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1 2016/2017

2 %

3 ACS ACIS ACS ACIS Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda 181 One Harbour Square22 1 (852) (852) Conyers Dill & Pearman 2

4 2016/ , , % 7, , % 6, , % 5, , % 4, , % (1) 4, , % 3, ,460.5 (45.6%) 22, , % 29, , % % % % % 3.0 3, , % (%) %39, %4, %4, % (1) 1.7% 14.1% 66, , , , , , , , , , % 290.8% 39, , , , , , , , , ,

5 01 1) 2) 100% 3) 4) g/m g/m2 4

6 2016/ ) g/m2 FSC 2) FSC 5

7 68.1% 13 39, % 18.3% 20.4%4, , % ,896 28, %74.6% 6

8 2016/ % 14%20%

9 8

10 2016/

11 % 21.6% 15.3% 9.6% 4.6% 2.5% 3.6% 2.2% 3.2% % 10

12 2016/ %

13 16,400 OHSAS

14 2016/ , , , , , , % 93.8%6.2% 22.0% 49.9% 23.1% 20.8% 5.6% 47.2% 22.6% 23.7% 5.8% % 9.3% 10.6% 95.6%4.4% 4.2%5.3% 1.1%1.3% 13

15 7,976.35, , %18.3%20.4% % % 2.3% 2.1% 1, %1, % 2.9% 6,560.72, % 13.5% 16.8% 18.3%20.4% 1, %1,066.0 (i) (ii) 102.3(iii) , , % 14

16 2016/ , , % % 18.9% 1, , , %4, , , , % 3, % 4, ,849.61,

17 2, % 2, , % 1, , , % 29 2, , %27 8,070.25, % 32, , ,748.73, ,845.33, , , , % 58.1%98.9% 81.4% 74.6% 16

18 2016/2017 (a) (b) 10, , % 63.6% 3.5% 3.3% 3.4% 2.8% 1,326.21, , ,

19 39, , , , ,739.1 (31,178.5) (26,231.5) (25,376.1) (24,177.6) (24,132.8) 7, , , , , (117.0) (337.6) (7.1) (26.6) (837.9) (736.0) (679.1) (525.6) (677.7) (1,142.3) (1,047.6) (917.7) (820.7) (802.0) 6, , , , , (1,066.0) (1,410.3) (1,521.8) (1,589.3) (1,534.3) (282.6) (1,434.5) , , , , ,016.5 (1,025.4) (518.0) (499.2) (370.3) (425.8) 4, , , , , , , , , , , , , ,482.4 (1,703.1) (3,166.4) (1,360.6) (2,187.9) (2,480.1) (4,367.0) (4,844.0) (1,497.5) (4,007.4) ,752.7 (4,497.1) 3,602.4 (588.9) 1, ,

20 2016/ , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

21 20

22 2016/2017 A1. +IC++ (GB ) (COD) (SS)(pH) 21

23 + +SCR/SNCR 95% 85%99.9% 10 (SO2) (Dust)(NOX) 22

24 2016/ % 23

25 A2. 95% 1, % 24

26 2016/2017 A3. ISO9001 ISO14001OHSAS18001FSC 95% ,400 25

27 IC (GB ) LED COD

28 2016/2017 B

29 B2. B , , % 4, % 164, %6, % 21, % 46, % 56, %5, % 6, %9, % B

30 2016/ SA B5. 2,310 2,065 1,880 1,906 1,364 1,195 1,203 1,161 1,149 1) ISO 2) 6,285 3) B6. SGS ISO OHS

31 ISO DCS QCS B7. 30

32 2016/ SAP OA claim_group/nddg/ndpaper 9. 31

33 ,

34 2016/

35 ,3001, ACCA 20 34

36 2016/ (1)

37 (2) 30 36

38 2016/2017 (3)

39 (4)

40 2016/2017 (5) (6)

41 (7) (8)

42 2016/2017 / 41

43 (dbaccess China Conference 2017) 42

44 2016/

45 2016CFA Institute Research Challenge CFA Institute Research Challenge W 181 One Harbour Square 22 1 (852) (852) info_hk@ndpaper.com 44

