| Stockcode:000488200488 | Stockabbreviation:STChenmingSTChenmingB | AnnouncementNo.:2025-052 |
2025InterimReportSummaryofShandongChenmingPaperHoldingsLimited
I.IMPORTANTNOTICE
Thisinterimreportsummaryisextractedfromthetextoftheinterimreport.Forthefullunderstandingoftheoperatingresults,thefinancialpositionandtheplanforfurtherdevelopmentoftheCompany,investorsshouldcarefullyreadthetextoftheinterimreportpublishedonthemediaasdesignatedbytheCSRC.Alldirectorshaveattendedtheboardmeetingtoreviewthisreport.Noticeofnon-standardauditor’sopinion
□Applicable?NotapplicableAproposedprofitdistributionplanoraproposedplanonconversionofcapitalreservesintosharecapitalforthereportingperiodwasconsideredbytheBoard
□Applicable?NotapplicableTheCompanyproposesnottodistributecashdividend,issuebonusshares,orcapitalisefromcapitalreserves.AproposedprofitdistributionplanonpreferencesharesforthereportingperiodwasapprovedbytheBoard
□Applicable?NotapplicableII.BASICINFORMATIONABOUTTHECOMPANY
1.Companyprofile
| Stockabbreviation | STChenming | Stockcode | 000488 | |||
| STChenmingB | 200488 | |||||
| Stockexchangeonwhichthesharesarelisted | ShenzhenStockExchange | |||||
| Stockabbreviation | CHENMINGPAPER | Stockcode | 01812 | |||
| Stockexchangeonwhichthesharesarelisted | TheStockExchangeofHongKongLimited | |||||
| Stockabbreviationbeforethechange | N/A | |||||
| Contactpersonsandcontactmethods | SecretarytotheBoard | RepresentativesforSecuritiesAffairs | HongKongCompanySecretary | |||
| Name | YuanXikun | ZhangChuanyong | ChenLin | ChuHonLeung | ||
| Emailaddress | chenmmingpaper@163.com | friend537@163.com | ZQCL0536@163.com | liamchu@li-partners.com | ||
| Officeaddress | No.2199EastNongshengRoad,ShouguangCity,ShandongProvince | No.2199EastNongshengRoad,ShouguangCity,ShandongProvince | 22ndFloor,WorldWideHouse,Central,HongKong | |||
| Telephone | 0536-2158008 | 0536-2158008 | 00852-21629600 | |||
2.Majoraccountingdataandfinancialindicators
RetrospectiveadjustmenttoorrestatementoftheaccountingdataforprioryearsbytheCompany
□Yes?No
| Thereportingperiod | Thecorrespondingperiodoftheprioryear | Increase/decreaseforthereportingperiodascomparedtothecorrespondingperiodoftheprioryear | |
| Revenue(RMB) | 2,106,630,952.30 | 13,884,731,519.04 | -84.83% |
| NetprofitattributabletoshareholdersoftheCompany(RMB) | -3,857,953,190.56 | 28,646,205.42 | -13,567.59% |
| NetprofitafterextraordinarygainsorlossesattributabletoshareholdersoftheCompany(RMB) | -3,645,363,615.81 | -270,865,043.51 | -1,245.82% |
| Netcashflowsfromoperatingactivities(RMB) | 785,303,274.19 | 1,992,499,393.07 | -60.59% |
| Basicearningspershare(RMBpershare) | -1.31 | 0.01 | -13,200.00% |
| Dilutedearningspershare(RMBpershare) | -1.31 | 0.01 | -13,200.00% |
| Weightedaveragereturnonnetassets | -53.39% | 0.17% | Decreaseby53.56percentagepoints |
| Asattheendofthereportingperiod | Asattheendoftheprioryear | Increase/decreaseasattheendofthereportingperiodascomparedtotheendoftheprioryear | |
| Totalassets(RMB) | 54,698,875,991.74 | 63,509,295,142.08 | -13.87% |
| NetassetsattributabletoshareholdersoftheCompany(RMB) | 5,318,763,216.33 | 9,156,104,358.91 | -41.91% |
