公司簡介
理文造紙於 1994 年成立，並於 2003 年 9 月在香港聯合交易所主板上市。公司主要生
產不同級別及規格的包裝用牛皮箱板紙及瓦楞芯紙，以迎合不同工業的包裝所需。過
去數年，一直致力於擴充規模及發展涵蓋製漿及廢紙回收的垂直業務模式，以確保原
材料的穩定供應。
理文造紙目前在中國擁有 5 家造紙工廠, 3 家生活用紙工廠和 1 家造漿廠，選址於東莞
潢涌、廣東洪梅、江蘇常熟、重慶永川及江西九江。另外，公司在越南、馬來西亞及
印尼等國家亦設有生產基地。截至 2021 年 12 月底止，公司的年產能逾 869.5 萬噸
（其中：包裝紙產能約 688 萬噸，木漿年產能約 18 萬噸，漿板年產能約 64 萬噸，衛
生紙年產能約 99.5 萬噸）。

Company Profile
Established in 1994, Lee & Man Paper Manufacturing (“LMP”) was listed on the Main Board
of the Hong Kong Stock Exchange on September 2003. LMP manufactures linerboards of
various grades and corrugating medium of different specifications used for different
industrial packaging purposes. Over the years, in addition to boosting production scale, LMP
has been relentless in pushing to form a vertically integrated operation that covers pulp
making and recovered paper collection so as to assure it has stable raw material supply.
LMP currently has 5 paper mills, 3 tissue mills and 1 pulp factory in China. They are
distributed in Zhongtang Town and Hongmei Town of Dongguan City, Guangdong Province,
Changshu City, Chongqing Yongchuan District, Ruichang City, Jiangxi Province, etc. In
addition, LMP also has production bases in Vietnam, Malaysia and Indonesia. As of the end
of December 2021, the Company had an annual production capacity of over 8.695 million
tons（~6.88 million tons of paper, ~180,000 tons of pulp, ~640,000 tons of pulp board and
~995,000 tons of tissue paper）.
1H2022 results in line with consensus
LMP total revenue for the six months ended 30 June 2022 (1H2022) increased by 0.6% YoY
to HK$15.3bn. Net profit attributable to shareholders decreased by 58.8% to HK$797mn,
which is consistent with the results announced in July. The EPS was HK18.46 cents (1H2021:
HK44.54 cents). Interim dividend of HK6.50 cents per share (1H2021: HK15 cents), decreased
by 56.7% YoY.