46 2016/

47 /5 1/1 2/2 1/1 1/1 1/1 1 4/5 2/2 1/1 1/1 1 4/5 2/2 2/2 1/1 1/1 1/1 1 4/5 1/1 1/1 5/5 1/1 1/1 5/5 1/1 2/2 4/4 2/2 1/1 1/1 1/1 5/5 1/1 2/2 4/4 2/2 1/1 1/1 1/1 5/5 1/1 2/2 4/4 2/2 1/1 1/1 1/1 (1) 46

48 2016/ A

49

50 2016/2017 ( 49

51 ( 50

52 2016/

53 52

54 2016/ One Harbour Square 22 1 info_hk@ndpaper.com(852) (1)(2) One Harbour Square

55 (i)(ii) One Harbour Square 22 1 (6) (1) 2.4 (i) (ii) 54

56 2016/

57 1.00 1% 1% (i) (ii) (iii) 10%400,000,000 10% 30% 30% (i)303,602, %(ii) 18,000, % 56

58 2016/2017 * i) 1 2 4,500,000 4,500, % 4,500,000 4,500, % 4,500,000 4,500, % 4,500,000 4,500, % ii) 3 8,000,000 (8,000,000) 0.00% 26,000,000 (8,000,000) 18,000,000 * 4,674,220,811 (1) ,500,000 4,500, ,500,000 4,500, ,500,000 4,500, ,500,000 4,500, (2) (3) ,000,000 (8,000,000) 3.94 (4) 57

59 (5) % 2.700% 42% 7,800, % 1.800% 46% 26,606,000 1% 1% (i) (ii) (iii) 58

60 2016/ %466,622,081 10% 30% 30% 22 59

61 (i) (ii) (iii) (iv) (v) (vi) 60

62 2016/

63 62

64 2016/

65 XIVA 64

66 2016/ RISI CEO (JP) University of Santo Amaro 65

67

68 2016/ Gray s Inn

69

70 2016/ Chartered Professional Accountants of Canada CFA

71 (a) (b) (c) (d) (e) (f) (g) (h)

72 2016/ ,388,000 1,757,000 8,765,002,0001,561,117, % 31.9% 4.2% 70% 71

73 86(2) 72

74 2016/ XV (A) 1 85,597,758 27,094,184 2,992,120,000 4,500,000 4,500,000 3,113,811, % 27,094,184 85,597,758 2,992,120,000 4,500,000 4,500,000 3,113,811, % 29,899,821 4,500,000 34,399, % 9,649,000 2,992,120,000 4,500,000 3,006,269, % 1,216,670 1,216, % (B) Best Result Best Result 37, % 37, % The Liu Family Trust 37, % 37, % The Zhang Family Trust The 25, % Golden Nest Trust 4 52, % (1) Best Result2,992,120,000Best Result(i)37.073% (ii) BNP Paribas Jersey Trust Corporation Limited The Liu Family Trust Goldnew Limited % (iii) BNP Paribas Jersey Trust Corporation Limited The Zhang Family TrustAcorn Crest Limited %(iv) BNP Paribas Jersey Trust Corporation Limited The Golden Nest Trust Winsea Investments Limited % 73

75 (2) The Zhang Family Trust The Liu Family Trust The Golden Nest Trust (3) XV Best Result (4) The Liu Family Trust The Golden Nest Trust XV Best Result XV 352 XV Best Result Best Result 2,992,120, % 2,992,120, % Goldnew Limited 2,992,120, % BNP Paribas Jersey Trust Corporation Limited The Liu Family Trust 2,992,120, % Best Result2,992,120,000Best Result(i)37.073% (ii) BNP Paribas Jersey Trust Corporation Limited The Liu Family Trust Goldnew Limited % (iii) BNP Paribas Jersey Trust Corporation Limited The Zhang Family TrustAcorn Crest Limited %(iv) BNP Paribas Jersey Trust Corporation Limited The Golden Nest Trust Winsea Investments Limited %

