SHANDONG CHENMING PAPER HOLDINGS LIMITED*
2021 First Quarterly Report
April 2021
I. Important Notice
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 that the truthfulness accuracy and completeness of
this quarterly report which does not contain false representations misleading
statements or material omissions and are jointly and severally responsible for
the liabilities of the Company.
All Directors were present at the Board meeting to consider and approve
this quarterly report.
Chen Hongguo the head of the Company Dong Lianming the head in
charge of accounting and Zhang Bo the head of the accounting department
(Accounting Officer) declare that they warrant the truthfulness accuracy and
completeness of the financial statements 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 the Company
□ 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) 10205724007.89 6085376805.28 67.71%
Net profit attributable to shareholders of the Company (RMB) 1179076577.84 202790856.25 481.42%
Net profit after extraordinary gains or losses attributable to
shareholders of the Company (RMB)
1165076739.34 143993251.71 709.12%
Net cash flows from operating activities (RMB) 3386890222.27 655581522.20 416.62%
Basic earnings per share (RMB per share) 0.365 0.019 1821.05%
Diluted earnings per share (RMB per share) 0.365 0.019 1821.05%
Rate of return on weighted average net assets 5.51% 0.32%
Increase of 5.19
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) 90924591156.25 91575457828.62 -0.71%
Net assets attributable to shareholders of the Company (RMB) 22926769322.29 24276968789.00 -5.56%
Explanation:
Net profit attributable to shareholders of the Company does not exclude the effect of the 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 weighted average net assets the interest for perpetual bonds from 1 Januaryto 31 March 2021 of RMB22117808.22
and the dividend on preference shares paid in 2021 of RMB98100000.00 are deducted.Items and amounts of extraordinary gains or losses
√ Applicable □ Not applicable
Unit: RMB
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.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
136238 of which 116697 were
holders of A shares 19201 were
holders of B shares and 340 were
holders of H shares
Total number of shareholders of
preference shares with restored voting
right as at the end of the reporting period
0
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)
8707022.62
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
58441146.99
Except for effective hedging business conducted in the ordinary course of business of the
Company gain or loss arising from the change in fair value of financial assets held for
trading derivative financial assets financial liabilities held for trading and derivative
financial liabilities as well as investment gains from disposal of financial assets held for
trading derivative financial assets financial liabilities held for trading derivative financial
liabilities and other debt investments
-59993447.44
Investment income from dividend of non-current financial assets 15000000.00
Non-operating income and expenses other than the above items 6906710.91
Less: Effect of income tax 14401525.18
Effect of minority interest (after tax) 660069.40
Total 13999838.50 --
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 15.32% 457322919 0 Pledged 212970000
HKSCC NOMINEES LIMITED Overseas legal person 12.52% 373513625 0
CHENMING HOLDINGS (HONG
KONG) LIMITED
Overseas legal person 12.20% 364131563 0
NINGBO ASIA PAPER TUBE
CARTON CO. LTD. (寧波亞洲紙
管紙箱有限公司)
Domestic non-state owned
legal person
3.89% 116080074 0
HONG KONG SECURITIES
CLEARING COMPANY LIMITED
Overseas legal person 1.35% 40230192 0
CHEN HONGGUO Domestic nature person 1.04% 31080044 23310033
GUO TAI JUN AN SECURITIES
(HONGKONG) LIMITED
Overseas legal person 0.78% 23332494 0
UBS AG LONDON BRANCH Overseas legal person 0.58% 17318262 0
BANK OF CHINA LIMITED –
GUOTAI ZHIYUAN
ADVANTAGEOUS HYBRID
SECURITIES INVESTMENT
FUND (中國銀行股份有限公司－國泰致遠優勢混合型證券投資基
金)
Others 0.55% 16500069 0
VANGUARD TOTAL
INTERNATIONAL STOCK
INDEX FUND
Overseas legal person 0.50% 14771945 0
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 457322919 RMB ordinary shares 457322919
HKSCC NOMINEES LIMITED 373513625 Overseas listed foreign shares 373513625
CHENMING HOLDINGS (HONG KONG) LIMITED 364131563 Domestic listed foreign shares 210717563
Overseas listed foreign shares 153414000
NINGBO ASIA PAPER TUBE CARTON CO. LTD. (寧波亞
洲紙管紙箱有限公司)
116080074 RMB ordinary shares 116080074
