证券代码：000488、200488 证券简称：晨鸣纸业、晨鸣 B 山东晨鸣纸业集团股份有限公司 投资者关系活动记录表 编号：2022-002 | --- | --- | --- | |------------------------------|-----------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | 投资者关系活动类 \n别 | □特定对象调研 □分析师会议 \n□媒体采访 □业绩说明会 \n□新闻发布会 \n□现场参观 | □路演活动 \n 电话会议 | | | 参会机构 4 家涉及 8 人： | | ...

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 - The company's operating revenue for Q3 2022 was approximately CNY 8.68 billion, representing a 1.06% increase year-over-year[4]. - Net profit attributable to shareholders decreased by 93.53% to approximately CNY 10.43 million for the quarter, and decreased by 88.98% to approximately CNY 240.58 million year-to-date[4]. - Basic and diluted earnings per share were both CNY -0.004, reflecting a 150% decrease compared to the same period last year[4]. - The company's total revenue for the current period was CNY 25.36 billion, a decrease of 1.57% compared to CNY 25.76 billion in the previous period[32]. - The total revenue from sales of goods and services for the current period was approximately CNY 25.91 billion, compared to CNY 28.96 billion in the previous period, reflecting a decrease of about 10.6%[37]. - The net profit for the current period was CNY 301.36 million, a significant decline from CNY 2.13 billion in the same period last year, representing a decrease of approximately 85.8%[36]. - The company reported a total comprehensive income of CNY -12.18 million for the current period, compared to CNY 2.18 billion in the previous period, showing a substantial decline[36]. - The earnings per share (EPS) for the current period was CNY 0.060, a decrease from CNY 0.612 in the same period last year[36]. Cash Flow and Investments - The net cash flow from operating activities for the year-to-date period was approximately CNY 1.15 billion, down 84.10% compared to the previous year[4]. - Net cash flow from operating activities decreased by 84.10% year-on-year to ¥1,149,199,574.17, attributed to a decline in sales prices and increased cash payments for raw materials[18]. - Net cash flow from investing activities decreased by 99.59% year-on-year to -¥999,164,406.72, mainly due to the previous period's receipt of proceeds from the disposal of subsidiary debt[18]. - The company incurred financial expenses of CNY 1.49 billion, which included interest expenses of CNY 1.48 billion, compared to CNY 2.01 billion in the previous period[36]. - The company raised CNY 1.4 billion from new investments during the current period, compared to CNY 2.5 billion in the previous period[39]. - The company’s investment activities resulted in a net cash outflow of CNY 999.16 million, compared to a net outflow of CNY 500.61 million in the previous year[39]. Assets and Liabilities - Total assets at the end of the reporting period were approximately CNY 84.21 billion, an increase of 1.66% from the end of the previous year[4]. - The company's equity attributable to shareholders increased by 0.48% to approximately CNY 19.18 billion compared to the end of the previous year[4]. - The total liabilities of the company were CNY 60.46 billion, slightly up from CNY 60.29 billion, indicating a marginal increase of 0.28%[31]. - The company’s long-term borrowings decreased to CNY 4.97 billion from CNY 5.28 billion, a reduction of about 5.9%[31]. - The company reported an increase in accounts receivable to CNY 3.28 billion, up from CNY 2.66 billion, indicating a growth of approximately 23.3%[28]. - The company experienced a 100% decrease in bonds payable, as they were reclassified to current liabilities[13]. Other Financial Metrics - Other income increased by 35.90% year-on-year to ¥209,186,744.05, mainly due to an increase in government subsidies related to daily operations[14]. - Investment income decreased by 122.19% year-on-year to -¥35,152,327.92, primarily due to the termination of bill discounting fees being recognized in investment income[14]. - Credit impairment losses decreased by 81.70% year-on-year to -¥39,776,513.42, mainly due to a reduction in bad debt provisions[15]. - Minority shareholder profit increased by 211.97% year-on-year to ¥60,786,319.81, mainly due to increased earnings attributable to minority shareholders in subsidiaries[15]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 162,590, with the top ten shareholders holding significant stakes[19]. - The largest shareholder, Chenming Holdings Co., Ltd., held 15.32% of the shares, amounting to 457,322,919 shares[19]. Project and Strategic Investments - The strategic investment in Zhanjiang Chenming Paper Co., Ltd. amounted to CNY 100 million, with equal contributions from two investors[24]. - The new life paper project at Shouguang Meilun has a total investment of CNY 460 million and an annual production capacity of 49,000 tons[25]. Changes in Operating Costs - The total operating costs increased to CNY 25.16 billion, up from CNY 23.45 billion, reflecting a rise in operating costs by approximately 7.31%[32]. - The company's cash and cash equivalents decreased to CNY 13.03 billion from CNY 14.12 billion, a decline of about 7.7%[28]. - The cash and cash equivalents at the end of the period were CNY 2.05 billion, down from CNY 3.68 billion at the end of the previous period, a decrease of approximately 44.1%[39]. Construction and Asset Development - The construction in progress increased by 348.97% year-to-date, reaching approximately CNY 887.84 million due to equipment relocation and upgrades[12]. - Other non-current assets increased by 83.63% year-to-date, totaling approximately CNY 899.65 million, primarily due to increased project prepayments[12]. - The total assets impairment loss for the current period was CNY 1.94 million, while the previous period reported no such losses[36].

