[HK]理文造纸(02314):2026 中期报告
原标题:理文造纸:2026 中期报告 CONTENTS 目 錄 2 Corporate Information 公司資料 4 Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income簡明綜合損益及其他全面收益表 6 Condensed Consolidated Statement of Financial Position 簡明綜合財務狀況表 8 Condensed Consolidated Statement of Cash Flows 簡明綜合現金流量表 9 Condensed Consolidated Statement of Changes in Equity 簡明綜合權益變動表 10 Notes to the Condensed Consolidated Financial Statements 簡明綜合財務報表附註 25 Interim Dividend/Closure of Register of Members 中期股息╱暫停辦理股份過戶登記 26 Business Review and Outlook 業務回顧及展望 30 Management Discussion and Analysis 管理層討論及分析 33 Other Information 其他資料 CORPORATE INFORMATION 公司資料 董事會 Board of Directors 執行董事 Executive directors 李文俊博士金紫荊星章 太平紳士（主席） Dr. Lee Man Chun Raymond GBS JP (Chairman) 李文斌先生榮譽勳章 太平紳士（首席執行官） Mr. Lee Man Bun MH JP (Chief Executive Officer) 葉向勤先生 Mr. Yip Heong Kan 李浩中先生 Mr. Lee Jude Ho Chung 李經緯先生 Mr. Li King Wai Ross 獨立非執行董事 Independent non-executive directors 周承炎先生 Mr. Chau Shing Yim David 羅詠詩女士銅紫荊星章 太平紳士 Ms. Lo Wing Sze BBS JP 陳惠仁先生 Mr. Chan Wai Yan Ronald 審核委員會 Audit Committee 周承炎先生（主席） Mr. Chau Shing Yim David (Chairman) 羅詠詩女士銅紫荊星章 太平紳士 Ms. Lo Wing Sze BBS JP 陳惠仁先生 Mr. Chan Wai Yan Ronald 薪酬委員會 Remuneration Committee 周承炎先生（主席） Mr. Chau Shing Yim David (Chairman) 羅詠詩女士銅紫荊星章 太平紳士 Ms. Lo Wing Sze BBS JP 陳惠仁先生 Mr. Chan Wai Yan Ronald 提名委員會 Nomination Committee 李文俊博士金紫荊星章 太平紳士（主席） Dr. Lee Man Chun Raymond GBS JP (Chairman) 周承炎先生 Mr. Chau Shing Yim David 羅詠詩女士銅紫荊星章 太平紳士 Ms. Lo Wing Sze BBS JP 陳惠仁先生 Mr. Chan Wai Yan Ronald 授權代表 Authorised Representatives 李文俊博士金紫荊星章 太平紳士 Dr. Lee Man Chun Raymond GBS JP 羅潔茹女士 Ms. Law Kit Yu 公司秘書 Company Secretary 羅潔茹女士 Ms. Law Kit Yu 註冊辦事處 Registered Office Cricket Square Cricket Square Hutchins Drive Hutchins Drive P.O. Box 2681 P.O. Box 2681 Grand Cayman KY1-1111 Grand Cayman KY1-1111 Cayman Islands Cayman Islands 總辦事處 Principal Office 香 39/F, Lee & Man Commercial Center 北角 169 Electric Road 電氣道169號 North Point 理文商業中心39樓 Hong Kong 主要往來銀行 Principal Bankers 香及澳門： In Hong Kong and Macau: 恒生銀行 Hang Seng Bank 渣打銀行 Standard Chartered Bank 豐銀行 HSBC 中國銀行（香） Bank of China (Hong Kong) 中國： In the PRC: 中國建設銀行 China Construction Bank 中國銀行 Bank of China 中國工商銀行 Industrial and Commercial Bank of China 核數師 Auditor 德勤 ?關黃陳方會計師行 Deloitte Touche Tohmatsu 執業會計師 Certified Public Accountants 註冊公眾利益實體核數師 Registered Public Interest Entity Auditor 主要股份過戶登記處 Principal Share Registrar and Transfer Office Suntera (Cayman) Limited Suntera (Cayman) Limited Suite 3204, Unit 2A, Block 3, Building D, Suite 3204, Unit 2A, Block 3, Building D, P.O. Box 1586, Gardenia Court, Camana Bay, P.O. Box 1586, Gardenia Court, Camana Bay, Grand Cayman, KY1-1100, Grand Cayman, KY1-1100, Cayman Islands Cayman Islands 香股份過戶登記分處 Hong Kong Branch Share Registrar and Transfer Office 卓佳證券登記有限公司 Tricor Investor Services Limited 香夏愨道16號 17th Floor, Far East Finance Centre, 遠東金融中心17樓 16 Harcourt Road, Hong Kong 網址 Website http://www.leemanpaper.com http://www.leemanpaper.com CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME簡明綜合損益及其他全面收益表 CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME簡明綜合損益及其他全面收益表 The board of directors of Lee & Man Paper Manufacturing Limited 理文造紙有限公司（「本公司」）董事會欣然公布， (the “Company”) is pleased to announce the unaudited condensed 本公司及其附屬公司（「本集團」）截至2026年6月 consolidated results of the Company and its subsidiaries (the 30日止6個月未經審核簡明綜合業績，連同比較 “Group”) for the six months ended 30 June 2026 together with the 數字如下：comparative figures as follows: CONDENSED CONSOLIDATED STATEMENT OF 簡明綜合損益及其他全面收益表 PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME For the six months ended 30 June 2026 截至2026年6月30日止6個月
簡明綜合財務狀況表 CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION 簡明綜合財務狀況表
簡明綜合現金流量表 CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS 簡明綜合現金流量表 Six months ended 30 June 截至6月30日止6個月
