2022 Annual Report Summary of Shandong Chenming Paper Holdings Limited
Stock code: 000488, 200488 Stock abbreviation: Chenming Paper Chenming B Announcement No.:2023-018
2022 Annual Report Summary of
Shandong Chenming Paper Holdings Limited
I. IMPORTANT NOTICE
This annual report summary is extracted from the text of the annual report. For the full understanding of the operating results,
financial position and plan for further development, investors should carefully read the text of the annual report published on the
media as designated by the CSRC.
All directors have attended the board meeting to review this report.
Notice of non-standard auditor’s opinion
□ Applicable Not applicable
A proposed profit distribution plan or a proposed plan on conversion of capital reserves into share capital for the reporting period
was considered and passed by the Board
□ Applicable Not applicable
The Company proposes not to distribute cash dividend, issue bonus share, or capitalise from capital reserves
A proposed profit distribution plan on preference shares for the reporting period was considered and approved by the Board
□ Applicable Not applicable
II. BASIC INFORMATION ABOUT THE COMPANY
1. Company profile
晨鸣纸业 000488
Stock abbreviation Stock code
晨鸣 B 200488
Stock exchange on which the shares are
Shenzhen Stock Exchange
listed
Stock abbreviation CHENMING PAPER Stock code 01812
Stock exchange on which the shares are
The Stock Exchange of Hong Kong Limited
listed
Contact persons and contact methods Secretary to the Board Hong Kong Company Secretary
Name Yuan Xikun Chu Hon Leung
Correspondence address No.2199East Nongsheng Road, 22nd Floor, World Wide House, Central,
Shouguang City, Shandong Province Hong Kong
Facsimile 0536-2158977 00852-25010028
Telephone 0536-2158008 00852-21629600
Email address chenmmingpaper@163.com liamchu@li-partners.com
2. Overview of principle activities or products during the reporting period
The Company is a large modern conglomerate principally engaged in pulp production and paper making, and the machine-
made paper business is the major source of revenue and profit of the Company. At present, the Company has production bases in
Shandong, Guangdong, Jiangxi, Hubei,Jilin and other places, with annual pulp and paper production capacity of more than 11
million tonnes. It is the first domestic paper making enterprise that achieves a balance between pulp production and paper making
capacity. During the reporting period, continuously taking “revitalising the Chinese papermaking industry” as its mission, the
Company had been committed itself to implementing a pulp and paper integration strategy. It deepened the development of pulp
production and papermaking, its major operation, and realised revenue of RMB32,004 million and net profit of RMB317 million.
There was no significant change in the principal activities of the Company.
1. Products
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2022 Annual Report Summary of Shandong Chenming Paper Holdings Limited
The Company attaches great importance to technology research and development and brand benefits. Adopting the market-
oriented approach, the Company adheres to technological innovation, continuously improves the level of technological research
and development and product service quality, develops green and low-carbon products with high technological content and high
added value, and comprehensively enhances the core competitiveness of products. At present, the Company has the largest and
most advanced pulping and papermaking production lines in the world, with machine-made paper products covering more than
200 types in seven series, including culture paper, coated paper, white cardboard, copy paper, industrial paper, special paper, and
household paper. The Company owns “BIYUNTIAN”, “GOLDEN MINGYANG”, “CHENMING CLOUDY MIRROR”,
“CHENMING CLOUDLY LION”, “CHENMING SNOW SHARK”, “CHENMING EAGLE”, “CHENMING GONGHAO”,
“XINGZHILIAN” and other famous brands, with each major product ranking among the highest in terms of market share in China.
It is the enterprise with the largest variety of products and the most complete products in the domestic paper industry.
During the reporting period, the Company was shortlisted for the list of “Top 500 Most Valuable Brands in China in 2022”
and won the title of “2022 Shandong Province Science and Technology Leading Enterprise”. The main products of culture paper,
coated paper and household paper were selected into the first batch of “Shandong’s Good Product” brand list, and its poplar coated
white cardboard, Xingzhilian tissue paper and Xingzhilian toilet paper had won the national “Green Design Products” award, fully
demonstrating the Company's excellent achievement in brand building and strong brand value.
Major production
Category Major brands and types Range of application
companies
1. “BIYUNTIAN”, “CLOUDY MIRROR”, “CLOUDY
LEOPARD” and “YUNJIN” all-wood pulp offset paper and
electrostatic base paper
2. “CLOUDY LION” and “CLOUDY CRANE” original white Printing publications, textbooks,
Shouguang Headquarters
Culture paper offset paper magazines, covers, illustrations,
Zhanjiang Chenming
series 3. “CLOUDY PINE” and “GREEN PINE” light weight paper notebooks, test papers, teaching
Jilin Chenming
4. Blueprint paper, colour offset paper, pure texture paper, non- materials, reference books, etc.
fluorescent offset paper, PE offset paper
5. Beige and high white book paper
6. Light weight coated paper
Double-sided coated paper is suitable
for high quality printing, such as high-
grade picture albums, picture,
magazines and so on, promotional
materials such as interior pages of high-
end books, wall calendars, posters and
1. “SNOW SHARK” and “EAGLE” one-sided coated paper
so on, and suitable for suitable for high-
Coated paper 2. “SNOW SHARK”, “EAGLE” and “RABBIT” double-sided Shouguang Headquarters
speed sheet printing and high-speed
series coated paper Shouguang Meilun
rotary printing;
3. “EAGLE” and “RABBIT” matte coated paper
One-sided coated paper is suitable for
upscale tobacco package paper,
adhesive sticker, shopping bags,
slipcases, envelopes, gift wrapping and
so on, and suitable for large format
printing and commercial printing.
