Shandong Chenming Paper Holdings Limited 2021 First Quarterly Report
SHANDONG CHENMING PAPER HOLDINGS LIMITED*
2021 First Quarterly Report
April 2021
1
Shandong Chenming Paper Holdings Limited 2021 First Quarterly Report
I. Important Notice
The board of directors (the “Board”), the supervisory committee (the
“Supervisory Committee”), and the directors (the “Directors”), supervisors (the
“Supervisors”) and senior management (the “Senior Management”) of the
Company hereby warrant that the truthfulness, accuracy and completeness of
this quarterly report which does not contain false representations, misleading
statements or material omissions, and are jointly and severally responsible for
the liabilities of the Company.
All Directors were present at the Board meeting to consider and approve
this quarterly report.
Chen Hongguo, the head of the Company, Dong Lianming, the head in
charge of accounting, and Zhang Bo, the head of the accounting department
(Accounting Officer), declare that they warrant the truthfulness, accuracy and
completeness of the financial statements in this quarterly report.
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Shandong Chenming Paper Holdings Limited 2021 First Quarterly Report
II. General Information of the Company
I. Major accounting data and financial indicators
Retrospective adjustment to or restatement of the accounting data for prior years by the Company
□ Yes √ No
Increase/decrease
The
compared to the
corresponding
The reporting period corresponding
period of the
period of the
prior year
prior year
Revenue (RMB) 10,205,724,007.89 6,085,376,805.28 67.71%
Net profit attributable to shareholders of the Company (RMB) 1,179,076,577.84 202,790,856.25 481.42%
Net profit after extraordinary gains or losses attributable to
1,165,076,739.34 143,993,251.71 709.12%
shareholders of the Company (RMB)
Net cash flows from operating activities (RMB) 3,386,890,222.27 655,581,522.20 416.62%
Basic earnings per share (RMB per share) 0.365 0.019 1821.05%
Diluted earnings per share (RMB per share) 0.365 0.019 1821.05%
Increase of 5.19
Rate of return on weighted average net assets 5.51% 0.32%
percentage point
Increase/decrease
as at the end of
As at the end
As at the end of the reporting
of the reporting
the prior year period compared
period
to the end of
the prior year
Total assets (RMB) 90,924,591,156.25 91,575,457,828.62 -0.71%
Net assets attributable to shareholders of the Company (RMB) 22,926,769,322.29 24,276,968,789.00 -5.56%
Explanation:
Net profit attributable to shareholders of the Company does not exclude the effect of the interest of perpetual bonds and the
dividends of preference shares paid and declared to be paid. When calculating financial indicators such as earnings per share and the
rate of return on weighted average net assets, the interest for perpetual bonds from 1 Januaryto 31 March 2021 of RMB22,117,808.22
and the dividend on preference shares paid in 2021 of RMB98,100,000.00 are deducted.
Items and amounts of extraordinary gains or losses
√ Applicable □ Not applicable
Unit: RMB
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Shandong Chenming Paper Holdings Limited 2021 First Quarterly Report
Amounts for the period from
Item the beginning of the year to Note
the end of the reporting period
Profit or loss from disposal of non-current assets (including write-off of asset impairment
8,707,022.62
provision)
Government grants (except for the government grants closely related to the normal
operation of the company and granted constantly at a fixed amount or quantity in
58,441,146.99
accordance with a certain standard based on state policies) accounted for in profit or loss
for the current period
Except for effective hedging business conducted in the ordinary course of business of the
Company, gain or loss arising from the change in fair value of financial assets held for
trading, derivative financial assets, financial liabilities held for trading and derivative -59,993,447.44
financial liabilities, as well as investment gains from disposal of financial assets held for
trading, derivative financial assets, financial liabilities held for trading, derivative financial
liabilities and other debt investments
Investment income from dividend of non-current financial assets 15,000,000.00
Non-operating income and expenses other than the above items 6,906,710.91
Less: Effect of income tax 14,401,525.18
Effect of minority interest (after tax) 660,069.40
Total 13,999,838.50 --
Notes for the Company’s extraordinary gain or loss items as defined in the Explanatory Announcement on Information Disclosure for
Companies Offering Their Securities to the Public No. 1 – Extraordinary Gains or Losses and the extraordinary gain or loss items as
illustrated in the Explanatory Announcement on Information Disclosure for Companies Offering Their Securities to the Public No. 1
– Extraordinary Gains or Losses defined as its recurring gain or loss items
□ Applicable √ Not applicable
No extraordinary gain or loss items as defined or illustrated in the Explanatory Announcement on Information Disclosure for
Companies Offering Their Securities to the Public No. 1 – Extraordinary Gains or Losses were defined by the Company as its
recurring gain or loss items during the reporting period.