76 2016/ ,892,000 17,905, (i) (ii) (iii) 51% 29 75

77 (a) 14A (b) (c) 312 1,150 76

78 2016/2017 (d) 368 1,000 (e) 100% (f) 60% (g) 9,641 19,000 77

79 (h) 30%70% 7,352 10,000 (a) (b) (c) (d) A.56 78

80 2016/

81

82 2016/ (a) 39,154,808,000 81

83 90 82

84 2016/

85 84

86 2016/ ,415,144 44,860, ,520,792 1,521, , , ,749 65, ,305 47, ,425 15,884 48,310,079 46,757, ,679,114 3,605, ,399,248 4,597, ,220, ,649 50,103 46,665 24,000 53,634 10, , ,472,756 11,002,470 17,856,732 20,534,621 66,166,811 67,291, , , ,765,002 8,730, ,539,236 1,323,109 18,965,490 15,542,523 29,748,705 26,074, , ,642 30,084,789 26,420,861 85

87 16 16,832,996 20,852, ,433,172 2,176,336 19,266,168 23,028, ,291,195 4,097, ,842,678 1,315, , , ,116,126 11,992,892 1,106 16,815,854 17,842,044 36,082,022 40,870,764 66,166,811 67,291,

88 2016/ ,154,808 32,092, (31,178,547) (26,231,444) 7,976,261 5,861, , ,954 (117,037) (337,597) 21 (837,882) (736,018) 21 (1,142,334) (1,047,598) 6,560,682 4,331,067 (959,266) (1,271,570) , , (1,065,955) (1,410,310) (282,588) (1,434,494) ,170 42,430 5,434,998 1,667, (1,025,364) (518,054) 4,409,634 1,149,379 4,383,668 1,121,742 25,966 27,637 4,409,634 1,149,

89 4,409,634 1,149,379 3,690 32,852 4,413,324 1,182,231 4,385,969 1,142,280 27,355 39,951 4,413,324 1,182,

90 2016/ ,272 8,730,315 1,240,359 14,777,793 25,226, ,790 25,525,529 1,121,742 1,121,742 27,637 1,149,379 20,538 20,538 12,314 32,852 20,538 1,121,742 1,142,280 39,951 1,182,231 (326,635) (326,635) (326,635) (70,407) (70,407) 94,140 94,140 10,705 10,705 (15,832) (5,127) 21,130 21,130 21,130 31,835 (326,635) (294,800) 7,901 (286,899) 30,377 (30,377) 478,272 8,730,315 1,323,109 15,542,523 26,074, ,642 26,420,861 89

91 ,272 8,730,315 1,323,109 15,542,523 26,074, ,642 26,420,861 4,383,668 4,383,668 25,966 4,409,634 2,301 2,301 1,389 3,690 2,301 4,383,668 4,385,969 27,355 4,413,324 (513,583) (233,711) (747,294) (747,294) (38,763) (38,763) (850) (850) 850 7,507 7,507 7, ,687 (6,238) 29,154 29, ,687 (513,164) (233,711) (711,483) (37,913) (749,396) 726,990 (726,990) 478,977 8,765,002 1,539,236 18,965,490 29,748, ,084 30,084,

92 2016/ (a) 5,248,895 8,070,232 (627,517) (270,313) (1,108,075) (1,339,445) 3,513,303 6,460,474 (3,615,052) (1,800,024) (8,890) 27(b) 22,196 15,248 (44,333) (38,085) ,100 (7,443) , , , ,609 62,163 40,708 (3,166,399) (1,360,566) 29,154 30,439,346 39,466,880 (34,699,453) (40,526,975) 29,634 (30,534) (104,185) (5,127) (35,756) (65,024) (606,907) (326,635) 94,140 (4,843,982) (1,497,460) (4,497,078) 3,602,448 11,002,470 7,310,840 (32,636) 89, ,472,756 11,002,

93 1. Clarendon House, 2 Church Street, Hamilton HM11, Bermuda (a)

94 2016/ (b)

95 (b)

96 2016/ (a) (b) (c) (d) 95

97 (a) (b) 20% 50% 96

98 2016/ (c) (a) (b) (c) 97

99 (c) % 5% 98

100 2016/ (a) 99

101 (b) (i) (ii) (iii) 8 10 (c) (d)