1. White cardboard of “LIYA” series, white cardboard and ivory
High-end gift boxes, cosmetics boxes,
cardboard of “LIPIN” and “POPLAR” series, high bulk cardboard
tags, shopping bags, publicity
and ivory cardboard of “LIZZY” and “BAIYU” series, and super
White Shouguang Headquarters pamphlets, high-end postcards; cigarette
high bulk cardboard of “LIYING” and “BAIYU” series
cardboard Jiangxi Chenming package printing of medium and high
2. Food package board of “LIYA” and “LIZZY” series
series Zhanjiang Chenming quality; milk package, beverage
3. Coated cattle card and LIYA book card
package, disposable paper cups, milk
4. Playcard paper board
tea cups, and noodle bowls.
5. Chenming cigarette cardboard
“GOLDEN MINGYANG” and “GOLDEN CHENMING” copy
Printing and copying business
Copy paper paper, “BOYA” and “BIYUNTIAN” copy paper, “MINGYANG”, Shouguang Meilun
documents, training materials, and
series “LUCKY CLOUDS”, “BOYANG” and “SHANYIN” copy paper, Zhanjiang Chenming
writing.
and “GONGHAO” and “TIANJIAN” copy paper
Anti-stick base paper is mainly used for
producing the paper base of stripping
Shouguang Headquarters
Industrial High-grade yellow anti-sticking base paper, ordinary yellow/white paper or anti-sticking base paper;
Jiangxi Chenming
paper series anti-sticking base paper and PE paper Cast coated base paper is suitable for
Zhanjiang Chenming
producing adhesive paper or playcard
compound paper after coating.
High-grade adhesive backing paper for
Special paper electronics, medicine, food, washing
Thermal paper and glassine paper Shouguang Art Paper
series supplies, supermarket labels, double-
sided tapes, etc.
Daily toilet supplies; used in restaurants
and other catering industries, and used
Household Toilet paper, facial tissue, pocket tissue, napkin, paper towels and
Shouguang Meilun in public toilets in hotels, guesthouses,
paper series “XINGZHILIAN”
and office buildings, and also suitable
for home and other environment.
2. Operation model
During the reporting period, the Company's business model did not underwent major changes.
(1) Purchase model
The Company has established a supply chain management centre which adopts a supply chain management model of
“centralised procurement by the Group, source as the first priority, hierarchical separation and one-vote veto”. Through continuous
improvement of the procurement information system, the Company has fully realised machine control management, and optimised
the authorisation approval process, effectively standardising the procurement management system. Based on the needs of
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2022 Annual Report Summary of Shandong Chenming Paper Holdings Limited
production bases, the Group integrates the resources of related parties and implements centralised procurement. The Company
seeks sources and high-quality suppliers through industry exhibitions, on-site inspections and competitive factory research to
strengthen procurement at source and reduce procurement costs; and introduces a supplier competition mechanism by establishing
a three-level joint review mechanism for suppliers and implementing a system of eliminating substandard suppliers, so as to
improve supply quality. Meanwhile, the Company actively cooperates with financial institutions and third parties in the supply
chain financial business, and fully utilises the funds from contributing parties to lower procurement costs, deepen strategic
cooperation and enhance supply chain competitiveness.
(2) Production model
The Company has committed itself to implementing a pulp and paper integration strategy. Adhering to the concept of
“placing green development and environmental protection as its priority”, the Company has actively promoted clean production
and vigorously carried out energy conservation and emission reduction, aiming to be a resource-saving and environmentally
friendly model enterprise. It is innovating an integrated use of resources and a circular industrial development mode, and an
“ecological chain” featuring resources, products and recycled resources has been established. As for production process, the
Company takes planned management as the focus and implements a hierarchical planned management model for the Group, the
Company, factories and workshops. Its production volume is determined based on the sales, its production is arranged
scientifically, and its inventories are under strict control. The Group has set up a production scheduling centre to monitor the
operation of the production lines of each subsidiary around the clock on a real-time basis, so as to ensure normal production. It has
actively built and promoted the MES management system, and realised the timely information transfer between the management
and the production control unit through bridging the gap between the ERP and DCS systems.
(3) Marketing model
The Company has always adhered to the marketing concept of “Good faith, Win-Win and Sharing” while wholeheartedly
serving its customers. The Company has a relatively mature sales network, and has set up specialised sales companies responsible
for the development of domestic and overseas markets, product sales, and formulation of sales policies. The sales companies’
management systems are divided into product lines, product companies, management areas, and branches to achieve matrix
management. The sales companies are divided into product companies of cultural paper series, coated paper series, white
cardboard series, electrostatic paper series, special paper series and household paper series according to product line. Each product
company has its administrative district. A regional general manager is responsible for his/her administrative district, under which
branch companies are set up. The chief representatives of the branch companies have full authority to deal with branch business.
