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晨鸣B:2016年半年度报告(英文版) 下载公告
公告日期:2016-08-25
Shandong C ng Papeer Holdings Limmited
    INNTERIM REPOORT 20016
              Auugust 20016
I    Important Notice, Table of Contents and Definitions
The board of directors (the “Board”), the supervisory committee (the “Supervisory Committee”) and the directors (the “Directors”),
supervisors (the “Supervisors”) and senior management (the “Senior Management”) of the Company hereby warrant the truthfulness,
accuracy and completeness of the contents of the interim report (the “Report”), guarantee that there are no false representations,
misleading statements or material omissions contained in the Report, and are jointly and severally responsible for the liabilities
associated with the Report.
All Directors were present at the Board meeting to consider and approve this Report.
The Company does not propose distribution of cash dividends or bonus shares, and there will be no increase of share capital from
reserves.
Chen Hongguo, head of the Company, Dong Lianming, head in charge of accounting and Li Dong, head of the accounting
department (Accounting Officer), declare that they warrant the truthfulness, accuracy and completeness of the financial statements
in the interim report.
The Company is exposed to various risk factors such as macro-economic fluctuation, adjustment of state policy, intensified
competition in the industry, as well as change in exchange rate. Public investors should be aware of investment risks. For further
details, please refer to the risk factors likely to be faced and the measures to be taken as set out in the outlook on the future
development of the Company in the Directors’ Report.
                                                                                                                                           INTERIM
                                                                                                                                            REPORT
                                                                                          SHANDONG CHENMING PAPER HOLDINGS LIMITED
          I      Important Notice, Table of Contents and Definitions
          Table of Contents
          2016 Interim Report
          I      Important Notice, Table of Contents and Definitions    3
          II     Company Profile
          III    Summary of Accounting Data and Financial Indicators    6
          IV     Directors’ Report
          V      Material Matters
          VI     Changes in Share Capital and Shareholders
          VII    Preference Shares
          VIII   Directors, Supervisors and Senior Management
          IX     Financial Report
          X      Documents Available for Inspection
16
INTERIM
REPORT
 2        SHANDONG CHENMING PAPER HOLDINGS LIMITED
I      Important Notice, Table of Contents and Definitions
Definitions
Item                                       Definition
Company, Group, Chenming           means   Shandong Chenming Paper Holdings Limited and its subsidiaries
 Group or Chenming Paper
Parent Company or                  means   Shandong Chenming Paper Holdings Limited
  Shouguang Headquarters
Chenming Holdings                  means   Shouguang Chenming Holdings Company Limited
Shenzhen Stock Exchange            means   Shenzhen Stock Exchange
Stock Exchange                     means   The Stock Exchange of Hong Kong Limited
CSRC                               means   China Securities Regulatory Commission
Shandong CSRC                      means   Shandong branch of China Securities Regulatory Commission
Zhanjiang Chenming                 means   Zhanjiang Chenming Pulp & Paper Co., Ltd.
Jiangxi Chenming                   means   Jiangxi Chenming Paper Co., Ltd.
Wuhan Chenming                     means   Wuhan Chenming Hanyang Paper Holdings Co., Ltd.
Chenming (HK)                      means   Chenming (HK) Limited
Haiming Mining                     means   Haicheng Haiming Mining Company Limited
                                                                                                                       INTERIM
Jilin Chenming                     means   Jilin Chenming Paper Co., Ltd.                                               REPORT
Shouguang Meilun or Meilun Paper   means   Shouguang Meilun Paper Co., Ltd.
Chenming Sales Company             means   Shandong Chenming Paper Sales Company Limited
Chenming Power                     means   Shandong Chenming Power Supply Holdings Co., Ltd.
Finance Company                    means   Shandong Chenming Group Finance Co., Ltd.
Financial Leasing Company          means   Shandong Chenming Financial Leasing Co., Ltd.
