SHANDONG CHENMING PAPER HOLDINGS LIMITED
2020 First Quarterly Report
April 2020
I. Important Notice
The board of directors (the“Board”), the supervisory committee (the“SupervisoryCommittee”), and the directors (the“Directors”), supervisors (the“Supervisors”) andsenior management (the“Senior Management”) of the Company hereby warrant that thetruthfulness, accuracy and completeness of this quarterly report which does not containfalse representations, misleading statements or material omissions, and are jointly andseverally responsible for the liabilities of the Company.
All Directors were present at the Board meeting to consider and approve this quarterlyreport.
Chen Hongguo, the head of the Company, Dong Lianming, the head in charge ofaccounting, and Zhang Bo, the head of the accounting department (Accounting Officer),declare that they warrant the truthfulness, accuracy and completeness of the financialstatements in this quarterly report.
II. General Information of the Company
I. Major accounting data and financial indicators
Retrospective adjustment to or restatement of the accounting data for prior years by theCompany
□ Yes √ No
| The reporting period | The corresponding period of the prior year | Increase/decrease compared to the corresponding period of the prior year | |
| Revenue (RMB) | 6,085,376,805.28 | 6,159,836,579.24 | -1.21% |
| Net profit attributable to shareholders of the Company (RMB) | 202,790,856.25 | 38,223,111.21 | 430.55% |
| Net profit after extraordinary gains or losses attributable to shareholders of the Company (RMB) | 143,993,251.71 | -23,652,252.85 | 708.79% |
| Net cash flows from operating activities (RMB) | 655,581,522.20 | 1,424,685,047.04 | -53.98% |
| Basic earnings per share (RMB per share) | 0.019 | -0.037 | 151.35% |
| Diluted earnings per share (RMB per share) | 0.019 | -0.037 | 151.35% |
| Rate of return on weighted average net assets | 0.32% | -0.61% | Increase of 0.93 percentage point |
| As at the end of the reporting period | As at the end of the prior year | Increase/decrease as at the end of the reporting period compared to the end of the prior year | |
| Total assets (RMB) | 96,849,000,201.11 | 97,958,909,935.15 | -1.13% |
| Net assets attributable to shareholders of the Company (RMB) | 25,164,443,617.31 | 25,169,743,863.75 | -0.02% |
Explanation:
Net profit attributable to shareholders of the Company does not exclude the effect of the interestof perpetual bonds and the dividends of preference shares paid and declared to be paid. Whencalculating financial indicators such as earnings per share and the rate of return on weightedaverage net assets, the interest for perpetual bonds from 1 January 2020 to 31 March 2020 ofRMB48,367,123.29 and the dividend on preference shares paid in 2020 of RMB98,100,000 arededucted.
Items and amounts of extraordinary gains or losses
√ Applicable □ Not applicable
Unit: RMB
| Item | Amounts for the period from the beginning of the year to the end of the reporting period | Note |
| Profit or loss from disposal of non-current assets (including write-off of asset impairment provision) | -4,496,557.63 | |
| Government grants(except for the government grants closely related to thenormal operation of the company and granted constantly at a fixed amount or quantity in accordance with acertain standard based on state policies) accounted for in profit or loss for the current period | 86,170,502.36 | |
| Non-operating income and expenses other than the above items | 961,050.14 | |
| Less: Effect of income tax | 23,489,605.82 | |
| Effect of minority interest (after tax) | 347,784.51 | |
| Total | 58,797,604.54 | – |
Notes for the Company’s extraordinary gain or loss items as defined in the ExplanatoryAnnouncement on Information Disclosure for Companies Offering Their Securities to the PublicNo. 1 – Extraordinary Gains or Losses and the extraordinary gain or loss items as illustrated in theExplanatory Announcement on Information Disclosure for Companies Offering Their Securities tothe 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 Announcementon 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 itemsduring the reporting period.
