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One of China's largest makers of containerboard and packaging paper from recycled waste paper.
One of China's largest makers of containerboard and packaging paper from recycled waste paper.
Makes containerboard from recycled paper and sells it by the tonne to box converters, so earnings depend on the gap between paper prices and the cost of recycled fibre and energy. Since China restricted waste-paper imports it has relied more on pulp and domestic fibre. The founder's family remains the controlling shareholder.
In one line: A Chinese International Paper / WestRock-style containerboard producer.
Moat: narrow (scale, cost advantage). Large-scale, low-cost recycled-paper manufacturing base across multiple Chinese mills.
Headquarters: Hong Kong / Dongguan, China · Founded: 1994 · Employees: 10,000
Size Lee & Man Paper Manufacturing (2314.HK) is a Hong Kong Materials company (Pulp & Paper) with a market value of $1.77B, the 447th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$3.23 on 6 Nov 2026.
Performance Over six months the shares fell 4.0%, against -11.3% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 6th highest of 21 in its peer set.
Growth Revenue grew 13.7% over the last twelve months (peer median +1.4%); the operating margin is 8.9% (peer median 1.9%).
Valuation It trades at 5.5× forward earnings against a peer median of 15.5× (cheapest of 16).
Price implies For today's price to make sense, revenue must grow about 1% a year for seven years (Req g). Recent delivered growth is +1%, so the hurdle is +0 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 2.5 points below its cost of capital (6.6% WACC).
Next results Next results expected around 11 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$29.2B | HK$26.6B | HK$26.0B | HK$24.9B | HK$29.2B |
| Revenue growth | — | +2% | +4% | -15% | — |
| Gross profit | HK$4.55B | HK$3.90B | HK$3.11B | HK$2.50B | HK$2.69B |
| EBITDA | HK$2.88B | HK$2.35B | HK$1.63B | HK$1.20B | HK$1.39B |
| Net income | HK$2.50B | HK$1.94B | HK$1.31B | HK$1.05B | HK$1.19B |
| Free cash flow | HK$1.08B | HK$1.63B | -HK$2.31B | -HK$3.63B | -HK$1.14B |
| Capital expenditure | HK$2.67B | HK$1.90B | HK$2.70B | HK$3.70B | HK$4.74B |
| Total debt | n/a | HK$21.1B | HK$22.0B | HK$21.0B | HK$18.3B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Lee & Man Paper Manufacturing 2314.HK | $1.77B | -4% | +14% | 9% | 5.5× | 1.0% |
| Nine Dragons Paper 2689.HK | $2.76B | -29% | +22% | 9% | 4.4× | n/a |
| Shanying International 600567.SS | $962M | -27% | +1% | -7% | n/a | -11.8% |
| Smurfit Westrock SW | $23.1B | +7% | +1% | 5% | 15.1× | 13.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 2314.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -2.0% | -7.4% | 7th highest of 21 |
| 6-month return | -4.0% | -11.3% | 6th highest of 21 |
| Distance from 52-week high | -29.0% | -33.6% | 9th highest of 21 |
| Revenue growth (TTM) | +13.7% | +1.4% | 4th highest of 21 |
| Operating margin | 8.9% | 1.9% | 3rd highest of 21 |
| Forward P/E | 5.5× | 15.5× | cheapest of 16 |
| Growth the price implies (Req g, 7 yrs) | 1.0% | 5.4% | 5th least demanding of 13 |
| Growth delivered (Del g) | +0.6% | +3.2% | 4th lowest of 13 |
| Hurdle (Req g minus delivered) | +0.4 pp | +3.6 pp | 7th least demanding of 13 |
| ROIC minus cost of capital | -2.5 pp | -3.4 pp | 9th highest of 21 |
| EV / EBITDA | 11.8× | 9.9× | 2nd most expensive of 8 |
| Net debt / EBITDA | 7.0× | 4.2× | 3rd most indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Lee & Man Paper Manufacturing 2314.HK | Hong Kong | $1.77B | -4% | +14% | 9% | 5.5× | 1.0% | +0.6% |
| Xianhe 603733.SS | China | $1.94B | -28% | +9% | 10% | 10.9× | n/a | n/a |
| Sylvamo SLVM | United States | $1.57B | -4% | -7% | 6% | 9.6× | n/a | n/a |
| Zhongmin Energy 600163.SS | China | $1.49B | -15% | +18% | 49% | 15.5× | -9.8% | +5.0% |
| C&S Paper 002511.SZ | China | $1.44B | -8% | +2% | 7% | 21.7× | -2.1% | +2.3% |
| YFY 1907.TW | Taiwan | $1.40B | +18% | -2% | 0% | 23.1× | 7.1% | +0.1% |
| Billerud BILL.ST | Sweden | $2.24B | +35% | -9% | -1% | 70.1× | 24.9% | +11.2% |
| Rengo 3941.T | Japan | $2.29B | +18% | +4% | 4% | 11.0× | n/a | n/a |
| Metsa Board METSA.HE | Finland | $1.22B | -17% | -11% | -4% | n/a | 16.7% | -1.2% |
| Daio Paper 3880.T | Japan | $1.03B | +3% | +1% | 4% | 15.6× | 3.7% | +3.4% |
| Yueyang Forest & Paper 600963.SS | China | $1.02B | -14% | -10% | -5% | 19.9× | n/a | n/a |
| Shanying International 600567.SS | China | $962M | -27% | +1% | -7% | n/a | -11.8% | +2.9% |
| Fujian Qingshan Paper Industry 600103.SS | China | $930M | -35% | +5% | 2% | n/a | 14.6% | -0.5% |
| Nippon Paper Industries 3863.T | Japan | $899M | -6% | +2% | 2% | 11.8× | 15.4% | +3.4% |
| Wuzhou Special Paper 605007.SS | China | $882M | -22% | +17% | 5% | 12.1× | n/a | n/a |
| Japan Pulp and Paper 8032.T | Japan | $877M | +9% | +10% | 2% | 15.3× | 3.5% | +5.6% |
| Shandong Bohui Paper Industry 600966.SS | China | $841M | -33% | -2% | 2% | 38.0× | -0.6% | +6.5% |
| Sichuan Jinshi Technology 002951.SZ | China | $840M | -7% | -52% | -102% | n/a | n/a | n/a |
| Hokuetsu 3865.T | Japan | $816M | -9% | -5% | 2% | 17.2× | n/a | n/a |
| Guangdong Guanhao High-Tech 600433.SS | China | $788M | -37% | -1% | -4% | 11.7× | 25.9% | +2.0% |
| Zhejiang Jingxing Paper Joint Stock 002067.SZ | China | $787M | -27% | +18% | 0% | n/a | n/a | n/a |