II. Total number of shareholders and shareholdings of the top ten shareholders as at the end
of the reporting period
1. Total number of shareholders of ordinary shares and shareholders of preference shares with restored
voting rights and shareholdings of the top ten shareholders
Unit: share
136,238, of which 116,697 were
Total number of shareholders of Total number of shareholders of
holders of A shares, 19,201 were
ordinary shares as at the end of the preference shares with restored voting 0
holders of B shares and 340 were
reporting period right as at the end of the reporting period
holders of H shares
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Shandong Chenming Paper Holdings Limited 2021 First Quarterly Report
Shareholding of top ten shareholders
Share pledged or
Number of locked-up
Nature of Percentage of Number of
Name of shareholders restricted Status
shareholders shareholding shares held
shares held of Number
shares
CHENMING HOLDINGS
State-owned legal person 15.32% 457,322,919 0 Pledged 212,970,000
COMPANY LIMITED
HKSCC NOMINEES LIMITED Overseas legal person 12.52% 373,513,625 0
CHENMING HOLDINGS (HONG
Overseas legal person 12.20% 364,131,563 0
KONG) LIMITED
NINGBO ASIA PAPER TUBE
Domestic non-state owned
CARTON CO., LTD. (寧波亞洲紙 3.89% 116,080,074 0
legal person
管紙箱有限公司)
HONG KONG SECURITIES
Overseas legal person 1.35% 40,230,192 0
CLEARING COMPANY LIMITED
CHEN HONGGUO Domestic nature person 1.04% 31,080,044 23,310,033
GUO TAI JUN AN SECURITIES
Overseas legal person 0.78% 23,332,494 0
(HONGKONG) LIMITED
UBS AG LONDON BRANCH Overseas legal person 0.58% 17,318,262 0
BANK OF CHINA LIMITED –
GUOTAI ZHIYUAN
ADVANTAGEOUS HYBRID
SECURITIES INVESTMENT Others 0.55% 16,500,069 0
FUND (中國銀行股份有限公司－
國泰致遠優勢混合型證券投資基
金)
VANGUARD TOTAL
INTERNATIONAL STOCK Overseas legal person 0.50% 14,771,945 0
INDEX FUND
Shareholdings of the top ten shareholders of non-restricted shares
Number of Class of shares
Name of shareholders non-restricted
Class of shares Number
shares held
CHENMING HOLDINGS COMPANY LIMITED 457,322,919 RMB ordinary shares 457,322,919
HKSCC NOMINEES LIMITED 373,513,625 Overseas listed foreign shares 373,513,625
CHENMING HOLDINGS (HONG KONG) LIMITED 364,131,563 Domestic listed foreign shares 210,717,563
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Shandong Chenming Paper Holdings Limited 2021 First Quarterly Report
Overseas listed foreign shares 153,414,000
NINGBO ASIA PAPER TUBE CARTON CO., LTD. (寧波亞
116,080,074 RMB ordinary shares 116,080,074
洲紙管紙箱有限公司)
HONG KONG SECURITIES CLEARING COMPANY
40,230,192 RMB ordinary shares 40,230,192
LIMITED
GUO TAI JUN AN SECURITIES (HONGKONG) LIMITED 23,332,494 Domestic listed foreign shares 23,332,494
UBS AG LONDON BRANCH 17,318,262 Domestic listed foreign shares 17,318,262
BANK OF CHINA LIMITED – GUOTAI ZHIYUAN
ADVANTAGEOUS HYBRID SECURITIES INVESTMENT
16,500,069 RMB ordinary shares 16,500,069
FUND (中國銀行股份有限公司－國泰致遠優勢混合型證券
投資基金)
VANGUARD TOTAL INTERNATIONAL STOCK INDEX
14,771,945 Domestic listed foreign shares 14,771,945
FUND
MORGAN STANLEY & CO. INTERNATIONAL PLC 14,470,378 Domestic listed foreign shares 14,470,378
A shareholder, Chenming Holdings (Hong Kong) Limited, which is an overseas legal person, is a
wholly-owned subsidiary of a shareholder, Chenming Holdings Company Limited, which is a
state-owned legal person. Hence they are persons acting in concert under Administration Measure
Related party relationship or
on Disclosure of Information on the Change of Shareholding in Listed Companies (上市公司股
acting in concert among the above
東持股變動信息披露管理辦法). A shareholder, Chen Hongguo, is the legal representative,
shareholders
chairman and general manager of Chenming Holdings Company Limited. Save for the above, it
is not aware that any other aforementioned shareholders are persons acting in concert. It is also
not aware that any other aforementioned shareholders are related to each other.
Chenming Holdings Company Limited held 457,322,919 RMB ordinary shares, of which
379,522,919 shares were held through ordinary account and 77,800,000 shares were held through
Securities margin trading of top 10 credit guarantee securities account;
shareholders, if any Ningbo Asia Paper Tube Carton Co., Ltd. held 116,080,074 RMB ordinary shares, of which 0
shares were held through ordinary account and 116,080,074 shares were held through credit
guarantee securities account.
Whether an agreed repurchase transaction was entered into during the reporting period by the top 10 ordinary shareholders and top 10
shareholders of non-restricted shares of the Company
□ Yes √ No
The top 10 ordinary shareholders and top 10 shareholders of non-restricted ordinary shares of the Company did not enter into any
agreed repurchase transaction during the reporting period.