HONG KONG SECURITIES CLEARING COMPANY
LIMITED
40230192 RMB ordinary shares 40230192
GUO TAI JUN AN SECURITIES (HONGKONG) LIMITED 23332494 Domestic listed foreign shares 23332494
UBS AG LONDON BRANCH 17318262 Domestic listed foreign shares 17318262
BANK OF CHINA LIMITED – GUOTAI ZHIYUAN
ADVANTAGEOUS HYBRID SECURITIES INVESTMENT
FUND (中國銀行股份有限公司－國泰致遠優勢混合型證券
投資基金)
16500069 RMB ordinary shares 16500069
VANGUARD TOTAL INTERNATIONAL STOCK INDEX
FUND
14771945 Domestic listed foreign shares 14771945
MORGAN STANLEY & CO. INTERNATIONAL PLC 14470378 Domestic listed foreign shares 14470378
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. Hence they are persons acting in concert under Administration Measure
on Disclosure of Information on the Change of Shareholding in Listed Companies (上市公司股
東持股變動信息披露管理辦法). 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 aforementioned shareholders are persons acting in concert. It is also
not aware that any other aforementioned shareholders are related to each other.Securities margin trading of top 10
shareholders if any
Chenming Holdings Company Limited held 457322919 RMB ordinary shares of which
379522919 shares were held through ordinary account and 77800000 shares were held through
credit guarantee securities account;
Ningbo Asia Paper Tube Carton Co. Ltd. held 116080074 RMB ordinary shares of which 0
shares were held through ordinary account and 116080074 shares were held through credit
guarantee securities account.Whether an agreed repurchase transaction was entered into during the reporting period by the top 10 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 the Company 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
6
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
Status
of
shares
Number
BANK OF COMMUNICATIONS INTERNATIONAL
TRUST CO. LTD. – HUILI NO. 136 SINGLE CAPITAL
TRUST
Others 28.44% 6400000 0
BEIJING YIBEN ZHONGXING INVESTMENT
MANAGEMENT CO. LTD.
Domestic
non-state-owned
legal person
27.11% 6100000 0 Pledged 6100000
SHANGHAI SHIJIE BUSINESS CONSULTING CO.
LTD.
Domestic
non-state-owned
legal person
19.51% 4390100 0 Pledged 4140000
HENGFENG BANK CO. LTD.
Domestic
non-state-owned
legal person
13.33% 3000000 0
LEAD CAPITAL MANAGEMENT CO. LTD. – LEAD
CAPITAL – LI DE YING NO. 1 ASSET
MANAGEMENT PLAN
Others 5.91% 1330000 0
LEAD CAPITAL MANAGEMENT CO. LTD. – LEAD
CAPITAL – LI DE YING NO. 2 ASSET
MANAGEMENT PLAN
Others 5.69% 1279900 0
Related party relationship or
acting in concert among the
above shareholders
“LEAD CAPITAL MANAGEMENT CO. LTD. – LEAD CAPITAL – LI DE YING NO. 1 ASSET
MANAGEMENT PLAN” and “LEAD CAPITAL MANAGEMENT CO. LTD. – LEAD CAPITAL –
LI DE YING NO. 2 ASSET MANAGEMENT PLAN” 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
(I) Analysis of the assets and liabilities of the Company
Unit: RMB
Item 31 March 2021 31 December 2020 Change
Reason for
change
Financial assets held for trading 133349089.17 192907800.62 -30.87% (1)
Accounts receivable financing 1071559674.38 488385666.76 119.41% (2)
Bills payable 3432666717.36 2998936736.34 14.46% (3)
Contract liabilities 1278950068.66 1051147044.74 21.67% (4)
Other current liabilities
157037833.35 -100.00% (5)
Other equity instruments 3234750000.00 5473500000.00 -40.90% (6)
Minority interest 2490325610.41 1523294926.24 63.48% (7)
Explanation of the reasons leading to the major changes:
(1) Financial assets held for trading decreased by 30.87% as compared to the beginning of the year mainly due to the change in the
fair value of the shares of China Bohai Bank held by the Company during the reporting period.
(2) Accounts receivable financing increased by 119.41% as compared to the beginning of the year mainly due to the increase in bills
held at the end of the reporting period from the beginning of the year.
(3) Bills payable increased by 14.46% as compared to the beginning of the year mainly due to the increase in payment for goods
with bills during the reporting period.
(4) Contract liabilities increased by 21.67% as compared to the beginning of the year mainly due to the increase in advance payment
from the customers of the Company.
(5) Other current liabilities decreased by 100% as compared to the beginning of the year mainly due to the repayment of all super &
short-term commercial papers by the Company during the reporting period.
(6) Other equity instruments decreased by 40.9% as compared to the beginning of the year mainly due to the repayment of RMB2.25
billion preference shares by the Company during the reporting period.
