PDF《2009 /10》

Pearman (百慕达) 君合律师事务所 (中国) 盛德律师事务所 (香港) 主要往来银行 中国银行有限公司 中国银行 (香港) 有限公司 中国农业银行 交通银行 招商银行 国家开发银行 股份过户登记处 总处: Butter?eld Fund Services (Bermuda) Limited Rosebank Centre

11 Bermudiana Road Pembroke, HM

08 Bermuda 香港分处: 卓佳证券登记有限公司 香港湾仔皇后大道东28号 金钟汇中心26楼

电话:(852)

2980 1333 传真:(852)

2810 8185 网址 www.ndpaper.com www.irasia.com/listco/hk/ndpaper 玖龙纸业 (控股) 有限公司 NINE DRAGONS PAPER (HOLDINGS) LIMITED

4 董事长报告Chairlady'

s Statement Dear Shareholders, On behalf of Nine Dragons Paper (Holdings) Limited and its subsidiaries, I present the interim results for the six months ended

31 December

2009 (the Period ). On behalf of the Board, I would also like to express my heartfelt gratitude to all shareholders and friends from various communities for their care extended to the Group. Since mid 2009, the global economy began to show signs of recovery. On top of that, the Chinese government launched a series of measures to stimulate the economy, promoting domestic demand thus enabling the Chinese paper-making industry to rebound from its trough and demonstrate a strong growth momentum. Keener demand for packaging paper products from various sectors has thus offered the Group tremendous growth potential. Under an economic climate that was gradually recovering, as the largest containerboard manufacturer in Asia, the Group leveraged on its robust strength and visionary development strategy and continued to witness business growth, with a total design production capacity now reaching 8.82 million tpa. After the successful production commencement of Tianjin base in September 2009, the Group'

s Dongguan, Taicang, Chongqing and Tianjin bases have formed a network of four key strategic locations, expanding its customer bases across China'

s main manufacturing hubs. The Group has used an orderly but flexible approach in implementing its market-oriented capacity enhancement and expansion plans, in order to ?rmly grasp the opportunities arising from market recovery. At present, the proportion of the Group'

s sales related to domestic consumption has reached about 85%. As for export, the economic rebound is bringing more room to the growth of the industry, the bene?ts of which are expected to emerge gradually in the second half of 2010. The Group maintains an optimistic attitude on this trend and will further capitalize on its leadership advantages in the industry, in order to further elevate its pro?t performance to higher benchmarks. 致各位股东: 本人谨代表玖龙纸业 (控股) 有限公司及 其附属公司提呈截至二零零九年十二月 三十一日止六个月 ( 「本期间」 ) 之中期业 绩,并代表董事会向各位股东以及关心 本集团发展的社会各界朋友表示衷心的 感谢! 二零零九年中以来,全球经济环境初现 复苏迹象,加上中国政府推出一系列的 刺激经济措施,促进内需增长,令国内造 纸行业的经营环境走出低谷,展现出强 大的发展力量.由於各行各业对於包装 纸品的需求越来越殷切,给本集团带来 巨大的增长潜力.作为亚洲第一箱板原 纸生产商,本集团在逐渐回暖的经济环 境下凭藉雄厚的实力和具前瞻性的发展 策略,业务持续获得增长,总设计产能现 已达882万吨.天津基地於二零零九年九 月顺利投产后,本集团的东莞、太仓、重 庆以及天津基地形成了四大战略布局, 积极扩展国内各主要制造业中心的客户 网络,并运用循序渐进而灵活的模式, 进行以市场为主导的产能优化和扩产计 划,牢牢把握住市场复苏的机遇,目前 有关内需的销售比例已达到约85%.出 口方面,经济回暖带来更大的行业增长 空间,预料於二零一零年下半年将可逐 渐体现,对此本集团保持乐观的态度并 将继续发挥业内龙头的优势,以期令利 润表现百尺竿头,更进一步. 董事长报告Chairlady'