02314 理文造纸 财务报表/环境、社会及管治资料：2025 中期报告
中 期 报 告INTERIM REPORT
(Incorporated in the Cayman Islands and its members’liability is limited) Stock Code: 2314
（于开曼群岛注册成立及其成员责任为有限）股份代号: 2314
| CONTENTS 目 录 |
|---|
2Corporate Information
公司资料
4Condensed Consolidated Statement of Profit or Los and Other Comprehensive Income
简明综合损益及其他全面收益表
6Condensed Consolidated Statement of Financial Position
简明综合财务状况表
8Condensed Consolidated Statement of Cash Flows
简明综合现金流量表
9Condensed Consolidated Statement of Changes in Equity
简明综合权益变动表
10Notes to the Condensed Consolidated Financial Statements
简明综合财务报表附注
26Interim Dividend/Closure of Register of Members
中期股息╱暂停办理股份过户登记
27Busines Review and Outlok
业务回顾及展望
31Management Discusion and Analysis
管理层讨论及分析
34Other Information
其他资料
| CORPORATE INFORMATION 公司资料 |
|---|
Le & Man Paper Manufacturing Limited 2025 Interim Report
Board of Directors
Executive directors
Dr. Le Man Chun Raymond SBS JP (Chairman)
Mr. Le Man Bun MH JP (Chief Executive Oficer)
Mr. Yip Heong Kan
Mr. Le Jude Ho Chung
Mr. Li King Wai Ros
Independent non-executive directors
Mr. Chau Shing Yim David
Ms. Lo Wing Sze BS JP
Mr. Chan Wai Yan Ronald
Audit Comite
Mr. Chau Shing Yim David (Chairman)
Ms. Lo Wing Sze BS JP
Mr. Chan Wai Yan Ronald
Remuneration Comite
Mr. Chau Shing Yim David (Chairman)
Ms. Lo Wing Sze BS JP
Mr. Chan Wai Yan Ronald
Nomination Comite
Dr. Le Man Chun Raymond SBS JP (Chairman)
Mr. Chau Shing Yim David
Ms. Lo Wing Sze BS JP
Mr. Chan Wai Yan Ronald
Authorised Representatives
Dr. Le Man Chun Raymond SBS JP
Ms. Law Kit Yu
Company Secretary
Ms. Law Kit Yu
Registered Ofice
Cricket Square
Hutchins Drive
P.O. Box 2681
Grand Cayman KY1-1111
Cayman Islands
董事会
执行董事
李文俊博士银紫荆星章 太平绅士（主席）
李文斌先生荣誉勋章 太平绅士（首席执行官）
叶向勤先生
李浩中先生
李经纬先生
独立非执行董事
周承炎先生
罗咏诗女士铜紫荆星章 太平绅士
陈惠仁先生
审核委员会
周承炎先生（主席）
罗咏诗女士铜紫荆星章 太平绅士
陈惠仁先生
薪酬委员会
周承炎先生（主席）
罗咏诗女士铜紫荆星章 太平绅士
陈惠仁先生
提名委员会
李文俊博士银紫荆星章 太平绅士（主席）
周承炎先生
罗咏诗女士铜紫荆星章 太平绅士
陈惠仁先生
授权代表
李文俊博士银紫荆星章 太平绅士
罗洁茹女士
公司秘书
罗洁茹女士
注册办事处
Cricket Square
Hutchins Drive
P.O. Box 2681
Grand Cayman KY1-1111
Cayman Islands
理文造纸有限公司 2025 中期报告
Principal Ofice
39/F, Le & Man Comercial Center
169 Electric Road
North Point
Hong Kong
Principal Bankers
In Hong Kong and Macau:
Hang Seng Bank
Standard Chartered Bank
HSBC
Bank of China (Hong Kong)
In the PRC:
China Construction Bank
Bank of China
Industrial and Comercial Bank of China
Auditor
Deloite Touche Tohmatsu
Certified Public Acountants
Registered Public Interest Entity Auditor
Principal Share Registrar
and Transfer Ofice
Suntera (Cayman) Limited
Suite 3204, Unit 2A, Block 3, Building D,
P.O. Box 1586, Gardenia Court, Camana Bay,
Grand Cayman, KY1-1100,
Cayman Islands
Hong Kong Branch Share Registrar
and Transfer Ofice
Tricor Investor Services Limited
17th Flor, Far East Finance Centre,
16 Harcourt Road, Hong Kong
Website
htp:/w.lemanpaper.com
总办事处
香港
北角
电气道169号
理文商业中心39楼
主要往来银行
香港及澳门：
恒生银行
渣打银行
汇丰银行
中国银行（香港）
中国：
中国建设银行
中国银行
中国工商银行
核数师
德勤•关黄陈方会计师行
执业会计师
注册公众利益实体核数师
主要股份过户登记处
Suntera (Cayman) Limited
Suite 3204, Unit 2A, Block 3, Building D,
P.O. Box 1586, Gardenia Court, Camana Bay,
Grand Cayman, KY1-1100,
Cayman Islands
香港股份过户登记分处
卓佳证券登记有限公司
香港夏悫道16号
远东金融中心17楼
网址
htp:/w.lemanpaper.com
| CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME 简明综合损益及其他全面收益表 |
|---|
| For the six months ended 30 June 2025 截至2025年6月30日止6个月 |
| 2025 (unaudited) （未经审核） HK$’000 千港元 |
|---|
| 12,236,271 (10,503,670) |
| 1,732,601 235,656 34 255 (307,331) (589,559) 3,814 12 (116,322) |
| 959,160 (148,261) |
| 810,899 223,040 |
| 1,033,939 |
Le & Man Paper Manufacturing Limited 2025 Interim Report
The board of directors of Le & Man Paper Manufacturing Limited
(the “Company”) is pleased to anounce the unaudited condensed
consolidated results of the Company and its subsidiaries (the
“Group”) for the six months ended 30 June 2025 together with the
comparative figures as folows:
CONDENSED CONSOLIDATED STATEMENT OF
PROFIT OR LOS AND OTHER COMPREHENSIVE
INCOME
For the six months ended 30 June 2025
(unaudited)
（未经审核）
NotesHK$’000
附注千港元
Revenue收入312,505,338
Cost of sales销售成本(10,877,045)
Gros profit毛利1,628,293
Other income其他收入4344,279
Impairment loses on trade receivables,
net of reversal
应收贸易账款减值亏损，
扣除回拨净额–
Other gains and loses, net其他净收益及亏损523,457
Distribution and seling expenses分销及销售费用(306,135)
General and administrative expenses日常及行政费用(604,621)
Share of result of an asociate应占联营公司业绩711
Share of result of a joint venture应占合营企业绩(32)
Finance costs财务成本6(178,268)
Profit before tax除税前盈利907,684
Income tax expense利得税支出7(102,160)
Profit for the period期内盈利8805,524
Other comprehensive income/(expense)其他全面收益╱（支出）
Item that may be reclasified
subsequently to profit or los:
其后可能重新分类至
损益之项目：
Exchange diferences arising on
translation of foreign operations
换算境外业务产生之
汇兑差额(263,282)
Total comprehensive income for the period期内总全面收益542,242
理文造纸有限公司（「本公司」）董事会欣然公布，
本公司及其附属公司（「本集团」）截至2025年6月
30日止6个月未经审核简明综合业绩，连同比较
数字如下：
简明综合损益及其他全面收益表
截至2025年6月30日止6个月
| 2025 (unaudited) （未经审核） HK$’000 千港元 |
|---|
| 811,096 – (197) |
| 810,899 |
| 1,033,903 – 36 |
| 1,033,939 |
| 193,275 |
| 283,470 |
| HK cents 港仙 18.88 |
理文造纸有限公司 2025 中期报告
(unaudited)
（未经审核）
NotesHK$’000
附注千港元
Profit/(los) for the period
atributable to:
以下人士应占期内
盈利╱（亏损）：
Owners of the Company:本公司拥有人：
– Ordinary shareholders－普通股东760,212
– Perpetual capital securities holders－永续资本证券持有人945,473
Non-controling interests非控股权益(161)
805,524
Total comprehensive income/(expense)
atributable to:
以下人士应占总全面
收益╱（支出）：
Owners of the Company:本公司拥有人：
– Ordinary shareholders－普通股东496,943
– Perpetual capital securities holders－永续资本证券持有人945,473
Non-controling interests非控股权益(174)
542,242
Dividends:股息：9
– Dividend paid－已付股息262,015
– Interim dividend declared－宣派中期股息266,290
HK cents
港仙
Earnings per share每股盈利1017.69
| CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION 简明综合财务状况表 |
|---|
| At 30 June 2025 于2025年6月30日 |
| 30 June 2025 2025年 6月30日 (unaudited) （未经审核） HK$’000 千港元 |
|---|
| 40,540,261 1,201,889 557,971 711,077 124,045 80,437 268,000 |
| 43,483,680 |
| 4,565,677 53,779 6,001,423 19,631 1,656,830 |
| 12,297,340 |
| 3,088,332 14,003 67,045 12,343 92,395 9,008,450 |
| 12,282,568 |
Le & Man Paper Manufacturing Limited 2025 Interim Report
31 December
2024年
12月31日
(audited)
（经审核）
NotesHK$’000
附注千港元
NON-CURENT ASETS非流动资产
Property, plant and equipment物业、厂房及设备1139,604,313
Right-of-use asets使用权资产1,221,275
Investment properties投资物业559,745
Deposits paid for acquisition of property,
plant and equipment
购置物业、厂房及设备
所付订金943,363
Interest in an asociate联营公司权益120,208
Interest in a joint venture合营企业权益80,426
Trade and other receivables and
prepayments
应收贸易及其他账款及
预付款项13268,000
42,797,330
CURENT ASETS流动资产
Inventories存货124,419,341
Loan to a joint venture合营企业贷款54,612
Trade and other receivables and
prepayments
应收贸易及其他账款及
预付款项136,553,937
Amounts due from related companies应收关连公司款项3,960
