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晨 鸣B:2019年半年度报告摘要(英文版)2019-08-16  

						                                       2019 Interim Report Summary of Shandong Chenming Paper Holdings Limited



Stock code: 000488 200488         Stock abbreviation: Chenming Paper   Chenming B                Announcement No.: 2019-088



                     2019 Interim Report Summary of
                Shandong Chenming Paper Holdings Limited

I. IMPORTANT NOTICE
This interim report summary is extracted from the text of the interim report. For the full understanding of the operating
results, financial position and plan for further development, investors should carefully read the text of the interim report
published on the media as designated by the CSRC.
Non-standard auditor’s opinion
□ Applicable √ Not applicable
Plans for profit distribution on ordinary shares or conversion of capital reserves into share capital proposed to the Board
during the reporting period
□ Applicable √ Not applicable
The Company does not propose distribution of cash dividends or bonus shares, and there will be no increase of share
capital from reserves.
Plans for profit distribution on preference shares for the reporting period approved by the Board
□ Applicable √ Not applicable
II. BASIC INFORMATION ABOUT THE COMPANY
1. Company profile
                                                晨鸣纸业                                                 000488

                                                晨鸣B                                                    200488

             Stock abbreviation                 晨鸣优01                            Stock code           140003

                                                晨鸣优02                                                 140004

                                                晨鸣优03                                                 140005
Stock exchanges on which the shares are
                                                Shenzhen Stock Exchange
listed
Stock abbreviation                              晨鸣纸业                            Stock code           01812
Stock exchanges on which the shares are
                                                The Stock Exchange of Hong Kong Limited
listed
Legal name in Chinese of the Company            山东晨鸣纸业集团股份有限公司
Legal short name in Chinese of the
                                                晨鸣纸业
Company
Legal name in English of the Company (if
                                                SHANDONG CHENMING PAPER HOLDINGS LIMITED
any)
Legal short name in English of the
                                                SCPH
Company (if any)
Legal representative of the Company             Chen Hongguo




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                                        2019 Interim Report Summary of Shandong Chenming Paper Holdings Limited



2. Major accounting data and financial indicators
Retrospective adjustment to or restatement of the accounting data for prior years by the Company
□ Yes √ No
                                                                              The              Increase/decrease for the
                                                    The reporting        corresponding       reporting period as compared
                                                       period          period of the prior    to the corresponding period
                                                                              year                  of the prior year
                                                                        15,551,334,039.8
Revenue (RMB)                                    13,348,648,113.70                                               -14.16%
                                                                                         9
Net profit attributable to shareholders of the
                                                    509,795,572.29      1,784,631,025.31                         -71.43%
Company (RMB)
Net profit after extraordinary gains or losses
attributable to shareholders of the Company         303,144,996.21      1,537,896,765.44                         -80.29%
(RMB)
Net cash flows from operating activities
                                                  2,699,770,891.69      4,745,037,920.91                         -43.10%
(RMB)

Basic earnings per share (RMB per share)                      0.013                  0.36                        -96.39%

Diluted earnings per share (RMB per share)                    0.013                  0.36                        -96.39%

