Financial Performance - The company reported its interim results for the six months ended June 30, 2023, with no significant doubts regarding its ability to continue as a going concern[2]. - The board of directors does not recommend the distribution of any interim dividend for the six months ended June 30, 2023[2]. - The financial statements are prepared based on the going concern principle and in accordance with the Chinese Accounting Standards[1]. - Total assets decreased by 1.96% to CNY 82.65 billion compared to the previous year[12]. - Operating revenue fell by 24.65% to CNY 12.56 billion year-on-year[13]. - Net profit attributable to shareholders decreased by 398.98%, resulting in a loss of CNY 688.08 million[13]. - Basic earnings per share dropped by 490.63% to CNY -0.250[13]. - The total profit of the paper and paper products industry decreased by 44.6% year-on-year, amounting to CNY 12.04 billion in the first half of 2023[18]. - The revenue from the paper manufacturing segment was CNY 11,300,765,054.86, down 21.74% from CNY 14,440,493,130.31[38]. - Total revenue decreased by 24.65% to CNY 12,564,962,781.31 compared to CNY 16,676,428,365.83 in the previous period[38]. Operational Challenges - The company faces risks from macroeconomic fluctuations, national policy adjustments, and industry competition[4]. - The company is facing challenges due to macroeconomic pressures and supply-demand imbalances in the paper industry[18]. - In the first half of 2023, the company's sales volume and prices of machine-made paper significantly declined year-on-year, particularly in the white card paper market, which severely impacted profitability[19]. - The price of white cardboard declined due to increased supply and insufficient demand, impacting profitability[52]. Cash Flow and Liquidity - Net cash flow from operating activities increased by 78.62% to CNY 1.78 billion[13]. - As of June 30, 2023, the company's current ratio was 62.61%, and the quick ratio was 49.20%, indicating good liquidity[25]. - The total bank borrowings amounted to RMB 41.483 billion as of June 30, 2023, down from RMB 42.288 billion at the end of the previous year[25]. - The company has compressed its debt scale, resulting in a significant decrease in net cash flow from financing activities by 762.46%[36]. Employee and Management - The company has a total of 10,364 employees, with total employee wages amounting to RMB 545.95 million in the first half of 2023[25]. - The company emphasizes the importance of investor awareness regarding investment risks[4]. - The company has established a strict internal control system for cash and fund management to strengthen financial management[25]. Environmental Compliance - The company has invested over 8 billion yuan in environmental protection measures, implementing advanced pollution control systems and achieving leading environmental indicators[34]. - The company has implemented advanced technologies for wastewater treatment, achieving a water reuse rate of over 75%[54]. - The company has a comprehensive environmental monitoring system, combining manual and automatic monitoring, to ensure compliance with environmental regulations[80]. - The company has not faced any administrative penalties due to environmental issues during the reporting period[81]. - The company has implemented measures to ensure that all emissions remain within regulatory limits, with no reported exceedances in major pollutants[70]. Strategic Initiatives - The company plans to enhance product structure by increasing the development of high value-added products and improving asset utilization to boost efficiency[19]. - The company aims to solidify overseas market channels as part of its strategy to improve quality and efficiency[19]. - The company is focused on innovation-driven strategies and optimizing industrial structure to mitigate risks from macroeconomic policy adjustments[53]. - The company has actively engaged in R&D collaborations with renowned universities and research institutions, enhancing its technological innovation capabilities[32]. Shareholder and Governance - The company has not engaged in any significant asset or equity sales during the reporting period, maintaining its current investment strategy[50]. - The company has committed to not reducing its holdings in the listed company shares from the date of the restructuring plan disclosure until its implementation[92]. - The company has fulfilled all commitments made by its actual controllers, shareholders, and related parties during the reporting period[134]. - The company has not reported any significant related party transactions, maintaining operational integrity[140]. Legal and Regulatory Compliance - The company has not faced any administrative penalties or significant civil litigation related to economic disputes in the past five years[130]. - The company has complied with all relevant laws and regulations during the asset restructuring process[136]. - The company has committed to not engaging in competitive businesses that may conflict with its subsidiaries, ensuring a focus on core operations[138].