2. Total number of shareholders of preference shares and shareholding of the top ten shareholders of
preference shares
√ Applicable □ Not applicable
Unit: share
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Shandong Chenming Paper Holdings Limited 2021 First Quarterly Report
Total number of shareholders of preference shares as at
6
the end of the reporting period
Shareholdings of the top ten shareholders of preference shares
Number Share pledged or
Percentage of locked-up
Nature of Number of
Name of shareholders of restricted Status
shareholders shares held
shareholding shares of Number
held shares
BANK OF COMMUNICATIONS INTERNATIONAL
TRUST CO., LTD. – HUILI NO. 136 SINGLE CAPITAL Others 28.44% 6,400,000 0
TRUST
Domestic
BEIJING YIBEN ZHONGXING INVESTMENT
non-state-owned 27.11% 6,100,000 0 Pledged 6,100,000
MANAGEMENT CO., LTD.
legal person
Domestic
SHANGHAI SHIJIE BUSINESS CONSULTING CO.,
non-state-owned 19.51% 4,390,100 0 Pledged 4,140,000
LTD.
legal person
Domestic
HENGFENG BANK CO., LTD. non-state-owned 13.33% 3,000,000 0
legal person
LEAD CAPITAL MANAGEMENT CO., LTD. – LEAD
CAPITAL – LI DE YING NO. 1 ASSET Others 5.91% 1,330,000 0
MANAGEMENT PLAN
LEAD CAPITAL MANAGEMENT CO., LTD. – LEAD
CAPITAL – LI DE YING NO. 2 ASSET Others 5.69% 1,279,900 0
MANAGEMENT PLAN
“LEAD CAPITAL MANAGEMENT CO., LTD. – LEAD CAPITAL – LI DE YING NO. 1 ASSET
MANAGEMENT PLAN” and “LEAD CAPITAL MANAGEMENT CO., LTD. – LEAD CAPITAL –
Related party relationship or
LI DE YING NO. 2 ASSET MANAGEMENT PLAN” are persons acting in concert. Save for the
acting in concert among the
above, it is not aware that any other shareholders of preference shares are persons acting in concert, and
above shareholders
it is also not aware whether there is any related party relationship between the above shareholders of
preference shares and the top ten shareholders of ordinary shares.
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Shandong Chenming Paper Holdings Limited 2021 First Quarterly Report
III Material matters
I. Details and reasons for changes of major financial data and financial indicators during the
reporting period
√ Applicable □ Not applicable
(I) Analysis of the assets and liabilities of the Company
Unit: RMB
Reason for
Item 31 March 2021 31 December 2020 Change
change
Financial assets held for trading 133,349,089.17 192,907,800.62 -30.87% (1)
Accounts receivable financing 1,071,559,674.38 488,385,666.76 119.41% (2)
Bills payable 3,432,666,717.36 2,998,936,736.34 14.46% (3)
Contract liabilities 1,278,950,068.66 1,051,147,044.74 21.67% (4)
Other current liabilities 157,037,833.35 -100.00% (5)
Other equity instruments 3,234,750,000.00 5,473,500,000.00 -40.90% (6)
Minority interest 2,490,325,610.41 1,523,294,926.24 63.48% (7)
Explanation of the reasons leading to the major changes:
(1) Financial assets held for trading decreased by 30.87% as compared to the beginning of the year, mainly due to the change in the
fair value of the shares of China Bohai Bank held by the Company during the reporting period.
(2) Accounts receivable financing increased by 119.41% as compared to the beginning of the year, mainly due to the increase in bills
held at the end of the reporting period from the beginning of the year.
(3) Bills payable increased by 14.46% as compared to the beginning of the year, mainly due to the increase in payment for goods
with bills during the reporting period.
(4) Contract liabilities increased by 21.67% as compared to the beginning of the year, mainly due to the increase in advance payment
from the customers of the Company.
(5) Other current liabilities decreased by 100% as compared to the beginning of the year, mainly due to the repayment of all super &
short-term commercial papers by the Company during the reporting period.
(6) Other equity instruments decreased by 40.9% as compared to the beginning of the year, mainly due to the repayment of RMB2.25
billion preference shares by the Company during the reporting period.
(7) Minority interest increased by 63.48% as compared to the beginning of the year, mainly due to the introduction of an investor by
Meilun Paper, a subsidiary, for its capital increase during the reporting period.
(II) Reasons for significant year-on-year changes of income statement items
Unit: RMB
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Shandong Chenming Paper Holdings Limited 2021 First Quarterly Report
Item January – March 2021 January – March 2020 Change Reasons for change
Revenue 10,205,724,007.89 6,085,376,805.28 67.71% (1)
Research and development expenditure 365,485,850.44 253,652,714.07 44.09% (2)
Gain on disposal of assets 4,804,612.13 -16,937,727.55 128.37% (3)
Explanation of the reasons leading to the major changes:
(1) Revenue increased by 67.71% as compared to the corresponding period of last year, mainly due to the year-on-year increase in
the sales and selling prices of machine-made paper s during the reporting period.
(2) Research and development expense increased by 44.09% as compared to the corresponding period of last year, mainly due to the
increase in research and development investment of the Company during the reporting period.
(3) Gain on disposal of asset increased by 128.37% as compared to the corresponding period of last year, mainly due to the
year-on-year increase in gain on disposal of asset during the reporting period.
(III) Analysis of cash flows during the reporting period
Unit: RMB
Item January – March 2021 January – March 2020 Change Reasons for change
Net cash flows from operating activities 3,386,890,222.27 655,581,522.20 416.62% (1)
Net cash flows from investment activities -187,483,014.24 330,801,082.22 -156.68% (2)
Net cash flows from financing activities -3,285,797,443.75 -2,087,152,482.74 -57.43% (3)
Explanation of the reasons leading to the major changes:
(1) Cash flows from operating activities increased by 416.62% as compared to the corresponding period of last year, mainly due to
the year-on-year significant growth of the profitability of the Company during the reporting period.