Rate of return on net assets on weighted
                                                              0.21%                5.77%                          -5.56%
average basis
                                                                                             Increase/decrease as at the
                                                   As at the end of
                                                                        As at the end of     end of the reporting period
                                                    the reporting
                                                                         the prior year      as compared to the end of
                                                       period
                                                                                                    the prior year
                                                 106,558,750,961.4      105,318,734,827.
Total assets (RMB)                                                                                                 1.18%
                                                                 2                   82
Net assets attributable to shareholders of the                          25,048,731,454.7
                                                 24,468,978,032.01                                                -2.31%
Company (RMB)                                                                          9
     Data specification for basic earnings per share, diluted earnings per share, and rate of return on weighted average
net assets:
     Net profit attributable to shareholders of the Company does not exclude the effect of interest of perpetual bonds
and the dividends of preference shares paid and declared to be paid. When calculating financial indicators such as
earnings per share and the rate of return on net assets on weighted average basis, the interest for perpetual bonds from 1
January 2019 to 30 June 2019 of RMB96,202,739.73 and the dividend on preference shares paid and declared to be paid
in 2019 of RMB377,169,767.52 are deducted.
3. Total number of shareholders and shareholdings
                                                                                                               Unit: share
                                                                     Total number of shareholders of
     Total number of          130,823, of which 110,298 were
                                                                     preference shares with restored
 shareholders of ordinary     holders of A shares, 20,157 were
                                                                     voting right as at the end of the                    0
shares as at the end of the  holders of B shares and 368 were
                                                                    reporting period, if any (see Note
     reporting period               holders of H shares
                                                                                     8)
       Shareholdings of shareholders interested in more than 5% of the shares of the Company or Top 10 shareholders
                                                                      Change                             Share pledged or
                                                                                 Numb
                                                        Number of         s                  Number         locked-up
                                                                                  er of
                                                          ordinary    (increas                  of
                                             Percent                             restric
                                Nature of               shares held     e or                non-restri Stat
                                              age of                               ted
   Name of shareholders        shareholde                at the end   decreas                   ct      us
                                             shareho                             ordina
                                   rs                      of the         e)                 ordinary   of      Number
                                               lding                                ry
                                                         reporting     during                 shares   shar
                                                                                 shares
                                                           period        the                   held     es
                                                                                  held
                                                                      Reporti



                                                                                                                           2
                                       2019 Interim Report Summary of Shandong Chenming Paper Holdings Limited



                                                                         ng
                                                                       period

                                State-owne                                                               Ple
CHENMING HOLDINGS                                       445,396,12     125000              445,396,1
                                d legal       15.33%                                   0                 dge     333,499,836
COMPANY LIMITED                                                  8          0                    28
                                person                                                                     d
                                Overseas
HKSCC NOMINEES                                          373,067,62                         373,067,6
                                legal         12.84%                  -220250          0
LIMITED                                                          5                               25
                                person
                                Overseas
CHENMING HOLDINGS                                       364,131,56                         364,131,5
                                legal         12.54%                         0         0
(HONG KONG) LIMITED                                              3                               63
                                person
                                State-owne
CENTRAL HUIJIN ASSET                                                                       60,206,85
                                d legal        2.07%    60,206,850           0         0
MANAGEMENT LTD.                                                                                    0
                                person
AGRICULTURAL BANK               Others
                                                                       1,816,3             15,982,75
OF CHINA LIMITED -                             0.55%    15,982,750                     0
                                                                           00                      0
CHINA CSI 500 ETF
VANGUARD                        Overseas
                                                                                            12,912,35
EMERGING MARKETS                legal           0.44% 12,912,357              0         0
                                                                                                     7
STOCK INDEX FUND                person
VANGUARD TOTAL                  Overseas
                                                                                            11,351,62
INTERNATIONAL STOCK             legal           0.39% 11,351,620 354,212                0
                                                                                                     0
INDEX FUND                      person
                                Domestic
Chen Hongguo                    nature          0.38% 11,080,044 935,600                0 2,770,011
                                person
                                Domestic
                                                                                            10,800,20
Chen Suiqiang                   nature          0.37% 10,800,200 899,050                0
                                                                                                     0
                                person
                                Domestic
                                                                       -1,114,4             10,610,32
Jin Xing                        nature          0.37% 10,610,329                        0
                                                                             21                      9
                                person
                                A shareholder, Chenming Holdings (Hong Kong) Limited, which is an overseas legal person,
                                is a wholly-owned subsidiary of a shareholder, Shouguang Chenming Holdings Company
Related party relationship or   Limited, which is a state-owned legal person. A shareholder, Chen Hongguo, is the legal
acting in concert among the     representative, chairman and general manager of Chenming Holdings Company Limited.
above shareholders              Save for the above, it is not aware that any other shareholders of tradable shares are persons
                                acting in concert and is also not aware that any other shareholders of tradable shares are
                                connected with each other.
                         Shareholdings of the top ten shareholders of non-restricted ordinary shares
                                                Number of non-restricted
                                                                                              Class of shares
                                                ordinary shares held as at
           Name of shareholders
                                                 the end of the reporting
                                                                                   Class of shares              Number
                                                          period
CHENMING HOLDINGS COMPANY
                                                              445,396,128    RMB ordinary shares                 445,396,128
LIMITED
                                                                             Overseas listed
HKSCC NOMINEES LIMITED                                        373,067,625                                        373,067,625
                                                                             foreign shares
                                                                             Domestic listed foreign
                                                                                                                 210,717,563
CHENMING HOLDINGS (HONG KONG)                                                shares
                                                              364,131,563
LIMITED                                                                      Overseas listed
                                                                                                                 153,414,000
                                                                             foreign shares
CENTRAL HUIJIN ASSET
                                                                60,206,850   RMB ordinary shares                  60,206,850
MANAGEMENT LTD.
Agricultural Bank of China Limited -
                                                                15,982,750   RMB ordinary shares                  15,982,750
CSI500 Index Open-ended Fund
VANGUARD EMERGING MARKETS                                                    Domestic listed foreign
                                                                12,912,357                                        12,912,357
STOCK INDEX FUND                                                             shares


