C&S Paper Co., Ltd. First Quarter Report 2022
1
C&S Paper Co., Ltd. First Quarter Report 2022
Stock Code: 002511 Stock Abbreviation: ZSJR Announcement No.: 2022-15
C&S Paper Co., Ltd.
First Quarter Report 2022
The Company and all members of the Board of Directors hereby guarantee the truthfulness,
accuracy and completeness of the information disclosed, and there are no false and misleading
statements or material omissions.
Important Notice:
1. The Board of Directors and the Board of Supervisors of the Company and its directors,
supervisors and senior management warrant that the information contained in this quarterly report is
true, accurate and complete without any false and misleading statements or material omissions, and
severally and jointly accept legal liability thereof.
2. The person in charge of the Company, the person in charge of accounting of the Company, and
the person in charge of the accounting department of the Company have declared that they warrant
the truthfulness, accuracy and completeness of the financial statements set out in this quarterly
report.
Whether the First Quarter Report has been audited
□ Yes √ No
I. Main Financial Data
(I) Main accounting data and financial indicators
Whether the Company needs to perform retrospective adjustment or restatement of accounting data for previous years
□ Yes √ No
Same period of previous Changes over same period of
Current period
year previous year
Operating income (RMB) 1,884,339,300.88 2,102,126,213.63 -10.36%
Net profit attributable to shareholders of
133,346,264.70 271,122,802.99 -50.82%
the listed company (RMB)
Net profit attributable to shareholders of
the listed company after deducting 126,963,097.30 267,298,568.37 -52.50%
non-recurring profit and loss (RMB)
Net cash flow from operating activities
247,480,435.23 334,905,166.23 -26.10%
(RMB)
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C&S Paper Co., Ltd. First Quarter Report 2022
Basic earnings per share (RMB/share) 0.10 0.21 -52.38%
Diluted earnings per share (RMB/share) 0.10 0.21 -52.38%
Weighted average return on net assets 2.68% 5.34% -2.66%
Changes over end of previous
End of current period End of previous year
year
Total assets (RMB) 7,319,188,356.35 7,523,281,973.84 -2.71%
Owner's equity attributable to shareholders
5,041,774,734.59 4,903,552,661.58 2.82%
of the listed company (RMB)
(II) Non-recurring items and amounts
√ Applicable □ Not applicable
Unit: RMB
Item Amount of current period Description
Profits/losses from the disposal of non-current asset (including
-74,478.70
the write-off that accrued for impairment of assets)
Governmental grants reckoned into current profits/losses (not
including grants enjoyed in quota or ration according to national
6,624,450.75
standards, which are closely relevant to the company’s normal
business)
Profits/losses from assets entrusted to others for investment or
180,495.09
management
Other non-operating income and expenses except for the
1,307,495.58
aforementioned items
Less: Influence of income tax 1,654,795.32
Total 6,383,167.40 --
Details of other profit and loss items that meet the definition of non-recurring profit and loss:
□ Applicable √ Not applicable
The Company has no other profit and loss items that meet the definition of non-recurring profit and loss.
Descriptions where the Company defines any non-recurring profit and loss items listed in the No. 1 Explanatory Announcement on
Information Disclosure of Companies Offering Securities to the Public—Non-recurring Profit and Loss as recurring profit and loss
items during the reporting period
□ Applicable √ Not applicable
The Company did not define any non-recurring profit and loss items listed in the No. 1 Explanatory Announcement on Information
Disclosure of Companies Offering Securities to the Public—Non-recurring Profit and Loss as recurring profit and loss items during
the reporting period.
(III) Changes of main accounting data and financial indicators and reasons
√ Applicable □ Not applicable
1. Balance sheet items
Notes receivable: This item recorded an increase of RMB40,596,142.46 or 1744.52% in the reporting period
compared with the end of 2021, mainly owing to the increase in bank acceptance bills received from customers
during the reporting period.
Prepayment: This item recorded a decrease of RMB13,428,114.90 or 36.60% in the reporting period compared
with the end of 2021, mainly owing to the decrease in prepayments for materials during the reporting period.
Assets held for sale: This item recorded a decrease of RMB57,073,059.69 or 100.00% in the reporting period
compared with the end of 2021, mainly owing to the decrease in the assets held for sale during the reporting
period.
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C&S Paper Co., Ltd. First Quarter Report 2022
Other current assets: This item recorded an increase of RMB136,445,815.47 or 110.45% in the reporting period
compared with the end of 2021, mainly owing to the increase in the principal of wealth management products
during the reporting period.
