理文造纸2025年报

CONTENT目錄 ABOUT LEE & MAN PAPER關於理文造紙 PRODUCTS產品 Kraft Linerboard牛咭紙Test Linerboard掛面牛咭紙Coated Duplex Board塗布白板紙High StrengthCorrugating Medium高強瓦楞芯紙Pulp木漿Tissue Paper衛生紙 AREA地區 1Dongguan (Huangyong)東莞（潢涌）2Jiangsu (Changshu)江蘇（常熟）3Guangdong (Hongmei)廣東（洪梅）4Chongqing (Yongchuan)重慶（永川）5Jiangxi (Jiujiang)江西（九江）6Vietnam (Hau Giang)越南（后江）7Malaysia (Selangor)馬來西亞（雪蘭莪）8Guangxi (Chongzuo)廣西（崇左） 2 Jiangsu Lee & Man江蘇理文Annual1.12 million tons of paperproductioncapacity:年產能：112萬噸紙 1 Dongguan Lee & Man東莞理文Annual590,000 tons of paperproductioncapacity:年產能：59萬噸紙 3 Guangdong Lee & Man廣東理文 4 Chongqing Lee & Man重慶理文Annual900,000 tons of paper,production450,000 tons of pulp andcapacity:550,000 tons of tissuepaper年產能：90萬噸紙、45萬噸木漿及55萬噸衛生紙 2.30 million tons of paper and110,000 tons of tissue paper230萬噸紙及11萬噸衛生紙 Annualproductioncapacity:年產能： 5 Jiangxi Lee & Man江西理文 6 Vietnam Lee & Man越南理文 Annual550,000 tons of paper/productionproductscapacity:年產能：55萬噸紙╱產品 Annual720,000 tons of paper,production200,000 tons of pulp andcapacity:240,000 tons of tissue paper年產能：72萬噸紙、20萬噸木漿及24萬噸衛生紙 7 Malaysia Lee & Man馬來西亞理文 8 Guangxi Chongzuo Lee & Man廣西崇左理文 Annual300,000 tons of pulp andproduction300,000 tons of tissue papercapacity:年產能：30萬噸木漿及30萬噸衛生紙 Annual1.40 million tons of paperproductioncapacity:年產能：140萬噸紙 董事會 BOARD OF DIRECTORS 執行董事 Executive directors 李文俊博士銀紫荊星章太平紳士（主席）李文斌先生榮譽勳章太平紳士（首席執行官）葉向勤先生李浩中先生李經緯先生 Dr. Lee Man Chun RaymondSBS JP(Chairman)Mr. Lee Man BunMH JP(Chief Executive Officer)Mr. Yip Heong KanMr. Lee Jude Ho ChungMr. Li King Wai Ross 獨立非執行董事 Independent non-executive directors 周承炎先生羅詠詩女士銅紫荊星章太平紳士陳惠仁先生 Mr. Chau Shing Yim DavidMs. Lo Wing SzeBBS JPMr. Chan Wai Yan Ronald AUDIT COMMITTEE 審核委員會 周承炎先生（主席）羅詠詩女士銅紫荊星章太平紳士陳惠仁先生 Mr. Chau Shing Yim David(Chairman)Ms. Lo Wing SzeBBS JPMr. Chan Wai Yan Ronald 薪酬委員會 REMUNERATION COMMITTEE 周承炎先生（主席）羅詠詩女士銅紫荊星章太平紳士陳惠仁先生 Mr. Chau Shing Yim David(Chairman)Ms. Lo Wing SzeBBS JPMr. Chan Wai Yan Ronald 提名委員會 NOMINATION COMMITTEE 李文俊博士銀紫荊星章太平紳士（主席）周承炎先生羅詠詩女士銅紫荊星章太平紳士陳惠仁先生 Dr. Lee Man Chun RaymondSBS JP(Chairman)Mr. Chau Shing Yim DavidMs. Lo Wing SzeBBS JPMr. Chan Wai Yan Ronald 授權代表 AUTHORISED REPRESENTATIVES 李文俊博士銀紫荊星章太平紳士羅潔茹女士 Dr. Lee Man Chun RaymondSBS JPMs. Law Kit Yu 公司秘書羅潔茹女士 Ms. Law Kit Yu 註冊辦事處 REGISTERED OFFICE Cricket SquareHutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands Cricket SquareHutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands 總辦事處 PRINCIPAL OFFICE 