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                                      2019 Interim Report Summary of Shandong Chenming Paper Holdings Limited



VANGUARD TOTAL INTERNATIONAL                                                   Domestic listed foreign
                                                                  11,351,620                                       11,351,620
STOCK INDEX FUND                                                               shares
Chen Suiqiang                                                     10,800,200   RMB ordinary shares                10,800,200
                                                                            Domestic listed foreign
Jin Xing                                                          10,610,329                                       10,610,329
                                                                            shares
LSV EMERGING MARKETS EQUITY                                                 Domestic listed foreign
                                                               9,154,200                                            9,154,200
FUND, L.P.                                                                  shares
Related party relationship or acting A shareholder, Chenming Holdings (Hong Kong) Limited, which is an overseas legal
in concert among the top ten         person, is a wholly-owned subsidiary of a shareholder, Shouguang Chenming Holdings
ordinary shareholders of             Company Limited, which is a state-owned legal person. Save for the above, it is not
non-restricted ordinary shares, and aware that any other shareholders of tradable shares are persons acting in concert. It is
between the top ten shareholders of also not aware that any other shareholders of tradable shares are related to each other.
non-restricted ordinary shares and
the top ten ordinary shareholders
                                     Chenming Holdings Company Limited held 445,396,128 RMB ordinary shares, of
Securities margin trading of top 10
                                     which 402,196,128 shares were held through ordinary account and 43,200,000 shares
ordinary shareholders
                                     were held through credit guarantee security account.

4. Change of controlling shareholders or beneficial controllers
The change of controlling shareholders during the reporting period
□ Applicable √ Not Applicable
There was no change of controlling shareholders of the Company during the reporting period.

Change of beneficial owner during the reporting period
□ Applicable √ Not Applicable
There was no change of beneficial owner of the Company during the reporting period.
5. Total number of holders of preference shares and the shareholdings of top ten holders of
preference shares
√ Applicable □ Not Applicable
                                                                                                              Unit: share
Total number of shareholders of preference shares as at the end
                                                                                                                         7
of the reporting period

    Holders holdings more than 5% of the preference shares of the Company or top ten holders of preference shares