II. Total number of shareholders and shareholdings of the top ten shareholders as at the
end of the reporting period
1. Total number of shareholders of ordinary shares and shareholders of preference shares
with restored voting rights and shareholdings of the top ten shareholders
Unit: share
| Total number of shareholders of ordinary shares as at the end of the reporting period | 117,887, of which 97,790 were holders of A shares, 19,731 were holders of B shares and 366 were holders of H shares | Total number of shareholders of preference shares with restored voting right as at the end of the reporting period (if any) | 0 | |||||||||
| Shareholding of top ten shareholders | ||||||||||||
| Name of shareholders | Nature of shareholders | Percentage of shareholding | Number of shares held | Number of restricted shares held | Share pledged or locked-up | |||||||
| Status of shares | Number | |||||||||||
| CHENMING HOLDINGS COMPANY LIMITED | State-owned legal person | 15.33% | 445,396,128 | 0 | Pledged | 298,970,000 | ||||||
| HKSCC NOMINEES LIMITED | Overseas legal person | 12.85% | 373,355,875 | 0 | ||||||||
| CHENMING HOLDINGS (HONG KONG) LIMITED | Overseas legal person | 12.54% | 364,131,563 | 0 | ||||||||
| CENTRAL HUIJIN ASSET MANAGEMENT LTD. | State-owned legal person | 2.07% | 60,206,850 | 0 | ||||||||
| HONG KONG SECURITIES CLEARING COMPANY LIMITED | Overseas legal person | 0.63% | 18,232,012 | 0 | ||||||||
| VANGUARD EMERGING MARKETS STOCK INDEX FUND | Overseas legal person | 0.45% | 13,176,446 | 0 | ||||||||
| VANGUARD TOTAL INTERNATIONAL STOCK INDEX FUND | Overseas legal person | 0.45% | 13,139,970 | 0 | ||||||||
| AGRICULTURAL BANK OF CHINA LIMITED – CHINA CSI 500 ETF | Others | 0.42% | 12,304,250 | 0 | ||||||||
| Chen Suiqiang | Domestic nature person | 0.42% | 12,270,300 | 0 | ||||||||
| Chen Hongguo | Domestic nature person | 0.38% | 11,080,044 | 8,310,033 | ||||||||
| Shareholdings of the top ten shareholders of non-restricted shares | ||||||||||||
| Name of shareholders | Number of non- restricted shares held | Class of shares | ||||||||||
| Class of shares | Number | |||||||||||
| CHENMING HOLDINGS COMPANY LIMITED | 445,396,128 | RMB ordinary shares | 445,396,128 | |||||||||
| HKSCC NOMINEES LIMITED | 373,355,875 | Overseas listed foreign shares | 373,355,875 | |||||||||
| CHENMING HOLDINGS (HONG KONG) LIMITED | 364,131,563 | Domestic listed foreign shares | 210,717,563 | |||||||||
| Domestic listed foreign shares | 153,414,000 | |||||||||||
| CENTRAL HUIJIN ASSET MANAGEMENT LTD. | 60,206,850 | RMB ordinary shares | 60,206,850 | |||||||||
| HONG KONG SECURITIES CLEARING COMPANY LIMITED | 18,232,012 | RMB ordinary shares | 18,232,012 | |
| VANGUARD EMERGING MARKETS STOCK INDEX FUND | 13,176,446 | Domestic listed foreign shares | 13,176,446 | |
| VANGUARD TOTAL INTERNATIONAL STOCK INDEX FUND | 13,139,970 | Domestic listed foreign shares | 13,139,970 | |
| AGRICULTURAL BANK OF CHINA LIMITED – CHINA CSI 500 ETF | 12,304,250 | RMB ordinary shares | 12,304,250 | |
| Chen Suiqiang | 12,270,300 | RMB ordinary shares | 12,270,300 | |
| Jin Xing | 10,210,000 | Domestic listed foreign shares | 10,210,000 | |
| Related party relationship or acting in concert among the above shareholders | A shareholder, Chenming Holdings (Hong Kong) Limited, which is an overseas legal person, is a wholly-owned subsidiary of a shareholder, Chenming Holdings Company Limited, which is a state-owned legal person. A shareholder, Chen Hongguo, is the legal representative, chairman and general manager of Chenming Holdings Company Limited. Save for the above, it is not aware that any other shareholders of tradable shares are persons acting in concert. It is also not aware that any other shareholders of tradable shares are related to each other. | |||
| Securities margin trading of top 10 ordinary shareholders, if any | Chenming Holdings Company Limited held 445,396,128 RMB ordinary shares, of which 402,196,128 shares were held through ordinary account and 43,200,000 shares were held through credit guarantee securities account; Chen Suiqiang held 12,270,300 RMB ordinary shares, of which 0 shares were held through ordinary account and 12,270,300 shares were held through credit guarantee securities account. | |||
Whether an agreed repurchase transaction was entered into during the reporting period by the top10 ordinary shareholders and top 10 shareholders of non-restricted shares of the Company
□ Yes √ No
The top 10 ordinary shareholders and top 10 shareholders of non-restricted ordinary shares of theCompany did not enter into any agreed repurchase transaction during the reporting period.