簡明綜合權益變動表 For the six months ended 30 June 2026 截至2026年6月30日止6個月Attributable to owners of the Company 歸?於本公司擁有人 Capital Non- Share Share Translation contribution Legal Special Other Retained Sub- controlling Totalcapital premium reserve reserve reserve reserve reserve profits total interests equity非控股 股本 股份溢價 匯兌儲備 出資儲備 法定公積金 特別儲備 其他儲備 留存盈利 小計 權益 權益總額Notes HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 附註 千元 千元 千元 千元 千元 千元 千元 千元 千元 千元 千元 At 1 January 2026 於2026年1月1日 107,375 30,858 (2,273,731) 12,552 97 (2,999) 46,172 32,516,003 30,436,327 15,112 30,451,439 Profit for the period 期內盈利 – – – – – – – 1,373,041 1,373,041 209 1,373,250Exchange difference arising on 換算境外業務產生 translation of foreign operations 之匯兌差額 – – 1,723,916 – – – – – 1,723,916 6,510 1,730,426 Total comprehensive income for 期內總全面收益 the period – – 1,723,916 – – – – 1,373,041 3,096,957 6,719 3,103,676 Dividends recognised as distributions 確認為分派之股息 9 – – – – – – – (399,435) (399,435) – (399,435) At 30 June 2026 於2026年6月30日 107,375 30,858 (549,815) 12,552 97 (2,999) 46,172 33,489,609 33,133,849 21,831 33,155,680 At 1 January 2025 於2025年1月1日 107,375 30,858 (3,241,394) 12,552 97 (2,999) 46,172 31,051,441 28,004,102 9,073 28,013,175 Profit/(loss) for the period 期內盈利╱（虧損） – – – – – – – 811,096 811,096 (197) 810,899Exchange difference arising on 換算境外業務產生 translation of foreign operations 之匯兌差額 – – 222,807 – – – – – 222,807 233 223,040 Total comprehensive income for the period 期內總全面收益 – – 222,807 – – – – 811,096 1,033,903 36 1,033,939 Dividends recognised as distributions 9 – – – – – – – (193,275) (193,275) – (193,275)確認為分派之股息 At 30 June 2025 107,375 30,858 (3,018,587) 12,552 97 (2,999) 46,172 31,669,262 28,844,730 9,109 28,853,839 於2025年6月30日 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 簡明綜合財務報表附註 For the six months ended 30 June 2026 截至2026年6月30日止6個月1. 編製基準 1. Basis of Preparation 本簡明綜合財務報表乃按照香會計師公 The condensed consolidated financial statements have been 會（「香會計師公會」）頒布之香會計準 prepared in accordance with Hong Kong Accounting Standard 則（「香會計準則」）第34號中期財務報 (“HKAS”) 34 Interim Financial Reporting as issued by the Hong 告，及香聯合交易所有限公司（「聯交 Kong Institute of Certified Public Accountants (“HKICPA”) as 所」）證券上市規則（「上市規則」）附錄D2所 well as with the applicable disclosure requirements of Appendix 載之適用披露規定而編製。 D2 to the Rules Governing the Listing of Securities (“Listing Rules”) on The Stock Exchange of Hong Kong Limited (the “Stock Exchange”). 2. 主要會計政策 2. Principal Accounting Policies 本簡明綜合財務報表按歷史成本法編製。 The condensed consolidated financial statements have been prepared on the historical cost basis. 除應用經修訂香財務報告準則會計準則 Other than additional accounting policies resulting from 所產生之附加會計政策及應用與本集團相 application of amendments to HKFRS Accounting Standards 關之若干會計政策外，截至2026年6月30日 and application of certain accounting policies which became 止6個月之簡明綜合財務報表所採用的會計 relevant to the Group, the accounting policies and methods 政策及計算方法，與本集團截至2025年12 of computation used in the condensed consolidated financial 月31日止年度財務報表所採用一致。 statements for the six months ended 30 June 2026 are the same as those presented in the Group’s annual financial statements for the year ended 31 December 2025. 應用經修訂香財務報告準則會計準則 Application of amendments to HKFRS Accounting Standards 於本中期期間，本集團已首次採納由香 In the current interim period, the Group has applied the 會計師公會頒布且已於2026年1月1日開始 following amendments to HKFRS Accounting Standards as 之本集團年度期間強制生效的以下經修訂 issued by the HKICPA, for the first time, which are mandatorily 香財務報告準則會計準則，以編製本集 effective for the Group’s annual period beginning on 1 團之簡明綜合財務報表： January 2026 for the preparation of the Group’s condensed consolidated financial statements: Amendments to HKFRS 9 and Amendments to the Classification 香財務報告準則 金融工具的分類與計量HKFRS 7 and Measurement of Financial 第9號及香財務報告 （修訂本）Instruments 準則第7號（修訂本） Amendments to HKFRS 9 and Contracts Referencing 香財務報告準則 依賴自然資源的HKFRS 7 Nature-dependent Electricity 第9號及香財務報告 電力合同準則第7號（修訂本） Amendments to HKFRS Annual Improvements to HKFRS 香財務報告準則 香財務報告準則會計Accounting Standards Accounting Standards – Volume 11 會計準則（修訂本） 準則的年度改進－第11冊 The application of the amendments to HKFRS Accounting 本期間應用經修訂香財務報告準則會計Standard in the current interim period has had no material 準則對本集團於本期間及過往期間之財務impact on the Group’s financial positions and performance for 狀況及表現及╱或載於簡明綜合財務報表3. 收入及分部資料 3. Revenue and Segment Information 分部收入及業績 Segment revenue and results 以下為按可報告分部劃分之本集團收入及 The following is an analysis of the Group’s revenue and results 業績分析： by reportable segment: 截至2026年6月30日止6個月 Six months ended 30 June 2026