Financial Performance - The company's operating revenue for the first half of 2022 was ¥16,676,428,365.83, a decrease of 2.89% compared to ¥17,172,816,354.53 in the same period last year[18]. - The net profit attributable to shareholders of the listed company was ¥230,141,463.76, down 88.61% from ¥2,021,095,417.54 in the previous year[18]. - The net cash flow from operating activities was ¥998,264,209.45, a significant decline of 78.97% compared to ¥4,747,185,521.94 in the same period last year[18]. - Basic and diluted earnings per share were both ¥0.064, representing a decrease of 89.40% from ¥0.604 in the previous year[18]. - The weighted average return on net assets dropped to 1.02%, down 7.92 percentage points from 8.94% in the previous year[18]. - The company achieved a total revenue of approximately ¥16.68 billion, a decrease of 2.89% compared to the previous year due to a decline in sales prices of mechanical paper[39]. - The company's operating costs increased by 18.50% to approximately ¥14.05 billion, primarily due to rising prices of wood chips, raw coal, and chemicals[40]. - The company reported a significant decrease in net cash flow from operating activities, down 78.97% to approximately ¥998.26 million, attributed to increased cash payments for raw materials[40]. - The company reported a net profit of 181.83 million yuan from its subsidiary, Zhanjiang Chenming Pulp and Paper Co., which contributed over 10% to the overall net profit[61]. - The company's net profit after deducting non-recurring gains and losses for the reporting period was CNY 17,340.79 million, a decrease of 91.17% compared to the same period last year[161]. Assets and Liabilities - Total assets at the end of the reporting period were ¥85,186,581,045.24, an increase of 2.83% from ¥82,841,454,602.24 at the end of the previous year[18]. - The total liabilities amounted to CNY 62,094.79 million, compared to CNY 60,294.63 million at the end of the previous year[168]. - The company's total equity increased to CNY 23,091.79 million, up from CNY 22,546.83 million at the end of the previous year[168]. - The company's total assets reached CNY 45.59 billion as of June 30, 2022, compared to CNY 44.14 billion at the end of 2021[170]. - The company's total liabilities at the end of the reporting period were CNY 8,383.98 million, compared to CNY 7,866.98 million in the previous year, reflecting an increase of approximately 6.50%[190]. Cash Flow and Financing - The company has a total cash balance of RMB 14.959 billion as of June 30, 2022, an increase from RMB 14.120 billion at the end of the previous year[31]. - The company's cash and cash equivalents at the end of the reporting period amounted to CNY 14,958,681,361.91, representing 17.56% of total assets[46]. - The company reported a total cash inflow from financing activities of CNY 20,219,523,939.00 in the first half of 2022, slightly down from CNY 20,348,849,275.64 in the same period of 2021, a decrease of about 0.6%[178]. - The company's cash flow from operating activities was reported at 1.523 billion, highlighting strong operational efficiency[185]. - The company maintained a loan repayment rate of 100% during the reporting period[162]. Market and Industry Position - The company faced risks from