(2) Cash flows from investing activities decreased by 156.68% as compared to the corresponding period of last year, mainly due to
the year-on-year increase in investment expenditure as a result of the increase of investment of RMB400 million by Chenming GDR
Fund to Chenchuang Fund during the reporting period.
(3) Cash flows from financing activities decreased by 57.43% as compared to the corresponding period of last year, mainly due to the
further reduction in the liability size of the Company during the reporting period.
II. Progress in respect of material matters and analysis of the related effects and solutions
√ Applicable □ Not applicable
Date of Search index of interim report
Summary of important events
disclosure disclosure website
The matters relating to the “Proposal on the Domestic Listed Foreign Shares of
30 January 2021
the Company Changing Listing Venue to be Listed and Traded on the Main
Board of The Stock Exchange of Hong Kong Limited by Way of Conversion”
18 February 2021
was considered and approved at the seventeenth extraordinary meeting of ninth http://www.cninfo.com.cn
session of the Board, the 2021 first extraordinary general meeting, the 2021
first class meeting for holders of domestic-listed shares and the 2021 first class
10 March 2021
meeting for holders of overseas-listed shares of the Company.
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Shandong Chenming Paper Holdings Limited 2021 First Quarterly Report
Progress of share repurchase
√ Applicable □ Not applicable
1. Redemption of first-tranche preference shares in full
On 18 February 2021, the Company held the eighteenth extraordinary meeting of the ninth session of the Board to consider and
approve the “Resolution on Redemption of the First-Tranche Preference Shares”, which agreed the Company’s full redemption of the
first-tranche preference shares (the “Chenming You 01”) totaling 22.5 million shares. The redemption price was the par value of the
preference share (RMB100 per share) plus the amount of dividend declared but not yet paid for the current period (i.e. RMB4.36 per
share). The redemption time is the payment date of fixed dividend of “Chenming You 01”.
On 17 March 2021, the Company paid a total of RMB2,348.1 million in redemption to shareholders of the first-tranche
preference shares to fully redeem 22.5 million shares of first-tranche preference shares of the Company. On 18 March 2021, the
Company received the “Redemption Results Statement” from the Shenzhen Branch of China Securities Depository and Clearing Co.,
Ltd. The redemption and delisting of “Chenming You 01” has been completed.
For details, please refer to the relevant announcements disclosed by the Company on www.cninfo.com.cn on 19 February, 26
February, 5 March, 12 March, 16 March and 19 March 2021. The announcement number are: 2021-013, 2021-014, 2021-016,
2021-017, 2021-019, 2021-020, 2021-022, 2021-023.
Progress of decrease in the holding of repurchased shares by way of bidding
□ Applicable √ Not applicable
III. Undertakings made by parties involved in undertakings including the Company’s
beneficial controllers, shareholders, related parties, bidders and the Company subsisting
during the reporting period
□ Applicable √ Not applicable
During the reporting period, there were no undertakings made by parties involved in undertakings including the Company’s
beneficial controllers, shareholders, related parties, bidders and the Company subsisting during the reporting period.
IV. Financial asset investment
1. Security investments
√ Applicable □ Not applicable
Unit: RMB
Profit or
Purch
Book loss
Accumulat ased Profit or Book
Abbre Account value at from Sold
ed changes amoun loss value at
viation Initial ing the changes amoun Classificat
Type of Stock in fair t in during the end Source of
of investme measure beginnin in fair t in the ion in
security code value the the of the fund
stock nt cost ment g of the value in current accounts
included in curren reportin reportin
name model reportin the period
equity t g period g period
g period current
period
period
Domesti China 195,684, Measure 192,907, -59,558, -62,335,72 -59,558, 133,349, Held-for-tr Self-owne
09668 0.00 0.00
c and Bohai 817.15 d at fair 800.62 711.45 7.98 711.45 089.17 ading d funds
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Shandong Chenming Paper Holdings Limited 2021 First Quarterly Report
foreign Bank value financial and
shares assets borrowing
s
195,684, 192,907, -59,558, -62,335,72 -59,558, 133,349,
Total -- 0.00 0.00 -- --
817.15 800.62 711.45 7.98 711.45 089.17
Disclosure date of announcement in relation to the consideration and
20 June 2020
approval of securities investments by the Board
Disclosure date of announcement in relation to the consideration and
approval of securities investments by the shareholders’ general meeting (if Not applicable
any)
2. Derivatives investments
□ Applicable √ Not applicable
The Company did not have any derivative investments during the reporting period.
V. Progress in respect of investment projects funded by raised proceeds
□ Applicable √ Not applicable
VI. Estimate of the operating results for January – June 2021
Warning of projection on cumulative net profit for the period from the beginning of the year to the end of the next reporting period to
be at a loss or expected to have material changes as compared to the corresponding period of prior year and its explanation
□ Applicable √ Not applicable
VII. Material contracts in day-to-day operation
□ Applicable √ Not applicable
VIII. Entrusted wealth management
□ Applicable √ Not applicable
The Company did not have any entrusted wealth management during the reporting period.
IX. External guarantees against the rules and regulations
□ Applicable √ Not applicable
There was no external guarantee provided by the Company which was against rules and regulations during the reporting period.
