C&S Paper Co., Ltd. Third Quarter Report 2021
Stock Code: 002511 Stock Abbreviation: C&S Announcement No.: 2021-127
C&S Paper Co., Ltd.
Third Quarter Report 2021
The Company and all members of the Board of Directors hereby guarantee the truthfulness,
accuracy and completeness of the information disclosed, and there are no false and misleading
statements or material omissions.
Important Notice:
1. The Board of Directors and the Board of Supervisors of the Company and its directors,
supervisors and senior management warrant that the information contained in this quarterly report is
true, accurate and complete without any false and misleading statements or material omissions, and
severally and jointly accept legal liability thereof.
2. The person in charge of the Company, the person in charge of accounting of the Company, and
the person in charge of the accounting department of the Company have declared that they warrant
the truthfulness, accuracy and completeness of the financial statements set out in this quarterly
report.
Whether the Third Quarter Report has been audited
□ Yes √ No
I. Main Financial Data
(I) Main accounting data and financial indicators
Whether the Company needs to perform retrospective adjustment or restatement of accounting data for previous years
□ Yes √ No
Beginning of the year
Changes over same period Changes over same
Current period to end of current
of previous year period of previous year
period
Operating income
2,027,210,890.87 4.54% 6,274,852,727.25 12.95%
(RMB)
Net profit attributable to
shareholders of the listed 77,263,562.65 -64.72% 484,424,879.80 -27.88%
company (RMB)
Net profit attributable to
shareholders of the listed 77,203,406.36 -64.12% 476,191,641.05 -28.03%
company after deducting
2
C&S Paper Co., Ltd. Third Quarter Report 2021
non-recurring profit and
loss (RMB)
Net cash flow from
operating activities —— —— 879,123,088.92 113.73%
(RMB)
Basic earnings per share
0.0596 -64.90% 0.3729 -28.38%
(RMB/share)
Diluted earnings per
0.0591 -64.59% 0.3698 -27.77%
share (RMB/share)
Weighted average return
1.52% -3.43% 9.75% -5.43%
on net assets
End of current period End of previous year Changes over end of previous year
Total assets (RMB) 7,481,516,961.44 7,478,439,747.77 0.04%
Owner's equity
attributable to
4,850,775,440.29 5,042,146,076.42 -3.80%
shareholders of the listed
company (RMB)
(II) Non-recurring items and amounts
√ Applicable □ Not applicable
Unit: RMB
Amount from beginning
Amount of current
Item of the year to end of Description
period
current period
Profits/losses from the disposal of non-current asset
(including the write-off that accrued for impairment -981,100.72 -1,868,144.99
of assets)
Governmental grants reckoned into current
profits/losses (not including grants enjoyed in quota
4,303,707.27 14,860,307.58
or ration according to national standards, which are
closely relevant to the company’s normal business)
Returns on
principal-protected wealth
Profits/losses from assets entrusted to others for
358,473.15 management products at
investment or management
maturity and reverse repo
of treasury bonds
Other non-operating income and expenses except for
-3,597,919.97 -3,785,827.27
the aforementioned items
Less: Influence of income tax -335,469.71 1,331,569.72
Total 60,156.29 8,233,238.75 --
Details of other profit and loss items that meet the definition of non-recurring profit and loss:
□ Applicable √ Not applicable
The Company has no other profit and loss items that meet the definition of non-recurring profit and loss.
Descriptions where the Company defines any non-recurring profit and loss items listed in the No. 1 Explanatory Announcement on
Information Disclosure of Companies Offering Securities to the Public—Non-recurring Profit and Loss as recurring profit and loss
items during the reporting period
□ Applicable √ Not applicable
The Company did not define any non-recurring profit and loss items listed in the No. 1 Explanatory Announcement on Information
Disclosure of Companies Offering Securities to the Public—Non-recurring Profit and Loss as recurring profit and loss items during
the reporting period.
(III) Changes of main accounting data and financial indicators and reasons
√ Applicable □ Not applicable
Notes receivable: This item recorded an increase of RMB3,860,425.97 or 532.90% in the reporting period
3
C&S Paper Co., Ltd. Third Quarter Report 2021
compared with the end of 2020, mainly owing to the increase in bank acceptance bills received from customers
during the reporting period.
Prepayments: This item recorded a decrease of RMB10,093,433.92 or 37.64% in the reporting period compared
with the end of 2020, mainly owing to the decrease in prepayments for materials during the reporting period.
