山东晨鸣纸业集团股份有限公司 2025 年半年度财务报告 山东晨鸣纸业集团股份有限公司 2025 年半年度财务报告 2025 年 08 月 1 山东晨鸣纸业集团股份有限公司 2025 年半年度财务报告 第一节 财务报告 一、审计报告 半年度报告是否经过审计 □是 否 公司半年度财务报告未经审计。 二、财务报表 财务附注中报表的单位为：元 1、合并资产负债表 编制单位：山东晨鸣纸业集团股份有限公司 2025 年 06 月 30 日 单位：元 | 项目 | 期末余额 | 期初余额 | | --- | --- | --- | | 流动资产： | | | | 货币资金 | 953,661,496.60 | 5,909,879,812.18 | | 交易性金融资产 | 36,692,409.73 | 37,259,325.70 | | 应收票据 | 765,000,567.09 | 506,605,701.74 | | 应收账款 | 930,731,502.52 | 1,384,290,313.70 | | 应收款项融资 | 92,166,113.62 | 100,730,797.32 | | 预付款项 | 514,7 ...

证券代码：000488 200488 证券简称：ST 晨鸣 ST 晨鸣 B 公告编号：2025 -051 山东晨鸣纸业集团股份有限公司 详细内容请参阅同日披露在巨潮资讯网站（www.cninfo.com.cn）及香港联交所 网站（www.hkex.com.hk）的相关公告。 特此公告。 山东晨鸣纸业集团股份有限公司监事会 第十届监事会第十四次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 山东晨鸣纸业集团股份有限公司(以下简称"公司")第十届监事会第十四次 会议于 2025 年 8 月 29 日以通讯方式召开，会议通知于 2025 年 8 月 19 日以邮件及 书面方式下发给公司监事，会议应到监事 5 人，实到监事 5 人。本次监事会的召开 符合国家有关法律、法规和《公司章程》的规定。 与会监事认真审议并一致通过了本次会议的议案，形成会议决议如下： 一、审议通过了《公司 2025 年半年度报告全文和摘要》 经审核，监事会认为董事会编制和审议公司 2025 年半年度报告全文和摘要的 程序符合法律、行政法规及中国证监会的规定，报告内容真实、准确、完整 ...

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 山东晨鸣纸业集团股份有限公司（以下简称"公司"）第十届董事会第十四次会 议通知于 2025 年 8 月 19 日以书面、邮件方式送达各位董事，会议于 2025 年 8 月 29 日以通讯方式召开，会议应到董事 10 人，实到董事 10 人。本次董事会的召开符合国 家有关法律、法规和《公司章程》的规定。 与会董事认真审议并一致通过了本次会议的议案，形成会议决议如下： 一、审议通过了《公司 2025 年半年度报告全文和摘要》 本议案表决结果：同意票 10 票，反对票 0 票，弃权票 0 票。 证券代码：000488 200488 证券简称：ST 晨鸣 ST 晨鸣 B 公告编号：2025-050 山东晨鸣纸业集团股份有限公司 第十届董事会第十四次会议决议公告 详细内容请参阅同日披露在巨潮资讯网站（www.cninfo.com.cn）及香港联交所网 站（www.hkex.com.hk）的相关公告。 特此公告。 山东晨鸣纸业集团股份有限公司董事会 二〇二五年八月二十九日 ...

Important Notices, Table of Contents, and Definitions [Important Notices](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The company's management guarantees the truthfulness and accuracy of the semi-annual report and plans no profit distribution for the period - The Board of Directors, Supervisory Committee, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, and bear individual and joint legal responsibility[3](index=3&type=chunk) - The company plans **not to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital**[4](index=4&type=chunk) [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) The report is structured into eight main sections covering key corporate and financial information Report Chapters | Section | Page Number | | :--- | :--- | | Section I Important Notices, Table of Contents, and Definitions | 2 | | Section II Company Profile and Key Financial Indicators | 6 | | Section III Management Discussion and Analysis | 9 | | Section IV Corporate Governance, Environment, and Society | 21 | | Section V Significant Events | 27 | | Section VI Changes in Share Capital and Shareholders | 38 | | Section VII Bond-related Matters | 43 | | Section VIII Financial Report | 44 | [List of Documents for Inspection](index=4&type=section&id=%E5%A4%87%E6%9F%A5%E6%96%87%E4%BB%B6%E7%9B%AE%E5%BD%95) Available documents for inspection include signed financial statements and the semi-annual report text - Documents available for inspection include financial statements signed by company officials, the semi-annual report text signed by the legal representative, and originals of all documents publicly disclosed during the reporting period[8](index=8&type=chunk) [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section defines key terms used throughout the report, including company entities and reporting periods Key Definitions | Term | Refers to | Definition | | :--- | :--- | :--- | | The Company, Chenming Group, Chenming Paper | Refers to | Shandong Chenming Paper Holdings Limited and its subsidiaries | | Parent Company, Shouguang Headquarters | Refers to | Shandong Chenming Paper Holdings Limited | | Chenming Holdings | Refers to | Chenming Holdings Limited | | SZSE | Refers to | Shenzhen Stock Exchange | | HKEX | Refers to | The Stock Exchange of Hong Kong Limited | | CSRC | Refers to | China Securities Regulatory Commission | | Shandong Securities Regulatory Bureau | Refers to | China Securities Regulatory Commission Shandong Regulatory Bureau | | Zhanjiang Chenming | Refers to | Zhanjiang Chenming Pulp & Paper Co, Ltd | | Jiangxi Chenming | Refers to | Jiangxi Chenming Paper Co, Ltd | | Huanggang Chenming | Refers to | Huanggang Chenming Pulp & Paper Co, Ltd | | Hong Kong Chenming | Refers to | Chenming (Hong Kong) Limited | | Jilin Chenming | Refers to | Jilin Chenming Paper Co, Ltd | | Shouguang Meilun | Refers to | Shouguang Meilun Paper Co, Ltd | | Jiangxi Port | Refers to | Jiangxi Chenming Port Co, Ltd | | Chenming Leasing | Refers to | Shandong Chenming Financial Leasing Co, Ltd and its subsidiaries | | Reporting Period | Refers to | January 1, 2025 to June 30, 2025 | | Beginning of the Year/Period | Refers to | January 1, 2025 | | End of the Half-Year/Period | Refers to | June 30, 2025 | Company Profile and Key Financial Indicators [Company Profile](index=6&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) The company is listed on both the Shenzhen and Hong Kong stock exchanges, with no changes to its contact or registration details during the period Company Basic Information | Stock Name | ST Chenming | Stock Code | 000488 | | :--- | :--- | :--- | :--- | | | ST Chenming B | | 200488 | | Stock Exchange | Shenzhen Stock Exchange | | | | Stock Name | Chenming Paper | Stock Code | 01812 | | Stock Exchange | The Stock Exchange of Hong Kong Limited | | | | Company Name (Chinese) | 山东晨鸣纸业集团股份有限公司 | | | | Company Abbreviation (Chinese) | 晨鸣纸业 | | | | Company Name (English) | SHANDONG CHENMING PAPER HOLDINGS LIMITED | | | | Company Abbreviation (English) | SCPH | | | | Legal Representative | Hu Changqing | | | - The company's registered address, office address, postal code, website, and email address remained unchanged during the reporting period, as detailed in the 2024 annual report[14](index=14&type=chunk) [Contact Persons and Methods](index=6&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) Contact information for the Board Secretary, Securities Affairs Representative, and Hong Kong Company Secretary is provided for investor communication Company Contact Information | | Board Secretary | Securities Affairs Representative | | Hong Kong Company Secretary | | :--- | :--- | :--- | :--- | :--- | | Name | Yuan Xikun | Zhang Chuanyong | Chen Lin | Zhu Hanliang | | Email | chenmmingpaper@163.com | friend537@163.com | ZQCL0536@163.com | liamchu@li-partners.com | | Address | 2199 Nongsheng East Street, Shouguang, Shandong | 2199 Nongsheng East Street, Shouguang, Shandong | | 22/F, World-Wide House, Central, Hong Kong | | Phone | 0536-2158008 | 0536-2158008 | | 00852-21629600 | | Fax | 0536-2158977 | 0536-2158977 | | 00852-25010028 | [Key Accounting Data and Financial Indicators](index=7&type=section&id=%E5%9B%9B%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) The company's revenue and net profit declined sharply, with a net loss attributable to shareholders of 3.86 billion yuan, a year-on-year decrease of 13,567.59% Key Accounting Data and Financial Indicators (Current Period vs Prior Year Period/End) | Indicator | Current Period/End | Prior Year Period/End | Change | | :--- | :--- | :--- | :--- | | Operating Revenue (Yuan) | 2,106,630,952.30 | 13,884,731,519.04 | -84.83% | | Net Profit Attributable to Shareholders (Yuan) | -3,857,953,190.56 | 28,646,205.42 | -13,567.59% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) (Yuan) | -3,645,363,615.81 | -270,865,043.51 | -1,245.82% | | Net Cash Flow from Operating Activities (Yuan) | 785,303,274.19 | 1,992,499,393.07 | -60.59% | | Basic Earnings Per Share (Yuan/Share) | -1.31 | 0.01 | -13,200.00% | | Diluted Earnings Per Share (Yuan/Share) | -1.31 | 0.01 | -13,200.00% | | Weighted Average Return on Equity | -53.39% | 0.17% | Decreased by 53.56 percentage points | | Total Assets (Yuan) | 54,698,875,991.74 | 63,509,295,142.08 | -13.87% | | Net Assets Attributable to Shareholders (Yuan) | 5,318,763,216.33 | 9,156,104,358.91 | -41.91% | [Non-recurring Profit and Loss Items and Amounts](index=7&type=section&id=%E5%85%AD%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) Non-recurring losses totaled -212.59 million yuan, mainly driven by asset disposals, fair value changes of biological assets, and debt restructuring Non-recurring Profit and Loss Items and Amounts | Item | Amount (Yuan) | Notes | | :--- | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets (including write-offs of asset impairment provisions) | -97,049,878.76 | | | Government Grants Recognized in Current Profit/Loss (excluding grants closely related to normal business operations) | 25,503,367.73 | | | Fair Value Gains/Losses from Financial Assets/Liabilities held by non-financial enterprises, and gains/losses from their disposal | 8,439,571.88 | | | Reversal of Impairment Provisions for Individually Tested Receivables | 13,201,496.76 | | | Gains/Losses on Debt Restructuring | -37,171,293.24 | | | Gains/Losses from Fair Value Changes of Consumable Biological Assets Measured at Fair Value | -129,059,190.34 | | | Other Non-operating Income and Expenses | -18,188,031.78 | | | Less: Income Tax Effect | 2,948,680.16 | | | Minority Interest Effect (After Tax) | -24,683,063.16 | | | Total | -212,589,574.75 | | - Other income of 24,301,996.32 yuan from asset-related government grants closely tied to normal business operations is treated as recurring profit and loss[22](index=22&type=chunk) Management Discussion and Analysis [Principal Business Activities During the Reporting Period](index=9&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company's core business is pulp and paper manufacturing, but production halts for maintenance led to a significant revenue decline and a net loss of 3.86 billion yuan - The company is a large modern enterprise group focused on pulp and paper manufacturing, implementing a pulp-paper integration strategy with production bases across China[27](index=27&type=chunk) - During the reporting period, **production lines at the Zhanjiang, Jilin, and Shouguang bases were shut down for maintenance**, leading to a decline in production, sales, revenue, and profit[28](index=28&type=chunk) - From January to June 2025, the company achieved **operating revenue of 2.11 billion yuan** and a **net loss attributable to shareholders of 3.86 billion yuan**[28](index=28&type=chunk) Industry Overview The paper industry faced oversupply and weak demand in H1 2025, causing price drops and a 21.4% decline in total industry profit - In H1 2025, new capacity in China's paper industry led to increased supply and a structural imbalance, causing **significant price drops for cultural paper and white cardboard**[25](index=25&type=chunk) - From January to June 2025, the paper and paper products industry's **operating revenue decreased by 2.3% YoY** to 681.21 billion yuan, while **total profit fell by 21.4% YoY** to 17.57 billion yuan[25](index=25&type=chunk) - In the medium to long term, driven by "dual carbon" strategies and "anti-involution" policies, the paper industry's prosperity is expected to improve[26](index=26&type=chunk) Main Products and Their Uses The company offers a diverse product portfolio across seven major series, supported by leading R&D platforms - The company emphasizes R&D through leading innovation platforms, including a National Enterprise Technology Center and a Post-doctoral Research Workstation[29](index=29&type=chunk) Company's Main Paper Products and Uses | Category | Main Brands and Varieties | Application | | :--- | :--- | :--- | | Cultural Paper Series | "Biyuntian", "Yunjing" offset paper, lightweight paper, blueprint paper | Printing books, textbooks, magazines, notebooks, exam papers | | Coated Paper Series | "Xuesha", "Xueying" single/double-sided coated paper, matte coated paper | High-end albums, magazines, calendars, posters, cigarette labels, packaging | | White Cardboard Series | "Liya" series white card, food card, coated kraft, playing card stock | High-end gift boxes, cosmetic boxes, hang tags, handbags, promotional materials | | Copy Paper Series | "Jinmingyang", "Jinchenming" copy paper | Printing, copying, business documents, training materials | | Industrial Paper Series | High-grade/standard release liner base paper, PE-coated base paper | Base for release paper, self-adhesive label face stock, playing card composite | | Specialty Paper Series | Thermal paper, glassine paper | Labels for electronics, medicine, food, supermarkets; double-sided tape base | | Tissue Paper Series | Toilet paper, facial tissue, paper towels, napkins, "Xingzhilian" | Daily hygiene, restaurants, hotels, offices, and household use | [Analysis of Liquidity, Financial Resources, and Capital Structure under HKEX Listing Rules](index=10&type=section&id=%E4%BA%8C%E3%80%81%E6%8C%89%E9%A6%99%E6%B8%AF%E8%81%94%E4%BA%A4%E6%89%80%E4%B8%8A%E5%B8%82%E8%A7%84%E5%88%99%E6%8A%AB%E9%9C%B2%E7%9A%84%E8%B5%84%E9%87%91%E6%B5%81%E5%8A%A8%E6%80%A7%E5%8F%8A%E8%B4%A2%E6%94%BF%E8%B5%84%E6%BA%90%E3%80%81%E8%B5%84%E6%9C%AC%E7%BB%93%E6%9E%84%E5%88%86%E6%9E%90) As of June 30, 2025, the company's liquidity and solvency were constrained, with an asset-liability ratio of 85.93% and total bank borrowings of 29.10 billion yuan Liquidity and Financial Resources as of June 30, 2025 | Indicator | Amount/Ratio | | :--- | :--- | | Current Ratio | 23.72% | | Quick Ratio | 17.34% | | Asset-Liability Ratio | 85.93% | | Total Bank Borrowings | 29.103 billion yuan | | Cash and Cash Equivalents | 954 million yuan | | Number of Employees | 9,095 | | Total Employee Salaries in H1 | 432.10 million yuan | - The Group's **liquidity and solvency were constrained** due to production halts at some bases[31](index=31&type=chunk) - A **syndicated loan of 2.31 billion yuan** for resuming production has been approved, and the company will gradually restart operations based on funding and market conditions[31](index=31&type=chunk) [Core Competitiveness Analysis](index=11&type=section&id=%E4%B8%89%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core strengths lie in its pulp-paper integration strategy, scale, diverse product range, and advanced technology - The company adheres to a **pulp-paper integration strategy** and is the first in China to achieve a balance between wood pulp self-sufficiency and paper production capacity[32](index=32&type=chunk) - The company has the **most diverse product portfolio** in the domestic paper industry, covering cultural paper, white cardboard, coated paper, and more[34](index=34&type=chunk) - The company possesses national-level R&D institutions, including a **National Enterprise Technology Center** and a Post-doctoral Research Workstation[37](index=37&type=chunk) - With a cumulative **environmental investment of over 8 billion yuan**, the company's environmental protection indicators are at the forefront nationally and globally[39](index=39&type=chunk) [Analysis of Principal Business](index=12&type=section&id=%E5%9B%9B%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Operating revenue plummeted by 84.83% due to reduced paper sales from production halts, leading to a significant shift in revenue composition and a substantial loss Year-on-Year Changes in Key Financial Data | Indicator | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 2,106,630,952.30 | 13,884,731,519.04 | -84.83% | Reduced paper sales due to production halts | | Operating Costs | 3,727,203,720.24 | 12,185,505,709.00 | -69.41% | Reduced paper sales due to production halts | | R&D Expenses | 36,567,185.69 | 611,914,096.41 | -94.02% | Reduced R&D investment due to production halts | | Investment Income | -430,669,782.44 | 181,332,096.11 | -337.50% | Decrease in investment income from associates and equity disposals | | Fair Value Change Gains | -129,487,561.79 | -2,221,596.44 | -5,728.58% | Increased losses from fair value changes in forest assets | | Credit Impairment Losses | -506,322,424.22 | -124,386,619.66 | 307.06% | Increased bad debt provisions for receivables | | Asset Impairment Losses | -240,561,409.32 | -3,041,427.75 | 7,809.49% | Increased impairment provisions for equipment | | Net Cash Flow from Operating Activities | 785,303,274.19 | 1,992,499,393.07 | -60.59% | Decreased sales revenue due to lower sales volume | Operating Revenue Composition (by Industry, Product, Region) | Item | Current Period Amount (Yuan) | % of Revenue | Prior Year Period Amount (Yuan) | % of Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | | | | | | | Machine-made Paper | 1,121,420,145.71 | 53.23% | 12,429,565,296.10 | 89.52% | -90.98% | | Chemical Pulp | 740,160,267.96 | 35.13% | 676,203,401.45 | 4.87% | 9.46% | | **By Product** | | | | | | | Coated Paper | 322,730,071.72 | 15.32% | 2,407,591,953.96 | 17.34% | -86.60% | | White Cardboard | 260,654,282.46 | 12.37% | 2,926,439,060.82 | 21.08% | -91.09% | | Offset Paper | 