Full text of the Report of C&S Paper Co., Ltd. for the First Quarter of 2021
C&S Paper Co., Ltd.
Report for the First Quarter o f 2021
April 2021
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Full text of the Report of C&S Paper Co., Ltd. for the First Quarter of 2021
Section I Important Notice
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 the quarterly report is truthful, accurate and complete and there
are no false presentations or misleading statements contained in, or material
omissions from, this report, and that they assume severally and jointly legal
liability.
All directors attended the meeting of the Board of Directors where this quarterly
report was reviewed.
Declaration by Deng Yingzhong, legal representative, Dong Ye, the person in
charge of accounting, and Xu Xianjing, the person in charge of Accounting
Department of the Company, warrant that the financial statements contained in
this report are truthful, accurate, and complete.
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Full text of the Report of C&S Paper Co., Ltd. for the First Quarter of 2021
Section II Basic Information
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
The same period of the
Current reporting period YoY change
previous year
Operating income (RMB) 2,102,126,213.63 1,670,909,073.75 25.81%
Net profit attributable to shareholders of
271,122,802.99 183,429,517.35 47.81%
the listed company (RMB)
Net profit attributable to shareholders of
the listed company less non-recurring 267,298,568.37 186,893,864.62 43.02%
profit and loss (RMB)
Net cash flow from operating activities
334,905,166.23 330,547,734.57 1.32%
(RMB)
Basic earnings per share (RMB/share) 0.2091 0.1426 46.63%
Diluted earnings per share (RMB/share) 0.2058 0.1395 47.53%
Weighted average return on net assets 5.34% 4.41% 0.93%
Changes at the end of
the current reporting
End of the current
End of the previous year period compared with
reporting period
the end of the previous
year
Total assets (RMB) 7,327,573,419.58 7,478,439,747.77 -2.02%
Net asset attributable to shareholders of
5,108,051,020.43 5,042,146,076.42 1.31%
the listed company (RMB)
Items and amounts of non-recurring profit and loss
√ Applicable □ Inapplicable
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Full text of the Report of C&S Paper Co., Ltd. for the First Quarter of 2021
Unit: RMB
Amount from the beginning
Item of the year to the end of the Remarks
reporting period
Profit and loss from disposal of non-current assets
(including the offset portion with provisions for asset -20,876.50
impairment already set aside)
Government grants measured at fair value through profit
and loss of the current period (except for the government
grants that are closely related to the Company's business 3,998,966.50
and distributed in a fixed quota or amount in accordance
with unified national standards)
Profit and loss from assets entrusted to others for
307,027.09
investment or management
Other non-operating income and expenses excluding the
355,425.97
above items
Less: Influence of income tax 816,308.44
Total 3,824,234.62 --
The reasons why the Company defined certain items as non-recurring profit and loss in line with the No. 1
Explanatory Announcement on Information Disclosure of Companies Offering Securities to the
Public—Non-recurring Profit and Loss and some items listed in the above announcement as recurring profit and
loss shall be specified.
□ Applicable √ Inapplicable
The Company did not define any non-recurring profit and loss defined or 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.
II. Table of the Total Number of Shareholders and Holdings of the Top Ten Shareholders at
the End of the Reporting Period
1. Table of the total number of common shareholders, the number of preferred shareholders with
voting right resumption, and holding of the top ten shareholders
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Full text of the Report of C&S Paper Co., Ltd. for the First Quarter of 2021
Unit: Share
Total number of preferred
Total number of common shareholders at the shareholders with voting
63,824 0
end of the reporting period rights restored at the end of
the reporting period (if any)
Particulars of shareholding of the top ten shareholders
Number of Pledged or locked-up
shares held shares
Nature of Shareholding Number of
Name of shareholder subject to
shareholder percentage shares held Share Number of
restrictions
status shares
on sales
Domestic
Guangdong Zhongshun Paper non-state-ow
28.63% 375,655,958
Group Co., Ltd. ned legal
person
Foreign legal
Chung Shun Co. 20.31% 266,504,789
person
Hong Kong Securities Foreign legal
6.72% 88,174,456
Clearing Co., Ltd. person
National Social Security Fund
Others 1.00% 13,112,327
Portfolio 406
Domestic
Yue Yong natural 0.74% 9,665,241 7,939,243
person
China Construction Bank Co.,
Ltd. – Fullgoal Value Creation
Others 0.69% 9,096,907
Hybrid Securities Investment
Fund
Industrial and Commercial
Bank of China Limited –
Caitong Asset Management
Others 0.69% 9,085,652
Equilibrium Value One-Year
Hybrid Securities Investment
Fund
National Social Security Fund
Others 0.63% 8,226,778
Portfolio 101
Domestic
Deng Yingzhong natural 0.51% 6,752,811 5,064,608
person
Industrial and Commercial Others 0.51% 6,729,000
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Full text of the Report of C&S Paper Co., Ltd. for the First Quarter of 2021
Bank of China Limited –
Fullgoal Consumption
Selection 30-share Equity
Securities Investment Fund
Particulars of shareholding of the top ten shareholders not subject to restrictions on sales
Number of shares held Type of shares
Name of shareholder not subject to restrictions
Type of shares Number of shares
on sales
Guangdong Zhongshun Paper Group Co., RMB-denominate
375,655,958 375,655,958
Ltd. d ordinary shares
RMB-denominate
Chung Shun Co. 266,504,789 266,504,789
d ordinary shares
RMB-denominate
Hong Kong Securities Clearing Co., Ltd. 88,174,456 88,174,456
d ordinary shares
RMB-denominate
National Social Security Fund Portfolio 406 13,112,327 13,112,327
d ordinary shares
China Construction Bank Co., Ltd. –
RMB-denominate
Fullgoal Value Creation Hybrid Securities 9,096,907 9,096,907
d ordinary shares
Investment Fund
Industrial and Commercial Bank of China
Limited – Caitong Asset Management RMB-denominate
9,085,652 9,085,652
Equilibrium Value One-Year Hybrid d ordinary shares
Securities Investment Fund
RMB-denominate
National Social Security Fund Portfolio 101 8,226,778 8,226,778
d ordinary shares
Industrial and Commercial Bank of China
RMB-denominate
Limited – Fullgoal Consumption Selection 6,729,000 6,729,000
d ordinary shares
30-share Equity Securities Investment Fund
Investec Asset Management Co., Ltd. –
RMB-denominate
Investec Global Fund Strategy – China 6,196,738 6,196,738
d ordinary shares
Stock Fund (Exchange)
Zhongshan Xinda Investment Management RMB-denominate
6,083,636 6,083,636
Co., Ltd. d ordinary shares
1. Among the top ten shareholders mentioned above, Guangdong
Zhongshun Paper Group Co., Ltd. and Chung Shun Co. are the
Whether the above-mentioned shareholders enterprises controlled by Deng Yingzhong, Deng Guanbiao and
have a related party relationship or are Deng Guanjie, de facto controllers of the Company. That is,
persons acting in concert Guangdong Zhongshun Paper Group Co., Ltd. and Chung Shun Co.