102 2016/ (a) (b)

103

104 2016/

105 (a) (b) (c) 104

106 2016/ (a) 5% 1,500 (b) (c) 105

107 (c) (d)

108 2016/ (a) (b) (c) (d)

109 (a) 5.0% 496,836, ,595,000 11,748, ,000 (b) ,060,000 39,724,

110 2016/ (c) Aa1 20,152 Aa ,197 A1 1,654,342 5,668,053 A2 2,724,082 2,763,326 A3 56,417 90,296 Baa1 461,478 1,231,915 Baa2 213, ,836 Baa3 520, ,170 1,241,963 6,506,211 11,327,738 Moody s 109

111 (d) ,895,025 9,894,796 7,182, ,369 3,264,296 37,592 12,831,405 8,250,041 13,182,450 4,889,697 39,

112 2016/ ,949,122 32,845,276 (6,507,589) (11,330,112) 22,441,533 21,515,164 30,084,789 26,420, % 81.4% 111

113 (e) 4. (a) 5% 541,233, ,989, ,687, ,228,

114 2016/ (b) 5. 37,418,009,000 29,859,611,000 1,736,799,000 2,233,159, ,674,513,000 46,238,133,000 1,633,141, ,987,

115 6. 8,066,943 44,611, , ,026 1,166,005 55,504,814 (2,146,532) (7,554,651) (426,170) (366,600) (10,493,953) 5,920,411 37,056, , ,426 1,166,005 45,010,861 5,920,411 37,056, , ,426 1,166,005 45,010, ,762 29,640 80,567 1,596,029 1,813, , ,236 59,049 (1,305,689) 27 (5,863) (33,548) (3,776) (2,960) (46,147) 21 (b) (343,702) (1,419,994) (83,572) (76,621) (1,923,889) 1,205 2, ,714 5,998 5,911,455 36,620, , ,463 1,459,059 44,860,821 8,386,437 45,549, , ,054 1,459,059 57,157,033 (2,474,982) (8,929,794) (500,845) (390,591) (12,296,212) 5,911,455 36,620, , ,463 1,459,059 44,860,821 5,911,455 36,620, , ,463 1,459,059 44,860,821 23,115 56,792 48,557 3,640,339 3,768, , ,820 78,559 (1,137,609) 27 (11,999) (160,079) (1,470) (7,033) (180,581) 21 (b) (354,396) (1,491,000) (104,816) (69,682) (2,019,894) 60 (185) (4) (38) (13,838) (14,005) 5,690,350 35,905, , ,267 3,947,951 46,415,144 8,488,934 46,189,238 1,034, ,377 3,947,951 60,499,996 (2,798,584) (10,283,419) (596,739) (406,110) (14,084,852) 5,690,350 35,905, , ,267 3,947,951 46,415,

116 2016/ (a) 1,074,532,000 1,106,747, (b) 1,690,234 1,668, , ,147 66,370 65,940 3,536 3,740 2,019,894 1,923,

117 7. 1,769,277 (296,878) 1,472,399 1,472,399 83, (36,045) 1,422 1,521,765 1,853,266 (331,501) 1,521,765 1,521,765 40,730 (156) 21 (41,657) 110 1,520,792 1,893,756 (372,964) 1,520, ,657,000 36,045,000 52,502,000 58,582,

118 2016/ (b) (c) 221,830 56,566 4,524 30,709 11,016 33, ,373 (75,136) (3,962) (21,497) (5,883) (367) (106,845) 146,694 56, ,212 5,133 33, , ,694 56, ,212 5,133 33, , (a) (562) (3,071) (1,319) (1,301) (6,253) 146,694 56,566 6,141 3,814 32, , ,830 56,566 4,524 30,709 11,016 33, ,373 (75,136) (4,524) (24,568) (7,202) (1,668) (113,098) 146,694 56,566 6,141 3,814 32, , ,694 56,566 6,141 3,814 32, ,275 8,890 8, (a) (3,071) (4,708) (722) (8,501) (15,000) (15,000) 146,694 41,566 3,070 7,996 31, , ,830 56,566 4,524 30,709 19,906 33, ,263 (75,136) (15,000) (4,524) (27,639) (11,910) (2,390) (136,599) 146,694 41,566 3,070 7,996 31, ,664 (a) 7,779,000722,000 4,952,0001,301,