213,202,847.01 | 10.12% | 3,710,036,202.61 | 26.72% | -94.25% | | **By Region** | | | | | | | Mainland China | 2,075,083,434.21 | 98.50% | 11,052,530,679.12 | 79.60% | -81.23% | | Other Countries and Regions | 31,547,518.09 | 1.50% | 2,832,200,839.92 | 20.40% | -98.89% | [Analysis of Non-Principal Business](index=14&type=section&id=%E4%BA%94%E3%80%81%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Non-principal business activities, including investment losses and impairment charges, had a significant negative impact on total profit Impact of Non-Principal Business on Total Profit | Item | Amount (Yuan) | % of Total Profit | Reason | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Other Income | 22,794,816.03 | -0.55% | Government grants related to daily operations and debt restructuring gains | Partially sustainable (annual amortization of grants) | | Investment Income | -430,669,782.44 | 10.30% | Investment income from external investments and gains from disposal of equity/financial assets | No | | Fair Value Change Gains/Losses | -129,487,561.79 | 3.10% | Fair value fluctuations of Bohai Bank stock and forest assets | No | | Credit Impairment Losses | -506,322,424.22 | 12.11% | Bad debt provisions for receivables | No | | Asset Impairment Losses | -240,561,409.32 | 5.75% | Impairment provisions for non-current assets | No | | Non-operating Expenses | 26,198,489.55 | -0.63% | Expenses not directly related to daily production and operations | No | [Analysis of Assets and Liabilities](index=14&type=section&id=%E5%85%AD%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) Total assets and net assets attributable to shareholders decreased significantly, while shifts in liabilities indicate increased liquidity pressure Significant Changes in Asset Composition | Item | End of Period Amount (Yuan) | % of Total Assets | Prior Year-End Amount (Yuan) | % of Total Assets | Change in % | Reason for Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 953,661,496.60 | 1.74% | 5,909,879,812.18 | 9.31% | -7.57% | Decrease in security deposits at period-end | | Accounts Receivable | 930,731,502.52 | 1.70% | 1,384,290,313.70 | 2.18% | -0.48% | Decrease in amounts due from customers | | Long-term Equity Investments | 3,621,265,404.11 | 6.62% | 3,971,035,411.54 | 6.25% | 0.37% | Decrease in investment income from associates | | Other Non-current Financial Assets | 344,266,989.06 | 0.63% | 751,030,454.68 | 1.18% | -0.55% | Consolidation of Weifang Chenchuang Equity Investment Fund | | Notes Payable | 107,370,000.00 | 0.20% | 1,423,918,112.99 | 2.24% | -2.04% | Reclassification of overdue notes to accounts payable and short-term borrowings | | Accounts Payable | 8,426,902,071.31 | 15.41% | 7,708,967,406.47 | 12.14% | 3.27% | Reclassification of overdue commercial bills to accounts payable | | Other Payables | 3,560,628,293.65 | 6.51% | 2,896,409,953.94 | 4.56% | 1.95% | Increase in payables to related parties and accrued expenses | | Non-current Liabilities Due within One Year | 2,534,511,114.58 | 4.63% | 1,577,936,964.14 | 2.48% | 2.15% | Increase in reclassified long-term liabilities due within one year | | Other Current Liabilities | 844,340,067.04 | 1.54% | 2,680,562,600.58 | 4.22% | -2.68% | Reclassification of extended equipment finance leases to long-term payables | | Long-term Payables | 2,544,988,247.10 | 4.65% | 774,965,008.29 | 1.22% | 3.43% | Reclassification of extended equipment finance leases to long-term payables | Restricted Assets as of Period-End | Item | Book Value at Period-End (Yuan) | Restriction Type | Reason for Restriction | | :--- | :--- | :--- | :--- | | Fixed Assets | 19,712,891,634.14 | Mortgage | Collateral for bank loans and long-term payables | | Investment Property | 5,195,027,744.73 | Mortgage | Collateral for bank loans | | Intangible Assets | 1,328,582,983.12 | Mortgage | Collateral for bank loans and long-term payables | | Long-term Equity Investments | 1,649,407,876.62 | Frozen | Frozen due to lawsuits over outstanding payments | | Cash and Cash Equivalents | 875,404,665.38 | Pledge, Frozen | Pledged as deposits for bills, letters of credit, loans, or frozen due to lawsuits | | Inventories | 14,865,436.95 | Court Seizure | Seized due to lawsuits over outstanding payments | | Total | 28,776,180,340.94 | | | [Investment Analysis](index=15&type=section&id=%E4%B8%83%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) Investment amount increased by 3,490.27%, driven by major equity investments in an investment fund and two subsidiaries Investment Amount During the Reporting Period | Investment Amount in Reporting Period (Yuan) | Investment Amount in Prior Year Period (Yuan) | Change | | :--- | :--- | :--- | | 646,248,442.80 | 18,000,000.00 | 3,490.27% | Major Equity Investments During the Reporting Period | Investee Company Name | Investment Method | Investment Amount (Yuan) | Shareholding Ratio | Funding Source | Investment Type | Profit/Loss this Period (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Weifang Chenchuang Equity Investment Fund Partnership (LP) | Acquisition | 512,000,000.00 | 99.67% | Own funds | Investment | 626.63 | | Shandong Chenming Paper Sales Co, Ltd | Capital Increase | 98,500,000.00 | 100.00% | Own funds | Trading | -30,348,394.39 | | Shouguang Chenming Art Paper Co, Ltd | Acquisition | 35,748,442.80 | 100.00% | Own funds | Manufacturing | 66,979,940.94 | | Total | -- | 646,248,442.80 | -- | -- | -- | 97,327,708.70 | - The company had no derivative investments during the reporting period[57](index=57&type=chunk) [Disposal of Material Assets and Equity](index=17&type=section&id=%E5%85%AB%E3%80%81%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E5%92%8C%E8%82%A1%E6%9D%83%E5%87%BA%E5%94%AE) The company sold 22 properties for 85.92 million yuan to optimize its asset structure and focus on its main business Disposal of Material Assets | Counterparty | Asset Sold | Date of Sale | Transaction Price (million yuan) | Impact on the Company | Contribution to Net Profit (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Zhejiang Aikesheng Real Estate Co, Ltd | 22 units in Fado Apartment | June 2025 | 85.92 | Aided in resource integration, asset structure optimization, and focusing on core business | 1.56% | - The company had no material equity disposals during the reporting period[60](index=60&type=chunk) [Analysis of Major Subsidiaries and Investees](index=17&type=section&id=%E4%B9%9D%E3%80%81%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) Key subsidiaries Zhanjiang Chenming and Shouguang Meilun both reported net losses, while the company's consolidation scope changed through acquisition and disposal Major Subsidiaries and Investees with >10% Impact on Net Profit | Company Name | Type | Main Business | Registered Capital (Yuan) | Total Assets (Yuan) | Net Assets (Yuan) | Operating Revenue (Yuan) | Operating Profit (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zhanjiang Chenming Pulp & Paper Co, Ltd | Subsidiary | Production and sales of offset paper, copy paper, white cardboard | 6,913,572,423.00 | 17,837,776,517.63 | 6,881,696,853.57 | 143,191,538.56 | -956,012,412.30 | -844,270,649.67 | | Shouguang Meilun Paper Co, Ltd | Subsidiary | Production and sales of coated paper, cultural paper, tissue paper, chemical pulp | 4,801,045,519.00 | 13,489,027,547.87 | 7,053,307,921.36 | 805,084,480.98 | -836,167,663.19 | -677,427,573.67 | Acquisition and Disposal of Subsidiaries During the Reporting Period | Company Name | Method of Acquisition/Disposal | Impact on Overall Production and Performance | | :--- | :--- | :--- | | Chenming International Trade Co, Ltd | Newly established | None | | Shouguang Weiyuan Logistics Co, Ltd | Disposal | Increased net profit by 0.1664 million yuan | | Weifang Chenchuang Equity Investment Fund Partnership (LP) | Acquisition | Increased net profit by 0.0006 million yuan | [Risks and Countermeasures](index=18&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company faces risks from economic policies, competition, and liquidity, which it addresses through structural optimization, cost control, and debt restructuring - The company faces risks including **macroeconomic policy changes, environmental regulations, raw material price volatility, market competition, liquidity constraints, and financial leasing business risks**[63](index=63&type=chunk)[64](index=64&type=chunk)[65](index=65&type=chunk)[66](index=66&type=chunk) - To mitigate macroeconomic risks, the company will focus on its core pulp and paper business, adhere to an innovation-driven strategy, and optimize its industrial structure and regional layout[63](index=63&type=chunk) - To address liquidity risks, the company is **actively disposing of non-core assets**, intensifying debt collection, communicating with financial institutions to restructure debt, and seeking extensions and interest rate reductions[66](index=66&type=chunk) [Development and Implementation of Market Value Management System and Valuation Enhancement Plan](index=19&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E5%B8%82%E5%80%BC%E7%AE%A1%E7%90%86%E5%88%B6%E5%BA%A6%E5%92%8C%E4%BC%B0%E5%80%BC%E6%8F%90%E5%8D%87%E8%AE%A1%E5%88%92%E7%9A%84%E5%88%B6%E5%AE%9A%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company has established a market value management system and a valuation enhancement plan to improve its investment value and shareholder returns - The company has formulated the "Shandong Chenming Paper Holdings Limited Market Value Management System" in accordance with relevant laws and regulations, approved by the Board of Directors on March 31, 2025[68](index=68&type=chunk) - The company's "Valuation Enhancement Plan," approved on March 31, 2025, includes measures for **financial optimization, business optimization, market and brand building, and strategic investment and cooperation**[68](index=68&type=chunk)[69](index=69&type=chunk)[70](index=70&type=chunk)[71](index=71&type=chunk) Corporate Governance, Environment, and Society [Changes in Directors, Supervisors, and Senior Management](index=21&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) There were no changes to the company's directors, supervisors, or senior management during the reporting period - There were no changes to the company's directors, supervisors, and senior management during the reporting period; for details, please refer to the 2024 annual report[74](index=74&type=chunk) [Profit Distribution and Capitalization of Capital Reserve for the Reporting Period](index=21&type=section&id=%E4%BA%8C%E3%80%81%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E5%8F%8A%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E6%83%85%E5%86%B5) The company does not plan to distribute profits or capitalize capital reserves for the semi-annual period - The company plans not to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital for the semi-annual period[75](index=75&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=21&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%00%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) The company completed the buy-back and cancellation for its 2020 A-share restricted stock incentive plan, though some shares remain outstanding due to judicial freezes - The company's 2020 A-share restricted stock incentive plan involved **111 participants** and granted **79.60 million A-share restricted stocks** at a price of 2.85 yuan per share[78](index=78&type=chunk) - In November 2024, the company paid the buy-back consideration for the unvested restricted stocks of the third vesting period and proceeded with the share buy-back and cancellation procedures[93](index=93&type=chunk) - As of the end of this reporting period, **6,900,000 A-share restricted stocks** held by 2 departed incentive participants have not been cancelled due to judicial freezes[93](index=93&type=chunk) [Environmental Information Disclosure](index=24&type=section&id=%E5%9B%9B%E3%80%81%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E6%83%85%E5%86%B5) The company and seven of its major subsidiaries are listed for mandatory environmental information disclosure and have published their reports accordingly - The listed company and its major subsidiaries are included in the list of enterprises for mandatory environmental information disclosure: Yes[94](index=94&type=chunk) Enterprises Listed for Mandatory Environmental Information Disclosure | No | Enterprise Name | Index for Environmental Information Disclosure Report | | :--- | :--- | :--- | | 1 | Shandong Chenming Paper Holdings Limited | Enterprise Environmental Information Disclosure System (Shandong) | | 2 | Shouguang Meilun Paper Co, Ltd | Enterprise Environmental Information Disclosure System (Shandong) | | 3 | Shouguang Chenming Art Paper Co, Ltd | Enterprise Environmental Information Disclosure System (Shandong) | | 4 | Zhanjiang Chenming Pulp & Paper Co, Ltd | Enterprise Environmental Information Disclosure System (Guangdong) | | 5 | Huanggang Chenming Pulp & Paper Co, Ltd | Enterprise Environmental Information Disclosure System (Hubei) | | 6 | Jiangxi Chenming Paper Co, Ltd | Enterprise Environmental Information Disclosure System (Jiangxi) | | 7 | Jilin Chenming Paper Co, Ltd | Enterprise Environmental Information Disclosure System (Jilin) | [Social Responsibility](index=24&type=section&id=%E4%BA%94%E3%80%81%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) The company fulfills its social responsibilities by optimizing corporate governance, protecting stakeholder interests, and adhering to green development principles - The company continuously optimizes its corporate governance structure, strengthens its internal control system, and strictly implements insider information management to ensure truthful, accurate, and timely information disclosure[96](index=96&type=chunk) - The company strictly complies with labor laws, upholds a people-centric employment philosophy, and focuses on employee well-being and development[96](index=96&type=chunk) - The company practices the philosophy that "lucid waters and lush mountains are invaluable assets" and is committed to a high-quality development path that is eco-friendly and low-carbon[97](index=97&type=chunk) [Disclosures under the Hong Kong Stock Exchange Listing Rules](index=25&type=section&id=%E5%85%AD%E3%80%81%E6%A0%B9%E6%8D%AE%E9%A6%99%E6%B8%AF%E8%81%94%E5%90%88%E4%BA%A4%E6%98%93%E6%89%80%E6%9C%89%E9%99%90%E5%85%AC%E5%8F%B8%E5%85%AC%E5%B8%83%E7%9A%84%E9%A6%99%E6%B8%AF%E4%B8%8A%E5%B8%82%E8%A7%84%E5%88%99%E6%8A%AB%E9%9C%B2) The company complied with the Corporate Governance Code, with the exception of a delayed board re-election due to pending work on governance updates - The company complied with the principles and code provisions of the Corporate Governance Code in Appendix C1 of the HKEX Listing Rules, except that the term of the tenth Board of Directors and Supervisory Committee, which expired on June 15, 2025, has been extended as the re-election process is not yet complete[98](index=98&type=chunk) - The company's directors have confirmed compliance with the Model Code for Securities Transactions by Directors of Listed Issuers in Appendix C3 of the HKEX Listing Rules, and the company is not aware of any non-compliance by its directors during the reporting period[99](index=99&type=chunk) Significant Events [Commitments](index=27&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E3%80%81%E8%82%A1%E4%B8%9C%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E3%80%81%E6%94%B6%E8%B4%AD%E4%BA%BA%E4%BB%A5%E5%8F%8A%E5%85%AC%E5%8F%B8%E7%AD%89%E6%89%BF%E8%AF%BA%E7%9B%B8%E5%85%B3%E6%96%B9%E5%9C%A8%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E5%8F%8A%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E8%B6%85%E6%9C%9F%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9) There were no commitments from the company's controlling shareholders or other related parties that were fulfilled or overdue during the reporting period - The company reports no fulfilled or overdue commitments from its de facto controller, shareholders, related parties, acquirers, or the company itself during the reporting period[101](index=101&type=chunk) [Non-operating Fund Occupation](index=27&type=section&id=%E4%BA%8C%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E5%AF%B9%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E7%9A%84%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) There was no non-operating occupation of the company's funds by its controlling shareholder or other related parties - The company reports no non-operating occupation of its funds by the controlling shareholder or other related parties during the reporting period[102](index=102&type=chunk) [Irregular External