SHANDONG CHENMING PAPER HOLDINGS LIMITED Interim Financial Report 2025 SHANDONG CHENMING PAPER HOLDINGS LIMITED Interim Financial Report 2025 August 2025 I Financial Report I. Auditors' Report Is the interim report audited □ Yes √ No The interim financial report is unaudited. II. Financial Statements The unit in the notes to the financial statements is: RMB 1. Consolidated Balance Sheet Prepared by: Shandong Chenming Paper Holdings Limited 30 June 2025 Unit: RMB | Item | Closing balance | Opening balance | ...

亦不存在处于筹划阶段的重大事项。 三、是否存在应披露而未披露信息的说明 证券代码： 000488 200488 证券简称：ST 晨鸣 ST 晨鸣 B 公告编号：2025-048 山东晨鸣纸业集团股份有限公司 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。 一、股票交易异常波动的情况 山东晨鸣纸业集团股份有限公司（以下简称"公司"）B 股股票（股票代码：200488， 股票简称：ST 晨鸣 B）交易价格于 2025 年 8 月 4 日、2025 年 8 月 5 日、2025 年 8 月 6 日连续三个交易日收盘价格跌幅偏离值累计超过 12%，根据《深圳证券交易所股票交易 规则》的有关规定，属于股票交易异常波动的情况。 二、公司关注并核实情况的说明 的未公开重大信息。 在落实提款条件、签署贷款协议等，公司将根据资金状况、市场情况等陆续推进各生产 基地的复工复产。 山东晨鸣纸业集团股份有限公司董事会 二〇二五年八月六日 本公司董事会确认，公司目前没有任何根据《深圳证券交易所股票上市规则》等规 定应予以披露而未披露的事项或与该事项有关的筹划、商谈、意向、协议等；董事会 ...

一、主要会计数据和财务指标 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | -2.5300 | -0.4500 | -462.22 | 0.0300 | | 每股净资产（元） | 3.12 | 5.65 | -44.78 | 6.07 | | 每股公积金(元) | 1.77 | 1.8 | -1.67 | 1.8 | | 每股未分配利润(元) | 0.21 | 2.71 | -92.25 | 3.15 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 227.29 | 266.09 | -14.58 | 320.04 | | 净利润(亿元) | -74.11 | -12.81 | -478.53 | 1.89 | | 净资产收益率(%) | -57.25 | -7.65 | -648.37 | 0.55 | 数据四舍五入，查看更多财务数据>> 前十大流通股东累计持有： 128332.79万股，累计占流通股比： 44.1% ...

证券代码： 000488 200488 证券简称：ST 晨鸣 ST 晨鸣 B 公告编号：2025-007 山东晨鸣纸业集团股份有限公司 关于公司股价异动的公告 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。 一、股票交易异常波动的情况 山东晨鸣纸业集团股份有限公司（以下简称"公司"）A 股股票（股票代码：000488， 股票简称：ST 晨鸣）、B 股股票（股票代码：200488，股票简称：ST 晨鸣 B）交易价 格于 2025 年 2 月 21 日、2025 年 2 月 24 日、2025 年 2 月 25 日连续三个交易日收盘价 格跌幅偏离值累计超过 12%，根据《深圳证券交易所股票交易规则》的有关规定，属于 股票交易异常波动的情况。 二、公司关注并核实情况的说明 1、公司前期披露的信息不存在需要更正、补充之处。 2、公司未发现近期公共传媒报道了可能或已经对公司股票交易价格产生较大影响 的未公开重大信息。 3、根据《深圳证券交易所股票上市规则》相关规定，公司 A 股、B 股股票自 2025 年 2 月 21 日开市起被实施其他风险警示，详情请参阅公司于 20 ...

证券代码：000488 200488 证券简称：晨鸣纸业 晨鸣 B 公告编号：2024 -046 山东晨鸣纸业集团股份有限公司 第十届监事会第十次会议决议公告 本公司及监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。 二〇二四年八月十四日 一、审议通过了《公司 2024 年半年度报告全文和摘要》 经审核，监事会认为董事会编制和审议公司 2024 年半年度报告全文和摘要的 程序符合法律、行政法规及中国证监会的规定，报告内容真实、准确、完整地反映 了公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 本议案表决结果：同意票 5 票，反对票 0 票，弃权票 0 票。 详细内容请参阅同日披露在巨潮资讯网站（www.cninfo.com.cn）及香港联交所 网站（www.hkex.com.hk）的相关公告。 特此公告。 山东晨鸣纸业集团股份有限公司监事会 山东晨鸣纸业集团股份有限公司(以下简称"公司")第十届监事会第十次会 议于 2024 年 8 月 14 日以通讯方式召开，会议通知于 2024 年 8 月 4 日以邮件及书 面方式下发给公司监事，会议应到监事 5 人， ...