macroeconomic fluctuations, national policy adjustments, and industry competition, which may impact future performance[3]. - The paper and paper products industry saw a total profit of RMB 25.99 billion in the first half of 2022, a year-on-year decrease of 46.2%[27]. - Revenue from overseas markets increased by 120.86% year-on-year, primarily due to improved market conditions and a significant increase in orders[44]. - The company plans to continue expanding its market presence and developing new products to enhance revenue streams in the future[44]. - The company has focused on optimizing cost structures and capturing overseas markets to stabilize profitability amid rising operational costs[27]. Environmental and Social Responsibility - The company has invested over ¥8 billion in environmental protection initiatives, implementing advanced pollution control systems and achieving a water reuse rate of over 75%[37]. - The company has implemented a comprehensive environmental monitoring system, including real-time monitoring of organized waste gas emissions[80]. - The company emphasizes social responsibility by participating in charitable activities, including donations for education and support for disabled individuals, and has contributed to pandemic relief efforts[93]. - Jiangxi Chenming is actively reducing carbon emissions by measuring carbon content monthly, purchasing higher calorific value coal, and increasing the use of clean energy projects, including 33 MW and 30 MW solar power projects[89]. Corporate Governance and Shareholder Engagement - The company has maintained high standards of corporate governance and complied with the Corporate Governance Code during the reporting period[73]. - Jiangxi Chenming is focused on enhancing shareholder rights by ensuring compliance with laws and regulations, and actively engaging with investors through meetings and information disclosures[91]. - The company has not engaged in any significant related party transactions during the reporting period[111]. - The company has not reported any significant penalties or corrective actions beyond the aforementioned environmental fine[103]. Strategic Investments and Future Plans - The company plans not to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital for the semi-annual period[70]. - The company is exploring potential mergers and acquisitions to enhance its market position and drive growth[187]. - The company plans to expand its market presence and invest in new product development to enhance competitiveness in the paper industry[191]. - The company is actively engaging in strategic investments and capital restructuring to enhance its market position[129].

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].

证券代码：000488 200488 证券简称： 晨鸣纸业 晨鸣 B 公告编号：2021-089 山东晨鸣纸业集团股份有限公司 关于参加山东辖区上市公司 2021 年度投资者 网上集体接待日活动的公告 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、 误导性陈述或重大遗漏。 为进一步加强山东晨鸣纸业集团股份有限公司（以下简称"公司"）与广大投资者的 互动交流，提升公司投资者关系管理水平，保护投资者利益，公司将参加由中国证券监 督管理委员会山东监管局、山东上市公司协会及深圳市全景网络有限公司联合举办的 "山东辖区上市公司 2021 年度投资者网上集体接待日"活动，现将有关事项公告如下： 本次投资者集体接待日活动将在深圳市全景网络有限公司提供的平台上采用网络远 程的方式举行，投资者可登录"全景• 路演天下"（http://rs.p5w.net）参与本次活动，交 流互动时间为 2021 年 11 月 16 日（星期二）14:00-16:00。 届时公司财务总监董连明先生、董事会秘书袁西坤先生将出席本次活动，与投资者 就公司治理、发展战略、经营状况等投资者关心的问题进行在线交流，欢迎广大投资者 ...