are related parties. Yue Yong is now an officer of the Company.
Deng Yingzhong is one of the current directors and de facto
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Full text of the Report of C&S Paper Co., Ltd. for the First Quarter of 2021
controllers of the Company.
2. The Company does not figure out whether there is a related party
relationship between other shareholders, and whether there is a
person acting in concert as stipulated in the Administrative Measures
for the Disclosure of Information on Changes in Shareholders'
Shareholding of Listed Companies.
Description of top ten shareholders engaging
None
in margin trading and short-selling (if any)
Whether the top ten common shareholders and the top ten shareholders not subject to restrictions on sales
conducted the agreed repurchase transaction during the reporting period
□ Yes √ No
The Company's top ten common shareholders and top ten common shareholders not subject to restrictions on sales
did not conduct any agreed repurchase transaction during the reporting period.
2. Table of the total number of preferred shareholders and holdings of the top ten preferred shareholders
□ Applicable √ Inapplicable
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Full text of the Report of C&S Paper Co., Ltd. for the First Quarter of 2021
Section III Important Events
I. Changes in the Main Financial Data and Financial Indicators during the Reporting Period
and Reasons for Such Changes
√ Applicable □ Inapplicable
i. Balance sheet
Other current assets: Other current assets decreased by RMB46,285,103.42 or 45.56% at the end of the current
reporting period from the end of 2020, mainly due to the decrease in the principal of wealth management products in
the current reporting period.
Construction work in progress: Construction work in progress decreased by RMB131,714,825.65 or 47.74% at the
end of the current reporting period from the end of 2020, mainly due to the carry-forward of ready-for-use
construction work in progress to fixed assets in the current reporting period.
Right-of-use assets: Right-of-use assets increased by RMB9,531,693.59 or 100.00% at the end of the current
reporting period from the end of 2020, mainly due to the recognition of lease assets as right-for-use assets after the
implementation of new leasing standards during the current reporting period.
Short-term loans: Short-term loans decreased by RMB52,896,691.34 or 37.01% at the end of the current reporting
from the end of 2020, mainly due to the reduction of short-term loans from banks in the current reporting period.
Lease liabilities: Lease liabilities increased by RMB 9,905,754.18 or 100.00% at the end of the current reporting
period from the end of 2020, mainly due to the recognition of lease liabilities after the implementation of new
leasing standards during the current reporting period.
Treasury shares: Treasury shares increased RMB216,125,181.28 or 224.01% at the end of the current reporting
period from the end of 2020, mainly due to the increase of repurchased shares of the Company in the current
reporting period.
ii. Income statement
Operating costs: Operating costs increased by 334,673,338.95 or 36.50% on a year-on-year basis, mainly due to (1)
the increase in the operating income and (2) the transfer of transportation cost from selling expenses to operating
costs in line with new income standards in the current reporting period.
Finance expenses: Finance expenses decreased by RMB5,478,761.02 or 265.17% on a year-on-year basis, mainly
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Full text of the Report of C&S Paper Co., Ltd. for the First Quarter of 2021
due to the increase in bank interest income and the decrease in exchange gain or loss in the current reporting period.
Other income: Other income increased by RMB1,594,937.84 or 45.32% on a year-on-year basis, mainly due to the
increase in government grants in the current reporting period.
Return on investment: Return on investment decreased by RMB415,773.01 or 57.52% on a year-on-year basis,
mainly due to the increase in the wealth management income in the current reporting period.
Credit impairment losses: Credit impairment losses decreased by RMB3,316,135.69 or 237.45% on a year-on-year
basis, mainly due to the decrease in allowance for credit impairment losses on receivables in the current reporting
period.
Asset impairment losses: Asset impairment losses increased by RMB1,198,081.41 or 129.89% on a year-on-year
basis, mainly due to the increase in the allowance for impairment losses on fixed assets in the current reporting
period.
Return on disposal of assets: Return on disposal of assets increased by RMB332,618.33 or 117.37% on a
year-on-year basis, mainly due to the increase in the gains from disposal of fixed assets in the current reporting
period.
Non-operating income: Non-operating income decreased by RMB1,588,555.61 or 68.33% on a year-on-year basis,
mainly due to the decrease in government grants in the current reporting period.
