| Company | Equity Analyst |
| Bank of America Merrill Lynch | Matty Zhao |
| China Industrial Securities Co., Ltd | Yijia Han |
| China International Capital Corporation Limited | Qing Gong |
| Cinda Securities Co., Ltd. | Wenqiang Jiang |
| CITIC Securities Company Limited | Xin Li |
| Citigroup Global Markets Asia Ltd | Eric Lau |
| Daiwa Capital Markets Hong Kong Limited | Carlton Lai |
| DBS Vickers Securities | Tam Tsz Wang |
| GF Securities | Qianwen Cao |
| Guoyuan Securities | Xin Chen |
| Goldman Sachs (Asia) LLC | Joy Zhang |
| Haitong Securities | Qinglong Guo |
| Huatai Financial Holdings (Hong Kong) Limited | Junhao Fan |
| JP Morgan Securities (Asia Pacific) Limited | Po Wei |
| Morgan Stanley | Rachel Zhang |
| Orient Securities Company Limited | Xuejun Li |
| Shenwan Hongyuan Securities Co., Ltd | Yiting Tu |
| The Hong Kong and Shanghai Banking Corporation Limited | Howard Lau |
| UBS Securities Asia Limited | Sharon Ding |
| Yuanta Securities (Hong Kong) Company Ltd. | Peter Chu |
| Zheshang Securities Co., Ltd. | Fanke Shi |
DISCLAIMER: It is our understanding that the institutions and analysts listed above provide research coverage on Nine Dragons Paper. This list may not be comprehensive nor up-to-date as institutions may from time to time change their analyst appointment or research coverage without notifying us. Any views, estimates, projections or recommendations provided by these institutions and analysts do not necessarily represent or reflect the views, estimates, projections or recommendations of Nine Dragons Paper, its directors or management. By listing such research coverage above, Nine Dragons Paper does not imply its endorsement of, agreement on or propagation of the views, estimates, projections or recommendations provided by these institutions and analysts.