Construction work in progress: This item recorded a decrease of RMB54,916,177.38 or 40.72% in the reporting
period compared with the end of 2021, mainly owing to the fact that certain construction work in progress reached
the usable state and was thereby transferred to fixed assets during the reporting period.
Short-term borrowings: This item recorded an increase of RMB38,500,000.00 or 100.00% in the reporting period
compared with the end of 2021, mainly owing to the increase in the advance discount of trade acceptance bills
during the reporting period.
Contract liabilities: This item recorded a decrease of RMB105,861,672.80 or 64.41% in the reporting period
compared with the end of 2021, mainly owing to the decrease in prepayments from customers during the reporting
period.
Employee remuneration payable: This item recorded a decrease of RMB72,938,549.57 or 52.27% in the reporting
period compared with the end of 2021, mainly owing to the release of the year-end bonus payable for the previous
year during the reporting period.
Other current liabilities: This item recorded a decrease of RMB13,776,291.85 or 64.83% in the reporting period
compared with the end of 2021, mainly owing to the decrease in the tax pending changeover during the reporting
period.
2. Income statement items
Financial expenses: This item recorded an increase of RMB1,940,083.31 or 56.85% in the reporting period
compared with the same period in 2021, mainly owing to the increase in exchange losses and gains during the
reporting period.
Other income: This item recorded an increase of RMB2,916,840.06 or 57.04% in the reporting period compared
with the same period in 2021, mainly owing to the increase in government grants received during the reporting
period.
Return on investment: This item recorded a decrease of RMB133,198.95 or 43.38% in the reporting period
compared with the same period in 2021, mainly owing to the decrease in returns on wealth management products
received during the reporting period.
Credit impairment losses: This item recorded a decrease of RMB2,205,357.17 or 46.80% in the reporting period
compared with the same period in 2021, mainly owing to the decrease in credit impairment losses accrued for
accounts receivable during the reporting period.
Asset impairment losses: This item recorded a decrease of RMB1,754,309.41 or 82.73% in the reporting period
compared with the same period in 2021, mainly owing to the decrease in impairment losses accrued for fixed
assets during the reporting period.
Non-operating income: This item recorded an increase of RMB223,979.27 or 30.42% in the reporting period
compared with the same period in 2021, mainly owing to the increase in income from fines and compensations
during the reporting period.
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C&S Paper Co., Ltd. First Quarter Report 2022
Income tax expenses: This item recorded a decrease of RMB31,092,273.35 or 53.66% in the reporting period
compared with the same period in 2021, mainly owing to the decrease in total profit during the reporting period.
3. Cash flow statement items
Net cash flow from investing activities: This item recorded a decrease of RMB79,427,956.29 or 62.09% in the
reporting period compared with the same period in 2021, mainly owing to the increase in payment for principal of
wealth management products during the reporting period.
Net cash flow from financing activities: This item recorded an increase of RMB302,789,234.86 or 113.05% in the
reporting period compared with the same period in 2021, mainly owing to the decrease in payment of repurchased
shares during the reporting period.
II. Shareholder Information
(I) Total number of ordinary shareholders, number of preferred shareholders whose voting rights were
resumed and shareholdings of top 10 shareholders
Unit: share
Total number of preferred
Total number of ordinary shareholders shareholders whose voting
141,508 0
as at the end of the reporting period rights were resumed at the end
of the reporting period (if any)
Shareholdings of top 10 shareholders
Shareholding Number of shares Pledged, marked or frozen
Name of Nature of
percentage Number of shares subject to selling
shareholder shareholder Share status Number
(%) restrictions
Guangdong Domestic
Zhongshun Paper non-state-owned 28.61% 375,655,958
Group Co., Ltd. legal person
Chung Shun Co. Foreign legal person 20.30% 266,504,789
Hong Kong
Securities Foreign legal person 4.87% 63,986,041
Clearing Co., Ltd.
Ernest Partners
LLC — Client Foreign legal person 0.79% 10,402,100
funds
Domestic natural
Yue Yong 0.74% 9,665,241 7,248,930
person
Domestic natural
Deng Yingzhong 0.51% 6,752,811 5,064,608
person
# Zhongshan
Domestic
Xinda Investment
non-state-owned 0.47% 6,123,636
Management Co.,
legal person
Ltd.