簡明綜合財務報表附註 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 簡明綜合財務報表附註 3. 收入及分部資料 3. Revenue and Segment Information （續） (Continued) 分部收入及業績（續） Segment revenue and results (Continued) 截至2025年6月30日止6個月 Six months ended 30 June 2025 Packaging Tissue Segment paper paper Pulp total Eliminations Consolidated 裝紙 衛生紙 木漿 分部合計 對銷 綜合 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 千元 千元 千元 千元 千元 千元 REVENUE 收入 External sales 對外銷售 9,138,766 2,792,312 305,193 12,236,271 – 12,236,271Inter-segment sales 分部之間銷售 – – 1,183,940 1,183,940 (1,183,940) –9,138,766 2,792,312 1,489,133 13,420,211 (1,183,940) 12,236,271SEGMENT PROFIT 分部盈利 463,261 509,524 72,336 1,045,121 – 1,045,121Net gain from fair value changes of 衍生金融工具公允值 derivative financial instruments 變動淨收益及匯兌淨收益 and net exchange gain 8,017 Unallocated income 未分類之收入 41,223 Unallocated expenses 未分類之支出 (22,705) Share of result of an associate 應佔聯?公司業績 3,814 Share of result of a joint venture 應佔合?企業業績 12 Finance costs 財務成本 (116,322) Profit before tax 除稅前盈利 959,160 4. 其他收入 4. Other Income Six months ended 30 June 截至6月30日止6個月
5. Other Gains and Losses, Net Six months ended 30 June 截至6月30日止6個月
Six months ended 30 June 截至6月30日止6個月
簡明綜合財務報表附註 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 簡明綜合財務報表附註 7. 利得稅支出 7. Income Tax Expense Six months ended 30 June 截至6月30日止6個月
operations where its profit is generated and is calculated at the 繳納稅項，稅項按相關司法管轄區適用之 rate prevailing in the relevant jurisdictions. 稅率計算。 7. 利得稅支出 7. Income Tax Expense （續） (Continued) 中國 The PRC 本集團於中國的附屬公司之適用企業所得 The Group’s subsidiaries in the PRC are subject to corporate 稅稅率為25%，而其中八間（2025年：八 income tax at the rate of 25% except that eight (2025: eight) 間）附屬公司於本集團截至2026年12月31 of these subsidiaries are entitled to preferential rate of 15% for 日止財政年度享有減免企業所得稅稅率 the Group’s financial year ending 31 December 2026. 15%。 香 Hong Kong 香利得稅於兩個期間均按估計應課稅盈 Hong Kong profits tax is calculated at 16.5% of the estimated 利以16.5%計算。 assessable profit for both periods. 澳門 Macau 澳門補充稅於兩個期間均按估計應課稅盈 Macau Complementary Tax are calculated at 12% on the 利以12%計算。 estimated assessable profits for both periods. 越南 Vietnam 越南附屬公司須按10%稅率繳納越南企業 The Vietnam subsidiaries are subjected to Vietnam Corporate 所得稅，其享有自首個產生盈利年度計 Income Tax at a rate of 10%. They are entitled to a corporate 四年獲豁免企業所得稅及隨後九年50% income tax exemption for four years from the first profit- 減免。於兩個期間，越南附屬公司均享有 making year and a reduction of 50% for the following nine 10%越南企業所得稅稅率的50%減免。 years. The Vietnam subsidiaries are entitled a reduction of 50% of Vietnam Corporate Income Tax rate of 10% for both periods. 馬來西亞 Malaysia 馬來西亞附屬公司於兩個期間均須按24% The Malaysia subsidiaries are subjected to Malaysia Corporate 稅率繳納馬來西亞企業所得稅。 Income Tax at a rate of 24% for both periods. 其他 Others 其他司法管轄區產生的稅項則按相關司法 Taxation arising in other jurisdictions is calculated at the rates 管轄區適用之稅率計算。 prevailing in the relevant jurisdictions. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 簡明綜合財務報表附註 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 簡明綜合財務報表附註 8. 期內盈利 8. Profit for the Period Six months ended 30 June 截至6月30日止6個月
9. Dividends 期內已派發截至2025年12月31日止年度每 A final dividend of HK$0.093 per share was paid in respect of 股0.093元之末期股息（2025年：派發截 the year ended 31 December 2025 (2025: a final dividend of 至2024年12月31日止年度每股0.045元 HK$0.045 per share was paid for the year ended 31 December 之末期股息）給予股東。 2024) to shareholders during the current period. 董事議決派發每股0.112元（2025年： The directors determined that an interim dividend of HK$0.112 0.066元）之中期股息給予在2026年8月19 (2025: HK$0.066) per share should be paid to the shareholders 日名列於股東名冊內之本公司股東。 of the Company whose names appear on the Register of Members on 19 August 2026. 10. 每股盈利 10. Earnings Per Share 每股盈利乃以本公司擁有人應佔本期間盈利 The calculation of earnings per share is based on the profit 1,373,041,000元（2025年：811,096,000 for the period attributable to the owners of the Company of 元）及期內已發行普通股加權平均數 HK$1,373,041,000 (2025: HK$811,096,000) and weighted 4,295,000,000股（2025年：4,295,000,000股） average number of 4,295,000,000 (2025: 4,295,000,000) 為基準計算。 ordinary shares in issue during the period. 由於兩個期間內並無未行使之潛在普通 No diluted earnings per share in both periods was presented 股，因此並無呈列每股攤薄盈利。 as there were no potential ordinary shares outstanding during both periods. 11. 添置物業、廠房及設備 11. Additions to Property, Plant and Equipment 期內，添置物業、廠房及設備12.31億元 During the period, there were additions of HK$1,231 million （2025年：14.26億元），以拓展業務。 (2025: HK$1,426 million) to property, plant and equipment to expand its operations. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 簡明綜合財務報表附註 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 簡明綜合財務報表附註 12. 存貨 12. Inventories