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Shandong Chenming Paper Holdings Limited 2021 First Quarterly Report
X. Appropriation of funds of the Company by the controlling shareholder and its related
parties for non-operating purposes
□ Applicable √ Not applicable
There was no appropriation of funds of the Company by the controlling shareholder and its related parties for non-operating purposes
during the reporting period.
XI. Reception of research investigations, communications and interviews during the reporting
period
√ Applicable □ Not applicable
Major discussion
Index of the basic
Way of Type of points
Date of reception Site of reception Recipient particulars
reception recipient and information
of the survey
provided
Guotai Anbao Fund,
Company’s main
Northeast Securities, For details, please
operating
Meeting room of the Institutions, Orient Securities, refer to the Investor
Field conditions,
31 March 2021 Company and individuals Donghai Securities, Relations Activity
research business
production plant and media Dongxing Securities, Record Sheet on
conditions, project
minority shareholders, www.cninfo.com.cn
progress, etc.
Securities Times, etc
Online live stream
Company and
platform:
industry overview, For details, please
PanoramaInteractive
Investors participating in the Company’s refer to the Investor
Platform for
31 March 2021 Others Others the 2020 Annual Result 2020 operating Relations Activity
Investors
Briefing of the Company results and future Record Sheet on
Relationship (全景
prospects, project www.cninfo.com.cn
網投資者關係互動
progress, etc.
平台)
12
Shandong Chenming Paper Holdings Limited 2021 First Quarterly Report
IV Financial Statements
I. Financial Statements
1. Consolidated balance sheet
Prepared by: Shandong Chenming Paper Holdings Limited
31 March 2021
Unit: RMB
Item 31 March 2021 31 March 2020
CURRENT ASSETS:
Monetary funds 17,928,720,606.11 17,759,537,598.98
Financial assets held for trading 133,349,089.17 192,907,800.62
Accounts receivable 2,131,776,277.60 1,984,931,665.82
Accounts receivable financing 1,071,559,674.38 488,385,666.76
Prepayments 970,225,012.16 964,290,512.36
Other receivables 2,328,858,634.34 2,417,240,559.46
Including: Interest receivable
Dividends receivable
Inventories 4,792,168,427.01 5,135,293,347.82
Non-current assets due within one year 4,177,625,745.65 4,222,744,207.34
Other current assets 2,994,706,976.55 2,716,918,695.85
Total current assets 36,528,990,442.97 35,882,250,055.01
NON-CURRENT ASSETS:
Long-term receivables 3,564,138,570.89 4,658,884,857.95
Long-term equity investments 4,330,470,084.83 3,906,158,402.45
Other non-current financial assets 141,910,000.00 145,910,000.00
Investment properties 5,904,542,766.83 5,943,159,568.00
Fixed assets 37,069,924,037.14 37,651,706,658.97
Construction in progress 209,993,857.82 179,857,941.83
Right-of-use assets 203,959,508.33 205,876,719.75
Intangible assets 1,760,834,492.05 1,774,624,509.33
Goodwill 32,916,531.95 32,916,531.95
Long-term prepaid expenses 50,192,010.61 51,061,485.49
Deferred income tax assets 1,080,558,605.22 1,084,164,679.14
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Shandong Chenming Paper Holdings Limited 2021 First Quarterly Report
Other non-current assets 46,160,247.61 58,886,418.75
Total non-current assets 54,395,600,713.28 55,693,207,773.61
Total assets 90,924,591,156.25 91,575,457,828.62
CURRENT LIABILITIES:
Short-term borrowings 33,268,267,316.37 32,793,992,957.86
Bills payable 3,432,666,717.36 2,998,936,736.34
Accounts payable 3,855,682,286.87 4,042,430,732.31
Contract liabilities 1,278,950,068.66 1,051,147,044.74
Staff remuneration payables 246,600,772.07 232,376,585.31
Taxes payable 577,871,369.35 652,647,840.63
Other payables 2,158,460,520.52 1,956,715,367.83
Including: Interest payable 124,127,590.49 178,992,959.85
Non-current liabilities due within one year 6,455,050,444.78 7,160,949,615.93
Other current liabilities 157,037,833.35
Total current liabilities 51,273,549,495.98 51,046,234,714.30
NON-CURRENT LIABILITIES:
Long-term borrowings 7,910,917,576.83 8,077,150,979.15
Bonds payable 1,431,094,643.22 1,536,877,351.46
Lease liabilities 60,507,444.90 60,271,769.90
Long-term payables 2,097,419,701.30 2,295,309,357.74
Provisions 325,259,082.28 325,259,082.28
Deferred income 1,611,501,629.24 1,637,996,636.51
Deferred income tax liabilities 6,572,535.97 6,572,535.97
Other non-current liabilities 790,674,113.83 789,521,686.07
Total non-current liabilities 14,233,946,727.57 14,728,959,399.08
TOTAL LIABILITIES 65,507,496,223.55 65,775,194,113.38
OWNERS’ EQUITY:
Share Capital 2,984,208,200.00 2,984,208,200.00
Other equity instruments 3,234,750,000.00 5,473,500,000.00
Including: Preference shares 2,238,750,000.00 4,477,500,000.00
Perpetual bonds 996,000,000.00 996,000,000.00
Capital reserves 5,164,584,381.71 5,321,911,413.75
Less: Treasury shares 226,860,000.00 226,860,000.00
Other comprehensive income -596,785,620.17 -561,686,607.66