                                                                                       Changes        Share pledged or
                                                                       Number of
                                                                                      (increase          locked-up
                                                        Preferenc      preference
                                                                                          or
                                         Nature of          e          shares held
       Name of shareholders                                                           decrease)      Status
                                        shareholders    sharehold     at the end of
                                                                                      during the       of      Number
                                                           ing        the reporting
                                                                                      reporting      shares
                                                                          period
                                                                                        period
                                         Domestic
BEIJING YIBEN ZHONGXING
                                        non-state-ow                                                 Pledge    12,500,00
INVESTMENT MANAGEMENT                                     27.78%        12,500,000             0
                                          ned legal                                                       d            0
CO., LTD.
                                           person
BANK OF COMMUNICATIONS
INTERNATIONAL TRUST CO.,
                                           Others         22.44%        10,100,000             0
LTD. - HUILI NO.167 SINGLE
CAPITAL TRUST
BANK OF COMMUNICATIONS
MINTERNATIONAL TRUST CO.,
                                           Others         14.22%         6,400,000             0
LTD. - HUILI NO.136 SINGLE
CAPITAL TRUST
QILU BANK CO., LTD. - QILU
BANK QUANXIN WEALTH                        Others         13.33%         6,000,000             0
MANAGEMENT PRODUCT


                                                                                                                         4
                                        2019 Interim Report Summary of Shandong Chenming Paper Holdings Limited



SERIES
                                           Domestic
                                         non-state-ow
HENGFENG BANK CO., LTD.                                     11.11%        5,000,000               0
                                           ned legal
                                            person
SHANGHAI STATE-OWNED                     State-owned
                                                             6.67%        3,000,000               0
ASSETS OPERATION CO., LTD.               legal person
NCF - MINSHENG BANK –
CHINA FORTUNE
INTERNATIONAL TRUST –
                                            Others           4.44%        2,000,000               0
CHINA FORTUNE TRUSTMIN
XIN NO. 11 SINGLE CAPITAL
TRUST
                                         The aforesaid holders of preference shares, “BANK OF COMMUNICATIONS
Related party relationship or acting     INTERNATIONAL TRUST CO., LTD. – UILI NO.167 SINGLE CAPITAL
in concert among the top ten holders     TRUST” and “BANK OF COMMUNICATIONS INTERNATIONAL TRUST
of preference shares, and between        CO., LTD. - HUILI NO.136 SINGLE CAPITAL TRUST”, are persons acting in
the top ten holders of preference        concert. Save for the above, it is not aware that whether the remaining holders
shares and the                           of preference shares are persons acting in concert. It is also not aware that the
top ten holders of ordinary shares       top ten holders of preference shares and the top ten holders of ordinary shares
                                         are related to each other.
6. Corporate Bonds
Are there any corporate bonds offered to the public and listed on stock exchanges which do not become due as at the
date of approval of interim report or overdue but not fully settled?
Yes
(1) Basic information on corporate bonds
                                                                                Outstanding
                                                                                 amount of
                            Bond           Bond         Issue      Maturity                      Interest       Payment
   Name of bond                                                                  the bonds
                         abbreviation      code          date       date                           rate         method
                                                                                (RMB’0,000
                                                                                      )
                                                                                                            Interest is paid
The public issuance
                                                                                                            annually. The
of the corporate
                                                                                                            principal
bonds of Shandong            17                           17           21
                                                                                                            amount and the
Chenming Paper            Chenming        112570        August       August           120,000     6.50%
                                                                                                            last interest
Holdings Limited to        Bond 01                       2017         2022
                                                                                                            payment will be
qualified investors in
                                                                                                            paid on the
2017 (tranche I)
                                                                                                            maturity date.
                                                                                                            Interest is paid
The public issuance
                                                                                                            annually. The
of the corporate
                                                                                                            principal
bonds of Shandong            18
                                                     29 March      02 April                                 amount and the
Chenming Paper            Chenming        112641                                       90,000     7.28%
                                                       2018         2023                                    last interest
Holdings Limited to        Bond 01
                                                                                                            payment will be
qualified investors in
                                                                                                            paid on the
2018 (tranche I)
                                                                                                            maturity date.
Stock exchange on which corporate
                                         Shenzhen Stock Exchange
bonds are listed or transferred
                                         Online subscription: Public investors with A share security account opened
                                         under China Securities Depository and Clearing Co., Ltd. Offline subscription:
Investor eligibility arrangement
                                         Institutional investors with A share security account opened under China
                                         Securities Depository and Clearing Co., Ltd.
Interest payment of corporate bonds
                                         There was no interest payment during the reporting period.
during the reporting period
Performance of relevant terms during     Both 17 Chenming Bond 01 and 18 Chenming Bond 01 attach with options for
the reporting period, for special        the issuer to adjust the coupon rate and for investors to resell. The issuer has the
terms such as issuer or investor         right to determine the adjustment to the coupon rate for the following 3 years at