119 8. (b) (i) 17% 17% (ii) 1% 1% (iii) 14% 14% (i) (ii) (iii) 5% 0%5% 118

120 2016/ (c) (i) 2% 2% (ii) 2% 2% (iii) 13% 12% (i) (ii) (iii) 15,000,000 5% 5% 119

121 9. Nine Dragons Paper (BVI) Group Limited 10, % NDP (BVI) 1 100% 2 3,217,491, % 1 (a) 833,181, % 1 (a) 450,720, % 1 (a) 461,540, % 1 (a) 596,195, % 2 188,466, % 2 (a) 462,210, % 2 202,055, % 1 (a) 68,995, % (a) 100,000,000 67% 1 2 (a) 120

122 2016/ ,113 39,127 64,240 44,976 (2,546) 42,430 (40,708) (40,708) (203) (203) 29,381 36,378 65,759 29,381 36,378 65, ,908 (1,738) 116,170 (62,163) (62,163) (17) (17) 85,126 34, ,749 (a) 30 (b) 157,211 59, ,908 44, ,908 44,

123 10. (c) 50 (d) (1,738) (2,546) (1,738) (2,546) (17) (203) (1,755) (2,749) 11. 2,849,572 2,592,540 1,829,542 1,012,980 4,679,114 3,605,520 31,178,547,000 26,231,444,

124 2016/ ,027,667 1,994,747 29(d) 47,295 30,499 3,074,962 2,025,246 2,230,220 2,542,278 29(d) 94,066 30,151 2,324,286 2,572,429 5,399,248 4,597, , , , ,899 29(d) 43,138 44, , , , ,172 (21,305) (47,500) 1,220, ,649 (a) 123

125 12. (b) ,730,132 1,669, , , ,129 14, ,201 3,043 3,074,962 2,025,246 (c) (i) 3,067,402 1,985,168 (ii) 7,560 40,078 3,074,962 2,025,246 (i) 124

126 2016/ (c) (ii) , ,359 22, , ,201 1,630 7,560 40,078 (d) (e) 5,587,000 4,641, , ,479 62,297 53,667 5,775,381 4,850,230 (f) (g) (h) 69,988,000 (i) 125

127 13. 1,378 2,374 (c) 6,471,378 11,000,096 6,472,756 11,002,470 5,448,776 9,315, , , , , , ,583 30,972 25,488 6,472,756 11,002,470 (a) (b) (c) 6,471,378,000 11,000,096, %0.58% 14. 4,666,220, , ,272 8,730,315 9,208,587 4,666,220, , ,272 8,730,315 9,208,587 8,000, ,687 35,392 4,674,220, , ,977 8,765,002 9,243,

128 2016/ (a) (b) (c) 660, ,751 18, ,833 (67,735) 1,240,359 21,130 21,130 10,705 10,705 30,377 30,377 20,538 20, , ,456 40, ,210 (47,197) 1,323,109 (a) (b) (c) 660, ,456 40, ,210 (47,197) 1,323,109 7,507 7,507 (850) (850) 726, ,990 (6,238) (6,238) (513,583) (513,583) 2,301 2, , ,606 41,367 1,165,200 (44,896) 1,539,236 (a) (b)

129 15. (b) ,000,000 (8,000,000) 18,000,000 18,000,000 26,000,000 (8,000,000) 18,000,000 8,000, ,000,000 8,000, % 2.700% 42% 7,800, % 1.800% 46% 26,606,000 (c) 10%50% 128

130 2016/ ,832,996 20,453, ,600 16,832,996 20,852,384 9,843,130 10,674,355 1,873,196 1,318, ,800 12,116,126 11,992,892 28,949,122 32,845,276 (a) 6 244,024, ,018,000 23,983,279,000 28,914,145,000 79,633, ,433,000 (b) 6 17,570,106 23,711, ,209,735 4,039,065 6,169,281 5,094,984 28,949,122 32,845,

