中信证券股份有限公司 关于 岳阳林纸股份有限公司 2023 年度向特定对象发行 A 股股票 之 上市保荐书 保荐人（主承销商） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 二〇二三年八月 声 明 保荐人及其保荐代表人根据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司证券发行注册管理办法》《证券发行上市保荐业务管理办法》等有关法律、 法规的规定，诚实守信，勤勉尽责，严格按照依法制订的业务规则、行业执业规范和自 律规范出具本上市保荐书，并保证所出具文件的真实性、准确性和完整性。 本上市保荐书中如无特别说明，相关用语与《岳阳林纸股份有限公司 2023 年度向 特定对象发行 A 股股票募集说明书》中的含义相同。 3-2-1 一、发行人基本情况 （一）发行人基本情况 | 公司中文名称 | 岳阳林纸股份有限公司 | | --- | --- | | 注册地址/实际经营地 | 中国（湖南）自由贸易试验区岳阳片区长江大道西新港多式联运物 号 | | | 流园 001 | | 股本 | 1,804,213,109 元（截至 2023 年 3 月 31 日） | | 法定代表人 | 李战 | | 成立 ...

| | | | 一、审计报告 ………………………………………………………………………………… 第 1―6 页 | | --- | | 二、财务报表 …………………………………………………………………………………………………… 第 7一14 页 | | (一) 合并资产负债表 …………………………………………………………………………… 第 7 页 | | (二)母公司资产负债表 | | (三) 合并利润表 | | (四)母公司利润表 ………………………………………………………………………………………………………第 10 页 | | (五) 合并现金流量表 | | (六) 母公司现金流量表……………………………………………………第 12 页 | | (七) 合并所有者权益变动表 ································································································· 第 13 页 | | (八)母公司所有者权益变动表 …………………………………………………………………………… 第 14 页 | | 三、财务报 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 证券代码：600963 证券简称：岳阳林纸 公告编号：2023-046 岳阳林纸股份有限公司 第八届董事会第十七次会议决议公告 一、董事会会议召开情况 （一）岳阳林纸股份有限公司（以下简称"公司"）第八届董事会第十七次 会议的召开符合《公司法》等有关法律、行政法规、部门规章、规范性文件和《岳 阳林纸股份有限公司章程》的规定。 （二）董事会会议通知和材料发出的时间、方式 二、 董事会会议审议情况 （一）会议以 7 票同意、0 票反对、0 票弃权审议通过了《关于建设岳阳基 地热电系统节能减排项目的议案》。 同意投资 1.15 亿元建设岳阳基地热电系统节能减排项目。建设内容包括： 对 4#炉性能恢复及配套环保脱硫、脱硝、除尘系统进行改造，将 1#机汽轮机改 造为同发电容量背压机，对 100m 烟囱进行防腐改造。 （二）会议以 7 票同意、0 票反对、0 票弃权审议通过了《关于建设岳阳分 公司碱回收项目的议案》。 同意投资 8,633 万元建设岳阳分公司化学浆及碱炉节能减排项目——碱回 ...

（网址：http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频直播和网络互动 投资者可于 2023 年 5 月 16 日(星期二)至 5 月 22 日(星期一)16:00 前登录上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 zqb-yylz@chinapaper.com.cn 进行提问。公司将在说明会上对投资者普遍关注 的问题进行回答。 岳阳林纸股份有限公司（以下简称"公司"）已于 2023 年 3 月 11 日发布公 司 2022 年年度报告，为便于广大投资者更全面深入地了解公司 2022 年度经营成 果、财务状况，公司计划于 2023 年 5 月 23 日（星期二）下午 15:00-16:30 举行 2022 年度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 证券代码：600963 证券简称：岳阳林纸 公告编号：2023-023 岳阳林纸股份有限公司 关于召开 2022 年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、 ...