证券代码：000488 200488 证券简称：晨鸣纸业 晨鸣 B 公告编号：2024-045 山东晨鸣纸业集团股份有限公司 第十届董事会第十次会议决议公告 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。 山东晨鸣纸业集团股份有限公司（以下简称"公司"）第十届董事会第十次会议 通知于 2024 年 8 月 4 日以书面、邮件方式送达各位董事，会议于 2024 年 8 月 14 日以 通讯方式召开，会议应到董事 11 人，实到董事 11 人。本次董事会的召开符合国家有 关法律、法规和《公司章程》的规定。 与会董事认真审议并一致通过了本次会议的各项议案，形成会议决议如下： 一、审议通过了《公司 2024 年半年度报告全文和摘要》 本议案表决结果：同意票 11 票，反对票 0 票，弃权票 0 票。 详细内容请参阅同日披露在巨潮资讯网站（www.cninfo.com.cn）及香港联交所网 站（www.hkex.com.hk）的相关公告。 二、审议通过了《关于山东晨鸣集团财务有限公司解散的议案》 山东晨鸣集团财务有限公司（以下简称"晨鸣财务公司"）为公司的全资下属公司， ...

山东晨鸣纸业集团股份有限公司 2024 年半年度报告全文 山东晨鸣纸业集团股份有限公司 2024 年半年度报告 2024 年 08 月 1 山东晨鸣纸业集团股份有限公司 2024 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人陈洪国、主管会计工作负责人董连明及会计机构负责人(会计 主管人员)张波声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本报告的董事会会议。 公司面临宏观经济波动、国家政策调整、行业竞争等风险因素影响，敬 请广大投资者注意投资风险。详细内容敬请查阅管理层讨论与分析中关于公 司面临的风险和应对措施的内容。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 山东晨鸣纸业集团股份有限公司 2024 年半年度报告全文 自 录 | --- | --- | |-------------------------------|-------| | | | | 第一节 重要提示、目录和释义 . | | | ...

