2016/17 2016/2017 Corporate Information Main Products Chairlady’s Report Management Discussion and Analysis Corporate Governance and Other Information Interim Consolidated Balance Sheet Interim Consolidated Statement of Profit or Loss Interim Consolidated Statement of Comprehensive Income Interim Consolidated Statement of Changes in Equity Interim Consolidated Statement of Cash Flows Notes to the Condensed Consolidated Interim Financial Information Investor Relations and Communications with Shareholders Definition 公司资料 主要产品 董事长报告 管理层讨论及分析 企业管治及其他资料 中期综合资产负债表 中期综合损益表 中期综合全面收入表 中期综合权益变动表 中期综合现金流量表 简明综合中期财务资料附注 投资者关系及与股东的沟通 释义 目录 CONTENTS Contents printed on Land Dragon 100% Recycled Fiber Offset Paper 内文印刷用纸：地龙牌100%再生纤维双胶纸 02 04 06 09 18 31 33 35 36 37 39 72 75 02 公司 资 料 CORPORATE INFORMATION 玖龙纸业（控股）有限公司 Nine Dragons Paper (Holdings) Limited 2016/2017 中期业绩报告 Interim Report BOARD OF DIRECTORS Executive Directors Ms. Cheung Yan JP (Chairlady) Mr. Liu Ming Chung (Deputy Chairman and Chief Executive Officer) Mr. Zhang Cheng Fei (Deputy Chief Executive Officer) Mr. Lau Chun Shun Mr. Zhang Yuanfu (Chief Financial Officer) Independent Non-Executive Directors Ms. Tam Wai Chu, Maria GBM, JP Mr. Ng Leung Sing SBS, JP Mr. Lam Yiu Kin EXECUTIVE COMMITTEE Ms. Cheung Yan JP (Chairlady) Mr. Liu Ming Chung Mr. Zhang Cheng Fei Mr. Lau Chun Shun AUDIT COMMITTEE Mr. Lam Yiu Kin (Chairman) Ms. Tam Wai Chu, Maria GBM, JP Mr. Ng Leung Sing SBS, JP REMUNERATION COMMITTEE Ms. Tam Wai Chu, Maria GBM, JP (Chairlady) Mr. Ng Leung Sing SBS, JP Mr. Lam Yiu Kin Mr. Liu Ming Chung Mr. Zhang Cheng Fei NOMINATION COMMITTEE Ms. Cheung Yan JP (Chairlady) Ms. Tam Wai Chu, Maria GBM, JP Mr. Ng Leung Sing SBS, JP Mr. Lam Yiu Kin Mr. Zhang Cheng Fei CORPORATE GOVERNANCE COMMITTEE Mr. Ng Leung Sing SBS, JP (Chairman) Ms. Tam Wai Chu, Maria GBM, JP Mr. Lam Yiu Kin Ms. Cheung Yan JP Mr. Zhang Cheng Fei AUTHORISED REPRESENTATIVES Mr. Zhang Cheng Fei Ms. Cheng Wai Chu, Judy ACS, ACIS COMPANY SECRETARY Ms. Cheng Wai Chu, Judy ACS, ACIS 董事会 执行董事 张茵女士太平绅士 （董事长） 刘名中先生 （副董事长兼行政总裁） 张成飞先生 （副行政总裁） 刘晋嵩先生 张元福先生 （财务总监） 独立非执行董事 谭惠珠女士大紫荆�煺拢�太平绅士 吴亮星先生银紫荆星章，太平绅士 林耀坚先生 执行委员会 张茵女士太平绅士 （主席） 刘名中先生 张成飞先生 刘晋嵩先生 审核委员会 林耀坚先生 （主席） 谭惠珠女士大紫荆�煺拢�太平绅士 吴亮星先生银紫荆星章，太平绅士 薪酬委员会 谭惠珠女士大紫荆�煺拢�太平绅士 （主席） 吴亮星先生银紫荆星章，太平绅士 林耀坚先生 刘名中先生 张成飞先生 提名委员会 张茵女士太平绅士 （主席） 谭惠珠女士大紫荆�煺拢�太平绅士 吴亮星先生银紫荆星章，太平绅士 林耀坚先生 张成飞先生 企业管治委员会 吴亮星先生银紫荆星章，太平绅士 （主席） 谭惠珠女士大紫荆�煺拢�太平绅士 林耀坚先生 张茵女士太平绅士 张成飞先生 授权代表 张成飞先生 郑慧珠女士ACS ，ACIS 公司秘书 郑慧珠女士ACS ，ACIS 03 公司 资 料 CORPORATE INFORMATION 玖龙纸业（控股）有限公司 Nine Dragons Paper (Holdings) Limited 2016/2017 中期业绩报告 Interim Report REGISTERED OFFICE Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda HONG KONG OFFICE Unit 1, 22/F., One Harbour Square, 181 Hoi Bun Road, Kwun Tong, Kowloon, Hong Kong Tel: (852) 3929 3800 Fax: (852) 3929 3890 AUDITOR PricewaterhouseCoopers LEGAL ADVISERS Conyers Dill & Pearman (Bermuda) Sidley Austin (Hong Kong) Zhong Lun Law Firm (PRC) PRINCIPAL BANKERS Bank of China Bank of China (Hong Kong) Bank of Communications China Development Bank Agricultural Bank of China China Merchants Bank SHARE REGISTRAR AND TRANSFER OFFICE Principal: Codan Services Limited Clarendon House 2 Church