reporting period                   means   The period from 1 January 2016 to 30 June 2016
                                                                            SHANDONG CHENMING PAPER HOLDINGS LIMITED      3
          II Company Profile
          I.    Company profile
                Stock abbreviation                                                          Stock Code
                Stock abbreviation                                           B              Stock Code
                Stock abbreviation                                       Chenming Paper     Stock Code
                Stock exchanges on which the shares are listed           Shenzhen Stock Exchange and The Stock Exchange of Hong Kong
                                                                         Limited
                Legal name in Chinese of the Company
                Legal short name in Chinese of the Company (if any)
                Legal name in English of the Company (if any)            SHANDONG CHENMING PAPER HOLDINGS LIMITED
                Legal short name in English of the Company (if any)      SCPH
                Legal representative of the Company                      Chen Hongguo
          II.   Contact persons and contact methods
                                    Securities Affairs                Securities Affairs                Hong Kong
                                    Representative                    Representative                    Company Secretary
                Name                Xiao Peng                         Yuan Xikun                        Poon Shiu Cheong
                Correspondence      No. 2199 East Nongsheng Road,     No. 2199 East Nongsheng Road,     22nd Floor, World Wide House,
                  Address           Shouguang City,                   Shouguang City,                   Central, Hong Kong
                                    Shandong Province                 Shandong Province
                Telephone           (86)-0536-2158008                 (86)-0536-2158008                 (852)-2501 0088
                Facsimile           (86)-0536-2158977                 (86)-0536-2158977                 (852)-2501 0028
16
INTERIM
                Email address       chenmmingpaper@163.com            chenmmingpaper@163.com            kentpoon_1009@yahoo.com.hk
REPORT
          III. Other information
                1.   Contact methods of the Company
                     Whether the registered address, office address, postal code, website, email of the Company changed during the
                     reporting period
                          Applicable √ Not applicable
                     There was no change of the registered address, office address, postal code, website and email of the Company during
                     the reporting period. Please refer to 2015 Annual Report for details.
                2.   Information disclosure and places for inspection
                     Whether the information disclosure and places for inspection changed during the reporting period
                          Applicable √ Not applicable
                     There was no change of the newspapers designated by the Company for information disclosure, designated websites
                     for the publication of the Interim Report as approved by CSRC and places for inspection of the Company’s Interim
                     Report during the reporting period. Please refer to 2015 Annual Report for details.
 4        SHANDONG CHENMING PAPER HOLDINGS LIMITED
II Company Profile
III. Other information (Cont’d)
    3.   Change of registration information
         Whether the registration information changed during the reporting period
         √ Applicable           Not applicable
                                                                   Legal person            Taxation
                          Date of            Registration          business license        registration
                          registration       place                 registration number     number               Organisation code
         At the beginning 28 May 2014        Shandong Administration 370000400001170       370783613588986      61358898-6
           of the reporting                  for Industry
           period                            and Commerce
         At the end of the 21 June 2016      Shandong Administration 913700006135889860    913700006135889860   913700006135889860
           reporting                         for Industry
           period                            and Commerce
                                                                                                                                     INTERIM
                                                                                                                                      REPORT
                                                                                          SHANDONG CHENMING PAPER HOLDINGS LIMITED      5
          III Summary of Accounting Data and Financial Indicators
          I.    Major accounting data and financial indicators
                Retrospective adjustment to or restatement of the accounting data for prior years by the Company due to change of
                accounting policies and correction of accounting errors
                     Yes    √ No
                                                                                                                           Increase/decrease
                                                                                                                            for the reporting
                                                                                                                                    period as
                                                                                                                           compared to the
                                                                                                   The corresponding          corresponding
                                                                                 The reporting              period of               period of
                                                                                        period          the prior year         the prior year
                Revenue (RMB)                                                  10,606,358,733.02      9,718,697,677.76                9.13%
                Net profit attributable to shareholders of the Company (RMB)      939,164,870.60        276,388,070.51              239.80%
                Net profit after extraordinary gains or losses attributable
                  to shareholders of the Company (RMB)                            741,811,083.82        174,462,219.94              325.20%
                Net cash flows from operating activities (RMB)                 -2,697,509,853.04     -2,222,755,634.73              -21.36%
                Basic earnings per share (RMB per share)                                    0.45                  0.14              221.43%
                Diluted earnings per share (RMB per share)                                  0.45                  0.14              221.43%
                Rate of return on net assets on weighted average basis                    5.89%                 1.97%                 3.92%
                                                                                                                          Increase/decrease
16
INTERIM
                                                                                                                               as at the end
                                                                                                                            of the reporting
REPORT
                                                                                  As at the end                        period as compared
                                                                                          of the      As at the end of            to the end
                                                                               reporting period         the prior year     of the prior year
                Total assets (RMB)                                             86,628,494,212.59     77,961,699,547.59               11.12%
                Net assets attributable to shareholders of the Company (RMB)   19,314,182,445.78     16,871,494,584.82               14.48%
                Explanation: Net profit attributable to ordinary shareholders of the Company should exclude the effect of interest payment
                deferred and accumulated to subsequent periods for perpetual bonds under other equity instruments. When calculating
                financial indicators such as earnings per share and rate of return on net assets on weighted average basis, the interests
                incurred but not declared for perpetual bonds in the first half of 2016 (amounting to RMB76,151,584.70) are deducted.