2. Total number of shareholders of preference shares and shareholding of the top ten
shareholders of preference shares
√ Applicable □ Not applicable
Unit: share
| Total number of shareholders of preference shares as at the end of the reporting period | 8 | ||||||
| Shareholdings of the top ten shareholders of preference shares | |||||||
| Name of shareholders | Nature of shareholders | Percentage of shareholding | Number of shares held | Number of restricted shares held | Share pledged or locked-up | ||
| tatus of shares | Number | ||||||
| BEIJING YIBEN ZHONGXING INVESTMENT MANAGEMENT CO., LTD. | Domestic non-state- owned legal person | 27.78% | 12,500,000 | 0 | Pledged | 12,500,000 | |
| BANK OF COMMUNICATIONS INTERNATIONAL TRUST CO., LTD. – HUILI NO. 167 SINGLE CAPITAL TRUST | Others | 22.44% | 10,100,000 | 0 | |||
| BANK OF COMMUNICATIONS INTERNATIONAL TRUST CO., LTD. – HUILI NO. 136 SINGLE CAPITAL TRUST | Others | 14.22% | 6,400,000 | 0 | |||
| QILU BANK CO., LTD. – QILU BANK QUANXIN WEALTH MANAGEMENT PRODUCT SERIES | Others | 13.33% | 6,000,000 | 0 | |||
| HENGFENG BANK CO., LTD. | Domestic non-state- owned legal person | 11.11% | 5,000,000 | 0 | |||
| SHANGHAI STATE-OWNED ASSETS OPERATION CO., LTD. | State-owned legal person | 4.44% | 2,000,000 | 0 | |||
| NCF – MINSHENG BANK – CHINA FORTUNE INTERNATIONAL TRUST – CHINA FORTUNE TRUST ? MIN XIN NO. 11 SINGLE CAPITAL TRUST | Others | 4.44% | 2,000,000 | 0 | |||
| SHANGHAI SHIJIE BUSINESS CONSULTING CO., LTD. | Domestic non-state- owned legal person | 2.22% | 1,000,000 | 0 | |||
| Related party relationship or acting in concert among the above shareholders | The shareholders of preference shares, namely “BANK OF COMMUNICATIONS INTERNATIONAL TRUST CO., LTD. – HUILI NO. 167 SINGLE CAPITAL TRUST” and “BANK OF COMMUNICATIONS INTERNATIONAL TRUST CO., LTD. – HUILI NO.136 SINGLE CAPITAL TRUST”, are persons acting in concert. Save for the above, it is not aware that any other shareholders of preference shares are persons acting in concert, and it is also not aware whether there is any related party relationship between the above shareholders of preference shares and the top ten shareholders of ordinary shares. | ||||||
III Material matters
I. Details and reasons for changes of major financial data and financial indicators during
the reporting period
√ Applicable □ Not applicable
(1) Accounts receivable financing increased by 68.72% as compared to the beginning of the year
mainly due to the increase in the payment for goods made by bills at the end of the reportingperiod.
(2) Construction in progress decreased by 91.03% as compared to the beginning of the year
mainly due to the reclassification of the Huanggang Chenming Chemical pulp project duringthe reporting period.
(3) Investment income increased by 1,124 times as compared to the corresponding period of the
prior year mainly due to the recognised investment income from Guangdong Nanyue Bank bythe Company during the reporting period.
(4) Loss on impairment of assets increased by 100.2% as compared to the corresponding period
of the prior year mainly due to receipt of confirmation letter in respect of assumption ofexpenses of the Guangdong Huirui BT project from the government during the correspondingperiod of the prior year.
(5) Credit impairment loss increased by 397.65% as compared to the corresponding period of the
prior year mainly due to an increase in the provision for impairment based on the receivablesageing made by the Company during the reporting period.
(6) Gain on disposal of assets decreased by 367.96% as compared to the corresponding period of
the prior year mainly due to a year-on-year increase in the loss on disposal of assets by theCompany during the reporting period.
(7) Net cash flows from operating activities decreased by 53.98% as compared to the
corresponding period of the prior year mainly due to a year-on-year decrease in the expiryof the financial leasing business of the Company during the reporting period from thegovernment.
(8) Net cash flows from investment activities increased by 138.16% as compared to the
corresponding period of the prior year mainly due to receipt of the equity and debt transferpayments for Haiming Mining by the Company during the reporting period.
(9) Net cash flows from financing activities decreased by 2,106.14% as compared to the
corresponding period of the prior year mainly due to greaten debt repayments during thereporting period resulting from the active debt reduction by the Company during the reportingperiod.
II. Progress in respect of material matters and analysis of the related effects and solutions
□ Applicable √ Not applicable
Progress of share repurchase
□ Applicable √ Not applicable
Progress of decrease in the holding of repurchased shares by way of bidding
□ Applicable √ Not applicable
III. Undertakings made by parties involved in undertakings including the Company’sbeneficial controllers, shareholders, related parties, bidders and the Company subsistingduring the reporting period
□ Applicable √ Not applicable
During the reporting period, there were no undertakings made by parties involved inundertakings including the Company’s beneficial controllers, shareholders, related parties,bidders and the Company subsisting during the reporting period.