Domestic natural
Deng Guanbiao 0.38% 4,957,473 3,718,105
person
Domestic natural
Li Hong 0.33% 4,297,300 Pledge 4,200,000
person
Domestic natural
#Zeng Haichun 0.32% 4,200,000
person
Shareholdings of top 10 shareholders not subject to selling restrictions
Name of shareholder Number of shares not subject to selling restrictions Type of shares
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C&S Paper Co., Ltd. First Quarter Report 2022
Type of shares Number
Guangdong Zhongshun Paper Group RMB-denominate
375,655,958 375,655,958
Co., Ltd. d ordinary shares
RMB-denominate
Chung Shun Co. 266,504,789 266,504,789
d ordinary shares
Hong Kong Securities Clearing Co., RMB-denominate
63,986,041 63,986,041
Ltd. d ordinary shares
RMB-denominate
Ernest Partners LLC — Client funds 10,402,100 10,402,100
d ordinary shares
# Zhongshan Xinda Investment RMB-denominate
6,123,636 6,123,636
Management Co., Ltd. d ordinary shares
RMB-denominate
Li Hong 4,297,300 4,297,300
d ordinary shares
RMB-denominate
#Zeng Haichun 4,200,000 4,200,000
d ordinary shares
Cheng’an Asset Management Co., Ltd.
— Cheng’an 99 Chuancheng No. 1 RMB-denominate
3,999,913 3,999,913
Private Equity Securities Investment d ordinary shares
Fund
RMB-denominate
#Chen Ruiqiang 3,667,600 3,667,600
d ordinary shares
RMB-denominate
ABC — CSI Smallcap 500 ETF 3,658,989 3,658,989
d ordinary shares
1. Among the top ten shareholders mentioned above, Mr. Deng Yingzhong and Mr. Deng
Guanbiao are among the actual controllers of the Company; Guangdong Zhongshun Paper
Group Co., Ltd. and Chung Shun Co. are the enterprises controlled by actual controllers of
Description on the related relationship the Company, i.e. Mr. Deng Yingzhong, Deng Guanbiao and Deng Guanjie. That is,
or parties acting-in-concert Guangdong Zhongshun Paper Group Co., Ltd. and Chung Shun Co. are related parties.
arrangements among the above Mr. Yue Yong is an incumbent senior manager of the Company.
shareholders 2. Except for the above situation, it is unknown to the Company whether there is related
party relationship among other shareholders, or whether there is acting-in-concert among
other shareholders as stipulated in the Administrative Measures for the Disclosure of
Information on Changes in Shareholders' Shareholding of Listed Companies.
1. The Company’s shareholder Zhongshan Xinda Investment Management Co., Ltd. holds
6,120,602 shares through a client credit transaction guarantee securities account.
2. The Company’s shareholder Zeng Haichun holds 4,000,000 shares through a client
credit transaction guarantee securities account.
Description on the top 10 shareholders’
participation in margin trading and 3. The Company’s shareholder Chen Ruiqiang holds 843,500 shares through a client credit
securities lending business (if any) transaction guarantee securities account.
Note: There is a special repurchase account “C&S Paper Special Repurchase Securities
Account” among the top 10 shareholders. As of the end of the reporting period, this
repurchase account held 26,758,987 shares, with a shareholding ratio of 2.04%. Pursuant
to relevant regulations, it is not included in the list of top 10 shareholders.
(II) Total number of preferred shareholders and shareholdings of top 10 preferred shareholders
□ Applicable √ Not applicable
III. Other Significant Matters
√ Applicable □ Not applicable
No. Announcement Announcement name Announce Disclosure
time ment media
number
1 January 6, 2022 Announcement on Expiration of Share Repurchase Period 2022-01 Securities
and Results of Share Repurchase Times,
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C&S Paper Co., Ltd. First Quarter Report 2022
2 March 1, 2022 Annual Performance Bulletin 2021 2022-02 Securities
3 March 16, 2022 Announcement on the Repurchase and Deregistration 2022-03 Daily, China
Completion of Partial Reserved Restricted Stocks under the Securities
2018 Stock Option and Restricted Stock Incentive Plan Journal,
4 March 23, 2022 Announcement on Reduction of Company Shares by Directors 2022-04 Shanghai
and Senior Management Through Block Transactions Securities
News and
5 March 25, 2022 Announcement on the Resignation of the Director, the Vice 2022-05
President and the Representative of Securities Affairs of the http://www.cni
nfo.com.cn
Company
6 March 31, 2022 Announcement on Holding Subsidiary Obtaining the 2022-06
High-tech Enterprise Certificate (Renewal)
7 April 1, 2022 Announcement on the Company's Completion of the 2022-07
Industrial and Commercial Change Registration
IV. Quarterly Financial Statements
(I) Financial statements
1. Consolidated balance sheet
Prepared by: C&S Paper Co., Ltd.
