Lee & Man Paper Manufacturing Limited logo

Lee & Man Paper Manufacturing Limited

2314.HK

HKSEBasic MaterialsPaper, Lumber & Forest Products

Latest quote

HK$3.88

−HK$0.06 · -1.52%

Aug 24, 11:59 AM HKT

2314.HK company overview

Regular session · HKT · Market data may be delayed.

Company profile

Company website

Lee & Man Paper Manufacturing Limited, primarily an investment holding firm, produces and distributes a diverse range of packaging papers, pulps, and tissue papers. Its operations span across key Asian markets including mainland China, Vietnam, Malaysia, Macau, and Hong Kong. The company's business activities are structured into three main divisions: Packaging Paper, Tissue Paper, and Pulp. Its pulp offerings are extensive, featuring dissolved pulps essential for manufacturing products like viscose chemical fibers, bamboo fibers, specialty glass papers, acetate fibers, and refined rayons. Additionally, it provides unbleached bamboo kraft pulps, ideal for ecru life papers, eco-friendly tableware, and food bags, alongside bleached bamboo kraft pulps, which find applications in tissue papers, fine papers, cigarette papers, and cup papers. Furthermore, Lee & Man manufactures containerboard products, encompassing kraft and test linerboards widely used in the production of cartons, paper bags, file boxes, general paperboards, and wall coverings. It also supplies corrugating liners, crucial components for the corrugated and septi-layers of paperboards, as well as for honeycomb-structured products. The product portfolio further extends to white lined chipboards and eco-conscious white linerboard coated products, vital for graphic cartons, color card printing, and offset printing. These materials are extensively utilized in packaging for a broad spectrum of items, including everyday commodities, household appliances, IT goods, pharmaceuticals, food, toys, gifts, ceramics, stationery, and beverages. The company also produces toilet rolls, designed for hygiene purposes such as hand, face, and food cleaning, alongside unbleached paper tailored for diverse applications like baby care, feminine hygiene, facial use, sensitive skin products, and general table and kitchen needs. Established in 1994, the company's headquarters are located in Kwun Tong, Hong Kong.

Industry
Paper, Lumber & Forest Products
Sector
Basic Materials
Headquarters
HK
CEO
Man Bun Lee
Listed since
Sep 26, 2003
Employees
10,000

Market position

Day range

Current HK$3.88

52-week range

Current HK$3.88

Open
HK$4.08
Previous close
HK$3.94
Volume
1.95M
0.3× average
Average volume
6.55M
Average daily volume
Market cap
16.66B HKD
Beta
1.01
Market reference 1
50-day average
HK$3.5931
+7.98% above average
200-day average
HK$3.3852
+14.62% above average

Financials

Financial snapshot

Latest / TTM

Valuation & yield

Enterprise value
31.16B HKD
EV / EBITDA
13.27×
Earnings yield
16.14%
Free cash flow yield
13.58%

Profitability & efficiency

Return on equity
6.38%
Return on assets
3.37%
Return on invested capital
3.06%

Financial health

Current ratio
1.14×
Altman Z-score
2.26
Piotroski F-score
8 of 9

Financial statements

Margin trends

Profitability as a percentage of reported revenue.

Gross marginOperating marginNet margin
Gross, operating, and net margin trends19%14%8%3%Gross margin, FY2021: 17.54%Gross margin, FY2022: 9.23%Gross margin, FY2023: 10.03%Gross margin, FY2024: 11.97%Gross margin, FY2025: 14.62%Operating margin, FY2021: 11.25%Operating margin, FY2022: 4.11%Operating margin, FY2023: 4.10%Operating margin, FY2024: 6.17%Operating margin, FY2025: 7.13%Net margin, FY2021: 10.00%Net margin, FY2022: 4.51%Net margin, FY2023: 4.21%Net margin, FY2024: 5.23%Net margin, FY2025: 7.29%FY2021FY2022FY2023FY2024FY2025
Gross margin FY2021 17.54%. Gross margin FY2022 9.23%. Gross margin FY2023 10.03%. Gross margin FY2024 11.97%. Gross margin FY2025 14.62%. Operating margin FY2021 11.25%. Operating margin FY2022 4.11%. Operating margin FY2023 4.10%. Operating margin FY2024 6.17%. Operating margin FY2025 7.13%. Net margin FY2021 10.00%. Net margin FY2022 4.51%. Net margin FY2023 4.21%. Net margin FY2024 5.23%. Net margin FY2025 7.29%.