Estimate of the operating results for January – June 2020
Warning of projection on cumulative net profit for the period from the beginning of the yearto the end of the next reporting period to be at a loss or expected to have material changes ascompared to the corresponding period of prior year and its explanation
□ Applicable √ Not applicable
V. Security investments
□ Applicable √ Not applicable
The Company did not have any security investments during the reporting period.
VI. Derivatives investments
□ Applicable √ Not applicable
The Company did not have any derivative investments during the reporting period.
VII. Registration report on reception of research investigations, communications and
interviews during the reporting period
□ Applicable √ Not applicable
No research investigations, communications and interviews of the Company occurred duringthe reporting period.
VIII. External guarantees against the rules and regulations
□ Applicable √ Not applicable
There was no external guarantee provided by the Company which was against rules andregulations during the reporting period.
IX. Appropriation of funds of the Company by the controlling shareholder and its related
parties for non-operating purposes
□ Applicable √ Not applicable
There was no appropriation of funds of the Company by the controlling shareholder and itsrelated parties for non-operating purposes during the reporting period.
IV Financial Statements
I. Financial Statements
1. Consolidated balance sheet
Prepared by: Shandong Chenming Paper Holdings Limited
31 March 2020
Unit: RMB
| Item | 31 March 2020 | 31 December 2019 |
| CURRENT ASSETS: | ||
| Monetary funds | 17,945,064,973.73 | 19,306,529,473.33 |
| Accounts receivable | 2,585,913,010.42 | 2,525,083,311.03 |
| Accounts receivable financing | 747,303,546.42 | 442,915,861.70 |
| Prepayments | 683,531,207.43 | 603,573,549.08 |
| Other receivables | 2,256,642,821.36 | 2,216,654,598.66 |
| Including: Dividends receivable | 13,000,000.00 | 13,000,000.00 |
| Inventories | 5,324,637,789.32 | 4,774,430,110.81 |
| Non-current assets due within one year | 6,761,429,946.67 | 6,974,539,613.30 |
| Other current assets | 8,359,300,190.82 | 8,108,707,394.70 |
| Total current assets | 44,663,823,486.17 | 44,952,433,912.61 |
| NON-CURRENT ASSETS: | ||
| Long-term receivables | 895,274,094.34 | 1,200,575,810.95 |
| Long-term equity investments | 3,690,225,211.59 | 3,606,339,023.74 |
| Other non-current financial assets | 147,445,653.55 | 147,445,653.55 |
| Investment properties | 5,052,099,663.96 | 5,082,362,293.11 |
| Fixed assets | 38,906,325,693.85 | 34,439,935,032.69 |
| Construction in progress | 490,984,338.97 | 5,476,122,928.95 |
| Right-of-use assets | 151,075,369.06 | 152,141,882.05 |
| Intangible assets | 1,670,534,278.92 | 1,781,061,904.51 |
| Goodwill | 5,969,626.57 | 5,969,626.57 |
| Long-term prepaid expenses | 53,752,451.32 | 48,203,408.71 |
| Deferred income tax assets | 954,862,303.05 | 892,442,631.04 |
| Other non-current assets | 166,628,029.76 | 173,875,826.67 |
| Total non-current assets | 52,185,176,714.94 | 53,006,476,022.54 |
| Total assets | 96,849,000,201.11 | 97,958,909,935.15 |
| Item | 31 March 2020 | 31 December 2019 |
| CURRENT LIABILITIES: | ||
| Short-term borrowings | 37,162,255,680.29 | 36,883,156,014.19 |
| Bills payable | 1,605,128,806.38 | 1,515,048,206.00 |
| Accounts payable | 4,172,061,533.86 | 4,351,087,581.98 |
| Contract liabilities | 1,146,463,617.24 | 968,082,063.13 |
| Staff remuneration payables | 232,917,423.69 | 190,229,883.52 |
| Taxes payable | 398,048,496.05 | 311,554,116.73 |
| Other payables | 1,957,321,349.68 | 2,594,249,626.54 |
| Including: Interest payable | 127,487,697.54 | 208,189,699.15 |
| Non-current liabilities due within one year | 5,207,469,837.04 | 5,662,958,920.03 |
| Other current liabilities | 166,483,533.24 | 222,402,500.00 |
| Total current liabilities | 52,048,150,277.47 | 52,698,768,912.12 |
| NON-CURRENT LIABILITIES: | ||
| Long-term borrowings | 9,850,422,478.38 | 9,140,339,693.56 |
| Bonds payable | 1,275,802,390.11 | 1,258,270,909.49 |
| Lease liabilities | 59,697,128.65 | 59,697,128.65 |