Non-operating expenditure: Non-operating expenditure decreased by RMB9,824,829.50 or 86.25% on a
year-on-year basis, mainly due to the reduction of donations in the current reporting period.
Income tax expense: Income tax expense increased by RMB19,081,102.77 or 49.10% on a year-on-year basis,
mainly due to the increase in total profit in the current reporting period.
iii. Items in the cash flow statement
Net cash flow from financing activities: Net cash flow from financing activities decreased by RMB193,879,421.36
or 262.15% on a year-on-year basis, mainly due to the decreased cash payment of loan proceeds received and
increased payment for repurchased shares of the Company in the current reporting period.
II. An Analysis of the Progress and Impact of Important Issues and Solutions
√ Applicable □ Inapplicable
1. The election for the 5th Board of Directors and the Board of Supervisors: In January 2021, the Company
completed the election for a new Board of Directors and Board of Supervisors, elected Chairman and Vice
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Full text of the Report of C&S Paper Co., Ltd. for the First Quarter of 2021
Chairman of the 5th Board of Directors, members of special committees, and Chairman of the Board of Supervisors,
and appointed President, Vice President, Secretary of the Board of Directors, Financial Director, Head of Audit
Department, and Representative of Securities Affairs.
2. Second Employee Stock Ownership Plan: As of January 5, 2021, the 11,709,583 shares held under the second
Employee Stock Ownership Plan had been sold completely, with the termination of this Employee Stock Ownership
Plan.
3. The Company's share repurchase matters: In January 2021, the Company launched a Share Repurchase Plan. As
of March 24, 2021, a total of 8,983,877 shares (0.6848% of total share capital) of the Company had been
repurchased with the maximum transaction price of RMB25.8/share, the minimum transaction price of
RMB23.27/share, and a total transaction amount of RMB216,125,181.33 (excluding transaction costs).
4. New 400,000-ton high-end tissue paper production project: In order to further expand its production capacity,
meet the requirement for further sales growth in the East China market, and increase its profit growth points, the
Company launched a new 400,000-ton high-end tissue paper production project with a total investment of around
RMB 2.55 billion. With a total planned production capacity of 400,000 tons, the project will be implemented in
phases. For phase I of the project, around RMB 600 million will be invested and an annual production capacity of
high-end tissue paper will reach around 100,000 tons.
5. Other matters of the Company and its subsidiary: C&S (Sichuan) Co., Ltd., a wholly-owned subsidiary of the
Company, may enjoy a preferential policy of reduced corporate income tax rate of 15% after re-identification,
recertification and filing upon expiration of the valid period of its High-Tech Enterprise Certificate. The business
scopes of 6 subsidiaries of the Company have been expanded. The registered capital of the Company decreased due
to the repurchase and deregistration of restricted stocks under the Stock Incentive Plan. C&S (Yunfu) Trading Co.,
Ltd., a wholly-owned subsidiary of the Company, was renamed "Yunfu Hengtai Commerce and Trade Co., Ltd."
6. Personnel change matters: In March 2021, the President of the Company was changed from Deng Guanbiao to
Liu Peng. In March 2021, Yue Yong, a director of the Company, resigned. In April 2021, Liu Peng was elected as a
director of the Company. In April 2021, the Chairman of the Company was changed from Deng Yingzhong to Liu
Peng, and Li Zhaojin was appointed as Vice President of the Company.
Description of important
Date of disclosure Inquiry and index of temporary report disclosure websites
matters
Election of the 5th Board of Announcement on the Election of a New Board of
January 6, 2021
Directors and Board of Directors, the Announcement on Election of a New Board
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Supervisors of Supervisors, the Announcement on Resolutions of the
30th Meeting of the Fourth Board of Directors, and the
Announcement on Resolutions of the 24th Meeting of the
Fourth Board of Directors disclosed in the China
Securities Journal, Securities Times, Securities Daily as
well as Cninf.
Announcement on Election of New Employees'
Representatives and Supervisors disclosed in the China
January 14, 2021
Securities Journal, Securities Times, Securities Daily as
well as Cninf.
Announcement on Resolutions of the First Extraordinary
General Meeting in 2021, the Announcement on
Resolutions of the 1st Meeting of the Fifth Board of
Directors, the Announcement on Resolutions of the 1st
Meeting of the Fifth Board of Supervisors, the
January 22, 2021
Announcement of Appointment of Officers, and the
Announcement on Appointment of the Head of Audit
Department and the Representative of Securities Affairs
disclosed in the China Securities Journal, Securities Times,
Securities Daily as well as Cninf.
Announcement on Completion of Sale of Shares under and
Second Employee Stock Termination of the Second Employee Stock Ownership
January 6, 2021
Ownership Plan Plan disclosed in the China Securities Journal, Securities
Times, Securities Daily as well as Cninf.
Plan for Repurchase of Partial Social Public Shares and
the Announcement on Resolutions of the 30th Meeting of
January 6, 2021 the Fourth Board of Directors disclosed in the China
Securities Journal, Securities Times, Securities Daily as
well as Cninf.
Announcement on the First Repurchase of Shares disclosed
The Company's share
January 28, 2021 in the China Securities Journal, Securities Times,
repurchase matters
Securities Daily as well as Cninf.
Announcement on Progress Made in Repurchase of Shares
January 29, 2021 disclosed in the China Securities Journal, Securities Times,
Securities Daily as well as Cninf.
Announcement on Progress Made in Repurchase of Shares
January 30, 2021
disclosed in the China Securities Journal, Securities Times,
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Securities Daily as well as Cninf.