Bank balances and cash银行结余及现金1,521,179
12,553,029
CURENT LIABILITIES流动负债
Trade and other payables应付贸易及其他账款143,492,581
Amounts due to related companies应付关连公司款项14,468
Tax payable应付税项45,441
Lease liabilities租赁负债14,730
Contract liabilities合约负债84,757
Bank borowings银行借贷8,931,380
12,583,357
| 30 June 2025 2025年 6月30日 (unaudited) （未经审核） HK$’000 千港元 |
|---|
| 14,772 |
| 43,498,452 |
| 12,915,366 46,619 1,682,628 |
| 14,644,613 |
| 28,853,839 |
| 107,375 28,737,355 |
| 28,844,730 9,109 |
| 28,853,839 |
理文造纸有限公司 2025 中期报告
31 December
2024年
12月31日
(audited)
（经审核）
NoteHK$’000
附注千港元
NET CURENT ASETS/(LIABILITIES)流动资产╱（负债）净值(30,328)
TOTAL ASETS LES CURENT
LIABILITIES
资产总值减流动负债
42,767,002
NON-CURENT LIABILITIES非流动负债
Bank borowings银行借贷13,050,914
Lease liabilities租赁负债52,683
Defered tax liabilities递延税项负债1,650,230
14,753,827
28,013,175
CAPITAL AND RESERVES股本及储备
Share capital股本15107,375
Reserves储备27,896,727
Equity atributable to owners of
the Company
本公司拥有人应占权益
28,004,102
Non-controling interests非控股权益9,073
28,013,175
| CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS 简明综合现金流量表 |
|---|
| For the six months ended 30 June 2025 截至2025年6月30日止6个月 |
| 2025 (unaudited) （未经审核） HK$’000 千港元 |
|---|
| 1,237,588 |
| (922,565) – (707) (79) – 1,639 7,784 1,535 |
| (912,393) |
| (63,555) 83,359 (193,275) – – – – (11,456) |
| (184,927) |
| 140,268 1,521,179 (4,617) |
| 1,656,830 |
Le & Man Paper Manufacturing Limited 2025 Interim Report
Six months ended 30 June
截至6月30日止6个月
(unaudited)
（未经审核）
NotesHK$’000
附注千港元
Net cash from operating activities经营业务所得现金净额161,096
Net cash used in investing activities投资业务所用现金净额
Purchases of and deposit paid for acquisition
of property, plant and equipment
购置物业、厂房及设备
及其所付订金(1,385,726)
Payments of right-of-use asets使用权资产付款(4,399)
Loan to a joint venture合营企业贷款(995)
Aditions to investment properties新增投资物业(541)
Aditions to interest in an asociate新增联营公司权益(7,451)
Proceds on disposal of property,
plant and equipment
出售物业、厂房及
设备所得款项1,354
Interest received已收利息7,149
Repayment from a joint venture合营企业还款12,462
(1,378,147)
Net cash (used in) from financing activities融资活动（所用）所得现金
净额
Net bank borowings (repaid) raised（偿还）筹集银行贷款净额2,705,464
Advances drawn from bils discounted
with recourse
附追索权之贴现票据
预付款738,055
Dividends paid已付股息9(262,015)
Payment on repurchase of shares支付购回股份15(28,839)
Distribution paid on perpetual capital
securities
已付永续资本证券
分派9(45,473)
Repurchase of perpetual capital securities永续资本证券购回16(53,347)
Redemption of perpetual capital securities永续资本证券赎回16(1,587,737)
Repayments of leases liabilities偿还租赁负债(12,745)
1,453,363
Net increase in cash and cash equivalents现金及现金等价物增加净额236,312
Cash and cash equivalents brought forward现金及现金等价物承前结余1,517,149
Efect of exchange rates changes汇率变动之影响(7,090)
Cash and cash equivalents caried forward
represented by bank balances and cash
现金及现金等价物结转
银行结余及现金1,746,371
| CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 简明综合权益变动表 |
|---|
| For the six months ended 30 June 2025 截至2025年6月30日止6个月 |
理文造纸有限公司 2025 中期报告
Atributable to owners of the Company
归属于本公司拥有人
Share
capital
Share
premium
Translation
reserve
Capital
contribution
reserve
Legal
reserve
Special
reserve
Other
reserve
Retained
profits
Sub-
total
Perpetual
capital
securities
Non-
controling
interests
Total
equity
股本股份溢价汇兑储备出资储备法定公积金特别储备其他储备留存盈利小计
永续资本
证券
非控股
权益权益总额
NotesHK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000
附注千港元千港元千港元千港元千港元千港元千港元千港元千港元千港元千港元千港元
At 1 January 2025于2025年1月1日107,37530,858(3,241,394)12,55297(2,999)46,17231,051,44128,004,102–9,07328,013,175
Profit/(los) for the period期内盈利╱（亏损）–811,096811,096–(197)810,899
Exchange diference arising
on translation of foreign
operations
换算境外业务产生
之汇兑差额
–222,807–222,807–233223,040
Total comprehensive income
for the period
期内总全面收益
–222,807–811,0961,033,903–361,033,939
Dividends recognised as
distributions
确认为分派之股息
9–(193,275)(193,275)–(193,275)
At 30 June 2025于2025年6月30日107,37530,858(3,018,587)12,55297(2,999)46,17231,669,26228,844,730–9,10928,853,839
At 1 January 2024于2024年1月1日107,72030,858(3,400,262)12,55297(2,999)73,06130,295,40127,116,4281,641,0849,45028,766,962
Profit/(los) for the period期内盈利╱（亏损）–760,212760,21245,473(161)805,524
Exchange diference arising
on translation of foreign
operations
换算境外业务产生
之汇兑差额
–(263,269)–(263,269)–(13)(263,282)
Total comprehensive (expense)/
income for the period
期内总全面（支出）╱
收益–(263,269)–760,212496,94345,473(174)542,242
Share repurchased and canceled股份购回及注销15(345)–(28,494)(28,839)–(28,839)
Dividends recognised as
distributions
确认为分派之股息
9–(262,015)(262,015)–(262,015)
Distribution paid on
perpetual capital securities
永续资本证券
已付分派9–(45,473)–(45,473)
Perpetual capital
securities repurchased
永续资本证券
购回16–702–702(53,347)–(52,645)
Perpetual capital
securities redemed
永续资本证券
赎回16–(27,591)–(27,591)(1,587,737)–(1,615,328)
At 30 June 2024于2024年6月30日107,37530,858(3,663,531)12,55297(2,999)46,17230,765,10427,295,628–9,27627,304,904
| NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 简明综合财务报表附注 |
|---|
| For the six months ended 30 June 2025 截至2025年6月30日止6个月 |
Le & Man Paper Manufacturing Limited 2025 Interim Report
1. Basis of Preparation
The condensed consolidated financial statements have ben
prepared in acordance with Hong Kong Acounting Standard
(“HKAS”) 34 Interim Financial Reporting isued by the Hong
Kong Institute of Certified Public Acountants (“HKICPA”) as
wel as with the aplicable disclosure requirements of Apendix
D2 to the Rules Governing the Listing of Securities (“Listing
Rules”) on The Stock Exchange of Hong Kong Limited (the
“Stock Exchange”).
2. Principal Acounting Policies
The condensed consolidated financial statements have ben
prepared on the historical cost basis.
Other than aditional acounting policies resulting from
aplication of amendments to HKFRS Acounting Standards
and aplication of certain acounting policies which became
relevant to the Group, the acounting policies and methods
of computation used in the condensed consolidated financial
statements for the six months ended 30 June 2025 are the
same as those presented in the Group’s anual financial
statements for the year ended 31 December 2024.
Aplication of amendments to HKFRS Acounting Standards
In the curent interim period, the Group has aplied the
folowing amendments to HKFRS Acounting Standards isued
by the HKICPA, for the first time, which are mandatorily
efective for the Group’s anual period begining on 1
January 2025 for the preparation of the Group’s condensed
consolidated financial statements:
Amendments to HKAS 21Lack of Exchangeability
香港会计准则第21号（修订本）缺乏可兑换性
The aplication of the amendments to a HKFRS Acounting
Standard in the curent interim period has had no material
impact on the Group’s financial positions and performance for
the curent and prior periods and/or on the disclosures set out
in these condensed consolidated financial statements.