| Long-term payables | 2,864,252,501.15 | 3,321,535,538.94 |
| Provisions | 325,259,082.28 | 325,259,082.28 |
| Deferred income | 1,698,711,138.49 | 1,771,013,335.11 |
| Deferred income tax liabilities | 1,411,125.59 | 1,411,125.59 |
| Other non-current liabilities | 2,382,732,408.47 | 3,042,841,328.86 |
| Total non-current liabilities | 18,458,288,253.12 | 18,920,368,142.48 |
| TOTAL LIABILITIES | 70,506,438,530.59 | 71,619,137,054.60 |
| Item | 31 March 2020 | 31 December 2019 |
| OWNERS’ EQUITY: | ||
| Share Capital | 2,904,608,200.00 | 2,904,608,200.00 |
| Other equity instruments | 7,465,500,000.00 | 7,465,500,000.00 |
| Including: Preference shares | 4,477,500,000.00 | 4,477,500,000.00 |
| Perpetual bonds | 2,988,000,000.00 | 2,988,000,000.00 |
| Capital reserves | 5,086,686,427.30 | 5,086,686,427.30 |
| Other comprehensive income | -989,443,237.79 | -879,452,135.10 |
| Surplus reserves | 1,212,009,109.97 | 1,212,009,109.97 |
| General risk provisions | 74,122,644.20 | 74,122,644.20 |
| Retained profit | 9,410,960,473.63 | 9,306,269,617.38 |
| TOTAL EQUITY ATTRIBUTABLE TO OWNERS OF THE COMPANY | 25,164,443,617.31 | 25,169,743,863.75 |
| Minority interest | 1,178,118,053.21 | 1,170,029,016.80 |
| Total owners’ equity | 26,342,561,670.52 | 26,339,772,880.55 |
| TOTAL LIABILITIES AND OWNERS’ EQUITY | 96,849,000,201.11 | 97,958,909,935.15 |
Legal Representative: Head in charge of accounting:
Head of theaccounting department:
Chen Hongguo Dong Lianming Zhang Bo
2. Balance sheet of the Company
Unit: RMB
| Item | 31 December 2020 | 31 December 2019 |
| CURRENT ASSETS: | ||
| Monetary funds | 8,480,014,351.40 | 9,001,257,324.52 |
| Bills receivable | 2,253,460,000.00 | 3,254,460,000.00 |
| Accounts receivable | 1,259,347,483.21 | 39,204,670.00 |
| Accounts receivable financing | 275,058,915.16 | 189,873,567.14 |
| Prepayments | 378,971,965.98 | 722,472,479.01 |
| Other receivables | 12,187,585,712.86 | 13,975,590,537.58 |
| Inventories | 1,040,723,685.75 | 696,487,727.53 |
| Non-current assets due within one year | 119,546,826.00 | 129,546,826.00 |
| Other current assets | 87,479,947.99 | 80,815,659.84 |
| Total current assets | 26,082,188,888.35 | 28,089,708,791.62 |
| NON-CURRENT ASSETS: | ||
| Long-term receivables | 418,750,862.51 | 418,750,862.51 |
| Long-term equity investments | 23,645,643,907.57 | 23,629,780,317.87 |
| Investment in other equity instruments | 3,000,000.00 | |
| Other non-current financial assets | 147,445,653.55 | 147,445,653.55 |
| Fixed assets | 3,866,844,374.90 | 3,901,007,932.88 |
| Construction in progress | 343,878,791.95 | 350,623,821.42 |
| Intangible assets | 443,446,229.37 | 446,430,156.00 |
| Deferred income tax assets | 421,577,745.82 | 426,711,909.98 |
| Other non-current assets | 110,930,000.00 | 110,930,000.00 |
| Total non-current assets | 29,398,517,565.67 | 29,434,680,654.21 |
| Total assets | 55,480,706,454.02 | 57,524,389,445.83 |
| CURRENT ASSETS: | ||
| Short-term borrowings | 11,656,207,709.50 | 11,601,509,632.09 |
| Bills payable | 8,876,900,869.81 | 9,890,041,170.20 |
| Accounts payable | 2,453,278,350.44 | 833,526,295.40 |
| Contract liabilities | 2,234,960,927.54 | 2,096,436,345.90 |
| Staff remuneration payables | 84,915,868.36 | 71,040,017.13 |
| Taxes payable | 57,631,625.70 | 76,872,851.56 |
| Other payables | 4,880,617,762.52 | 6,426,648,847.95 |
| Including: Interest payable | 44,143,333.31 | 127,278,083.35 |
| Non-current liabilities due within one year | 3,002,733,964.90 | 3,695,934,663.30 |
| Other current liabilities | 312,810,000.00 | 932,402,500.00 |
| Total current liabilities | 33,560,057,078.77 | 35,624,412,323.53 |
| Item | 31 December 2020 | 31 December 2019 |
| NON-CURRENT LIABILITIES: | ||
| Long-term borrowings | 850,692,035.94 | 150,692,035.94 |
| Bonds payable | 88,350,000.00 | 89,070,000.00 |
| Long-term payables | 1,012,327,385.48 | 1,167,426,124.98 |
| Provisions | 325,259,082.28 | 325,259,082.28 |
| Deferred income | 40,985,546.59 | 42,070,840.27 |
| Other non-current liabilities | 1,790,683,341.67 | 2,789,283,340.67 |