13. Trade and Other Receivables and Prepayments （續） (Continued) 本集團給予客戶的平均信貸期為45至90日 The Group allows its customers an average credit period of （2025年：45至90日）。以下為報告期末按 45 to 90 days (2025: 45 to 90 days). The following is an aged 發票日期呈列之上述應收貿易賬款（不括 analysis of above trade receivables (excluding those backed 有票據質押）賬款的賬齡分析。 by bills) presented based on the invoice date at the end of the reporting period.
簡明綜合財務報表附註 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 簡明綜合財務報表附註 14. 應付貿易及其他賬款 14. Trade and Other Payables
貿易購貨之平均賒賬期由30至90日（2025 from 30 to 90 days (2025: 30 to 90 days). The following is an 年：30至90日）不等。下表為於報告期末按 aged analysis of the above trade payables presented based on 發票日期之上述應付貿易賬款之賬齡分析。 the invoice date at the end of the reporting period.
15. Share Capital Number of ordinary shares Amount 普通股數目 金額 HK$’000 千元 Authorised: 法定： Ordinary shares of HK$0.025 each 於2025年1月1日， at 1 January 2025, 31 December 2025 2025年12月31日及 and 30 June 2026 2026年6月30日 每股0.025元的普通股 8,000,000,000 200,000 Issued and fully paid: 已發行及繳足： Ordinary shares of HK$0.025 each 於2025年1月1日，2025年12月 at 1 January 2025, 31 December 2025 31日及2026年6月30日 and 30 June 2026 (Note) 每股0.025元的普通股 4,295,000,000 （附註） 107,375 附註： Note: 於兩個期間並無購回股份。 There was no share repurchase during the both periods. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 簡明綜合財務報表附註 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 簡明綜合財務報表附註 16. 經?租約 16. Operating Leases 集團作為出租人 The Group as lessor 於報告期末，租賃之應收最低租賃付款如 At the end of the reporting period, minimum lease payments 下： receivable on leases are as follows:
18. Related and Connected Party Disclosures 期內，本集團與相關人士（若干人士亦同時 During the period, the Group had significant transactions 根據上市規則被視作為關連人士）進行重大 with related parties, certain of which are also deemed to be 交易。期內與該等人士進行的重大交易如 connected parties pursuant to the Listing Rules. Significant 下： transactions with these parties during the period are as follows:Six months ended 30 June 截至6月30日止6個月
簡明綜合財務報表附註 For the six months ended 30 June 2026 截至2026年6月30日止6個月18. 相關及關連人士披露 18. Related and Connected Party Disclosures （續） (Continued) 附註： Notes: (i) 理文化工集團由本公司董事李文俊博士及 (i) LMC Group is beneficially owned and controlled by Mr. Lee Man 李文斌先生之聯繫人士李文恩先生實益擁 Yan, an associate of Dr. Lee Man Chun Raymond and Mr. Lee 有及控制。 Man Bun, the directors of the Company. (ii) 該等公司由李運博士（於 2026年 6 (ii) The companies are ultimately controlled by Mr. Ng Yu Hung, a 月30日，其持有及被視為擁有本公司 step brother of Dr. Lee Wan Keung Patrick. Dr. Lee Wan Keung 475,346,920股普通股份權益）之繼兄弟伍 Patrick held and is deemed to be interested in 475,346,920 于鴻先生最終控制。 ordinary shares of the Company as at 30 June 2026. (iii) 該公司由本公司董事李文俊博士及李文斌 (iii) The company is indirectly controlled by Ms. Lee Man Ching, a 先生之妹妹╱姐姐李文禎女士間接控制。 sister of Dr. Lee Man Chun Raymond and Mr. Lee Man Bun, the directors of the Company. (iv) 該公司由本公司董事李文俊博士及李文斌 (iv) The company is beneficially owned and controlled by Dr. Lee 先生實益擁有及控制。 Man Chun Raymond and Mr. Lee Man Bun, the directors of the Company. (v) 該公司由本公司一間附屬公司之董事 (v) The company is controlled by Mr. Wong Sak Kuan, a director of a 黃日巨錕先生控制。 subsidiary of the Company. 19. 審閱中期賬目 19. Review of Interim Accounts 本簡明綜合中期財務報表均未經審核，惟 The condensed consolidated interim financial statements are 經審核委員會審閱。 unaudited, but have been reviewed by the Audit Committee. INTERIM DIVIDEND/CLOSURE OF REGISTER OF MEMBERS 中期股息╱暫停辦理股份過戶登記 中期股息 Interim Dividend 董事會議決宣派截至2026年6月30日止6個月之 The Board has resolved to declare an interim dividend of HK$0.112 中期股息每股0.112元（2025年：0.066元） (2025: HK$0.066) per share for the six months ended 30 June 2026 予2026年8月19日名列於股東名冊內之股東。預 to shareholders whose names appear on the Register of Members 期中期股息將於2026年9月3日派付予股東。 on 19 August 2026. It is expected that the interim dividend will be paid around 3 September 2026. 暫停辦理股份過戶登記 Closure of Register of Members 本公司將於2026年8月17日至2026年8月19日 The Register of Members will be closed from 17 August 2026 to 19 （首尾兩天括在內）暫停辦理股份過戶登記手 August 2026, both days inclusive, during which period no transfer of 續。