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China's largest containerboard and packaging-paper producer, founded by Zhang Yin, supplying e-commerce and manufacturing packaging.
China's largest containerboard and packaging-paper producer, founded by Zhang Yin, supplying e-commerce and manufacturing packaging.
Sells containerboard by weight to box makers at prices that follow the market, so profit is the gap between those prices and the cost of recovered paper, energy and freight. Mills sit mainly in China, with additional US mills, and the founding Zhang family remains the controlling shareholder.
In one line: China's International Paper/WestRock.
Moat: narrow (scale, cost advantage). Largest scale and recovered-paper sourcing network in China give a cost edge in a commodity paper market.
Headquarters: Dongguan, China · Founded: 1995 · Employees: 28,351
Size Nine Dragons Paper (2689.HK) is a Hong Kong Materials company (Containers/Packaging) with a market value of $2.76B, the 359th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$4.62 on 6 Nov 2026.
Performance Over six months the shares fell 28.7%, against -0.8% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 3rd lowest of 21 in its peer set.
Growth Revenue grew 22.3% over the last twelve months (peer median +1.7%); the operating margin is 8.8% (peer median 6.9%).
Valuation It trades at 4.4× forward earnings against a peer median of 15.4× (cheapest of 19).
Capital Return on invested capital runs 1.6 points below its cost of capital (5.8% WACC).
Next results Next results expected around 23 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | HK$85.4B | HK$85.3B | HK$69.8B | HK$65.8B | HK$65.3B |
| Revenue growth | — | +22% | +6% | +1% | — |
| Gross profit | HK$13.8B | HK$13.4B | HK$9.05B | HK$7.31B | HK$2.75B |
| EBITDA | HK$12.6B | HK$12.6B | HK$8.05B | HK$6.33B | HK$2.08B |
| Net income | HK$3.99B | HK$4.00B | HK$1.91B | HK$812M | -HK$2.69B |
| Free cash flow | -HK$3.88B | -HK$3.80B | -HK$10.9B | -HK$14.6B | -HK$11.8B |
| Capital expenditure | HK$12.8B | HK$12.5B | HK$16.0B | HK$13.9B | HK$19.9B |
| Total debt | n/a | HK$105B | HK$95.5B | HK$84.2B | HK$68.2B |
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 |
|---|---|---|---|---|---|---|
| Nine Dragons Paper 2689.HK | $2.76B | -29% | +22% | 9% | 4.4× | n/a |
| Lee & Man Paper Manufacturing 2314.HK | $1.77B | -4% | +14% | 9% | 5.5× | 1.0% |
| Shanying International 600567.SS | $962M | -27% | +1% | -7% | n/a | -11.8% |
| International Paper IP | $18.3B | +6% | +3% | 3% | 15.8× | 26.4% |
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 | 2689.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -11.7% | +2.5% | 2nd lowest of 21 |
| 6-month return | -28.7% | -0.8% | 3rd lowest of 21 |
| Distance from 52-week high | -53.7% | -18.0% | 4th lowest of 21 |
| Revenue growth (TTM) | +22.3% | +1.7% | 3rd highest of 21 |
| Operating margin | 8.8% | 6.9% | 9th highest of 21 |
| Forward P/E | 4.4× | 15.4× | cheapest of 19 |
| ROIC minus cost of capital | -1.6 pp | +1.7 pp | 6th lowest of 21 |
| EV / EBITDA | 9.0× | 7.9× | 3rd most expensive of 14 |
| Net debt / EBITDA | 7.2× | 2.4× | most indebted of 15 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Nine Dragons Paper 2689.HK | Hong Kong | $2.76B | -29% | +22% | 9% | 4.4× | n/a | n/a |
| Ardagh Metal Packaging AMBP | United States | $2.82B | +18% | +17% | 5% | 17.0× | 4.1% | +9.8% |
| Viscofan VIS.MC | Spain | $2.86B | -5% | +3% | 15% | 16.6× | -3.4% | +6.5% |
| Verallia SAS VRLA.PA | France | $2.56B | -10% | -3% | 9% | 14.7× | 5.6% | +5.6% |
| Huhtamaki HUH1V.HE | Finland | $3.12B | -1% | -2% | 9% | 11.0× | -6.3% | +3.7% |
| Graphic Packaging GPK | United States | $3.31B | +5% | 0% | 6% | 12.3× | 5.0% | +5.6% |
| Vidrala VID.MC | Spain | $3.63B | +18% | -3% | 21% | 14.6× | 5.8% | +8.2% |
| Toyo Seikan 5901.T | Japan | $3.69B | +34% | +6% | 6% | 20.4× | -2.7% | +5.2% |
| Jia Yao 1626.HK | Hong Kong | $2.05B | +175% | +161% | 6% | n/a | n/a | n/a |
| Greif GEF | United States | $3.95B | +7% | -2% | 8% | 16.1× | 7.9% | -4.7% |
| Winpak WPK.TO | Canada | $1.91B | +12% | +3% | 15% | 12.5× | -10.9% | +6.6% |
| Shandong Pharmaceutical Glass 600529.SS | China | $1.85B | 0% | -9% | 18% | 16.5× | -2.4% | +5.5% |
| Oji 3861.T | Japan | $4.31B | -3% | 0% | 2% | 20.6× | 20.4% | +6.5% |
| Silgan SLGN | United States | $4.34B | +2% | +4% | 10% | 10.2× | -5.8% | +5.7% |
| ORG Technology 002701.SZ | China | $1.65B | -22% | +24% | 5% | 9.6× | -5.2% | +15.8% |
| Mondi MNDI.L | United Kingdom | $4.69B | +5% | +5% | 4% | 36.1× | 15.4% | +2.1% |
| Jiamei Food Packaging (Chuzhou) 002969.SZ | China | $1.55B | -56% | -10% | 6% | 86.4× | 22.4% | +7.3% |
| Shanghai Zijiang Enterprise 600210.SS | China | $1.54B | -3% | -18% | 10% | 11.3× | n/a | n/a |
| Jiangsu Hualan New Pharmaceutical Material 301093.SZ | China | $1.53B | -27% | +6% | 5% | 77.4× | 50.9% | +6.7% |
| Sonoco Products SON | United States | $4.99B | -2% | +4% | 10% | 9.0× | -1.9% | +7.5% |
| Shanghai Shunho New Materials Technology 002565.SZ | China | $1.51B | -50% | -15% | -3% | n/a | n/a | n/a |