3.NumberofshareholdersandshareholdingoftheCompany
Unit:Shares
| Totalnumberofordinaryshareholdersasattheendofthereportingperiod | 117,668,ofwhich99,783wereholdersofAshares,17,568wereholdersofBsharesand317wereholdersofHshares | Totalnumberofholdersofpreferenceshareswithrestoredvotingrightasattheendofthereportingperiod | 0 | ||||||
| Shareholdingoftop10shareholders(excludingtheshareslentunderrefinancingbusiness) | |||||||||
| Nameofshareholders | Natureofshareholders | Percentageofshareholding | Numberofsharesheld | Numberofrestrictedsharesheld | Sharepledged,markedorfrozen | ||||
| Statusofshares | Number | ||||||||
| CHENMINGHOLDINGSCOMPANYLIMITED | State-ownedlegalperson | 15.50% | 455,781,319 | 0 | Pledged | 386,811,546 | |||
| Frozen | 409,956,441 | ||||||||
| HKSCCNOMINEESLIMITED | Overseaslegalperson | 12.69% | 373,409,775 | 0 | |||||
| CHENMINGHOLDINGS(HONGKONG)LIMITED(Note1) | Overseaslegalperson | 12.38% | 364,131,563 | 0 | |||||
| JinXing | Domesticnaturalperson | 1.27% | 37,385,427 | 0 | |||||
| ChenHongguo(Note2) | Domesticnaturalperson | 0.65% | 19,080,044 | 12,810,033 | Frozen | 19,080,044 | |||
| JiZhongqiu | Domesticnaturalperson | 0.23% | 6,887,174 | 0 | |||||
| XuHekun | Domesticnaturalperson | 0.23% | 6,789,900 | 0 | |||||
| GUOTAIJUNANSECURITIES(HONGKONG)LIMITED | Overseaslegalperson | 0.20% | 5,961,570 | 0 | |||||
| ZouShilin | Domesticnaturalperson | 0.20% | 5,908,307 | 0 | |||||
| VANGUARDTOTALINTERNATIONALSTOCKINDEXFUND | Overseaslegalperson | 0.19% | 5,533,559 | 0 | |||||
| Relatedpartyrelationshiporactinginconcertamongtheaboveshareholders | Ashareholder,ChenmingHoldings(HongKong)Limited,whichisanoverseaslegalperson,isawholly-ownedsubsidiaryofashareholder,ChenmingHoldingsCompanyLimited,whichisastate-ownedlegalperson.Savefortheabove,itisnotawarethatanyothershareholdersoftradablesharesarepersonsactinginconcert.Itisalsonotawarethatanyothershareholdersoftradablesharesarerelatedtoeachother. | ||||||||
| Securitiesmargintradingofshareholders | ChenmingHoldingsCompanyLimitedheld455,781,319RMBordinaryshares,ofwhich409,956,441shareswereheldthroughordinaryaccountand45,824,878shareswereheldthroughcreditguaranteesecurityaccount. | ||||||||
Note1:Inordertomeetitsowncapitalneeds,ChenmingHoldings(HongKong)Limitedconductedsharefinancingbusinesswithoverseasinstitutions,entrusting210,717,563Bsharesand153,414,000HsharesoftheCompanyheldbyittothecustodybrokeragedesignatedbyoverseasinstitutions.Theaforesaidsharesweresubjecttotheriskofnottoberecovered,whichmayleadtoareductionintheCompany’sshareholding,butdoesnotaffectChenmingHoldings’positionasthelargestshareholder,anddoesnotaffecttheCompany’scontrol.Fordetails,pleaserefertotheannouncementdisclosedbytheCompanyonCNINFOon18July2023(announcementno.:2023-058)andtheinsiderinformationdisclosedbytheCompanyonthewebsiteofHongKongStockExchangeon18July2023.Note2:On1November2024,pursuanttothe2020RestrictedAShareIncentiveScheme(Draft),theCompanymadepaymentstotheparticipantsfortherepurchaseofrestrictedsharesnotyetunlockedforthethirdunlockingperiodunderthe2020RestrictedAShareIncentiveScheme.Intheprocessofcompletingtheproceduresforthesharetransferandcancellation,the6,000,000restrictedsharesheldbyMr.ChenHongguowerejudiciallyfrozen.Hence,theproceduresforthetransferandcancellationofsuchrestrictedshareswerenotyetcompletedwiththeShenzhenBranchofChinaSecuritiesDepositoryandClearingCorporationLimited.The19,080,044sharesheldbyMr.ChenHongguo,beingadomesticnaturalperson,excludesthe6,000,000restricted