Income trends

Revenue

26.64B HKD+2.49%

Operating income

1.9B HKD+18.46%

Net income

1.94B HKD+42.92%
Income trends across reported periods35.66B HKD23.06B HKD10.47B HKD−2.13B HKDRevenue, FY2021: 32.51B HKDRevenue, FY2022: 29.17B HKDRevenue, FY2023: 24.94B HKDRevenue, FY2024: 26B HKDRevenue, FY2025: 26.64B HKDOperating income, FY2021: 3.66B HKDOperating income, FY2022: 1.2B HKDOperating income, FY2023: 1.02B HKDOperating income, FY2024: 1.6B HKDOperating income, FY2025: 1.9B HKDNet income, FY2021: 3.25B HKDNet income, FY2022: 1.32B HKDNet income, FY2023: 1.05B HKDNet income, FY2024: 1.36B HKDNet income, FY2025: 1.94B HKDFY2021FY2022FY2023FY2024FY2025
Revenue FY2021 32.51B HKD. Revenue FY2022 29.17B HKD. Revenue FY2023 24.94B HKD. Revenue FY2024 26B HKD. Revenue FY2025 26.64B HKD. Operating income FY2021 3.66B HKD. Operating income FY2022 1.2B HKD. Operating income FY2023 1.02B HKD. Operating income FY2024 1.6B HKD. Operating income FY2025 1.9B HKD. Net income FY2021 3.25B HKD. Net income FY2022 1.32B HKD. Net income FY2023 1.05B HKD. Net income FY2024 1.36B HKD. Net income FY2025 1.94B HKD.
Metric (HKD)FY2025FY2024FY2023FY2022FY2021
Revenue26.64B HKD26B HKD24.94B HKD29.17B HKD32.51B HKD
Cost of goods sold22.75B HKD22.88B HKD22.43B HKD26.48B HKD26.81B HKD
Gross profit3.9B HKD3.11B HKD2.5B HKD2.69B HKD5.7B HKD
Selling, general, and administrative2B HKD1.95B HKD1.71B HKD2.02B HKD2.57B HKD
Operating expenses2B HKD1.75B HKD1.48B HKD1.49B HKD2.04B HKD
Interest income12.98M HKD12.43M HKD19.19M HKD26.82M HKD30.73M HKD
Interest expense215.35M HKD326.18M HKD278.12M HKD123.77M HKD75.39M HKD
Depreciation and amortization260.18M HKD263.3M HKD174.55M HKD191.5M HKD165.25M HKD
Operating income1.9B HKD1.6B HKD1.02B HKD1.2B HKD3.66B HKD
Net income1.94B HKD1.36B HKD1.05B HKD1.32B HKD3.25B HKD

Company facts updated Aug 24, 2026.

Earnings

EPS beat rate
55%
6 beats, 5 misses, 0 met estimates
Average EPS surprise
+7.83%
11 comparable reports
Latest EPS result
0.32
Estimate 0.17 · Beat by 88.06%

EPS: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly EPS actual values compared with estimates0.360.260.160.06Q1 '23MissQ3 '23MissQ1 '24BeatQ3 '24BeatQ1 '25MissQ3 '25BeatQ1 '26BeatQ3 '26Beat
Q1 2023, reported Mar 1, 2023: actual 0.09, estimate 0.13, surprise -30.78%, Miss. Q3 2023, reported Aug 1, 2023: actual 0.071, estimate 0.31, surprise -76.95%, Miss. Q1 2024, reported Mar 8, 2024: actual 0.172, estimate 0.1, surprise +72.40%, Beat. Q3 2024, reported Aug 1, 2024: actual 0.177, estimate 0.1, surprise +76.90%, Beat. Q1 2025, reported Mar 6, 2025: actual 0.129, estimate 0.18, surprise -28.50%, Miss. Q3 2025, reported Aug 7, 2025: actual 0.189, estimate 0.18, surprise +4.89%, Beat. Q1 2026, reported Mar 10, 2026: actual 0.26, estimate 0.19, surprise +36.84%, Beat. Q3 2026, reported Aug 3, 2026: actual 0.32, estimate 0.17, surprise +88.06%, Beat.

Revenue: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly Revenue actual values compared with estimates32.77B25B17.23B9.45BQ1 '23MissQ3 '23MissQ1 '24MissQ3 '24BeatQ1 '25MissQ3 '25MissQ1 '26BeatQ3 '26Beat
Q1 2023, reported Mar 1, 2023: actual 13.89B HKD, estimate 31.16B HKD, surprise -55.42%, Miss. Q3 2023, reported Aug 1, 2023: actual 12.21B HKD, estimate 14.86B HKD, surprise -17.83%, Miss. Q1 2024, reported Mar 8, 2024: actual 12.73B HKD, estimate 26.17B HKD, surprise -51.36%, Miss. Q3 2024, reported Aug 1, 2024: actual 12.51B HKD, estimate 11.06B HKD, surprise +13.06%, Beat. Q1 2025, reported Mar 6, 2025: actual 13.49B HKD, estimate 13.7B HKD, surprise -1.53%, Miss. Q3 2025, reported Aug 7, 2025: actual 12.24B HKD, estimate 12.87B HKD, surprise -4.91%, Miss. Q1 2026, reported Mar 10, 2026: actual 14.41B HKD, estimate 14.11B HKD, surprise +2.09%, Beat. Q3 2026, reported Aug 3, 2026: actual 14.84B HKD, estimate 12.93B HKD, surprise +14.76%, Beat.

Corporate actions

Annual dividends per share

Cash distributions grouped by calendar year; partial years are marked.

HK$0.111

2025 complete year-66.4% since 2021

2026 partial: HK$0.112

* Partial calendar year in the available dividend history.

Corporate action history

Dividend

Ex-dividend Aug 13, 2026

HK$0.112

Semi-Annual

Record Aug 14, 2026 · Payment Sep 3, 2026

Dividend

Ex-dividend Aug 19, 2025

HK$0.066

Semi-Annual

Record Aug 20, 2025 · Payment Sep 9, 2025

Dividend

Ex-dividend May 12, 2025

HK$0.045

Semi-Annual

Record May 13, 2025 · Payment Jun 3, 2025

Dividend

Ex-dividend Aug 14, 2024

HK$0.062

Semi-Annual

Record Aug 15, 2024 · Payment Sep 5, 2024

Dividend

Ex-dividend May 13, 2024

HK$0.061

Semi-Annual

Record May 14, 2024 · Payment Jun 5, 2024

Dividend

Ex-dividend Aug 11, 2023

HK$0.025

Semi-Annual

Record Aug 14, 2023 · Payment Sep 5, 2023

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