CROSBY Research – Nine Dragons (2689 HK/NR): FY25 NP upswing on GPM expansion

25 Sept 2025

ND reported its FY25 results (Yr ended Jun) with revenue amounting to Rmb63.2bn, representing a YoY increase of 6.3%. The major revenue contributor remained as its packaging paper business which consists of linerboard, high performance corrugating medium, coated duplex board and bleached folding boxboard, which in all accounted for 90.0% of the total sales in FY25. Sales vol. increased by 9.6% YoY to new record high of 21.5m tonnes while ASP dropped by 3.0% in FY25.