Beta
Today
Raw materials & energyCapital & Financial MarketsPortfolio & StrategyOperations & FootprintMarkets & Customers 23 Sep 2026

Nine Dragons Paper doubles annual profit as revenue rises 18.6%

Nine Dragons Paper Holdings reported full-year net profit of USD 533.4m (CNY 3.581bn), against USD 263.2m (CNY 1.767bn) a year earlier. Revenue rose 18.6% to USD 11.172bn (CNY 75.000bn) from USD 9.421bn (CNY 63.241bn). Earnings per share came to USD 0.11 (CNY 0.76), against USD 0.06 (CNY 0.38).

Why this mattersA doubling of profit at one of Asia's largest containerboard producers is the clearest read yet on margins in China's packaging paper chain.

  • Full-year net profit reached USD 533.4m (CNY 3.581bn), against USD 263.2m (CNY 1.767bn) a year earlier
  • Revenue rose 18.6% to USD 11.172bn (CNY 75.000bn) from USD 9.421bn (CNY 63.241bn)
  • Earnings per share rose to USD 0.11 (CNY 0.76) from USD 0.06 (CNY 0.38)
  • Company targets 1.32m tonnes net new paper capacity by end 2027, including a 700,000-tonne containerboard replacement line in Beihai and 620,000 tonnes of new capacity in Dongguan
  • Pulp capacity to rise 2.5m tonnes by end 2027, with a 600,000-tonne pulp line in Taicang expected online in Q2 2028
  • Company resumed dividend with RMB 0.10 per share for FY2026, a 13% payout ratio, targeting recurring payouts above 20% from FY2027
  • Debt ratio stood at 67.6% in FY2026, with management targeting 50% in FY2027 and 30% long term
  • Dongguan base plans 500,000 tonnes/year of pulp capacity and 620,000 tonnes/year of kraft paper capacity, both by H2 2027
  • Taicang base in Jiangsu plans 600,000 tonnes/year of pulp capacity by Q2 2028, as previously flagged with full-year results
  • Kraftliner sales volumes rose 7.0 percent to 12.4m tonnes and corrugating medium volumes rose 9.0 percent to 5.6m tonnes in FY2026
  • White board and cultural paper volumes jumped 95.1 percent and 54.6 percent to about 2.0m and 1.7m tonnes respectively on new capacity
  • Gross margin rose 3.1 percentage points to 14.6 percent in FY2026
  • Adjusted for impairment and disposal losses, net profit was CNY 3.99bn (USD 595m)
Nine Dragons Paper
Sources rttnews.com finance.sina.com.cn ZH news.futunn.com ZH k.sina.cn ZH keji.hzdx.com ZH feng.ifeng.com ZH-HA
Relevant to you?

Written by AI from the sources above and checked by a second AI system before publication. No human wrote or edited this story. How it is made.

Updates

  • 2026-09-27 · Edited before publication: Currency order reversed against house style; rebuilt with USD first and CNY in brackets, EPS converted as well. Conversions at CNY 6.713 verified. Why-it-matters trimmed of the inference about regional demand, which the source does not support.
  • 2026-09-27 · Edited before publication: Both revenue conversions were misrounded at the supplied rate of USD 1 = CNY 6.713: CNY 75.000bn is USD 11.172bn and CNY 63.241bn is USD 9.421bn. Profit, EPS and the 18.6% growth rate are correct. Summary and the two affected bullets restated.
  • 2026-09-28 · Update: Nine Dragons Paper detailed FY2026 results further: it plans 1.32m tonnes of new paper capacity and 2.5m tonnes of new pulp capacity by end 2027, resumed a dividend, and is targeting lower debt.
  • 2026-09-30 · Further coverage added: news.futunn.com
  • 2026-10-02 · Update: Nine Dragons Paper's annual report details the Dongguan and Taicang expansions previously flagged with its results, splitting the Dongguan addition into 500,000 t/y of pulp and 620,000 t/y of kraft paper capacity, both due in the second half of 2027.
  • 2026-10-03 · Further coverage added: keji.hzdx.com
  • 2026-10-06 · Update: Nine Dragons Paper details FY2026 volume and margin drivers behind its profit doubling: kraftliner volumes up 7.0 percent to 12.4m tonnes, white board volumes up 95.1 percent to about 2.0m tonnes on new capacity, and gross margin up 3.1 percentage points to 14.6 percent.