The Company has implemented a three-level scheduling mechanism. Branch companies, administrative districts, and sales
companies schedule task indicators daily to ensure the effective implementation of the plans. It sticks to a “four-level visit
mechanism” to gain deep market insights and meet customer needs. Meanwhile, by leveraging its comprehensive information
systems, the Company has realised It-based management. It has also established and improved the complaint handling system and
customer satisfaction system to enhance the Company’s marketing management level.
(4) R&D Mode
The Company is market-oriented, and innovation is it driving force. It highly values technological R&D, and has formed a
variety of R&D modes such as independent R&D, technology introduction, and industry university-research cooperation. At
present, the Company has a number of domestically leading innovative R&D platforms, including the national enterprise
technology centre, the post-doctoral working station, the state certified CNAS pulp and paper testing centre, Shandong Pulp and
Paper Making Engineering Lab and the Guangdong Pulp and Paper Production Technology Research Centre, which have
enhanced its independent innovation capabilities. Meanwhile, on the basis of introducing internationally advanced pulp and paper
production lines and advanced technologies, the Company has made technological improvements and re-innovations, and
established new standards for processes and product quality, forming distinctive core technologies. The Company also works hard
on the following aspects: carrying out academic research with colleges and universities and R&D institutions such as Qilu
University of Technology, Qingdao University of Science and Technology, Tianjin University of Science and Technology, and
Institute of Chemical Industry of Forest Products of the Chinese Academy of Forestry, introducing, digesting and absorbing
scientific research and innovation achievements, accelerating the industrialisation of new and high technologies, optimising
product mix, and improving the competitiveness of its products in the market.
3. The position of the Company in the industry during the reporting period
The papermaking industry is a strategic and fundamental industry closely related to national economic and social
development. In 2022, the papermaking industry had a narrowing profit squeeze with declining prosperity due to a sharp rise in the
prices of raw materials, power and logistics in the upstream market and the weak demand in the downstream market. According to
data of the Ministry of Industry and Information Technology, total profit of papermaking and paper product enterprises above
designated size nationwide in 2022 was RMB62.11 billion, down nearly 30% year on year. According to data of the National
Bureau of Statistics, as of December 2022, the number of loss-making papermaking and paper product enterprises was 1,799,
representing a year-on-year increase of 40.9%. In this context, the Company responded flexibly and stubbornly, and continued to
make profit amid difficulties, thereby showing its strong resilience.
As a leading player in the paper making industry of China, the Company has implemented the strategy of innovative
operation, quickened its pace in growth driver replacement and led the way in full industry chain operation, and has emerged as
the only paper making enterprise in China to achieve capacity balance between pulp production and paper making. Currently, the
Company has the annual pulp and paper production capacity of over 11 million tonnes, tops the industry in its paper product
variety and ranks among the best in China in terms of the market share of its major products. During the reporting period, the
Company strove to implement its strategy of pulp and paper integration, with a coordinated development pattern further formed
with Shouguang in the north, Huanggang in the middle, and Zhanjiang in the south. The Company seized opportunities in overseas
markets and improved its global sales network, thus significantly growing sales to overseas markets. The Company strengthened
its management, prevented and controlled risks, and laid the foundation for its sustainable development. The Company optimised
the product structure, improved service quality, and strove to increase products’ added value, which further consolidated its
leading position in the industry. The Company had won awards such as “Top 500 Chinese Enterprises”, “Fortune China 500”
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2022 Annual Report Summary of Shandong Chenming Paper Holdings Limited
and “Top 10 Enterprises in the PRC Light Industry – Paper Sector”, which reflected the high recognition and full affirmation
of the Company from all walks of life.
3. Major accounting data and financial indicators
(1) Major accounting data and financial indicators of the last three years
Retrospective adjustment to or restatement of the accounting data for prior years by the Company
□ Yes No
Unit: RMB
Increase/decrease
as at the end of the
As at the end of As at the end of As at the end of
year compared to
2022 2021 2020
the end of the prior
year
Total assets 84,301,017,409.62 82,869,661,681.08 1.73% 91,575,457,828.62
Net assets attributable to shareholders of
19,084,565,494.92 19,117,985,306.48 -0.17% 24,276,968,789.00
the Company
Increase/decrease
for the year as
2022 2021 2020
compared to the
prior year
Revenue 32,004,367,320.91 33,019,812,294.14 -3.08% 30,736,517,996.90
Net profit attributable to shareholders of
189,290,120.82 2,065,513,108.71 -90.84% 1,712,029,078.52
the Company
Net profit after extraordinary gains or
losses attributable to shareholders of the -361,459,377.16 1,743,876,537.12 -120.73% 1,119,103,808.75
Company
Net cash flows from operating activities 3,449,824,242.37 8,581,888,192.64 -59.80% 11,259,802,676.28
Basic earnings per share (RMB per share) 0.03 0.56 -94.64% 0.36
Diluted earnings per share (RMB per
0.03 0.56 -94.64% 0.36
share)
Rate of return on weighted average net Decreased by9.01
0.55% 9.56% 5.84%
assets percentage points
Data specification: The net profit attributable to shareholders of the Company does not exclude the effect of the interest payment
deferred and accumulated to subsequent periods for Perpetual Bonds. When calculating financial indicators such as earnings per
share and rate of return on weighted average net assets, the interest on Perpetual Bonds of RMB89,700,000.00 during the reporting
period is deducted.