Financial Performance - The company's operating revenue for Q1 2023 was CNY 6,155,915,692.16, a decrease of 27.70% compared to CNY 8,514,983,059.74 in the same period last year[4] - The net profit attributable to shareholders was CNY -275,409,967.37, representing a decline of 341.76% from CNY 113,917,827.90 year-on-year[4] - The company reported a significant decrease in net profit attributable to the parent company, down 341.76% due to a decline in sales volume and increased production costs[10] - The net loss for the current period was ¥267,764,337.88, compared to a net profit of ¥131,682,209.39 in the previous period[20] - The company reported a basic and diluted earnings per share of -0.101, compared to 0.032 in the previous period[20] Cash Flow - The net cash flow from operating activities increased by 311.69% to CNY 916,852,965.06, compared to CNY 222,704,964.47 in the previous year[4] - Operating cash flow for Q1 2023 increased by 311.69% year-on-year, reaching ¥916,852,965.06, primarily due to a decrease in cash paid for goods purchased[11] - Cash outflow from investing activities was ¥56,963,698.36, up from ¥29,975,758.03 in the previous period, indicating increased investment[21] - Cash inflow from financing activities decreased to ¥7,962,881,272.83 from ¥9,298,233,537.92, reflecting a decline of 14.4%[23] - Net cash flow from financing activities was negative at -¥2,099,312,947.21, compared to -¥739,682,476.50 in the previous period, indicating higher outflows[23] Assets and Liabilities - The total assets at the end of the reporting period were CNY 82,071,892,371.00, down 2.64% from CNY 84,301,017,409.62 at the end of the previous year[4] - Total liabilities decreased to ¥58,597,784,636.70 from ¥60,572,763,589.01 at the beginning of the year, a reduction of approximately 3.3%[17] - Cash and cash equivalents decreased from ¥14,000,434,986.08 to ¥11,951,510,447.52 during the reporting period[15] - The ending cash and cash equivalents balance decreased to ¥884,376,122.37 from ¥2,624,717,072.34, a decline of 66.3%[23] Shareholder Information - Total number of ordinary shareholders at the end of the reporting period was 153,383, with the top ten shareholders holding a combined 45.79% of shares[12] - The largest shareholder, Chenming Holding Co., Ltd., holds 15.35% of shares, amounting to 457,322,919 shares[12] Investment Activities - Investment income improved by 36.63%, amounting to CNY -19,449,007.02, compared to CNY -30,691,914.23 in the same period last year[10] - Investment cash flow improved by 31.16% year-on-year, amounting to -¥17,745,698.36, mainly due to an increase in cash received from asset disposals[11] - Cash inflow from investment activities was ¥39,218,000.00, significantly higher than ¥4,197,017.65 in the previous period[21] Cost Management - The company noted that the decline in revenue and profit was influenced by rising raw material costs and lower demand following the Spring Festival[4] - Research and development expenses for the current period were ¥274,275,020.83, down from ¥344,169,278.72, indicating a focus on cost management[19] - Total operating costs for the current period were ¥6,538,140,020.52, down from ¥8,383,571,164.61, reflecting a reduction of 22%[19] Other Financial Metrics - The weighted average return on net assets decreased by 2.17 percentage points to -1.66% from 0.51% in the same period last year[4] - Non-current assets totaled ¥51,147,501,270.38, a decrease from ¥51,581,567,700.86 at the beginning of the year[16] - The company has maintained its capital reserve at ¥5,365,091,677.24, showing stability in equity financing[18] - The company did not conduct an audit for the first quarter report[24]

Financial Performance - The company's operating revenue for 2022 was ¥32,004,367,320.91, a decrease of 3.08% compared to ¥33,019,812,294.14 in 2021[13]. - Net profit attributable to shareholders for 2022 was ¥189,290,120.82, reflecting a significant decline of 90.84% from ¥2,065,513,108.71 in 2021[13]. - The net cash flow from operating activities decreased by 59.80% to ¥3,449,824,242.37 in 2022, down from ¥8,581,888,192.64 in 2021[13]. - Basic and diluted earnings per share for 2022 were both ¥0.03, a drop of 94.64% from ¥0.56 in 2021[13]. - The weighted average return on net assets fell to 0.55% in 2022, a decrease of 9.01 percentage points from 9.56% in 2021[13]. - Total assets at the end of 2022 were ¥84,301,017,409.62, an increase of 1.73% from ¥82,869,661,681.08 at the end of 2021[13]. - The net assets attributable to shareholders decreased slightly by 0.17% to ¥19,084,565,494.92 at the end of 2022 from ¥19,117,985,306.48 at the end of 2021[13]. - The company reported a quarterly operating revenue of ¥6,648,333,425.15 in Q4 2022, with a net profit attributable to shareholders of -¥51,285,739.81[17]. - The company reported a total liability of ¥6,057,276,000 in 2022, slightly up from ¥6,029,463,000 in 2021[20]. - The company achieved a revenue of RMB 32.004 billion and a net profit of RMB 317 million during the reporting period[29]. - The company reported a significant decline in net profit attributable to shareholders for the year 2022, impacted by insufficient domestic market demand and rising costs of raw materials such as wood chips and chemicals[106]. Strategic Initiatives - The company plans not to distribute cash dividends, issue bonus shares, or increase capital