n un China Sunshine Paper Holdings Company Limited 中國陽光紙業控股有限公司* (於開曼群島註冊成立的有限公司) 股份代號: 2002 年報 2020 "佳供能別 目錄 主要產品 02 04 公司資料 主席報告 08 管理層討論及分析 12 20 企業管治報告 環境、社會及管治報告書 28 39 審核委員會報告 董事及高級管理層 41 董事會報告 46 61 獨立核數師報告 綜合損益及其他全面收益表 67 68 綜合財務狀況表 綜合權益變動表 70 綜合現金流量表 71 綜合財務報表附註 財務概要 73 152 主要產品 白面牛卡紙用作提供瓦楞芯紙的外部面層。此 乃板紙與呈波浪紋的瓦楞芯紙的結合，構成紙 板的堅韌結構及環壓強度。白面牛卡紙一般用 作需精美印刷及環壓強度的箱子的包裝材料。 2020年報 中國陽光紙業控股有限公司 02 塗布白面牛卡紙為一種將塗料塗佈到已漂白 上層組成的多層紙張構成的白面牛卡紙。該塗 料使白面牛卡紙色澤更鮮明及更有光澤，令印 刷更優質，同時具備一流的輸墨質素。輕塗白 面牛卡紙的塗布層遠較傳統塗布白板紙的塗 布層為薄，故被認為更環保。 ...

Financial Performance - In the fiscal year 2018, the company achieved a sales volume of approximately 1.26 million tons of packaging products, an increase from 1.22 million tons in 2017[19]. - The total revenue for the fiscal year 2018 rose to approximately RMB 6,585.7 million, representing an increase of RMB 803.8 million or 13.9% from RMB 5,781.9 million in 2017[29]. - The sales of paper products recorded a growth of 14.2% compared to the previous year, contributing significantly to the total revenue[29]. - Total revenue for the fiscal year 2018 was approximately RMB 6,585.7 million, an increase from RMB 5,781.9 million in 2017, representing a growth of about 13.9%[32]. - Sales cost for fiscal year 2018 was approximately RMB 5,493.9 million, up from RMB 4,534.6 million in 2017, aligning with the overall revenue growth[34]. - Gross profit decreased from approximately RMB 1,247.2 million in 2017 to about RMB 1,091.8 million in 2018, with a gross margin of 16.6%, down from 21.6% in the previous year, a decline of 5.0 percentage points[35]. - Other income for fiscal year 2018 was approximately RMB 246.4 million, compared to RMB 167.1 million in 2017, with government grants contributing RMB 204.5 million[36]. - The net profit attributable to the owners for fiscal year 2018 was approximately RMB 333.0 million, a decrease of about RMB 63.0 million from RMB 396.0 million in 2017[40]. - Operating cash flow for fiscal year 2018 was approximately RMB 1,030.5 million, significantly up from RMB 236.1 million in 2017[45]. - Capital expenditure for fiscal year 2018 was approximately RMB 494.1 million, primarily for the acquisition of new corrugated paper production line equipment and land[47]. Corporate Governance - The board of directors consists of nine members, including five executive directors, one non-executive director, and three independent non-executive directors[60]. - The company held four board meetings and one annual general meeting during the fiscal year 2018[66]. - The company has committed to high standards of corporate governance and has adhered to all provisions of the corporate governance code during the fiscal year 2018[56]. - The audit committee consists of three independent non-executive directors, ensuring oversight of financial reporting and compliance with international financial reporting standards[119]. - In the fiscal year 2018, the audit committee held two meetings with full attendance from all members[121]. - The company has confirmed the independence of all non-executive directors as of December 31, 2018[168]. - The company has established service contracts for its directors, with terms generally lasting three years, subject to termination conditions[169]. - The company has not engaged in any significant transactions or contracts involving directors or related entities during the fiscal year[174]. Environmental Commitment - The company will continue to strengthen its green and environmentally friendly paper-making philosophy, focusing on energy conservation and emission reduction[25]. - The company has achieved an 80% wastewater reuse rate, utilizing advanced wastewater treatment technology[92]. - The group has constructed four fully enclosed ash storage facilities and two fully enclosed slag storage facilities to improve working conditions and protect the surrounding environment[99]. - The company adheres to high environmental protection standards, with all environmental indicators exceeding national standards[89]. - The group actively implements green paper-making practices, focusing on the use of recycled paper as the main raw material[89]. - The group has achieved comprehensive utilization of solid waste generated during the paper production process, with all sludge transported to a subsidiary for co-firing with coal, providing steam and electricity for production[101]. - The group continues to implement paper-saving measures, such as promoting paperless offices and double-sided printing, effectively saving energy through the recycling of office paper[102]. - The group has established an energy management system and optimized energy systems for high-energy-consuming equipment, aiming to reduce water and electricity consumption[103]. - The main raw material for the group's products is waste paper, significantly reducing deforestation and environmental pollution, thus lowering environmental pressure[104]. - The group has invested in low-noise and low-energy equipment during project construction, ensuring compliance with noise emission standards and reducing impact on surrounding residents[106]. Employee and Community Engagement - The group strictly adheres to the Labor Law of the People's Republic of China in recruitment and employment, ensuring fair compensation and benefits for employees[107]. - The group provides equal opportunities in recruitment, training, and promotion, with no discrimination based on gender, race, or other prohibited factors[108]. - The group has implemented a comprehensive health and safety program, providing annual health checks and safety training for employees[111]. - The group has established a mutual aid fund and union organization to represent the interests of grassroots employees[109]. - The company emphasizes customer-centric principles, ensuring high-quality products through strict quality management and testing processes[116]. - The company actively engages with local communities, providing internship opportunities and contributing to local economic development[117]. Shareholder Information - The company reported a proposed final dividend of 4.0 HKD cents per share for the fiscal year 2018, down from 7.0 HKD cents in 2017[147]. - The company has adopted a dividend policy that considers various factors such as financial performance, cash flow, and future operational plans when declaring dividends[148]. - The company will not declare dividends if it believes it cannot meet its debt obligations after payment[148]. - The company’s shareholding structure includes significant control by China Sunrise, holding 321,687,052 shares, representing approximately 39.26% of total shares[178]. - The maximum number of shares that can be issued under the 2018 Share Option Scheme is capped at 81,936,200 shares, representing approximately 10% of the total issued shares as of the adoption date[184]. - The company must seek shareholder approval if the total number of shares issued due to the exercise of options exceeds 30% of the total issued shares at any time[184]. - The 2018 Share Option Scheme aims to incentivize qualified individuals to contribute to the group's performance and success[181]. - The 2018 Share Option Scheme allows the board to grant options to eligible persons for a period of 10 years from the adoption date, with no minimum holding period required before exercising the options[186]. - The board has the discretion to impose conditions on the share options granted, including performance and financial targets[188]. Risk Management - The board confirmed its overall responsibility for the effectiveness of the group's risk management and internal control systems, with no significant issues found during the 2018 fiscal year review[82]. - The group has established a risk management manual to clarify the responsibilities of management, the board, and the audit committee in risk management[87]. - The company faces business risks due to economic downturn pressures in China and price competition within the industry, which may affect sales and gross margin performance[153].