Financial Performance - The company's operating revenue for 2023 was ¥26.61 billion, a decrease of 16.86% compared to ¥32.00 billion in 2022[21]. - The net profit attributable to shareholders was -¥1.28 billion, representing a decline of 776.89% from ¥189 million in the previous year[21]. - Basic and diluted earnings per share were both -¥0.45, a decrease of 1,600% from ¥0.03 in 2022[21]. - Total assets at the end of 2023 were ¥79.49 billion, down 5.71% from ¥84.30 billion at the end of 2022[21]. - The weighted average return on equity was -7.65%, a decrease of 8.2 percentage points from 0.55% in 2022[21]. - The company reported a total of ¥660.83 million in non-recurring gains and losses for 2023, compared to ¥550.75 million in 2022[28]. - The company experienced a significant decline in net profit, with the net profit before and after deducting non-recurring items both being negative[21]. - The company’s total liabilities were ¥58.39 billion, with total equity attributable to shareholders at ¥16.69 billion[26]. - The company achieved a revenue of RMB 26.609 billion in 2023, with cash flow from operating activities amounting to RMB 4.390 billion[146]. - The company's net profit for the fiscal year ending December 31, 2023, was a loss of RMB 1.281 billion, attributed to weak downstream demand and significant price declines in paper products[113]. Dividend and Shareholder Actions - The company reported a plan not to distribute cash dividends, issue bonus shares, or increase capital from reserves[5]. - Due to the financial performance, the board of directors proposed not to distribute any cash dividends for the fiscal year 2023, aiming to reduce debt and enhance the company's risk resilience[113]. - The company's available reserves for cash distribution as of December 31, 2023, amounted to RMB 8.493 billion, down from RMB 9.858 billion in 2022[121]. - The company has not proposed any cash dividend distribution plan during the reporting period despite having a positive profit available for distribution to shareholders[196]. - The company plans not to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital for the year[196]. Corporate Governance - The board of directors consists of 5 executive directors, 2 non-executive directors, and 5 independent non-executive directors, with a term ending in June 2025[122]. - The board of directors consists of 11 members, including 4 independent directors, ensuring high decision-making quality[157]. - The company has established independent financial, operational, and personnel systems, maintaining complete independence from the controlling shareholder[160]. - The company has a complete asset control system, ensuring no unauthorized use of its assets by the controlling shareholder[161]. - The company published over 160 reports and announcements through designated media, ensuring transparency and compliance with disclosure regulations[158]. - The company maintains a robust governance structure, aligning with regulatory requirements from the China Securities Regulatory Commission and stock exchanges[159]. - The company emphasizes the importance of corporate governance and the protection of minority shareholders' rights[188]. Market and Industry Outlook - The company faces risks from macroeconomic fluctuations, national policies, and industry competition, which investors should be aware of[4]. - The paper industry is expected to see a recovery in 2024, with signs of improving profitability as wood pulp prices decline and paper demand rebounds[94]. - The company aims to achieve over CNY 10 billion in profits and taxes during the 14th Five-Year Plan period, focusing on becoming a world-class enterprise[96]. - The company plans to expand its international presence in line with China's Belt and Road Initiative, enhancing global market outreach[97]. - The company is focusing on optimizing its industrial structure and regional layout to enhance efficiency in pulp and paper production[96]. Research and Development - The company applied for 33 patents and obtained 42 authorized patents in 2023, laying a foundation for long-term development[34]. - The company has established multiple leading innovation R&D platforms, enhancing its independent innovation capabilities[46]. - Research and development projects include the development of self-adhesive paper technology, which is in the trial production stage and aims to enhance product functionality[68]. - The number of R&D personnel increased by 9.64% to 1,502 in 2023, accounting for 14.16% of the total workforce[69]. - R&D investment decreased by 9.75% to ¥1,164,419,698.13, while the ratio of R&D investment to operating revenue increased to 4.38%[69]. Operational Efficiency and Cost Management - The company plans to focus on improving operational efficiency and exploring new market opportunities in the upcoming fiscal year[32]. - The company is focused on enhancing supply chain advantages, developing new products, and improving asset utilization efficiency[35]. - The company has optimized its capital structure by introducing high-quality strategic investors, reducing financing leasing business by over RMB 20 billion from its peak[34]. - The overall operating cost for the paper industry in 2023 decreased by 3.1% year-on-year, while revenue declined by 2.4%[37]. - The company is committed to safety and technological upgrades, with ongoing projects to increase production capacity, including an 180,000-ton specialty paper project in Zhanjiang[99]. Environmental and Sustainability Initiatives - The company invested over RMB 8 billion in environmental protection measures, including advanced pollution control systems, leading to industry-leading wastewater reuse rates[54]. - The company is committed to a green, low-carbon, and sustainable development strategy, emphasizing the integration of forest, pulp, and paper operations[97]. - The company has implemented advanced water recycling technologies, achieving over 75% reuse rate of treated water, aligning with green development goals[103]. - The company is committed to sustainability, with plans to reduce carbon emissions by 30% over the next five years through innovative practices and technologies[167]. - The management team emphasized a commitment to sustainability, aiming for a 50% reduction in carbon emissions by 2030[174]. Employee and Management Information - The total number of employees at the end of the reporting period was 10,604, with 2,522 in the parent company and 7,341 in major subsidiaries[192]. - The professional composition of employees includes 7,181 production personnel, 465 sales personnel, 410 technical personnel, 177 financial personnel, 1,198 administrative personnel, and 1,173 others[193]. - The educational background of employees shows 23 with postgraduate degrees, 879 with bachelor's degrees, 2,253 with associate degrees, and 7,449 with secondary education or below[193]. - The total pre-tax remuneration for directors, supervisors, and senior management during the reporting period amounted to RMB 2,361.67 million[184]. - The annual remuneration for each executive director and senior management ranges from RMB 200,000 to RMB 5 million, determined based on financial indicators and performance goals[179]. Share Repurchase and Stock Incentives - The company repurchased and canceled 22,929,000 A-shares of restricted stock at a price of RMB 2.5184172 per share, totaling RMB 66.2288 million[142]. - The company has implemented a stock incentive plan, granting 79,600,000 shares of restricted stock at a price of 2.85 yuan per share to 111 incentive targets[198]. - The total number of shares repurchased by the company reached 52,502,350, with 12,690,000 shares being repurchased in the latest period[164]. - The company completed the repurchase and cancellation of 22,929,000 shares on November 20, 2023[200]. - Five incentive participants lost their qualification due to resignation, impacting the overall incentive plan[200].