(2) Key Major Accounting Data by Quarter
Unit: RMB
Q1 Q2 Q3 Q4
Revenue 8,514,983,059.74 8,161,445,306.09 8,679,605,529.93 6,648,333,425.15
Net profit attributable to shareholders of the
113,917,827.90 116,223,635.86 10,434,396.87 -51,285,739.81
Company
Net profit after extraordinary gains or losses
99,637,959.12 73,769,968.01 -18,272,552.33 -516,594,751.96
attributable to shareholders of the Company
Net cash flows from operating activities 222,704,964.47 775,559,244.98 150,935,364.72 2,300,624,668.20
Whether the above indicators or their aggregated amounts have any material difference with the respective amounts as disclosed in
the quarterly report or interim report
□ Yes No
4. Share capital and shareholders
(1) Table of the number of shareholders of ordinary shares and shareholders of preference shares with voting rights
restored and shareholding of top ten shareholders
Unit: Shares
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2022 Annual Report Summary of Shandong Chenming Paper Holdings Limited
Total number of Total number of holders
156,799, of which 156,371, of which Total number of
Total number of ordinary of Preference Shares
134,311 were holders 133,998 were holders holders of
ordinary shareholders as at with restored voting right
of A shares, 22,159 of A shares, 22,044 Preference Shares
shareholders as at the end of the 0 as at the end of the 0
were holders of B were holders of B with restored voting
the end of the month prior to the month prior to the
shares and 329 were shares and 329 were right as at the end of
reporting period publication date of disclosure date of the
holders of H shares holders of H shares the reporting period
this annual report annual report
Shareholdings of top 10 shareholders
Number of Shares pledged or locked-up
Nature of Percentage of Number of
Name of shareholders restricted Status of
shareholders shareholding shares held Number
shares held shares
CHENMING HOLDINGS COMPANY State-owned legal
15.35% 457,322,919 0 Pledged 251,440,000
LIMITED person
HKSCC Overseas legal
12.53% 373,388,625 0
NOMINEES LIMITED person
CHENMING HOLDINGS (HONG Overseas legal
12.22% 364,131,563 0
KONG) LIMITED person
Domestic natural
Hong Zejun 2.57% 76,700,000 0
person
Domestic natural
Chen Hongguo 1.04% 31,080,044 23,310,033
person
SHANDONG SUN HOLDINGS GROUP Domestic non-state-
0.84% 24,987,117 0
CO., LTD. owned legal person
HONG KONG SECURITIES CLEARING Overseas legal
0.59% 17,712,081 0
COMPANY LIMITED person
VANGUARD TOTAL INTERNATIONAL Overseas legal
0.50% 14,771,945 0
STOCK INDEX FUND person
VANGUARD EMERGING MARKETS Overseas legal
0.49% 14,688,346 0
STOCK INDEX FUND person
GUOTAI JUNAN SECURITIES (HONG Overseas legal
0.28% 8,434,361 0
KONG) LIMITED person
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-
Related party relationship or acting in owned legal person; A shareholder, Chen Hongguo, is the legal representative, chairman and general
concert among the above shareholders manager of Chenming Holdings Company Limited. Save for the above, it is not aware that any other
shareholders of tradable shares are persons acting in concert. It is also not aware that any other
shareholders of tradable shares are related to each other.
Chenming Holdings Company Limited held 457,322,919 RMB ordinary shares, of which 326,322,919
shares were held through ordinary account and 131,000,000 shares were held through credit guarantee
security account;
Hong Zejun held 76,700,000 RMB ordinary shares, of which no share was held through ordinary
Securities margin trading of shareholders
account and 76,700,000 shares were held through credit guarantee security account;
Shandong Sun Holdings Group Co., Ltd. held 24,987,117 RMB ordinary shares, of which no share was
held through ordinary account and 24,987,117 shares were held through credit guarantee security
account.
(2) Total number of holders of Preference Shares of the Company and the shareholdings of the top ten holders of
Preference Shares
□ Applicable Not applicable
During the reporting period, there was no shareholding of holders of Preference Shares of the Company.
(3) Chart illustrating the relationship between the Company and the beneficial controller
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2022 Annual Report Summary of Shandong Chenming Paper Holdings Limited
5. Situation of bonds in existence on the date of approval of the annual report
Applicable □ Not applicable
(1) Basic information on the Bond
Outstanding amount of Interest
Name of bond Bond abbreviation Bond code Issue date Maturity date
the bonds (RMB’0,000) rate
The public issuance of the
Corporate Bonds of Shandong
18 Chenming
Chenming Paper Holdings 112641 29 March 2018 2 April 2023 35,000 6.50%
Bond 01
Limited to qualified investors
in 2018 (phase I)
During the reporting period, the Company conducted the resale of “18 Chenming Bond 01” corporate bonds as
agreed in the Prospectus. Bondholders of “18 Chenming Bond 01” could declare resale in whole or in part for “18
Chenming Bond 01” bonds they held on 28 February, 1 March, 2 March, 3 March and 4 March 2022. According to
the data provided by the Shenzhen Branch of China Securities Depository and Clearing Corporation Limited, the
amount of the “18 Chenming Bond 01” for this resale was 1,955,000.00, and the total amount of the resale was
Interest payment for the
RMB195,500,000.00 (interests exclusive) with a remaining custodial amount of 1,545,000.00. On 6 April 2022, the
corporate bonds during the
Company completed the principal and interest payment for the resale of bonds in part and the interest payment for
reporting period
the remaining bonds in custody.