Financial Performance - The company's operating revenue for Q1 2023 was CNY 2,522,471,506.14, representing a year-on-year increase of 51.11%[5] - The net profit attributable to shareholders decreased by 29.57% to CNY 87,491,757.29 compared to the same period last year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses fell by 44.37% to CNY 62,834,478.56[5] - The net cash flow from operating activities decreased by 35.04% to CNY 14,309,633.40[5] - Total operating revenue for Q1 2023 reached ¥2,522,471,506.14, a significant increase of 50.9% compared to ¥1,669,314,407.51 in Q1 2022[18] - Net profit for Q1 2023 was ¥88,030,582.19, a decrease of 29.7% from ¥125,135,849.51 in Q1 2022[19] - Earnings per share for Q1 2023 were ¥0.05, down from ¥0.07 in Q1 2022[19] Assets and Liabilities - The total assets at the end of the reporting period were CNY 17,028,582,402.37, an increase of 2.45% from the end of the previous year[6] - Current assets totaled RMB 10,773,893,706.80, compared to RMB 10,457,502,517.44 at the end of 2022, indicating an increase of about 3.02%[14] - The company reported a total asset of RMB 17,028,582,402.37 as of March 31, 2023, an increase from RMB 16,620,717,977.39 at the end of 2022, reflecting a growth of approximately 2.46%[13] - The total liabilities of the company increased, with current liabilities including accounts payable at RMB 1,627,601,186.23, slightly up from RMB 1,609,347,648.41[14] - The total liabilities as of Q1 2023 were ¥7,693,318,888.27, compared to ¥7,379,761,650.43 in the previous year, reflecting an increase of 4.2%[18] Cash Flow - The net cash flow from operating activities for Q1 2023 was 14,309,633.40, a decrease from 22,027,375.92 in Q1 2022[21] - Total cash inflow from operating activities amounted to 2,466,176,654.94, compared to 1,797,632,742.89 in the previous year, reflecting a year-over-year increase of approximately 37.2%[21] - Cash outflow from operating activities was 2,451,867,021.54, up from 1,775,605,366.97, indicating a rise of about 38%[21] - The net cash flow from investing activities was -154,553,385.84, worsening from -79,568,888.33 in the same quarter last year[21] - Cash inflow from financing activities totaled 1,132,730,761.87, slightly down from 1,155,424,913.55 in Q1 2022[22] - The net cash flow from financing activities was -166,423,820.35, compared to -45,897,925.68 in the previous year, indicating a significant decline[22] - The ending balance of cash and cash equivalents was 316,622,450.28, down from 647,305,064.81 at the end of Q1 2022[22] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 62,207[9] - The largest shareholder, Tiger Lin Paper Group Co., Ltd., held 16.54% of the shares, totaling 298,424,101 shares[9] Operational Efficiency and Investments - The company is investing in a comprehensive technical upgrade project with an annual production capacity of 450,000 tons of cultural paper, aimed at creating a green and intelligent manufacturing base[12] - The company is focused on enhancing its operational efficiency and expanding its market presence through strategic investments and upgrades[12] Costs and Expenses - Total operating costs for Q1 2023 were ¥2,477,323,261.99, up 58.3% from ¥1,564,200,823.75 in Q1 2022[18] - Research and development expenses for Q1 2023 amounted to ¥88,796,956.97, a rise of 70.3% from ¥52,195,965.16 in Q1 2022[18] Asset Management - The company reported a decrease in asset impairment losses to ¥5,243,629.62 in Q1 2023 from ¥15,867,529.81 in Q1 2022, indicating improved asset management[18] Other Financial Metrics - The weighted average return on equity was 0.95%, a decrease of 0.46 percentage points[5] - The company's cash and cash equivalents decreased to RMB 546,189,884.44 from RMB 918,271,405.99, representing a decline of approximately 40.5%[13] - Accounts receivable stood at RMB 628,257,755.66, down from RMB 746,576,091.22, showing a decrease of around 15.8%[13] - Inventory increased to RMB 5,747,231,242.91 from RMB 5,226,118,096.05, marking an increase of approximately 10%[14] - Short-term borrowings rose to RMB 2,220,790,000.00 from RMB 1,962,572,875.46, reflecting an increase of about 13.1%[14] - Long-term borrowings increased to ¥2,379,336,916.24 in Q1 2023, compared to ¥2,161,045,339.37 in Q1 2022, representing an increase of 10.1%[18] Exchange Rate Impact - The company experienced a negative impact of -809,136.73 from exchange rate fluctuations on cash and cash equivalents[22]

Financial Performance - The company's operating revenue for 2022 was approximately CNY 9.78 billion, an increase of 24.79% compared to CNY 7.84 billion in 2021[79]. - Net profit attributable to shareholders for 2022 reached approximately CNY 615.56 million, representing a significant increase of 106.51% from CNY 298.08 million in 2021[79]. - The net profit after deducting non-recurring gains and losses was approximately CNY 547.77 million, up 160.80% from CNY 210.03 million in the previous year[79]. - The net cash flow from operating activities for 2022 was approximately CNY 759.76 million, an increase of 122.37% compared to CNY 341.66 million in 2021[79]. - The company's total assets at the end of 2022 were approximately CNY 16.62 billion, a slight increase of 1.02% from CNY 16.45 