131 16. (c) 11,716, ,800 12,116,126 9,530,511 9,530,511 7,054,034 7,054, , ,451 28,549, ,800 28,949,122 11,992,892 11,992,892 7,340, ,600 7,738,869 13,113,515 13,113,515 32,446, ,600 32,845,276 (d) 4.03% 3.94% 1.60% 4.10% 2.17% 1.22% 7.56% 4.28% 3.27% 1.54% 4.12% 1.76% 1.21% 7.56% 130

132 2016/ (e) (f) 18,406,556 19,300,874 5,853,473 10,881,695 4,023,093 2,662, , ,239 28,949,122 32,845,276 (g) 30,508,535 29,333,822 2,159,847 2,134,539 32,668,382 31,468,

133 (2,425) (15,884) 12 10,301 8, ,422,871 2,168,150 2,433,172 2,176,336 2,430,747 2,160,452 2,160,452 1,905, , , ,430,747 2,160,

134 2016/ ,014, , ,278,179 2,278, , ,504,066 (78,576) (30,857) (109,433) 9,563 (17,857) (8,294) (69,013) (48,714) (117,727) (69,013) (48,714) (117,727) 53,369 (8,961) 44,408 (15,644) (57,675) (73,319) 795,661,000631,543,

135 18. 1,155, ,920 29(d) 282, ,309 1,438,397 1,030, ,798 2,837,735 29(d) 230, ,798 3,067,735 2,291,195 4,097, , ,928 1,391, ,492 29(d) 3,178 1,391, , ,077 75,631 1,842,678 1,315,229 (a) (b) ,404,215 1,010, ,693 7, ,475 7, ,014 5,287 1,438,397 1,030,

136 2016/ (c) (d) ,722,348 30,006,173 2,181,592 1,851, , ,652 39,154,808 32,092, (a) 631, , , ,297 75,459 72,437 30,024 98,053 (51,696) (35,695) (16,511) (87,146) (150,481) (26,375) 10,465 16, , ,954 (a) 50% 135

137 ,019,894 1,923,889 (3,536) (3,740) 2,016,358 1,920, ,779 4, ,610,104 1,347,452 28,585,959 23,251,542 (816,562) (19,074) 796, , , , ,657 36,045 3,158 2,476 8,100 8,100 51,104 73, , ,381 33,158,763 28,015, ,369,781 1,102, , , ,507 21,130 1,610,104 1,347,

138 2016/ (a) 81,507 81,203 (b) 4,600 1,840 1,877 8,317 (i) 4,370 1,610 1,877 7,857 4,140 1,610 1,877 7, , ,442 1, , , (iii) ,934 5,060 4, , ,

139 22. (b) 4,600 1,840 3,723 10,163 (i) 4,370 1,610 3,723 9,703 4,141 1,610 3,723 9, , ,998 1, , , (ii) (iii) ,408 5,404 4, , ,163 (i) (ii) (iii) (c) 138

140 2016/ , ,740 (968,111) (986,079) (109,854) (212,149) 56,398 18,622 (1,021,567) (1,179,606) (45,494) (127,940) 1,106 (102,764) (1,065,955) (1,410,310) 3.78%3.66% 24. (a) (b) 755, ,313 (c) 755, , , ,741 1,025, ,054 (a) 25% 15%15% 139

141 24. (b) 10% 10%5% 5%5% (c) (d) 5,434,998 1,667,433 1,431, ,201 (511,008) (162,739) 13,731 14, , ,229 (9,343) (18,672) (4,195) (555) 1,025, , %27.3% 140

142 2016/ ,383,668 1,121,742 4,669,721 4,666, ,383,668 1,121,742 4,669,721 4,666,221 7,699 1,185 4,677,420 4,667,

143 (a) 233,711 93, (b) 1,168, , (b) 140,068 1,402, ,907 (a) ,711,00093,324,000 (b) ,515, ,068,

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150 2016/2017 3,300 # # 149

151 486 4,674,220, , Codan Services Limited Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda (852) (852) One Harbour Square22 1 (852) (852) info_hk@ndpaper.com HK 2689 HK

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