from reserves for the year 2022[3]. - The company aims to enhance its core business in pulp and paper production, focusing on green, low-carbon, and sustainable development strategies[91]. - The company plans to strengthen its "pulp-paper integration" strategy to ensure quality and quantity of self-supplied pulp[26]. - The company has strategically expanded its overseas sales, benefiting from a reduction in global paper supply[24]. - The company is focusing on optimizing product structure towards high-end, lightweight, and customized products to meet rising consumer quality demands[90]. - The company plans to enhance its competitive edge through mergers, restructuring, and joint ventures, leading to increased industry concentration[90]. - The company will implement strict financial management to lower the debt-to-asset ratio and optimize capital structure, including collaboration with state-owned banks for low-cost financing[94]. - The company will focus on improving basic management and internal audit processes to enhance operational efficiency and ensure high-quality development[97]. Research and Development - The company has obtained over 380 national patent authorizations, demonstrating its commitment to innovation and R&D[25]. - The company is in the industrialization phase for several R&D projects aimed at improving product quality and reducing costs, including high-thickness electrostatic paper technology[69]. - Research and development (R&D) investment amounted to ¥1.29 billion in 2022, down 11.25% from ¥1.45 billion in 2021, representing 4.03% of operating revenue[71]. - The number of R&D personnel decreased by 27.89% to 1,370 in 2022 from 1,900 in 2021, with a corresponding drop in the proportion of R&D staff[70]. - The company is actively pursuing partnerships with international firms to leverage new technologies and expand its product offerings[159]. Market Conditions - The company faces risks from macroeconomic fluctuations, national policies, regulations, and industry competition, which investors should be aware of[3]. - The paper industry is experiencing a transformation towards intensive development, with increased market concentration and a significant rise in production costs impacting overall profitability[90]. - The company anticipates a recovery in the paper industry as domestic paper prices stabilize and major enterprises announce price increases[90]. - In 2022, the national production of mechanical paper and paperboard was 136.914 million tons, a year-on-year decrease of 1.3%[28]. - The revenue of the paper and paper products industry in China was RMB 1.52289 trillion, a year-on-year increase of 0.4%[28]. Corporate Governance - The company has improved its corporate governance structure in compliance with relevant regulations, enhancing internal controls and information disclosure practices[142]. - The board of directors consists of 11 members, including 4 independent directors, and held 12 meetings during the reporting period, ensuring high decision-making quality[145]. - The supervisory board comprises 5 members and convened 8 meetings, effectively overseeing the company's management and financial status[146]. - The company ensures equal treatment of all shareholders during general meetings, providing both on-site and online voting options[143]. - The company has established a remuneration and assessment committee responsible for setting evaluation standards for non-independent directors and senior management[170]. Environmental and Social Responsibility - The company is committed to green development and has adopted energy-saving and emission-reduction technologies to meet stricter environmental standards[100]. - The company has implemented advanced water recycling technology, achieving a water reuse rate of over 75%, saving 170,000 cubic meters of fresh water daily[100]. - The company donated RMB 805,000 to non-profit organizations during the year, a decrease from RMB 1,142,550 in 2021[109]. - The company is actively exploring innovative resource utilization and circular economy models to enhance its sustainability[100]. Employee and Management Structure - The total number of employees at the end of the reporting period was 10,855, with 2,596 in the parent company and 7,462 in major subsidiaries[180]. - The professional composition includes 7,259 production personnel, 500 sales personnel, 465 technical personnel, 177 financial personnel, 1,203 administrative personnel, and 1,251 other personnel[181]. - The company emphasizes talent development and plans to enhance training quality in 2023 by collaborating with professional training institutions and creating an online learning platform[185]. - The management team includes experienced professionals with backgrounds in finance, marketing, and project management, ensuring a diverse skill set[164]. Financial Management - The company has not utilized any fundraising during the reporting period[85]. - The company has not distributed cash dividends or bonus shares for the current fiscal year, reflecting a conservative approach to capital allocation[187]. - The company plans to optimize its capital structure and reduce debt levels to enhance financial stability and risk resistance[187]. - The company reported a significant increase in financing cash flow net amount by 80.07%, reaching -¥1.98 billion in 2022 compared to -¥9.94 billion in 2021[73][74].