Surplus reserves 1,212,009,109.97 1,212,009,109.97
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Shandong Chenming Paper Holdings Limited 2021 First Quarterly Report
General risk provisions 74,122,644.20 74,122,644.20
Retained profit 11,080,740,606.58 9,999,764,028.74
TOTAL EQUITY ATTRIBUTABLE TO OWNERS OF THE COMPANY 22,926,769,322.29 24,276,968,789.00
Minority interest 2,490,325,610.41 1,523,294,926.24
Total owners’ equity 25,417,094,932.70 25,800,263,715.24
TOTAL LIABILITIES AND OWNERS’ EQUITY 90,924,591,156.25 91,575,457,828.62
Legal Representative: Head in charge of accounting: Head of the accounting department:
Chen Hongguo Dong Lianming Zhang Bo
2. Balance sheet of the Company
Unit: RMB
Item 31 March 2021 31 March 2020
CURRENT ASSETS:
Monetary funds 5,486,271,398.73 4,720,330,804.07
Bills receivable 2,056,450,000.00 1,470,720,000.00
Accounts receivable 135,621,541.49 694,836,561.24
Accounts receivable financing 34,707,031.58 24,339,933.19
Prepayments 2,036,291,136.24 1,697,770,445.12
Other receivables 10,188,381,508.11 10,637,425,503.02
Including: Interest receivable
Dividends receivable 200,000,000.00
Inventories 684,167,021.66 637,293,495.29
Non-current assets due within one year 90,210,433.35 146,934,211.22
Other current assets 37,260,448.37 45,764,272.71
Total current assets 20,749,360,519.53 20,075,415,225.86
NON-CURRENT ASSETS:
Long-term receivables 56,275,718.51 64,762,373.99
Long-term equity investments 22,535,647,973.47 22,192,108,035.92
Other non-current financial assets 141,910,000.00 141,910,000.00
Fixed assets 3,923,747,756.69 3,984,339,880.51
Construction in progress 81,012,306.96 80,192,749.46
Intangible assets 531,192,360.51 534,900,368.31
Deferred income tax assets 365,117,536.32 418,717,829.13
Total non-current assets 27,634,903,652.46 27,416,931,237.32
Total assets 48,384,264,171.99 47,492,346,463.18
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Shandong Chenming Paper Holdings Limited 2021 First Quarterly Report
CURRENT LIABILITIES:
Short-term borrowings 12,447,825,609.09 10,929,616,612.59
Bills payable 9,384,833,589.13 7,603,416,890.27
Accounts payable 954,674,397.02 812,111,491.23
Contract liabilities 2,069,347,573.92 156,487,086.88
Staff remuneration payables 95,055,564.92 89,416,732.50
Taxes payable 106,605,422.38 147,669,266.97
Other payables 3,136,617,221.24 5,869,352,883.62
Including: Interest payable 47,051,472.24 97,497,305.56
Non-current liabilities due within one year 1,386,461,648.99 2,374,029,490.27
Other current liabilities 312,130,833.35
Total current liabilities 29,581,421,026.69 28,294,231,287.68
NON-CURRENT LIABILITIES:
Long-term borrowings 1,254,500,000.00 1,295,000,000.00
Bonds payable 349,964,000.00 439,957,250.00
Long-term payables 540,701,875.78 631,776,192.80
Provisions 325,259,082.28 325,259,082.28
Deferred income 37,304,871.87 38,017,165.55
Other non-current liabilities 1,196,116,666.67 1,194,883,344.67
Total non-current liabilities 3,703,846,496.60 3,924,893,035.30
TOTAL LIABILITIES 33,285,267,523.29 32,219,124,322.98
OWNERS’ EQUITY:
Share Capital 2,984,208,200.00 2,984,208,200.00
Other equity instruments 3,234,750,000.00 5,473,500,000.00
Including: Preference shares 2,238,750,000.00 4,477,500,000.00
Perpetual bonds 996,000,000.00 996,000,000.00
Capital reserves 5,126,981,432.38 5,124,308,464.42
Less: Treasury shares 226,860,000.00 226,860,000.00
Surplus reserves 1,199,819,528.06 1,199,819,528.06
Retained profit 2,780,097,488.26 718,245,947.72
Total owners’ equity 15,098,996,648.70 15,273,222,140.20
TOTAL LIABILITIES AND OWNERS’ EQUITY 48,384,264,171.99 47,492,346,463.18
3. Consolidated Income Statement
Unit: RMB
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Shandong Chenming Paper Holdings Limited 2021 First Quarterly Report
Amounts for Amounts for
Item
the period the prior period
I. Total revenue 10,205,724,007.89 6,085,376,805.28
Including: Revenue 10,205,724,007.89 6,085,376,805.28
II. Total operating costs 8,699,358,923.27 5,834,610,012.18
Including: Operating costs 7,237,915,113.40 4,562,294,089.65
Taxes and surcharges 78,065,205.81 47,639,420.31
Sales and distribution expenses 69,649,821.99 72,504,493.86
General and administrative expenses 249,151,918.06 246,726,191.21
Research and development expenses 365,485,850.44 253,652,714.07
Finance expenses 699,091,013.57 651,793,103.08
Including: Interest expenses 731,861,718.88 673,866,359.05
Interest income 75,556,660.16 81,512,048.23
Plus: Other income 58,431,534.65 60,795,590.78
Investment income (“-” denotes loss) 62,891,682.38 89,156,680.14
Including: Investment income from associates and joint ventures 45,311,682.38 76,715,510.22
Gain on change in fair value (“-” denotes loss) -59,993,447.44
Credit impairment loss (“-” denotes loss) -118,711,577.64 -179,716,703.05
Loss on impairment of assets (“-” denotes loss) -56,357.78 -164,217.76
Gain on disposal of assets (“-” denotes loss) 4,804,612.13 -16,937,727.55