(7) Minority interest increased by 63.48% as compared to the beginning of the year mainly due to the introduction of an investor by
Meilun Paper a subsidiary for its capital increase during the reporting period.(II) Reasons for significant year-on-year changes of income statement items
Unit: RMB
Explanation of the reasons leading to the major changes:
(1) Revenue increased by 67.71% as compared to the corresponding period of last year mainly due to the year-on-year increase in
the sales and selling prices of machine-made paper s during the reporting period.
(2) Research and development expense increased by 44.09% as compared to the corresponding period of last year mainly due to the
increase in research and development investment of the Company during the reporting period.
(3) Gain on disposal of asset increased by 128.37% as compared to the corresponding period of last year mainly due to the
year-on-year increase in gain on disposal of asset during the reporting period.(III) Analysis of cash flows during the reporting period
Unit: RMB
Item January – March 2021 January – March 2020 Change Reasons for change
Net cash flows from operating activities 3386890222.27 655581522.20 416.62% (1)
Net cash flows from investment activities -187483014.24 330801082.22 -156.68% (2)
Net cash flows from financing activities -3285797443.75 -2087152482.74 -57.43% (3)
Explanation of the reasons leading to the major changes:
(1) Cash flows from operating activities increased by 416.62% as compared to the corresponding period of last year mainly due to
the year-on-year significant growth of the profitability of the Company during the reporting period.
(2) Cash flows from investing activities decreased by 156.68% as compared to the corresponding period of last year mainly due to
the year-on-year increase in investment expenditure as a result of the increase of investment of RMB400 million by Chenming GDR
Fund to Chenchuang Fund during the reporting period.
(3) Cash flows from financing activities decreased by 57.43% as compared to the corresponding period of last year mainly due to the
further reduction in the liability size of the Company during the reporting period.II. Progress in respect of material matters and analysis of the related effects and solutions
√ Applicable □ Not applicable
Summary of important events
Date of
disclosure
Search index of interim report
disclosure websiteThe matters relating to the “Proposal on the Domestic Listed Foreign Shares ofthe Company Changing Listing Venue to be Listed and Traded on the Main
Board of The Stock Exchange of Hong Kong Limited by Way of Conversion”
was considered and approved at the seventeenth extraordinary meeting of ninth
session of the Board the 2021 first extraordinary general meeting the 2021
first class meeting for holders of domestic-listed shares and the 2021 first class
meeting for holders of overseas-listed shares of the Company.
30 January 2021
http://www.cninfo.com.cn
18 February 2021
10 March 2021
Item January – March 2021 January – March 2020 Change Reasons for change
Revenue 10205724007.89 6085376805.28 67.71% (1)
Research and development expenditure 365485850.44 253652714.07 44.09% (2)
Gain on disposal of assets 4804612.13 -16937727.55 128.37% (3)
Progress of share repurchase
√ Applicable □ Not applicable
1. Redemption of first-tranche preference shares in full
On 18 February 2021 the Company held the eighteenth extraordinary meeting of the ninth session of the Board to consider and
approve the “Resolution on Redemption of the First-Tranche Preference Shares” which agreed the Company’s full redemption of the
first-tranche preference shares (the “Chenming You 01”) totaling 22.5 million shares. The redemption price was the par value of the
preference share (RMB100 per share) plus the amount of dividend declared but not yet paid for the current period (i.e. RMB4.36 per
share). The redemption time is the payment date of fixed dividend of “Chenming You 01”.
On 17 March 2021 the Company paid a total of RMB2348.1 million in redemption to shareholders of the first-tranche
preference shares to fully redeem 22.5 million shares of first-tranche preference shares of the Company. On 18 March 2021 the
Company received the “Redemption Results Statement” from the Shenzhen Branch of China Securities Depository and Clearing Co.
Ltd. The redemption and delisting of “Chenming You 01” has been completed.
For details please refer to the relevant announcements disclosed by the Company on www.cninfo.com.cn on 19 February 26
February 5 March 12 March 16 March and 19 March 2021. The announcement number are: 2021-013 2021-014 2021-016
2021-017 2021-019 2021-020 2021-022 2021-023.