Guarantees](index=27&type=section&id=%E4%B8%89%E3%80%81%E8%BF%9D%E8%A7%84%E5%AF%B9%E5%A4%96%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[103](index=103&type=chunk) [Appointment and Dismissal of Accounting Firm](index=27&type=section&id=%E5%9B%9B%E3%80%81%E8%81%98%E4%BB%BB%E3%80%81%E8%A7%A3%E8%81%98%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%83%85%E5%86%B5) The company's semi-annual financial report has not been audited - The company's semi-annual report has not been audited[104](index=104&type=chunk) [Board's Explanation on Prior Year's "Non-standard Audit Report"](index=27&type=section&id=%E5%85%AD%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%B8%8A%E5%B9%B4%E5%BA%A6%E2%80%9C%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%E2%80%9D%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) The Board is actively addressing the issues raised in the 2024 qualified audit opinion by resuming production, securing loans, and restructuring debt - Grant Thornton China issued a qualified audit opinion on the company's 2024 financial report, for which the Board of Directors has provided a special explanation[105](index=105&type=chunk) - The company is actively working to **resume production, secure syndicated loan disbursements, restructure debt, attract strategic investors, and dispose of assets** to improve its going concern ability[106](index=106&type=chunk) - As of the period-end, production lines at the Huanggang, Jiangxi, and Shouguang bases are operational, and a **2.31 billion yuan syndicated loan** for resuming production has been approved[106](index=106&type=chunk) [Bankruptcy and Reorganization Matters](index=28&type=section&id=%E4%B8%83%E3%80%81%E7%A0%B4%E4%BA%A7%E9%87%8D%E6%95%B4%E7%9B%B8%E5%85%B3%E4%BA%8B%E9%A1%B9) The company did not undergo any bankruptcy or reorganization proceedings during the reporting period - The company did not undergo any bankruptcy or reorganization proceedings during the reporting period[108](index=108&type=chunk) [Litigation Matters](index=28&type=section&id=%E5%85%AB%E3%80%81%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) The company is involved in several major lawsuits, with a winding-up petition having been dismissed and total pending cases against the company amounting to 4.98 billion yuan - On June 20, 2025, the company received an order from the High Court of Hong Kong dismissing the petitioner's summons and the winding-up petition[109](index=109&type=chunk) Overview of Other Litigation Matters | Litigation (Arbitration) Status | Amount Involved (million yuan) | Provision for Liabilities | Litigation (Arbitration) Outcome and Impact | | :--- | :--- | :--- | :--- | | Cases with Chenming Leasing as Plaintiff | 464.33 | No | Judgments have favored the company, ordering defendants to repay debts; no material impact on operations is expected | | Cases with the Company and its Subsidiaries as Plaintiffs | 434.06 | No | No material impact on the company's operations and financial condition | | Cases with the Company and its Subsidiaries as Defendants | 7,778.18 | Yes | Cases are being resolved through negotiation, active defense, and settlement with creditors | | Provision for Liabilities | 5.935 | | | [Penalties and Rectifications](index=29&type=section&id=%E4%B9%9D%E3%80%81%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) The company was not subject to any penalties or rectification orders during the reporting period - The company was not subject to any penalties or rectification orders during the reporting period[110](index=110&type=chunk) [Integrity Status of the Company and its Controlling Shareholders](index=29&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E7%9A%84%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5) The company and its subsidiary Zhanjiang Chenming were listed as discredited judgment debtors for two cases, while the controlling shareholder was not - According to the China Enforcement Information Online portal, the company and its subsidiary Zhanjiang Chenming were listed as discredited judgment debtors in **2 cases** for failing to comply with court orders; the company's controlling shareholder and de facto controller are not listed as discredited judgment debtors[111](index=111&type=chunk) [Material Related-Party Transactions](index=29&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company engaged in routine service procurement with related parties and maintained non-operating debt balances with its associates and controlling shareholder Related-Party Transactions for Goods and Services | Related Party | Transaction Content | Amount this Period (Yuan) | Approved Transaction Limit (million yuan) | | :--- | :--- | :--- | :--- | | Weifang Port Wood Chip Terminal Co, Ltd | Port charges | 2,333,303.83 | 110.00 | Receivables from Related Parties | Related Party | Relationship | Balance at Period-End (million yuan) | | :--- | :--- | :--- | | Shouguang Meite Environmental Protection Technology Co, Ltd | Joint Venture | 11.38 | | Weifang Port Wood Chip Terminal Co, Ltd | Joint Venture | 81.30 | | Wuhan Chenming Hanyang Paper Co, Ltd | Associate | 177.97 | | Total | | 270.65 | Payables to Related Parties | Related Party | Relationship | Balance at Period-End (million yuan) | | :--- | :--- | :--- | | Chenming Holdings Limited | Controlling Shareholder | 36.84 | | Guangdong Nanyue Bank Co, Ltd | Associate | 758.29 | | Total | | 795.13 | [Material Contracts and Their Performance](index=30&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company has an ongoing business outsourcing contract, generated leasing income, and provided significant guarantees for its subsidiaries totaling 19.75 billion yuan - Subsidiary Jiangxi Chenming has outsourced the operations of Jiangxi Port to Jiangxi Yirong Investment Co, Ltd for a fixed annual fee of 4 million yuan[121](index=121&type=chunk) - The company's total outstanding guarantees for its subsidiaries amounted to **19.75 billion yuan** as of June 30, 2025, representing **371.42% of the parent company's shareholders' equity**, with overdue guarantees totaling 1.98 billion yuan[127](index=127&type=chunk) Short-term or Low-value Asset Lease Expenses | Item | H1 2025 (Yuan) | | :--- | :--- | | Low-value Leases | 2,220,927.78 | | Total | 2,220,927.78 | Operating Lease Income as Lessor | Item | H1 2025 (Yuan) | | :--- | :--- | | Lease Income | 60,638,854.58 | [Other Significant Events](index=35&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) The company faces operational challenges including overdue debts, frozen bank accounts, and production halts, while its board re-election has been postponed - As of the period-end, the company had **cumulative overdue debts of 3.82 billion yuan**, **332 frozen bank accounts** with a total frozen amount of 39.38 million yuan, and some production lines remain under maintenance[135](index=135&type=chunk) - The re-election of the company's tenth Board of Directors and Supervisory Committee has been postponed to ensure operational continuity while the company revises its Articles of Association and related internal systems[137](index=137&type=chunk) [Significant Events of Subsidiaries](index=37&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E5%AD%90%E5%85%AC%E5%8F%B8%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9) The company received approval to dissolve its finance subsidiary and terminated the construction of the Huanggang Chenming Phase II project to preserve liquidity - On February 12, 2025, Shandong Chenming Group Finance Co, Ltd received approval from the National Financial Regulatory Administration for its dissolution[141](index=141&type=chunk) - The company terminated the construction of the Huanggang Chenming Phase II project to avoid further capital expenditure that could impact liquidity, thereby protecting the interests of the company and its shareholders[142](index=142&type=chunk) Changes in Share Capital and Shareholders [Changes in Share Capital](index=38&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) The number of restricted shares decreased while unrestricted shares increased due to the annual recalculation of transferable shares for senior management - The change in restricted shares was primarily due to the annual recalculation of the transferable quota for directors, supervisors, and senior management, and the release of locked-up shares for some executives who had been departed for over 6 months[145](index=145&type=chunk) Changes in Restricted Shares | Item | Pre-Change Quantity (Shares) | Ratio | Change (+, -) (Shares) | Post-Change Quantity (Shares) | Ratio | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 30,941,154 | 1.05% | -5,562,842 | 25,378,312 | 0.86% | | II. Unrestricted Shares | 2,910,515,046 | 98.95% | 5,562,842 | 2,916,077,888 | 99.14% | | III. Total Shares | 2,941,456,200 | 100.00% | 0 | 2,941,456,200 | 100.00% | [Number of Shareholders and Shareholdings](index=39&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) The company had 117,668 ordinary shareholders at the period-end, with Chenming Holdings Limited as the largest shareholder holding 15.50% - At the end of the reporting period, the total number of ordinary shareholders was **117,668** (99,783 A-shareholders, 17,568 B-shareholders, and 317 H-shareholders)[148](index=148&type=chunk) - The foreign legal entity shareholder Chenming Holdings (Hong Kong) Limited is a wholly-owned subsidiary of the state-owned legal entity shareholder Chenming Holdings Limited[149](index=149&type=chunk) Shareholdings of Shareholders with >5% or Top 10 Shareholders | Shareholder Name | Shareholder Type | Shareholding Ratio | Shares Held at Period-End | Pledged, Marked, or Frozen Status (Status/Quantity) | | :--- | :--- | :--- | :--- | :--- | | Chenming Holdings Limited | State-owned legal entity | 15.50% | 455,781,319 | Pledged: 386,811,546; Frozen: 409,956,441 | | HKSCC NOMINEES LIMITED | Foreign legal entity | 12.69% | 373,409,775 | N/A: 0 | | Chenming Holdings (Hong Kong) Limited | Foreign legal entity | 12.38% | 364,131,563 | N/A: 0 | | Jin Xing | Domestic individual | 1.27% | 37,385,427 | N/A: 0 | | Chen Hongguo | Domestic individual | 0.65% | 19,080,044 | Frozen: 19,080,044 | [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=41&type=section&id=%E5%9B%9B%E3%80%81%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%8C%81%E8%82%A1%E5%8F%98%E5%8A%A8) There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period - There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period; for details, please refer to the 2024 annual report[152](index=152&type=chunk) [Changes in Controlling Shareholder or De Facto Controller](index=41&type=section&id=%E4%BA%94%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E6%88%96%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5) There were no changes to the company's controlling shareholder or de facto controller during the reporting period - The company's controlling shareholder did not change during the reporting period[153](index=153&type=chunk) - The company's de facto controller did not change during the reporting period[153](index=153&type=chunk) [Interests of Directors, Supervisors, and Chief Executive in Securities under HKEX Listing Rules](index=41&type=section&id=%E4%B8%83%E3%80%81%E6%8C%89%E9%A6%99%E6%B8%AF%E8%81%94%E4%BA%A4%E6%89%80%E4%B8%8A%E5%B8%82%E8%A7%84%E5%88%99%E6%8A%AB%E9%9C%B2%E7%9A%84%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%8F%8A%E6%9C%80%E9%AB%98%E8%A1%8C%E6%94%BF%E4%BA%BA%E5%91%98%E4%B9%8B%E8%AF%81%E5%88%B8%E6%9D%83%E7%9B%8A) As of June 30, 2025, several directors and supervisors held A-shares in the company, with no other declarable interests or short positions A-Shares Held by Directors, Supervisors, and Chief Executive | Name | Position | Shares Held at Period-End (A-shares) | % of Total Share Capital | | :--- | :--- | :--- | :--- | | Hu Changqing | Chairman | 792,857 | 0.03% | | Li Xingchun | Executive Director & Vice Chairman | 2,000,000 | 0.07% | | Li Weixian | Executive Director & General Manager | 362,100 | 0.01% | | Li Feng | Executive Director & Deputy General Manager | 1,356,027 | 0.05% | | Li Kang | Chairman of the Supervisory Committee | 149,300 | 0.01% | - Other than as disclosed above, as of June 30, 2025, none of the directors, supervisors, or chief executive had any interests or short positions in the shares, underlying shares, or debentures of the company or its associated corporations that were required to be recorded in the register kept under Section 352 of the SFO[156](index=156&type=chunk) [Interests and Short Positions of Substantial Shareholders in Shares and Underlying Shares under HKEX Listing Rules](index=42&type=section&id=%E5%85%AB%E3%80%81%E6%8C%89%E9%A6%99%E6%B8%AF%E8%81%94%E4%BA%A4%E6%89%80%E4%B8%8A%E5%B8%82%E8%A7%84%E5%88%99%E6%8A%AB%E9%9C%B2%E7%9A%84%E4%B8%BB%E8%A6%81%E8%82%A1%E4%B8%9C%E4%BA%8E%E8%82%A1%E4%BB%BD%E5%8F%8A%E7%9B%B8%E5%85%B3%E8%82%A1%E4%BB%BD%E4%B8%AD%E4%B9%8B%E6%9D%83%E7%9B%8A%E5%8F%8A%E6%B7%A1%E4%BB%93) As of June 30, 2025, Chenming Holdings and its Hong Kong subsidiary were the principal shareholders with declarable interests under the SFO Interests and Short Positions of Substantial Shareholders | Name | Number of Shares Held | Approx. % of Shareholding (Total/Class) | | :--- | :--- | :--- | | Chenming Holdings Limited | 455,781,319 A-shares (L) | 15.50 / 26.70 | | Chenming Holdings (Hong Kong) Limited | 210,717,563 B-shares (L) | 7.16 / 29.83 | | Chenming Holdings (Hong Kong) Limited | 153,414,000 H-shares (L) | 5.22 / 29.04 | - Other than as disclosed above, as of June 30, 2025, no other person had an interest or short position in the shares and underlying shares of the company recorded in the register required to be kept under Section 336 of the SFO[157](index=157&type=chunk) Bond-related Matters [Bond-related Matters](index=43&type=section&id=%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company had no bond-related matters to report for the period - The company had no bond-related matters to report for the period[159](index=159&type=chunk) Financial Report [Audit Report](index=44&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) The company's semi-annual financial report has not been audited - The company's semi-annual financial report has not been audited[161](index=161&type=chunk) [Financial Statements](index=44&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section presents the consolidated and parent company financial statements for the semi-annual period ending June 30, 2025 - This section includes the Consolidated Balance Sheet, Parent Company Balance Sheet, Consolidated Income Statement, Parent Company Income Statement, Consolidated Cash Flow Statement, Parent Company Cash Flow Statement, Consolidated Statement of Changes in Equity, and Parent Company Statement of Changes in Equity[162](index=162&type=chunk)[165](index=165&type=chunk)[169](index=169&type=chunk)[171](index=171&type=chunk)[173](index=173&type=chunk)[175](index=175&type=chunk)[178](index=178&type=chunk)[184](index=184&type=chunk) [Company's Basic Information](index=53&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) Shandong Chenming Paper is a joint-stock company established in 1993, with shares listed on multiple exchanges and a diverse business portfolio - Shandong Chenming Paper Holdings Limited was established as a joint-stock company in 1993 through the restructuring of the former Shouguang County General Paper Mill[190](index=190&type=chunk) - As of June 30, 2025, the company's total share capital was **2,934.56 million shares**[191](index=191&type=chunk) - The company's main businesses include the production and sale of machine-made paper, power and heat generation, forestry, hotel services, and financial leasing[191](index=191&type=chunk) [Basis of Preparation of Financial Statements](index=54&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The financial statements are prepared in accordance with China's Accounting Standards for Business Enterprises and on a going concern basis - These financial statements are prepared in accordance with the Accounting Standards for Business Enterprises and related guidelines issued by the Ministry of Finance[193](index=193&type=chunk) - The financial statements are presented on a **going concern basis**[193](index=193&type=chunk) - The company has no events or conditions that cast significant doubt on its ability to continue as a going concern for the next 12 months from the reporting date[194](index=194&type=chunk) [Significant Accounting Policies and Estimates](index=54&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details the company's accounting policies for key areas such as financial instruments, revenue recognition, and asset valuation - The financial statements comply with the requirements