Other current assets: This item recorded a decrease of RMB44,731,370.70 or 44.03% in the reporting period
compared with the end of 2020, mainly owing to the decrease in the principals of wealth management products
during the reporting period.
Construction work in progress: This item recorded a decrease of RMB225,851,617.84 or 81.86% in the reporting
period compared with the end of 2020, mainly owing to the fact that certain construction work in progress reached
the usable state and was thereby transferred to fixed assets during the reporting period.
Right-of-use assets: This item recorded an increase of RMB11,328,528.08 or 100.00% in the reporting period
compared with the end of 2020, mainly owing to the fact that leased assets were confirmed as right-of-use assets
upon the adoption of the new lease standards during the reporting period.
Deferred income tax assets: This item recorded an increase of RMB70,346,172.66 or 63.17% in the reporting
period compared with the end of 2020, mainly owing to the increase in equity incentives and deductible losses
during the reporting period.
Other non-current assets: This item recorded an increase of RMB64,263,127.87 or 229.28% in the reporting
period compared with the end of 2020, mainly owing to the increase in prepayments for housing assets during the
reporting period.
Tax and fees payable: This item recorded a decrease of RMB34,538,236.96 or 30.67% in the reporting period
compared with the end of 2020, mainly owing to the decrease in corporate income tax during the reporting period.
Non-current liabilities due within one year: This item recorded an increase of RMB5,965,262.94 or 100.00% in
the reporting period compared with the end of 2020, mainly owing to the increase in lease liabilities due within
one year during the reporting period.
Lease liabilities: This item recorded an increase of RMB5,823,744.59 or 100.00% in the reporting period
compared with the end of 2020, mainly owing to the confirmation of lease liabilities upon the adoption of the new
lease standards during the reporting period.
Deferred income tax liabilities: This item recorded an increase of RMB11,058,266.56 or 30.80% in the reporting
period compared with the end of 2020, mainly owing to the increase in temporary differences formed by fixed
assets during the reporting period.
Treasury shares: This item recorded an increase of RMB599,549,983.07 or 621.42% in the reporting period
compared with the end of 2020, mainly owing to the increase in the Company’s repurchased shares during the
reporting period.
(II) Income statement items
Operating cost: This item recorded an increase of RMB928,513,100.53 or 31.32% from the beginning of the year
to the end of the reporting period compared with the same period in 2020, mainly owing to factors such as
increase in operating income, increase in material prices, changes in category structure, increase in freight, etc.
4
C&S Paper Co., Ltd. Third Quarter Report 2021
during the reporting period.
Financial expenses: This item recorded an increase of RMB8,236,376.20 or 74.34% from the beginning of the
year to the end of the reporting period compared with the same period in 2020, mainly owing to the increase in
exchange losses and gains during the reporting period.
Return on investment: This item recorded a decrease of RMB3,463,447.64 or 90.62% from the beginning of the
year to the end of the reporting period compared with the same period in 2020, mainly owing to the decrease in
returns on wealth management products during the reporting period.
Credit impairment loss: This item recorded a decrease of RMB1,330,520.48 or 138.06% from the beginning of the
year to the end of the reporting period compared with the same period in 2020, mainly owing to the decrease in
accrued credit impairment losses caused by the decrease in accounts receivable during the reporting period.
Asset impairment loss: This item recorded an increase of RMB2,263,955.63 or 243.85% from the beginning of the
year to the end of the reporting period compared with the same period in 2020, mainly owing to the increase in
fixed asset impairment losses during the reporting period.
Return on disposal of assets: This item recorded an increase of RMB1,298,108.54 or 80.74% from the beginning
of the year to the end of the reporting period compared with the same period in 2020, mainly owing to the increase
in the income from fixed asset disposal during the reporting period.
Non-operating income: This item recorded a decrease of RMB1,398,990.80 or 31.51% from the beginning of the
year to the end of the reporting period compared with the same period in 2020, mainly owing to the decrease in
government grants during the reporting period.
Non-operating expense: This item recorded a decrease of RMB4,790,284.77 or 33.52% from the beginning of the
year to the end of the reporting period compared with the same period in 2020, mainly owing to the decrease in
donations during the reporting period.
Income tax expenses: This item recorded a decrease of RMB68,894,443.22 or 50.12% from the beginning of the
year to the end of the reporting period compared with the same period in 2020, mainly owing to the decrease in
total profit during the reporting period.
(III) Cash flow statement items
Net cash flows from operating activities: This item recorded an increase of RMB467,803,529.64 or 113.73% from
the beginning of the year to the end of the reporting period compared with the same period in 2020, mainly owing
to the increase in sales revenue during the reporting period.