| Total non-current liabilities | 4,108,297,391.96 | 4,563,801,424.14 |
| Total liabilities | 37,668,354,470.73 | 40,188,213,747.67 |
| OWNERS’ EQUITY: | ||
| Share capital | 2,904,608,200.00 | 2,904,608,200.00 |
| Other equity instruments | 7,465,500,000.00 | 7,465,500,000.00 |
| Including: Preference shares | 4,477,500,000.00 | 4,477,500,000.00 |
| Perpetual bonds | 2,988,000,000.00 | 2,988,000,000.00 |
| Capital reserves | 4,953,557,435.19 | 4,953,557,435.19 |
| Surplus reserves | 1,199,819,528.06 | 1,199,819,528.06 |
| Retained profit | 1,288,866,820.04 | 812,690,534.91 |
| Total owners’ equity | 17,812,351,983.29 | 17,336,175,698.16 |
| TOTAL LIABILITIES AND OWNERS’ EQUITY | 55,480,706,454.02 | 57,524,389,445.83 |
3. Consolidated Income Statement
Unit: RMB
| Item | Amounts for the period | Amounts for the prior period |
| I. Total revenue | 6,085,376,805.28 | 6,159,836,579.24 |
| Including: Revenue | 6,085,376,805.28 | 6,159,836,579.24 |
| II. Total operating costs | 5,834,610,012.18 | 6,294,268,043.62 |
| Including: Operating costs | 4,367,126,791.55 | 4,741,194,631.64 |
| Taxes and surcharges | 47,639,420.31 | 65,722,322.73 |
| Sales and distribution expenses | 267,671,791.96 | 287,382,511.79 |
| General and administrative expenses | 246,726,191.21 | 272,195,901.33 |
| Research and development expenses | 253,652,714.07 | 192,763,955.03 |
| Finance expenses | 651,793,103.08 | 735,008,721.10 |
| Including: Interest expenses | 673,866,359.05 | 785,193,442.24 |
| Interest income | 81,512,048.23 | 85,022,879.60 |
| Plus: Other income | 60,795,590.78 | 18,406,874.30 |
| Investment income (“-” denotes loss) | 89,156,680.14 | 79,234.37 |
| Including: Investment income from associates and joint ventures | 76,715,510.22 | 79,234.37 |
| Credit impairment loss (“-” denotes loss) | -179,716,703.05 | 60,378,880.05 |
| Loss on impairment of assets (“-” denotes loss) | -164,217.76 | 82,790,921.68 |
| Gain on disposal of assets (“-” denotes loss) | -16,937,727.55 | -3,619,496.92 |
| III. Operating profit (“-” denotes loss) | 203,900,415.66 | 23,604,949.10 |
| Plus: Non-operating income | 29,326,528.55 | 85,638,465.22 |
| Less: Non-operating expenses | 2,456,719.00 | 4,104,746.56 |
| IV. Total profit (“-” denotes total loss) | 230,770,225.21 | 105,138,667.76 |
| Less: Income tax expenses | 19,890,332.52 | 66,242,708.11 |
| V. Net profit (“-” denotes net loss) | 210,879,892.69 | 38,895,959.65 |
| (I) Classification according to the continuity of operation | ||
| Net profit from continuing operations (“-” denotes net loss) | 210,879,892.69 | 38,895,959.65 |
| (II) Classification according to ownership | ||
| 1. Net profit attributable to shareholders of the Company | 202,790,856.25 | 38,223,111.21 |
| 2. Profit or loss of minority interest | 8,089,036.44 | 672,848.44 |
| Item | Amounts for the period | Amounts for the prior period |
| VI. Net other comprehensive income after tax | -109,991,102.69 | 153,048,157.14 |
| Net other comprehensive income after tax attributable to shareholders of the Company | -109,991,102.69 | 153,048,157.14 |
| Other comprehensive income that will be reclassified to profit and loss in subsequent periods | -109,991,102.69 | 153,048,157.14 |
| Including Exchange differences on translation | -109,991,102.69 | 153,048,157.14 |
| VII. Total comprehensive income | 100,888,790.00 | 191,944,116.79 |
| Total comprehensive income attributable to shareholders of the Company | 92,799,753.56 | 191,271,268.35 |
| Total comprehensive income attributable to minority interest | 8,089,036.44 | 672,848.44 |
| VIII. Earnings per share: | ||
| (I) Basic earnings per share | 0.019 | -0.037 |
| (II) Diluted earnings per share | 0.019 | -0.037 |
Legal Representative: Head in charge of accounting:
Head of theaccounting department:
Chen Hongguo Dong Lianming Zhang Bo
4. Income statement of the Company
Unit: RMB
| Item | Amounts for the period | Amounts for the prior period |
| I. Revenue | 1,916,635,173.20 | 1,180,608,914.97 |
| Less: Operating costs | 1,442,158,792.79 | 996,667,766.88 |
| Taxes and surcharges | 9,314,020.08 | 11,315,088.59 |
| Sales and distribution expenses | 53,050,071.32 | 41,028,655.63 |