March 31, 2022
Unit: RMB
Item Balance at the end of the period Balance at the beginning of the period
Current assets:
Monetary funds 956,047,784.07 875,052,493.12
Settlement reserve
Lending to banks and other
financial institutions
Tradable financial assets 8,884.68
Derivative financial assets
Notes receivable 42,923,202.66 2,327,060.20
Accounts receivable 901,200,027.82 1,177,831,399.28
Accounts receivable financing
Prepayments 23,257,654.83 36,685,769.73
Premium receivable
Reinsurance payables
Reinsurance contract reserves
receivable
Other receivables 14,512,618.72 12,353,794.41
Including: Interest receivable
Dividends receivable
Financial assets held under resale
agreements
Inventory 1,381,955,124.49 1,467,631,516.95
Contract assets
Assets held for sale 57,073,059.69
Non-current assets due within one
year
Other current assets 259,976,695.43 123,530,879.96
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C&S Paper Co., Ltd. First Quarter Report 2022
Total current assets 3,579,881,992.70 3,752,485,973.34
Non-current assets:
Loans and advances to customers
Investments in creditor’s rights
Investments in other creditor’s
rights
Long-term receivable
Long-term equity investment
Investment in other equity
instruments
Other non-current financial assets
Investment property 32,779,260.69 33,138,481.74
Fixed assets 3,164,970,508.90 3,129,371,506.40
Construction work in progress 79,959,519.56 134,875,696.94
Productive biological assets
Oil & gas assets
Right-of-use assets 14,538,125.12 14,300,520.77
Intangible assets 166,827,310.58 168,453,928.11
Development expenses
Goodwill 64,654.15 64,654.15
Long-term deferred expenses 17,216,999.94 16,762,904.09
Deferred income tax assets 186,623,857.31 182,185,944.85
Other non-current assets 76,326,127.40 91,642,363.45
Total non-current assets 3,739,306,363.65 3,770,796,000.50
Total assets 7,319,188,356.35 7,523,281,973.84
Current liabilities:
Short-term borrowings 38,500,000.00
Borrowings from PBC
Placements from banks and other
financial institutions
Tradable financial liabilities
Derivative financial liabilities
Notes payable 400,228,927.06 334,969,632.58
Accounts payable 741,278,632.32 829,113,780.31
Payments received in advance
Contract liabilities 58,498,770.54 164,360,443.34
Proceeds from financial assets sold
under repo
Customer bank deposits and due to
banks and other financial institutions
Funds from securities trading
agency
Funds from securities underwriting
agency
Employee remuneration payable 66,612,856.89 139,551,406.46
Tax and fees payable 96,841,478.76 107,184,810.97
Other payables 699,283,272.06 854,872,178.78
Including: Interests payable
Dividends payable 1,352,746.20 1,352,746.20
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C&S Paper Co., Ltd. First Quarter Report 2022
Transaction fee and commission
receivable
Reinsurance payable
Liabilities held for sale
Non-current liabilities due within
9,544,758.08 8,616,487.38
one year
Other current liabilities 7,474,321.44 21,250,613.29
Total current liabilities 2,118,263,017.15 2,459,919,353.11
Non-current liabilities:
Insurance contract reserves
Long-term borrowings
Bonds payable
Including: Preference shares
Perpetual bonds
Lease liabilities 6,052,690.50 5,565,928.14
Long-term payable
Long-term employee remuneration
payable
Provision
Deferred income 100,698,328.79 104,483,429.54
Deferred income tax liabilities 49,233,321.29 46,514,550.50
Other non-current liabilities
Total non-current liabilities 155,984,340.58 156,563,908.18
Total liabilities 2,274,247,357.73 2,616,483,261.29
Owner's equity:
Share capital 1,312,856,093.00 1,312,457,555.00
Other equity instruments
Including: Preference shares
Perpetual bonds
Capital reserve 945,219,956.50 940,742,686.19
Less: Treasury shares 722,243,283.39 722,243,283.39
Other comprehensive income
Special reserves
Surplus reserves 106,984,275.42 106,984,275.42
General reserves
Retained earnings 3,398,957,693.06 3,265,611,428.36
Total equity attributable to owners of
5,041,774,734.59 4,903,552,661.58
the parent company
Equities of minority shareholders 3,166,264.03 3,246,050.97
Total owner's equity 5,044,940,998.62 4,906,798,712.55
Total liabilities and owners' equities 7,319,188,356.35 7,523,281,973.84
Legal representative: Liu Peng Person in charge of accounting: Xu Xianjing Person in charge of accounting department: Dong Ye
