玖龙纸业2024/2025中期业绩报告

Corporate Information2Main Products4Chairlady’s Report10Management Discussion and Analysis13Corporate Governance and Other Information21Condensed Consolidated Balance Sheet31Condensed Consolidated Income Statement33Condensed Consolidated Statement of Comprehensive Income35Condensed Consolidated Statement of Changes in Equity36Condensed Consolidated Statement of Cash Flows37Notes to the Condensed Consolidated Interim Financial Information39Investor Relations and Communications with Shareholders69Definition71 Corporate Information BOARD OF DIRECTORSExecutive Directors Ken Liu Ms. Cheung YanJP(Chairlady)Mr. Liu Ming Chung(Deputy Chairman and Chief Executive Officer)Mr. Zhang Cheng Fei(Deputy Chairman and Deputy Chief Executive Officer)Mr. Ken Liu(Deputy Chairman and Vice President)Mr. Lau Chun Shun(Vice President)Mr. Zhang Lianpeng(Vice President)Mr. Zhang Yuanfu(Chief Financial Officer)Ms. Zhang Lianru(Deputy Chief Financial Officer) Independent Non-Executive DirectorsMr. Lam Yiu KinMs. Chan Man Ki, MaggieMH, JPDr. Li HuiqunDr. Cao Zhenlei(appointed on 2 October 2024)Mr. Ng Leung SingSBS, JP(retired on 3 December 2024) EXECUTIVE COMMITTEEMs. Cheung YanJP(Chairlady) Mr. Liu Ming ChungMr. Zhang Cheng FeiMr. Lau Chun Shun AUDIT COMMITTEEMr. Lam Yiu Kin(Chairman) Ms. Chan Man Ki, MaggieMH, JPDr. Li HuiqunDr. Cao Zhenlei REMUNERATION COMMITTEEMs. Chan Man Ki, MaggieMH, JP(Chairlady) Mr. Lam Yiu KinDr. Li HuiqunMr. Liu Ming ChungMr. Zhang Cheng Fei NOMINATION COMMITTEEMs. Cheung YanJP(Chairlady) Mr. Lam Yiu KinMs. Chan Man Ki, MaggieMH, JPDr. Li HuiqunMr. Zhang Cheng Fei CORPORATE GOVERNANCE COMMITTEEDr. Li Huiqun(Chairlady) Mr. Lam Yiu KinMs. Chan Man Ki, MaggieMH, JPMs. Cheung YanJPMr. Zhang Cheng Fei ACGHKACG AUTHORISED REPRESENTATIVESMr. Zhang Cheng Fei Ms. Cheng Wai Chu, JudyACG, HKACG COMPANY SECRETARYMs. Cheng Wai Chu, JudyACG, HKACG ACGHKACG 2024/2025Interim Report Corporate Information (Continued) Clarendon House, 2 Church Street REGISTERED OFFICEClarendon House, 2 Church StreetHamilton HM 11, Bermuda Hamilton HM 11, Bermuda HONG KONG OFFICE 181One Harbour Square221(852) 3929 3800(852) 3929 3890 Unit 1, 22/F., One Harbour Square181 Hoi Bun Road, Kwun TongKowloon, Hong KongTel:(852) 3929 3800Fax:(852) 3929 3890 AUDITOR PricewaterhouseCoopersCertified Public Accountants andRegistered Public Interest Entity Auditor Conyers Dill & Pearman LEGAL ADVISERS Conyers Dill & Pearman (Bermuda)Sidley Austin (Hong Kong)Zhong Lun Law Firm (PRC) PRINCIPAL BANKERS Bank of CommunicationsBank of ChinaThe Export-Import Bank of ChinaAgricultural Bank of ChinaIndustrial and Commercial Bank of ChinaChina Merchants BankChina Construction BankChina Minsheng BankPostal Savings Bank of China SHARE REGISTRAR AND TRANSFER OFFICE Principal:Conyers Corporate Services (Bermuda) LimitedClarendon House2 Church StreetHamilton HM 11Bermuda Conyers Corporate Services (Bermuda) LimitedClarendon House2 Church StreetHamilton HM 11Bermuda Hong Kong branch:Tricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt Road, Hong KongTel:(852) 2980 1333Fax:(852) 2810 8185 愨1617(852) 2980 1333(852) 2810 8185 WEBSITE www.ndpaper.comwww.irasia.com/listco/hk/ndpaper www.ndpaper.comwww.irasia.com/listco/hk/ndpaper MAIN PRODUCTS 1) KRAFTLINERBOARD1)Kraftlinerboard Kraftlinerboard is unbleached linerboard manufacturedfrom unbleached wood pulp and recovered paper. TheGroup classifies different classes of products into NineDragonsand Sea Dragon so as to cater to thedifferent needs of the customers. 2)TestlinerboardTestlinerboardis made of 100%recovered paper.It 2) meetscertain customers’requirements for lower costandenvironmentally friendly purposes.The Groupclassifies different classes of products into Land Dragonhighperformance testlinerboard,Sea Dragontestlinerboard,Land Dragon testlinerboard and RiverDragontestlinerboard so as to cater to the differentneeds of the customers. 100% 3)White Top LinerboardWhite top linerboard is a three-ply sheet of which the 3) surface layer is bleached, and caters to customers thatrequirea white surface for appearance or superiorprintability.The Group classifies different classes ofproducts into Nine Dragons and Sea Dragon so as tocater to the different needs of the customers. 4)Coated Linerboard 4) Coatedlinerboard is a four-ply sheet of which thesurfacelayer is coated on bleached wood pulp.Itpossessesthe characteristics of high performance(asthat of kraftlinerboard) and high printability (as that ofcoatedduplex board),which can replace thetraditional coated duplex board. The Group classifiesdifferentclasses of products into Nine Dragons,SeaDragonand Land Dragon so as to cater to thedifferent needs of the customers. Main Products (Continued) BLEACHED FOLDING BOXBOARD PLUSPLUS Bleached folding boxboard is a one-side or both-side coatedpaper that has been calendered and finished with the surfaceand bottom layers of raw paper in bleached kraft pulp andth