Announcement on Progress Made in Repurchase of Shares
February 3, 2021 disclosed in the China Securities Journal, Securities Times,
Securities Daily as well as Cninf.
Announcement on Progress Made in Repurchase of Shares
February 5, 2021 disclosed in the China Securities Journal, Securities Times,
Securities Daily as well as Cninf.
Announcement on Progress Made in Repurchase of Shares
March 3, 2021 disclosed in the China Securities Journal, Securities Times,
Securities Daily as well as Cninf.
Announcement on Progress Made in Repurchase of Shares
March 24, 2021 disclosed in the China Securities Journal, Securities Times,
Securities Daily as well as Cninf.
Announcement on Progress Made in Repurchase of Shares
March 25, 2021 disclosed in the China Securities Journal, Securities Times,
Securities Daily as well as Cninf.
Announcement on Launch of a New 400,000-ton High-End
Tissue Paper Production Project and the Announcement on
January 14, 2021 the 31st Meeting of the Fourth Board of Directors disclosed
in the China Securities Journal, Securities Times,
Securities Daily as well as Cninf.
Announcement on Investment in Establishment of a
New 400,000-tone high-end
Wholly-owned Subsidiary and Completion of Its Industrial
tissue paper production
February 27, 2021 and Commercial Registration disclosed in the China
project
Securities Journal, Securities Times, Securities Daily as
well as Cninf.
Announcement on Progress Made in the New 400,000-ton
High-End Tissue Paper Production Project disclosed in the
March 16, 2021
China Securities Journal, Securities Times, Securities
Daily as well as Cninf.
Announcement on the Acquisition of High-Tech Enterprise
Certificate (Renewal) by a Wholly-owned Subsidiary
January 15, 2021
Other matters of the disclosed in the China Securities Journal, Securities Times,
Company and its subsidiary Securities Daily as well as Cninf.
Announcement on Completion of Industrial and
January 22, 2021
Commercial Registration Amendment for Subsidiaries
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Full text of the Report of C&S Paper Co., Ltd. for the First Quarter of 2021
disclosed in the China Securities Journal, Securities Times,
Securities Daily as well as Cninf.
Announcement on Completion of Industrial and
Commercial Registration Amendment for the Company
March 4, 2021
disclosed in the China Securities Journal, Securities Times,
Securities Daily as well as Cninf.
Announcement on Change of Company Name and Business
Scope and Completion of Industrial and Commercial
March 10, 2021 Registration for a Wholly-owned Subsidiary disclosed in
the China Securities Journal, Securities Times, Securities
Daily as well as Cninf.
Announcement on Resignation of a Director disclosed in
March 19, 2021 the China Securities Journal, Securities Times, Securities
Daily as well as Cninf.
Announcement on Change of President, the Announcement
on By-election of Non-independent Director for the Fifth
Board of Directors, and the Announcement on Resolutions
March 23, 2021
of the 2nd Meeting of the Fifth Board of Directors
disclosed in the China Securities Journal, Securities Times,
Securities Daily as well as Cninf.
Personnel change matters
Announcement on Resolutions of the Third Extraordinary
General Meeting in 2021 disclosed in the China Securities
April 8, 2021
Journal, Securities Times, Securities Daily as well as
Cninf.
Announcement on Change of Chairman, the Announcement
on Appointment of Vice President and the Announcement
April 13, 2021 on Resolutions of the 3rd Meeting of the Fifth Board of
Directors disclosed in the China Securities Journal,
Securities Times, Securities Daily as well as Cninf.
Implementation of share repurchase
√ Applicable □ Inapplicable
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Full text of the Report of C&S Paper Co., Ltd. for the First Quarter of 2021
On January 6, 2021, the Company disclosed the Plan for Repurchase of Partial Social Public Shares. The Company
planned to repurchase a part of social public shares with its own funds of RMB180 million – RMB360 million by
means of centralized bidding, and use all of them for the Stock Incentive Plan or the Employee Stock Ownership
Plan.
As of March 24, 2021, a total of 8,983,877 shares (0.6848% of total share capital) of the Company had been
repurchased with the maximum transaction price of RMB25.8/share, the minimum transaction price of
RMB23.27/share, and a total transaction amount of RMB216,125,181.33 (excluding transaction costs).
Implementation of share repurchase by centralized bidding
□ Applicable √ Inapplicable
III. Commitments not Fulfilled by the De Facto Controllers, Shareholders, Related Parties,
and Acquirers of the Company as at the End of the Reporting Period
□ Applicable √ Inapplicable
During the reporting period of the Company, there were no commitments not fulfilled by the de facto controllers,
shareholders, related parties, and acquirers of the Company as at the end of the reporting period.
IV. Financial Asset Investment
1. Security investment
□ Applicable √ Inapplicable
The Company did not invest in securities during the reporting period.
2. Derivative investment
□ Applicable √ Inapplicable
The Company did not invest in derivatives during the reporting period.
V. Progress of Investment Projects of the Raised Funds
□ Applicable √ Inapplicable
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VI. Prediction of Operating Results in January to June 2021
Warning and explanation of the predication that the accumulated net profit from the beginning of the year to the
end of the next reporting period may be negative or there will be significant changes compared to the
corresponding period of the previous year
□ Applicable √ Inapplicable
VII. Major Routine Operation Contracts
□ Applicable √ Inapplicable
VIII. Entrusted WM
√ Applicable □ Inapplicable
Unit: RMB10,000
Sources of entrusted Incurred amount of The amount overdue
Specific types Undue balance
WM funds entrusted WM but not recovered
Broker's WM
Self-owned fund 9,500 1,002.9 0
product
Total 9,500 1,002.9 0
Specific situations of high-risk entrusted WM with individually significant amounts or low safety, poor liquidity
and no principal guarantee
□ Applicable √ Inapplicable
Entrusted WM is expected to fail to recover the principal or there are other circumstances that may lead to
impairment
□ Applicable √ Inapplicable
IX. Illegal External Guarantee
□ Applicable √ Inapplicable
The Company had no illegal external guarantee during the reporting period.