Net cash flows from investing activities: This item recorded a decrease of RMB288,800,242.32 or 158.98% from
the beginning of the year to the end of the reporting period compared with the same period in 2020, mainly owing
to the decrease in the received principal of wealth management products and the increase in payment for
engineering equipment during the reporting period.
Net cash flows from financing activities: This item recorded a decrease of RMB827,751,954.50 or 866.81% from
the beginning of the year to the end of the reporting period compared with the same period in 2020, mainly owing
to the decrease in cash received from borrowings and the increase in payment of repurchased shares during the
reporting period.
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C&S Paper Co., Ltd. Third Quarter Report 2021
II. Shareholder Information
(I) Total number of ordinary shareholders, number of preferred shareholders whose voting rights were
resumed and shareholdings of top 10 shareholders
Unit: share
Total number of preferred
Total number of ordinary
shareholders whose voting
shareholders as at the end of the 160,792 0
rights were resumed at the end
reporting period
of the reporting period (if any)
Shareholdings of top 10 shareholders
Number of shares Pledged, marked or frozen
Name of Nature of Shareholding
Number of shares subject to selling
shareholder shareholder percentage (%) Share status Number of shares
restrictions
Guangdong Domestic
Zhongshun Paper non-state-owned 28.58% 375,655,958 0
Group Co., Ltd. legal person
Foreign legal
Chung Shun Co. 20.28% 266,504,789 0
person
Hong Kong
Foreign legal
Securities 4.48% 58,934,472 0
person
Clearing Co., Ltd.
Ernest Partners
Foreign legal
LLC -- Client 0.79% 10,402,100 0
person
funds
Domestic natural
Yue Yong 0.74% 9,665,241 7,903,305
person
Domestic natural
# Lin Zuohua 0.67% 8,787,510 0
person
Domestic natural
Deng Yingzhong 0.51% 6,752,811 5,064,608
person
# Zhongshan
Domestic
Xinda Investment
non-state-owned 0.47% 6,123,636 0
Management Co.,
legal person
Ltd.
Ping An
Insurance
Company—Unit-
Others 0.38% 4,999,980 0
linked—Personal
insurance
unit-linked
Domestic natural
Deng Guanbiao 0.38% 4,957,473 3,718,105
person
Shareholdings of top 10 shareholders not subject to selling restrictions
Type of shares
Name of shareholder Number of shares not subject to selling restrictions
Type of shares Number of shares
Guangdong Zhongshun Paper Group RMB-denominate
375,655,958 375,655,958
Co., Ltd. d ordinary shares
RMB-denominate
Chung Shun Co. 266,504,789 266,504,789
d ordinary shares
Hong Kong Securities Clearing Co., RMB-denominate
58,934,472 58,934,472
Ltd. d ordinary shares
RMB-denominate
Ernest Partners LLC — Client funds 10,402,100 10,402,100
d ordinary shares
RMB-denominate
# Lin Zuohua 8,787,510 8,787,510
d ordinary shares
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C&S Paper Co., Ltd. Third Quarter Report 2021
# Zhongshan Xinda Investment RMB-denominate
6,123,636 6,123,636
Management Co., Ltd. d ordinary shares
Ping An Insurance
RMB-denominate
Company—Unit-linked—Personal 4,999,980 4,999,980
d ordinary shares
insurance unit-linked
Chinan Asset Management Co.,Ltd.
— Chinan 99 Chuancheng No. 1 RMB-denominate
4,499,913 4,499,913
Private Equity Securities Investment d ordinary shares
Fund
RMB-denominate
Li Hong 4,297,300 4,297,300
d ordinary shares
RMB-denominate
Chen Ruiqiang 3,667,600 3,667,600
d ordinary shares
1. Among the top ten shareholders mentioned above, Guangdong Zhongshun Paper Group
Co., Ltd. and Chung Shun Co. are the enterprises controlled by actual controllers of the
Company, i.e. Deng Yingzhong, Deng Guanbiao and Deng Guanjie. That is, Guangdong
Description on the related Zhongshun Paper Group Co., Ltd. and Chung Shun Co. are related parties. Mr. Yue Yong is
relationship or parties an incumbent senior manager of the Company.
acting-in-concert arrangements
among the above shareholders 2. It is unknown to the Company whether there is related party relationship among other
shareholders, or whether there is acting-in-concert among other shareholders as stipulated in
the Administrative Measures for the Disclosure of Information on Changes in Shareholders'
Shareholding of Listed Companies.