為符合獲派中期股息之資格，所有過戶文件 shares can be registered. In order to qualify for the interim dividend, 連同有關股票最遲須於2026年8月14日下午4時 all transfers accomplished by the relevant share certificates must be 30分前送達本公司之股份過戶登記分處卓佳證 lodged with the Company’s Branch Share Registrars, Tricor Investor 券登記有限公司，地址為香夏愨道16號遠東 Services Limited, at 17th Floor, Far East Finance Centre, 16 Harcourt 金融中心17樓，以辦理登記手續。 Road, Hong Kong for registration no later than 4:30 p.m. on 14 August 2026. BUSINESS REVIEW AND OUTLOOK 業務回顧及展望 業務回顧及展望 Business Review and Outlook In the first half of 2026, underpinned by resilient exports, gradually 2026年上半年，中國造紙行業在出口保持韌 recovery in consumer demand and ongoing adjustments to the 性、消費需求逐步修復及行業供給結構持續調整 industry’s supply structure, the overall operating environment for 的背景下，整體經?環境較去年同期改善。期 the paper manufacturing industry in China improved compared 內，中國經濟保持穩定增長，外貿表現突出，中 with the same period last year. During the period, the Chinese 國貨物貿易進出口總額超過人民幣25萬億元， economy maintained steady growth with remarkable performance 同比增長16.9%，為裝、物流及消費相關用紙 in terms of foreign trade. The total value of China’s imports and 需求提供支持。 exports of goods exceeding RMB25 trillion, representing a year-on-year increase of 16.9%, which supported demand for paper used in packaging, logistics and consumer goods. The Group actively seized the opportunities arising from export 本集團積極把握出口增長及市場需求改善帶來的 growth and improving market demand. Through its sustained 機遇，持續發揮漿紙一體化布局、海外產能配置 strengths such as deployment of pulp and paper integration, 及技術升級等優勢，不斷推動成本下降，整體經 overseas production capacity allocation and technological ?表現錄得顯著提升。 advancements, the Group has consistently reduced costs, delivering a marked improvement in operating results. The Group’s total revenue for the six months ended 30 June 2026 本集團截至2026年6月30日止6個月之總收入比 increased by 21.3% to HK$14.8 billion as compared with the same 去年同期上升21.3%至148億元，純利上升 period last year. Net profit increased by 69.3% to HK$1.4 billion. 69.3%至14億元。期內每股盈利31.97仙 Earnings per share for the period were HK31.97 cents (2025: （2025年：18.88仙）。 HK18.88 cents). The board of directors has declared an interim dividend of HK11.2 董事會宣派2026年中期股息每股11.2仙（2025 cents per share for 2026 (2025: HK6.6 cents). 年：6.6仙）。 行業及業務回顧 Industry and Business Review During the first half of 2026, the paper manufacturing industry in 2026年上半年，中國造紙行業仍處於「低位復 China remained at the stage of “low-level recovery with structural 甦、結構分化」階段。雖然市場供給整體仍較充 divergence”. Although overall market supply continued to be 裕，行業競爭持續，但在內需逐步改善、出口保 relatively ample and industry competition persisted, the profitability 持增長及部分落後產能退出的帶動下，行業盈利 of the industry improved year-on-year, driven by a gradual recovery 水平同比有所改善。根據行業統計數據，2026 in domestic demand, sustained export growth and the phasing 年1月至5月，全國機製紙及紙板行業實現利潤 out of some obsolete production capacity. According to industry 總額人民幣158.5億元，同比增長23.5%。與此 statistics, from January to May 2026, the national machine-made 同時，行業內部結構性分化態勢加劇，具備規模 paper and paperboard industry achieved profits of RMB15.85 billion 優勢、漿紙一體化布局及成本控制能力的企業， in aggregate, representing a year-on-year increase of 23.5%. At the 盈利改善較為明顯。 same time, structural divergence within the industry has intensified. A more notable improvement in profitability was observed among enterprises with economies of scale, pulp and paper integration, and robust cost control capabilities. For the raw materials, affected by relatively ample global pulp 原材料方面，受全球紙漿供應相對充裕影，上 supply, pulp prices remained generally low during the first half of 半年紙漿價格整體維持低位運行。同時，受惠於 the year. Meanwhile, benefiting from China’s export growth and a 中國出口增長及終端需求逐步回暖，部分紙種於 gradual recovery in end-user demand, certain paper categories saw 期內先後提價，市場價格及盈利能力逐步修復。 successive price increases during the period, alongside a gradual 在成本改善及需求回暖的共同推動下，行業整體 recovery in market prices and profitability. Driven by both cost 經?情況較去年同期有所改善。 improvements and demand recovery, the industry’s overall operating performance improved compared with the same period last year.For the business operation, the Group continued to capitalize on its 業務方面，本集團持續發揮漿紙一體化優勢，重 advantages in pulp and paper integration. The steady supply of raw 慶、江西及廣西崇左三個紙漿生產基地持續提供 materials from its three pulp production bases in Chongqing, Jiangxi, 穩定原材料供應，進一步提升供應鏈穩定性及成 and Chongzuo in Guangxi further enhanced its supply chain stability 本競爭力。