X. Misappropriation of Funds of the Listed Company for Non-operating Purposes by the
Controlling Shareholder and its Related Parties
□ Applicable √ Inapplicable
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During the reporting period, there was no misappropriation of funds of the listed company for non-operating
purposes by the controlling shareholder and its related parties.
XI. Registration Table for Survey, Communication, Interview and Other Activities during the
Reporting Period
□ Applicable √ Inapplicable
No survey, communication, interview or other activities took place during the Company's reporting period.
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Section IV Financial Statements
I. Financial Statements
1. Consolidated balance sheet
Prepared by: C&S Paper Co., Ltd.
March 31, 2021
Unit: RMB
Item March 31, 2021 December 31, 2020
Current assets:
Monetary funds 1,074,302,670.76 1,125,196,199.56
Settlement reserve
Loans to banks and other financial
institutions
Tradable financial assets
Derivative financial assets
Notes receivable 852,371.48 724,419.74
Accounts receivable 861,090,570.25 1,051,423,939.59
Accounts receivable financing
Prepayments 30,556,867.88 26,819,108.57
Premium receivable
Reinsurance receivable
Reinsurance contract reserves
receivable
Other receivables 12,126,867.60 15,824,945.56
Including: Interest receivable
Dividends receivable
Financial assets purchased under
resale agreements
Inventory 1,618,161,465.94 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
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Other current assets 55,299,465.88 101,584,569.30
Total current assets 3,709,463,339.48 4,039,920,737.33
Non-current assets:
Loans and advances to customers
Creditor's right investment
Investment in other creditor's
rights
Long-term receivable
Long-term equity investment
Investment in other equity
instruments
Other non-current financial assets
Investment property 34,216,144.89 34,575,365.94
Fixed assets 3,098,206,634.67 2,792,587,302.21
Construction work in progress 144,189,792.30 275,904,617.95
Productive biological assets
Oil & gas assets
Right-of-use assets 9,531,693.59
Intangible assets 168,456,445.28 169,355,772.24
Development expenses
Goodwill 64,654.15 64,654.15
Long-term deferred expenses 23,795,488.94 26,635,983.14
Deferred income tax assets 109,418,740.72 111,367,362.66
Other non-current assets 30,230,485.56 28,027,952.15
Total non-current assets 3,618,110,080.10 3,438,519,010.44
Total assets 7,327,573,419.58 7,478,439,747.77
Current liabilities:
Short-term loans 90,046,250.00 142,942,941.34
Borrowings from the central bank
Placements from banks and other
financial institutions
Tradable financial liabilities
Derivate financial liabilities
Notes payable 288,365,856.81 234,887,563.22
Accounts payable 658,657,497.15 761,519,389.26
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Full text of the Report of C&S Paper Co., Ltd. for the First Quarter of 2021
Payments received in advance
Contract liabilities 100,530,640.58 137,333,617.40
Proceeds from financial assets
sold under repo
Deposits from customers, banks
and non-bank financial
institutions
Funds from securities trading
agency
Funds from securities
underwriting agency
Employee remuneration payable 88,290,203.42 123,524,627.11
Tax and fees payable 105,276,092.24 112,608,054.87
Other payables 709,845,336.29 754,844,580.09
Including: Interests payable
Dividends payable 1,437,466.77 1,437,466.77
Service charge and commission
payable
Reinsurance payable
Liabilities held for sale
Non-current liabilities due within
one year
Other non-current liabilities 13,009,427.34 17,628,086.63
Total current liabilities 2,054,021,303.83 2,285,288,859.92
Non-current liabilities:
Insurance contract reserves
Long-term loans
Bonds payable
Including: Preferred shares
Perpetual bonds
Lease liabilities 9,905,754.18
Long-term payable
Long-term employee
remuneration payable
Estimated liabilities
Deferred income 111,659,391.63 115,101,158.13
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Full text of the Report of C&S Paper Co., Ltd. for the First Quarter of 2021
Deferred income tax liabilities 43,935,949.51 35,903,653.30
Other non-current liabilities
Total non-current liabilities 165,501,095.32 151,004,811.43
Total liabilities 2,219,522,399.15 2,436,293,671.35
Owner's equity:
Share capital 1,311,948,555.00 1,311,487,077.00
Other equity instruments
Including: Preferred shares
Perpetual bonds
Capital reserve 917,452,349.35 907,006,505.05
Less: Treasury shares 312,606,092.57 96,480,911.29
Other comprehensive income
Special reserves
Surplus reserves 61,469,258.27 61,469,258.27
Generic risk reserves
Undistributed profits 3,129,786,950.38 2,858,664,147.39
Total owner's equity attributable
5,108,051,020.43 5,042,146,076.42
to the parent company
Equity of minority shareholders
Total of owner's equity 5,108,051,020.43 5,042,146,076.42
Total liabilities and owner's equity 7,327,573,419.58 7,478,439,747.77
Legal representative: Deng Yingzhong Person in charge of accounting: Dong Ye
Person in charge of Accounting Department: Xu Xianjing
2. The parent company's balance sheet
Unit: RMB
Item March 31, 2021 December 31, 2020
Current assets:
Monetary funds 58,660,362.44 170,229,178.13
Tradable financial assets
Derivative financial assets
Notes receivable
Accounts receivable 114,890,880.36 92,647,372.33
Accounts receivable financing
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Full text of the Report of C&S Paper Co., Ltd. for the First Quarter of 2021
Prepayments 6,613,323.00 7,940,396.34
Other receivables 112,236,377.44 136,987,584.64
Including: Interest receivable
Dividends receivable
Inventory 174,988,033.51 156,605,546.36
Contract assets
Assets held for sale
Non-current assets due within one
year
Other current assets 11,603,291.93 52,517,725.87
Total current assets 478,992,268.68 616,927,803.67
Non-current assets:
Creditor's right investment
Investment in other creditor's
rights
Long-term receivable
Long-term equity investment 1,932,117,712.39 1,928,113,219.50
Investment in other equity