Street Hamilton HM 11 Bermuda Hong Kong branch: Tricor Investor Services Limited Level 22, Hopewell Centre, 183 Queen’s Road East, Hong Kong Tel: (852) 2980 1333 Fax: (852) 2810 8185 WEBSITE www.ndpaper.com www.irasia.com/listco/hk/ndpaper 注册办事处 Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda 香港办事处 香港九龙观塘海滨道181号 One Harbour Square 22楼1室 电话：(852) 3929 3800 传真：(852) 3929 3890 核数师 罗兵咸永道会计师事务所 法律顾问 Conyers Dill & Pearman（百慕达） 盛德律师事务所（香港） 中伦律师事务所（中国） 主要往来银行 中国银行 中国银行（香港） 交通银行 国家开发银行 中国农业银行 招商银行 股份过户登记处 总处： Codan Services Limited Clarendon House 2 Church Street Hamilton HM 11 Bermuda 香港分处： 卓佳证券登记有限公司 香港皇后大道东183号 合和中心22楼 电话：(852) 2980 1333 传真：(852) 2810 8185 网址 www.ndpaper.com www.irasia.com/listco/hk/ndpaper 04 主 要 产 品 MAIN PRODUCTS 2016/2017 中期业绩报告 Interim Report 玖龙纸业（控股）有限公司 Nine Dragons Paper (Holdings) Limited 01 LINERBOARD CATEGORY 1) Kraftlinerboard (Kraftliner) Kraftlinerboard is unbleached linerboard manufactured from unbleached kraft pulp and recovered paper. The Group classifies different classes of products into Nine Dragons and Sea Dragon so as to cater to the different needs of the customers. 2) Testlinerboard (Testliner) Testlinerboard is made of 100% recovered paper. It meets certain customers’ requirements for lower cost and environmentally friendly purposes. The Group classifies different classes of products into Land Dragon kraftlinerboard, Sea Dragon testlinerboard and Land Dragon testlinerboard so as to cater to the different needs of the customers. 3) White Top Linerboard (White Top Liner) White top linerboard is a three-ply sheet of which the surface layer is bleached, and caters to customers that require a white surface for appearance or superior printability. The Group classifies different classes of products into Nine Dragons and Sea Dragon so as to cater to the different needs of the customers. 4) Coated Linerboard (Coated Kraftliner) Coated linerboard is a four-ply sheet of which the surface layer is coated on bleached kraft pulp. It possesses the characteristics of high performance (as that of kraftlinerboard) and high printability (as that of coated duplex board), which can replace the traditional coated duplex board and are widely used on the pre-printed products. 02 HIGH PERFORMANCE CORRUGATING MEDIUM Compared to standard corrugating medium, high performance corrugating medium, which undergoes surface sizing, achieves superior strength and physical properties for the same basis weight, which reduces packaging weight, bulk and the amount of material used, allowing customers to save on shipping costs. The Group offers high performance corrugating medium ranging from 50�C180g/m2, of which light weight high performance corrugating medium of 50, 60 and 70 g/m2 are at a leading position in the industry. High performance corrugating medium satisfies the needs of the customers for different classes and weights. The Group classifies different classes of products into Nine Dragons, Sea Dragon and Land Dragon so as to cater to the different needs of the customers. 01 卡纸类 1) 牛卡纸 牛卡纸是一种以本色木浆及 废纸制造的本色卡纸。集团分 别以玖龙、海龙区分不同档次 产品，以适应客户不同需求。 2) 环保牛卡纸 环保牛卡纸（「再生牛卡纸」）乃 由100%废纸制造，切合若干 客户低成本及更符合环保的要 求。