The Company’s shareholder Lin Zuohua holds 8,787,510 shares through a client credit
transaction guarantee securities account.
Description on the top 10 The Company’s shareholder Zhongshan Xinda Investment Management Co., Ltd. holds
shareholders’ participation in margin 6,120,602 shares through a client credit transaction guarantee securities account.
trading and securities lending (if Note: There is a special repurchase account “C&S Paper Special Repurchase Securities
any) Account” among the top 10 shareholders. As of the end of the reporting period, this
repurchase account held 24,952,887 shares, with a shareholding ratio of 1.9%. Pursuant to
relevant regulations, it is not included in the list of top 10 shareholders.
(II) Total number of preferred shareholders and shareholdings of top 10 preferred shareholders
□ Applicable √ Not applicable
III. Other Significant Matters
□ Applicable √ Not applicable
Announce Disclosure media
Announcement
No. Announcement name ment
time
number
Announcement on Reduction of Company Shares by Directors and Senior
1 July 01, 2021 2021-99
Management Through Block Transactions
2 July 02, 2021 Announcement on Progress of Repurchase of Company Shares 2021-100
Announcement on the Deregistration Completion of Partial Stock Options
3 July 07, 2021 Awarded in the First Grant under the 2018 Stock Option and Restricted 2021-101
Stock Incentive Plan
4 July 07, 2021 Announcement on Progress of Repurchase of Company Shares 2021-102
5 July 10, 2021 Announcement on Progress of Repurchase of Company Shares 2021-103
Announcement on Commitments of None-Decrease of Shares by Vice
6 July 13, 2021 2021-104
President and Secretary of the Board of Directors of the Company
Securities Times,
7 July 13, 2021 Announcement on Resignation of the Company’s Supervisor 2021-105 Securities Daily,
Announcement on Resolutions of the 7th Meeting of the Fifth Session of China Securities
8 July 13, 2021 2021-106 Journal, and CNINF
the Board of Directors
9 July 13, 2021 Announcement on Appointment of the Vice President of the Company 2021-107
7
C&S Paper Co., Ltd. Third Quarter Report 2021
10 July 27, 2021 Announcement on Progress of Repurchase of Company Shares 2021-108
Announcement on Resolutions of the 8th Meeting of the Fifth Session of
11 July 30, 2021 2021-109
the Board of Directors
Announcement on Adjusting the Amount of the Company's Share
12 July 30, 2021 2021-110
Repurchase
Announcement on Resignation of the Secretary of the Board of Directors
13 July 30, 2021 2021-111
and Vice President of the Company
Announcement on Progress of the Phase III Employee Stock Ownership
14 August 03, 2021 2021-112
Plan of the Company
15 August 03, 2021 Announcement on Progress of Repurchase of Company Shares 2021-113
Announcement on Resolutions of the 9th Meeting of the Fifth Session of
16 August 24, 2021 2021-114
the Board of Directors
Announcement on Appointment of the Vice President and Secretary of the
17 August 24, 2021 2021-115
Board of Directors of the Company
Announcement on Resolutions of the Board of Directors on the
18 August 31, 2021 2021-116
Semi-annual Report
Announcement on Resolutions of the Board of Supervisors on the
19 August 31, 2021 2021-117
Semi-annual Report
20 August 31, 2021 Summary of Semi-annual Report 2021 2021-118
Announcement on the Resignation of the Representative of Securities
21 August 31, 2021 2021-119
Affairs
September 02,
22 Announcement on Progress of Repurchase of Company Shares 2021-120
2021
September 02, Announcement on Progress of the Phase III Employee Stock Ownership
23 2021-121
2021 Plan of the Company
September 07, Announcement on Completion of the Industrial and Commercial
24 2021-122
2021 Registration Amendment of the Company
September14,
25 Announcement on Progress of Repurchase of Company Shares 2021-123
2021
IV. Quarterly Financial Statements
(I) Financial statements
1. Consolidated balance sheet
Prepared by: C&S Paper Co., Ltd.