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) 截至二零二二年十二月三十一日止 年度全年業績公告 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」）截至二零二二年十二月三十一日止年度之全年業績。 本公告列載本公司二零二二年年度報告（「年報」）全文，並符合香港聯合交易所 有限公司證券上市規則有關全年業績初步公告附載的資料之要求。本公司年報之 印刷版將於或約二零二三年四月十二日寄發予本公司股東，並於二零二三年三 月三十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，根據實際發生的交 ...

Financial Performance - Operating revenue for Q3 2022 was CNY 8,679,605,529.93, an increase of 1.06% year-on-year[4] - Net profit attributable to shareholders was CNY 10,434,396.87, a decrease of 93.53% year-on-year[4] - Net profit attributable to shareholders after deducting non-recurring gains and losses was CNY -18,272,552.33, a decrease of 93.99% year-on-year[4] - Basic earnings per share for the quarter was CNY -0.004, a decrease of 150.00% year-on-year[4] - The company's net profit attributable to shareholders decreased by 88.98% year-on-year, primarily due to a decline in mechanical paper prices and an increase in raw material costs[12] - Net profit for the period was approximately ¥301.36 million, a significant decrease of 85.83% compared to ¥2.13 billion in the same period last year[25] - The total comprehensive income for the period was approximately -¥12.18 million, compared to ¥2.18 billion in the previous year[25] Cash Flow - Cash flow from operating activities for the year-to-date was CNY 1,149,199,574.17, down 84.10% year-on-year[4] - Net cash flow from operating activities decreased by 84.10% year-on-year, primarily due to a decline in the selling price of mechanical paper and increased cash payments for raw materials[13] - Cash flow from investing activities decreased by 99.59% year-on-year, mainly due to the previous year's receipt from the disposal of subsidiary debt transfer[13] - Cash flow from financing activities increased by 83.27% year-on-year, due to a decrease in liabilities that needed to be repaid[13] - Operating cash flow for the current period is ¥1,149,199,574.17, a decrease of 84.1% compared to ¥7,226,306,242.47 in the previous period[26] - Cash inflow from operating activities totaled ¥27,694,764,890.01, down 8.5% from ¥30,283,131,063.98 in the previous period[26] - Cash outflow from operating activities increased to ¥26,545,565,315.84, compared to ¥23,056,824,821.51 in the previous period, representing a 15.0% increase[26] - The net increase in cash and cash equivalents for the current period was -¥1,114,132,830.64, compared to -¥714,091,855.97 in the previous period[27] - The ending balance of cash and cash equivalents is ¥2,054,783,016.38, down from ¥3,675,078,107.82 in the previous period[27] Assets and Liabilities - Total assets at the end of the reporting period were CNY 84,213,403,952.72, an increase of 1.66% from the end of the previous year[4] - The total non-current assets as of September 30, 2022, were RMB 49,570,779,868.63, a slight decrease from RMB 49,970,964,238.44 on December 31, 2021[21] - The company's total liabilities as of September 30, 2022, were approximately ¥60.46 billion, slightly up from ¥60.29 billion at the end of 2021[22] - The company's long-term receivables decreased to RMB 1,605,938,260.02 from RMB 1,788,759,975.35, reflecting a decline of about 10.2%[21] - The company's cash and cash equivalents decreased to RMB 13,028,752,857.71 from RMB 14,119,782,939.66, representing a decline of about 7.7%[20] Investments and Projects - The company reported a 425.68% increase in receivables financing compared to the beginning of the year, attributed to an increase in held notes[8] - Other non-current financial assets increased by 50.58% year-to-date, mainly due to new external investments by subsidiary Jiangxi Chenming[9] - Construction in progress increased by 348.97% year-to-date, influenced by equipment relocation and technological upgrades[9] - The company introduced strategic investors for its subsidiary Zhanjiang Chenming, raising a total of RMB 100 million, with each investor contributing RMB 50 million[18] - The Shouguang Meilun life paper project commenced trial operations in September 2022, with a total investment of RMB 460 million, featuring advanced production technology[19] Other Financial Metrics - The weighted average return on net assets was -0.07%, a decrease of 0.3 percentage points year-on-year[4] - Other income increased by 35.90% year-on-year, primarily due to an increase in government subsidies related to daily operations[10] - Investment income decreased by 122.19% year-on-year, mainly due to the termination of bill discounting fees included in investment income[11] - Credit impairment losses decreased by 81.70% year-on-year, attributed to a reduction in bad debt provisions[11] - Research and development expenses for the period were approximately ¥978.39 million, down from ¥1.09 billion in the previous year[24] - The total equity attributable to shareholders of the parent company increased to approximately ¥19.18 billion from ¥19.09 billion year-over-year[23] Stock and Shareholder Information - The company completed the first unlock period of its 2020 A-share restricted stock incentive plan, allowing 29,948,000 shares to be released from restrictions[17] - The company's basic earnings per share was ¥0.060, down from ¥0.612 in the same period last year[25]

