Nine Dragons Paper (Holdings) Limited (2689) released its unaudited interim results for the six months ended 31 December 2025. Highlights include an 8.30% increase in sales volume to 12.40 million tonnes and revenue up 11.20% to RMB37.22 billion. Gross profit rose 67.40% to RMB5.35 billion, and net profit grew 225.10% to RMB2.21 billion. Profit attributable to equity holders climbed 318.80% to RMB1.97 billion, pushing earnings per share to RMB0.42, an increase of 320.00%.

During the reporting period, the company stated that higher average selling prices, stable cost control, and ongoing efforts to improve operational efficiency supported profit growth. Sales of linerboard still generated the largest share of revenue, complemented by printing and writing paper, high-value specialty paper, and pulp sales. The company maintained favorable turnover days for inventory and receivables, while total equity reached RMB52.49 billion as of 31 December 2025.

In terms of capacity expansion, the company reported that total annual design production capacity is now approximately 25.40 million tonnes for paper and 8.20 million tonnes for fiber raw materials, alongside plans to reach about 10.70 million tonnes in fiber raw materials. According to the announcement, no interim dividend was declared for the reporting period. The company expressed a cautiously optimistic outlook, citing continued policy support and efforts geared toward long-term sustainability and integrated pulp and paper production.