Core Viewpoint - Chenming Paper Industry (01812.HK) reported a significant decline in revenue and an increase in net loss for the third quarter of 2025, indicating ongoing financial challenges for the company [1] Financial Performance - Revenue for Q3 2025 was approximately RMB 1.241 billion, a year-on-year decrease of 79.1% [1] - Net loss for Q3 2025 was around RMB 2.15 billion, an increase of 191.02% year-on-year [1] - For the first three quarters of 2025, revenue totaled approximately RMB 3.348 billion, reflecting a year-on-year decrease of 83.11% [1] - Net loss for the first three quarters of 2025 reached about RMB 6.007 billion, marking a substantial increase of 746.05% year-on-year [1] - Basic earnings per share for Q3 2025 was -RMB 0.74 [1]

Core Insights - Morning Paper Industry (01812.HK) reported a significant decline in revenue and a substantial increase in net loss for Q3 2025 compared to the previous year [1] Financial Performance - Revenue for Q3 2025 was approximately RMB 1.241 billion, representing a year-on-year decrease of 79.1% [1] - The net loss for Q3 2025 was around RMB 2.15 billion, which is an increase of 191.02% year-on-year [1] - For the first three quarters of 2025, revenue totaled approximately RMB 3.348 billion, down 83.11% year-on-year [1] - The net loss for the first three quarters reached about RMB 6.007 billion, marking a staggering increase of 746.05% year-on-year [1]

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） 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。 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。 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"）第十一届董事会第二 次会议通知于 2025 年 10 月 28 日以书面方式送达各位董事，会议于 2025 年 10 月 30 日以通讯方式召开。鉴于公司于 2025 年 10 月 28 日完成董事会换届选举，经第 十一届董事会全体董事一致同意，本次会议豁免了会议通知时间要求。本次会议 应出席董事 11 人，实际出席董事 11 人，会议的召集、召开程序符合国家有关法律 法规及《公司章程》的规定。 ...

Financial Performance - Revenue for the third quarter was CNY 1,241,229,778.93, a decrease of 79.10% compared to the same period last year[7] - Net profit attributable to shareholders was CNY -2,149,863,362.61, representing a decline of 191.02% year-on-year[7] - The basic earnings per share for the quarter was CNY -0.74, a decrease of 193.65% compared to the same period last year[7] - Operating revenue for the first nine months of 2025 decreased by 83.11% to ¥3,347,860,731.23 compared to ¥19,824,745,808.47 in the same period of 2024[15] - The company reported an operating loss of CNY -6,522,843,446.78, worsening from a loss of CNY -1,076,336,558.63 in the previous period[30] - The net profit for the current period is -6,436,508,734.22, compared to -809,406,479.38 in the previous period, indicating a significant loss increase[31] - The total comprehensive income for the current period is -6,426,004,555.73, compared to -761,769,017.59 in the previous period[31] - The company incurred a loss attributable to shareholders of the parent company of -6,007,816,553.17, compared to -710,098,519.92 in the previous period[31] Cash Flow - The net cash flow from operating activities for the year-to-date was CNY 702,589,282.04, down 70.53% compared to the previous year[7] - Net cash flow from operating activities fell by 70.53% to ¥702,589,282.04, driven by reduced sales revenue from lower production output[17] - Net cash flow from investing activities decreased by 173.53% to -¥463,982,036.31, as the company repurchased minority stakes in subsidiaries[17] - Net cash flow from financing activities improved by 92.00% to -¥279,188,820.55, due to interest rate reductions and loan extensions from financial institutions[17] - Cash flow from operating activities generated a net cash flow of 702,589,282.04, down from 2,384,383,407.80 in the previous period[33] - Cash inflow from financing activities totaled 19,128,182,701.11, while cash outflow was 19,407,371,521.66, resulting in a net cash flow of -279,188,820.55[34] - The cash inflow from investment activities was 48,154,127.20, significantly lower than 694,048,969.12 in the previous period[33] Assets and Liabilities - Total assets as of September 30, 2025, were CNY 52,854,974,409.43, a decrease of 16.78% from the end of the previous year[7] - Current assets decreased to CNY 8,527,951,775.67 from CNY 15,890,976,841.18 at the beginning of the period[25] - The company’s total liabilities decreased to CNY 47,510,525,367.19 from CNY 50,673,524,516.93 at the beginning of the period[27] - Cash and cash equivalents decreased significantly to CNY 731,639,703.39 from CNY 5,909,879,812.18 at the beginning of the period[25] - The total assets decreased to CNY 52,854,974,409.43 from CNY 63,509,295,142.08 at the beginning of the period[28] Shareholder Information - The total number of common shareholders at the end of the reporting period was 109,647, with the largest shareholder, Chenming Holdings Limited, holding 15.50%[21] - The company reported basic and diluted earnings per share of -2.05, compared to -0.242 in the previous period[31] Operational Changes - The company aims to enhance operational efficiency and optimize product structure to ensure stable operations moving forward[23] - The company has resumed full production at its Shouguang and Jilin production bases, with ongoing efforts to improve cost efficiency[23] - The company plans to focus resources on developing advantageous product categories and improving budget management[23] Impairment Losses - Credit impairment losses increased by 536.11% to -¥1,341,707,401.59, reflecting higher provisions for bad debts[18] - Asset impairment losses surged by 14,385.35% to -¥440,561,409.32, primarily due to increased provisions for equipment impairment[18] Operating Costs and Expenses - Operating costs decreased by 69.95% to ¥5,432,612,403.50, primarily due to production base shutdowns affecting sales volume[15] - Research and development expenses dropped by 93.90% to ¥55,005,532.38, attributed to reduced R&D investment during production base maintenance[15] - Investment income plummeted by 467.97% to -¥715,405,073.98, mainly due to decreased returns from equity investments[15] - Total operating costs for the current period amount to CNY 7,289,484,559.58, compared to CNY 21,139,848,178.56 in the previous period[30]