billion at the end of 2021[80]. - Basic earnings per share for 2022 were CNY 0.35, up 105.88% from CNY 0.17 in 2021[80]. - The company received increased government subsidies during the reporting period, contributing to the significant rise in net profit[88]. Operational Efficiency - The net cash flow from operating activities significantly increased compared to the same period last year, primarily due to higher product sales and increased tax refunds received[3]. - The company is enhancing its decision-making processes and operational controls to improve efficiency and reduce financial costs[22]. - The company has implemented an employee incentive program to boost motivation and improve management efficiency[108]. - The company has established a governance structure that includes specialized committees to improve decision-making efficiency and protect shareholder interests[171]. - The company has implemented a market-oriented reform direction to enhance employee performance and organizational capability[166]. - The company has strengthened its compliance management to ensure timely and quality completion of key tasks and projects[161]. Strategic Initiatives - The company completed all 11 key reform tasks as part of the state-owned enterprise reform initiative, enhancing management and operational efficiency[11]. - The company is actively responding to government policies and has completed the three-year action plan for state-owned enterprise reform ahead of schedule[86]. - The company is strategically aligning with national policies on infrastructure investment and carbon neutrality, enhancing its core technology research and development[113]. - The company is focusing on ecological transformation and has implemented a fine chemical transformation strategy, with a target of 20,000 tons/year for hydrogen peroxide production[21]. - The company is exploring new business models in ecological agriculture and forestry, with the Lu Xin board project progressing steadily, generating external trade revenue of CNY 211 million[86]. Market and Product Development - The company achieved record high operating performance despite a weak market demand for paper products, indicating effective market assessment and structural optimization[20]. - The first phase of the 450,000-ton cultural paper project has been approved, which is expected to significantly enhance the company's competitiveness in the pulp and paper sector[21]. - The company expanded its sales channels by collaborating with Shandong Zhongquan Paper Co., selling nearly 20,000 tons of products[21]. - The company has a production capacity of 1 million tons per year for cultural paper and thin packaging paper, emphasizing clean production and energy conservation[33]. - The company is developing new products, including specialty cultural paper and biomass-based materials, to improve product profitability and create new growth momentum[167]. Environmental and Sustainability Efforts - The company is actively responding to the national "dual carbon" strategy by developing carbon sink projects and establishing a professional platform for carbon credit reserves[39]. - The company is focusing on carbon sink development, with the forestry carbon sink market expected to enter a comprehensive development phase in 2023 due to increased government investment and supportive policies[139]. - The company aims to enhance its competitive edge by expanding raw material supply channels and reducing equipment procurement costs[165]. - The company is committed to enhancing the ecological value of existing urban green spaces and developing carbon sink projects as part of its strategy to achieve carbon neutrality[150]. - The company is enhancing its brand effect by focusing on key forestry projects and exploring various carbon sink development types, including forestry, farmland, and marine carbon sinks[131]. Awards and Recognition - The company received 25 awards for its participation in national key projects, including one national-level award, reflecting its growing brand influence[21]. - The company has been recognized with national quality awards for its products, enhancing its brand reputation in the market[40]. Technological Innovation - The company is committed to technological innovation and talent development, establishing a technical center and a vocational school to ensure a skilled workforce[22]. - The company is focusing on technological innovation and has successfully developed G4/G5 grade electronic hydrogen peroxide[106]. - The company is actively collaborating with research institutions to establish standards and guidelines for agricultural and forestry carbon sinks, promoting green finance and talent cultivation[132]. Employee and Talent Management - The total number of employees in the parent company and major subsidiaries is 3,876, with 2,894 in the parent company and 982 in subsidiaries[163]. - The company has implemented a talent management strategy focusing on attracting, nurturing, and retaining key personnel, with 37 core talents being incentivized for innovation and collaboration[159]. - The company is committed to talent development through a new model that includes vocational schools and employee training centers[184].