From 8 April 2022 to 30 April 2022, the Company handled the resale of bonds to be resold in accordance with
relevant regulations. The number of resale bonds completed was 1,955,000.00 at an average resale price of
RMB100 per bond. Upon the completion of the resale, there were no bonds that had not been resold, and the
remaining custodial amount of “18 Chenming Bond 01” was 3,500,000.00.
(2) Latest track rating of and rating movements of corporate bonds
On 26 May 2022, China Chengxin International Credit Rating Co., Ltd. (“China Chengxin International”) issued the Follow-
up Rating Report (2022) with Respect to the Public Issuance of the Corporate Bonds of Shandong Chenming Paper Holdings
Limited to Qualified Investors in 2018 (phase I) (Xin Ping Wei Han Zi [2022] Gen Zong No. 0343). China Chengxin International
adjusted the issuer credit rating of the Company at AA+, the credit rating of “18 Chenming Bond 01” at AA+, and the negative
rating outlook, to: the issuer credit rating of the Company at AA+ and the credit rating of “18 Chenming Bond 01” at AA+
unchanged, and the issuer and debt credit ratings included in the credit rating watch list.
For further details, please refer to the Follow-up Rating Report (2022) with Respect to the Public Issuance of the Corporate
Bonds of Shandong Chenming Paper Holdings Limited to Qualified Investors in 2018 (phase I) disclosed on CNINFO on 26 May
2022.
(3) Major accounting data and financial indicators of the Company over the past two years as at the end of the reporting
period
Unit: RMB’0,000
Increase/decrease for the year as
Item 2022 2021
compared to the prior year
Gearing ratio 71.85% 72.76% -0.91%
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2022 Annual Report Summary of Shandong Chenming Paper Holdings Limited
Net profit after extraordinary gains or losses -36,145.94 174,387.65 -120.73%
Proportion of EBITDA to total debts 8.61% 13.43% -4.82%
Interest coverage ratio 1.09 2.12 -48.58%
III. Matters of significance
1. Issuance of shares and asset purchase through cash payments
On 21 November 2022, the Company held the fourth extraordinary meeting of the tenth session of the Board and the second
extraordinary meeting of the tenth session of the Supervisory Committee, and considered and approved relevant resolutions
including the Resolution on Asset Purchase through Issuance of Shares and Cash Payment. The Company intended to acquire 1.19%
equity interests in Shouguang Meilun (corresponding capital contribution of RMB57,210,526 to Shouguang Meilun) held by
Dongxing Investment and 44.44% limited partnership share in Chenrong Fund held by Chongqing Trust through issuance of
shares. Shandong Chenming Investment Co., Ltd., a wholly-owned subsidiary of the Company, intended to acquire 0.22% general
partnership share in Chenrong held by Chenming (Qingdao) Asset Management Co., Ltd. (“Chenming Asset Management”)
through cash payment. The type of shares issued by the Company for asset purchase was domestic-listed RMB ordinary shares (A
shares), with issue price of RMB4.42 per share. As of the end of the reporting period, the audit and evaluation on subject asset
under the transaction have not yet completed.
For details, please refer to the relevant announcements (announcement no.: 2022-084 and 2022-085) of the Company
published on CNINFO on 22 November 2022.
2. Information disclosure index for 2022
Announce Date of Publication website and
Subject matter
ment no. publication index
2022-001 Announcement on the Continued Pledge of Shares held by Shareholders 15 January 2022 http://www.cninfo.com.cn
Announcement on the Recognition of the Company and its Subsidiaries as High 11 February
2022-002 http://www.cninfo.com.cn
and New Technology Enterprises 2022
Announcement on the Development of Equipment Financing Business by a 24 February
2022-003 http://www.cninfo.com.cn
Subsidiary 2022
The First Indicative Announcement on Adjustment of Coupon Rate of “18 25 February
2022-004 http://www.cninfo.com.cn
Chenming Bond 01” and Implementation Measures for Resale by Investors 2022
The Second Indicative Announcement on Adjustment of Coupon Rate of “18
2022-005 1 March 2022 http://www.cninfo.com.cn
Chenming Bond 01” and Implementation Measures for Resale by Investors
The Third Indicative Announcement on Adjustment of Coupon Rate of “18
2022-006 3 March 2022 http://www.cninfo.com.cn
Chenming Bond 01” and Implementation Measures for Resale by Investors
Announcement on Pledge of Shares and Partial Release of Pledge of Shares by
2022-007 12 March 2022 http://www.cninfo.com.cn
Shareholders
Announcement on the Development of Equipment Financing Business by a
2022-008 14 March 2022 http://www.cninfo.com.cn
Subsidiary
2022-009 Announcement on the 2021 Annual Online Performance Briefing 28 March 2022 http://www.cninfo.com.cn
Announcement on the Development of Equipment Financing Business by a
2022-010 29 March 2022 http://www.cninfo.com.cn
Subsidiary
Announcement on Resolutions of the Twelfth Meeting of the Ninth Session of
2022-011 31 March 2022 http://www.cninfo.com.cn
the Board of Directors
Announcement on Resolutions of the Twelfth Meeting of the Ninth Session of