Financial Performance - Operating revenue decreased by 2.89% to CNY 16.68 billion from CNY 17.17 billion year-on-year[15]. - Net profit attributable to shareholders dropped by 88.61% to CNY 230.14 million compared to CNY 2.02 billion in the same period last year[15]. - Basic and diluted earnings per share decreased by 89.40% to CNY 0.064 from CNY 0.604 in the previous year[15]. - The net profit after deducting non-recurring gains and losses decreased by 91.17% to CNY 173.41 million from CNY 1.96 billion year-on-year[15]. - The company's total operating revenue for the reporting period was approximately ¥16.68 billion, a decrease of 2.89% compared to ¥17.17 billion in the same period last year, primarily due to a decline in sales prices of machine-made paper[33]. - Operating costs increased by 18.50% to approximately ¥14.05 billion, driven by rising prices of raw materials such as wood chips and coal[33]. - The company reported a significant decrease in investment income, down 124.47% to approximately -¥24.14 million, due to reduced earnings from long-term equity investments[33]. - The company’s financing lease revenue dropped by 58.22%, indicating a shift in business focus or market conditions[36]. - The company reported a significant drop in investment income, with a loss of CNY 237,259,432.75 in the first half of 2022 compared to a profit of CNY 2,679,672,292.80 in the same period of 2021[148]. Cash Flow and Liquidity - Net cash flow from operating activities fell by 78.97% to CNY 998.26 million from CNY 4.75 billion year-on-year[15]. - As of June 30, 2022, the company's current ratio was 68.50%, and the quick ratio was 58.10%, indicating solid liquidity management[23]. - The company has a total cash balance of RMB 14.959 billion, an increase from RMB 14.120 billion at the end of the previous year[23]. - The company’s cash flow from financing activities improved by 93.25%, reflecting a decrease in debt repayments due during the reporting period[33]. - Cash and cash equivalents at the end of the first half of 2022 were CNY 3,142,606,091.96, down from CNY 4,625,780,176.57 at the end of the first half of 2021[150]. - The net cash flow from operating activities was CNY 85,308,571.12, significantly down from CNY 1,878,627,130.36 in the same period last year, representing a decline of 95.5%[151]. Assets and Liabilities - Total assets increased by 2.83% to CNY 85.19 billion compared to the previous period[13]. - Total liabilities reached CNY 62.09 billion, up from CNY 60.29 billion at the end of 2021, reflecting a growth of approximately 3%[142]. - Short-term borrowings increased to CNY 36.36 billion, representing 42.68% of total liabilities, up from 40.47% in the previous year[41]. - The company's total assets amounted to CNY 85.19 billion, an increase from CNY 82.84 billion at the end of 2021, representing a growth of approximately 2%[142]. - Total current assets increased to CNY 35.27 billion as of June 30, 2022, up from CNY 32.87 billion at the end of 2021, representing a growth of approximately 7.5%[141]. Environmental Initiatives - The company invested over ¥8 billion in environmental protection initiatives, including advanced pollution control systems, achieving a water reuse rate of over 75%[32]. - The company is actively responding to the "dual carbon" policy by optimizing its energy structure and increasing the use of renewable energy sources[32]. - The company has constructed 9 wastewater treatment plants with a total daily processing capacity of 350,000 cubic meters, ensuring compliance with environmental standards[67]. - The company has implemented an online monitoring system for waste gas emissions, with real-time monitoring in place to ensure compliance with national and local emission standards[67]. - The company has initiated solar power projects with a total capacity of 63 megawatts in Shouguang and Zhanjiang to promote clean energy and reduce carbon emissions[73]. Corporate Governance - The company confirmed compliance with the corporate governance code as per the Hong Kong Stock Exchange regulations[62]. - The company has established a robust internal control system for cash and fund management, ensuring good liquidity and solvency[23]. - The company has established internal controls