1. 编制基准
本简明综合财务报表乃按照香港会计师公
会（「香港会计师公会」）颁布之香港会计准
则（「香港会计准则」）第34号中期财务报
告，及香港联合交易所有限公司（「联交
所」）证券上市规则（「上市规则」）附录D2所
载之适用披露规定而编制。
2. 主要会计政策
本简明综合财务报表按历史成本法编制。
除应用经修订香港财务报告准则会计准则
所产生之附加会计政策及应用与本集团相
关之若干会计政策外，截至2025年6月30日
止6个月之简明综合财务报表所采用的会计
政策及计算方法，与本集团截至2024年12
月31日止年度财务报表所采用者一致。
应用经修订香港财务报告准则会计准则
于本中期间，本集团已首次采纳由香港
会计师公会颁布且已于2025年1月1日开始
之本集团年度期间强制生效的以下经修订
香港财务报告准则会计准则，以编制本集
团之简明综合财务报表：
本期间应用经修订香港财务报告准则会计
准则对本集团于本期间及过往期间之财务
状况及表现及╱或载于简明综合财务报表
之披露并无重大影响。
理文造纸有限公司 2025 中期报告
3. Revenue and Segment Information
Segment revenue and results
The folowing is an analysis of the Group’s revenue and results
by reportable segment:
Six months ended 30 June 2025
Packaging
paper
Tisue
paperPulp
Segment
totalEliminationsConsolidated
包装纸卫生纸木浆分部合计对销综合
HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000
千港元千港元千港元千港元千港元千港元
REVENUE收入
External sales对外销售9,138,7662,792,312305,19312,236,271–12,236,271
Inter-segment sales分部之间销售–1,183,9401,183,940(1,183,940)–
9,138,7662,792,3121,489,13313,420,211(1,183,940)12,236,271
SEGMENT PROFIT分部盈利463,261509,52472,3361,045,121–1,045,121
Net gain from fair value changes of
derivative financial instruments
衍生金融工具公允值
变动净收益600
Unalocated income未分类之收入51,816
Unalocated expenses未分类之支出(25,881)
Share of result of an asociate应占联营公司业绩3,814
Share of result of a joint venture应占合营企业绩12
Finance costs财务成本(116,322)
Profit before tax除税前盈利959,160
3. 收入及分部资料
分部收入及业绩
以下为按可报告分部划分之本集团收入及
业绩分析：
截至2025年6月30日止6个月
| NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 简明综合财务报表附注 |
|---|
| For the six months ended 30 June 2025 截至2025年6月30日止6个月 |
| 2025 HK$’000 千港元 |
|---|
| 67,771 18,158 12,429 7,117 57,090 33,439 1,166 38,486 |
| 235,656 |
Le & Man Paper Manufacturing Limited 2025 Interim Report
3. Revenue and Segment Information (Continued)
Segment revenue and results (Continued)
Six months ended 30 June 2024
Packaging
paper
Tisue
paperPulp
Segment
totalEliminationsConsolidated
包装纸卫生纸木浆分部合计对销综合
HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000
千港元千港元千港元千港元千港元千港元
REVENUE收入
External sales对外销售9,547,0902,515,580442,66812,505,338–12,505,338
Inter-segment sales分部之间销售–1,323,1871,323,187(1,323,187)–
9,547,0902,515,5801,765,85513,828,525(1,323,187)12,505,338
SEGMENT PROFIT分部盈利464,368465,176113,7771,043,321–1,043,321
Net gain from fair value changes of
derivative financial instruments
衍生金融工具公允值
变动净收益116
Unalocated income未分类之收入64,588
Unalocated expenses未分类之支出(22,752)
Share of result of an asociate应占联营公司业绩711
Share of result of a joint venture应占合营企业绩(32)
Finance costs财务成本(178,268)
Profit before tax除税前盈利907,684
4. Other Income
Six months ended 30 June
截至6月30日止6个月
HK$’000
千港元
Value aded tax and other tax refund增值税退款及其他退税72,660
Income from suply of steam and
electricity, net
供应蒸气及电力净收入
12,387
Income from wharf cargo handling, net经营码头货运净收入13,872
Interest income from banks银行利息收入6,268
Government subsidy income政府补助收入133,648
Rental income租金收入26,765
Write-back of trade and other payables拨回应付贸易及其他账款–
Others其他78,679
344,279
- （续）
分部收入及业绩（续）
截至2024年6月30日止6个月
4. 其他收入
| 2025 HK$’000 千港元 |
|---|
| (7,762) 7,417 600 |
| 255 |
| 2025 HK$’000 千港元 |
|---|
| 387,453 1,384 (272,515) |
| 116,322 |
理文造纸有限公司 2025 中期报告
5. Other Gains and Loses, Net
Six months ended 30 June
截至6月30日止6个月
HK$’000
千港元
Los on disposal of property, plant and
equipment, net
出售物业、厂房及
设备之净亏损(8,204)
Net foreign exchange diferences净汇兑差额31,545
Net gain from fair value changes of
derivative financial instruments
衍生金融工具公允值
变动净收益116
23,457
6. Finance Costs
Six months ended 30 June
截至6月30日止6个月
HK$’000
千港元
Interest on bank borowings and
bils discounted
银行借贷及贴现票据利息
460,748
Interest expense on lease liabilities租赁负债利息费用1,654
Les: amounts capitalised to property,
plant and equipment
减：物业、厂房及
设备之资本化金额(284,134)
178,268
5. 其他净收益及亏损
6. 财务成本
| NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 简明综合财务报表附注 |
|---|
| For the six months ended 30 June 2025 截至2025年6月30日止6个月 |
| 2025 HK$’000 千港元 |
|---|
| 46,195 44,659 26,488 |
| 117,342 (495) 31,414 |
| 148,261 |
Le & Man Paper Manufacturing Limited 2025 Interim Report
7. 利得税支出7. Income Tax Expense
Six months ended 30 June
截至6月30日止6个月
HK$’000
千港元
Income tax recognised in profit or los:于损益内确认之利得税：
Curent tax本期税项
– The PRC Enterprise Income Tax (“EIT”)－中国企业所得税
（「企业所得税」）31,121
– PRC witholding tax on dividend
distribution
－分派股息之中国预扣税
91,324
– Other jurisdictions－其他司法管辖区20,564
143,009
(Over)/under provision in previous years过往年度（超额）╱少计拨备
– The PRC EIT－中国企业所得税2,448
Defered tax递延税项
– Charge/(credit) to profit or los－计入╱（拨入）损益(43,297)
102,160
The Group’s profit is subject to taxation from the place of its
operations where its profit is generated and is calculated at the
rate prevailing in the relevant jurisdictions.
本集团之盈利须于其盈利赚取的营运地方
缴纳税项，税项按相关司法管辖区适用之
税率计算。
理文造纸有限公司 2025 中期报告
- （续）
中国
本集团于中国的附属公司之适用企业所得
税率为25%，而其中八间（2024年：七
间）附属公司于本集团截至2025年12月31
日止财政年度享有减免企业所得税率
15%。
香港
香港利得税于两个期间均按估计应课税盈
利以16.5%计算。
澳门
澳门补充税于两个期间均按估计应课税盈
利以12%计算。
越南
越南附属公司须按10%税率缴纳越南企业
所得税，其享有自首个产生盈利年度起计
四年获豁免企业所得税及随后九年50%
减免。于两个期间，越南附属公司均享有
10%越南企业所得税率的50%减免。
马来西亚
马来西亚附属公司于两个期间均须按24%
税率缴纳马来西亚企业所得税。
其他
其他司法管辖区产生的税项则按相关司法
管辖区适用之税率计算。
7. Income Tax Expense (Continued)
The PRC
The Group’s subsidiaries in the PRC are subject to corporate
income tax at the rate of 25% except that eight (2024: seven)
of these subsidiaries are entitled to preferential rate of 15% for
the Group’s financial year ending 31 December 2025.
Hong Kong
Hong Kong profits tax is calculated at 16.5% of the estimated
asesable profit for both periods.
Macau
Macau Complementary Tax are calculated at 12% on the
estimated asesable profits for both periods.
Vietnam
The Vietnam subsidiaries are subjected to Vietnam Corporate
Income Tax at a rate of 10%. They are entitled to a corporate
income tax exemption for four years from the first profit-
making year and a reduction of 50% for the folowing nine
years. The Vietnam subsidiaries are entitled a reduction of
50% of Vietnam Corporate Income Tax rate of 10% for both
periods.
Malaysia
The Malaysia subsidiaries are subjected to Malaysia Corporate
Income Tax at a rate of 24% for both periods.
Others
Taxation arising in other jurisdictions is calculated at the rates
prevailing in the relevant jurisdictions.
| NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 简明综合财务报表附注 |
|---|
| For the six months ended 30 June 2025 截至2025年6月30日止6个月 |
| 2025 HK$’000 千港元 |
|---|
| 25,275 740,258 88,061 |
| 853,594 (610,510) |
| 243,084 |
| 10,503,670 |
| 695,195 13,442 21,131 |
| 729,768 (602,744) |
| 127,024 |
| (18,371) 395 |
| (17,976) |
Le & Man Paper Manufacturing Limited 2025 Interim Report
8. Profit for the Period
Six months ended 30 June
截至6月30日止6个月
HK$’000
千港元
Profit for the period has ben arived
at after charging/(crediting):
期内盈利经扣除╱（计入）：
Directors’ emoluments董事酬金25,275
Staf salaries and other benefits,
excluding those of directors
员工薪金及其他福利，
不包括董事757,948
Contributions to retirement benefit
schemes, excluding those of directors
退休福利计划供款，
不包括董事85,007
Total employe benefit expense雇员福利开支总额868,230
Capitalised in inventories库存资本化(604,804)
263,426
Cost of inventories recognised as expense存货成本确认为支出10,877,045
Depreciation of property,
plant and equipment
物业、厂房及设备折旧
677,675
Depreciation of investment properties投资物业折旧12,026
Depreciation of right-of-use asets使用权资产折旧21,211
Total depreciation折旧总额710,912
Capitalised in inventories库存资本化(587,841)
123,071
Gros rental income from
investment properties
投资物业之租金总收入
(17,159)
Les:减：
– direct operation expenses incured for
investment properties that generated
rental income during the period
－期内产生租金收入的
投资物业之直接
营运开支240
(16,919)
8. 期内盈利
理文造纸有限公司 2025 中期报告
9. Dividends/Distribution to Perpetual Capital
Securities
A final dividend of HK$0.045 per share was paid in respect of
the year ended 31 December 2024 (2024: a final dividend of
HK$0.061 per share was paid for the year ended 31 December
2023) to shareholders during the curent period.