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                                       2019 Interim Report Summary of Shandong Chenming Paper Holdings Limited



option and interchangeable for          the end of the second year and the adjustment to the coupon rate for the
corporate bonds (if any)                following year as the end of the fourth year. After issuing the announcement on
                                        whether the coupon rate of the relevant tranche of bonds will be adjusted and
                                        the range of adjustment, the investors have the right to register for reselling
                                        during the period as announced to resell all or part of the relevant tranche of
                                        bonds held to the issuer at par value.
(2) Financial indicators as at the end of the reporting period
                                                                                                        Unit: RMB’0,000
                                                                                             Increase/decrease as at the
                                     As at the end of the         As at the end of the      end of the reporting period as
                Item
                                      reporting period                prior year             compared to the end of the
                                                                                                      prior year
Gearing ratio                                        76.25%                      75.43%                            0.82%
Current ratio                                        77.56%                      78.10%                           -0.54%

Quick ratio                                          70.30%                      69.54%                            0.76%
                                                                                               Increase/decrease of the
                                                                   The corresponding        reporting period as compared
                Item                 The reporting period
                                                                 period of the prior year    to corresponding period of
                                                                                                    the prior year
EBITDA interest coverage
                                                         1.64                        2.70                        -39.26%
ratio
Loans payment ratio                                 100.00%                     100.00%                            0.00%

Interest payment ratio                              100.00%                     100.00%                            0.00%

Major reason for more than 30% in year-on-year change for the above accounting data and financial indicators:
√ Applicable □ Not Applicable
EBITDA interest coverage ratio recorded a decrease of 39.26%, which was mainly due to the year-on-year decrease of
profit during the reporting period.

III. Discussion and Analysis of Operations

1. Principal operations of the Company during the Reporting Period
Whether the Company needs to comply with the disclosure requirements of specific industries
No
     (I) Principal activities of the Company during the reporting period
   The Company is a large conglomerate principally engaged in pulp production and paper making with synergistic
development in finance, mining, forestry, logistics and construction materials. The Company is the only listed company
with A shares, B shares and H shares in China. It is among the top 100 listed companies in China and the top 10 star
enterprises in China, and is rated as one of the 50 most competitive blue chip companies in China. It has been honoured
over 200 titles above the provincial level including the China May 1st Labour Prize, the Top 10 Best Light Industry
Enterprises in China, Outstanding Contribution Prize in Business Administration in China and the National Spiritual
Civilisation Advanced Unit. Its key indicators in respect of business and economic efficiency have been in a leading
position in the industry in China for over 20 consecutive years. The machine-made paper business is the principal
activity and the major source of revenue and profit of the Company. During the reporting period, there was no
significant change in the principal activity of the Company.
      Recently, the Company has committed itself to implementing the “forestry, pulp and paper integration” strategy. It
currently has three major pulp mills in Zhanjiang, Huanggang and Shouguang. It has the largest wood pulp production
capacity in China with annual production capacity of more than 4.2 million tonnes. It is the first integrated pulp and
paper enterprise in China to be able to produce wood pulp to meet its paper making demand and its pulp production
capacity and paper production capacity complement each other perfectly. Leveraging the integrated forestry, pulp and
paper project, the Company is the enterprise that offers the widest product range in the paper making industry, and its
products include culture paper, white paper board, coated paper, household paper, electrostatic copy paper and thermal
paper, with each major product ranking among the best in China in terms of market share.
     The Company has scientific research institutions including the national enterprise technology centre, the
postdoctoral working station as well as state certified CNAS pulp and paper testing centre and has obtained over 150