sharestobecancelledundertheshareincentivescheme.Sharelendingbyshareholderswithmorethan5%shareholding,top10shareholdersandtop10holdersofnon-restrictedsharesunderrefinancingbusiness
□Applicable?NotapplicableChangeoftop10shareholdersandtop10holdersofnon-restrictedsharesduringthepriorperiodasaresultofsharelending/returnunderrefinancingarrangement
□Applicable?Notapplicable
4.Changeofcontrollingshareholdersorbeneficialcontrollers
Changeofcontrollingshareholdersduringthereportingperiod
□Applicable?NotapplicableTherewasnochangeofcontrollingshareholdersoftheCompanyduringthereportingperiod.Changeofbeneficialcontrollersduringthereportingperiod
□Applicable?NotapplicableTherewasnochangeofbeneficialcontrollersoftheCompanyduringthereportingperiod.
5.Totalnumberofholdersofpreferencesharesandtheshareholdingsoftoptenholdersofpreferenceshares
□Applicable?NotapplicableTherewasnoshareholdingofholdersofpreferencesharesoftheCompanyduringthereportingperiod.
6.Bondssubsistingasatthedateofapprovaloftheinterimreport
□Applicable?Notapplicable
III.Materialmatters
1.Overdueofsomeofthedebts,freezingofsomeofthebankaccountsandshutdownofproductionbasesInrecentyears,thecontradictionbetweensupplyanddemandintheshorttermhasbeenprominentduetotheconcentrationofnewproductioncapacityinthepaperindustrycomingintoproduction.ThepricesoftheCompany’smajorpaperproducts,inparticularthepriceofwhitecardboard,havedeclinedsignificantlyundertheinfluenceofthesupply-demandcontradiction.Subsequently,theprofitleveloftheCompanyhasbeencontinuouslydecreasing,andtheCompanyhaseventurnedfromprofitsintolosses;coupledwiththesituationwheresomefinancialinstitutionshavedownsizedtheloanscale,theCompanyanditssubsidiarieshave,duringcertainphases,facedissuesoffailingtorepaysomedebtsasscheduled.Inresponse,somecreditorshavefiledlawsuitsagainstthesedebtsinthecourtandsimultaneouslyappliedforpropertypreservation,andthecourthasmadearulingtofreezesomeofthebankaccountsoftheCompanyanditssubsidiaries.Inaddition,sincethefourthquarterof2024,certainproductionbasesoftheCompanyhavebeenshutdownandmaintained.TheCompanyhasdisclosedtheaforementionedmattersinaccordancewiththerelevantrequirementsoftheRulesGoverningListingofStocksonShenzhenStockExchange.Asattheendofthereportingperiod,theCompany’scumulativeoverduedebtsamountedtoRMB3,821million,with332bankaccountsfrozen.ThecumulativefrozenamountofthefrozenbankaccountsamountedtoRMB39.3805million(excludingdeposits).CertainproductionlinesoftheCompanywerestillshutdownandmaintained.
Fordetails,pleaserefertotherelevantannouncementsdisclosedbytheCompanyonCNINFOon20November2024,21December2024,24January2025and1April2025(AnnouncementsNo.:2024-073,2024-079,2025-003and2025-031)andtheannouncementsdisclosedbytheCompanyonthewebsiteofHongKongStockExchangeon19November2024,20December2024,23January2025and31March2025.