The directors determined that an interim dividend of HK$0.066
(2024: HK$0.062) per share should be paid to the shareholders
of the Company whose names apear on the Register of
Members on 25 August 2025.
In adition, the Company had made a distribution on perpetual
capital securities of HK$45,473,000 to the securities holders
during the six months ended 30 June 2024.
10. Earnings Per Share
The calculation of earnings per share is based on the profit
for the period atributable to the owners of the Company
of HK$811,096,000 (2024: HK$760,212,000), ordinary
shareholders for the period, and weighted average number of
4,295,000,000 (2024: 4,296,699,297) ordinary shares in isue
during the period.
No diluted earnings per share in both periods was presented
as there were no potential ordinary shares outstanding during
both periods.
11. Aditions to Property, Plant and Equipment
During the period, there were aditions of HK$1,426 milion
(2024: HK$1,536 milion) to property, plant and equipment to
expand its operations.
- ╱永续资本证券之分派
期内已派发截至2024年12月31日止年度每
股0.045港元之末期股息（2024年：派发截
至2023年12月31日止年度每股0.061港元
之末期股息）给予股东。
董事议决派发每股0.066港元（2024年：
0.062港元）之中期股息给予在2025年8月25
日名列于股东名册内之本公司股东。
此外，于截至2024年6月30日止6个月，本
公司就永续资本证券作出分派45,473,000
港元予证券持有人。
10. 每股盈利
每股盈利乃以本公司拥有人应占本期间盈
利811,096,000港元（2024年：760,212,000
港元）、本期间普通股东及期内已发行普
通股加权平均数4,295,000,000股（2024年：
4,296,699,297股）为基准计算。
由于两个期间内并无未行使之潜在普通
股，因此并无呈列每股摊薄盈利。
- 、厂房及设备
期内，添置物业、厂房及设备14.26亿港元
（2024年：15.36亿港元），以拓展业务。
| NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 简明综合财务报表附注 |
|---|
| For the six months ended 30 June 2025 截至2025年6月30日止6个月 |
| 30 June 2025 2025年 6月30日 HK$’000 千港元 |
|---|
| 2,880,663 1,685,014 |
| 4,565,677 |
| 30 June 2025 2025年 6月30日 HK$’000 千港元 |
|---|
| 2,928,175 (12,880) |
| 2,915,295 410,854 |
| 3,326,149 724,159 574,064 858,000 787,051 |
| 6,269,423 (268,000) |
| 6,001,423 |
Le & Man Paper Manufacturing Limited 2025 Interim Report
12. Inventories
31 December
2024年
12月31日
HK$’000
千港元
Raw materials原料2,985,670
Finished gods制成品1,433,671
4,419,341
13. Trade and Other Receivables and Prepayments
31 December
2024年
12月31日
HK$’000
千港元
Trade receivables应收贸易账款3,333,420
Les: alowance for credit loses减：信贷亏损拨备(12,880)
3,320,540
Trade receivables backed by bils有票据质押之应收贸易账款531,635
3,852,175
Prepayments and deposits for
purchase of raw materials
购买原料预付款项及
订金710,121
Other deposits and prepayments 其他订金及预付款项545,884
Value-aded tax receivables 应收增值税款项863,578
Other receivables其他应收款项850,179
6,821,937
Les: Am ount expected to be received after
12 months shown under
non-curent asets
减：显 示于非流动资产中预期
12个月后可收回之金额
(268,000)
Amount expected to be received within
12 months shown under curent asets
显示于流动资产中预期12个月内
可收回之金额6,553,937
12. 存货
13. 应收贸易及其他账款及预付款项
| 30 June 2025 2025年 6月30日 HK$’000 千港元 |
|---|
| 1,687,242 793,627 139,205 74,075 221,146 |
| 2,915,295 |
理文造纸有限公司 2025 中期报告
13. Trade and Other Receivables and Prepayments
(Continued)
The Group alows its customers an average credit period of
45 to 90 days (2024: 45 to 90 days). The folowing is an aged
analysis of above trade receivables (excluding those backed
by bils) presented based on the invoice date at the end of the
reporting period.
31 December
2024年
12月31日
HK$’000
千港元
Aged:账龄：
Not exceding 30 days不超过30日2,178,694
31–60 days31–60日723,112
61–90 days61–90日151,083
91–120 days91–120日59,485
Over 120 days120日以上208,166
3,320,540
- （续）
本集团给予客户的平均信贷期为45至90日
（2024年：45至90日）。以下为报告期末按
发票日期呈列之上述应收贸易账款（不包括
有票据质押者）账款的账龄分析。
| NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 简明综合财务报表附注 |
|---|
| For the six months ended 30 June 2025 截至2025年6月30日止6个月 |
| 30 June 2025 2025年 6月30日 HK$’000 千港元 |
|---|
| 2,246,066 279,178 350,262 212,826 |
| 3,088,332 |
| 30 June 2025 2025年 6月30日 HK$’000 千港元 |
|---|
| 879,451 391,841 320,799 268,027 385,948 |
| 2,246,066 |
Le & Man Paper Manufacturing Limited 2025 Interim Report
14. Trade and Other Payables
31 December
2024年
12月31日
HK$’000
千港元
Trade payables应付贸易账款2,374,317
Construction fe payable应付工程款500,593
Acruals应计费用394,331
Other payables其他应付款项223,340
3,492,581
The average credit period taken for trade purchases ranges
from 30 to 90 days (2024: 30 to 90 days). The folowing is an
aged analysis of the above trade payables presented based on
the invoice date at the end of the reporting period.
31 December
2024年
12月31日
HK$’000
千港元
Aged:账龄：
Not exceding 30 days不超过30日868,458
31–60 days31–60日469,654
61–90 days61–90日153,893
91–120 days91–120日180,783
Over 120 days120日以上701,529
2,374,317
14. 应付贸易及其他账款
贸易购货之平均赊账期由30至90日（2024
年：30至90日）不等。下表为于报告期末按
发票日期之上述应付贸易账款之账龄分析。
理文造纸有限公司 2025 中期报告
15. Share Capital
Number
of ordinary
sharesAmount
普通股数目金额
HK$’000
千港元
Authorised:法定：
Ordinary shares of HK$0.025 each
at 1 January 2024, 31 December 2024
and 30 June 2025
于2024年1月1日，
2024年12月31日及
2025年6月30日
每股0.025港元的普通股8,000,000,000200,000
Isued and fuly paid: 已发行及缴足：
Ordinary shares of HK$0.025 each
at 1 January 2024
于2024年1月1日
每股0.025港元的普通股4,308,808,000107,720
Shares repurchased and canceled (note)股份购回及注销（附注）(13,808,000)(345)
Ordinary shares of HK$0.025 each
at 31 December 2024 and
30 June 2025
于2024年12月31日及
2025年6月30日
每股0.025港元的普通股4,295,000,000107,375
Note:
There was no share repurchase during the curent period.
For the year ended 31 December 2024, the Company repurchased its
own shares through the Stock Exchange as folows:
Month of
repurchases购回月份
No. of ordinary
shares of
HK$0.025 each
每股0.025港元
之普通股数目
Price paid per share
每股支付价格
Agregate
consideration
paid (including
expenses)
合计已付代价
（含使费）
Highest
最高
Lowest
最低
HK$HK$HK$’000
港元港元千港元
January 20242024年1月12,887,0002.102.0026,803
February 20242024年2月600,0002.092.071,295
June 20242024年6月321,0002.302.30741
13,808,00028,839
15. 股本
附注：
于本期间并无购回股份。
截至2024年12月31日止年度，本公司于联交所
购回自身之股份如下：
2024年
| NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 简明综合财务报表附注 |
|---|
| For the six months ended 30 June 2025 截至2025年6月30日止6个月 |
Le & Man Paper Manufacturing Limited 2025 Interim Report
16. Perpetual Capital Securities
On 29 May 2019, the Company (the “Isuer”) isued
US$300 milion 5.50% senior perpetual capital securities (the
“Securities”) at an isue price of 100 per cent which are listed
on the Stock Exchange. Distribution is payable semi-anualy
in arears based on a fixed rate of 5.5 per cent per anum.
Distribution by the Isuer may be defered at its sole discretion.
The Securities have no fixed maturity and are redemable
in whole, but not in part, at the Isuer’s option on 29 May
2024, or any distribution payment date faling thereafter at
their principal amounts together with any acrued, unpaid
or defered distributions. While any distributions are unpaid
or defered, the Company wil not declare, pay dividends or
make distributions or similar periodic payments in respect of,
or repurchase, redem or otherwise acquire any securities of
lower rank.
On 27 March 2024 and 9 April 2024, the agregate principal
amount of the Securities of US$300,000 (aproximately
of HK$2,354,000) and US$6,500,000 (aproximately of
HK$50,993,000), respectively, was subsequently repurchased
in the open market and redemed by the Isuer and canceled
pursuant to the terms and conditions of the Securities.
On 29 May 2024, US$206,300,000 (aproximately of
HK$1,587,737,000) in agregate principal amount of the
outstanding Securities was fuly redemed by the Isuer
and canceled pursuant to the terms and conditions of the
Securities. There were no Securities in isue as at 30 June 2025
and 31 December 2024.