Financial Performance - The company's operating revenue for the first half of 2021 was CNY 17,172,816,354.53, representing a 26.27% increase compared to CNY 13,599,805,765.86 in the same period last year[35]. - The net profit attributable to shareholders of the listed company reached CNY 2,021,095,417.54, a significant increase of 291.44% from CNY 516,326,703.48 in the previous year[35]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 1,964,718,180.70, up 2,794.31% from CNY 67,882,116.23 in the same period last year[35]. - The net cash flow from operating activities was CNY 4,747,185,521.94, which is a 104.00% increase compared to CNY 2,327,033,784.68 in the previous year[35]. - Basic earnings per share increased to CNY 0.604, up 1,084.31% from CNY 0.051 in the same period last year[35]. - The diluted earnings per share also stood at CNY 0.604, reflecting the same percentage increase of 1,084.31%[35]. - The weighted average return on equity rose to 8.94%, an increase of 8.1 percentage points compared to 0.84% in the previous year[35]. - The operating cost increased to ¥11,861,060,977.92, up 11.06% year-on-year, primarily driven by the increase in sales volume of mechanical paper[74]. Production and Sales - The production volume of paper reached 2.83 million tons, with sales volume at 2.58 million tons, reflecting increases of 2.91% and 4.45% respectively compared to the previous year[46]. - The company operates six production bases across various provinces, with an annual pulp and paper production capacity exceeding 11 million tons[44]. - The company has established three large-scale chemical pulp production lines in Shouguang, Zhanjiang, and Huanggang, enhancing its integrated pulp and paper development strategy[102]. - The company has an annual pulp and paper production capacity of over 11 million tons, making it the only paper enterprise in China to achieve a balance between pulp and paper production capacity[55]. Research and Development - The company holds 322 national patent authorizations, including 26 invention patents, and has received 15 provincial-level technology advancement awards[45]. - Research and development investment rose significantly by 38.00% to ¥757,021,354.57, indicating the company's commitment to enhancing its R&D capabilities[74]. - The company has established multiple research and development platforms, enhancing its innovation capabilities and product competitiveness[52]. - The company emphasizes innovation and has established partnerships with several universities and research institutions to enhance its technological capabilities[70]. Environmental and Social Responsibility - The company achieved a water reuse rate of over 75% in its wastewater treatment project, which is the largest in the domestic paper industry[72]. - The company is committed to green development and has implemented energy-saving technologies to meet stringent environmental standards[102]. - The company invested over 8 billion yuan in pollution control facilities, including systems for alkali recovery and wastewater treatment, leading to environmental indicators that rank among the best globally[125]. - In the first half of 2021, the company donated RMB 1.1 million for poverty alleviation efforts and RMB 1 million to support local charitable activities[135]. Corporate Governance and Shareholder Information - The company’s board of directors confirmed compliance with the corporate governance code during the reporting period[112]. - The company held its first temporary shareholders' meeting of 2021 with an investor participation rate of 24.42% on March 9, 2021[106]. - The total number of ordinary shareholders at the end of the reporting period was 177,220, with 19,973 holding more than 5% of shares[191]. - The largest shareholder, Chen Ming Holdings Co., Ltd., held 15.32% of shares, totaling 457,322,919 shares, with 256,530,000 shares pledged[191]. Financial Management and Investments - The company has provided financial support to its subsidiaries without requiring any collateral or guarantees, indicating confidence in future development[151]. - The company plans to expand its financing business and provide guarantees for its subsidiaries, indicating a strategy for growth and support[182]. - The company has announced a strategic cooperation framework agreement for debt-to-equity swaps, indicating a focus on financial restructuring[182]. - The company has made adjustments to the guarantee limits for certain subsidiaries, reflecting a strategic approach to risk management[182]. Risks and Challenges - The company is facing risks from fluctuating raw material prices, particularly for wood pulp, which could impact production costs and overall performance[101]. - The company reported a decrease in financing lease revenue by 60.61%, indicating a strategic shift in business focus[76]. - The company has a robust risk management framework in place for its financing leasing business, minimizing potential losses from rental defaults[103].

