ND Paper reported unaudited results for H1 ended 31 December 2025, with revenue of CNY37.2 billion (+11.2%) on sales volume of 12.4 million tonnes (+8.3%). Gross profit rose to CNY5.3 billion (+67.4%) and net profit increased to CNY2.2 billion (up 3.3x), while profit attributable to equity holders climbed to CNY2.0 billion (up 4.2x). Basic and diluted EPS were CNY0.42 (up 3.2x). Operating profit was CNY3.4 billion (+113.4%) and net finance costs were CNY808.3 million (+4.7%). By product, sales of packaging paper were CNY33.1 billion, printing and writing paper CNY3.7 billion, high value specialty paper products CNY320.6 million, and pulp CNY57.9 million. ND Paper said it continued advancing its integrated pulp-and-paper strategy and reported completed start-up of capacity expansion projects in Beihai (Guangxi) and Jingzhou (Hubei) during the period; as of 31 December 2025, total design capacity was about 8.2 million tonnes per annum for fiber raw materials and about 25.4 million tonnes per annum for paper. The board did not declare an interim dividend for H1.

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