to maintain high corporate governance standards[62]. - The company has not received any reports of non-compliance with the securities trading standards by its directors during the reporting period[63]. - The company has established a comprehensive governance structure, including a board of directors and various management centers[162]. Market and Competitive Position - The company is actively exploring overseas markets to stabilize its profitability in response to domestic market challenges[19]. - The company is the first in China to achieve a balance between pulp and paper production capacity, enhancing its competitive edge in the market[19]. - The company’s market share is expected to increase through enhanced customer service and product innovation[56]. - The company continues to focus on green development and the integration of pulp and paper production, maintaining its position as a leading enterprise in the industry[19]. Employee and Social Responsibility - The company’s employee count as of June 30, 2022, was 11,736, with total employee compensation amounting to RMB 620.36 million for the first half of 2022[23]. - The company has enhanced employee welfare through various activities, including sports events and improved dining conditions, to promote employee satisfaction and rights[75]. - The company actively participated in social welfare initiatives, including donations for education and support for disabled individuals, while also providing pandemic relief materials during COVID-19 outbreaks[78]. Financial Management and Investments - The company has a total of 996,000,000.00 CNY in other equity instruments, contributing to its financial resources[160]. - The company has issued multiple announcements regarding equipment financing and shareholder pledges throughout the reporting period[105]. - The company has made adjustments to its credit rating, which may impact its financing costs and investor perception[107]. - The company has been involved in bond repurchase activities, indicating proactive financial management[107]. - The company provided guarantees totaling RMB 728,993.12 million for its subsidiaries during the reporting period[91].

Financial Performance - Revenue for Q1 2022 was CNY 8,514,983,059.74, a decrease of 16.57% compared to CNY 10,205,724,007.89 in the same period last year[4] - Net profit attributable to shareholders was CNY 113,917,827.90, down 90.34% from CNY 1,179,076,577.84 year-on-year[4] - Basic and diluted earnings per share were both CNY 0.032, a decrease of 91.23% from CNY 0.365 in the same period last year[4] - Total operating revenue for the period was CNY 8,514,983,059.74, a decrease of approximately 16.6% compared to CNY 10,205,724,007.89 in the previous period[20] - Operating profit for the period was CNY 157,418,765.55, significantly lower than CNY 1,453,731,530.92 in the previous period, indicating a decline of approximately 89.2%[20] - Total profit for the current period is approximately $154.99 million, a significant decrease from $1.46 billion in the previous period, representing a decline of about 89.4%[21] - Net profit for the current period is approximately $131.68 million, down from $1.25 billion in the previous period, indicating a decrease of approximately 89.4%[21] - The company reported a total comprehensive income of approximately $141.30 million, down from $1.21 billion in the previous period, indicating a decline of about 88.3%[21] Cash Flow - Net cash flow from operating activities was CNY 222,704,964.47, a decline of 93.42% compared to CNY 3,386,890,222.27 in the previous year[4] - Operating cash flow decreased by 93.42% year-on-year to ¥222,704,964.47, primarily due to a reduction in operating cash received[10] - Cash flow from operating activities for the current period is approximately $222.70 million, a decrease of about 93.4% from $3.39 billion in the previous period[22] - Cash flow from investing activities shows a net outflow of approximately $25.78 million, compared to a net outflow of $187.48 million in the previous period, indicating an improvement[22] - Cash flow from financing activities resulted in a net outflow of approximately $739.68 million, an improvement from a net outflow of $3.29 billion in the previous period[23] Assets and Liabilities - Total assets at the end of the reporting period were CNY 82,883,968,181.20, a slight increase of 0.05% from CNY 82,841,454,602.24 at the end of the previous year[4] - Total current assets increased to CNY 33,321,044,508.21 from CNY 32,870,490,363.80, reflecting a growth of approximately 1.4%[16] - Total liabilities decreased slightly to CNY 60,153,323,522.59 from CNY 60,294,625,467.34, a reduction of about 0.2%[18] - The company's total assets increased marginally