受惠於國內消費需求逐漸回暖，衛生 and cost competitiveness. Benefiting from the gradual recovery in 紙業務保持穩健表現；同時，隨著中國貨物貿易 domestic consumer demand, the tissue paper business delivered 出口維持增長及海內外市場需求改善，裝紙業 solid performance. In the meantime, underpinned by the sustained 務錄得良好增長，為本集團業績提供有力支持。 growth in China’s trade exports and improving demand across both domestic and overseas markets, the packaging paper business recorded sound growth, providing strong support to the Group’s results. In addition, the Group continued to advance technological 此外，本集團持續推進技術改造、自動化升級及 transformation, automation upgrades, and energy-saving and 節能增效項目，進一步提升生產效率及產能利用 efficiency-enhancement projects, further improving production 率。海外業務方面，越南及馬來西亞生產基地繼 efficiency and capacity utilization. For the overseas business, the 續發揮區域布局優勢，不僅滿足當地市場需求， production bases in Vietnam and Malaysia continued to leverage 亦有助本集團開拓東南亞及其他海外市場，進一 their regional positioning advantages, not only serving local market 步提升全球供應鏈協同效益。 demand, but also facilitating the Group’s expansion into Southeast Asia and other overseas markets, thereby further enhancing the synergistic benefits of the global supply chain. Business Prospects 業務前景 Packaging paper remains the Group’s core business. With 裝紙業務為本集團的主要核心業務。隨著國家 government policies being rolled out to boost consumption, stabilize 持續推出提振消費、穩外貿及支持製造業發展等 foreign trade and support manufacturing development, industrial 政策措施，有望帶動工業生產、物流運輸及零售 production, logistics and transportation as well as retail activities 活動增長，支持裝用紙需求穩步提升。同時， are expected to gain momentum, thereby steadily increasing the 中國出口保持韌性，本集團積極開拓東南亞、中 demand for packaging paper. Moreover, China’s export stayed 東、中亞及其他「一帶一路」沿線新興市場，將有 resilient, as the Group actively expanded into emerging markets in 助推動跨境貿易及製造業供應鏈活動持續增長， Southeast Asia, the Middle East, Central Asia and those along the 為裝紙市場帶來支持。 “Belt and Road”. This will help drive sustained growth in cross-border trade and manufacturing supply chain activities, giving strong support to the packaging paper market. BUSINESS REVIEW AND OUTLOOK 業務回顧及展望 Although changes in the geopolitical and international trade 雖然地緣政治及國際貿易環境變化或將帶來物流 environment may lead to volatility in logistics and transport costs, 及運輸成本波動，但隨著行業供需關係逐步改 the packaging paper market is expected to maintain a steady growth 善，裝紙市場有望保持平穩發展。本集團將繼 as demand-supply dynamics in the industry gradually improve. 續發揮越南及馬來西亞生產基地的區域布局優 The Group will continue to capitalize on the strategic regional 勢，把握海外市場及全球供應鏈重組帶來的機 advantages of its production bases in Vietnam and Malaysia, seizing 遇，進一步提升裝紙業務競爭力及市場份額。 opportunities arising from overseas markets and the restructuring of global supply chains, thereby further enhancing the competitiveness and market share of its packaging paper business. For the tissue paper business, with continued national policy support 衛生紙業務方面，隨著國家持續推動提振消費政 to boost consumption, gradually rising household purchasing 策、居民消費能力逐步改善，以及消費對品 power, and consumer’s growing demand for high-quality, healthy 質、健康及環保產品需求不斷提升，預期生活用 and environmentally friendly products, the tissue paper market is 紙市場將保持穩定增長。中國人均生活用紙消費 poised for steady growth. Per capita consumption of tissue paper in 量與成熟市場相比仍具增長空間，中高端產品需 China still has room for growth compared with mature markets, and 求預計將持續增加。本集團將繼續推動產品升 demand for mid- to high-end products is expected to continue to 級，透過優化產品組合、提升產品品質及生產效 rise. The Group will continue to drive product upgrades and further 率，進一步增強市場競爭力及盈利能力。 enhance its market competitiveness and profitability by optimizing its product portfolio and improving product quality and production efficiency. The pulp business is integral to the Group’s vertical integration 紙漿業務是本集團垂直整合策略的重要一環。重 strategy. The three pulp production bases in Chongqing, Jiangxi 慶、江西及廣西崇左三個紙漿生產基地持續為下 and Chongzuo in Guangxi continue to provide a stable supply of 游裝紙及衛生紙業務提供穩定的木漿及竹漿 wood pulp and bamboo pulp to the downstream packaging paper 供應，有助提升供應鏈穩定性、成本競爭力及整 and tissue paper businesses, contributing to enhance supply chain 體產業鏈協同效益。本集團將持續深化漿紙一體 stability, cost competitiveness and overall synergies across the 化布局，進一步加強原材料保障能力及規模優 industrial chain. The Group will continue to deepen its pulp and 勢。