Revenue by Segment

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017	FY 2016
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020	Dec '19 Dec 31, 2019	Dec '18 Dec 31, 2018	Dec '17 Dec 31, 2017	Dec '16 Dec 31, 2016
Tissue Paper Products	15.27B	14.05B	14.07B	12.25B	10.71B
Tissue Paper Products Growth	8.67%	-0.15%	14.92%	14.32%	-3.46%
Hygiene Products	6.86B	-	-	-	-
Others	3.46B	3.46B	3.43B	3.01B	4.47B
Others Growth	-0.15%	1.01%	13.87%	-32.66%	-7.61%
Inter-Segment Sales	-2.52B	-2.15B	-1.44B	-	-1.85B
Disposable Diapers Products	-	1.44B	1.32B	1.20B	1.29B
Disposable Diapers Products Growth	-	9.54%	9.53%	-7.07%	-15.26%
Sanitary Napkin Products	-	5.86B	6.39B	6.16B	6.17B
Sanitary Napkin Products Growth	-	-8.26%	3.74%	-0.19%	-9.36%
Total	23.07B	22.67B	23.77B	22.62B	20.79B
Total Growth	1.76%	-4.62%	5.09%	8.78%	-7.08%

Revenue by Geography

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017	FY 2016
Period Ending	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020	Dec '19 Dec 31, 2019	Dec '18 Dec 31, 2018	Dec '17 Dec 31, 2017	Dec '16 Dec 31, 2016
Fujian and Jiangxi	9.06B	8.62B	8.19B	7.02B
Fujian and Jiangxi Growth	5.04%	5.30%	16.67%	3.60%
North Western China	785.29M	887.38M	827.93M	749.88M
North Western China Growth	-11.50%	7.18%	10.41%	-11.99%
South-Western China	1.78B	1.94B	1.75B	1.62B
South-Western China Growth	-8.58%	11.37%	7.94%	-9.53%
Guangdong, Guangxi, Hunan and Hubei	2.89B	3.38B	3.06B	2.86B
Guangdong, Guangxi, Hunan and Hubei Growth	-14.51%	10.37%	7.01%	-13.61%
North-Eastern	730.40M	749.88M	713.70M	667.80M
North-Eastern Growth	-2.60%	5.07%	6.87%	-3.22%
Northern China	1.27B	1.24B	1.10B	1.02B
Northern China Growth	1.91%	12.52%	8.00%	-2.59%
Shandong and Henan	1.53B	1.64B	1.60B	1.60B
Shandong and Henan Growth	-6.80%	2.71%	0.34%	-7.32%
Eastern China	2.64B	2.96B	2.90B	2.83B
Eastern China Growth	-10.76%	1.95%	2.71%	-11.21%
Hong Kong and Macau	1.39B	1.82B	1.96B	1.92B
Hong Kong and Macau Growth	-23.47%	-7.09%	2.15%	-15.17%
outside Mainland China	598.07M	519.08M	511.69M	513.86M
outside Mainland China Growth	15.22%	1.44%	-0.42%	-30.84%
Total	22.67B	23.77B	22.62B	20.79B
Total Growth	-4.62%	5.09%	8.78%	-7.08%

Source: S&P Global Market Intelligence.