Financial Performance - The company's operating revenue for Q3 2022 was ¥2,557,159,241.56, representing a year-on-year increase of 37.06%[6]. - The net profit attributable to shareholders for Q3 2022 was ¥174,296,818.52, a significant increase of 269.95% compared to the same period last year[6]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥156,499,646.54, reflecting a year-on-year increase of 373.42%[10]. - The basic earnings per share for Q3 2022 was ¥0.099, up 266.67% from the previous year[10]. - Total operating revenue for the first three quarters of 2022 reached ¥6,423,549,447.12, an increase of 11.2% compared to ¥5,775,858,705.95 in the same period of 2021[30]. - Net profit attributable to shareholders of the parent company was ¥473,950,566.81, compared to ¥357,341,645.58, representing a year-over-year increase of 32.6%[33]. - The company reported a net profit margin of approximately 7.4% for the first three quarters of 2022, compared to 6.2% in the same period of 2021[30]. - The total comprehensive income attributable to the parent company reached CNY 473,950,566.81, an increase from CNY 357,341,645.58 in the same period last year, representing a growth of approximately 32.6%[35]. Assets and Liabilities - The total assets at the end of the reporting period were ¥17,325,558,825.57, an increase of 5.31% compared to the end of the previous year[10]. - Total assets increased to RMB 17,325,558,825.57 as of September 30, 2022, compared to RMB 16,452,661,435.95 at the end of 2021, reflecting a growth of approximately 5.29%[25]. - Current assets reached RMB 10,925,513,198.28, up from RMB 10,047,254,126.54, indicating an increase of about 8.73% year-over-year[25]. - The company's total liabilities increased to ¥8,237,038,521.05 from ¥7,658,211,962.70, marking a rise of 7.6%[30]. - Non-current liabilities rose significantly to ¥2,800,627,457.79 from ¥1,757,420,100.33, an increase of 59.5%[30]. - The total liabilities increased to RMB 10,925,513,198.28, reflecting a rise in financial obligations[25]. Cash Flow - The net cash flow from operating activities for the year-to-date was ¥277,528,795.97, showing a substantial increase of 79.69%[10]. - The net cash flow from operating activities was CNY 277,528,795.97, compared to CNY 154,451,443.76 in the previous year, indicating a year-over-year increase of about 79.9%[39]. - The total cash inflow from financing activities amounted to CNY 3,462,260,985.01, up from CNY 2,305,454,755.01 in the same period last year, reflecting a growth of approximately 50.1%[39]. - The total cash outflow from operating activities was CNY 6,210,725,401.09, compared to CNY 4,567,907,252.93 in the previous year, indicating an increase of about 36.0%[39]. - The net cash flow from investing activities was reported at -181,748,194.75, worsening from -82,361,869.86 in the previous year[39]. Product Development and Market Strategy - The company launched a new product, high-purity hydrogen peroxide, which contributed to revenue growth during the reporting period[13]. - The company continues to focus on expanding its market presence and enhancing product development strategies[21]. - The company maintained cost advantages through self-produced pulp and centralized procurement, positively impacting profit margins[13]. Equity and Investments - The company's total equity attributable to shareholders reached ¥9,045,781,196.58, up from ¥8,753,458,066.33, indicating a growth of 3.3%[30]. - Long-term equity investments reached RMB 64,333,743.20, slightly up from RMB 60,740,342.70, indicating a growth of about 8.66%[25]. - The company reported a weighted average return on equity of 1.95% for the quarter, an increase of 1.41 percentage points year-on-year[10]. Research and Development - Research and development expenses for the third quarter were ¥185,150,930.04, slightly down from ¥189,660,259.16, a decrease of 2.7%[30].

证券代码：600963 证券简称：岳阳林纸 公告编号：2022-045 岳阳林纸股份有限公司 关于参加湖南辖区上市公司 2022 年投资者网上集体接待日活动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 为进一步加强与投资者的互动交流，岳阳林纸股份有限公司(以下简称"公司") 将参加由中国证券监督管理委员会湖南监管局、湖南省上市公司协会与深圳市全景 网络有限公司联合举办的湖南辖区上市公司 2022 年投资者网上集体接待日活动， 现将有关事项公告如下: 根据活动安排，本次投资者网上接待日活动将通过深圳市全景网络有限公司提 供的互联网平台进行，投资者可以登录"全景路演"网站(http://rs.p5w.net)参 与公司本次投资者网上接待日活动，互动时间为 2022 年 9 月 29 日 15:30 至 17:00。 届时公司副总经理、董事会秘书易兰锴、证券事务代表戴强将通过网络文字交 流形式与投资者进行沟通。 欢迎广大投资者积极参与。 特此公告。 岳阳林纸股份有限公司董事会 二〇二二年九月二十三日 1 ...