of the Accounting Standards for Business Enterprises, providing a true and complete view of the company's financial position and performance[197](index=197&type=chunk) - Financial assets are classified into three categories at initial recognition: **amortized cost, fair value through other comprehensive income, and fair value through profit or loss**[213](index=213&type=chunk) - The company accounts for impairment and recognizes loss provisions for financial instruments such as notes receivable, accounts receivable, and other receivables based on an **expected credit loss model**[218](index=218&type=chunk) - Revenue is recognized when control of goods or services is transferred to the customer, primarily from the sale of goods, provision of hotel and property services, and financial leasing services[262](index=262&type=chunk)[263](index=263&type=chunk) [Taxes](index=76&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) The company is subject to various taxes, including VAT and corporate income tax, with several subsidiaries enjoying preferential tax rates Main Taxes and Tax Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Taxable value-added amount | 13%/9%/6% | | Property Tax | Based on rent or value | 1.2%/12% | | Urban Maintenance and Construction Tax | Actual turnover tax paid | 7% | | Corporate Income Tax | Taxable income | 25% | - The company and several of its subsidiaries, including Shouguang Meilun and Zhanjiang Chenming, are qualified as high-tech enterprises and enjoy a **preferential corporate income tax rate of 15%**[294](index=294&type=chunk)[295](index=295&type=chunk) - The company's forestry subsidiaries are exempt from corporate income tax in accordance with relevant tax laws[295](index=295&type=chunk) [Notes to Consolidated Financial Statements](index=77&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed breakdowns and explanations for items in the consolidated financial statements, including assets, liabilities, and income statement components - The closing balance of **cash and cash equivalents was 953.66 million yuan**, down from 5.91 billion yuan at the beginning of the period, with a significant portion restricted as deposits or frozen due to litigation[298](index=298&type=chunk)[299](index=299&type=chunk) - The closing balance of **accounts receivable was 930.73 million yuan**, down from 1.38 billion yuan, with a bad debt provision of 69.71 million yuan recognized during the period[308](index=308&type=chunk)[317](index=317&type=chunk) - **Operating revenue for the period was 2.11 billion yuan**, a sharp decrease from 13.88 billion yuan in the prior year period[488](index=488&type=chunk) - **Net profit attributable to parent company shareholders was -3.86 billion yuan**, a significant turnaround from a profit of 28.65 million yuan in the prior year period[170](index=170&type=chunk) [R&D Expenses](index=118&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) R&D expenditure for the period was 36.57 million yuan, a 94.02% decrease year-on-year, with all expenses being charged to profit or loss Breakdown of R&D Expenses | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Depreciation | 14,930,274.98 | 36,311,580.22 | | Salaries and Surcharges | 10,026,470.26 | 63,586,172.66 | | Material Consumption | 6,530,356.81 | 414,455,113.32 | | Insurance | 2,282,295.78 | 13,601,674.17 | | Water, Steam, and Electricity | 1,770,284.72 | 76,607,858.27 | | Welfare | 469,909.54 | 3,372,176.58 | | Housing Provident Fund | 350,817.26 | 2,265,763.36 | | Other Expenses | 206,776.34 | 1,713,757.83 | | Total | 36,567,185.69 | 611,914,096.41 | | Of which: Expensed R&D | 36,567,185.69 | 611,914,096.41 | [Changes in the Scope of Consolidation](index=119&type=section&id=%E4%B9%9D%E3%80%81%E5%90%88%E5%B9%B6%E8%8C%83%E5%9B%B4%E7%9A%84%E5%8F%98%E6%9B%B4) The scope of consolidation changed with the disposal of one subsidiary and the establishment and acquisition of two new entities Disposal of Subsidiaries | Subsidiary Name | Disposal Price at Loss of Control (Yuan) | Disposal Ratio at Loss of Control | Disposal Method | Date of Loss of Control | | :--- | :--- | :--- | :--- | :--- | | Shouguang Weiyuan Logistics Co, Ltd | 650,000.00 | 100.00% | Transfer | 2025-4-30 | - During the year, one new subsidiary, Chenming International Trade Co, Ltd, was established, and one subsidiary, Weifang Chenchuang Equity Investment Fund Partnership (LP), was acquired[555](index=555&type=chunk) [Interests in Other Entities](index=119&type=section&id=%E5%8D%81%E3%80%81%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) The company has interests in 77 subsidiaries, including two significant non-wholly-owned subsidiaries that both incurred losses, as well as several joint ventures and associates - In 2025, the company's consolidated scope included a total of **77 subsidiaries**[192](index=192&type=chunk) - The company holds a 4.46% stake in Guangdong Nanyue Bank Co, Ltd, but as the second-largest shareholder with one board seat, it can exert significant influence[568](index=568&type=chunk) Significant Non-wholly-owned Subsidiaries | Subsidiary Name | Minority Interest Ratio | Profit/Loss Attributable to Minority Interests (Yuan) | Minority Interest Balance at Period-End (Yuan) | | :--- | :--- | :--- | :--- | | Shouguang Meilun Paper Co, Ltd | 13.22% | -142,204,918.84 | 560,742,910.47 | | Zhanjiang Chenming Pulp & Paper Co, Ltd | 19.72% | -166,516,344.51 | 1,237,916,095.04 | [Government Grants](index=125&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) The company recognized 52.56 million yuan in government grants in the current period, primarily related to environmental protection and infrastructure projects Liability Items Related to Government Grants | Liability Item | Opening Balance (Yuan) | Amount Recognized in Other Income (Yuan) | Closing Balance (Yuan) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | | Environmental Protection Fund Grants | 478,415,952.52 | 25,464,041.36 | 452,951,911.16 | Asset-related | | Huanggang Pulp-Paper Integration Project | 420,942,087.45 | 12,513,108.90 | 408,428,978.55 | Asset-related | | Infrastructure and Environmental Projects | 185,285,787.80 | 5,758,794.74 | 179,526,993.06 | Asset-related | | Technical Upgrade Project Grants | 89,417,910.72 | 4,666,552.48 | 84,751,358.24 | Asset-related | | Zhanjiang Pulp-Paper Integration Project | 38,522,698.43 | 2,047,316.46 | 36,475,381.97 | Asset-related | | National Science and Technology Support Program | 629,025.00 | 82,350.00 | 546,675.00 | Asset-related | | Other | 27,726,023.60 | 843,605.04 | 26,882,418.56 | Asset-related | | Total | 1,240,939,485.52 | 51,375,768.98 | 1,189,563,716.54 | | Government Grants Recognized in Current Profit or Loss | Item | Account | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | :--- | | Environmental Protection Fund Grants | Other Income | 25,474,041.36 | 25,239,041.36 | | Huanggang Pulp-Paper Integration Project | Other Income | 12,513,108.90 | 12,513,108.90 | | Infrastructure and Environmental Projects | Other Income | 5,758,794.74 | 5,758,794.72 | | Technical Upgrade Project Grants | Other Income | 4,700,763.02 | 11,626,552.48 | | Zhanjiang Pulp-Paper Integration Project | Other Income | 2,113,105.92 | 2,047,316.46 | | Enterprise Reform and Development Grants | Other Income | 218,000.00 | | | Government Rewards | Other Income | 130,000.00 | 1,910,920.00 | | National Science and Technology Support Program | Other Income | 82,350.00 | 82,350.00 | | Tax Rebates | Other Income | 20,000.00 | 30,124.00 | | Employment Stability Subsidies | Other Income | 2,000.00 | 1,227,050.37 | | Afforestation Subsidies | Other Income | 39,730.53 | 491,960.00 | | Social Security Subsidies | Other Income | | 46,500.00 | | Other | Other Income | 1,504,445.92 | 3,327,666.75 | | Total | | 52,556,340.39 | 64,301,385.04 | [Risks Related to Financial Instruments](index=126&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E4%B8%8E%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9B%B8%E5%85%B3%E7%9A%84%E9%A3%8E%E9%99%A9) The company manages its exposure to credit, liquidity, and market risks through diversified investment, credit assessment, and cash flow monitoring - The company's main financial risks are **credit risk, liquidity risk, and market risk** (including currency, interest rate, and commodity price risks)[579](index=579&type=chunk) - The company manages credit risk by portfolio classification, with primary exposure arising from bank deposits, notes receivable, accounts receivable, and other receivables[581](index=581&type=chunk) - As of June 30, 2025, the company's **financial assets due within one year were 12.19 billion yuan**, while its **financial liabilities due within one year were 38.62 billion yuan**, indicating a liquidity gap[583](index=583&type=chunk) - Although major operations are settled in RMB, the company is exposed to foreign exchange risk from its foreign currency-denominated assets, liabilities, and future transactions (mainly in USD, EUR, HKD, and JPY)[588](index=588&type=chunk) [Disclosure of Fair Value](index=131&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E7%9A%84%E6%8A%AB%E9%9C%B2) The company's assets measured at fair value include financial assets and biological assets, utilizing both Level 1 and Level 3 inputs for valuation Fair Value of Assets and Liabilities at Period-End | Item | Level 1 Fair Value (Yuan) | Level 3 Fair Value (Yuan) | Total (Yuan) | | :--- | :--- | :--- | :--- | | (I) Trading Financial Assets | 36,692,409.73 | | 36,692,409.73 | | (II) Receivables Financing | | 92,166,113.62 | 92,166,113.62 | | (III) Other Non-current Financial Assets | | 344,266,989.06 | 344,266,989.06 | | (IV) Biological Assets | | 1,098,778,602.31 | 1,098,778,602.31 | | Total Assets at Fair Value | 36,692,409.73 | 1,535,211,704.99 | 1,571,904,114.72 | - For trading financial assets in active markets, the company determines their fair value based on quoted market prices[600](index=600&type=chunk) Valuation Techniques and Key Parameters for Level 3 Fair Value | Item | Valuation Technique | Unobservable Inputs | Range (Weighted Average) | | :--- | :--- | :--- | :--- | | Forest Assets | Market Price Back-Calculation | Price per ton of Eucalyptus | 500 Yuan | | | | Price per ton of Loblolly Pine | 520 Yuan | | | | Price per ton of Cunninghamia | 500 Yuan | [Related Parties and Transactions](index=132&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E5%8F%8A%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company's ultimate controlling party is the Shouguang State-owned Assets Supervision and Administration Bureau, and it engages in various transactions with its related parties - The ultimate controlling party of the enterprise is the **Shouguang State-owned Assets Supervision and Administration Bureau**[605](index=605&type=chunk) - Related parties with transactions or outstanding balances during the period include joint ventures and associates such as Weifang Port Wood Chip Terminal Co, Ltd and Guangdong Nanyue Bank Co, Ltd[607](index=607&type=chunk) - The company engages in transactions with related parties, including the **purchase and sale of goods, provision of services, leasing, guarantees, and debt financing**[610](index=610&type=chunk)[612](index=612&type=chunk)[614](index=614&type=chunk)[624](index=624&type=chunk)[625](index=625&type=chunk) [Commitments and Contingencies](index=140&type=section&id=%E5%8D%81%E4%BA%94%E3%80%81%E6%89%BF%E8%AF%BA%E5%8F%8A%E6%88%96%E6%9C%89%E4%BA%8B%E9%A1%B9) The company has capital commitments of 294.24 million yuan for long-term asset construction and faces contingent liabilities from pending litigation totaling 3.10 billion yuan Capital Commitments | Contracted but not yet recognized capital commitments | Balance at Period-End (Yuan) | | :--- | :--- | | Commitments for construction of long-term assets | 294,241,260.20 | Contingent Liabilities from Pending Litigation and Arbitration | Plaintiff | Defendant | Cause of Action | Amount at Stake (Yuan) | Case Status | | :--- | :--- | :--- | :--- | :--- | | Guangdong Nanyue Bank | Zhanjiang Chenming, Shandong Chenming Paper | Failure to repay loan | 452,700,000.00 | First-instance judgment rendered, on second-instance appeal | | Guodu Venture Capital | Shandong Chenming Paper | Non-payment of equity transfer consideration | 63,706,000.00 | Awaiting first-instance judgment | | Beijing Chuanfa Investment | Shandong Chenming Paper, Zhanjiang Chenming | Refusal to pay for share repurchase | 405,134,700.00 | In first-instance trial | | Bank of Communications | Zhanjiang Chenming, Shandong Chenming Paper | Failure to repay loan | 394,529,036.28 | In first-instance trial | | China Minsheng Bank | Shandong Chenming Paper Sales, Shandong Chenming Paper | Non-payment of letter of credit advances | 200,005,000.00 | First-instance judgment rendered, on second-instance appeal | | Guangdong Nanyue Bank | Chongmin Culture, Shanxi

Performance Summary - China Railway Construction (01186.HK) reported a revenue of 489.2 billion yuan, a decrease of 5.2% year-on-year, with a net profit of approximately 10.7 billion yuan, down 10.1% [2] - Industrial and Commercial Bank of China (01398.HK) achieved a revenue of 409.1 billion yuan, an increase of 1.8% year-on-year, while net profit fell by 1.4% to 168.1 billion yuan [2] - Agricultural Bank of China (01288.HK) recorded a revenue of 369.79 billion yuan, up 0.7% year-on-year, and a net profit of 139.51 billion yuan, an increase of 2.66% [2] - China Construction Bank (00939.HK) reported a revenue of 385.91 billion yuan, a 3% increase year-on-year, with net profit around 162.08 billion yuan, down 1.4% [2] - Bank of China (03988.HK) had a revenue of 329.42 billion yuan, up 3.61% year-on-year, while net profit decreased by 0.85% to 117.59 billion yuan [2] - Postal Savings Bank of China (01658.HK) reported a revenue of 179.53 billion yuan, a 1.5% increase year-on-year, with net profit of 49.23 billion yuan, up 0.85% [2] - China Merchants Bank (03968.HK) achieved a revenue of 169.92 billion yuan, down 1.7% year-on-year, while net profit increased by 0.3% to 74.93 billion yuan [2] - Bank of Communications (03328.HK) reported a revenue of 133.50 billion yuan, up 0.7% year-on-year, with net profit of 46.02 billion yuan, an increase of 1.6% [2] - Minsheng Bank (01988.HK) had a revenue of 70.70 billion yuan, up 7.8% year-on-year, while net profit decreased by 4.9% to 21.38 billion yuan [2] - China Everbright Bank (06818.HK) reported a revenue of 65.95 billion yuan, down 5.6% year-on-year, with net profit of 24.62 billion yuan, an increase of 0.55% [2] - BYD Company (01211.HK) achieved a revenue of 371.28 billion yuan, up 23.3% year-on-year, with net profit of 15.51 billion yuan, an increase of 13.8% [2] - China Communications Construction Company (01800.HK) reported a revenue of 335.45 billion yuan, down 5.8% year-on-year, with net profit of 9.99 billion yuan, down 16.9% [2] - Lenovo Holdings (03396.HK) achieved a revenue of 281.59 billion yuan, up 21% year-on-year, with net profit of 699 million yuan, an increase of 144% [2] - Great Wall Motors (02333.HK) reported a revenue of 92.34 billion yuan, up 1% year-on-year, with net profit of 6.34 billion yuan, down 10.2% [2] - BYD Electronics (00285.HK) achieved a revenue of 80.61 billion yuan, up 2.6% year-on-year, with net profit of 1.73 billion yuan, an increase of 14% [2] - Country Garden (02007.HK) reported a revenue of 72.57 billion yuan, with a net loss of 19.078 billion yuan [2] - China Reinsurance (01508.HK) achieved a revenue of 61.03 billion yuan, up 0.6% year-on-year, with net profit of 6.244 billion yuan, an increase of 9.03% [2] - Yanzhou Coal Mining Company (01171.HK) reported a revenue of 53.966 billion yuan, down 13.17% year-on-year, with net profit of 4.731 billion yuan, down 38.7% [2] - Jitu Express (01519.HK) achieved a revenue of 5.499 billion USD, up 13.1% year-on-year, with net profit of 156 million USD, an increase of 147.1% [2] - AVIC Industry (02357.HK) reported a revenue of 37.465 billion yuan, up 11.43% year-on-year, with net profit of 1.03 billion yuan, down 17.67% [2] - CITIC Financial Assets (02799.HK) achieved a revenue of 31.136 billion yuan, up 2.9% year-on-year, with net profit of 6.168 billion yuan, an increase of 15.7% [2] - Bank of China Hong Kong (02388.HK) reported a net interest income of 25.06 billion HKD, down 3.5% year-on-year, with net profit of 22.12 billion HKD, an increase of 10.54% [2] - Zoomlion Heavy Industry (01157.HK) achieved a revenue of 24.855 billion yuan, up 1.3% year-on-year, with net profit of 2.765 billion yuan, an increase of 20.84% [2] - New Town Development (01030.HK) reported a revenue of 22.1 billion yuan, down 34.82% year-on-year, with net profit of 895 million yuan, down 