16. 永续资本证券
于2019年5月29日，本公司（「发行人」）发行
了3.00亿美元5.50%优先永续资本证券（「证
券」），以100%的发行价在联交所上市。应
付分派乃每半年按每年5.5%的固定比率分
派。发行人可自行决定将分派递延。该证
券并无固定到期日及可按发行人的选择于
2024年5月29日或随后任何分派付款日期
以本金额连同所有应计、未付或递延分
派将证券全数（并非部分）赎回。当任何分
派乃未付或递延，本公司将不可宣派、派
发股息或作出分派或就分派类似的定期付
款，或购回、赎回或购入任何较低级别的
证券。
于2024年3月27日及2024年4月9日，发
行人于公开市场回购和赎回证券本金总额
分别为300,000美元（约2,354,000港元）
及6,500,000美元（约50,993,000港元）的
证券，并根据证券的条款和条件注销。于
2024年5月29日，发行人全数赎回证券本金
总额为206,300,000美元（约1,587,737,000
港元）的余下证券，并根据证券的条款和条
件注销。于2025年6月30日及2024年12月
31日，并无已发行证券。
| 30 June 2025 2025年 6月30日 HK$’000 千港元 |
|---|
| 63,029 55,992 42,852 35,968 19,803 24,983 |
| 242,627 |
| 30 June 2025 2025年 6月30日 HK$’000 千港元 |
|---|
| 2,297,562 |
理文造纸有限公司 2025 中期报告
17. Operating Leases
The Group as lesor
At the end of the reporting period, minimum lease payments
receivable on leases are as folows:
31 December
2024年
12月31日
HK$’000
千港元
Within one year一年内59,696
In the second year于第二年54,156
In the third year于第三年43,099
In the fourth year于第四年29,810
In the fifth year于第五年22,179
After five years五年后28,888
237,828
18. Capital Comitments
31 December
2024年
12月31日
HK$’000
千港元
Capital expenditures contracted for but
not provided in the condensed
consolidated financial statements
in respect of acquisition of property,
plant and equipment
就已订约但未于简明综合
财务报表中拨备有关
购置物业、厂房及
设备的资本开支
2,484,991
17. 经营租约
集团作为出租人
于报告期末，租赁之应收最低租赁付款如
下：
18. 资本承担
| NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 简明综合财务报表附注 |
|---|
| For the six months ended 30 June 2025 截至2025年6月30日止6个月 |
| 2025 HK$’000 千港元 |
|---|
| 43,645 67,111 1,138 44,953 5,415 1,526 27,943 257,768 2,884 48,855 – |
Le & Man Paper Manufacturing Limited 2025 Interim Report
19. 相关及关连人士披露
期内，本集团与相关人士（若干人士亦同时
根据上市规则被视作为关连人士）进行重大
交易。期内与该等人士进行的重大交易如
下：
19. Related and Conected Party Disclosures
During the period, the Group had significant transactions
with related parties, certain of which are also demed to be
conected parties pursuant to the Listing Rules. Significant
transactions with these parties during the period are as folows:
Six months ended 30 June
截至6月30日止6个月
2024
Name of partiesNature of transactionsHK$’000
关连人士名称交易性质千港元
Le & Man Chemical Company
Limited and its subsidiaries
(“LMC Group”) (note i)
理文化工有限公司及其附属公司
（「理文化工集团」）（附注i）
Income from suply of steam
and electricity
提供蒸气及电力之收入
42,909
Raw materials purchased by the Group
集团购买原料
91,936
Rental income in respect of
ofice spaces
办公室租金收入
1,121
Steam and electricity fe paid
by the Group
集团已付蒸气及发电服务费
55,520
Loading services income
装卸服务收入
5,236
Rental fe paid by the Group
集团已付租金
1,611
Winfibre Group (note i)
Winfibre 集团（附注i）
Agent fe paid by the Group
集团已付代理费
26,703
Shun Yi International Trading Co.,
Limited (note i)
Shun Yi International Trading Co.,
Limited （附注i）
Raw materials purchased by the Group
集团购买原材料
351,079
Elite Properties (H.K.) Limited (note iv)
Elite Properties (H.K.) Limited （附注iv）
Rental fe paid by the Group
集团已付租金
2,884
Sing Fong Niap Enginering Sdn.
Bhd. (note v)
新逢业建筑工程有限公司（附注v）
Construction work
建设工程
121,072
Fancy Wise Corporation
Limited (note vi)
采智有限公司（附注vi）
Raw materials purchased by the Group
集团购买原材料
18,891
理文造纸有限公司 2025 中期报告
19. Related and Conected Party Disclosures
(Continued)
Notes:
(i) LMC Group is beneficialy owned and controled by Mr. Le Man
Yan, an asociate of Dr. Le Man Chun Raymond and Mr. Le
Man Bun, the directors of the Company.
(i) The companies are ultimately controled by Mr. Ng Yu Hung, a
step brother of Dr. Le Wan Keung Patrick. Dr. Le Wan Keung
Patrick held and is demed to be interested in 475,346,920
shares of the Company as at 30 June 2025.
(i) The company is indirectly controled by Ms. Le Man Ching, a
sister of Dr. Le Man Chun Raymond and Mr. Le Man Bun, the
directors of the Company.
(iv) The company is beneficialy owned and controled by Dr. Le
Man Chun Raymond and Mr. Le Man Bun, the directors of the
Company.
(v) The company is controled by Mr. Wong Sak Kuan, a director of a
subsidiary of the Company.
(vi) The company is controled by the spouse of Mr. Ng Hok She
Hary, a director of the subsidiaries of the Company.
20. Review of Interim Acounts
The condensed consolidated interim financial statements are
unaudited, but have ben reviewed by the Audit Comite.
- （续）
附注：
(i) 理文化工集团由本公司董事李文俊博士及
李文斌先生之联系人士李文恩先生实益拥
有及控制。
(i) 该等公司由李运强博士（于2025年6
月30日，其持有及被视为拥有本公司
475,346,920股份权益）之继兄弟伍于鸿
先生最终控制。
(i) 该公司由本公司董事李文俊博士及李文斌
先生之妹╱姐李文祯女士间接控制。
(iv) 该公司由本公司董事李文俊博士及李文斌
先生实益拥有及控制。
(v) 该公司由本公司一间附属公司之董事
黄日巨锟先生控制。
(vi) 该公司由本公司之附属公司之董事伍鹤时
先生之配偶控制。
20. 审阅中期账目
本简明综合中期财务报表均未经审核，惟
经审核委员会审阅。
| INTERIM DIVIDEND/CLOSURE OF REGISTER OF MEMBERS 中期股息╱暂停办理股份过户登记 |
|---|
Le & Man Paper Manufacturing Limited 2025 Interim Report
Interim Dividend
The Board has resolved to declare an interim dividend of HK$0.066
(2024: HK$0.062) per share for the six months ended 30 June 2025
to shareholders whose names apear on the Register of Members
on 25 August 2025. It is expected that the interim dividend wil be
paid around 9 September 2025.
Closure of Register of Members
The Register of Members wil be closed from 21 August 2025 to 25
August 2025, both days inclusive, during which period no transfer of
shares can be registered. In order to qualify for the interim dividend,
al transfers acomplished by the relevant share certificates must be
lodged with the Company’s Branch Share Registrars, Tricor Investor
Services Limited, at 17th Flor, Far East Finance Centre, 16 Harcourt
Road, Hong Kong for registration no later than 4:30 p.m. on 20
August 2025.
中期股息
董事会议决宣派截至2025年6月30日止6个月之
中期股息每股0.066港元（2024年：0.062港元）
予2025年8月25日名列于股东名册内之股东。预
期中期股息将于2025年9月9日派付予股东。
暂停办理股份过户登记
本公司将于2025年8月21日至2025年8月25日
（首尾两天包括在内）暂停办理股份过户登记手
续。为符合获派中期股息之资格，所有过户文件
连同有关股票最迟须于2025年8月20日下午4时
30分前送达本公司之股份过户登记分处卓佳证
券登记有限公司，地址为香港夏悫道16号远东
金融中心17楼，以办理登记手续。
| BUSINESS REVIEW AND OUTLOOK 业务回顾及展望 |
|---|
理文造纸有限公司 2025 中期报告
Busines Review and Outlok
During the first half of 2025, although the paper manufacturing
industry in the PRC showed “moderate recovery” driven by strong
consumption stimulus, there are also multiple chalenges including
capacity expansion, price fluctuations in raw materials and changes
in export markets. Benefiting from its pulp and paper integration,
world-wide presence, and digital transformation strategy, the Group
demonstrated its competitive edges despite heightening geopolitical
tensions, achieving sustained profit recovery and stable growth
during the period.
The Group’s total revenue for the six months ended 30 June 2025
decreased by 2.2% to HK$12.2 bilion as compared with the same
period last year. Net profit increased by 0.7% to HK$811 milion.
Earnings per share for the period were HK18.88 cents (2024:
HK17.69 cents).
The board of directors has declared an interim dividend of HK6.6
cents per share for 2025 (2024: HK6.20 cents). The agregate sales
of the Group for the six months ended 30 June 2025 amounted to
3.49 milion tons, with net profit per ton at HK$232.
Industry and Busines Review
During the period under review, changes in tarif policy further
exacerbated the suply-demand imbalance in the PRC’s pulp market,
resulting in a fluctuating and downward trend for the prices of pulp.