September 30, 2021
Unit: RMB
Item September 30, 2021 December 31, 2020
Current assets:
Monetary funds 811,606,154.48 1,125,196,199.56
Settlement reserve
Lending to banks and other
financial institutions
Tradable financial assets
Derivative financial assets
Notes receivable 4,584,845.71 724,419.74
Accounts receivable 988,086,010.51 1,051,423,939.59
Accounts receivable financing
Prepayments 16,725,674.65 26,819,108.57
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C&S Paper Co., Ltd. Third Quarter Report 2021
Premium receivable
Reinsurance payables
Reinsurance contract reserves
receivable
Other receivables 13,094,338.62 15,824,945.56
Including: Interest receivable
Dividends receivable
Financial assets held under resale
agreements
Inventory 1,760,498,581.06 1,661,274,495.32
Contract assets
Assets held for sale 57,073,059.69 57,073,059.69
Non-current assets due within one
year
Other current assets 56,853,198.60 101,584,569.30
Total current assets 3,708,521,863.32 4,039,920,737.33
Non-current assets:
Loans and advances to customers
Investments in creditor’s rights
Investments in other creditor’s
rights
Long-term receivable
Long-term equity investment
Investment in other equity
instruments
Other non-current financial assets
Investment property 33,497,702.79 34,575,365.94
Fixed assets 3,214,621,904.05 2,792,587,302.21
Construction work in progress 50,053,000.11 275,904,617.95
Productive biological assets
Oil & gas assets
Right-of-use assets 11,328,528.08
Intangible assets 169,695,480.29 169,355,772.24
Development expenses
Goodwill 64,654.15 64,654.15
Long-term deferred expenses 19,729,213.31 26,635,983.14
Deferred income tax assets 181,713,535.32 111,367,362.66
Other non-current assets 92,291,080.02 28,027,952.15
Total non-current assets 3,772,995,098.12 3,438,519,010.44
Total assets 7,481,516,961.44 7,478,439,747.77
Current liabilities:
Short-term borrowings 162,547,892.71 142,942,941.34
Borrowings from PBC
Placements from banks and other
financial institutions
Tradable financial liabilities
Derivative financial liabilities
Notes payable 274,447,555.96 234,887,563.22
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C&S Paper Co., Ltd. Third Quarter Report 2021
Accounts payable 822,948,585.87 761,519,389.26
Payments received in advance
Contract liabilities 144,088,271.76 137,333,617.40
Proceeds from financial assets sold
under repo
Customer bank deposits and due to
banks and other financial institutions
Funds from securities trading
agency
Funds from securities underwriting
agency
Employee remuneration payable 136,303,770.44 123,524,627.11
Tax and fees payable 78,069,817.91 112,608,054.87
Other payables 825,301,021.04 754,844,580.09
Including: Interests payable
Dividends payable 1,594,446.41 1,437,466.77
Transaction fee and commission
receivable
Reinsurance payable
Liabilities held for sale
Non-current liabilities due within
5,965,262.94
one year
Other current liabilities 18,661,924.62 17,628,086.63
Total current liabilities 2,468,334,103.25 2,285,288,859.92
Non-current liabilities:
Insurance contract reserves
Long-term borrowings
Bonds payable
Including: Preference shares
Perpetual bonds
Lease liabilities 5,823,744.59
Long-term payable
Long-term employee remuneration
payable
Provision
Deferred income 108,278,887.57 115,101,158.13
Deferred income tax liabilities 46,961,919.86 35,903,653.30
Other non-current liabilities
Total non-current liabilities 161,064,552.02 151,004,811.43
Total liabilities 2,629,398,655.27 2,436,293,671.35
Owner's equity:
Share capital 1,312,362,868.00 1,311,487,077.00
Other equity instruments
Including: Preference shares
Perpetual bonds
Capital reserve 958,636,710.60 907,006,505.05
Less: Treasury shares 696,030,894.36 96,480,911.29
Other comprehensive income
Special reserves
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C&S Paper Co., Ltd. Third Quarter Report 2021
Surplus reserves 61,469,258.27 61,469,258.27
General reserves
Retained earnings 3,214,337,497.78 2,858,664,147.39
Total equity attributable to owners of
4,850,775,440.29 5,042,146,076.42
the parent company
Equities of minority shareholders 1,342,865.88
Total owner's equity 4,852,118,306.17 5,042,146,076.42
Total liabilities and owners' equities 7,481,516,961.44 7,478,439,747.77