集团分别以地龙牛卡纸、 海龙再生纸、地龙再生纸区分 不同档次产品，以适应客户不 同需求。 3) 白面牛卡纸 白面牛卡纸是三层的纸张，其 中面层已漂白，以迎合需要白 色表面作为外观或超强印刷 适性的客户。集团分别以玖 龙、海龙区分不同档次产品， 以适应客户不同需求。 4) 涂布牛卡纸 涂布牛卡纸是四层的纸张，其 中面层是在 漂白浆 上 进行涂 布，兼顾牛卡纸强度高和涂布 白板纸适印性好的优点，既可 替代传统的涂布白板纸使用， 亦可广泛应用於预印产品。 02 高强瓦楞芯纸 与标准瓦楞芯纸比较，相同基重及 已作表面施胶的高强瓦楞芯纸能达 至超强的强度及物理特性，能减轻 包装重量、减小体积及所用材料， 节省客户的运送成本。集团可提供 50�C180g/m2范围的高强瓦楞纸，其 中50、60、70g/m2低 克 重 高强 度 瓦楞纸处於行业领先地位，能满足 广大客户对纸种档次及克重需求。 集团分别以玖龙、海龙、地龙区分 不同档次产品，以适应客户不同需 求。 05 2016/2017 中期业绩报告 Interim Report 玖龙纸业（控股）有限公司 Nine Dragons Paper (Holdings) Limited 03 COATED DUPLEX BOARD Coated duplex board is a type of boxboard with a glossy coated surface on one side for superior printability. This product is typically used as packaging material for small boxes that require high quality printability, such as consumer electronic products, cosmetics or other consumer merchandise. It can also be used in combination with high performance corrugating medium and linerboard for the outer layer of corrugated board. The Group classifies different classes of products into Nine Dragons, Sea Dragon, Land Dragon and River Dragon so as to cater to the different needs of the customers. 04 PRINTING AND WRITING PAPER CATEGORY 1) Uncoated Woodfree Paper (Offset Paper) Uncoated woodfree paper is suitable for printing books, teaching materials, magazines, notebooks and colour pictures. The Group offers high quality uncoated woodfree paper of 53�C140g/m2. This product has passed FSC certification. The Group classifies different classes of products into Nine Dragons, Sea Dragon and Land Dragon so as to cater to the different needs of the customers. 2) Office Paper (Copy Paper) Office paper is suitable for colour printing and copying, colour inkjet and digital printing, highspeed black and white printing and copying for office uses. The surface of this product is processed with special technologies, minimizing the wear of office equipments. It has passed FSC certification. The recycled fiber multi-function office paper under the Sea Dragon brand is made of recovered paper and is more environmentally friendly. 03 涂布灰底白板纸 涂布灰底白板纸为一种纸板，纸板 的一面有光滑的涂布面层，以致具 备 优 越 的印 刷 适 性。涂 布 灰 底白 板纸一般用作需要高质印刷适性的 小型彩盒包装物料，例如：电子消 费品、化妆品或其他消费商品的包 装，亦可连同高强瓦楞芯纸及卡纸 用作瓦楞纸板的外层。集团分别以 玖龙、海龙、地龙及江龙区分不同 档次产品，以适应客户不同需求。 04 文化纸类 1) 双胶纸 双 胶纸适 用於印刷书刊、教 材、 杂 志、笔 记 本、彩 色 图 片，集 团可提 供53�C140g/m2 高品质双胶纸，本产品已通过 FSC认证。集团分别以玖龙、 海龙、地龙区分不同档次 产 品，以适应客户不同需求。 2) 办公用纸 办公用纸适 用於 彩色打印及 复印、彩色喷墨及数码印刷、 办公用高速黑白打印及复印。 本产品经过特殊技术处理纸 张表面，使 办公设备磨损降 至最低，已通过FSC认证。其 中海龙牌 再生 纤维多功能办 公用纸采用废纸制造，更符合 环保的要求。 06 董 事 长 报 告 CHAIRLADY’S REPORT 玖龙纸业（控股）有限公司 Nine Dragons Paper (Holdings) Limited 2016/2017 中期业绩报告 Interim Report Dear Shareholders, With favorable internal and external operating environment, the Group achieved outstanding performance in many aspects during the Period and more prominently exhibited its future development advantages and potential. As the leader in the packaging paper industry, the Group has established an enormous production and sales platform. In light of more stable business performance, the Group could grasp market opportunities for steady and prudent development in a timely manner, and take a leading position in China’s economic transformation and sustainable