The persistent presure resulting from the release of production
capacity in the paper manufacturing industry has slowed down
the growth rate of newly-aded production capacity. Benefited
from the acelerated growth of exports during the second quarter
driven by uncertainties of tarif policy, coupled with the anticipation
of introduction of policies to bost consumption, the sector had
demonstrated its resilience with a gradual recovery in demand.
Meanwhile, its competitive landscape was being reshufled at an
acelerated pace due to various internal and external factors.
The Group remained vigilant to market changes and made timely
adjustments to its production strategies. By strengthening the
integration of its industrial chain, the Group flexibly redeployed
the production capacity of pulp and paper, thereby mitigating its
exposure to fluctuation in raw materials. In adition, to further
capitalise on economies of scale and reduce costs, the Group actively
optimized its production layout and enhanced vertical integration
of its production. During the period, the Group also advanced and
upgraded its technologies, so to improve overal eficiency and
realise efective cost reduction.
业务回顾及展望
2025年上半年，中国造纸行业在消费刺激政策
的大力提振下呈现「温和复苏」基调，但仍面临产
能增长、原材料价格波动和出口市场变化等多重
挑战。本集团得益于浆纸一体化、国际化和数字
化的布局，在地缘政治矛盾加剧的背景下凸显优
势，期内盈利持续修复并取得稳定增长。
本集团截至2025年6月30日止6个月之总收入
比去年同期下跌2.2%至122亿港元，纯利上升
0.7%至8.11亿港元。期内每股盈利18.88港仙
（2024年：17.69港仙）。
董事会宣派2025年中期股息每股6.6港仙（2024
年：6.20港仙）。本集团截至2025年6月30日止6
个月之总销售量为349万吨，产品平均每吨净利
润为232港元。
行业及业务回顾
回顾期内，关税变化进一步加剧中国浆市供需矛
盾，纸浆价格呈现震荡下行走势。造纸行业的产
能释放压力依然存在，令新增产能的增速有所
放缓。受益于关税不确定性加快推动第二季度出
口量以及提振消费政策的预期，行业表现彰显韧
性，需求逐步回暖，但受内外多种因素影响，行
业的竞争格局加快重塑。
本集团密切关注市场变化，及时调整生产策略。
透过强化产业链一体化，本集团实现灵活的浆纸
产能调配，降低原材料波动风险。同时，为进
一步发挥规模效益及减低成本，本集团积极优化
产能布局，加强垂直整合生产。期内，本集团积
极加强技术改造，提升整体效率，有效地降低成
本。
| BUSINESS REVIEW AND OUTLOOK 业务回顾及展望 |
|---|
Le & Man Paper Manufacturing Limited 2025 Interim Report
International trade conflicts and tarif policies have brought
significant uncertainties to busines operations. The Group had
previously set up factories in Vietnam and Malaysia to diversify
operational risks with presence in overseas markets. In order to
explore new export markets, the Group acelerated its expansion
along the “Belt and Road” regions and European markets, aiming to
achieve a diversified industrial presence and greater profitability.
Busines Prospects
Packaging paper remains the Group’s core busines. A series of
national policies promoting gren packaging and circular economy,
including Opinion on Further Strengthening Plastic Polution
Control (《关于进一步加强塑料污染治理的意见》), the Notice
on Further Strengthening the Control of Excesive Packaging of
Comodities (《关于进一步加强商品过度包装治理的通知》) and
the Isued Circular of the General Ofice of the State Council on the
Development Plan for Modern Logistics during the 14th Five-Year
Plan Period (《国务院办公厅关于印发「十四五」现代物流发展规划
的通知》), have explicitly restricted plastic packaging and suported
the development of the packaging paper sector. Furthermore,
the Central Economic Work Conference emphasized “bosting
consumption” at the end of 2024, which would stimulate the
demand on packaging paper amid the expansion of e-comerce
logistics. With its integrated and inteligent production capabilities,
the Group’s packaging paper busines is wel-positioned to further
unlock its potential in profit growth.
Regarding overseas markets, the Group continues to strengthen its
presence along the “Belt and Road” regions and keps exploring
new export markets. Leveraging digital and smart technology, the
Group aims to provide more competitive industrial chain services.
Moreover, the geographical advantages of the Group’s production
bases in Vietnam and Malaysia have enhanced overal operational
eficiency, strengthening its industrial chain integration and world-
wide presence.
国际贸易冲突及关税政策为企业经营带来诸多不
确定性，本集团此前已在越南及马来西亚设厂，
透过布局海外市场，分散经营风险。为了开拓新
的出口市场，本集团加快拓展「一带一路」沿线及
欧洲等市场，致力于实现多元化的产业链布局，
增加利润。
业务前景
包装纸业务为本集团的主要核心业务。国家一
系列的绿色包装与循环经济政策，包括《关于进
一步加强塑料污染治理的意见》、《关于进一步加
强商品过度包装治理的通知》和《国务院办公厅关
于印发「十四五」现代物流发展规划的通知》等明
确限制塑料包装及利好包装纸业务的发展。此
外，中央经济工作会议于2024年末提出「提振消
费」，包装用纸将受益于电商物流扩张。本集团
的包装纸业务凭借一体化、智能化生产等优势，
有望进一步打开盈利空间。
海外市场方面，本集团继续深化「一带一路」沿线
市场的布局，不断开拓新的出口市场，并通过数
字化、智能化提供更具竞争力的产业链服务。同
时，本集团透过越南、马来西亚等生产基地的地
理位置优势，提升整体运营效率，不断加强产业
链一体化、国际化布局。
理文造纸有限公司 2025 中期报告
Regarding its tisue paper busines, the Group continues to honour
its comitment on high-quality and gren development. It has
researched, developed and produced premium and environmentaly
friendly consumer tisue paper in response to consumer demand.
The wide range of our tisue paper products, including natural
bambo unbleached tisues, has ben compeling to consumers
and won their suport. The Group strives to enhance its product
competitivenes and regularly introduces new products with softer
texture to met the evolving consumer demand. Curently, the
consumption of consumer tisue paper per capita in the PRC is
stil far below that of developed markets such as Europe and the
USA. With the sustained economy growth and improving living
standards in the PRC, the rising demand for consumer tisue paper
wil continue to unlock the growth potential of the Group’s tisue
paper busines. Despite the anticipated uncertainties and chalenges
in the second half of the year, the domestic economy is expected to
stabilise and rebound under a series of stimulus policies. The Group
wil uphold the principle of pursuing progres while maintaining
stability, proactively respond to consumer demand and leverage its
industrial chain advantages to capture further market shares of its
tisue paper busines.
The pulp busines is an integral part of the Group’s verticaly
integrated production. The Group wil continue to advance its
technological upgrades and enhance its pulp production facilities to
reduce costs and improve eficiency. At the same time, the Group
wil further refine its vertical integration to ensure a stable suply of
raw materials for higher eficiency and profitability.
卫生纸业务方面，本集团继续秉持高端和绿色发
展理念，根据消费者需求研发和生产高质量及符
合环保要求的生活用纸。包括天然竹纤维原色卫
生纸在内，本集团的丰富卫生纸产品持续获得顾
客的喜爱和支持。本集团致力于提高产品的竞争
力，持续推出更柔软的新产品，以满足顾客的需
求。目前，中国人均生活用纸消费量远低于欧美
等成熟市场，随著中国经济持续增长，人民生活
水平日益提高，持续增长的生活用纸需求将不断
释放本集团卫生纸业务的增长潜力。尽管下半年
仍充满许多未知挑战，但内地经济在一系列刺激
政策下有望逐步企稳回升，本集团将继续坚持稳
中求进的原则，积极响应消费者需求，利用产业
链优势，进一步提升卫生纸业务的市场份额。
纸浆业务是本集团垂直整合生产的重要一环。本
集团将继续加强技术改造，优化纸浆生产设备，
降本增效，同时不断优化垂直整合过程，持续
为业务提供稳定的原材料供应，提升效率和利润
率。
| BUSINESS REVIEW AND OUTLOOK 业务回顾及展望 |
|---|
Le & Man Paper Manufacturing Limited 2025 Interim Report
为应对市场的挑战，本集团目前正利用自动化及
人工智能等简化流程工序，同时亦优化发电厂技
术，有效地节能减排从而降低成本。造纸行业
预计将延续温和复苏的态势，需求端和供给端都
将迎来一些积极变化。预期国家将以更大力度和
更精准措施提振消费，供给端则处于产能周期尾
声，行业盈利能力将逐步恢复。展望未来，本集
团将密切关注海内外市场的变化，加强浆纸一体
化与数字化布局，不断优化营运效率，推动竞争
格局重塑，并积极拓展海外市场，寻找新的盈利
增长点，实现集团长远发展的目标。
结语
本集团衷心感谢一直以来全体员工及股东的大力
支持，凭借本集团于造纸业的龙头地位以及贯彻
始终的稳健发展优势，本集团将进一步提升盈利
能力，为股东、员工及社会创造更大利益。
To adres market chalenges, the Group is curently streamlining
its production proceses by way of automation and artificial
inteligence, and at the same time upgrading the technology of
power stations for energy conservation and emision reduction,
ultimately lowering its costs. The paper manufacturing industry
is expected to maintain a moderate recovery, with some positive
developments on both the demand and suply sides. It is anticipated
that the government wil adopt more robust and targeted measures
to stimulate consumption, while the suply side is reaching the end
of the capacity cycle with gradual recovery in the profitability of the
industry. Loking ahead, the Group wil kep a close watch on the
evolving domestic and overseas markets, strengthen the integration
of pulp and paper and digital transformation, constantly improve
its operational eficiency, promote the reconfiguration of the
competitive landscape, and actively expand into overseas markets
to identify new driver for profit growth, so as to achieve long-term
development goals.