III. Operating profit (“-” denotes loss) 1,453,731,530.92 203,900,415.66
Plus: Non-operating income 9,178,708.39 29,326,528.55
Less: Non-operating expenses 749,586.99 2,456,719.00
IV. Total profit (“-” denotes total loss) 1,462,160,652.32 230,770,225.21
Less: Income tax expenses 216,053,390.31 19,890,332.52
V. Net profit (“-” denotes net loss) 1,246,107,262.01 210,879,892.69
(I) Classification according to the continuity of operation
Net profit from continuing operations (“-” denotes net loss) 1,246,107,262.01 210,879,892.69
(II) Classification according to ownership
1. Net profit attributable to shareholders of the Company 1,179,076,577.84 202,790,856.25
2. Profit or loss of minority interest 67,030,684.17 8,089,036.44
VI. Net other comprehensive income after tax -35,099,012.51 -109,991,102.69
Net other comprehensive income after tax attributable to shareholders of the -35,099,012.51 -109,991,102.69
Company
(I) Other comprehensive income that will be reclassified to profit and loss -35,099,012.51 -109,991,102.69
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Shandong Chenming Paper Holdings Limited 2021 First Quarterly Report
Exchange differences on translation -35,099,012.51 -109,991,102.69
VII. Total comprehensive income 1,211,008,249.50 100,888,790.00
Total comprehensive income attributable to shareholders of the Company 1,143,977,565.33 92,799,753.56
Total comprehensive income attributable to minority interest 67,030,684.17 8,089,036.44
VIII. Earnings per share:
(I) Basic earnings per share 0.365 0.019
(II) Diluted earnings per share 0.365 0.019
Legal Representative: Head in charge of accounting: Head of the accounting department:
Chen Hongguo Dong Lianming Zhang Bo
4. Income statement of the Company
Unit: RMB
Amounts for Amounts for
Item
the period the prior period
I. Revenue 2,613,450,941.85 1,916,635,173.20
Less: Operating costs 1,922,596,656.63 1,492,710,855.82
Taxes and surcharges 20,845,842.17 9,314,020.08
Sales and distribution expenses 1,825,850.25 2,498,008.29
General and administrative expenses 64,144,088.86 72,148,076.69
Research and development expenses 106,717,546.36 61,093,032.27
Finance expenses 127,483,129.49 227,917,229.09
Including: Interest expenses 233,988,045.40 422,979,137.81
Interest income 142,052,390.18 231,893,683.70
Plus: Other income 903,193.98 1,085,293.68
Investment income (“-” denotes loss) 1,814,669,937.55 501,463,589.70
Including: Investment income from associates and joint ventures -330,062.45 -1,636,410.30
Credit impairment loss (“-” denotes loss) 24,671,113.05 17,806,046.25
Gain on disposal of assets (“-” denotes loss) 3,232,429.29 5,198,189.62
II. Operating profit (“-” denotes loss) 2,213,314,501.96 576,507,070.21
Plus: Non-operating income 332,512.00 3,006,242.05
Less: Non-operating expenses 95,180.61 102,862.97
III. Total profit (“-” denotes total loss) 2,213,551,833.35 579,410,449.29
Less: Income tax expenses 53,600,292.81 5,134,164.16
IV. Net profit (“-” denotes net loss) 2,159,951,540.54 574,276,285.13
Net profit from continuing operations (“-” denotes net loss) 2,159,951,540.54 574,276,285.13
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Shandong Chenming Paper Holdings Limited 2021 First Quarterly Report
V. Total comprehensive income 2,159,951,540.54 574,276,285.13
VI. Earnings per share:
(I) Basic earnings per share
(II) Diluted earnings per share
5. Consolidated cash flow statement
Unit: RMB
Amounts for Amounts for
Item
the period the prior period
I. Cash flows from operating activities:
Cash received from sales of goods and rendering of services 10,744,320,121.77 6,083,538,589.42
Tax rebates received 597,608.00 152,548.94
Cash received relating to other operating activities 582,514,746.24 654,984,761.52
Subtotal of cash inflows from operating activities 11,327,432,476.01 6,738,675,899.88
Cash paid for goods and services 6,594,672,121.55 5,294,624,400.87
Cash paid to and for employees 284,568,485.66 262,530,875.99
Payments of taxes and surcharges 653,100,300.70 193,288,988.67
Cash paid relating to other operating activities 408,201,345.83 332,650,112.15
Subtotal of cash outflows from operating activities 7,940,542,253.74 6,083,094,377.68
Net cash flows from operating activities 3,386,890,222.27 655,581,522.20
II. Cash flows from investing activities:
Cash received from investment income 43,000,000.00
Net cash received from disposal of fixed assets, intangible assets and other
3,263,265.60 73,153,160.00
long-term assets
Net cash received from disposal of subsidiaries and other business units 10,000,000.00 217,810,000.00
Cash received relating to other investing activities 240,000,000.00 129,197,968.06
Subtotal of cash inflows from investing activities 296,263,265.60 420,161,128.06
Cash paid for purchase of fixed assets, intangible assets and other long-term assets 83,746,279.84 57,107,045.84
Cash paid on investments 400,000,000.00 32,253,000.00
Subtotal of cash outflows from investing activities 483,746,279.84 89,360,045.84