香港北角電氣道169號理文商業中心39樓 39/F, Lee & Man Commercial Center169 Electric RoadNorth PointHong Kong 主要往來銀行 PRINCIPAL BANKERS 香港及澳門： In Hong Kong and Macau: 恒生銀行渣打銀行滙豐銀行中國銀行（香港） Hang Seng BankStandard Chartered BankHSBCBank of China (Hong Kong) 中國： In the PRC: 中國建設銀行中國銀行中國工商銀行 China Construction BankBank of ChinaIndustrial and Commercial Bank of China 核數師 AUDITOR 德勤•關黃陳方會計師行執業會計師註冊公眾利益實體核數師 Deloitte Touche TohmatsuCertified Public AccountantsRegistered Public Interest Entity Auditor 主要股份過戶登記處 PRINCIPAL SHARE REGISTRAR ANDTRANSFER OFFICE Suntera (Cayman) LimitedSuite 3204, Unit 2A, Block 3, Building D,P.O. Box 1586, Gardenia Court, Camana Bay,Grand Cayman, KY1-1100,Cayman Islands Suntera (Cayman) LimitedSuite 3204, Unit 2A, Block 3, Building D,P.O. Box 1586, Gardenia Court, Camana Bay,Grand Cayman, KY1-1100,Cayman Islands 香港股份過戶登記分處 HONG KONG BRANCH SHARE REGISTRARAND TRANSFER OFFICE 卓佳證券登記有限公司香港夏愨道16號遠東金融中心17樓 Tricor Investor Services Limited17th Floor, Far East Finance Centre16 Harcourt RoadHong Kong 網址 WEBSITE http://www.leemanpaper.com http://www.leemanpaper.com FINANCIAL HIGHLIGHTS財 務 摘 要 CHAIRMAN’S STATEMENT主 席 報 告CHAIRMAN’S STATEMENT主 席 報 告 業務回顧及展望 BUSINESS REVIEW AND OUTLOOK 2025年 ， 中 國 造 紙 行 業 在 產 量 微 增 的 同時利潤承壓，呈現出「總量增長、盈利分化」的格局。受制於原材料價格波動及下游需求復甦不均衡，行業整體獲利能力下降，企業經營表現分化顯著。本集團憑藉前瞻性的漿紙一體化、國際化及智能化戰略佈局，在複雜環境中展現強大韌性，成功把握市場機遇，實現了盈利能力的穩步提升與高質量增長。 In 2025, the paper manufacturing industry in the PRC recorded aslight increase in production output amid margin pressure, showing apattern of “increase in total production output yet divergence inearning performance”. Affected by price fluctuations in raw materialsand an uneven recovery in downstream demand, overall industryprofitability contracted and the business performance of marketparticipants differed significantly. Benefiting from its forward-lookingpulp and paper integration, world-wide presence, and intelligenttransformation strategy, the Group has demonstrated strongresilience in a complex environment and managed to seize marketopportunities, making steady improvement in profitability and high-quality growth. 截至2025年12月31日止年度，本集團總收 入 比 去 年 上 升2.5%至266億 港 元 ， 年度 盈 利 較 去 年 上 升43%至19億 港 元 。 年內每股盈利45.20港仙（2024年：30.56港仙）。 For the year ended 31 December 2025, the Group recorded totalrevenue of HK$26.6 billion, representing an increase of 2.5% fromthe previous year, while the profit for the year increased by 43% toHK$1.9 billion as compared to the previous year. Earnings per sharefor th