Conclusion
The Group would like to expres its sincere gratitude to its
employes and shareholders for their unwavering suport. Building
on its leadership in the paper manufacturing industry and the
advantages suporting its consistent solid development, the Group
wil strive for higher profitability, thereby creating yet greater value
for shareholders, employes and society.
| MANAGEMENT DISCUSSION AND ANALYSIS 管理层讨论及分析 |
|---|
理文造纸有限公司 2025 中期报告
Results of Operation
Revenue, the profit for the period and the profit for the period
atributable to owners of the Company, ordinary shareholders
for the six months ended 30 June 2025 were HK$12,236 milion,
HK$811 milion and HK$811 milion, respectively and that for the
coresponding period last year were HK$12,505 milion, HK$806
milion and HK$760 milion, respectively. The earnings per share for
the period was HK18.88 cents as compared to HK17.69 cents for
the coresponding period last year.
The Group’s active promotion of industrial chain integration over
the years which alows the Group to flexibly deploy the suply
of raw materials and to embody the strengths brought by its
busines model. However, the Group has also anticipated the global
economic uncertainties, particularly those arising from the continued
policy uncertainty on tarifs. These macro risk factors have narowed
the upward efect derived from vertical integration. As a result, the
profit for the six months ended 30 June 2025 was comparable to
that for the coresponding period last year.
Distribution and Seling Expenses
The Group’s distribution and seling expenses was HK$307 milion
for the six months ended 30 June 2025 as compared to HK$306
milion for the coresponding period last year. It represented about
2.5% of the revenue for the six months ended 30 June 2025 and
was comparable to that of 2.4% for the coresponding period last
year.
General and Administrative Expenses
The Group’s general and administrative expenses was HK$590
milion for the six months ended 30 June 2025 as compared to
HK$605 milion for the coresponding period last year. It represented
about 4.8% of the revenue for the six months ended 30 June 2025
and was comparable to that of 4.8% for the coresponding period
last year.
Finance Costs
The Group’s total finance costs (including the interest on lease
liabilities and amount capitalised) was HK$389 milion for the six
months ended 30 June 2025 as compared to HK$462 milion for
the coresponding period last year. The decrease was mainly due to
the decrease in average interest rate on bank borowings during the
period.
经营业绩
截至2025年6月30日止6个月的收入、期内盈利
及期内本公司拥有人之普通股东应占盈利分别
为122.36亿港元、8.11亿港元及8.11亿港元，而
去年同期则分别为125.05亿港元、8.06亿港元及
7.60亿港元。期内，每股盈利为18.88港仙，而
去年同期为17.69港仙。
本集团多年来积极推动产业链一体化，因而能灵
活调配原材料供应，体现经营模式带来的优势。
然而，本集团也面对尤其是持续的关税政策之不
确定性所带来的全球经济不明朗。这些宏观风险
因素削弱了垂直整合所带来的上行效应。因此，
截至2025年6月30日止6个月的盈利与去年同期
相若。
分销及销售费用
本集团截至2025年6月30日止6个月的分销及销
售费用为3.07亿港元，而去年同期为3.06亿港
元。截至2025年6月30日止6个月的分销及销售
费用占收入约2.5%，与去年同期的2.4%相若。
日常及行政费用
本集团截至2025年6月30日止6个月的日常及行
政费用为5.90亿港元，而去年同期为6.05亿港
元。截至2025年6月30日止6个月的日常及行政
费用占收入约4.8%，与去年同期的4.8%相若。
财务成本
本集团截至2025年6月30日止6个月的总借贷成
本（包括租赁负债利息及资本化金额）为3.89亿港
元，而去年同期为4.62亿港元。成本下降主要由
于期内银行贷款平均利率有所下降。
| MANAGEMENT DISCUSSION AND ANALYSIS 管理层讨论及分析 |
|---|
Le & Man Paper Manufacturing Limited 2025 Interim Report
Inventories, Debtors’ and Creditors’ Turnover
The inventory turnover of the Group’s raw materials and finished
products were 55 days and 20 days, respectively, for the six
months ended 30 June 2025 as compared to 54 days and 14 days,
respectively, for the year ended 31 December 2024.
The Group’s debtors’ turnover day was 43 days for six months
ended 30 June 2025 as compared to 47 days for the year ended 31
December 2024. This is in line with the credit terms granted by the
Group to its customers.
The Group’s creditors’ turnover days were 43 days for the six months
ended 30 June 2025 as compared to 43 days for the year ended 31
December 2024.
Liquidity, Financial Resources and Capital
Structure
The total shareholders’ fund of the Group (comprising of the
Company’s ordinary share capital, the Group’s reserves and non-
controling interests) as at 30 June 2025 was HK$28,854 milion
(31 December 2024: HK$28,013 milion). As at 30 June 2025, the
Group had curent asets of HK$12,297 milion (31 December 2024:
HK$12,553 milion) and curent liabilities of HK$12,283 milion (31
December 2024: HK$12,583 milion). The curent ratio was 1.00 as
at 30 June 2025, which remains the same as the curent ratio as at
31 December 2024.
The Group generaly finances its operations with internal generated
cash flow and credit facilities provided by its principal bankers
in Hong Kong, Macau and the PRC. As at 30 June 2025, the
Group had outstanding bank borowings of HK$21,924 milion
(31 December 2024: HK$21,982 milion). These bank loans were
secured by corporate guarantes provided by certain subsidiaries
of the Company. As at 30 June 2025, the Group maintained
bank balances and cash of HK$1,657 milion (31 December 2024:
HK$1,521 milion). The Group’s net debt-to-equity ratio (total
borowings net of cash and cash equivalents over shareholders’
equity) decreased from 0.73 as at 31 December 2024 to 0.70 as at
30 June 2025 as the result of the decrease in the funding request on
capital expenditure after comencement of the operation of pulp
production lines during the six months ended 30 June 2025.
The Group poseses suficient cash and available banking facilities
to met its comitments and working capital requirements.
存货、应收账款及应付账款周转期
本集团于截至2025年6月30日止6个月的原料及
制成品存货周转期分别为55日及20日，相比截
至2024年12月31日止年度则分别为54日及14
日。
本集团于截至2025年6月30日止6个月的应收账
款周转期为43日，相比截至2024年12月31日止
年度则为47日。此符合本集团给予客户的信贷
期。
本集团于截至2025年6月30日止6个月的应付账
款周转期为43日，相比截至2024年12月31日止
年度则为43日。
流动资金、财务资源及资本结构
于2025年6月30日，本集团的股东资金（包括本
公司普通股本、本集团储备及少数股东权益）
总额为288.54亿港元（2024年12月31日：280.13
亿港元）。于2025年6月30日，本集团的流动资
产达122.97亿港元（2024年12月31日：125.53亿
港元），而流动负债则为122.83亿港元（2024年
12月31日：125.83亿港元）。于2025年6月30日
的流动比率为1.00，与于2024年12月31日的流
动比率相同。
本集团一般以内部产生的现金流量，以及中港澳
主要往来银行提供的信贷备用额作为业务的营运
资金。于2025年6月30日，本集团的未偿还银行
贷款为219.24亿港元（2024年12月31日：219.82
亿港元）。该等银行借贷由本公司若干附属公司
提供的公司担保作为抵押。于2025年6月30日，
本集团持有银行结余及现金16.57亿港元（2024
年12月31日：15.21亿港元）。于截至2025年6月
30日止6个月，由于纸浆生产线投入营运后减少
资本开支的资金需求，本集团的净资本负债比率
（借贷总额减现金及现金等价物除以股东权益）由
2024年12月31日的0.73下降至2025年6月30日
的0.70。
本集团具备充裕的现金及可供动用的银行备用额
以应付集团的承担及营运资金需要。
理文造纸有限公司 2025 中期报告
本集团的交易及货币资产主要以港元、人民币及
美元计值。截至2025年6月30日止6个月，本集
团的营运或流动资金未曾因汇率波动而面临任何
重大困难或影响。本集团采用货币结构工具，外
币借贷或其他途径作外币风险对冲之用。
雇员
于2025年6月30日，本集团拥有逾10,000名员
工。雇员薪酬维持于具竞争力水平，并会每年评
估，且密切留意有关劳工市场及经济市况趋势。
本集团亦为雇员提供内部培训，并按员工表现及
本集团盈利发放花红。
本集团并无遭遇任何重大雇员问题，亦未曾因劳
资纠纷令营运中断，在招聘及挽留经验丰富的员
工方面亦不曾出现困难。本集团与雇员的关系良
好。
The Group’s transactions and the monetary asets are principaly
denominated in Hong Kong dolars, Renminbi and United States
dolars. The Group has not experienced any material dificulties
or efects on its operations or liquidity as a result of fluctuations
in curency exchange rates during the six months ended 30 June
2025. The Group has used curency structured instruments, foreign
curency borowings or other means to hedge its foreign curency
exposure.
Employes
As at 30 June 2025, the Group had a workforce of more than
10,000 employes. Salaries of employes are maintained at a
competitive level and are reviewed anualy, with close reference to
the relevant labour market and economic situation. The Group also
provides internal training to staf and provides bonuses based upon
staf performance and profits of the Group.