注：合计金额与各分项数值之和尾数差异，系四舍五入所致。 二、本次计提资产减值准备的确认标准及计提方法 1、应收款项 公司考虑有关过去事项、当前状况以及未来经济状况的预测等合理且有依据 的信息，以发生违约的风险为权重，计算合同应收的现金流量与预期能收到的现 金流量之间差额的现值的概率加权金额，确认预期信用损失。以预期信用损失为 基础，对应收账款、其他应收款、其他流动资产、长期应收款和债务重组进行减 值会计处理并确认损失准备。 公司对于处于不同阶段的金融工具的预期信用损失分别进行计量。金融工具 自初始确认后信用风险未显著增加的，处于第一阶段，按照未来12个月内的预期 信用损失计量损失准备；金融工具自初始确认后信用风险已显著增加但尚未发生 信用减值的，处于第二阶段，按照该工具整个存续期的预期信用损失计量损失准 备；金融工具自初始确认后已经发生信用减值的，处于第三阶段，按照该工具整 证券代码：000488 200488 证券简称：ST 晨鸣 ST 晨鸣 B 公告编号：2025-073 山东晨鸣纸业集团股份有限公司 关于计提资产减值准备的公告 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 ...

山东晨鸣纸业集团股份有限公司 2025 年第三季度报告 证券代码：000488 200488 证券简称：ST 晨鸣 ST 晨鸣 B 公告编号：2025-072 2025 年第三季度报告 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。 重要内容提示： 1、董事会及董事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担 个别和连带的法律责任。 2、公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 山东晨鸣纸业集团股份有限公司 □是 ☑否 1 山东晨鸣纸业集团股份有限公司 2025 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 3、第三季度报告是否经过审计 公司是否需追溯调整或重述以前年度会计数据 □是 ☑否 | | 本报告期 | 本报告期比上年同 | 年初至报告期末 | 年初至报告期末 | | --- | --- | --- | --- | --- | | | | 期增减 | | 比上年同期增减 | | 营业收入（元） | 1,241,229, ...

Core Viewpoint - The board of directors of Chenming Paper Holdings (01812) has elected Mr. Jiang Yanshan as the chairman of the 11th board, effective immediately until the term ends on October 28, 2025 [1] Management Changes - The company is currently in a transitional phase of resuming operations and risk mitigation, and has decided not to appoint a new general manager following the expiration of Mr. Li Wei's term [1] - Mr. Jiang Yanshan will act as the general manager during this vacancy until a new general manager is appointed [1] Vice President and Other Appointments - The board has appointed several individuals as vice presidents: Mr. Li Wei, Mr. Liu Peiji, Mr. Meng Feng, Ms. Zhu Yanli, Mr. Dong Lianming, Mr. Guo Qinyan, Mr. Ge Guangming, and Mr. Yuan Xikun [1] - Ms. Zhu Yanli has been appointed as the Chief Financial Officer [1] - Mr. Yuan Xikun has been appointed as the board secretary, and Mr. Zhu Hanliang as the secretary for Hong Kong [1] - Ms. Chen Lin has been appointed as the representative for securities affairs [1]

Core Points - The board of directors of Chenming Paper Holdings (01812) has elected Mr. Jiang Yanshan as the chairman of the 11th board of directors, effective immediately until the term ends on October 28, 2025 [1] - The company is currently in a transitional phase of resuming operations and risk mitigation, and has decided not to appoint a new general manager at this time [1] - Mr. Jiang Yanshan will act as the general manager during the vacancy until a new general manager is appointed [1] - The board has appointed several vice general managers and key positions, including Mr. Li Weixian, Mr. Liu Peiji, Mr. Meng Feng, Ms. Zhu Yanli, Mr. Dong Lianming, Mr. Guo Qinyan, Mr. Ge Guangming, and Mr. Yuan Xikun as vice general managers [1] - Ms. Zhu Yanli has been appointed as the Chief Financial Officer, Mr. Yuan Xikun as the board secretary, Mr. Zhu Hanliang as the secretary (Hong Kong), and Ms. Chen Lin as the representative for securities affairs [1]

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） 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 五年十月二十八日的「山東晨鳴紙業集團股份有限公司第十一屆董事會第一次會 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 姜言山 主席 中國，山東 二零二五年十月二十八日 於本公告日期，執行董事為姜言山先生、李偉先先生、劉培吉先生、孟峰先生 和朱艷麗女士；非執行董事為宋玉臣先生及王穎女士；及獨立非執行董事為 張志元先生、羅新華先生、萬剛先生及孔鵬志先生。 * 僅供識別 证券代码：000488 200488 证券简称：ST 晨鸣 ST 晨鸣 B 公告编号 ...

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） 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。 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。 二〇二五年十月 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 五年十月二十八日的「山東晨鳴紙業集團股份有限公司股東會議事規則」、「山東 晨鳴紙業集團股份有限公司董事會議事規則」、「山東晨鳴紙業集團股份有限公司 獨立董事管理辦法」、「山東晨鳴紙業集團股份有限公司重大交易決策制度」、「山 東晨鳴紙業集團股份有限公司關聯交易管理制度」、「山東晨鳴紙業集團股份有限 公司對外擔保決策制度」、「山東晨鳴紙業集團股份有限公司對外投資決策制度」、 「山東晨鳴紙業集團股份有限公司防範控股股東及關聯方佔用公司資金專項制 度」、「山東晨 ...