instruments
Other non-current financial assets
Investment property 17,744,646.64 17,939,329.51
Fixed assets 253,093,649.92 257,354,688.59
Construction work in progress 558,114.82
Productive biological assets
Oil & gas assets
Right-of-use assets 2,259,589.13
Intangible assets 25,067,112.23 25,205,232.21
Development expenses
Goodwill
Long-term deferred expenses
Deferred income tax assets 47,647,963.99 46,811,106.77
Other non-current assets 6,293,364.06 2,619,959.27
Total non-current assets 2,284,782,153.18 2,278,043,535.85
Total assets 2,763,774,421.86 2,894,971,339.52
Current liabilities:
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Short-term loans
Tradable financial liabilities
Derivate financial liabilities
Notes payable
Accounts payable 492,306,632.72 420,061,168.44
Payments received in advance
Contract liabilities 43,022,494.24 17,388,431.01
Employee remuneration payable 26,229,673.50 44,678,713.21
Tax and fees payable 3,234,718.11 5,995,417.05
Other payables 120,618,793.28 126,072,040.24
Including: Interests payable
Dividends payable 1,437,466.77 1,437,466.77
Liabilities held for sale
Non-current liabilities due within
one year
Other non-current liabilities 5,592,924.25 2,260,496.03
Total current liabilities 691,005,236.10 616,456,265.98
Non-current liabilities:
Long-term loans
Bonds payable
Including: Preferred shares
Perpetual bonds
Lease liabilities 2,346,314.95
Long-term payable
Long-term employee
remuneration payable
Estimated liabilities
Deferred income 5,553,629.39 5,855,467.25
Deferred income tax liabilities 7,333,819.50 7,202,336.33
Other non-current liabilities
Total non-current liabilities 15,233,763.84 13,057,803.58
Total liabilities 706,238,999.94 629,514,069.56
Owner's equity:
Share capital 1,311,948,555.00 1,311,487,077.00
Other equity instruments
22
Full text of the Report of C&S Paper Co., Ltd. for the First Quarter of 2021
Including: Preferred shares
Perpetual bonds
Capital reserve 842,139,050.52 831,693,206.19
Less: Treasury shares 312,606,092.57 96,480,911.29
Other comprehensive income
Special reserves
Surplus reserves 61,347,923.99 61,347,923.99
Undistributed profits 154,705,984.98 157,409,974.07
Total of owner's equity 2,057,535,421.92 2,265,457,269.96
Total liabilities and owner's equity 2,763,774,421.86 2,894,971,339.52
3. Consolidated income statement
Unit: RMB
Item Incurred in the current period Incurred in the previous period
I. Total Operating Income 2,102,126,213.63 1,670,909,073.75
Including: Operating income 2,102,126,213.63 1,670,909,073.75
Interest income
Earned premium
Service charge and commission
income
II. Total Operating Costs 1,780,296,793.30 1,443,987,930.50
Including: Operating costs 1,251,617,377.48 916,944,038.53
Interest expenses
Service charge and commission
expenses
Surrender value
Net compensation expenses
Net appropriation of reserves for
insurance liability contracts
Policy dividend payment
Reinsurance costs
Tax and surcharges 14,137,632.18 12,952,751.31
Selling expenses 390,859,318.46 377,690,524.15
Administrative expenses 80,160,355.50 93,755,794.93
R&D expenses 46,934,742.68 40,578,693.56
23
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Finance expenses -3,412,633.00 2,066,128.02
Including: Interest expenses 560,643.01 886,702.91
Interest income 3,557,538.70 2,142,682.61
Plus: Other income 5,114,016.80 3,519,078.96
Return on investment ("-" indicates
307,027.09 722,800.10
loss)
Including: Return on investment in
associates and joint ventures
Profit from derecognition of
financial assets measured at
amortized cost
Exchange gains ("-" indicates loss)
Gains from net exposure hedging
("-" indicates loss)
Gains from changes in fair value
("-" indicates loss)
Credit impairment losses ("-"
4,712,725.04 1,396,589.35
indicates loss)
Asset impairment losses ("-"
-2,120,452.13 -922,370.72
indicates loss)
Return on disposal of assets ("-"
49,228.12 -283,390.21
indicates loss)
III. Operating Profit ("-" indicates
329,891,965.25 231,353,850.73
loss)
Plus: Non-operating income 736,192.94 2,324,748.55
Less: Non-operating expenditure 1,565,921.89 11,390,751.39
IV. Total Profit ("-" indicates total
329,062,236.30 222,287,847.89
loss)
Less: Income tax expense 57,939,433.31 38,858,330.54
V. Net Profit ("-" indicates net loss) 271,122,802.99 183,429,517.35
i. Classified by business continuity
1. Net profit from continued
271,122,802.99 183,429,517.35
operation ("-" indicates net loss)
2. Net profit from discontinued
operation ("-" indicates net loss)
ii. Classified by attribution of
ownership
24
Full text of the Report of C&S Paper Co., Ltd. for the First Quarter of 2021
1. Net profit attributable to
271,122,802.99 183,429,517.35
shareholders of the parent company
2. Minority shareholders' profits
and losses
VI. Net Amount of Other
Comprehensive Income after Tax
Total other comprehensive after-tax
net income attributable to the
owner of parent company
i. Other comprehensive income not
to be reclassified into the profit or
loss
1. Changes of re-measurement of
the defined benefit plan
2. Other comprehensive income not
to 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 the
credit risk of the Company
5. Others
ii. Other comprehensive income to
be reclassified to 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
3. Amount of 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
25
Full text of the Report of C&S Paper Co., Ltd. for the First Quarter of 2021
7. Others
Total other comprehensive after-tax
net income attributable to minority
shareholders
VII. Total Comprehensive Income 271,122,802.99 183,429,517.35
Total comprehensive income
attributable to the owner of parent 271,122,802.99 183,429,517.35
company
Total comprehensive income
attributable to minority
shareholders
VIII. Earnings per Share:
i. Basic earnings per share 0.2091 0.1426
ii. Diluted earnings per share 0.2058 0.1395
As for business combination under the same control in the current period, the net profit realized by the combined
party before the combination was RMB0.00, while the net profit realized by the combined party in the previous
period was RMB0.00.