32.11% [2] - Huatai Securities (06886.HK) achieved a revenue of approximately 20.98 billion yuan, up 5.86% year-on-year, with net profit of 7.549 billion yuan, an increase of 42.16% [2] - China Sanjiang Chemical (02198.HK) reported a revenue of 9.106 billion yuan, down 1.5% year-on-year, with net profit of 301 million yuan, an increase of 95.5% [2] - Tianjin Bank (01578.HK) achieved a revenue of 8.828 billion yuan, up 0.8% year-on-year, with net profit of 1.988 billion yuan, an increase of 1.1% [2] - Harbin Bank (06138.HK) reported a revenue of 7.386 billion yuan, up 2.6% year-on-year, with net profit of 915 million yuan, an increase of 20% [2] - Qingjian International (01240.HK) achieved a revenue of approximately 4.404 billion HKD, down 9.8% year-on-year, with net profit of 2.992 million HKD, an increase of 25.6% [2] - Xingye Alloy (00505.HK) reported a revenue of 4.389 billion yuan, up 22.1% year-on-year, with net profit of 106 million yuan, down 24.7% [2] - 3SBio (01530.HK) achieved a revenue of 4.355 billion yuan, down 0.8% year-on-year, with net profit of 1.358 billion yuan, an increase of 24.6% [2] - Huya Technology (01860.HK) reported a revenue of 938 million USD, up 47% year-on-year, with adjusted EBITDA of 88.681 million USD, an increase of 41% [2] - Haitong Securities (01905.HK) achieved a revenue of 3.521 billion yuan, down 12.6% year-on-year, with net profit of 785 million yuan, down 3.4% [2] - Dazhong Public Utilities (01635.HK) reported a revenue of approximately 3.449 billion yuan, down 5.8% year-on-year, with net profit of approximately 333 million yuan, an increase of 172.6% [2] Company News - China Biologic Products (01177.HK) received approval for the launch of Zongaitini tablets for the treatment of HER2-mutant non-small cell lung cancer [3] - Shandong High-Speed New Energy (01250.HK) reported a total operating power generation of approximately 3.6744 million MWh, an increase of approximately 6.9% year-on-year [3] - Fosun International (00656.HK) reached a settlement with Cainiao regarding a share buyback involving 350 million USD [3] Buyback Activities - Tencent Holdings (00700.HK) repurchased approximately 55 million HKD worth of shares, buying back 919,000 shares at prices ranging from 594.5 to 605 HKD [3] - China Hongqiao (01378.HK) repurchased approximately 22.7 million HKD worth of shares, buying back 8.9235 million shares at a price of 25.44 HKD [3] - HSBC Holdings (00005.HK) repurchased approximately 15.3 million HKD worth of shares, buying back 1.5276 million shares at prices ranging from 99.8 to 100.7 HKD [3] - Hang Seng Bank (00011.HK) repurchased approximately 2.3517 million HKD worth of shares, buying back 210,000 shares at prices ranging from 111.5 to 112.5 HKD [3] - MGM China (02282.HK) repurchased approximately 1.60602 million HKD worth of shares, buying back 1 million shares at prices ranging from 15.92 to 16.27 HKD [3] - Sinopec Engineering (02386.HK) canceled 136,500 shares that had been repurchased [3]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 山東晨鳴紙業集團股份有限公司 SHANDONG CHENMING PAPER HOLDINGS LIMITED* （於中華人民共和國註冊成立的股份有限公司） （股份代號：1812） 新增累計訴訟情況 本公告乃由山東晨鳴紙業集團股份有限公司（「本公司」，連同其附屬公司統稱「本 集團」）根據香港聯合交易所有限公司證券上市規則（「上市規則」）第13.09(2)條以 及香港法例第571章證券及期貨條例第XIVA部的內幕消息條文作出。 茲提述本公司日期為2025年1月23日、2025年2月28日、2025年4月11日及2025年 5月23之公告（「該等公告」），內容有關（其中包括）本公司累計訴訟和仲裁事項。 除文義另有所指外，本公告所用詞彙與該等公告所界定者具有相同涵義。 本公司現將截至2025年8月28日本集團累計12個月發生的新增訴訟及仲裁情況公 告如下。 累計新增訴訟情況 自2025年5月23日至2025年 ...

Section I Important Notes, Table of Contents and Definitions [Important Notes](index=2&type=section&id=Important%20Notes) The Board of Directors, Supervisory Committee, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, which includes a plan not to distribute dividends or bonus shares - The company's Board of Directors, Supervisory Committee, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content[4](index=4&type=chunk) - Company head Hu Changqing, chief accountant Dong Lianming, and head of accounting department Zhang Bo declare that the financial report is true, accurate, and complete[4](index=4&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[6](index=6&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) The report's table of contents clearly outlines eight main chapters, providing comprehensive information from important notes to financial statements - The report contains eight main chapters, covering company overview, financials, management analysis, governance, significant matters, shareholder information, and bond information[7](index=7&type=chunk) [List of Reference Documents](index=4&type=section&id=List%20of%20Reference%20Documents) The list of reference documents includes five categories, such as signed financial statements and regulatory filings, ensuring comprehensive and traceable information disclosure - Reference documents include signed and sealed financial statements, the semi-annual report text signed by the legal representative, original drafts of documents disclosed on the CSRC-designated website, the semi-annual report text disclosed on HKEX, and other relevant materials[8](index=8&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines key terms like "Company" and "Chenming Group," along with the reporting period, to facilitate accurate understanding of the report - "Company," "the Company," and "Chenming Group" all refer to Shandong Chenming Paper Holdings Limited and its subsidiaries[9](index=9&type=chunk) - The reporting period is from January 1, 2025, to June 30, 2025[9](index=9&type=chunk) Section II Company Profile and Key Financial Indicators [I. Company Profile](index=6&type=section&id=I.%20Company%20Profile) The company's shares are listed on the Shenzhen Stock Exchange (A and B shares) and HKEX (H shares), with Shandong Chenming Paper Holdings Limited as its full name Company Stock Information | Stock Abbreviation | Stock Code | Listing Exchange | | :--- | :--- | :--- | | ST Chenming | 000488 | Shenzhen Stock Exchange | | ST Chenming B | 200488 | Shenzhen Stock Exchange | | Chenming Paper | 01812 | The Stock Exchange of Hong Kong Limited | - The company's Chinese name is Shandong Chenming Paper Holdings Limited, and its legal representative is Hu Changqing[10](index=10&type=chunk) [II. Contact Persons and Information](index=6&type=section&id=II.%20Contact%20Persons%20and%20Information) This section provides detailed contact information for the Board Secretary, Securities Affairs Representatives, and Hong Kong Company Secretary for stakeholder communication - Contact information for Board Secretary Yuan Xikun, Securities Affairs Representatives Zhang Chuanyong and Chen Lin, and Hong Kong Company Secretary Zhu Hanliang is provided[11](index=11&type=chunk) [III. Other Information](index=6&type=section&id=III.%20Other%20Information) The company's contact information, disclosure, and document storage locations remained unchanged during the reporting period, as detailed in the 2024 annual report - The company's registered address, office address, website, and email address remained unchanged during the reporting period[12](index=12&type=chunk) - Information disclosure and document storage locations remained unchanged during the reporting period[13](index=13&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=7&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) The company's H1 2025 key financial indicators show a significant decline in operating revenue to **RMB 2.107 billion** and a net loss attributable to shareholders of **RMB 3.858 billion**, with reduced EPS and net assets Key Accounting Data and Financial Indicators for H1 2025 | Indicator | Current Reporting Period (RMB) | Prior Year Period (RMB) | Change from Prior Year Period | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,106,630,952.30 | 13,884,731,519.04 | -84.83% | | Net Profit Attributable to Shareholders of Listed Company | -3,857,953,190.56 | 28,646,205.42 | -13,567.59% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains and Losses) | -3,645,363,615.81 | -270,865,043.51 | -1,245.82% | | Net Cash Flow from Operating Activities | 785,303,274.19 | 1,992,499,393.07 | -60.59% | | Basic Earnings Per Share (RMB/share) | -1.31 | 0.01 | -13,200.00% | | Diluted Earnings Per Share (RMB/share) | -1.31 | 0.01 | -13,200.00% | | Weighted Average Return on Net Assets | -53.39% | 0.17% | Decreased by 53.56 percentage points | | Indicator | End of Current Reporting Period (RMB) | End of Prior Year (RMB) | Change from End of Prior Year | | :--- | :--- | :--- | :--- | | Total Assets | 54,698,875,991.74 | 63,509,295,142.08 | -13.87% | | Net Assets Attributable to Shareholders of Listed Company | 5,318,763,216.33 | 9,156,104,358.91 | -41.91% | [V. Differences in Accounting Data under Domestic and Overseas Accounting Standards](index=7&type=section&id=V.%20Differences%20in%20Accounting%20Data%20under%20Domestic%20and%20Overseas%20Accounting%20Standards) The company reported no differences in net profit or net assets between international/overseas accounting standards and Chinese accounting standards during the period - The company's financial reports disclosed under International Accounting Standards and Chinese Accounting Standards show no differences in net profit and net assets during the reporting period[16](index=16&type=chunk) - The company's financial reports disclosed under overseas accounting standards and Chinese Accounting Standards show no differences in net profit and net assets during the reporting period[17](index=17&type=chunk) [VI. Non-Recurring Gains and Losses and Amounts](index=8&type=section&id=VI.%20Non-Recurring%20Gains%20and%20Losses%20and%20Amounts) Total non-recurring losses amounted to **RMB -212.59 million**, primarily from asset disposals, fair value changes, and debt restructuring, with some recurring government subsidies Non-Recurring Gains and Losses and Amounts | Item | Amount (RMB) | | :--- | :--- | | Gains or losses from disposal of non-current assets | -97,049,878.76 | | Government grants recognized in current profit or loss | 25,503,367.73 | | Gains or losses from changes in fair value of financial assets and liabilities and disposal of financial assets | 8,439,571.88 | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 13,201,496.76 | | Gains or losses from debt restructuring | -37,171,293.24 | | Gains or losses from changes in fair value of consumable biological assets | -129,059,190.34 | | Other non-operating income and expenses | -18,188,031.78 | | Less: Income tax impact | 2,948,680.16 | | Less: Impact on minority interests (after tax) | -24,683,063.16 | | **Total** | **-212,589,574.75** | - Government grants related to assets and closely linked to the company's normal operations (**RMB 24,301,996.32**) are classified as recurring gains and losses due to their continuous impact on the company's profit or loss[20](index=20&type=chunk) Section III Management Discussion and Analysis [I. Principal Businesses During the Reporting Period](index=9&type=section&id=I.%20Principal%20Businesses%20During%20the%20Reporting%20Period) The company, a leading pulp and paper producer, experienced significant declines in production and profitability due to facility shutdowns but is actively implementing measures to restore operations and improve performance - The company is a modern large-scale enterprise group primarily engaged in pulping and papermaking, implementing an integrated pulp and paper strategy, and is the first domestic enterprise to achieve a balance between pulp and paper production capacity[24](index=24&type=chunk) - During the reporting period, some production lines at the company's Zhanjiang, Jilin, and Shouguang production bases were shut down for maintenance, leading to a year-on-year decline in production and sales, with operating revenue of **RMB 2.107 billion** and a net loss attributable to shareholders of **RMB 3.858 billion**[25](index=25&type=chunk) - The company is actively taking measures to improve operations, including equipment overhaul and upgrade, full-process cost control, and strengthening communication with financial institutions (including the approval of a **RMB 2.31 billion** syndicated loan) to gradually restore profitability and promote resumption of production[25](index=25&type=chunk)[31](index=31&type=chunk) [1. Industry Overview](index=9&type=section&id=1.%20Industry%20Overview) The paper industry faced overcapacity and weak demand in H1 2025, leading to price drops and a **21.4%** profit decline, but long-term outlook suggests recovery driven by "dual carbon" and anti-overcompetition policies - In the first half of 2025, the paper industry saw new production capacity come online and weakened end-user demand, leading to a structural imbalance between supply and demand, with significant price drops for machine-made paper products such as cultural paper and white board paper[22](index=22&type=chunk) Key Financial Data for National Paper and Paper Products Industry (Jan-Jun 2025) | Indicator | Amount (RMB 100 million) | Year-on-Year Change | | :--- | :--- | :--- | | Operating Revenue | 6,812.1 | -2.3% | | Operating Cost | 6,017.3 | -2.1% | | Total Profit | 175.7 | -21.4% | - In the medium to long term, driven by the "dual carbon" strategy and "anti-involution" policies, outdated production capacity in the paper industry will accelerate its exit, market concentration will increase, and demand-side improvement is expected, leading to a gradual recovery in overall operating performance[23](index=23&type=chunk) [2. Company Business Overview](index=10&type=section&id=2.%20Company%20Business%20Overview) As an integrated pulp and paper group with diverse products, the company saw significant revenue and profit declines due to production line shutdowns and asset impairments, now focusing on recovery - The company is the domestic paper industry's most diverse and comprehensive enterprise in terms of product categories, covering over 200 varieties across 7 series, including cultural paper, coated paper, white board paper, copy paper, industrial paper, specialty paper, and household paper[24](index=24&type=chunk) - During the reporting period, the company achieved operating revenue of **RMB 2.107 billion** and a net loss attributable to shareholders of **RMB 3.858 billion**, primarily due to the shutdown of some production bases for maintenance and asset impairment[25](index=25&type=chunk) - The company is gradually restoring profitability and promoting the resumption of production through measures such as equipment overhaul and upgrade, full-process cost control, and strengthening communication with financial institutions (including the approval of a **RMB 2.31 billion** syndicated loan)[25](index=25&type=chunk)[31](index=31&type=chunk) [3. Main Products and Their Uses](index=11&type=section&id=3.%20Main%20Products%20and%20Their%20Uses) The company prioritizes R&D, offering a wide range of machine-made paper products for publishing, packaging, office, and hygiene, continuously optimizing its product portfolio and brand value - The company highly values technological research and development, possessing national-level innovation platforms such as a National Enterprise Technology Center and a Post-doctoral Research Workstation, focusing on green papermaking technology[26](index=26&type=chunk) Company's Main Machine-Made Paper Product Series and Uses | Category | Main Brands and Varieties | Application Scope | | :--- | :--- | :--- | | Cultural Paper Series | Biyuntian, Yunjing, Yunbao, Yunjin, etc. offset paper, lightweight paper | Printing books, textbooks, magazines, notebooks, test papers, etc. | | Coated Paper Series | Xuesha, Xueying, Xuetu, etc. single and double-sided coated paper | High-end albums, pictures, magazines, cigarette labels, handbags, gift packaging, etc. | | White Board Paper Series | Liya, Lipin, Baiyang, etc. series white board, food board | High-end gift boxes, cosmetic boxes, hang tags, milk cartons, disposable paper cups, etc. | | Copy Paper Series | Jinmingyang, Jinchenming, Boya, etc. copy paper | Printing and copying, business documents, training materials, writing, etc. | | Industrial Paper Series | High-grade yellow anti-sticking base paper, coated base paper | Production of release paper, self-adhesive face paper or composite paper for playing cards | | Specialty Paper Series | Thermal paper, glassine paper | High-end self-adhesive base paper for electronics, medicine, food, detergents, supermarket labels, etc. | | Household Paper Series | Toilet paper, facial tissue, handkerchief paper, napkins, hand towels | Daily hygiene products, restaurants, hotels, guesthouses, office buildings, and household use | [II. Liquidity, Financial Resources, and Capital Structure Analysis Disclosed under HKEX Listing Rules](index=13&type=section&id=II.