Net cash flows from investing activities -187,483,014.24 330,801,082.22
III. Cash flows from financing activities:
Cash received from investments 900,000,000.00
Including: Cash received from subsidiaries from minority investment 900,000,000.00
Cash received from borrowings 10,320,674,739.57 8,767,475,858.20
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Shandong Chenming Paper Holdings Limited 2021 First Quarterly Report
Cash received relating to other financing activities 204,630,000.00 320,000,000.00
Subtotal of cash inflows from financing activities 11,425,304,739.57 9,087,475,858.20
Cash repayments of amounts borrowed 9,707,520,165.73 9,045,058,473.31
Cash paid for dividend and profit distribution or interest payment 702,671,547.99 718,587,541.05
Cash paid relating to other financing activities 4,300,910,469.60 1,410,982,326.58
Subtotal of cash outflows from financing activities 14,711,102,183.32 11,174,628,340.94
Net cash flows from financing activities -3,285,797,443.75 -2,087,152,482.74
IV. Effect of foreign exchange rate changes on cash and cash equivalents -6,328,260.97 -8,973,806.00
V. Net increase in cash and cash equivalents -92,718,496.69 -1,109,743,684.32
Plus: Balance of cash and cash equivalents as at the beginning of the period 4,389,169,963.79 2,890,328,027.41
VI. Balance of cash and cash equivalents as at the end of the period 4,296,451,467.10 1,780,584,343.09
6. Cash flow statement of the Company
Unit: RMB
Amounts for Amounts for
Item
the period the prior period
I. Cash flows from operating activities:
Cash received from sales of goods and rendering of services 3,203,517,391.29 2,016,322,718.53
Tax rebates received 90,900.00
Cash received relating to other operating activities 36,255,390.79 80,132,375.79
Subtotal of cash inflows from operating activities 3,239,863,682.08 2,096,455,094.32
Cash paid for goods and services 1,440,944,427.90 1,053,052,884.20
Cash paid to and for employees 78,272,356.22 77,807,706.75
Payments of taxes and surcharges 133,440,933.20 30,799,543.79
Cash paid relating to other operating activities 61,160,034.75 98,434,983.32
Subtotal of cash outflows from operating activities 1,713,817,752.07 1,260,095,118.06
Net cash flows from operating activities 1,526,045,930.01 836,359,976.26
II. Cash flows from investing activities:
Cash received from investment income 2,015,000,000.00 500,000,000.00
Net cash received from disposal of fixed assets, intangible assets and other
92,435.99 1,153,160.00
long-term assets
Net cash received from disposal of subsidiaries and other business units 217,810,000.00
Cash received relating to other investing activities 240,000,000.00 129,197,968.06
Subtotal of cash inflows from investing activities 2,255,092,435.99 848,161,128.06
Cash paid for purchase of fixed assets, intangible assets and other long-term assets 2,025,213.00
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Shandong Chenming Paper Holdings Limited 2021 First Quarterly Report
Cash paid on investments 314,370,000.00 27,500,000.00
Subtotal of cash outflows from investing activities 314,370,000.00 29,525,213.00
Net cash flows from investing activities 1,940,722,435.99 818,635,915.06
III. Cash flows from financing activities:
Cash received borrowings 6,409,417,925.50 5,527,955,369.41
Cash received relating to other financing activities 695,738,215.55
Subtotal of cash inflows from financing activities 6,409,417,925.50 6,223,693,584.96
Cash repayments of amounts borrowed 5,064,328,929.00 6,174,301,531.59
Cash paid for dividend and profit distribution or interest payment 206,137,718.69 422,979,137.81
Cash paid relating to other financing activities 4,232,236,767.53 1,389,481,422.69
Subtotal of cash outflows from financing activities 9,502,703,415.22 7,986,762,092.09
Net cash flows from financing activities -3,093,285,489.72 -1,763,068,507.13
IV. Effect of foreign exchange rate changes on cash and cash equivalents 956,450.07 226,208.85
V. Net increase in cash and cash equivalents 374,439,326.35 -107,846,406.96
Plus: Balance of cash and cash equivalents as at the beginning of the period 301,284,723.52 136,328,721.71
VI. Balance of cash and cash equivalents as at the end of the period 675,724,049.87 28,482,314.75
II. Reason for Adjustment in the Financial Statement
1. Adjustment to the relevant items in the financial statements at the beginning of the year due to the first
adoption of the New Standards for Lease in 2021
□ Applicable √ Not applicable
2. Reason for the retrospective adjustment to the comparative data in the prior period due to the first
adoption of the New Standards for Lease in 2021
□ Applicable √ Not applicable
III. Auditors’ Report
Has the first quarterly report already been audited yet?
□ Yes √ No
The first quarterly report of the Company is unaudited.
The Board of Shandong Chenming Paper Holdings Limited
19 April 2021
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