| General and administrative expenses | 72,148,076.69 | 79,878,521.50 |
| Research and development expenses | 61,093,032.27 | 53,425,038.77 |
| Finance expenses | 227,917,229.09 | 359,385,884.76 |
| Including: Interest expenses | 422,979,137.81 | 604,583,755.19 |
| Interest income | 231,893,683.70 | 257,495,978.51 |
| Plus: Other income | 1,085,293.68 | 1,085,293.68 |
| Investment income (“-” denotes loss) | 501,463,589.70 | 312,370.63 |
| Including: Investment income from associates and joint ventures | -1,636,410.30 | 312,370.63 |
| Credit impairment loss (“-” denotes loss) | 17,806,046.25 | -1,063,774.22 |
| Gain on disposal of assets (“-” denotes loss) | 5,198,189.62 | -3,632,875.13 |
| II. Operating profit (“-” denotes loss) | 576,507,070.21 | -364,391,026.20 |
| Plus: Non-operating income | 3,006,242.05 | 2,648,246.00 |
| Less: Non-operating expenses | 102,862.97 | 3,482,007.43 |
| III. Total profit (“-” denotes total loss) | 579,410,449.29 | -365,224,787.63 |
| Less: Income tax expenses | 5,134,164.16 | -61,173,011.98 |
| IV. Net profit (“-” denotes net loss) | 574,276,285.13 | -304,051,775.65 |
| Net profit from continuing operations (“-” denotes net loss) | 574,276,285.13 | -304,051,775.65 |
| V. Total comprehensive income | 574,276,285.13 | -304,051,775.65 |
| VI. Earnings per share: | ||
| (I) Basic earnings per share | ||
| (II) Diluted earnings per share |
5. Consolidated cash flow statement
Unit: RMB
| Item | Amounts for the period | Amounts for the prior period |
| I. Cash flows from operating activities: | ||
| Cash received from sales of goods and rendering of services | 6,083,538,589.42 | 6,865,397,396.38 |
| Tax rebates received | 152,548.94 | 345,075.02 |
| Cash received relating to other operating activities | 654,984,761.52 | 1,574,349,856.47 |
| Subtotal of cash inflows from operating activities | 6,738,675,899.88 | 8,440,092,327.87 |
| Cash paid for goods and services | 5,294,624,400.87 | 5,663,841,703.91 |
| Cash paid to and for employees | 262,530,875.99 | 346,721,083.55 |
| Payments of taxes and surcharges | 193,288,988.68 | 552,838,124.31 |
| Cash paid relating to other operating activities | 332,650,112.15 | 452,006,369.06 |
| Subtotal of cash outflows from operating activities | 6,083,094,377.68 | 7,015,407,280.83 |
| Net cash flows from operating activities | 655,581,522.20 | 1,424,685,047.04 |
| II. Cash flows from investing activities: | ||
| Net cash received from disposal of fixed assets, intangible assets and other long-term assets | 73,153,160.00 | 76,631.50 |
| Net cash received from disposal of subsidiaries and other business units | 217,810,000.00 | |
| Cash received relating to other investing activities | 129,197,968.06 | |
| Subtotal of cash inflows from investing activities | 420,161,128.06 | 76,631.50 |
| Cash paid for purchase of fixed assets, intangible assets and other long-term assets | 57,107,045.84 | 176,754,169.25 |
| Cash paid on investments | 32,253,000.00 | |
| Cash paid relating to other investing activities | 690,140,000.00 | |
| Subtotal of cash outflows from investing activities | 89,360,045.84 | 866,894,169.25 |
| Net cash flows from investing activities | 330,801,082.22 | -866,817,537.75 |
| Item | Amounts for the period | Amounts for the prior period |
| III. Cash flows from financing activities: | ||
| Cash received from borrowings | 8,767,475,858.20 | 9,537,282,829.45 |
| Cash received relating to other financing activities | 320,000,000.00 | 2,432,706,925.14 |
| Subtotal of cash inflows from financing activities | 9,087,475,858.20 | 11,969,989,754.59 |
| Cash repayments of amounts borrowed | 9,045,058,473.31 | 8,052,875,959.00 |
| Cash paid for dividend and profit distribution or interest payment | 718,587,541.06 | 712,139,280.54 |
| Cash paid relating to other financing activities | 1,410,982,326.58 | 3,100,936,139.44 |
| Subtotal of cash outflows from financing activities | 11,174,628,340.95 | 11,865,951,378.98 |
| Net cash flows from financing activities | -2,087,152,482.74 | 104,038,375.61 |