Legal representative: Deng Yingzhong Person in charge of accounting: Dong Ye Person in charge of
Accounting Department: Xu Xianjing
4. Income statement of the parent company
Unit: RMB
Item Incurred in the current period Incurred in the previous period
I. Operating Income 447,300,982.24 406,109,605.13
Less: Operating costs 378,378,693.16 342,563,310.35
Tax and surcharges 949,663.71 1,091,678.03
Selling expenses 39,983,979.55 30,589,489.96
Administrative expenses 32,359,337.10 44,514,047.60
R&D expenses
Finance expenses -154,557.38 1,151,308.04
Including: Interest expenses 28,512.79
Interest income 509,578.08 1,342,703.24
Plus: Other income 1,192,120.03 323,587.86
Return on investment ("-"
307,027.09 80,722,800.10
indicates loss)
26
Full text of the Report of C&S Paper Co., Ltd. for the First Quarter of 2021
Including: Return on investment
in associates and joint ventures
Profit from derecognition of
financial assets measured at
amortized cost ("-" indicates loss)
Gains from net exposure hedging
("-" indicates loss)
Gains from changes in fair value
("-" indicates loss)
Credit impairment losses ("-"
502,372.51 -75,947.35
indicates loss)
Asset impairment losses ("-"
91,838.17 -460,974.81
indicates loss)
Return on disposal of assets ("-"
indicates loss)
II. Operating Profit ("-" indicates
-2,122,776.10 66,709,236.95
loss)
Plus: Non-operating income 84,455.65 297,750.25
Less: Non-operating expenditure 1,371,042.69 11,021,394.65
III. Total Profit ("-" indicates total
-3,409,363.14 55,985,592.55
loss)
Less: Income tax expense -705,374.05 -3,797,825.55
IV. Net Profit ("-" indicates net
-2,703,989.09 59,783,418.10
loss)
i. Net profit from continued
-2,703,989.09 59,783,418.10
operation ("-" indicates net loss)
ii. Net profit from discontinued
operation ("-" indicates net loss)
V. Net Amount of Other
Comprehensive Income after Tax
i. Other comprehensive income
not to be reclassified into the
profit or loss
1. Changes of re-measurement of
the defined benefit plan
2. Other comprehensive income
not to be transferred into the profit
or loss under equity method
27
Full text of the Report of C&S Paper Co., Ltd. for the First Quarter of 2021
3. Changes in fair value of
investment in other equity
instruments
4. Changes in fair value of the
credit risk of the Company
5. Others
ii. Other comprehensive income to
be reclassified to 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
3. Amount of 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
VI. Total Comprehensive Income -2,703,989.09 59,783,418.10
VII. Earnings per Share:
i. Basic earnings per share
ii. Diluted earnings per share
5. Consolidated cash flow statement
Unit: RMB
Item Incurred in the current period Incurred in the previous period
I. Cash Flow from Operating
Activities:
Cash received from sale of goods
2,255,658,189.93 1,672,054,264.73
or rendering of services
Net increase in deposits from
customers, banks and non-bank
28
Full text of the Report of C&S Paper Co., Ltd. for the First Quarter of 2021
financial institutions
Net increase in borrowings from
the central bank
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 received from interest,
service charge and commission
Net increase in placements from
banks and other financial
institutions
Net increase in repo service fund
Net cash received from securities
trading agency
Tax rebates 120,214.00
Cash received from other
36,911,315.21 21,403,763.99
operating activities
Sub-total of cash inflow from
2,292,569,505.14 1,693,578,242.72
operating activities
Cash paid for goods purchased
1,359,556,274.91 888,779,545.70
and services rendered
Net increase in 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 loans to banks and
other financial institutions
Cash paid for interest, service
charge, and commission
Cash paid for policy dividends
29
Full text of the Report of C&S Paper Co., Ltd. for the First Quarter of 2021
Cash paid to and on behalf of
246,734,126.07 184,701,622.03
employees
Tax payments 142,572,370.03 108,544,799.85
Cash paid for other operating
208,801,567.90 181,004,540.57
activities
Sub-total of cash outflow from
1,957,664,338.91 1,363,030,508.15
operating activities
Net cash flow from operating
334,905,166.23 330,547,734.57
activities
II. Cash Flow from Investing
Activities:
Cash from realization of
investment
Cash received from the return on
307,027.09 722,800.10
investment
Net cash received from the
disposal of fixed assets, intangible 9,758,000.00 10,050,008.00
assets and other long-term assets
Net cash received from the
disposal of subsidiaries and other
business units
Cash received from other
50,000,000.00 127,105,000.00
investing activities
Sub-total of cash inflow from
60,065,027.09 137,877,808.10
investing activities
Cash paid for the acquisition and
construction of fixed assets,
177,953,975.15 117,260,806.49
intangible assets, and other
long-term assets
Cash paid for investments
Net increase in pledged loans
Net cash paid for acquisition of