2.PostponementoftheelectionsofthenewsessionsoftheBoardandtheSupervisoryCommittee
ThetermsofofficeofthetenthsessionsoftheBoardandtheSupervisoryCommitteeoftheCompanyexpiredon15June2025.Inthelightof,amongothers,therequirementsoftheGuidelinesfortheArticlesofAssociationofListedCompaniesandtheTransitionalArrangementsfortheImplementationoftheSupportingRulesoftheNewCompanyLawissuedbytheChinaSecuritiesRegulatoryCommission,andtheamendedsupportingrulesofShenzhenStockExchange,theCompanyproposedtosystematicallyamenditsArticlesofAssociationandtherelatedinternalsystem,andtoholdelectionsofthenewsessions.InordertoensurethecontinuityandstabilityoftheworkoftheBoardandtheSupervisoryCommitteeoftheCompany,there-electionofthetenthsessionsoftheBoardandtheSupervisoryCommitteeoftheCompanywaspostponed,andthetermsofofficeofvariousspecialcommitteesundertheBoardandtheSeniorManagementwereextendedaccordingly.Beforethecompletionoftheelectionsofthenewsessions,allmembersofthetenthsessionoftheBoardandtheSupervisoryCommittee,andspecialcommitteesundertheBoardoftheCompany,andtheSeniorManagementcontinuetoperformtheirrespectivedutiesandobligationsinaccordancewith,amongothers,relevantlawsandregulations,aswellastheRulesGoverningListingofStocksonShenzhenStockExchange,andtheArticlesofAssociation.Asoftheendofthereportingperiod,theCompanywasactivelypreparingtheamendmentstotherelevantsystemsoftheCompanyandtheelectionsofthenewsessions.
Fordetails,pleaserefertotherelevantannouncementdisclosedbytheCompanyonCNINFOon14June2025(AnnouncementNo.:2025-045)andtheannouncementdisclosedbytheCompanyonthewebsiteofHongKongStockExchangeon13June2025.
3.DissolutionofShandongChenmingGroupFinanceCo.,Ltd.On14August2024,theResolutiononDissolutionofShandongChenmingGroupFinanceCo.,Ltd.wasconsideredandapprovedatthetenthmeetingofthetenthsessionoftheBoardconvenedbytheCompany,pursuanttowhichtheBoardoftheCompanyagreedtoauthorisethemanagementoftheCompanytodealwiththemattersrelatingtothedissolutionofShandongChenmingGroupFinanceCo.,Ltd.On12February2025,ShandongChenmingGroupFinanceCo.,Ltd.receivedtheApprovaloftheNationalFinancialRegulatoryAdministrationontheDissolutionofShandongChenmingGroupFinanceCo.,Ltd.(JinFu[2025]No.86),whichapprovedthedissolutionofShandongChenmingGroupFinanceCo.,Ltd.ShandongChenmingGroupFinanceCo.,Ltd.willcompletetherelevantproceduresinaccordancewiththerequirementsofrelevantlawsandregulations.Forrelevantdetails,pleaserefertotherelevantannouncementsdisclosedbytheCompanyonCNINFOon15August2024and15February2025(announcementnumber:2024-047and2025-005)andtheannouncementsdisclosedbytheCompanyonthewebsiteofHongKongStockExchangeon14August2024and14February2025.
4.TerminationofconstructionofHuanggangChenmingPhaseIIProject
On25April2025and15May2025,theResolutiononTerminationofConstructionofHuanggangChenmingPhaseIIProjectwasconsideredandapprovedatthetwentiethextraordinarymeetingofthetenthsessionoftheBoardandthe2024annualgeneralmeeting,respectively.Inviewofmarketchangesanditscurrentoperations,inordertoavoidfurtherimpactofcapitalexpendituresonliquidityandtoeffectivelysafeguardtheinterestsoftheCompanyandallshareholders,basedontheprincipleofprudence,theCompanyterminatedtheconstructionoftheHuanggangChenmingPhaseIIProject.Forrelevantdetails,pleaserefertotherelevantannouncementsdisclosedbytheCompanyonCNINFOon26April2025and16May2025(announcementnumber:2025-037and2025-042)andtheannouncementsdisclosedbytheCompanyonthewebsiteofHongKongStockExchangeon25April2025and15May2025.