為配合未來業務發展及市場需求增長，本集 paper integration, further strengthening its raw material security and 團正於廣西貴建設一所新的漿廠，因地理位置 economies of scale. To support future business development and 優越，可進一步完善產業鏈布局，並開拓更多元 growing market demand, the Group is currently constructing a new 化產品，展望發展護理系產品，以觸及更廣闊的 pulp mill in Guigang, Guangxi. Benefiting from its advantageous 客戶群，廣西貴漿廠預計將於2027年投入生 geographical location, this facility will further optimize the industrial 產，為本集團長遠發展及盈利能力提升提供更堅 chain layout and facilitate the expansion into a more diversified 實支持。 product offering, with a view to developing the prospective personal care products to serve a wider consumer base. The pulp factory in Guigang is expected to commence production in 2027, providing a more solid foundation for the Group’s long-term development and enhanced profitability. Looking ahead to the second half of the year, China’s paper industry 展望下半年，中國造紙行業預計將延續溫和復甦 is expected to continue its moderate recovery. As policies aimed 趨勢。隨著推動投資回穩、加大促消費力度等政 at stabilizing investment and boosting consumption continue to 策持續落實，內需市場有望逐步改善，而出口及 be implemented, the domestic market is expected to improve 電商物流需求亦將繼續為裝紙市場提供支持。 gradually, while demand from exports and e-commerce logistics will 雖然新增產能釋放、原材料價格波動及全球經濟 continue to underpin the packaging paper market. Notwithstanding 環境變化仍為行業帶來挑戰，但具備規模優勢、 the ongoing challenges posed by the release of new capacity, 垂直整合能力及成本競爭力的企業將更具抗風險 fluctuations in raw material prices and changes in the global 能力。本集團將繼續深化漿紙一體化布局，推進 economic environment, companies with economies of scale, vertical 技術改造及產能優化，提升?運效率及市場競爭 integration capabilities and cost competitiveness will demonstrate 力，把握內需升級、出口增長及海外市場拓展所 stronger risk resilience. The Group will continue to deepen its pulp 帶來的發展機遇，致力為股東創造長期及可持續 and paper integration, advance technological transformation and 回報。 production capacity optimization, enhance operational efficiency and market competitiveness, and capitalize on the development opportunities presented by the domestic demand upgrades, export growth and the expansion of overseas markets, while striving to create long-term and sustainable returns for shareholders. Conclusion 結語 The Group would like to express its sincere gratitude to its 本集團衷心感謝一直以來全體員工及股東的大力 employees and shareholders for their unwavering support. Building 支持，憑藉本集團於造紙業的龍頭地位以及貫徹 on its leadership in the paper manufacturing industry and the 始終的穩健發展優勢，本集團將進一步提升盈利 advantages supporting its consistent solid development, the Group 能力，為股東、員工及社會創造更大利益。 will strive for higher profitability, thereby creating yet greater value for shareholders, employees and society. MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析 經?業績 Results of Operation Revenue, the profit for the period and the profit for the period 截至2026年6月30日止6個月的收入、期內盈利 attributable to owners of the Company for the six months ended 及期內本公司擁有人之應佔盈利分別為148.42億 30 June 2026 were HK$14,842 million, HK$1,373 million and 元、13.73億元及13.73億元，而去年同期 HK$1,373 million, respectively and that for the corresponding period 則分別為122.36億元、8.11億元及8.11億 last year were HK$12,236 million, HK$811 million and HK$811 元。期內，每股盈利為31.97仙，而去年同期 million, respectively. The earnings per share for the period was 為18.88仙。 HK31.97 cents as compared to HK18.88 cents for the corresponding period last year. The Group’s active promotion of industrial chain integration over 本集團多年來積極推動產業鏈一體化，因而能靈 the years which allows the Group to flexibly deploy the supply of 活調配原材料供應，體現經?模式帶來的優勢。 raw materials and to embody the strengths brought by its business 因此，截至2026年6月30日止6個月的盈利比去 model. As a result, the profit for the six months ended 30 June 2026 年同期上升69.3%。 was increased by 69.3% as compared to that for the corresponding period last year. 分銷及銷售費用 Distribution and Selling Expenses The Group’s distribution and selling expenses was HK$374 million 本集團截至2026年6月30日止6個月的分銷及銷 for the six months ended 30 June 2026 as compared to HK$307 售費用為3.74億元，而去年同期為3.07億 million for the corresponding period last year. It represented about 元。截至2026年6月30日止6個月的分銷及銷售 2.5% of the revenue for the six months ended 30 June 2026 and 費用佔收入約2.5%，與去年同期相若。 was comparable to the corresponding period last year. 日常及行政費用 General and Administrative Expenses The Group’s general and administrative expenses was HK$695 本集團截至2026年6月30日止6個月的日常及行 million for the six months ended 30 June 2026 as compared to 政費用為6.95億元，而去年同期為5.90億 HK$590 million for the corresponding period last year. It represented 元。