2. Consolidated income statement
Unit: RMB
Item Incurred in the current period Incurred in the prior period
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C&S Paper Co., Ltd. First Quarter Report 2022
I. Total Operating Income 1,884,339,300.88 2,102,126,213.63
Including: Operating income 1,884,339,300.88 2,102,126,213.63
Interest income
Gross earned premiums
Service charge and
commission income
II. Total Operating Cost 1,738,812,664.25 1,780,296,793.30
Including: Operating costs 1,266,000,074.36 1,251,617,377.48
Interest expenses
Service charge and
commission expenses
Surrender value
Net compensation expenses
Net appropriation of
insurance reserve
Policy dividends expenses
Reinsurance costs
Tax and surcharges 12,558,211.99 14,137,632.18
Selling expenses 333,729,274.14 390,859,318.46
Administrative expenses 79,277,066.68 80,160,355.50
R&D expenses 48,720,586.77 46,934,742.68
Finance expenses -1,472,549.69 -3,412,633.00
Including: Interest fees 178,781.10 560,643.01
Interest income 2,754,875.87 3,557,538.70
Plus: Other income 8,030,856.86 5,114,016.80
Return on investment ("-"
173,828.14 307,027.09
indicates loss)
Including: Return on
investment in associates and joint
ventures
Income from the
derecognition of financial assets
measured at amortized cost
Exchange gains ("-" indicates
loss)
Gains from net exposure
hedging ("-" indicates loss)
Gains from changes in fair
-2,901.12
value ("-" indicates loss)
Credit impairment losses ("-"
6,918,082.21 4,712,725.04
indicates loss)
Asset impairment losses ("-"
-366,142.72 -2,120,452.13
indicates loss)
Return on disposal of assets
23,232.86 49,228.12
("-" indicates loss)
III. Operating Profit ("-" indicates loss) 160,303,592.86 329,891,965.25
Plus: Non-operating income 960,172.21 736,192.94
Less: Non-operating expenditure 1,150,127.35 1,565,921.89
IV. Total Profit ("-" indicates total loss) 160,113,637.72 329,062,236.30
Less: Income tax expense 26,847,159.96 57,939,433.31
V. Net Profit ("-" indicates net loss) 133,266,477.76 271,122,802.99
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C&S Paper Co., Ltd. First Quarter Report 2022
i. Classified by operation continuity
1. Net profit from continued
133,266,477.76 271,122,802.99
operation ("-" indicates net loss)
2. Net profit from discontinued
operation ("-" indicates net loss)
ii. Classified by attribution of
ownership
1. Net profit attributable to owners
133,346,264.70 271,122,802.99
of the parent company
2. Minority shareholders' profits and
-79,786.94
losses
VI. Net Amount of Other Comprehensive
Income after Tax
Total other comprehensive after-tax net
income attributable to owners of the
parent company
i. Other comprehensive income not
able to be reclassified into the profit or
loss
1. Changes of
re-measurement of the defined benefit
plan
2. Other comprehensive
income that cannot be transferred into the
profit or loss under equity method
3. Changes in fair value of
investment in other equity instruments
4. Changes in fair value of
credit risk of the enterprise
5. Others
ii. Other comprehensive income
reclassified into the profit or loss
1. Other comprehensive
income to be transferred into the profit or
loss under equity method
2. Changes in fair value of
investment in other creditor's rights
3. Financial assets
reclassified into other comprehensive
income
4. Impairment provision for
credit of investment in other creditor's
rights
5. Reserve of cash flow
hedge
6. Converted difference in
foreign currency financial statements
7. Others
Total other comprehensive after-tax net
income attributable to minority
shareholders
VII. Total Comprehensive Income 133,266,477.76 271,122,802.99
Total comprehensive income
attributable to owners of the parent 133,346,264.70 271,122,802.99
company
Total comprehensive income -79,786.94
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C&S Paper Co., Ltd. First Quarter Report 2022
attributable to minority shareholders
VIII. Earnings per Share:
i. Basic earnings per share 0.10 0.21
ii. Diluted earnings per share 0.10 0.21
For business combinations of the current period under common control, the net profit realized by the combined party before the
combination is: RMB0.00; the net profit realized by the combined party in last period is: RMB0.00.