%20Liquidity,%20Financial%20Resources,%20and%20Capital%20Structure%20Analysis%20Disclosed%20under%20HKEX%20Listing%20Rules) As of June 30, 2025, the company's liquidity ratios were low, with a high debt-to-asset ratio of **85.93%** and significantly reduced cash, but a syndicated loan for resuming production has been approved Liquidity and Financial Resources Indicators as of June 30, 2025 | Indicator | Value | | :--- | :--- | | Current Ratio | 23.72% | | Quick Ratio | 17.34% | | Debt-to-Asset Ratio | 85.93% | | Total Bank Borrowings | RMB 29.103 billion | | Cash and Cash Equivalents | RMB 954 million | - The company's funding sources primarily include cash inflows from operating activities and borrowings from financial institutions, but liquidity and solvency are constrained due to the shutdown of some production bases for maintenance[31](index=31&type=chunk) - As of the report disclosure date, a **RMB 2.31 billion** syndicated loan specifically for resuming production has been approved, and the company will proceed with resumption based on funding and market conditions[31](index=31&type=chunk) [III. Core Competitiveness Analysis](index=14&type=section&id=III.%20Core%20Competitiveness%20Analysis) With over 60 years of development, the company boasts seven core competencies, including integrated pulp-paper operations, scale, diverse products, advanced technology, and strong R&D, supporting its industry leadership - The company possesses an integrated pulp and paper advantage, largely achieving self-sufficiency in wood pulp, ensuring stable raw material supply and cost advantages[35](index=35&type=chunk) - The company has a scale advantage, with large production bases in major markets and supporting international logistics centers, enhancing efficiency and stabilizing costs[36](index=36&type=chunk) - The company offers the most diverse and comprehensive product range, covering cultural paper, white board paper, etc., and enhances product quality and brand value through technological R&D[37](index=37&type=chunk) - The company's industrial layout is rational, with production bases rooted in core target markets, enabling close-range sales and reducing transportation costs[38](index=38&type=chunk) - The company's technical equipment is advanced, having introduced production lines from internationally renowned manufacturers, ensuring production efficiency and product quality[39](index=39&type=chunk) - The company has strong scientific research and innovation capabilities, owning national-level scientific research institutions and multiple patents, and is a high-tech enterprise[40](index=40&type=chunk) - The company leads in environmental governance, having invested over **RMB 8 billion** in pollution control facilities, achieving industry-leading wastewater reuse rates, and actively introducing photovoltaic and biomass power generation[41](index=41&type=chunk) [IV. Analysis of Principal Business](index=16&type=section&id=IV.%20Analysis%20of%20Principal%20Business) Principal business revenue declined by **84.83%** due to production shutdowns, leading to a significant net loss, with machine-made paper revenue share decreasing while chemical pulp revenue grew Year-on-Year Changes in Key Financial Data | Indicator | Current Reporting Period (RMB) | Prior Year Period (RMB) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 2,106,630,952.30 | 13,884,731,519.04 | -84.83% | Shutdown of some production bases, reduced sales of machine-made paper | | Operating Cost | 3,727,203,720.24 | 12,185,505,709.00 | -69.41% | Shutdown of some production bases, reduced sales of machine-made paper | | R&D Expenses | 36,567,185.69 | 611,914,096.41 | -94.02% | Shutdown of some production bases, reduced R&D investment | | Investment Income | -430,669,782.44 | 181,332,096.11 | -337.50% | Reduced investment income from associates and gains from equity disposal | | Fair Value Change Gains | -129,487,561.79 | -2,221,596.44 | -5,728.58% | Increased fair value loss on forest assets | | Credit Impairment Losses | -506,322,424.22 | -124,386,619.66 | 307.06% | Increased provision for bad debts on accounts receivable | | Asset Impairment Losses | -240,561,409.32 | -3,041,427.75 | 7,809.49% | Increased provision for impairment of equipment | Operating Revenue Composition (by Industry, Product, Region) | Item | Current Reporting Period Amount (RMB) | Proportion of Operating Revenue | Prior Year Period Amount (RMB) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | | | | | | | Machine-made Paper | 1,121,420,145.71 | 53.23% | 12,429,565,296.10 | 89.52% | -90.98% | | Chemical Pulp | 740,160,267.96 | 35.13% | 676,203,401.45 | 4.87% | 9.46% | | **By Product** | | | | | | | Coated Paper | 322,730,071.72 | 15.32% | 2,407,591,953.96 | 17.34% | -86.60% | | White Board Paper | 260,654,282.46 | 12.37% | 2,926,439,060.82 | 21.08% | -91.09% | | Offset Paper | 213,202,847.01 | 10.12% | 3,710,036,202.61 | 26.72% | -94.25% | | Chemical Pulp | 740,160,267.96 | 35.13% | 676,203,401.45 | 4.87% | 9.46% | | **By Region** | | | | | | | Mainland China | 2,075,083,434.21 | 98.50% | 11,052,530,679.12 | 79.60% | -81.23% | | Other Countries and Regions | 31,547,518.09 | 1.50% | 2,832,200,839.92 | 20.40% | -98.89% | - The gross profit margin for machine-made paper business was **-135.68%**, a year-on-year decrease of **147.16 percentage points**, while chemical pulp gross profit margin was **-0.23%**, a year-on-year decrease of **17.53 percentage points**[48](index=48&type=chunk) [V. Analysis of Non-Principal Businesses](index=20&type=section&id=V.%20Analysis%20of%20Non-Principal%20Businesses) Non-principal businesses significantly impacted total profit negatively, with investment income, fair value changes, and impairment losses being substantial and mostly non-recurring, except for some government subsidies Non-Principal Business Items and Their Impact on Total Profit | Item | Amount (RMB) | Proportion of Total Profit | Explanation of Cause | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Other Income | 22,794,816.03 | -0.55% | Government grants and debt restructuring gains | Partially sustainable | | Investment Income | -430,669,782.44 | 10.30% | Investment income from external investments and gains/losses from disposal of equity and financial assets | No | | Fair Value Change Gains/Losses | -129,487,561.79 | 3.10% | Fair value fluctuations of Bohai Bank shares and forest assets | No | | Credit Impairment Losses | -506,322,424.22 | 12.11% | Provision for bad debts on accounts receivable | No | | Asset Impairment Losses | -240,561,409.32 | 5.75% | Provision for impairment of non-current assets | No | | Non-Operating Expenses | 26,198,489.55 | -0.63% | Expenses not directly related to daily operations | No | [VI. Analysis of Assets and Liabilities](index=21&type=section&id=VI.%20Analysis%20of%20Assets%20and%20Liabilities) The company's asset and liability structure saw significant changes, including reduced cash and increased payables, indicating liquidity stress and debt restructuring, with many assets restricted as collateral or due to litigation Significant Changes in Asset Composition | Item | Period-End Amount (RMB) | Proportion of Total Assets | Prior Year-End Amount (RMB) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 953,661,496.60 | 1.74% | 5,909,879,812.18 | 9.31% | -7.57% | Decrease in outstanding deposits at period-end | | Notes Payable | 107,370,000.00 | 0.20% | 1,423,918,112.99 | 2.24% | -2.04% | Reclassification of overdue notes to accounts payable and short-term borrowings | | Accounts Payable | 8,426,902,071.31 | 15.41% | 7,708,967,406.47 | 12.14% | 3.27% | Reclassification of overdue commercial notes to accounts payable | | Other Payables | 3,560,628,293.65 | 6.51% | 2,896,409,953.94 | 4.56% | 1.95% | Increase in intercompany payables and accrued expenses at period-end | | Non-Current Liabilities Due Within One Year | 2,534,511,114.58 | 4.63% | 1,577,936,964.14 | 2.48% | 2.15% | Increase in long-term liabilities reclassified as due within one year at period-end | | Long-Term Payables | 2,544,988,247.10 | 4.65% | 774,965,008.29 | 1.22% | 3.43% | Reclassification of some equipment finance lease extensions to long-term payables | - As of the end of the reporting period, multiple assets of the company are restricted, including fixed assets, investment properties, and intangible assets serving as collateral, and long-term equity investments, cash, and inventory frozen or seized due to outstanding debts or lawsuits[57](index=57&type=chunk) [1. Significant Changes in Asset Composition](index=21&type=section&id=1.%20Significant%20Changes%20in%20Asset%20Composition) At period-end, cash decreased by **7.57%** due to reduced deposits, while payables and current portion of non-current liabilities increased due to reclassification of overdue notes and extended financing leases Significant Changes in Asset Composition | Item | Period-End Amount (RMB) | Proportion of Total Assets | Prior Year-End Amount (RMB) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 953,661,496.60 | 1.74% | 5,909,879,812.18 | 9.31% | -7.57% | Decrease in outstanding deposits at period-end | | Accounts Receivable | 930,731,502.52 | 1.70% | 1,384,290,313.70 | 2.18% | -0.48% | Decrease in customer receivables at period-end | | Long-Term Equity Investments | 3,621,265,404.11 | 6.62% | 3,971,035,411.54 | 6.25% | 0.37% | Decrease in investment income from associates recognized during the period | | Other Non-Current Financial Assets | 344,266,989.06 | 0.63% | 751,030,454.68 | 1.18% | -0.55% | Weifang Chenchuang Equity Investment Fund Partnership (Limited Partnership) included in consolidation scope | | Notes Payable | 107,370,000.00 | 0.20% | 1,423,918,112.99 | 2.24% | -2.04% | Overdue notes reclassified to accounts payable and short-term borrowings at period-end | | Accounts Payable | 8,426,902,071.31 | 15.41% | 7,708,967,406.47 | 12.14% | 3.27% | Overdue commercial notes reclassified to accounts payable at period-end | | Other Payables | 3,560,628,293.65 | 6.51% | 2,896,409,953.94 | 4.56% | 1.95% | Increase in intercompany payables and accrued expenses compared to beginning of year | | Non-Current Liabilities Due Within One Year | 2,534,511,114.58 | 4.63% | 1,577,936,964.14 | 2.48% | 2.15% | Increase in long-term liabilities reclassified as due within one year at period-end | | Other Current Liabilities | 844,340,067.04 | 1.54% | 2,680,562,600.58 | 4.22% | -2.68% | Reclassification of some equipment finance lease extensions to long-term payables at period-end | | Long-Term Payables | 2,544,988,247.10 | 4.65% | 774,965,008.29 | 1.22% | 3.43% | Reclassification of some equipment finance lease extensions to long-term payables at period-end | [2. Major Overseas Assets](index=22&type=section&id=2.%20Major%20Overseas%20Assets) The company had no major overseas assets during the reporting period - The company had no major overseas assets during the reporting period[54](index=54&type=chunk) [3. Assets and Liabilities Measured at Fair Value](index=22&type=section&id=3.%20Assets%20and%20Liabilities%20Measured%20at%20Fair%20Value) As of period-end, total assets measured at fair value were **RMB 1.48 billion**, primarily financial and biological assets, with fair value changes resulting in a **RMB -129.49 million** loss Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (RMB) | Fair Value Change Gains/Losses for the Period (RMB) | Period-End Balance (RMB) | | :--- | :--- | :--- | :--- | | Financial Assets Held for Trading | 37,259,325.70 | -428,371.45 | 36,692,409.73 | | Other Non-Current Financial Assets | 751,030,454.68 | 0 | 344,266,989.06 | | Consumable Biological Assets Measured at Fair Value | 1,256,379,773.85 | -129,059,190.34 | 1,098,778,602.31 | | **Total Above** | **2,044,669,554.23** | **-129,487,561.79** | **1,479,738,001.10** | - There were no significant changes in the measurement attributes of the company's major assets during the reporting period[55](index=55&type=chunk) [4. Asset Restrictions as of the End of the Reporting Period](index=23&type=section&id=4.%20Asset%20Restrictions%20as%20of%20the%20End%20of%20the%20Reporting%20Period) As of period-end, **RMB 45.70 billion** in assets (book value **RMB 28.78 billion**) were restricted, primarily as collateral for loans or frozen due to litigation Asset Restrictions as of the End of the Reporting Period | Item | Book Balance (RMB) | Book Value (RMB) | Type of Restriction | Restriction Details | | :--- | :--- | :--- | :--- | :--- | | Fixed Assets | 34,753,954,012.60 | 19,712,891,634.14 | Pledge | As collateral for bank borrowings and long-term payables | | Investment Properties | 6,556,109,499.47 | 5,195,027,744.73 | Pledge | As collateral for bank borrowings | | Intangible Assets | 1,842,713,402.08 | 1,328,582,983.12 | Pledge | As collateral for bank borrowings and long-term payables | | Long-Term Equity Investments | 1,653,602,939.71 | 1,649,407,876.62 | Freeze | Frozen due to lawsuits for outstanding debts | | Cash and Cash Equivalents | 875,404,665.38 | 875,404,665.38 | Pledge, Freeze | As guarantee deposits for acceptance bills, letters of credit, loan guarantees, reserve deposits, or frozen accounts due to lawsuits, etc. | | Inventory | 20,028,521.46 | 14,865,436.95 | Court Seizure | Seized due to lawsuits for outstanding debts | | **Total** | **45,701,813,040.70** | **28,776,180,340.94** | | | [VII. Investment Analysis](index=24&type=section&id=VII.%20Investment%20Analysis) The company's total investment in the period was **RMB 646.25 million**, mainly in subsidiary M&A and capital increases, resulting in a net loss of **RMB -97.33 million**, with no major non-equity or derivative investments Significant Equity Investments Acquired During the Reporting Period | Name of Investee Company | Investment Method | Investment Amount (RMB) | Profit/Loss for the Period (RMB) | | :--- | :--- | :--- | :--- | | Weifang Chenchuang Equity Investment Fund Partnership (Limited Partnership) | Acquisition | 512,000,000.00 | 626.63 | | Shandong Chenming Paper Products Sales Co. Ltd. | Capital Increase | 98,500,000.00 | -30,348,394.39 | | Shouguang Chenming Art Paper Co. Ltd. | Acquisition | 35,748,442.80 | -66,979,940.94 | | **Total** | | **646,248,442.80** | **-97,327,708.70** | Financial Asset Investments (Securities Investments) | Security Type | Security Abbreviation | Beginning Book Value (RMB) | Fair Value Change Gains/Losses for the Period (RMB) | Period-End Book Value (RMB) | | :--- | :--- | :--- | :--- | :--- | | Domestic and Overseas Stocks | Bohai Bank | 37,259,325.70 | -428,371.45 | 36,692,409.73 | - The company had no derivative investments or use of raised funds during the reporting period[64](index=64&type=chunk)[65](index=65&type=chunk) [1. Overall Situation](index=24&type=section&id=1.%20Overall%20Situation) This section provides an overview of the company's investment activities during the reporting period, primarily focusing on equity investments, with details in subsequent subsections - The company had investment activities during the reporting period, with specific details to be disclosed in subsequent sections[58](index=58&type=chunk)[61](index=61&type=chunk) [2. Significant Equity Investments Acquired During the Reporting Period](index=24&type=section&id=2.%20Significant%20Equity%20Investments%20Acquired%20During%20the%20Reporting%20Period) The company made three significant equity investments totaling **RMB 646.25 million**, primarily through M&A and capital increases in subsidiaries, resulting in a combined loss of **RMB -97.33 million** Significant Equity Investments Acquired During the Reporting Period | Name of Investee Company | Investment Method | Investment Amount (RMB) | Shareholding Percentage | Profit/Loss for the Period (RMB) | Involved in Litigation | | :--- | :--- | :--- | :--- | :--- | :--- | | Weifang Chenchuang Equity Investment Fund Partnership (Limited Partnership) | Acquisition | 512,000,000.00 | 99.67% | 626.63 | No | | Shandong Chenming Paper Products Sales Co. Ltd. | Capital Increase | 98,500,000.00 | 100.00% | -30,348,394.39 | No | | Shouguang Chenming Art Paper Co. Ltd. | Acquisition | 35,748,442.80 | 100.00% | -66,979,940.94 | No | | **Total** | | **646,248,442.80** | | **-97,327,708.70** | | [3. Significant Non-Equity Investments in Progress During the Reporting Period](index=25&type=section&id=3.%20Significant%20Non-Equity%20Investments%20in%20Progress%20During%20the%20Reporting%20Period) The company had no significant non-equity investments in progress during the reporting period - The company had no significant non-equity investments in progress during the reporting period[61](index=61&type=chunk) [4. Financial Asset Investments](index=25&type=section&id=4.