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
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022
Papermaking	2.65B	-	-	-
Corrugated Paper	-	-	871.75M	1.12B
Corrugated Paper Growth	-	-	-21.85%	-
Boxboard Paper	-	-	1.91B	1.76B
Boxboard Paper Growth	-	-	8.98%	-
Unallocated Other Operations	-	-	14.78M	7.63M
Unallocated Other Operations Growth	-	-	93.60%	-
Total	2.65B	-	2.80B	2.88B
Total Growth	-	-	-2.75%	-

Revenue by Geography

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
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022
China	2.67B	2.49B	2.80B	2.88B
China Growth	7.26%	-11.24%	-2.75%	-
Total	2.67B	2.49B	2.80B	2.88B
Total Growth	7.26%	-11.24%	-2.75%	-

Source: S&P Global Market Intelligence.