Financial Performance - The company's operating revenue for the reporting period reached RMB 17.17 billion, an increase of 26.27% compared to RMB 13.60 billion in the same period last year[11]. - Net profit attributable to shareholders of the listed company was RMB 2.02 billion, reflecting a significant increase of 291.44% from RMB 516.33 million year-on-year[11]. - The net profit after deducting non-recurring gains and losses was RMB 1.96 billion, a staggering increase of 2,794.31% compared to RMB 67.88 million in the previous year[11]. - The net cash flow from operating activities was RMB 4.75 billion, up 104.00% from RMB 2.33 billion in the same period last year[11]. - Basic and diluted earnings per share were both RMB 0.604, representing an increase of 1,084.31% from RMB 0.051 year-on-year[11]. - The weighted average return on net assets increased to 8.94%, up 8.1 percentage points from 0.84% in the previous year[11]. - Total operating revenue for the first half of 2021 reached CNY 17.17 billion, a 26.5% increase from CNY 13.60 billion in the same period of 2020[142]. - Net profit attributable to the parent company for the first half of 2021 was CNY 2.02 billion, compared to CNY 516.33 million in the first half of 2020, representing a significant increase of 290.5%[143]. Assets and Liabilities - Total assets decreased by 1.06% to CNY 90.60 billion compared to the previous period[10]. - Total liabilities decreased to CNY 63,367,552,654.55 from CNY 65,775,194,113.38, a reduction of about 3.7%[136]. - The company's total equity increased to CNY 27,233,476,489.80 from CNY 25,800,263,715.24, representing a growth of approximately 5.5%[136]. - The total amount of external guarantees (including those for subsidiaries) was RMB 1,057,849.11 million, accounting for 45.41% of the equity attributable to the parent company's shareholders[87]. - The total cash inflow from other financing activities was 156,665,920.24 CNY in 2021, a decrease from 794,457,000.00 CNY in 2020, reflecting a decline of approximately 80.32%[150]. Dividends and Shareholder Information - The company plans not to distribute cash dividends or issue bonus shares[2]. - The company distributed cash dividends of RMB 1.85 per 10 shares to ordinary shareholders for the 2020 profit distribution plan, continuing a 19-year streak of annual cash dividends[71]. - A total of 79,600,000 A-shares were granted to 111 incentive targets at a price of 2.85 CNY per share on May 29, 2020[58]. - The total number of common stock shareholders at the end of the reporting period was 177,220, including 156,912 A-share holders and 19,973 B-share holders[112]. Research and Development - Research and development investment increased by 38.00% to ¥757,021,354.57, reflecting the company's commitment to innovation[33]. - The company holds 322 national patent authorizations, including 26 invention patents, and has received 15 provincial-level technology advancement awards[16]. - The company has multiple leading innovation research and development platforms, enhancing its independent innovation capabilities[19]. Environmental Responsibility - The company emphasizes green, low-carbon, and sustainable development, focusing on innovation-driven strategies and the integration of pulp and paper production[21]. - The company achieved a water reuse rate of over 75% through advanced filtration technologies, saving approximately 170,000 cubic meters of fresh water daily[53]. - The company has invested in advanced pollution control systems, achieving a water reuse rate of over 75% and saving 170,000 cubic meters of fresh water daily[31]. - The company has organized emissions monitoring across its facilities, ensuring compliance with environmental standards and regulations[62]. - The company has implemented a comprehensive self-monitoring scheme, combining manual and automatic monitoring methods for various pollutants, with data made publicly available[67]. Risk Management - The management highlighted risks from macroeconomic fluctuations, national policy adjustments, and industry competition[2]. - The company has implemented comprehensive risk control measures for its financing lease business, minimizing default risks[54]. - The company is focusing on optimizing its industrial structure and regional layout to enhance operational efficiency and resilience against economic policy risks[50]. Corporate Governance - The financial report has been confirmed as true, accurate, and complete by the board of directors[2]. - All directors attended the board meeting to discuss the report[2]. - The company has complied with the corporate governance code as per the Hong Kong Stock Exchange regulations during the reporting period[59]. - The company held its first extraordinary shareholders' meeting on March 9, 2021, with an investor participation rate of 24.42%[55]. Market Position and Strategy - The company has established six production bases across various provinces, achieving an annual pulping and paper production capacity of over 11 million tons[16]. - The company is focusing on expanding its market presence and enhancing product offerings through increased R&D efforts[33]. - The company is actively exploring innovative resource utilization and circular economy models to enhance sustainability[53]. - The company is committed to clean production and energy conservation, aiming to become a benchmark enterprise for resource-saving and environmentally friendly practices[19]. Financial Health - The company has maintained a loan repayment rate of 100% and an interest payment rate of 100%, indicating strong financial discipline[132]. - The company has not issued any convertible bonds during the reporting period[131]. - The company has not faced any risks of termination of bond trading[129]. - The company reported a significant increase in cash received from sales, totaling CNY 19,245,544,236.25, compared to CNY 14,322,440,708.60 in the same period of 2020[147].