| IV. Effect of foreign exchange rate changes on cash and cash equivalents | -8,973,806.00 | -202,918,477.21 |
| V. Net increase in cash and cash equivalents | -1,109,743,084.32 | 458,987,407.69 |
| Plus: Balance of cash and cash equivalents as at the beginning of the period | 2,890,328,027.41 | 2,381,558,242.52 |
| VI. Balance of cash and cash equivalents as at the end of the period | 1,780,584,343.09 | 2,840,545,650.21 |
6. Cash flow statement of the Company
Unit: RMB
| Item | Amounts for the period | Amounts for the prior period |
| I. Cash flows from operating activities: | ||
| Cash received from sales of goods and rendering of services | 2,016,322,718.53 | 1,344,720,749.36 |
| Cash received relating to other operating activities | 80,132,375.79 | 618,744,996.01 |
| Subtotal of cash inflows from operating activities | 2,096,455,094.32 | 1,963,465,745.37 |
| Cash paid for goods and services | 1,053,052,884.20 | 610,419,459.85 |
| Cash paid to and for employees | 77,807,706.74 | 113,868,782.40 |
| Payments of taxes and surcharges | 30,799,543.79 | 30,119,219.00 |
| Cash paid relating to other operating activities | 98,434,983.32 | 395,606,491.12 |
| Subtotal of cash outflows from operating activities | 1,260,095,118.05 | 1,150,013,952.37 |
| Net cash flows from operating activities | 836,359,976.26 | 813,451,793.00 |
| II. Cash flows from investing activities: | ||
| Cash received from investment income | 500,000,000.00 | |
| Net cash received from disposal of fixed assets, intangible assets and other long-term assets | 1,153,160.00 | 25,022.00 |
| Net cash received from disposal of subsidiaries and other business units | 217,810,000.00 | |
| Cash received relating to other investing activities | 129,197,968.06 | |
| Subtotal of cash inflows from investing activities | 848,161,128.06 | 25,022.00 |
| Cash paid for purchase of fixed assets, intangible assets and other long-term assets | 2,025,213.00 | 2,752,000.00 |
| Cash paid on investments | 27,500,000.00 | 1,047,500,000.00 |
| Subtotal of cash outflows from investing activities | 29,525,213.00 | 1,050,252,000.00 |
| Net cash flows from investing activities | 818,635,915.06 | -1,050,226,978.00 |
| Item | Amounts for the period | Amounts for the prior period |
| III. Cash flows from financing activities: | ||
| Cash received from borrowings | 5,527,955,369.41 | 3,608,046,421.28 |
| Cash received relating to other financing activities | 695,738,215.55 | 1,399,028,643.17 |
| Subtotal of cash inflows from financing activities | 6,223,693,584.96 | 5,007,075,064.45 |
| Cash repayments of amounts borrowed | 6,174,301,531.59 | 2,213,232,691.23 |
| Cash paid for dividend and profit distribution or interest payment | 422,979,137.81 | 364,442,666.62 |
| Cash paid relating to other financing activities | 1,389,481,422.69 | 2,224,412,965.16 |
| Subtotal of cash outflows from financing activities | 7,986,762,092.09 | 4,802,088,323.01 |
| Net cash flows from financing activities | -1,763,068,507.13 | 204,986,741.44 |
| IV. Effect of foreign exchange rate changes on cash and cash equivalents | 226,208.85 | -296,116.69 |
| V. Net increase in cash and cash equivalents | -107,846,406.96 | -32,084,560.25 |
| Plus: Balance of cash and cash equivalents as at the beginning of the period | 136,328,721.71 | 607,805,063.02 |
| VI. Balance of cash and cash equivalents as at the end of the period | 28,482,314.75 | 575,720,502.77 |
II. Reason for Adjustment in the Financial Statement
1. Adjustment to the relevant items in the financial statements at the beginning of the
year due to the first adoption of the New Standards for Financial Instruments, the NewStandards for Revenue and the New Standards for Lease
□ Applicable √ Not applicable
2. Reason for the retrospective adjustment to the comparative data in the prior period
due to the first adoption of the New Standards for Financial Instruments and the NewStandards for Lease
□ Applicable √ Not applicable
III. Auditors’Report
Has the first quarterly report already been audited yet?
□ Yes √ No
The first quarterly report of the Company is unaudited.
By order of the BoardShandong Chenming Paper Holdings Limited20April 2020