5.Informationdisclosureindexfor2025InterimReport
| AnnouncementNo. | Subjectmatter | Dateofpublication | Publicationwebsiteandindex |
| 2025-001 | AnnouncementonPartialReleaseofPledgeofSharesandRe-PledgeofSharesofShareholder | 3January2025 | http://www.cninfo.com.cn |
| 2025-002 | AnnouncementonPartialReleaseofPledgeofSharesandPledgeandFreezingofSharesofShareholder | 24January2025 | http://www.cninfo.com.cn |
| 2025-003 | AnnouncementinRelationto,AmongOthers,theProgressinTemporaryShutdownandMaintenanceofCertainProductionBasesandCumulativeLitigation | 24January2025 | http://www.cninfo.com.cn |
| 2025-004 | 2024AnnualResultsForecast | 24January2025 | http://www.cninfo.com.cn |
| 2025-005 | AnnouncementonProgressofDissolutionofShandongChenmingGroupFinanceCo.,Ltd. | 15February2025 | http://www.cninfo.com.cn |
| 2025-006 | AnnouncementonImpositionofOtherRiskWarningsinRespectofSharesoftheCompanyandSuspensionofTradinginSharesoftheCompany | 20February2025 | http://www.cninfo.com.cn |
| 2025-007 | AnnouncementonUnusualPriceMovementofSharesoftheCompany | 26February2025 | http://www.cninfo.com.cn |
| 2025-008 | AnnouncementonNewCumulativeLitigation | 1March2025 | http://www.cninfo.com.cn |
| 2025-009 | AnnouncementonProgressofEquityTransferofSubsidiaryandRelatedPartyTransaction | 15March2025 | http://www.cninfo.com.cn |
| 2025-010 | AnnouncementonJudicialFreezeandWaitingFreezeofSharesHeldbyShareholders | 15March2025 | http://www.cninfo.com.cn |
| 2025-011 | 2024AnnualReportSummary | 1April2025 | http://www.cninfo.com.cn |
| 2025-012 | AnnouncementonResolutionsoftheTwelfthMeetingoftheTenthSessionoftheBoardofDirectors | 1April2025 | http://www.cninfo.com.cn |
| 2025-013 | AnnouncementonResolutionsoftheTwelfthMeetingoftheTenthSessionoftheSupervisoryCommittee | 1April2025 | http://www.cninfo.com.cn |
| 2025-014 | Noticeof2024AnnualGeneralMeeting | 1April2025 | http://www.cninfo.com.cn |
| 2025-015 | Announcementonthe2024AnnualOnlinePerformanceBriefing | 1April2025 | http://www.cninfo.com.cn |
| 2025-016 | SpecialStatementonSecuritiesInvestmentin2024 | 1April2025 | http://www.cninfo.com.cn |
| 2025-017 | AnnouncementonProposedNon-distributionofProfitfor2024 | 1April2025 | http://www.cninfo.com.cn |
| 2025-018 | AnnouncementonCarryingoutFactoringBusinessofAccountsReceivable | 1April2025 | http://www.cninfo.com.cn |
| 2025-019 | AnnouncementonDevelopmentofEquipmentFinancingBusiness | 1April2025 | http://www.cninfo.com.cn |
| 2025-020 | AnnouncementonExpectedProvisionofGuaranteestoSubsidiariesfor2025 | 1April2025 | http://www.cninfo.com.cn |
| 2025-021 | AnnouncementonRe-appointmentofAuditorfor2025 | 1April2025 | http://www.cninfo.com.cn |
| 2025-022 | AnnouncementonEstimatedDay-to-dayRelatedPartyTransactionsfor2025 | 1April2025 | http://www.cninfo.com.cn |
| 2025-023 | AnnouncementonChangesinAccountingPolicies | 1April2025 | http://www.cninfo.com.cn |
| 2025-024 | SpecialStatementoftheBoardofDirectorsonMattersRelatedtothe2024AuditReport | 1April2025 | http://www.cninfo.com.cn |
