, Nine Dragons Paper Holdings Limited, expects to achieve 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] Group 1 - The profit increase is primarily attributed to a rise in sales and a significant decrease in raw material costs, which outpaced the decline in product prices, thereby boosting gross profit [1] - The company plans to issue USD 400 million perpetual capital securities in June 2024 [1] - The expected profit attributable to perpetual capital securities holders for this fiscal year is approximately RMB 400 million [1] Group 2 - The company anticipates that the profit attributable to equity holders will be around RMB 1.7 billion to RMB 1.9 billion for the current fiscal year, an increase of 126% to 153% from last year's RMB 751 million [1]

格隆汇8月20日丨玖龙纸业(02689.HK)公布，集团预计将录得截至2025年6月30日止盈利约人民币 21.00 亿元至人民币23.00亿元之间，较去年度人民币7.93.9亿元增长165%至190%。该盈利增长乃主要得益于 销量上升，且原材料成本下降幅度及速度显著快于产品售价降幅，从而推动毛利上升。 公司于2024年六月发行4亿美元永续资本证券。该年度永续资本证券持有人的应占盈利为约人民币4亿 元。因此，集团预计公司的权益持有人应占盈利在年度为约人民币17.00亿元至人民币19.00亿元之间， 较去年度人民币7.507 亿元增加126%至153%。 ...

（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 正面盈利預告 本公告乃本公司根據上市規則第13.09條以及證券及期貨條例第XIVA部項下之內幕消 息條文發出。 董事會謹此通知本公司股東及潛在投資者，根據對本集團管理帳目之初步審閱，本集 團預計將錄得本年度盈利約人民幣 2,100 百萬元至人民幣 2,300 百萬元之間，較去年 度人民幣 793.9 百萬元增長 165%至 190%。該盈利增長乃主要得益於銷量上升，且原 材料成本下降幅度及速度顯著快於產品售價降幅，從而推動毛利上升。 本公司於二零二四年六月發行 400,000,000 美元永續資本證券。本年度永續資本證券 持有人的應佔盈利為約人民幣 400.0 百萬元。因此，本集團預計本公司的權益持有人 應佔盈利在本年度為約人民幣 1,700 百萬元至人民幣 1,900 百萬元之間，較去年度人 民幣 750.7 百萬元增加 126%至 153%。 本公司股東及潛在投資者於買賣本公司股份時務請審慎行事。 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， ...

Investment Rating - The report assigns an "Accumulate" rating for the paper industry [4]. Core Insights - In the short term, the report anticipates an increase in pulp costs and prices due to overseas supply shocks and changes in the supply-demand dynamics in the European and American markets. In the long term, the cost of domestic pulp is expected to decrease due to changes in the pulp structure, benefiting leading integrated pulp and paper manufacturers with upstream forest resources and green energy [2][4]. Summary by Sections Investment Recommendations - The report suggests that leading integrated pulp and paper manufacturers, such as Sun Paper, Xianhe Co., Wuzhou Special Paper, Bohui Paper, Shanying International, and Nine Dragons Paper, are expected to benefit from the full industry chain resource layout and operational advantages [7]. Domestic Pulp Prices and Global Supply-Demand - Domestic pulp prices are closely linked to overseas markets, with global supply and demand primarily driving domestic pulp prices. In 2024, domestic consumption of broadleaf pulp, softwood pulp, chemical pulp, and unbleached pulp is projected to be 2,353, 826, 656, and 95 thousand tons, respectively [9][11]. Supply Shocks and Price Impact - Supply shocks have significantly impacted short-term pulp prices, with an average of approximately 2 million tons of capacity permanently shut down annually since 2017. The report notes that supply disruptions are influenced by market factors, strikes, natural disasters, and equipment failures [76][79]. Long-term Cost Structure Changes - Changes in the pulp structure are expected to lower the long-term cost base in China. The report highlights that the price gap between softwood and broadleaf pulp has widened, with broadleaf pulp's demand share increasing by 10 percentage points to 74% [4][103]. Cost Curve Changes and Pricing - The cost curve is primarily determined by wood costs, with logistics and energy costs also playing significant roles. The report indicates that logistics costs account for 10-20% and energy costs for 15-20% of total costs, with leading pulp manufacturers optimizing costs through strategic location layouts [5][29].