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                                            2019 Interim Report Summary of Shandong Chenming Paper Holdings Limited



national patents including 17 patents for invention, with 7 products selected as national new products and 35 products
filling the gap in China. The Company has obtained 21 Science and Technology Progress Awards above the provincial
level and undertaken five national science and technology projects and 26 provincial technological innovation projects.
The Company has obtained the ISO9001 quality certification, ISO14001 environmental protection certification and
FSC-COC certification, leading among its industry peers.
      (I I) Management situation for the reporting period
     During the reporting period, although the general operation of the Company is in good condition, the Company experienced
huge challenges as other paper making enterprises did in the complex and changing domestic and international economic situation.
Affected by various factors such as economic downturn, reduced market demand, tight supply and rising prices of raw materials, the
paper making industry experienced a decline in economic efficiency, increased difficulties in production and operation, and falling
paper prices. Accordingly, the Company achieved net profit of only RMB38.22 million in the first quarter, representing a decrease of
95.12% as compared to the corresponding period of prior year.
     Since the second quarter, the market improved significantly. The prices of the major paper types had been on the rise, and the
benefits of the paper price rise were obvious. The Shouguang Meilun 510,000 tonne high-ended cultural paper project, the
Shouguang Headquarters cultural paper transformation project, the Shouguang Meilun 1,000,000 tonne chemical pulp project, the
Huanggang Chenming chemical pulp project and others invested and constructed by the Company were successively put into
operation with smooth operation in the second quarter, and gradually began to play their role. The profitability of the Company
improved significantly in the second quarter with a quarter-on-quarter increase of 1,157.95%.
     In the first half of 2019, the Company completed the production of machine-made paper of 2.15 million tonnes with sales of
2.39 million tonnes and achieved revenue of RMB13,349 million, a year-on-year decrease of 14.16%. The Company recorded
operating costs of RMB9,754 million, a year-on-year decrease of 4.93%. Total profit and net profit attributable to equity holders of
the Company were RMB662 million and RMB510 million respectively, down by 70.12% and 71.43% from the prior year. The
Company’s total assets amounted to RMB106,559 million.
       At present, the four major pulp and paper projects of the Company have been completed and commenced operation. There is
no major project expenditure in the future; and the financial leasing company continued to reduce its business scale, and finance
expenses will be effectively controlled. In the second half year, as the four major pulp and paper projects will operate at full capacity
and fully realised their benefits, the Company will achieve a balance between the pulp production capacity and paper production
capacity. The advantages of its pulp and paper integration will be obvious with significantly higher gross profit margin, thereby
effectively enhancing the overall profitability and risk aversion ability of the Company.
2. EVENTS RELATING TO THE FINANCIAL REPORT

(1) Reason for changes in accounting policies, accounting estimates and accounting methods as compared to
the financial report for the prior year
□ Applicable √ Not applicable
There was no change in accounting policies, accounting estimates and accounting methods of the Company during the
reporting period.

(2) Reason for retrospective restatement to correct major accounting errors during the reporting period
□ Applicable √ Not applicable
No retrospective restatement was made to correct major accounting errors during the reporting period.

(3) Reason for changes in scope of the consolidated financial statements as compared to the financial report
for the prior accounting period
√ Applicable □Not applicable
During the reporting period, the scope of consolidation increased and one new subsidiary was established, which was
Shanghai Chenming Pulp & Paper Sales Co., Ltd.




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