to CNY 82,883,968,181.20 from CNY 82,841,454,602.24, indicating a growth of approximately 0.05%[19] - Cash and cash equivalents decreased to CNY 13,549,481,148.99 from CNY 14,119,782,939.66, a decline of about 4%[16] Shareholder Information - Total number of ordinary shareholders at the end of the reporting period was 169,369, with the top ten shareholders holding a combined 42.62%[11] - The largest shareholder, Chenming Holdings Co., Ltd., holds 15.32% of shares, totaling 457,322,919[11] - The top ten shareholders include both domestic and foreign entities, with significant stakes held by HKSCC Nominees Limited and Vanguard funds[12] - The company has a total of 0 preferred shareholders at the end of the reporting period, indicating no active preferred shares[13] Government Support and Certifications - The company and its subsidiaries have been re-certified as high-tech enterprises, allowing them to enjoy a reduced corporate income tax rate of 15% for three years[13] - The company received a government subsidy of ¥39,255,000 for technological transformation, which has been fully received[15] Investment and Income - Investment income decreased by 148.80% to CNY -30,691,914.23 from CNY 62,891,682.38 year-on-year, primarily due to losses from the termination of notes[9] - The company reported a net loss from investment activities of CNY 30,691,914.23, compared to a profit of CNY 62,891,682.38 in the previous period[20] - Other income increased by 58.29% to CNY 92,491,113.20 compared to CNY 58,431,534.65 in the same period last year, mainly due to government subsidies[8] Operational Challenges - The company experienced a significant decline in sales volume and prices of machine-made paper, contributing to the drop in net profit[9] - Total operating costs amounted to CNY 8,383,571,164.61, down from CNY 8,699,358,923.27, reflecting a reduction of about 3.6%[20] Bond Information - The company adjusted the interest rate of its bond "18 Chen Bond 01" to 6.50% for the fourth year, with a total of 1,955,000 bonds repurchased for ¥195,500,000[14] Miscellaneous - The company has not audited the first quarter report[24]

Financial Performance - The company's operating revenue for 2021 was ¥33,019,812,294.14, representing a 7.43% increase from ¥30,736,517,996.90 in 2020[14]. - Net profit attributable to shareholders for 2021 was ¥2,065,513,108.71, a 20.65% increase compared to ¥1,712,029,078.52 in 2020[14]. - The net profit after deducting non-recurring gains and losses was ¥1,743,876,537.12, which is a 55.83% increase from ¥1,119,103,808.75 in 2020[14]. - The net cash flow from operating activities decreased by 23.78% to ¥8,581,888,192.64 from ¥11,259,802,676.28 in 2020[14]. - Basic and diluted earnings per share for 2021 were both ¥0.56, reflecting a 55.56% increase from ¥0.36 in 2020[14]. - Total assets at the end of 2021 were ¥82,841,454,602.24, a decrease of 9.54% from ¥91,575,457,828.62 at the end of 2020[14]. - Net assets attributable to shareholders decreased by 21.37% to ¥19,089,778,227.64 from ¥24,276,968,789.00 at the end of 2020[14]. - The company achieved a revenue of RMB 33.02 billion, representing a year-on-year growth of 7.43%[24]. - The total profit and net profit attributable to the parent company were RMB 2.306 billion and RMB 2.066 billion, respectively, with year-on-year increases of 6.16% and 20.65%[24]. Operational Highlights - The company produced 5.5 million tons of paper and sold 5.45 million tons during the fiscal year[24]. - By the end of 2021, the company had established a paper production capacity of approximately 6.8 million tons and a self-produced pulp capacity of about 4.3 million tons, maintaining a leading integration rate in the industry[25]. - The company operates six production bases with an annual pulping and paper production capacity exceeding 11 million tons, making it the first domestic paper company to achieve a balance between pulping and paper production capacity[29]. - The paper manufacturing segment accounted for 88.04% of total revenue, with revenue of approximately CNY 29.07 billion, up 8.48% from CNY 26.80 billion in 2020[48]. - The gross profit margin for the paper manufacturing segment was 23.50%, an increase of 2.71% compared to the previous year[50]. Strategic Initiatives - The company actively participated in green development initiatives, including new photovoltaic power generation projects and carbon sink development, to enhance its low-carbon production capabilities[26]. - The company is focusing on optimizing its raw material structure and enhancing supply chain stability through its "pulp-paper integration" strategy[25]. - The implementation of environmental policies such as "dual carbon" goals is expected to accelerate resource