Legal representative: Liu Peng Person in charge of accounting: Dong Ye Person in charge of accounting department: Xu
Xianjing
2. Consolidated income statement from beginning of the year to end of reporting period
Unit: RMB
Item Incurred in the current period Incurred in the prior period
I. Total Operating Income 6,274,852,727.25 5,555,315,729.00
Including: Operating income 6,274,852,727.25 5,555,315,729.00
Interest income
Gross earned premiums
Service charge and
commission income
II. Total Operating Cost 5,728,586,896.00 4,755,419,712.84
Including: Operating costs 3,893,455,731.93 2,964,942,631.40
Interest expenses
Service charge and
commission expenses
Surrender value
Net compensation expenses
Net appropriation of
insurance reserve
Policy dividends expenses
Reinsurance costs
Tax and surcharges 43,629,579.28 37,942,925.51
Selling expenses 1,385,553,454.23 1,342,148,313.68
Administrative expenses 261,274,849.11 283,890,975.47
R&D expenses 147,516,610.83 137,574,572.36
Finance expenses -2,843,329.38 -11,079,705.58
Including: Interest fees 1,272,593.21 2,071,645.66
Interest income 8,553,063.14 5,956,376.08
Plus: Other income 15,977,069.84 18,797,424.09
Return on investment ("-"
358,473.15 3,821,920.79
indicates loss)
Including: Return on
investment in associates and joint
ventures
Income from the
derecognition of financial assets
measured at amortized cost
Exchange gains ("-" indicates
11
C&S Paper Co., Ltd. Third Quarter Report 2021
loss)
Gains from net exposure
hedging ("-" indicates loss)
Gains from changes in fair
value ("-" indicates loss)
Credit impairment losses ("-"
366,801.28 -963,719.20
indicates loss)
Asset impairment losses ("-"
-3,192,363.87 -928,408.24
indicates loss)
Return on disposal of assets
-309,646.72 -1,607,755.26
("-" indicates loss)
III. Operating Profit ("-" indicates loss) 559,466,164.93 819,015,478.34
Plus: Non-operating income 3,041,051.40 4,440,042.20
Less: Non-operating expenditure 9,502,139.20 14,292,423.97
IV. Total Profit ("-" indicates total loss) 553,005,077.13 809,163,096.57
Less: Income tax expense 68,575,551.28 137,469,994.50
V. Net Profit ("-" indicates net loss) 484,429,525.85 671,693,102.07
i. Classified by operation continuity
1. Net profit from continued
484,429,525.85 671,693,102.07
operation ("-" indicates net loss)
2. Net profit from discontinued
operation ("-" indicates net loss)
ii. Classified by attribution of
ownership
1. Net profit attributable to owners
484,424,879.80 671,693,102.07
of the parent company
2. Minority shareholders' profits and
4,646.05
losses
VI. Net Amount of Other Comprehensive
Income after Tax
Total other comprehensive after-tax net
income attributable to owners of the
parent company
i. Other comprehensive income not
able to be reclassified into the profit or
loss
1. Changes of
re-measurement of the defined benefit
plan
2. Other comprehensive
income that cannot be transferred into the
profit or loss under equity method
3. Changes in fair value of
investment in other equity instruments
4. Changes in fair value of
credit risk of the enterprise
5. Others
ii. Other comprehensive income
reclassified into the profit or loss
1. Other comprehensive
income to be transferred into the profit or
loss under equity method
2. Changes in fair value of
investment in other creditor's rights
12
C&S Paper Co., Ltd. Third Quarter Report 2021
3. Financial assets
reclassified into other comprehensive
income
4. Impairment provision for
credit of investment in other creditor's
rights
5. Reserve of cash flow
hedge
6. Converted difference in
foreign currency financial statements
7. Others
Total other comprehensive after-tax net
income attributable to minority
shareholders
VII. Total Comprehensive Income 484,429,525.85 671,693,102.07
Total comprehensive income
attributable to owners of the parent 484,424,879.80 671,693,102.07
company
Total comprehensive income
4,646.05
attributable to minority shareholders
VIII. Earnings per Share:
i. Basic earnings per share 0.3729 0.5207
ii. Diluted earnings per share 0.3698 0.5120
For business combinations of the current period under common control, the net profit realized by the combined party before the
combination is: RMB0.00; the net profit realized by the combined party in last period is: RMB0.00.