Financial Performance - The company's operating revenue for the first half of 2022 was CNY 3,866,390,205.56, a decrease of 1.12% compared to CNY 3,910,186,053.07 in the same period last year[20]. - The net profit attributable to shareholders of the listed company was CNY 299,653,748.29, down 3.41% from CNY 310,227,796.19 in the previous year[20]. - Basic earnings per share for the first half of 2022 were CNY 0.170, a decrease of 3.41% from CNY 0.176 in the same period last year[23]. - The total net profit for the group decreased by 3.41% to CNY 29,965.37 million from CNY 31,022.78 million in the previous year[70]. - The company maintained a cash dividend payout ratio of 70% of the net profit for 2021, emphasizing its commitment to shareholder returns[65]. Cash Flow and Assets - The net cash flow from operating activities increased significantly to CNY 176,458,525.20, a rise of 176.36% compared to CNY 63,851,617.84 in the same period last year[20]. - The total assets at the end of the reporting period were CNY 16,871,193,936.69, reflecting a 2.54% increase from CNY 16,452,661,435.95 at the end of the previous year[20]. - The net assets attributable to shareholders of the listed company increased to CNY 8,861,958,480.58, up 1.24% from CNY 8,753,458,066.33 at the end of the previous year[20]. Market and Demand Trends - The company reported a 4-5 million ton increase in demand due to textbook revisions and reprints during the reporting period[34]. - The company experienced a significant increase in export business, with paper product demand growing internationally, providing effective support for company performance[34]. - The overall supply of cultural paper is gradually decreasing, with some small paper mills halting production due to high costs and insufficient raw material supply[34]. - The price of cultural paper is expected to remain stable in Q3 2022 and gradually increase in Q4 2022 due to high raw material costs and reduced domestic supply[39]. Environmental and Sustainability Initiatives - The company is focusing on ecological industry development, with a shift towards "Ecological Environment-Oriented Development" (EOD) projects gaining traction in the market[39]. - The company has established a Carbon Neutrality and Energy Management Committee to enhance carbon asset management and promote ecological carbon sink capabilities[192]. - The company has implemented advanced pollution control technologies, significantly reducing wastewater, waste gas, and solid waste emissions[195]. - The company is committed to a "green economy" and has been a pioneer in the integrated development of forestry and paper production[189]. - The company emphasizes the importance of green development for long-term sustainability and aims to contribute to ecological civilization construction[199]. Research and Development - The company has made progress in core technology research and development, winning the bid for the total construction project of rain and sewage separation and reclaimed water reuse in Boshan District[40]. - Research and development expenses decreased by 20.53% to CNY 98.62 million, indicating a potential shift in investment strategy[65]. - The company is investing $20 million in R&D for new technologies aimed at enhancing product efficiency[173]. Strategic Partnerships and Acquisitions - The company has established strategic partnerships with global high-quality pulp mills, ensuring stable supply and competitive pricing[51]. - The company has completed a strategic acquisition of a smaller competitor for $30 million, expected to enhance product offerings and customer base[173]. Operational Efficiency - The company is leveraging its integrated supply chain advantages to effectively control upstream raw material costs and enhance profit margins[34]. - The company achieved a 14.18% year-on-year reduction in water consumption per ton of paper produced through various water-saving initiatives[192]. - The company has upgraded its wastewater treatment facilities to meet first-class domestic and international standards, significantly exceeding national discharge standards[195]. Corporate Governance - The company elected new board members, including Yang Peng and Hu Haifeng as independent directors, during the first extraordinary shareholders' meeting of 2022[110]. - The company completed the stock incentive plan for 283 individuals, granting a total of 35.535 million shares[112]. Future Outlook - The company expects revenue guidance for the next quarter to be between $520 million and $550 million, indicating a potential growth of 4% to 10%[173]. - Overall, the company remains optimistic about achieving a 20% increase in net income for the fiscal year[173].