截至2026年6月30日止6個月的日常及行政 about 4.7% of the revenue for the six months ended 30 June 費用佔收入約4.7%，較去年同期的4.8%下跌。 2026 and was decreased as compared to that of 4.8% for the corresponding period last year. 財務成本 Finance Costs The Group’s total finance costs (including the interest on lease 本集團截至2026年6月30日止6個月的總借貸成 liabilities and amount capitalised) was HK$336 million for the six 本（括租賃負債利息及資本化金額）為3.36億 months ended 30 June 2026 as compared to HK$389 million for 元，而去年同期為3.89億元。成本下降主要由 the corresponding period last year. The decrease was mainly due to 於期內銀行貸款平均利率有所下降。 the decrease in average interest rate on bank borrowings during the period. 存貨、應收賬款及應付賬款周轉期 Inventories, Debtors’ and Creditors’ Turnover The inventory turnover of the Group’s raw materials and finished 本集團於截至2026年6月30日止6個月的原料及 products were 55 days and 11 days, respectively, for the six 製成品存貨周轉期分別為55日及11日，相比截 months ended 30 June 2026 as compared to 60 days and 18 days, 至2025年12月31日止年度則分別為60日及18 respectively, for the year ended 31 December 2025. 日。 The Group’s debtors’ turnover day was 46 days for six months 本集團於截至2026年6月30日止6個月的應收賬 ended 30 June 2026 as compared to 41 days for the year ended 31 款周轉期為46日，相比截至2025年12月31日止 December 2025. This is in line with the credit terms granted by the 年度則為41日。此符合本集團給予客戶的信貸 Group to its customers. 期。 The Group’s creditors’ turnover days were 50 days for the six months 本集團於截至2026年6月30日止6個月的應付賬 ended 30 June 2026 as compared to 61 days for the year ended 31 款周轉期為50日，相比截至2025年12月31日止 December 2025. 年度則為61日。 流動資金、財務資源及資本結構 Liquidity, Financial Resources and Capital Structure The total shareholders’ fund of the Group (comprising of the 於2026年6月30日，本集團的股東資金（括本 Company’s ordinary share capital, the Group’s reserves and non- 公司普通股股本、本集團儲備及少數股東權益） controlling interests) as at 30 June 2026 was HK$33,156 million 總額為331.56億元（2025年12月31日：304.51 (31 December 2025: HK$30,451 million). As at 30 June 2026, the 億元）。於2026年6月30日，本集團的流動資 Group had current assets of HK$13,310 million (31 December 2025: 產達133.10億元（2025年12月31日：129.68 HK$12,968 million) and current liabilities of HK$11,961 million (31 億元），而流動負債則為119.61億元（2025 December 2025: HK$11,350 million). The current ratio was 1.11 as 年12月31日：113.50億元）。於2026年6月30 at 30 June 2026, as comparable to 1.14 as at 31 December 2025. 日的流動比率為1.11，於2025年12月31日則為 1.14。 The Group generally finances its operations with internal generated 本集團一般以內部產生的現金流量，以及中澳 cash flow and credit facilities provided by its principal bankers in 主要往來銀行提供的信貸備用額作為業務的?運 Hong Kong, Macau and the PRC. As at 30 June 2026, the Group 資金。於2026年6月30日，本集團的未償還銀行 had outstanding bank borrowings of HK$21,855 million (31 貸款為218.55億元（2025年12月31日：210.06December 2025: HK$21,006 million). These bank loans were secured 億元）。該等銀行借貸由本公司若干附屬公司 by corporate guarantees provided by certain subsidiaries of the 提供的公司擔保作為抵押。於2026年6月30日， Company. As at 30 June 2026, the Group maintained bank balances 本集團持有銀行結餘及現金19.04億元（2025 and cash of HK$1,904 million (31 December 2025: HK$1,942 年12月31日：19.42億元）。於截至2026年6月million). The Group’s net debt-to-equity ratio (total borrowings net 30日止6個月，由於本集團盈利增加，並充分利 of cash and cash equivalents over shareholders’ equity) decreased 用其資本平衡了借貸和權益令股東權益增加，本 from 0.63 as at 31 December 2025 to 0.60 as at 30 June 2026 as 集團的淨資本負債比率（借貸總額減現金及現金 the result of the increase in shareholders’ equity since the Group’s 等價物除以股東權益）由2025年12月31日的0.63 net profit increased and made good use of its capital to balance its 下降至2026年6月30日的0.60。 debt and equity during the six months ended 30 June 2026. The Group possesses sufficient cash and available banking facilities 本集團具備充裕的現金及可供動用的銀行備用額 to meet its commitments and working capital requirements. 以應付集團的承擔及?運資金需要。 MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析 The Group’s transactions and the monetary assets are principally 本集團的交易及貨幣資產主要以元、人民幣及 denominated in Hong Kong dollars, Renminbi and United States 美元計值。截至2026年6月30日止6個月，本集 dollars. The Group has not experienced any material difficulties 團的?運或流動資金未曾因匯率波動而面臨任何 or effects on its operations or liquidity as a result of fluctuations 重大困難或影。本集團採用貨幣結構工具，外 in currency exchange rates during the six months ended 30 June 幣借貸或其他途徑作外幣風險對沖之用。 2026. The Group has used currency structured instruments, foreign currency borrowings or other means to hedge its foreign currency exposure.（未完）  |