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Sunshine Paper
Hong Kong, China, 27 March 2008 -- /Xinhua-PRNewswire/ -- China Sunshine Paper Holdings Company Limited, together with its subsidiaries (the Group, HKEx: 2002), a leading white top linerboard manufacturer by production output in 2006 in the Peoples Republic of China, announced its annual results for the year ended 31 December 2007.

For the year ended 31 December 2007, the Group's turnover amounted to RMB 1381.6 million, representing growth of 125.3% over 2006. Gross profit increased to RMB 269.6 million in 2007, representing a significant increment of 127.2%. Profit attributable to equity holders of the company increased by 166.3% to approximately RMB 133.0 million. Basic earnings per share were RMB 69 cents (2006: RMB 29 cents).

In 2007, white top linerboard accounted for 76.3% of total turnover and 11,752 tons of light-coated linerboard accounted for new sales in 2007. The significant growth in overall turnover was attributable to increasing demand in white top linerboard and core board, and the increase in production capacity and upgrade to existing production lines. Moreover, the average selling price of the Group's products increased as the Group produced higher grade products.

In 2007, the Group had five production lines, with an aggregate annual production capacity of 360,000 tons. The sixth production line, producing core board, is expected to commence production by the third quarter of 2008. The foundation work of the seventh production line has also commenced. It will manufacture both white top linerboard and light-coated linerboard interchangeably with an estimated annual production capacity of 500,000 tons. Aggregate annual production capacity is expected to reach approximately 1,060,000 tons by 2009.

The Group had signed strategic co-operation agreements with numerous leading consumer product manufacturers, such as Mengniu Dairy, Tsingtao Brewery, Yili, Haier, Huiyuan Juice, and Master Kong Chef.

In 2007, the Group increased its equity interest in Changle Shengshi Thermoelectricity Co., Ltd. from 20% to 80%, contributing to the Group an income of approximately RMB 28.8 million.

The Group planned to set up eight recovered paper collection points by the end of 2008.

Wang Dongxing, chairman of the Group said, "Looking ahead, we will further expand production capacity, continue to adopt the environmentally practices, and speed up business development via strategic acquisition and establishing joint ventures."

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