2022-012 31 March 2022 http://www.cninfo.com.cn
the Supervisory Committee
2022-013 Notice of 2021 Annual General Meeting 31 March 2022 http://www.cninfo.com.cn
2022-014 2021 Annual Report Summary 31 March 2022 http://www.cninfo.com.cn
2022-015 Special Statement on Securities Investment in 2021 31 March 2022 http://www.cninfo.com.cn
2022-016 Announcement on Appointment of Auditor for 2022 31 March 2022 http://www.cninfo.com.cn
2022-017 Announcement on the Expected Continuing Related Party Transaction in 2022 31 March 2022 http://www.cninfo.com.cn
2022-018 Announcement on the Development of Equipment Financing Business 31 March 2022 http://www.cninfo.com.cn
2022-019 Announcement on Carrying out Factoring Business of Accounts Receivable 31 March 2022 http://www.cninfo.com.cn
2022-020 Announcement on Expected Provision of Guarantees to Subsidiaries for 2022 31 March 2022 http://www.cninfo.com.cn
2022-021 Special Statement on the Proposed Non-Distribution of Profit for 2021 31 March 2022 http://www.cninfo.com.cn
2022-022 Announcement on the Amendments to the Company’s Relevant Systems 31 March 2022 http://www.cninfo.com.cn
2022-023 Announcement on the Provision of External Guarantees 31 March 2022 http://www.cninfo.com.cn
2022-024 Announcement on Loan Transfer and Related Party Transaction 31 March 2022 http://www.cninfo.com.cn
Announcement on Results of Resale by Bondholders of “18 Chenming Bond
2022-025 31 March 2022 http://www.cninfo.com.cn
01”
Shandong Chenming Paper Holdings Limited Announcement on Payment of
2022-026 2022 Interest with Respect to the First Tranche of Corporate Bonds Publicly 31 March 2022 http://www.cninfo.com.cn
Issued to Qualified Investors in 2018
2022-027 Announcement on Receipt of Government Subsidies by Subsidiaries 1 April 2022 http://www.cninfo.com.cn
Announcement on the Proposed Resale of “18 Chenming Bond 01” Sale-back
2022-028 7 April 2022 http://www.cninfo.com.cn
Bonds
Announcement on Pledge of Shares and Partial Release of Pledge of Shares by
2022-029 21 April 2022 http://www.cninfo.com.cn
Shareholders
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2022 Annual Report Summary of Shandong Chenming Paper Holdings Limited
2022-030 2022 First Quarterly Report 30 April 2022 http://www.cninfo.com.cn
2022-031 Announcement on the Results of Resale of “18 Chenming Bond 01” Bonds 10 May 2022 http://www.cninfo.com.cn
2022-032 Announcement on Resolutions of 2021 Annual General Meeting 12 May 2022 http://www.cninfo.com.cn
Announcement on Resolutions of the Twenty-fourth Extraordinary Meeting of
2022-033 24 May 2022 http://www.cninfo.com.cn
the Ninth Session of the Board of Directors
Announcement on Resolutions of the Seventh Extraordinary Meeting of the
2022-034 24 May 2022 http://www.cninfo.com.cn
Ninth Session of the Supervisory Committee
2022-035 Declaration by Nominator of Independent Director (Li Zhihui) 24 May 2022 http://www.cninfo.com.cn
2022-036 Declaration by Nominator of Independent Director (Sun Jianfei) 24 May 2022 http://www.cninfo.com.cn
2022-037 Declaration by Nominator of Independent Director (Yang Biao) 24 May 2022 http://www.cninfo.com.cn
2022-038 Declaration by Nominator of Independent Director (Yin Meiqun) 24 May 2022 http://www.cninfo.com.cn
2022-039 Declaration by Candidate for Independent Director (Li Zhihui) 24 May 2022 http://www.cninfo.com.cn
2022-040 Declaration by Candidate for Independent Director (Sun Jianfei) 24 May 2022 http://www.cninfo.com.cn
2022-041 Declaration by Candidate for Independent Director (Yang Biao) 24 May 2022 http://www.cninfo.com.cn
2022-042 Declaration by Candidate for Independent Director (Yin Meiqun) 24 May 2022 http://www.cninfo.com.cn
Announcement on the Purchase of Liability Insurance for Directors, Supervisors
2022-043 24 May 2022 http://www.cninfo.com.cn
and Senior Management
2022-044 Notice of the First Extraordinary General Meeting of 2022 24 May 2022 http://www.cninfo.com.cn
2022-045 Announcement on Credit Rating Adjustment 30 May 2022 http://www.cninfo.com.cn
Announcement on Resolutions of the Twenty-fifth Extraordinary Meeting of the
2022-046 31 May 2022 http://www.cninfo.com.cn
Ninth Session of the Board of Directors
Notice on Cancellation of Certain Resolutions of 2022 First Extraordinary
2022-047 31 May 2022 http://www.cninfo.com.cn
General Meeting and Supplementary Notice of the General Meeting
2022-048 Announcement on Receipt of Government Subsidies by Subsidiaries 1 June 2022 http://www.cninfo.com.cn
Announcement on Resolutions of the First Extraordinary General Meeting of
2022-049 16 June 2022 http://www.cninfo.com.cn
2022
2022-050 Announcement on the Election of Employee Representative Supervisors 16 June 2022 http://www.cninfo.com.cn
Announcement on Resolutions of the First Meeting of the Tenth Session of the
2022-051 16 June 2022 http://www.cninfo.com.cn
Board of Directors
Announcement on Resolutions of the First Meeting of the Tenth Session of the
2022-052 16 June 2022 http://www.cninfo.com.cn
Supervisory Committee
2022-053 Announcement on the Progress of Litigation 21 June 2022 http://www.cninfo.com.cn
2022-054 Announcement on the Continued Pledge of Shares held by Shareholders 28 June 2022 http://www.cninfo.com.cn