Legal representative: Liu Peng Person in charge of accounting: Dong Ye Person in charge of accounting department: Xu
Xianjing
3. Consolidated cash flow statement from beginning of the year to end of reporting period
Unit: RMB
Item Incurred in the current period Incurred in the prior period
I. Cash Flows from Operating
Activities:
Cash received from sale of goods
6,360,944,202.22 5,535,241,894.34
or rendering of services
Net increase in deposits from
customers, banks and non-bank
financial institutions
Net increase in due to central
banks
Net increase in placements from
other financial institutions
Cash received from the premium
of direct insurance contracts
Net cash from reinsurance business
Net increase in deposits and
investment of the insured
Cash obtained from interest, net
fee and commission
Net increase in placements from
banks and other financial institutions
Net increase in repo service fund
13
C&S Paper Co., Ltd. Third Quarter Report 2021
Net cash from agent securities
trading
Tax rebates 7,205,724.03
Cash received related to other
57,981,575.27 95,719,026.24
operating activities
Sub-total of cash inflow from operating
6,418,925,777.49 5,638,166,644.61
activities
Cash paid for goods purchased and
3,837,395,641.87 3,819,517,900.19
services rendered
Net loans and advances to
customers
Net increase in deposits with the
central bank, banks and non-bank
financial institutions
Cash paid for claims of direct
insurance contracts
Net increase in placements with
banks and non-bank financial
institutions
Cash paid for interest, fee and
commission
Cash paid for dividends of the
insured
Cash paid to and on behalf of
631,740,057.84 490,559,056.65
employees
Tax payments 417,475,289.56 363,184,736.53
Cash payments related to other
653,191,699.30 553,585,391.96
operating activities
Sub-total of cash outflow from
5,539,802,688.57 5,226,847,085.33
operating activities
Net cash flows from operating activities 879,123,088.92 411,319,559.28
II. Cash Flows from Investing
Activities:
Cash from realization of
investment
Cash received from the return on
358,473.15 3,821,920.79
investments
Net cash received from the
disposal of fixed assets, intangible 10,642,476.47 38,795,131.20
assets, and other long-term assets
Net amount of cash received from
the disposal of subsidiaries and other
operating organizations
Cash received related to other
50,000,000.00 127,105,000.00
investing activities
Sub-total of cash inflow from investing
61,000,949.62 169,722,051.99
activities
Cash paid for the acquisition and
construction of fixed assets, intangible 523,456,060.94 331,376,920.99
assets, and other long-term assets
Cash paid for investments
Net increase in pledged loans
Net amount of cash paid for
acquisition of subsidiaries and other
operating organizations
14
C&S Paper Co., Ltd. Third Quarter Report 2021
Cash payments related to other
8,000,000.00 20,000,000.00
investing activities
Sub-total of cash outflow from
531,456,060.94 351,376,920.99
investing activities
Net cash flows from investing activities -470,455,111.32 -181,654,869.00
III. Cash Flows from Financing
Activities:
Cash received from capital
31,909,987.57 25,097,753.55
contribution
Including: Proceeds received by
subsidiaries from minority shareholders'
investment
Cash received from borrowings 187,245,860.18 383,892,976.77
Cash received related to other
financing activities
Sub-total of cash inflow from financing
219,155,847.75 408,990,730.32
activities
Cash paid for repayments of
167,703,551.03 168,952,706.91
borrowings
Cash payment for interest expenses
129,522,597.64 99,104,244.85
and distribution of dividends or profits
Including: Dividend and profit
paid by subsidiaries to minority
shareholders
Cash payments related to other
654,187,119.81 45,439,244.79
financing activities
Sub-total of cash outflow from
951,413,268.48 313,496,196.55
financing activities
Net cash flows from financing activities -732,257,420.73 95,494,533.77
IV. Effect of Exchange Rate Changes on
-3,507,754.36 206,510.56
Cash and Cash Equivalents
V. Net Increase in Cash and Cash
-327,097,197.49 325,365,734.61
Equivalents
Plus: Opening balance of cash and
1,050,034,135.72 675,996,852.97
cash equivalents
VI. Closing Balance of Cash and Cash
722,936,938.23 1,001,362,587.58
Equivalents
(II) Explanation of adjustments for financial statements
1. Description on the adjustment of relevant items in the financial statements at the beginning of the year
for the first time adoption of the new leasing standards since 2021
√ Applicable □ Not applicable
Whether to adjust the subjects of the balance sheet at the beginning of the year
√ Yes □ No
Consolidated balance sheet
Unit: RMB
Item December 31, 2020 January 01, 2021 Adjustment number
Current assets:
Monetary funds 1,125,196,199.56 1,125,196,199.56