Price Increases in the Paper Industry - Major paper companies have been issuing price increase notices since July, with companies like Nine Dragons Paper, Lee & Man Paper, and others raising prices for various paper products by 30 to 50 yuan per ton [1][4] - The average market price for AA-grade corrugated paper increased by 1.90% to 2573 yuan per ton, while the average price for boxboard rose by 0.32% to 3461 yuan per ton as of August 7 [1][4] Reasons for Price Increases - The price hikes are primarily driven by rising raw material costs and increased operational expenses, with companies like Shandong Century Sunshine Paper citing high production costs as a significant pressure [4][5] - A decrease in the supply of recycled paper due to adverse weather conditions has contributed to rising costs, benefiting the prices of corrugated and boxboard paper [4][6] Industry Performance and Trends - The paper and paper products industry reported a revenue of 681.21 billion yuan in the first half of the year, a year-on-year decline of 2.3%, with total profits down 21.4% to 17.57 billion yuan, indicating significant growth pressures [5] - The upcoming traditional peak seasons, such as the Mid-Autumn Festival and National Day, are expected to increase demand, with a potential for further price adjustments in August and September [6][7] Industry Challenges and Responses - The paper industry faces severe supply-demand imbalances, with increased production capacity leading to oversupply, while demand growth remains sluggish due to global economic slowdowns [8] - In response to low-price competition, industry associations in Guangdong and Jiangsu have initiated measures to promote high-quality development and reduce internal competition, with companies like Nine Dragons and Lee & Man supporting these initiatives by halting production [10]

Group 1 - The paper industry is experiencing a wave of price increases, with major companies like Nine Dragons Paper and Lee & Man Paper issuing multiple price hike notices since July, affecting various types of paper products [1][3] - The price increase ranges from 30 to 50 yuan per ton, with the market average prices for corrugated paper and boxboard also showing upward trends [1][2] - The price hikes are primarily driven by rising raw material costs and increased operational expenses, with companies expressing strong expectations for price increases due to low profitability [3][4] Group 2 - The paper and paper products industry reported a revenue of 681.21 billion yuan in the first half of the year, a year-on-year decline of 2.3%, and a profit total of 17.57 billion yuan, down 21.4% [4] - The upcoming traditional peak seasons, such as the Mid-Autumn Festival and National Day, are expected to increase demand, while inventory pressures for paper mills remain manageable [4][5] - The industry is facing severe supply-demand imbalances, with an expected production increase of 8.6% in 2024, leading to intensified competition and price wars among companies [6][8] Group 3 - In response to the low-price competition, industry associations in Guangdong and Jiangsu have initiated measures to promote high-quality development and curb "involution" in the paper industry [6][8] - Major companies like Nine Dragons Paper and Lee & Man Paper have responded to the "anti-involution" initiative by issuing shutdown notices to support industry stability [8]

Short Selling Ratios - Anta Sports (82020) has the highest short selling ratio at 100.00% [1][2] - Xiaomi Group (81810) follows with a short selling ratio of 75.31% [1][2] - BYD Company (81211) has a short selling ratio of 63.38% [1][2] Short Selling Amounts - Tencent Holdings (00700) leads in short selling amount with 4.106 billion [2] - Alibaba Group (09988) has a short selling amount of 1.883 billion [2] - Meituan (03690) follows with a short selling amount of 1.416 billion [2] Deviation Values - Xiaomi Group (81810) has the highest deviation value at 29.08% [1][2] - Anta Sports (82020) has a deviation value of 27.83% [1][2] - Trip.com Group (09961) has a deviation value of 23.25% [1][2]