development. During the Period, the government continued to exercise stringent control over environmental protection with high pressure. The increase in paper-making projects was affected by faster closure of outdated and inefficient capacities and much more stringent approval requirements on new capacities, especially prohibition of approval on coal fired power plants. This resulted in orderly dynamics of supply and demand of packaging paper, which has given strong support to product pricing. With continuously improving industry fundamentals, notwithstanding the prices of the Group’s two major cost elements (recovered paper and coal) rose significantly during the Period, the Group was able to steadily elevate its profitability by passing on the cost increases through effective product sales price hikes. Meanwhile, although the Group did not have any new paper machine commencing production during the Period, both sales volume and sales achieved historical high during the Period due to internal optimization and upgrading of paper machines at production bases as well as effective strategies of the sales team. Total sales volume amounted to 7.1 million tonnes, representing an increase of 6.2% as compared with the corresponding period last year; total sales amounted to approximately RMB19,125.0 million, representing an increase of approximately 17.3% as compared with the corresponding period last year. For profitability, gross profit margin increased from 17.3% in the corresponding period last year to approximately 18.3%. Profit attributable to equity holders was approximately RMB1,914.7 million. If the exchange losses on operating and financing activities (net of tax) were excluded, profit attributable to equity holders was approximately RMB2,002.2 million for the Period, representing an increase of approximately 51.4% as compared with the corresponding period last year. During the Period, basic earnings per share of the Group was approximately RMB0.41. The Board has proposed an interim dividend of RMB5.0 cents per share. 致各位股东： 本集团在本期间内外经营状况良好，取 得多方面的优异成绩，并 进一步突显未 来的发展优势和潜力。作为包装纸行业 龙头，本集团已经建立了一个庞大的生产 和销售平台，业务表现更趋稳定的同时， 更能及时把握市场商机作稳健发展，在 中国经济转型及可持续发展道路上稳占 先机。 本期间内，政府继续高压严控环保，落 後和低效率的产能加快关停，新增产能 的审批更趋严格，特别是禁止对燃煤发 电厂的审批，影响了造纸项目的增加，令 包装纸的供需关系有序经营，对产品价 格提供有力的支持。随着行业基本面持 续改善，虽然本集团两项主要成本（废纸 及煤炭）价格於本期间显着上涨，但通过 有效上调产品销售价格转嫁，盈利仍可 稳步 增长。同时，本集团虽於本期间内 暂无新纸机投产，但得益於各生产基地 内部纸机优化改造及销售团队的高效策 略，本期间的销售量及销售额均创出历 史新高，总销售量达到710万吨，同比增 长6.2%，总销售额为约人民币19,125.0百 万元，较去年同期增加约17.3%。盈利表 现方面，毛利率由去年同期的17.3%提高 至约18.3%；权益持有人应占盈利约为人 民币1,914.7百万元，若不包括经营及融资 活动的汇兑亏损（扣除税项），本期间之权 益持有人应占盈利则为约人民币2,002.2 百万元，同比增长约51.4%。本期间本集 团每股 基 本盈利约为人 民币0.41元。董 事会已建议派付中期股息每股人民币5.0 分。 07 董 事 长 报 告 CHAIRLADY’S REPORT 玖龙纸业（控股）有限公司 Nine Dragons Paper (Holdings) Limited 2016/2017 中期业绩报告 Interim Report With further improvement and optimization of production set-up, the Group provides express services with ND Paper characteristics to even more customers to reduce their operating costs and improve their inventory management efficiency by means of this convenient and reliable service mode. This helps consolidate and expand customer network, and also reflects the Group’s gradual realization of