Financial Performance - The company's operating revenue for Q1 2022 was ¥1,669,314,407.51, representing a decrease of 14.97% compared to the same period last year [6] - The net profit attributable to shareholders for Q1 2022 was ¥124,229,651.89, down 25.63% year-over-year [6] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥112,957,900.46, a decline of 26.49% compared to the previous year [6] - Basic earnings per share for Q1 2022 was ¥0.070, down 24.73% from the same period last year [6] - The total comprehensive income attributable to the parent company for Q1 2022 was CNY 124,229,651.89, a decrease from CNY 167,039,436.45 in Q1 2021, representing a decline of approximately 25.6% [32] Cash Flow - The net cash flow from operating activities was ¥22,027,375.92, reflecting a decrease of 24.95% year-over-year [6] - The total cash inflow from operating activities in Q1 2022 was CNY 1,797,632,742.89, compared to CNY 1,512,567,840.79 in Q1 2021, reflecting an increase of approximately 18.9% [35] - The cash outflow from operating activities totaled CNY 1,775,605,366.97 in Q1 2022, up from CNY 1,483,216,066.06 in Q1 2021, which is an increase of about 19.7% [35] - The cash flow from investing activities in Q1 2022 resulted in a net outflow of CNY 79,568,888.33, compared to a net outflow of CNY 82,189,834.83 in Q1 2021, showing an improvement of approximately 3.2% [35] - The cash inflow from financing activities in Q1 2022 was CNY 1,155,424,913.55, a decrease from CNY 1,846,235,855.05 in Q1 2021, representing a decline of about 37.4% [35] - The net cash flow from financing activities for Q1 2022 was -CNY 45,897,925.68, an improvement from -CNY 181,640,499.13 in Q1 2021 [35] - The ending balance of cash and cash equivalents as of Q1 2022 was CNY 647,305,064.81, compared to CNY 482,367,476.07 at the end of Q1 2021, indicating an increase of approximately 34.2% [35] - The company reported a total cash inflow from tax refunds of CNY 11,467,613.08 in Q1 2022, compared to CNY 5,125,143.35 in Q1 2021, which is an increase of approximately 123.5% [35] Assets and Liabilities - Total assets at the end of Q1 2022 amounted to ¥16,670,715,647.65, an increase of 1.33% from the end of the previous year [9] - The equity attributable to shareholders at the end of Q1 2022 was ¥8,888,342,584.11, up 1.54% compared to the end of the previous year [9] - The company's total liabilities increased to CNY 7,740,475,459.00 in Q1 2022 from CNY 7,658,211,962.70 in Q1 2021, representing a growth of 1.07% [27] - The total non-current liabilities increased to CNY 2,083,172,706.28 in Q1 2022 from CNY 1,757,420,100.33 in Q1 2021, marking a significant rise of 18.5% [25] - Total liabilities include short-term borrowings of ¥2,180,047,033.32, slightly down from ¥2,220,476,020.12 [22] Shareholder Information - The total number of common shareholders at the end of the reporting period is 86,314 [14] - The largest shareholder, Taige Lin Paper Group Co., Ltd., holds 361,424,101 shares, accounting for 20.03% of the total shares [14] - The second-largest shareholder, China Paper Investment Co., Ltd., holds 260,000,000 shares, representing 14.41% of the total shares [14] Other Financial Metrics - The weighted average return on net assets decreased by 0.52 percentage points to 1.41% for Q1 2022 [9] - The company experienced an increase in financial expenses due to significantly higher interest costs compared to the same period last year [11] - Research and development expenses for Q1 2022 were CNY 52,195,965.16, a decrease of 16.8% compared to CNY 62,843,912.65 in Q1 2021 [30] - The company's retained earnings increased to CNY 1,384,614,606.25 in Q1 2022 from CNY 1,260,384,954.36 in Q1 2021, showing a growth of 9.8% [27] - The company's cash and cash equivalents as of March 31, 2022, amount to ¥1,043,703,880, an increase from ¥865,588,147.30 at the end of 2021 [18] - Accounts receivable decreased to ¥529,324,524.74 from ¥729,654,371.68 year-over-year [18] - Inventory increased to ¥5,525,132,580.30 from ¥5,342,391,245.50 year-over-year [22] - The company has a total of 6,430,126,533.41 in non-current assets, a slight increase from 6,405,407,309.41 year-over-year [22] - The company has pledged 14,500,000 shares to secure the exchangeable bonds issued to professional investors [17]