subsidiaries and other business
units
Cash paid for other investing
10,029,000.00 170,000,000.00
activities
Sub-total of cash outflow from
187,982,975.15 287,260,806.49
investing activities
Net cash flow from investing -127,917,948.06 -149,382,998.39
30
Full text of the Report of C&S Paper Co., Ltd. for the First Quarter of 2021
activities
III. Cash Flow from Financing
Activities:
Cash received from capital
10,255,276.29
contribution
Including: Cash received by
subsidiaries from minority
shareholders' investments
Cash received from borrowings 95,151,546.69
Cash received from other
financing activities
Sub-total of cash inflow from
10,255,276.29 95,151,546.69
financing activities
Cash paid for repayment of debts 52,896,691.35 134,717,045.18
Cash paid for distribution of
dividends or profits or payment of 440,172.97 965,643.55
interests
Including: Dividend and profit
paid by subsidiaries to minority
shareholders
Cash paid for other financing
224,755,027.30 33,426,051.93
activities
Sub-total of cash outflow from
278,091,891.62 169,108,740.66
financing activities
Net cash flow from financing
-267,836,615.33 -73,957,193.97
activities
IV. Effect of Exchange Rate
Changes on Cash and Cash 1,326,022.34 2,286,932.39
Equivalents
V. Net Increase in Cash and Cash
-59,523,374.82 109,494,474.60
Equivalents
Plus: Opening balance of cash and
1,050,034,135.72 675,996,852.97
cash equivalents
VI. Closing Balance of Cash and
990,510,760.90 785,491,327.57
Cash Equivalents
6. Parent company's cash flow statement
31
Full text of the Report of C&S Paper Co., Ltd. for the First Quarter of 2021
Unit: RMB
Item Incurred in the current period Incurred in the previous period
I. Cash Flow from Operating
Activities:
Cash received from sale of goods
459,279,877.09 274,221,947.20
or rendering of services
Tax rebates 120,214.00
Cash received from other
206,478,306.23 720,300,142.13
operating activities
Sub-total of cash inflow from
665,758,183.32 994,642,303.33
operating activities
Cash paid for goods purchased
321,637,813.09 231,873,371.92
and services rendered
Cash paid to and on behalf of
68,751,954.65 40,229,895.53
employees
Tax payments 8,870,082.75 8,477,664.12
Cash paid for other operating
204,169,046.71 95,603,845.89
activities
Sub-total of cash outflow from
603,428,897.20 376,184,777.46
operating activities
Net cash flow from operating
62,329,286.12 618,457,525.87
activities
II. Cash Flow from Investing
Activities:
Cash from realization of
investment
Cash received from the return on
307,027.09 80,722,800.10
investment
Net cash received from the
disposal of fixed assets, intangible
assets and other long-term assets
Net cash received from the
disposal of subsidiaries and other
business units
Cash received from other
50,000,000.00 127,105,000.00
investing activities
Sub-total of cash inflow from
50,307,027.09 207,827,800.10
investing activities
32
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Cash paid for the acquisition and
construction of fixed assets,
7,306,397.30 9,180,427.34
intangible assets, and other
long-term assets
Cash paid for investments 1,000,000.00 665,600,000.00
Net cash paid for acquisition of
subsidiaries and other business
units
Cash paid for other investing
10,029,000.00 150,000,000.00
activities
Sub-total of cash outflow from
18,335,397.30 824,780,427.34
investing activities
Net cash flow from investing
31,971,629.79 -616,952,627.24
activities
III. Cash Flow from Financing
Activities:
Cash received from capital
10,255,276.29
contribution
Cash received from borrowings
Cash received from other
financing activities
Sub-total of cash inflow from
10,255,276.29
financing activities
Cash paid for repayment of debts
Cash paid for distribution of
dividends or profits or payment of
interests
Cash paid for other financing
220,920,044.17 28,006,035.43
activities
Sub-total of cash outflow from
220,920,044.17 28,006,035.43
financing activities
Net cash flow from financing
-210,664,767.88 -28,006,035.43
activities
IV. Effect of Exchange Rate
Changes on Cash and Cash 173.39 -2,758.13
Equivalents
V. Net Increase in Cash and Cash
-116,363,678.58 -26,503,894.93
Equivalents
Plus: Opening balance of cash and 169,851,203.76 156,151,560.82
33
Full text of the Report of C&S Paper Co., Ltd. for the First Quarter of 2021
cash equivalents
VI. Closing Balance of Cash and
53,487,525.18 129,647,665.89
Cash Equivalents
II. Explanation of the Adjustment in Financial Statements
1. Adjustment of relevant items of financial statements at the beginning of the year for the first time
according to the implementation of new leasing standards for the first time since 2021
□ Applicable √ Inapplicable
2. Explanation of retrospective adjustment of previous comparative data according to the implementation
of new leasing standards for the first time since 2021
□ Applicable √ Inapplicable
III. Audit Report
Whether the Q1 report has been audited
□ Yes √ No
The Q1 report of the Company has not been audited.
34