optimization and improve the industry's overall landscape[26]. - The company aims to enhance its market position by focusing on green, low-carbon, and sustainable development, while also emphasizing technological innovation and resource efficiency[92]. - The company plans to continue strengthening its core competitiveness through technological innovation and product quality improvement[64]. Research and Development - The company invested approximately ¥1.45 billion in R&D in 2021, an increase of 14.08% compared to ¥1.27 billion in 2020, representing 4.40% of operating revenue[67]. - Research and development expenses increased by 14.08% to CNY 1,453,766,371.46 in 2021, reflecting the company's commitment to enhancing R&D efforts[63]. - The company obtained 59 patent authorizations in 2021, with key projects including high-end copper plate paper technology and high-performance wood chemical pulp technology[64]. - The company is in the pilot stage for several R&D projects aimed at enhancing product functionality and reducing production costs, with expected domestic leadership in these technologies[65]. Governance and Management - The company has established a governance structure that complies with the requirements of the China Securities Regulatory Commission, ensuring effective internal controls and information disclosure[143]. - The board of directors consists of 9 members, including 3 independent directors, and held 11 meetings during the reporting period, ensuring high decision-making quality[146]. - The company has maintained independence from its controlling shareholder in terms of business, assets, finance, and personnel, with no instances of fund or asset occupation[145]. - The company has a dedicated financial department with an independent accounting system, allowing for autonomous financial decision-making and compliance with tax obligations[151]. - The company has implemented strict confidentiality measures regarding insider information, with no incidents of insider trading reported[149]. Market and Competitive Landscape - The company faced challenges such as rising raw material prices and supply chain disruptions but still managed to achieve steady growth in a complex environment[23]. - The paper industry in China is undergoing a transformation from extensive growth to intensive development, with significant demand growth expected in the future due to national economic recovery and policies promoting environmental sustainability[91]. - The company is leveraging government policies and financial support to enhance its operational capabilities and ensure sustainable growth[99]. Future Outlook - The company expects a revenue growth guidance of 12% to 15% for the next fiscal year, projecting revenues between 1.68 billion RMB and 1.73 billion RMB[166]. - New product launches are anticipated to contribute an additional 200 million RMB in revenue in the upcoming year[167]. - The company is considering strategic acquisitions to enhance its product portfolio, with a budget of 300 million RMB allocated for potential deals[164]. - The company plans to optimize its financing structure through a combination of short-term and long-term bond issuance, introducing third-party strategic investors, and refinancing[99]. Financial Management - Financial management will be strengthened, with a focus on optimizing financial indicators, reducing debt levels, and ensuring capital safety through effective cash flow management[95]. - The company's capital debt ratio as of December 31, 2021, was 61.57%, an increase of 0.70% from 60.87% in 2020[138]. - The company plans not to distribute cash dividends for the fiscal year 2021, aiming to reduce debt and optimize capital structure[107]. Employee and Stakeholder Engagement - The company has a total of 12,296 employees, with 8,276 in production, 564 in sales, 573 in technology, 183 in finance, 1,419 in administration, and 1,281 in other roles[182]. - The company has implemented a training program focusing on skill enhancement and management development, with a structured approach to employee career paths[187]. - The company has actively engaged with stakeholders, including creditors and suppliers, to promote sustainable and healthy development[150].

1812 2020 年度報告 僅供識別 2020 年度報告 第一節 重要提示、目錄和釋義 公司董事會、監事會及董事、監事、高級管理人員保證年度報告內容的真實、準確、完整，不存在虛假記載、誤導性陳述 或重大遺漏，並承擔個別和連帶的法律責任。 公司負責人陳洪國、主管會計工作負責人董連明及會計機構負責人（會計主管人員）張波聲明：保證本年度報告中財務報告 的真實、準確、完整。 所有董事均已出席了審議本報告的董事會會議。 公司面臨宏觀經濟波動、國家政策法規、行業競爭等風險因素影響，敬請廣大投資者注意投資風險。詳細內容敬請查閱經 營情況討論與分析中關於公司未來發展的展望中可能面對的風險因素和對策部分的內容。 公司經本次董事會審議通過的利潤分配預案為： 2020年度，公司按中國企業會計準則核算並經審計的合併歸屬於母公司所有者的淨利潤為人民幣1,712,029,078.52元， 扣除2020年度永續債利息人民幣171,776,438.36元、優先股固定股息人民幣214,425,000.00元，2020年度實現的剩餘可 供分配的利潤為人民幣1,325,827,640.16元。 根據《公司章程》、《非公開發行優先股募集說明書》規 ...