Settlement reserve
Lending to banks and
other financial institutions
15
C&S Paper Co., Ltd. Third Quarter Report 2021
Tradable financial assets
Derivative financial
assets
Notes receivable 724,419.74 724,419.74
Accounts receivable 1,051,423,939.59 1,051,423,939.59
Accounts receivable
financing
Prepayments 26,819,108.57 26,819,108.57
Premium receivable
Reinsurance payables
Reinsurance contract
reserves receivable
Other receivables 15,824,945.56 15,824,945.56
Including: Interest
receivable
Dividends
receivable
Financial assets held
under resale agreements
Inventory 1,661,274,495.32 1,661,274,495.32
Contract assets
Assets held for sale 57,073,059.69 57,073,059.69
Non-current assets due
within one year
Other current assets 101,584,569.30 101,584,569.30
Total current assets 4,039,920,737.33 4,039,920,737.33
Non-current assets:
Loans and advances to
customers
Investments in creditor’s
rights
Investments in other
creditor’s rights
Long-term receivable
Long-term equity
investment
Investment in other
equity instruments
Other non-current
financial assets
Investment property 34,575,365.94 34,575,365.94
Fixed assets 2,792,587,302.21 2,792,587,302.21
Construction work in
275,904,617.95 275,904,617.95
progress
Productive biological
assets
Oil & gas assets
Right-of-use assets 10,611,654.31 10,611,654.31
Intangible assets 169,355,772.24 169,355,772.24
Development expenses
Goodwill 64,654.15 64,654.15
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C&S Paper Co., Ltd. Third Quarter Report 2021
Long-term deferred
26,635,983.14 26,635,983.14
expenses
Deferred income tax
111,367,362.66 111,367,362.66
assets
Other non-current assets 28,027,952.15 28,027,952.15
Total non-current assets 3,438,519,010.44 3,449,130,664.75 10,611,654.31
Total assets 7,478,439,747.77 7,489,051,402.08 10,611,654.31
Current liabilities:
Short-term borrowings 142,942,941.34 142,942,941.34
Borrowings from PBC
Placements from banks
and other financial
institutions
Tradable financial
liabilities
Derivative financial
liabilities
Notes payable 234,887,563.22 234,887,563.22
Accounts payable 761,519,389.26 761,519,389.26
Payments received in
advance
Contract liabilities 137,333,617.40 137,333,617.40
Proceeds from financial
assets sold under repo
Customer bank deposits
and due to banks and other
financial institutions
Funds from securities
trading agency
Funds from securities
underwriting agency
Employee remuneration
123,524,627.11 123,524,627.11
payable
Tax and fees payable 112,608,054.87 112,608,054.87
Other payables 754,844,580.09 754,844,580.09
Including: Interests
payable
Dividends
1,437,466.77 1,437,466.77
payable
Transaction fee and
commission receivable
Reinsurance payable
Liabilities held for sale
Non-current liabilities
3,472,854.73 3,472,854.73
due within one year
Other current liabilities 17,628,086.63 17,628,086.63
Total current liabilities 2,285,288,859.92 2,288,761,714.65 3,472,854.73
Non-current liabilities:
Insurance contract
reserves
Long-term borrowings
Bonds payable
17
C&S Paper Co., Ltd. Third Quarter Report 2021
Including: Preference
shares
Perpetual
bonds
Lease liabilities 7,138,799.58 7,138,799.58
Long-term payable
Long-term employee
remuneration payable
Provision
Deferred income 115,101,158.13 115,101,158.13
Deferred income tax
35,903,653.30 35,903,653.30
liabilities
Other non-current
liabilities
Total non-current liabilities 151,004,811.43 158,143,611.01 7,138,799.58
Total liabilities 2,436,293,671.35 2,446,905,325.66 10,611,654.31
Owner's equity:
Share capital 1,311,487,077.00 1,311,487,077.00
Other equity instruments
Including: Preference
shares
Perpetual
bonds
Capital reserve 907,006,505.05 907,006,505.05
Less: Treasury shares 96,480,911.29 96,480,911.29
Other comprehensive
income
Special reserves
Surplus reserves 61,469,258.27 61,469,258.27
General reserves
Retained earnings 2,858,664,147.39 2,858,664,147.39
Total equity attributable to
owners of the parent 5,042,146,076.42 5,042,146,076.42
company
Equities of minority
shareholders
Total owner's equity 5,042,146,076.42 5,042,146,076.42
Total liabilities and owners'
7,478,439,747.77 7,489,051,402.08 10,611,654.31
equities
Explanation of adjustment
The Company started to adopt the New Lease Standards from January 1, 2021.
2. Description on the retrospective adjustment of previous comparable data at the first time adoption of the
new leasing standards in 2021
□ Applicable √ Not applicable
(III) Report auditing
Whether the Third Quarter Report has been audited
□ Yes √ No
The Third Quarter Report of the Company has not been audited.
18
C&S Paper Co., Ltd. Third Quarter Report 2021
Board of Directors of C&S Paper Co., Ltd.
October 27, 2021
If there are any ambiguities, the Chinese version shall prevail.
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