The Group has not experienced any significant problems with its
employes or disruption to its operations due to labour disputes nor
has it experienced any dificulty in the recruitment and retention of
experienced staf. The Group maintains a god relationship with its
employes.
| OTHER INFORMATION 其他资料 |
|---|
Le & Man Paper Manufacturing Limited 2025 Interim Report
Directors’ and Chief Executives’ Interests and
Short Positions in Equity or Debt Securities
As at 30 June 2025, the interests of the directors and the chief
executives in the shares, underlying shares and debentures of
the Company and its asociated corporations, as recorded in the
register maintained by the Company pursuant to section 352 of the
Securities and Futures Ordinance (“SFO”) or as otherwise notified
to the Company and pursuant to the Model Code for Securities
Transactions by Directors of Listed Isuers (“Mode Code”), the Stock
Exchange were as folows:
Long positions
Ordinary shares of HK$0.025 each of the Company
Name of director
董事姓名
Capacity
身份
Number of
ordinary shares
普通股
数目
Percentage
of the isued
share capital of
the Company
占本公司已
发行股本百分比
Dr. Le Man Chun Raymond
李文俊博士
Beneficial owner
实益拥有人
1,358,991,04031.64%
Mr. Le Man Bun
李文斌先生
Beneficial owner
实益拥有人
1,303,391,04030.35%
Mr. Li King Wai Ros
李经纬先生
Held by spouse
由配偶持有
4,564,8650.11%
Mr. Le Jude Ho Chung
李浩中先生
Beneficial owner
实益拥有人
878,0000.02%
董事及主要行政人员于股本或债务证券中
拥有的权益及淡仓
于2025年6月30日，董事及主要行政人员在本公
司及其相联法团的股份、相关股份及债券中，拥
有本公司根据证券及期货条例（「证券及期货条
例」）第352条存置之登记册所记录之权益，或已
知会本公司及根据上市发行人董事进行证券交易
的标准守则（「标准守则」）已知会联交所的权益如
下：
好仓
本公司每股0.025港元的普通股
理文造纸有限公司 2025 中期报告
Substantial Shareholders
The register of substantial shareholders maintained by the Company
pursuant to Section 336 of the SFO shows that, as at 30 June 2025,
other than directors and chief executives, the folowing substantial
shareholders had notified the Company of the relevant interests in
the isued share capital of the Company.
Long positions
Ordinary shares of HK$0.025 each of the Company
Name of shareholder
股东姓名
Capacity
身份
Number of
isued ordinary
shares held
持有已发行
普通股数目
Percentage
of the isued
share capital of
the Company
占本公司已
发行股本百分比
Ms. Ho Tsz Wan
何芷韵女士
Held by spouse (note i)
由配偶持有（附注i）
1,303,391,04030.35%
Dr. Le Wan Keung Patrick
李运强博士
Beneficial owner and
held by spouse (note i)
实益拥有人及由配偶持有（附注i）
475,346,92011.07%
Ms. Le Wong Wai Kuen
李黄惠娟女士
Beneficial owner and
held by spouse (note i)
实益拥有人及由配偶持有（附注i）
475,346,92011.07%
Notes:
(i) Under the SFO, Ms. Ho Tsz Wan is demed to be interested in the
1,303,391,040 ordinary shares as she is the spouse of Mr. Le Man
Bun.
(i) Under the SFO, Dr. Le Wan Keung Patrick directly held 465,346,920
ordinary shares and Ms. Le Wong Wai Kuen directly held 10,000,000
ordinary shares, Ms. Le Wong Wai Kuen is the spouse of Dr. Le
Wan Keung Patrick. Both held and are demed to be interested in
475,346,920 ordinary shares.
Other than as disclosed above, the Company had not ben notified
of any other relevant interests or short positions in the shares,
underlying shares or debentures of the Company or any of its
asociated corporations as at 30 June 2025.
Purchase, Sale or Redemption of the
Company’s Listed Securities and Sale of
Treasury Shares of the Company
During the six months ended 30 June 2025, there were no
other purchases, sales or redemptions of the Company’s listed
securities, and/or sales of any of the Company’s treasury shares by
the Company, or any of its subsidiaries. As at 30 June 2025, the
Company did not hold any treasury shares.
主要股东
根据本公司按证券及期货条例第336条须存置之
主要股东登记册所记录，于2025年6月30日，下
列主要股东（董事及主要行政人员除外）已知会本
公司彼等于本公司已发行股本中拥有之相关权
益。
好仓
本公司每股0.025港元的普通股
附注：
(i) 根据证券及期货条例，由于何芷韵女士是李文斌
先生的配偶，故被视为拥有该1,303,391,040股
普通股的权益。
(i) 根据证券及期货条例，李运强博士直接持有
465,346,920股普通股份及李黄惠娟女士直接
持有10,000,000股普通股份，而李黄惠娟女
士是李运强博士的配偶。两人持有及被视为拥有
475,346,920股普通股份的权益。
除上文所披露外，本公司概无获知会于2025年
6月30日本公司或其任何相联法团的股份、相关
股份或债券之任何其他相关权益或淡仓。
买卖或赎回本公司上市证券及出售本公司
的库存股份
于截至2025年6月30日止6个月内，本公司或其
任何附属公司概无购买、出售或赎回本公司之上
市证券，及╱或无出售任何本公司的库存股份，
于2025年6月30日，本公司并无持有任何库存股
份。
| OTHER INFORMATION 其他资料 |
|---|
Le & Man Paper Manufacturing Limited 2025 Interim Report
Continuing Disclosure Requirements under
Rule 13.21 of the Listing Rules
In acordance with the disclosure requirements of Rule 13.21 of the
Listing Rules, the folowing disclosure is included in respect of the
Company’s loan agrements, which contains covenants requiring
performance obligations of the controling shareholders of the
Company as at the date of this Interim Report.
The Group has certain loan facility agrements where it would
constitute an event of default if any one or al of Dr. Le Wan Keung
Patrick, Dr. Le Man Chun Raymond and Mr. Le Man Bun (together
the “Controling Shareholders”), the Controling Shareholders of
the Company, ceases to legaly and beneficialy own, directly or
indirectly, in agregate at least 51% of the entire isued share
capital of and equity interest in the Company or do not, or cease
to, exercise management control over the Company. Upon the
ocurence of any of the above events, the outstanding liability
under the loan facilities wil become imediately due and payable.
Model Code for Securities Transactions
The Company has adopted the Model Code as set out in Apendix
C3 of the Listing Rules as a code of conduct regarding directors’
securities transactions. Al the members of the board have
confirmed, folowing specific enquiry by the Company that they have
complied with the required standard as set out in the Model Code
throughout the six months ended 30 June 2025. The Model code
also aplies to other specified senior management of the Group.
Code on Corporate Governance Practices
In the opinion of the directors, the Company has complied with the
code provisions on Corporate Governance Practices as set out in part
2 of Apendix C1 of the Listing Rules throughout the six months
ended 30 June 2025.
Audit Comite
The Audit Comite of the Company comprised of thre
independent non-executive directors namely, Mr. Chau Shing Yim
David, Ms. Lo Wing Sze and Mr. Chan Wai Yan Ronald.
The Audit Comite has reviewed with management the
acounting principles and practices adopted by the Group and
discused internal control procedures and financial reporting maters
including the review of the Group’s unaudited interim financial
statements for the six months ended 30 June 2025.
On behalf of the Board
Le Man Chun Raymond
Chairman
Hong Kong, 7 August 2025
根据上市规则第13.21条规定作出持续披露
根据上市规则第13.21条披露规定，下文披露就
本公司于本中期报告日期包含本公司控股东须
履行指定责任的契诺条款之贷款协议而作出。
本集团有若干贷款融资协议，当中倘本公司控股
股东，即李运强博士、李文俊博士及李文斌先生
（统称为「控股东」）当中任何一人或全部人终止
直接或间接法定实益拥有本公司全部已发行股本
或股本权益合共最少51%，或未能，或终止对
本公司行使管理控制权，将构成违约。当发生上
述任何事件，贷款融资项下未偿还负债将即时到
期及应付。
证券交易之标准守则
本公司已采纳上市规则附录C3所载之标准守则
作为董事进行证券交易之行为守则。经本公司向
所有董事作出具体查询后，全体董事皆确认于截
至2025年6月30日止6个月内均遵守标准守则所
载之规定准则。标准守则亦适用于本集团之其他
特定高级管理层。
企业管治常规守则
董事认为，本公司已于截至2025年6月30日止6
个月内一直遵守上市规则附录C1第二部分所载
之企业管治常规守则条文。
审核委员会
本公司之审核委员会由三位独立非执行董事周承
炎先生、罗咏诗女士及陈惠仁先生组成。
审核委员会与管理层已审阅本集团所采纳之会计
原则及惯例，并已讨论内部监控程序及财务报告
事宜，其中包括审阅本集团截至2025年6月30日
止6个月的未经审核中期财务报表。
代表董事会
李文俊
主席
香港，2025年8月7日
中 期 报 告INTERIM REPORT
(Incorporated in the Cayman Islands and its members’liability is limited) Stock Code: 2314
（于开曼群岛注册成立及其成员责任为有限）股份代号: 2314
传真
香港北角电气道169号理文商业中心39楼
电话
2319 96962319 9988
39th Flor, Le & Man Comercial Center,
Tel: 2319 9988Fax: 2319 9696
169 Electric Road, North Point, Hong Kong
(Z:\09. IR\165131-02N Le & Man IR EC\cover\L&M Paper IR2025 Ful cover)(Z:\09. IR\165131-02N Le & Man IR EC\cover\L&M Paper IR2025 Ful cover)