Announcement on Resolutions of the First Extraordinary Meeting of the Tenth
2022-055 28 June 2022 http://www.cninfo.com.cn
Session of the Board
Announcement on Capital Increase and Introduction of Strategic Investors of a
2022-056 28 June 2022 http://www.cninfo.com.cn
Majority-owned Subsidiary
Announcement on Pledge of Shares and Partial Release of Pledge of Shares by
2022-057 13 July 2022 http://www.cninfo.com.cn
Shareholders
2022-058 2022 Interim Results Forecast 16 July 2022 http://www.cninfo.com.cn
Announcement on Resolutions of the Second Extraordinary Meeting of the
2022-059 19 July 2022 http://www.cninfo.com.cn
Tenth Session of the Board of Directors
Announcement on Resolutions of the First Extraordinary Meeting of the Tenth
2022-060 19 July 2022 http://www.cninfo.com.cn
Session of the Supervisory Committee
Review Opinions on Relevant Matters Proposed at the First Extraordinary
2022-061 19 July 2022 http://www.cninfo.com.cn
Meeting of the Tenth Session of the Supervisory Committee
Announcement on Fulfilment of the Unlocking Conditions for the First
2022-062 19 July 2022 http://www.cninfo.com.cn
Unlocking Period under the 2020 Restricted A Share Incentive Scheme
Announcement on Adjustment to the Repurchase Price of the 2020 Restricted A
2022-063 Share Incentive Scheme and Repurchase and Cancellation of Certain Restricted 19 July 2022 http://www.cninfo.com.cn
Shares
Announcement on Repurchase and Cancellation of Certain Restricted Shares
2022-064 19 July 2022 http://www.cninfo.com.cn
and Notice to Creditors
Indicative Announcement on Release of Restricted Shares for the First
2022-065 Unlocking Period under the 2020 Restricted A Share Incentive Scheme for 25 July 2022 http://www.cninfo.com.cn
Listing and Trading
Announcement on Continued Pledge of Shares held by Shareholders and Partial
2022-066 26 July 2022 http://www.cninfo.com.cn
Release of Pledge of Shares by Shareholders
Announcement on Resolution of the Third Extraordinary Meeting of the Tenth
2022-067 29 July 2022 http://www.cninfo.com.cn
Session of the Board of Directors
Announcement on Capital Increase and Introduction of Strategic Investors of a
2022-068 29 July 2022 http://www.cninfo.com.cn
Majority-owned Subsidiary
2022-069 Announcement on Pledge of Shareholders’ Shares 29 July 2022 http://www.cninfo.com.cn
2022-070 Announcement on Continued Pledge of Shares held by Shareholders 6 August 2022 http://www.cninfo.com.cn
Announcement on the Preliminary Disclosure of Disposal of Shares by Certain
2022-071 13 August 2022 http://www.cninfo.com.cn
Directors and Senior Management of the Company
2022-072 2022 Interim Report Summary 31 August 2022 http://www.cninfo.com.cn
Announcement in respect of Provision of Guarantee in Favour of 13 October
2022-073 http://www.cninfo.com.cn
a Subsidiary for Technological Transformation Project 2022
Announcement on Completion of Repurchase and Cancellation of Certain 21 October
2022-074 http://www.cninfo.com.cn
Restricted Shares 2022
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2022 Annual Report Summary of Shandong Chenming Paper Holdings Limited
27 October
2022-075 Announcement on the Release of Pledge of Shares held by Shareholders http://www.cninfo.com.cn
2022
Announcement on Resolutions of the Third Meeting of the Tenth Session of the 31 October
2022-076 http://www.cninfo.com.cn
Board of Directors 2022
Announcement on Resolutions of the Third Meeting of the Tenth Session of the 31 October
2022-077 http://www.cninfo.com.cn
Supervisory Committee 2022
31 October
2022-078 2022 Third Quarterly Report http://www.cninfo.com.cn
2022
Announcement on Investment in Coniferous Wood Bleached Chemical Pulp 31 October
2022-079 http://www.cninfo.com.cn
Project with Annual Production Capacity of 300,000 Tonnes 2022
Announcement on Investment in Construction of Special Paper Project with 31 October
2022-080 http://www.cninfo.com.cn
Annual Production Capacity of 180,000 Tonnes by Zhanjiang Chenming 2022
5 November
2022-081 Announcement on Continued Pledge of Shares held by Shareholders http://www.cninfo.com.cn
2022
Announcement on Expiry of Approval Regarding Change of Listing Venue of
12 November
2022-082 the Domestic Listed Foreign Shares and Their Listing and Trading on the Main http://www.cninfo.com.cn
2022
Board of the Stock Exchange of Hong Kong Limited by Conversion
Announcement on Participation in the 2022 Annual Online Group Reception 12 November
2022-083 http://www.cninfo.com.cn
Day for Investors of Listed Companies in Shandong Jurisdiction 2022
Announcement on Resolutions of the Fourth Extraordinary Meeting of the 22 November
2022-084 http://www.cninfo.com.cn
Tenth Session of the Board of Directors 2022
Announcement on Resolutions of the Second Extraordinary Meeting of the 22 November
2022-085 http://www.cninfo.com.cn
Tenth Session of the Supervisory Committee 2022
Indicative Announcement on General Risks Regarding Asset Purchase Through 22 November
2022-086 http://www.cninfo.com.cn
Issuance of Shares and Cash Payments 2022
Announcement on Not Convening General Meeting for Consideration of
22 November
2022-087 Matters Regarding Asset Purchase Through Issuance of Shares and Cash http://www.cninfo.com.cn
2022