efficient operation of comprehensive and integrated internal management. On capital management, the Group continued to maintain record of no bad debts, and continued to proactively reduce debt and optimize debt structure during the Period. During the Period, total borrowings further decreased by approximately RMB7,079.5 million to approximately RMB25,765.8 million, and net borrowings to total equity ratio continuously declined to approximately 71.2%. During the Period, total exchange losses (net of tax) of the Group decreased significantly from approximately RMB1,010.0 million in the corresponding period last year to approximately RMB87.5 million due to the Group’s continuous efforts on conversion of debts denominated in Euro into debts denominated in RMB and that Euro was relatively weaker than the US dollar. RMB debts accounted for approximately 69.3% of the Group’s total borrowings as of the end of December 2016. Subsequently, the Group will continue to keep attention on foreign exchange risk control. The Group develops its future strategic production roadmap according to the supply and demand situation of each regional market. Based on the current development plan, PM2(VN) at the Vietnam base will commence production by the end of June 2017, which will bring the Group’s total design production capacity to 14.08 million tpa. As for the markets in Mainland China, the design production capacity of the new paper machine at the Shenyang base will increase to 0.6 million tpa. Meanwhile, the Group has determined to expand production capacity at the Hebei Yongxin base due to faster elimination of outdated production capacities in northern China. Upon expansion, the two production bases of Shenyang and Hebei Yongxin are expected to see significant improvements in their economies of scale, while more synergy with Tianjin base will be created in product sales and recovered paper procurement, thus further strengthening the Group’s leadership position in northern China. In addition, the Group has also determined to add a paper machine at each of Chongqing base and Quanzhou base to further meet the demand of the local market. The new paper machines located in China mentioned above have been approved by the government and are planned to commence production successively in the 4th quarter of 2018. It is expected that the Group’s total design production capacity will exceed 16 million tpa by the end of 2018. 配合生 产布局的进一步完善和优化，本 集团亦对更多客户提供具有玖龙特色的 快 速服务，以方便而可靠的服务模式降 低客户营运成本，提高存货管理效率，除 有助巩固及扩展客户网络之外，同时也 反映出本集团逐渐实现内部管理全方位 一体化的高效运作。 资金管理方面，本集团继续保持无坏账 记录，并於本期间内继续积极减债及优 化债务结构，其中总借贷於本期间内再 减少约人民币7,079.5百万元至约人民币 25,765.8百万元，贷款净额对总权益比率 持续下降至约71.2%。本期间内，由於本 集团继续致力於将欧元债务转为人民币 债务，且欧元相对较美元为弱，本集团 的汇兑亏损总额（扣除税项）显着减少， 由去年同期的约人民币1,010.0百万元减 至约人民币87.5百万元。截至二零一六年 十二月末，本集团总借贷中约69.3%为人 民币贷款，後续将继续关注外汇风险的 管控。 本集团根据各区域市场的供需情况来制 订未来的战略生产布局。按照现时的发 展计划，越南基地的二号纸机预计将於 二零一七年六月底前投 产，届时本集团 总设计年产能预计将达到14.08百万吨。 在中国国内市场，渖阳基地新纸机的设 计年产能将增加至0.6百万吨；同时，面 对华北地区加快淘汰落後产能的市场环 境，本集团已决定在河北永新基地扩大 产能，扩产後渖阳和河北永新两个基地 的规模效益将可显着提升，同时增加与 天津基地在产品销售和废纸采购方面的 协同效应，令本集团在华北地区的龙头 优势更加突显。此外，本集团也决定在 重庆基地和泉州基地各增建一台纸机， 以进一步满足当地市场的需求。以上位 於中国的新纸机均已通过政府的审批， 计划在二零一八年第四季度陆续投产。预 料到二零一八年年底时，本集团的总设计 年产能将达到逾16百万吨。