          II.   Differences in accounting data under domestic and overseas accounting standards
                1.    Differences between the net profit and net assets disclosed in accordance with international accounting standards and
                      China accounting standards in the financial report
                           Applicable √ Not applicable
                      There was no difference between the net profit and net assets disclosed in accordance with international accounting
                      standards and China accounting standards in the financial report during the reporting period.
                2.    Differences between the net profit and net assets disclosed in accordance with overseas accounting standards and
                      China accounting standards in the financial report
                           Applicable √ Not applicable
                There was no difference between the net profit and net assets disclosed in accordance with overseas accounting standards
                and China accounting standards in the financial report during the reporting period.
 6        SHANDONG CHENMING PAPER HOLDINGS LIMITED
III Summary of Accounting Data and Financial Indicators
III. Items and amounts of extraordinary gains or losses
    √   Applicable       Not applicable
                                                                                                                    Unit: RMB
    Item                                                          Amount     Explanation
    Profit or loss from disposal of non-current assets       -1,626,686.16
    Government grants (except for the government
      grants closely related to the normal operation
      of the company and granted constantly at
      a fixed amount or quantity in accordance with
      a certain standard based on state policies)
      accounted for in profit or loss for
      the current period                                   214,412,568.80
    Profit or loss from debt restructuring                   1,909,002.10
    Profit or loss arising from external entrusted loans    44,212,264.15
    Gain or loss from changes in fair value of
      consumable biological assets subsequently
      measured at fair value                               -10,599,543.68
    Non-operating gains and losses other than
      the above items                                        4,597,886.08
    Less: Effect of income tax                              53,745,876.48
           Effect of minority interests                      1,805,828.03
    Total                                                  197,353,786.78
                                                                                                                                  INTERIM
                                                                                                                                   REPORT
    Notes for the Company‘s extraordinary gain or loss items as defined in the Explanatory Announcement on Information
    Disclosure for Companies Offering Their Securities to the Public No.1 - Extraordinary Gains or Losses and the extraordinary
    gain or loss items as illustrated in the Explanatory Announcement on Information Disclosure for Companies Offering Their
    Securities to the Public No.1 - Extraordinary Gains or Losses defined as its recurring gain or loss items
         Applicable   √ Not applicable
    No extraordinary gain or loss items as defined or illustrated in the Explanatory Announcement on Information Disclosure for
    Companies Offering Their Securities to the Public No.1 - Extraordinary Gains or Losses were defined by the Company as its
    recurring gain or loss items during the reporting period.
                                                                                   SHANDONG CHENMING PAPER HOLDINGS LIMITED
          IV Directors’ Report
          I.   Overview
               During the reporting period, the situation of oversupply in the paper making industry continued on the whole, but the
               difference between supply and demand narrowed. Efforts to reduce excess capacity and inventories in the industry paid
               off. The downward trend in raw material costs had a greater positive effect on the industry in terms of profit with a turning
               point in earnings indicating a clear bottoming out. In the medium to long run, by virtue the supply-side reform, environmental
               protection standards will be higher, small and medium-sized production capacity will accelerate to phase out, industry
               concentration will be further enhanced, and the performance of the paper making industry is expected to continue to improve.
               During the reporting period, the Company adhered to the main goal of “developing into an enterprise with hundreds of billions
               in value” by adhering to the principle of “achieving growth amid stability”. The Company will stick to its diversification strategy
               and develop an industrial system that centres on pulp production, paper making and finance to achieve synergy with forestry,
               real estate and mining so as to boost the core competiveness and profitability. Meanwhile, the Company will be committed
               to “team building, management enhancement, outstanding business performance and good results” in order to upgrade
               management quality.
               During the reporting period, the Company completed the production of machine-made paper of 2.13 million tonnes with
               sales of 2.09 million tonnes and achieved revenue of RMB10.606 billion, representing a year-on-year increase of 9.13%. The
               Company recorded operating costs of RMB7,264 million, representing a year-on-year decrease of 1.44%. Total profit and net
               profit attributable to equity holders of the Company were RMB1,233 million and RMB939 million respectively, representing
               year on year increases of 188.69% 

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