Payments at the Moment
Opinions of Supervisory Committee on Asset Purchase Through Issuance of 22 November
2022-088 http://www.cninfo.com.cn
Shares and Cash Payments 2022
Announcement on Involvement in the Establishment of Limited Partnership 22 November
2022-089 http://www.cninfo.com.cn
Company by a Subsidiary 2022
Announcement on Pledge of Shares and Continued Pledge of Shares held by 25 November
2022-090 http://www.cninfo.com.cn
Shareholders 2022
Announcement on the Implementation Progress of the Share Disposal Plan by 7 December
2022-091 http://www.cninfo.com.cn
Certain Directors and Senior Management of the Company 2022
Announcement on Resolutions of the Fifth Extraordinary Meeting of the Tenth 8 December
2022-092 http://www.cninfo.com.cn
Session of the Board of Directors 2022
Announcement of Repayment of Debts by Pledge of Equity and Provision of 8 December
2022-093 http://www.cninfo.com.cn
External Guarantees 2022
8 December
2022-094 Announcement on Provision of External Guarantees http://www.cninfo.com.cn
2022
8 December
2022-095 Notice of 2022 Second Extraordinary General Meeting http://www.cninfo.com.cn
2022
24 December
2022-096 Poll Results of the 2022 Second Extraordinary General Meeting http://www.cninfo.com.cn
2022
3. Introduction of strategic investors by Zhanjiang Chenming
On 27 June 2022, the first extraordinary meeting of the tenth session of the Board of the Company considered and approved
the Proposal on Capital Contribution and Introduction of Strategic Investors of a Majority-owned Subsidiary. Given the
recognition of Zhanjiang Chenming for its bright development prospect, Xiamen International Trade Industry Development Equity
Investment Fund Partnership (Limited Partnership) made capital contribution to Zhanjiang Chenming in the amount of RMB400
million, of which RMB266,351,374 was included in the registered capital and the remaining RMB133,648,626 was included in the
capital reserve.
On 28 July 2022, the third extraordinary meeting of the tenth session of the Board of the Company considered and approved
the Proposal on the Capital Contribution for Share Increase and Introduction of Strategic Investors for a Controlling Subsidiary.
BOCOM Financial Assets Investment Co., Ltd. (“BOCOM Investment”) and Jiaohui Chenming Zhuli (Suzhou) Emerging
Industry Development Fund Partnership (Limited Partnership) (“Jiaohui Chenming Fund”) contributed capital to Zhanjiang
Chenming, with a total capital contribution of RMB1,000 million. BOCOM Investment and Jiaohui Chenming Fund contributed
RMB500 million and RMB500 million, respectively.
For details, please refer to the relevant announcements (announcement no.: 2022-055, 2022-056 and 2022-068) of the
Company published on CNINFO on 28 June and 29 July 2022.
4. Business status of Chenming Leasing
At present, the Company focuses on the development of its principal activities, i.e. pulp production and paper making, and
continues to reduce the size of the financial leasing business. As at the end of the reporting period, the balance of financial leases
of Chenming Leasing decreased to RMB5.79 billion. Some financial lease receivables of Chenming Leasing were overdue due to
factors such as the weak domestic economic environment with the overdue principals amounting to RMB1,791 million, for which
provisions of RMB663 million were made, and a provision coverage rate of 37.02%. Certain assets have been seized through
litigation. The Company has resorted to, among other things, control of the underlying assets, litigation for seizure, recovery for
guarantors and debt reconstruction with the overall risks under control.
5. Construction and put into production of Shouguang Meilun household paper project
In order to optimise resources allocation, accelerate growth driver replacement and facilitate industry upgrade and
transformation, the Company relocated the household paper production line of Wuhan Chenming to Shouguang Meilun. In
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2022 Annual Report Summary of Shandong Chenming Paper Holdings Limited
September 2022, the household paper relocation project of Shouguang Meilun commenced trial operation. In December 2022, the
project was officially put into production. Total investment of the project amounted to RMB460 million. The full set of equipment
and control system of production was sourced from Valmet in Finland. The whole product line adopted most advanced equipment
and system in the world, including double headbox, sharper, shoe press, Yankee dryer, high-temperature air cover, as well as the
complete set of automatic DCS system, QCS system, electric transmission system and MES system, thus realising full automatic
control. The width of paper-making machine is 5,600mm, with operation speed up to 2,000m/min. The project uses 100% virgin
wood pulp as raw material. Products will undergo 450℃ high-temperature sterilisation, and can be used for the production for
different types of high-end paper products such as toilet paper roll, pocket tissue, facial tissue, napkin and paper towels, with
annual production capacity up to 49,000 tonnes.
The Board of Shandong Chenming Paper Holdings Limited
30 March 2023
10