| 2025-025 | SpecialStatementoftheBoardofDirectorsonMattersRelatedtothe2024InternalControlAuditReport | 1April2025 | http://www.cninfo.com.cn |
| 2025-026 | TheOpinionoftheSupervisoryCommitteeontheSpecialStatementoftheBoardofDirectorsonMattersRelatedtothe2024AuditReport | 1April2025 | http://www.cninfo.com.cn |
| 2025-027 | TheOpinionoftheSupervisoryCommitteeontheSpecialStatementoftheBoardofDirectorsonMattersRelatedtothe2024InternalControlAuditReport | 1April2025 | http://www.cninfo.com.cn |
| 2025-028 | AnnouncementonImpositionofOtherRiskWarningsinRespectofSharesoftheCompany | 1April2025 | http://www.cninfo.com.cn |
| 2025-029 | ValuationEnhancementPlan | 1April2025 | http://www.cninfo.com.cn |
| 2025-030 | AnnouncementontheWaitingFreezeofSharesHeldbyShareholders | 1April2025 | http://www.cninfo.com.cn |
| 2025-031 | AnnouncementonCumulativeNewlyOverdueDebts | 1April2025 | http://www.cninfo.com.cn |
| 2025-032 | IndicativeAnnouncementonChangeinShareholdingofControllingShareholder | 12April2025 | http://www.cninfo.com.cn |
| 2025-033 | AnnouncementonthePartialReleaseofPledgeofSharesofShareholderandtheNewWaitingFreeze | 12April2025 | http://www.cninfo.com.cn |
| 2025-034 | AnnouncementonNewCumulatedLitigation | 12April2025 | http://www.cninfo.com.cn |
| 2025-035 | AnnouncementonResolutionsoftheTwentiethExtraordinaryMeetingoftheTenthSessionoftheBoardofDirectors | 26April2025 | http://www.cninfo.com.cn |
| 2025-036 | AnnouncementonExternalGuaranteesProvidedbytheCompanyanditsMajority-ownedSubsidiaries | 26April2025 | http://www.cninfo.com.cn |
| 2025-037 | AnnouncementontheTerminationofConstructionofHuanggangChenmingPhaseIIProject | 26April2025 | http://www.cninfo.com.cn |
| 2025-038 | AnnouncementontheTransferofNon-ControllingShareholdinginaSubsidiaryoftheCompanytoHuanggangTechnologyandtheProvisionofGuaranteebyHuanggangChenming | 26April2025 | http://www.cninfo.com.cn |
| 2025-039 | AnnouncementontheAdditionofTemporaryProposalstothe2024AnnualGeneralMeetingandSupplementaryNoticeoftheGeneralMeeting | 26April2025 | http://www.cninfo.com.cn |
| 2025-040 | 2025FirstQuarterlyReport | 30April2025 | http://www.cninfo.com.cn |
| 2025-041 | AnnouncementonParticipatinginthe2025OnlineCollectiveReceptionDayforInvestorsofListedCompaniesinShandong | 14May2025 | http://www.cninfo.com.cn |
| 2025-042 | Resultsofthe2024AnnualGeneralMeeting | 16May2025 | http://www.cninfo.com.cn |
| 2025-043 | AnnouncementonProgressofProvisionofGuaranteetoaSubsidiary | 16May2025 | http://www.cninfo.com.cn |
| 2025-044 | AnnouncementonNewCumulatedLitigation | 24May2025 | http://www.cninfo.com.cn |
| 2025-045 | IndicativeAnnouncementonPostponementofElectionoftheBoardofDirectorsandtheSupervisoryCommittee | 14June2025 | http://www.cninfo.com.cn |
| 2025-046 | AnnouncementonProgressofLitigation | 28June2025 | http://www.cninfo.com.cn |
TheBoardofShandongChenmingPaperHoldingsLimited
29August2025