Financial Performance - The company's operating revenue for Q3 2023 was ¥7,156,893,450.74, a decrease of 17.54% compared to the same period last year[5]. - Total revenue for the third quarter of 2023 was ¥19.72 billion, down 22.5% from ¥25.36 billion in the same period last year[27]. - Operating profit for the third quarter of 2023 was a loss of ¥1.12 billion, compared to a profit of ¥266 million in the previous year, indicating a significant decline in profitability[27]. - The net profit attributable to shareholders was -¥80,213,259.42, representing a significant decline of 868.74% year-on-year[5]. - The net profit attributable to the parent company for the third quarter of 2023 was a loss of ¥768 million, compared to a profit of ¥240 million in the same period last year[27]. - The total comprehensive income attributable to the parent company was -845,292,140.00 CNY, compared to -72,971,036.56 CNY in the previous period[28]. - The basic and diluted earnings per share were both -0.278 CNY, compared to 0.060 CNY in the previous period[28]. Cash Flow - The net cash flow from operating activities for the year-to-date was ¥3,641,357,960.67, an increase of 216.86%[5]. - The net cash flow from operating activities increased by 216.86% year-on-year, reaching approximately RMB 3.64 billion, primarily due to a decrease in the prices of raw materials and energy[15]. - The net cash flow from investing activities improved by 97.36% year-on-year, amounting to approximately RMB -26.41 million, mainly due to reduced project investments[15]. - The net cash flow from financing activities decreased by 273.62% year-on-year, totaling approximately RMB -4.64 billion, as the company reduced its debt scale[15]. - The net cash flow from investing activities was -26,410,486.71 CNY, an improvement from -999,164,406.72 CNY in the previous year[28]. - The net cash flow from financing activities was -4,637,764,465.71 CNY, compared to -1,241,316,289.61 CNY in the same period last year[29]. - The cash outflow for purchasing goods and services was 14,386,640,175.12 CNY, down from 22,936,348,093.13 CNY in the previous year[28]. Assets and Liabilities - Total assets at the end of Q3 2023 were ¥79,826,170,457.29, down 5.31% from the end of the previous year[5]. - As of September 30, 2023, total current assets decreased to ¥28.98 billion from ¥32.72 billion as of December 31, 2022, representing a decline of approximately 11.1%[25]. - The company's total liabilities decreased to ¥58.26 billion from ¥60.57 billion year-over-year, a reduction of about 3.8%[27]. - The equity attributable to shareholders decreased by 10.04% to ¥17,168,399,622.25 compared to the end of the previous year[5]. - The company's cash and cash equivalents decreased to ¥12.31 billion from ¥14.00 billion, a decline of approximately 12.1%[25]. Investments and Shareholder Information - Investment income increased by 1692.67% year-on-year, mainly due to the sale of Wuhan Chenming and increased investment income from joint ventures[12]. - The largest shareholder, Chenming Holding Co., Ltd., holds 15.35% of the shares, with 457,322,919 shares pledged[17]. - The company sold 65.21% of its stake in Wuhan Chenming for RMB 48 million to optimize its asset structure and improve cash flow[21]. - A strategic investor, Shandong Caixin Investment Co., Ltd., will inject RMB 30 million into Zhanjiang Chenming to support its development[23]. - Long-term equity investments increased to ¥4.83 billion from ¥4.28 billion, reflecting a growth of about 12.9%[26]. Operational Changes - The company reported a 34.37% decrease in other income, primarily due to reduced government subsidies related to daily operations[12]. - The company recorded a 201.02% increase in credit impairment losses, attributed to higher bad debt provisions[12]. - The company’s inventory decreased by 18.83%, primarily due to a reduction in raw materials and finished goods[11]. - The company's inventory decreased to ¥5.54 billion from ¥6.82 billion, a reduction of about 18.6%[25]. - The company plans to focus on its core business of pulping and papermaking to enhance profitability[21]. - The company reported a significant increase in research and development expenses, totaling ¥824 million, compared to ¥978 million in the previous year, indicating a focus on innovation despite financial losses[27]. Audit and Compliance - The company did not undergo an audit for the third quarter report[30].