Legal Representative: Liu Peng Person in charge of accounting: Xu Xianjing Person in charge of accounting department: Dong Ye
3. Consolidated cash flow statement
Unit: RMB
Item Incurred in the current period Incurred in the prior period
I. Cash Flows from Operating
Activities:
Cash received from sale of goods
2,013,189,894.59 2,255,658,189.93
or rendering of services
Net increase in deposits from
customers, banks and non-bank
financial institutions
Net increase in due to central
banks
Net increase in placements from
other financial institutions
Cash received from the premium
of direct insurance contracts
Net cash from reinsurance business
Net increase in deposits and
investment of the insured
Cash obtained from interest, net
fee and commission
Net increase in placements from
banks and other financial institutions
Net increase in repo service fund
Net cash from agent securities
trading
Tax rebates
Cash received related to other
20,775,921.90 36,911,315.21
operating activities
Sub-total of cash inflow from operating
2,033,965,816.49 2,292,569,505.14
activities
Cash paid for goods purchased and
1,135,854,564.52 1,359,556,274.91
services rendered
Net loans and advances to
customers
Net increase in deposits with the
central bank, banks and non-bank
financial institutions
Cash paid for claims of direct
insurance contracts
Net increase in placements with
banks and non-bank financial
institutions
Cash paid for interest, fee and
12
C&S Paper Co., Ltd. First Quarter Report 2022
commission
Cash paid for dividends of the
insured
Cash paid to and on behalf of
272,517,814.87 246,734,126.07
employees
Tax payments 130,061,335.22 142,572,370.03
Cash payments related to other
248,051,666.65 208,801,567.90
operating activities
Sub-total of cash outflow from
1,786,485,381.26 1,957,664,338.91
operating activities
Net cash flows from operating activities 247,480,435.23 334,905,166.23
II. Cash Flows from Investing
Activities:
Cash from realization of
investment
Cash received from the return on
180,495.09 307,027.09
investments
Net cash received from the
disposal of fixed assets, intangible 4,408.13 9,758,000.00
assets, and other long-term assets
Net amount of cash received from
the disposal of subsidiaries and other
operating organizations
Cash received related to other
41,239,541.68 50,000,000.00
investing activities
Sub-total of cash inflow from investing
41,424,444.90 60,065,027.09
activities
Cash paid for the acquisition and
construction of fixed assets, intangible 78,770,349.25 177,953,975.15
assets, and other long-term assets
Cash paid for investments
Net increase in pledged loans
Net amount of cash paid for
acquisition of subsidiaries and other
operating organizations
Cash payments related to other
170,000,000.00 10,029,000.00
investing activities
Sub-total of cash outflow from
248,770,349.25 187,982,975.15
investing activities
Net cash flows from investing activities -207,345,904.35 -127,917,948.06
III. Cash Flows from Financing
Activities:
Cash received from capital
5,347,319.15 10,255,276.29
contribution
Including: Proceeds received by
subsidiaries from minority shareholders'
investment
Cash received from borrowings 38,500,000.00
Cash received related to other
financing activities
Sub-total of cash inflow from financing
43,847,319.15 10,255,276.29
activities
Cash paid for repayments of
52,896,691.35
borrowings
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C&S Paper Co., Ltd. First Quarter Report 2022
Cash payment for interest expenses
440,172.97
and distribution of dividends or profits
Including: Dividend and profit
paid by subsidiaries to minority
shareholders
Cash payments related to other
8,894,699.62 224,755,027.30
financing activities
Sub-total of cash outflow from
8,894,699.62 278,091,891.62
financing activities
Net cash flows from financing activities 34,952,619.53 -267,836,615.33
IV. Effect of Exchange Rate Changes on
-994,226.31 1,326,022.34
Cash and Cash Equivalents
V. Net Increase in Cash and Cash
74,092,924.10 -59,523,374.82
Equivalents
Plus: Opening balance of cash and
797,797,675.70 1,050,034,135.72
cash equivalents
VI. Closing Balance of Cash and Cash
871,890,599.80 990,510,760.90
Equivalents
(II) Report auditing
Whether the First Quarter Report has been audited
□ Yes √ No
The First Quarter Report of the Company has not been audited.
Board of Directors of C&S Paper Co., Ltd.
April 28, 2022
If there are any ambiguities, the Chinese version shall prevail.
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