%20Financial%20Asset%20Investments) The company's financial asset investments primarily consist of Bohai Bank shares, with a period-end book value of **RMB 36.69 million** and a fair value change loss of **RMB -0.43 million** Securities Investment Information | Security Type | Security Abbreviation | Initial Investment Cost (RMB) | Beginning Book Value (RMB) | Fair Value Change Gains/Losses for the Period (RMB) | Period-End Book Value (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | | Domestic and Overseas Stocks | Bohai Bank | 195,684,817.15 | 37,259,325.70 | -428,371.45 | 36,692,409.73 | - The company had no derivative investments during the reporting period[64](index=64&type=chunk) [5. Use of Raised Funds](index=25&type=section&id=5.%20Use%20of%20Raised%20Funds) The company did not use any raised funds during the reporting period - The company had no use of raised funds during the reporting period[65](index=65&type=chunk) [VIII. Significant Asset and Equity Disposals](index=26&type=section&id=VIII.%20Significant%20Asset%20and%20Equity%20Disposals) The company sold 22 Fado Apartment properties for **RMB 85.92 million**, resulting in a net loss of **RMB -65.14 million**, aiming to optimize asset structure and focus on core business Significant Asset Disposal Information | Counterparty | Assets Sold | Transaction Price (RMB ten thousand yuan) | Net Profit Contributed by Asset from Beginning of Period to Disposal Date (RMB ten thousand yuan) | Impact of Disposal on Company | Proportion of Net Profit to Total Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | | Zhejiang Aikesheng Real Estate Co. Ltd. | 22 Fado Apartment properties | 8,591.60 | -6,514.33 | Conducive to the company integrating resources, optimizing asset structure, concentrating advantages, focusing on core business, and improving quality and efficiency. | 1.56% | - The company had no significant equity disposals during the reporting period[67](index=67&type=chunk) [IX. Analysis of Major Controlled and Invested Companies](index=27&type=section&id=IX.%20Analysis%20of%20Major%20Controlled%20and%20Invested%20Companies) Major subsidiaries Zhanjiang Chenming Pulp & Paper and Shouguang Meilun Paper reported significant net losses of **RMB -844.27 million** and **RMB -677.43 million**, respectively, while new acquisitions had minor profit impacts Major Subsidiaries and Associates with Net Profit Impact Exceeding 10% | Company Name | Company Type | Main Business | Registered Capital (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | :--- | | Zhanjiang Chenming Pulp & Paper Co. Ltd. | Subsidiary | Production and sales of offset paper, electrostatic paper, white board paper, etc. | 6,913,572,423.00 | -844,270,649.67 | | Shouguang Meilun Paper Co. Ltd. | Subsidiary | Production and sales of coated paper, cultural paper, household paper, chemical pulp | 4,801,045,519.00 | -677,427,573.67 | Acquisition and Disposal of Subsidiaries During the Reporting Period | Company Name | Method of Acquisition and Disposal of Subsidiaries During the Reporting Period | Impact on Overall Production, Operations, and Performance | | :--- | :--- | :--- | | Chenming International Trade Co. Ltd. | Newly established | None | | Shouguang Weiyuan Logistics Co. Ltd. | Transfer | Increased net profit by RMB 0.1664 million | | Weifang Chenchuang Equity Investment Fund Partnership (Limited Partnership) | Acquisition | Increased net profit by RMB 0.0006 million | [X. Structured Entities Controlled by the Company](index=28&type=section&id=X.%20Structured%20Entities%20Controlled%20by%20the%20Company) The company did not control any structured entities during the reporting period - The company had no structured entities under its control during the reporting period[71](index=71&type=chunk) [XI. Risks Faced by the Company and Countermeasures](index=28&type=section&id=XI.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces risks from macroeconomic policies, environmental regulations, raw material prices, market competition, and liquidity, addressing them through strategic adjustments, debt restructuring, and asset disposal - The company faces risks from macroeconomic policy adjustments and will closely monitor policy changes, focus on its core business, drive innovation, optimize industrial structure and regional layout, strengthen lean management, and broaden financing channels[72](index=72&type=chunk) - Increasing environmental policy pressure poses a risk of rising operating costs; the company will deeply implement the "dual carbon" strategy, adopt new energy-saving and emission-reduction technologies, complete wastewater reuse membrane treatment projects, and promote circular economy development[73](index=73&type=chunk) - To mitigate raw material price fluctuation risks, the company will adhere to its integrated pulp and paper strategy to ensure raw material stability and improve supply chain management and market judgment capabilities[74](index=74&type=chunk) - Facing intensified market competition, the company will continuously advance technological innovation, enhance product quality, and develop a high-end, specialized, differentiated product structure to increase added value[75](index=75&type=chunk) - Due to prominent funding risks, the company will fully activate and dispose of existing assets, increase the disposal of non-core assets, strengthen communication with financial institutions to advance debt restructuring, and raise working capital through multiple channels to resume production[76](index=76&type=chunk) - Financing lease business carries the risk of bad debts from lessees failing to pay rent on time; the company is reducing business scale, making provisions for overdue principal, and mitigating risks through litigation, guarantor recovery, and debt restructuring[77](index=77&type=chunk) [XII. Implementation of Market Value Management System and Valuation Enhancement Plan](index=30&type=section&id=XII.%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company has implemented a Market Value Management System and Valuation Enhancement Plan, focusing on financial and business optimization, market development, and strategic partnerships to boost shareholder value - The company has formulated and disclosed the "Shandong Chenming Paper Holdings Limited Market Value Management System" to standardize market value management practices and protect the legitimate rights and interests of the company and investors[79](index=79&type=chunk) - The company has approved the "Shandong Chenming Paper Holdings Limited Valuation Enhancement Plan," which includes four main aspects: financial optimization, business optimization, market and brand building, and strategic investment and cooperation[81](index=81&type=chunk)[83](index=83&type=chunk)[84](index=84&type=chunk)[85](index=85&type=chunk) - Financial optimization measures include debt restructuring (extending debt terms, lowering interest rates, syndicated loans), asset disposal (activating non-core assets, intensifying debt collection), and cost control (optimizing production processes, reducing procurement and energy costs)[84](index=84&type=chunk) - Business optimization measures include capacity recovery and adjustment (accelerating production resumption at production bases, adjusting product structure) and technological innovation and R&D (increasing investment in green paper products and specialty paper R&D)[84](index=84&type=chunk) - Market and brand building measures include market expansion, brand building, investor relations management, and optimization of information disclosure[87](index=87&type=chunk) - Strategic investment and cooperation measures include introducing strategic investors and industry integration and cooperation[87](index=87&type=chunk) [XIII. Implementation of the "Dual Improvement in Quality and Returns" Action Plan](index=32&type=section&id=XIII.%20Implementation%20of%20the%20%22Dual%20Improvement%20in%20Quality%20and%20Returns%22%20Action%20Plan) The company did not disclose any "Dual Improvement in Quality and Returns" action plan announcements during the reporting period - The company did not disclose any "Dual Improvement in Quality and Returns" action plan announcements during the reporting period[87](index=87&type=chunk) Section IV Corporate Governance, Environment, and Society [I. Changes in Directors, Supervisors, and Senior Management](index=33&type=section&id=I.%20Changes%20in%20Directors,%20Supervisors,%20and%20Senior%20Management) There were no changes in the company's directors, supervisors, or senior management during the reporting period, as detailed in the 2024 annual report - There were no changes in the company's directors, supervisors, and senior management during the reporting period[88](index=88&type=chunk) [II. Profit Distribution and Capital Reserve Conversion to Share Capital During the Reporting Period](index=33&type=section&id=II.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20During%20the%20Reporting%20Period) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period[89](index=89&type=chunk) [III. Implementation of Share Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=33&type=section&id=III.%20Implementation%20of%20Share%20Incentive%20Plans,%20Employee%20Stock%20Ownership%20Plans,%20or%20Other%20Employee%20Incentive%20Measures) The 2020 A-share restricted stock incentive plan granted **79.6 million** shares at **RMB 2.85/share**, but most were repurchased due to unmet performance targets and resignations, with **6.9 million** shares still pending cancellation due to judicial freeze - On May 29, 2020, the company granted **79.6 million** A-share restricted shares to 111 incentive recipients at an exercise price of **RMB 2.85** per share[94](index=94&type=chunk) - The incentive plan has a maximum validity period until July 14, 2025, with restricted periods released in three phases: 24 months, 36 months, and 48 months[96](index=96&type=chunk)[99](index=99&type=chunk) - Due to unmet performance conditions for 2022 and 2023 and the resignation of some incentive recipients, the company has repurchased and cancelled most of the restricted shares[106](index=106&type=chunk)[107](index=107&type=chunk) - As of the end of the reporting period, **6.9 million** A-share restricted shares held by 2 resigned incentive recipients have not completed repurchase and cancellation procedures due to judicial freeze[109](index=109&type=chunk)[110](index=110&type=chunk) - During the reporting period, the company did not grant any new awards, nor did it have any employee stock ownership plans or other employee incentive measures[110](index=110&type=chunk)[111](index=111&type=chunk) [1. Share Incentives](index=33&type=section&id=1.%20Share%20Incentives) The 2020 A-share restricted stock incentive plan granted **79.6 million** shares at **RMB 2.85/share** to 111 individuals, but most were repurchased due to unmet performance targets, with **6.9 million** shares still judicially frozen - The 2020 A-share restricted stock incentive plan aims to improve the company's governance structure and incentivize directors, core technical, and business personnel[92](index=92&type=chunk) - The plan involves 111 incentive recipients, granting **79.6 million** A-share restricted shares at an exercise price of **RMB 2.85** per share[93](index=93&type=chunk)[94](index=94&type=chunk) - The incentive plan has a maximum validity period until July 14, 2025, with restricted periods released in three phases: 24 months, 36 months, and 48 months[96](index=96&type=chunk)[99](index=99&type=chunk) - Due to unmet performance conditions for 2022 and 2023 and the resignation of some incentive recipients, the conditions for the second and third restricted periods were not met, and the company has repurchased and cancelled most of the restricted shares[106](index=106&type=chunk)[107](index=107&type=chunk) - As of the end of the reporting period, **6.9 million** A-share restricted shares held by 2 resigned incentive recipients have not completed repurchase and cancellation procedures due to judicial freeze[109](index=109&type=chunk)[110](index=110&type=chunk) [2. Implementation of Employee Stock Ownership Plans](index=38&type=section&id=2.%20Implementation%20of%20Employee%20Stock%20Ownership%20Plans) The company had no employee stock ownership plans in place during the reporting period - The company had no employee stock ownership plans during the reporting period[111](index=111&type=chunk) [3. Other Employee Incentive Measures](index=38&type=section&id=3.%20Other%20Employee%20Incentive%20Measures) The company had no other employee incentive measures during the reporting period - The company had no other employee incentive measures during the reporting period[111](index=111&type=chunk) [IV. Environmental Information Disclosure](index=39&type=section&id=IV.%20Environmental%20Information%20Disclosure) The company and its seven major subsidiaries are listed as legally required environmental information disclosers, publishing reports on respective provincial platforms, demonstrating environmental commitment and transparency - The company and its 7 major subsidiaries are included in the list of enterprises required to disclose environmental information by law[112](index=112&type=chunk) - The environmental information disclosure reports of each enterprise can be found on the respective provincial enterprise environmental information disclosure systems[112](index=112&type=chunk) [V. Social Responsibility](index=40&type=section&id=V.%20Social%20Responsibility) The company upholds its mission of "creating value and contributing to society" by safeguarding stakeholder rights, promoting green development, optimizing governance, ensuring employee welfare, and implementing stringent environmental protection measures - The company continuously optimizes its corporate governance structure, strictly discloses information, communicates with investors through multiple channels, and actively negotiates debt repayment plans with creditors to protect the rights and interests of shareholders and creditors[114](index=114&type=chunk) - The company complies with labor laws, strengthens humanistic care, focuses on employee empowerment, fully implements safety production responsibility systems, and conducts layered and categorized specialized training programs to protect employee rights and interests[115](index=115&type=chunk) - Adhering to the core values of "integrity-based, win-win sharing," the company focuses on customers to improve product quality and services, and protects the rights and interests of customers and suppliers by improving procurement bidding systems and fostering strategic partnerships[116](index=116&type=chunk) - The company practices the philosophy that "lucid waters and lush mountains are invaluable assets," strictly enforces environmental regulations, promotes clean production, strengthens "three wastes" treatment, equips advanced pollution control facilities, and integrates ecological design concepts into product processes to protect the ecological environment[117](index=117&type=chunk) [VI. Disclosures under HKEX Listing Rules](index=41&type=section&id=VI.%20Disclosures%20under%20HKEX%20Listing%20Rules) The company generally complied with HKEX Corporate Governance Code, except for delayed board and supervisory committee re-election, and no non-compliance with the Model Code for Securities Transactions by Directors was noted - During the reporting period, the company complied with the principles and code provisions of the Corporate Governance Code contained in Appendix C1 of the Hong Kong Listing Rules, but the Board of Directors and Supervisory Committee were delayed due to incomplete re-election work, failing to fully comply with code provision B.2.2 regarding the rotation of directors[118](index=118&type=chunk) - After full consultation with all directors of the company, the company is not aware of any information that reasonably indicates that any director failed to comply with the standards stipulated in Appendix C3 of the Hong Kong Listing Rules, "Model Code for Securities Transactions by Directors of Listed Issuers," during the reporting period[119](index=119&type=chunk) Section V Significant Matters [I. Commitments Fulfilled and Overdue Unfulfilled by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company](index=42&type=section&id=I.%20Commitments%20Fulfilled%20and%20Overdue%20Unfulfilled%20by%20Controlling%20Shareholder,%20Shareholders,%20Related%20Parties,%20Acquirers,%20and%20the%20Company) No commitments by the controlling shareholder, related parties, or the company were overdue or unfulfilled at the end of the reporting period - During the reporting period, there were no commitments by the company's actual controller, shareholders, related parties, acquirers, or the company that were fulfilled or overdue and unfulfilled as of the end of the reporting period[120](index=120&type=chunk) [II. Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties](index=42&type=section&id=II.%20Non-Operating%20Funds%20Occupied%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties) There were no non-operating funds occupied by the controlling shareholder or other related parties during the reporting period - During the reporting period, there were no non-operating funds occupied by the controlling shareholder or other related parties of the listed company[121](index=121&type=chunk) [III. Irregular External Guarantees](index=42&type=section&id=III.%20Irregular%20External%20Guarantees) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[122](index=122&type=chunk) [IV. Appointment and Dismissal of Accounting Firms](index=42&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[123](index=123&type=chunk) [V. Board of Directors' and Supervisory Committee's Explanations on the Accounting Firm's "Non-Standard Audit Report" for the Current Period](index=42&type=section&id=V.%20Board%20of%20Directors'%20and%20Supervisory%20Committee's%20Explanations%20on%20the%20Accounting%20Firm's%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Current%20Period) The Board of Directors and Supervisory Committee provided no explanations regarding a "non-standard audit report" for the current period - During the reporting period, there were no explanations from the Board of Directors or Supervisory Committee regarding the accounting firm's "non-standard audit report" for the current period[124](index=124&type=chunk) [VI. Board of Directors' Explanations on the "Non-Standard Audit Report" for the Previous Year](index=43&type=section&id=VI.%20Board%20of%20Directors'%20Explanations%20on%20the%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Previous%20Year) The Board addressed the 2024 qualified audit opinion by actively resuming production, securing syndicated loans, restructuring debt, and disposing of non-core assets to improve going concern - The Board of Directors has provided a special explanation regarding the qualified opinion audit report issued by Grant Thornton Certified Public Accountants on the company's 2024 annual financial report[125](index=125&type=chunk) - The company is actively promoting the resumption of production, the disbursement of syndicated loans, debt restructuring, the introduction of strategic investors, and asset disposal to improve its going concern ability[126](index=126&type=chunk) - As of the end of the reporting period, some production bases in Huanggang, Jiangxi, and Shouguang are operating normally, the **RMB 2.31 billion** syndicated loan has been approved, and idle and non-core assets totaling **RMB 587.73 million** have been disposed of[126](index=126&type=chunk) [VII. Bankruptcy Reorganization Matters](index=43&type=section&id=VII.%20Bankruptcy%20Reorganization%20Matters) The company had no bankruptcy reorganization matters during the reporting period - The company had no bankruptcy reorganization matters during the reporting period[127](index=127&type=chunk) [VIII. Litigation Matters](index=44&type=section&id=VIII.%20Litigation%20Matters) The company was involved in multiple litigations, including the dismissal of a winding-up petition by Arjowiggins HKK2 Limited, and various other lawsuits as both plaintiff and defendant - The winding-up petition against the company by Arjowiggins HKK2 Limited was dismissed by the Hong Kong High Court of First Instance on June 20, 2025, and has been fully executed[128](index=128&type=chunk) Summary of Other Litigation Matters | Basic Information of Litigation (Arbitration) | Amount Involved (RMB ten thousand yuan) | Provision for Liabilities Formed | Outcome and Impact of Litigation (Arbitration) | | :--- | :--- | :--- | :--- | | Summary of Litigation (Arbitration) Matters where Chenming Leasing is Plaintiff | 46,432.83 | No | All adjudicated lawsuits recognized the defendants and guarantors' obligation to repay the company's debts, aligning with the company's claims, and will not have a significant impact on the company's operations and financial position. | | Summary of Litigation (Arbitration) Matters where the Company and its Other Subsidiaries are Plaintiffs | 43,406.09 | No | No significant impact on the company's operations and financial position. | | Summary of Litigation (Arbitration) Matters where the Company and its Other Subsidiaries are Defendants | 777,818.36 | Provision for liabilities of RMB 593.5 million | Litigation cases are being properly resolved through communication, negotiation, active defense, and reaching settlements with creditors. | [IX. Penalties and Rectification](index=45&type=section&id=IX.%20Penalties%20and%20Rectification) The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[130](index=130&type=chunk) [X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=45&type=section&id=X.%20Integrity%20Status%20of%20the%20Company,%20its%20Controlling%20Shareholder,%20and%20Actual%20Controller) The company and Zhanjiang Chenming were listed as dishonest judgment debtors in two cases for failing to fulfill court-ordered obligations, while the controlling shareholder and actual controller were not - During the reporting period, the company and Zhanjiang Chenming were listed as dishonest judgment debtors in 2 cases for failing to fulfill obligations defined by effective legal documents of the court[131](index=131&type=chunk) - The company's controlling shareholder and actual controller are not dishonest judgment debtors[131](index=131&type=chunk) [XI. Significant Related Party Transactions](index=45&type=section&id=XI.%20Significant%20Related%20Party%20Transactions) The company engaged in routine related-party transactions, including port fees, and had non-operating related-party receivables and payables, with controlling shareholder financial support impacting operations Related Party Transactions Related to Daily Operations | Related Party | Type of Related Party Transaction | Content of Related Party Transaction | Amount of Related Party Transaction (RMB ten thousand yuan) | Approved Transaction Limit (RMB ten thousand yuan) | Exceeded Approved Limit | | :--- | :--- | :--- | :--- | :--- | :--- | | Weifang Port Area Wood Chip Terminal Co. Ltd. | Labor Services | Port miscellaneous fees | 233.33 | 11,000.00 | No | Receivables from Related Parties | Item Name | Related Party | Period-End Balance (RMB ten thousand yuan) | Beginning Balance (RMB ten thousand yuan) | | :--- | :--- | :--- | :--- | | Shouguang Meite Environmental Protection Technology Co. Ltd. | Financial assistance | 1,137.78 | 1,106.33 | | Weifang Port Area Wood Chip Terminal Co. Ltd. | Financial assistance | 8,129.82 | 7,939.77 | | Wuhan Chenming Hanyang Paper Co. Ltd. | Financial assistance | 17,797.13 | 23,809.34 | Payables to Related Parties | Item Name | Related Party | Period-End Balance (RMB ten thousand yuan) | Beginning Balance (RMB ten thousand yuan) | | :--- | :--- | :--- | :--- | | Chenming Holdings Co. Ltd. | Financial assistance | 3,683.98 | 3,850.00 | | Guangdong Nanyue Bank Co. Ltd. | Borrowings | 75,829.00 | 85,789.00 | - During the reporting period, the company had no related party transactions involving asset or equity acquisition/disposal, no related party transactions involving joint external investments, no dealings with related financial companies, and no other significant related party transactions[133](index=133&type=chunk)[134](index=134&type=chunk)[136](index=136&type=chunk)[137](index=137&type=chunk)[138](index=138&type=chunk) [XII. Significant Contracts and Their Performance](index=47&type=section&id=XII.%20Significant%20Contracts%20and%20Their%20Performance) The company had no custodianship, but a subsidiary outsourced port operations for **RMB 4 million** annually; it also engaged in various leases and provided significant guarantees to subsidiaries, with **RMB 19.75 billion** outstanding and **RMB 1.98 billion** overdue - The company had no custodianship during the reporting period[139](index=139&type=chunk)[142](index=142&type=chunk) - Subsidiary Jiangxi Chenming outsourced Jiangxi Port's business to Jiangxi Yirong Investment Co. Ltd. for a 5-year contract period, with an annual fixed fee of **RMB 4 million**[140](index=140&type=chunk) Lease Expenses as Lessee | Item | H1 2025 (RMB) | | :--- | :--- | | Low-value leases | 2,220,927.78 | | **Total** | **2,220,927.78** | Operating Lease Income as Lessor | Item | H1 2025 (RMB) | | :--- | :--- | | Lease income | 60,638,854.58 | | **Total** | **60,638,854.58** | - During the reporting period, the company provided guarantees to subsidiaries totaling **RMB 4.330 billion**. As of June 30, 2025, the company's outstanding external guarantees amounted to **RMB 19.755 billion**, representing **371.42%** of the equity attributable to parent company shareholders, with overdue guarantees totaling **RMB 1.979 billion**[149](index=149&type=chunk)[158](index=158&type=chunk) - The company had no entrusted wealth management or other significant contracts during the reporting period[163](index=163&type=chunk)[164](index=164&type=chunk) [XIII. Explanations of Other Significant Matters](index=59&type=section&id=XIII.%20Explanations%20of%20Other%20Significant%20Matters) The company faces severe challenges including **RMB 3.82 billion** in overdue debt, 332 frozen bank accounts, and production line shutdowns, with delayed board and supervisory committee re-elections - As of the end of the reporting period, the company's cumulative overdue debt amounted to **RMB 3.821 billion**, with 332 bank accounts cumulatively frozen, totaling **RMB 39.3805 million** in frozen funds, and some production lines remain shut down for maintenance[166](index=166&type=chunk) - The term of the company's Tenth Board of Directors and Supervisory Committee expired on June 15, 2025, and the re-election has been postponed due to incomplete charter revisions and re-election work[169](index=169&type=chunk) - This section provides an index of significant matters publicly disclosed by the company during the H1 2025 reporting period, including equity restructuring, litigation, performance forecasts, and risk warnings[170](index=170&type=chunk)[171](index=171&type=chunk)[172](index=172&type=chunk) [XIV. Significant Matters of Company Subsidiaries](index=63&type=section&id=XIV.%20Significant%20Matters%20of%20Company%20Subsidiaries) Shandong Chenming Group Finance Co. Ltd.'s dissolution was approved, and the company decided to terminate the Huanggang Chenming Phase II project to preserve liquidity and protect shareholder interests - The dissolution of Shandong Chenming Group Finance Co. Ltd. has been approved by the National Financial Regulatory Administration, and relevant procedures will be handled as required[174](index=174&type=chunk) - The company has approved the termination of the Huanggang Chenming Phase II project to prevent further capital expenditures from impacting liquidity and to protect the interests of the company and all shareholders[175](index=175&type=chunk) Section VI Share Changes and Shareholder Information [I. Share Changes](index=64&type=section&id=I.%20Share%20Changes) The total number of shares remained unchanged, but restricted shares decreased by **5,562,842**, and unrestricted shares increased by the same amount, mainly due to director/supervisor/senior management share reclassification and resignations Share Changes | Share Class | Number Before Change (shares) | Increase/Decrease in This Change (shares) | Number After Change (shares) | | :--- | :--- | :--- | :--- | | I. Restricted Shares | 30,941,154 | -5,562,842 | 25,378,312 | | II. Unrestricted Shares | 2,910,515,046 | 5,562,842 | 2,916,077,888 | | III. Total Shares | 2,941,456,200 | 0 | 2,941,456,200 | - Share changes were primarily due to the re-calculation of transferable quotas for restricted shares held by directors, supervisors, and senior management at **25%**, and changes in restricted shares due to the resignation of some directors, supervisors, and senior management after 6 months[178](index=178&type=chunk) - Changes in restricted shares involve adjustments to restricted shares held by directors, supervisors, and senior management, as well as some restricted shares from equity incentives that have not completed repurchase and cancellation procedures due to judicial freeze[181](index=181&type=chunk)[182](index=182&type=chunk) [II. Securities Issuance and Listing](index=66&type=section&id=II.%20Securities%20Issuance%20and%20Listing) The company had no securities issuance or listing activities during the reporting period - The company had no securities issuance or listing activities during the reporting period[183](index=183&type=chunk) [III. Number of Shareholders and Shareholding](index=67&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholding) As of period-end, the company had **117,668** common shareholders, with Chenming Holdings Co. Ltd. as the largest shareholder (**15.50%**), whose shares are pledged and frozen - As of the end of the reporting period, the total number of common shareholders was **117,668** (including **99,783** A-share holders, **17,568** B-share holders, and **317** H-share holders)[185](index=185&type=chunk) Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held at Period-End (shares) | Pledged, Marked, or Frozen Status (shares) | | :--- | :--- | :--- | :--- | :--- | | Chenming Holdings Co. Ltd. | State-owned Legal Person | 15.50% | 455,781,319 | Pledged 386,811,546, Frozen 409,956,441 | | HKSCC NOMINEES LIMITED | Overseas Legal Person | 12.69% | 373,409,775 | Not applicable 0 | | Chenming Holdings (Hong Kong) Co. Ltd. | Overseas Legal Person | 12.38% | 364,131,563 | Not applicable 0 | | Chen Hongguo | Domestic Natural Person | 0.65% | 19,080,044 | Frozen 19,080,044 | - Chenming Holdings (Hong Kong) Co. Ltd. is a wholly-owned subsidiary of Chenming Holdings Co. Ltd[186](index=186&type=chunk) - **6,000,000** equity incentive restricted shares held by Mr. Chen Hongguo have not completed repurchase and cancellation procedures due to judicial freeze[186](index=186&type=chunk)[188](index=188&type=chunk) [IV. Shareholding Changes of Directors, Supervisors, and Senior Management](index=69&type=section&id=IV.%20Shareholding%20Changes%20of%20Directors,%20Supervisors,%20and%20Senior%20Management) There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period - There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period[190](index=190&type=chunk) [V. Changes in Controlling Shareholder or Actual Controller](index=69&type=section&id=V.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) There were no changes in the company's controlling shareholder or actual controller during the reporting period - The company's controlling shareholder did not change during the reporting period[191](index=191&type=chunk) - The company's actual controller did not change during the reporting period[192](index=192&type=chunk) [VI. Preferred Shares](index=69&type=section&id=VI.%20Preferred%20Shares) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[193](index=193&type=chunk) [VII. Securities Interests of Directors, Supervisors, and Chief Executive Disclosed under HKEX Listing Rules](index=70&type=section&id=VII.%20Securities%20Interests%20of%20Directors,%20Supervisors,%20and%20Chief%20Executive%20Disclosed%20under%20HKEX%20Listing%20Rules) As of June 30, 2025, some directors and supervisors held A-shares, but no other registrable interests or short positions in the company's securities were held by directors, supervisors, or the chief executive Securities Interests of Directors, Supervisors, and Chief Executive | Name | Position | Number of A-Shares Held at Period-End (sha

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 山東晨鳴紙業集團股份有限公司 SHANDONG CHENMING PAPER HOLDINGS LIMITED* （於中華人民共和國註冊成立的股份有限公司） （股份代號：1812） 截至二零二五年六月三十日止六個月 中期業績公告 山東晨鳴紙業集團股份有限公司（「本公司」）董事會（「董事會」）謹此公佈本公司 及其子公司（統稱「本集團」）截至二零二五年六月三十日止六個月之中期業績。 本公告列載本公司二零二五年中期報告（「中期報告」）全文，並符合香港聯合交 易所有限公司證券上市規則有關中期業績初步公告附載的資料之要求。本公司中 期報告之印刷版將會隨後根據股東需要寄發予本公司股東，並於二零二五年八月 二十九日可於香港交易及結算所有限公司網站( www.hkexnews.hk)及本公司網站 ( www.chenmingpaper.com)閱覽。 財務報表編製基準 本公司財務報表以持續經營為基礎列報，按照財政部頒佈 ...

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山東晨鳴紙業集團股份有限公司 SHANDONG CHENMING PAPER HOLDINGS LIMITED* （於中華人民共和國註冊成立的股份有限公司） 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 （股份代號：1812） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列山東晨鳴紙業集團股份有限公司在深圳證券交易所網站刊登日期為二零二 五年八月二十九日的「山東晨鳴紙業集團股份有限公司第十屆監事會第十四次會 議決議公告」，僅供參閱。 承董事會命 山東晨鳴紙業集團股份有限公司 胡長青 主席 中國，山東 二零二五年八月二十九日 於本公告日期，執行董事為胡長青先生、李興春先生、李峰先生及李偉先先 生；非執行董事為韓亭德先生及李傳軒先生；及獨立非執行董事為尹美群女士、 孫劍非先生、楊彪先生及李志輝先生。 * 僅供識別 山东晨鸣纸业集团股份有限公司 第十届监事会第十四次会议决议公告 本公司及监事会全体成员保证信息 ...