Financial Performance - The company's operating revenue for the first half of 2023 was CNY 12.565 billion, a decrease of 24.65% compared to CNY 16.676 billion in the same period last year[20]. - The net profit attributable to shareholders was a loss of CNY 688.08 million, a decline of 398.98% from a profit of CNY 230.14 million in the previous year[20]. - The basic and diluted earnings per share were both CNY -0.250, a decrease of 490.63% from CNY 0.064 in the same period last year[20]. - The weighted average return on net assets was -4.15%, a decrease of 5.17 percentage points from 1.02% in the previous year[20]. - Revenue for the reporting period was RMB 12.565 billion, a decrease of 24.65% from RMB 16.676 billion in the previous year, primarily due to lower sales volume and prices of mechanical paper[47]. - The company reported a significant decrease in other revenue sources, with a 60.99% drop in the "Other" category to ¥526,256,837.67[49]. - The company reported a net profit of ¥3.06 billion for the first half of 2023, compared to ¥3.12 billion for the same period in 2022, indicating a decline of about 1.45%[199]. Cash Flow and Assets - The net cash flow from operating activities increased by 78.62% to CNY 1.783 billion, compared to CNY 998.26 million in the same period last year[20]. - The total assets at the end of the reporting period were CNY 82.653 billion, down 1.96% from CNY 84.301 billion at the end of the previous year[20]. - The net assets attributable to shareholders decreased by 4.18% to CNY 18.287 billion from CNY 19.085 billion at the end of the previous year[20]. - As of June 30, 2023, the company's current ratio was 62.61%, and the quick ratio was 49.20%, with a debt-to-asset ratio of 72.28%[34]. - The total bank borrowings amounted to RMB 41.483 billion, a slight decrease from RMB 42.288 billion at the end of the previous year[34]. - The company's cash and cash equivalents amounted to ¥11,912,761,370.57, with restrictions due to bank acceptance bills, loan guarantees, and other factors[60]. Market and Industry Conditions - The company faces risks from macroeconomic fluctuations, national policy adjustments, and industry competition[3]. - In the first half of 2023, the total profit of the paper and paper products industry in China was RMB 12.04 billion, a year-on-year decrease of 44.6%[29]. - The company's main source of revenue and profit is from the paper business, which saw a significant decline in sales and prices due to weak downstream demand[30]. - The company is positioned to benefit from a gradual recovery in downstream demand as macroeconomic conditions improve[30]. - The number of paper and board production enterprises in China decreased from approximately 3,500 in 2012 to about 2,500 in 2022, indicating increased industry concentration[28]. Production and Operations - The company has an annual pulp and paper production capacity of 11 million tons, making it the first in China to achieve a balance between pulp and paper production capacity[30]. - The company has established three major production bases in Shandong, Guangdong, and Hubei, focusing on sustainable development and innovation[30]. - The company emphasizes technology research and development, with over 200 varieties of paper products across seven series[31]. - The company has achieved a water reuse rate of over 75% through advanced "ultrafiltration + reverse osmosis" technology, saving 170,000 cubic meters of fresh water daily[74]. - The company has invested over RMB 8 billion in environmental protection initiatives, implementing advanced pollution control systems and achieving industry-leading water reuse rates[44][45]. Strategic Plans and Future Outlook - The company plans to enhance product quality and efficiency by adjusting the product structure and increasing the development of high value-added products[30]. - The company plans to focus on expanding its market presence and enhancing product development in response to declining sales figures[50]. - The company is actively pursuing technological innovation to enhance production efficiency and product quality, aiming for a differentiated product structure to increase profitability[75]. - The company aims to improve its profitability as the price of mechanical paper gradually recovers and cost optimization continues[72]. - The company plans to enhance its wastewater treatment facilities to further decrease COD and nitrogen levels[94]. Environmental Compliance and Sustainability - The company strictly adheres to environmental protection laws and regulations, including the Environmental Protection Law of the People's Republic of China and various pollution prevention laws[90]. - The company has obtained environmental protection administrative licenses valid until 2028 for multiple subsidiaries, including Shandong Chenming Paper Group Co., Ltd.[91]. - The company has implemented a "green development" strategy in response to national "dual carbon" policies, focusing on clean production and resource recycling[74]. - The company has implemented various internal controls to maintain high corporate governance standards, complying with the Corporate Governance Code[88]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[104]. Shareholder and Governance Matters - The company has maintained a stable workforce of 10,364 employees, with total employee compensation for the first half of 2023 amounting to RMB 545.95 million[34]. - The company has committed to not reducing its shareholding in the listed company during the restructuring process, ensuring investor protection[113]. - The company has established a clear career advancement path and diverse training platforms for employees, fostering innovation and growth[109]. - The company has a total registered capital of 2,979,742,200 yuan as of September 30, 2022[85]. - The company has not reported any violations of the securities trading standards by its directors during the reporting period[88].