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’s
beneficial controllers shareholders related parties bidders and the Company subsisting
during the reporting period
□ Applicable √ Not applicable
During the reporting period there were no undertakings made by parties involved in undertakings including the Company’s
beneficial controllers shareholders related parties bidders and the Company subsisting during the reporting period.IV. Financial asset investment
1. Security investments
√ Applicable □ Not applicable
Unit: RMB
Type of
security
Stock
code
Abbre
viation
of
stock
name
Initial
investme
nt cost
Account
ing
measure
ment
model
Book
value at
the
beginnin
g of the
reportin
g period
Profit or
loss
from
changes
in fair
value in
the
current
period
Accumulat
ed changes
in fair
value
included in
equity
Purch
ased
amoun
t in
the
curren
t
period
Sold
amoun
t in the
current
period
Profit or
loss
during
the
reportin
g period
Book
value at
the end
of the
reportin
g period
Classificat
ion in
accounts
Source of
fund
Domesti
c and
09668
China
Bohai
195684
817.15
Measure
d at fair
192907
800.62
-59558
711.45
-6233572
7.98
0.00 0.00
-59558
711.45
133349
089.17
Held-for-tr
ading
Self-owne
d funds
foreign
shares
Bank value financial
assets
and
borrowing
s
Total
195684
817.15
--
192907
800.62
-59558
711.45
-6233572
7.98
0.00 0.00
-59558
711.45
133349
089.17
-- --
Disclosure date of announcement in relation to the consideration and
approval of securities investments by the Board
20 June 2020
Disclosure date of announcement in relation to the consideration and
approval of securities investments by the shareholders’ general meeting (if
any)
Not applicable
2. Derivatives investments
□ Applicable √ Not applicable
The Company did not have any derivative investments during the reporting period.V. Progress in respect of investment projects funded by raised proceeds
□ Applicable √ Not applicable
VI. Estimate of the operating results for January – June 2021
Warning of projection on cumulative net profit for the period from the beginning of the year to the end of the next reporting period to
be at a loss or expected to have material changes as compared to the corresponding period of prior year and its explanation
□ Applicable √ Not applicable
VII. Material contracts in day-to-day operation
□ Applicable √ Not applicable
VIII. Entrusted wealth management
□ Applicable √ Not applicable
The Company did not have any entrusted wealth management during the reporting period.IX. External guarantees against the rules and regulations
□ Applicable √ Not applicable
There was no external guarantee provided by the Company which was against rules and regulations during the reporting period.X. 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 its related parties for non-operating purposes
during the reporting period.XI. Reception of research investigations communications and interviews during the reporting
period
√ Applicable □ Not applicable
Date of reception Site of reception
Way of
reception
Type of
recipient
Recipient
Major discussion
points
and information
provided
Index of the basic
particulars
of the survey
31 March 2021
Meeting room of the
Company and
production plant
Field
research
Institutions
individuals
and media
Guotai Anbao Fund
Northeast Securities
Orient Securities
Donghai Securities
Dongxing Securities
minority shareholders
Securities Times etc
Company’s main
operating
conditions
business
conditions project
progress etc.
For details please
refer to the Investor
Relations Activity
Record Sheet on
www.cninfo.com.cn
31 March 2021
Online live stream
platform:
Panorama?Interactive
Platform for
Investors
Relationship (全景
網?投資者關係互動
平台)
Others Others
Investors participating in
the 2020 Annual Result
Briefing of the Company
Company and
industry overview
the Company’s
2020 operating
results and future
prospects project
progress etc.
For details please
refer to the Investor
Relations Activity
Record Sheet on
www.cninfo.com.cn
IV Financial Statements
I. Financial Statements
1. Consolidated balance sheet
Prepared by: Shandong Chenming Paper Holdings Limited
31 March 2021
Unit: RMB
Item 31 March 2021 31 March 2020
CURRENT ASSETS:
Monetary funds 17928720606.11 17759537598.98
Financial assets held for trading 133349089.17 192907800.62
Accounts receivable 2131776277.60 1984931665.82
Accounts receivable financing 1071559674.38 488385666.76
Prepayments 970225012.16 964290512.36
Other receivables 2328858634.34 2417240559.46
Including: Interest receivable
Dividends receivable
Inventories 4792168427.01 5135293347.82
Non-current assets due within one year 4177625745.65 4222744207.34
Other current assets 2994706976.55 2716918695.85
Total current assets 36528990442.97 35882250055.01
NON-CURRENT ASSETS:
Long-term receivables 3564138570.89 4658884857.95
Long-term equity investments 4330470084.83 3906158402.45
Other non-current financial assets 141910000.00 145910000.00
Investment properties 5904542766.83 5943159568.00
Fixed assets 37069924037.14 37651706658.97
Construction in progress 209993857.82 179857941.83
Right-of-use assets 203959508.33 205876719.75
Intangible assets 1760834492.05 1774624509.33
Goodwill 32916531.95 32916531.95
Long-term prepaid expenses 50192010.61 51061485.49
Deferred income tax assets 1080558605.22 1084164679.14
Other non-current assets 46160247.61 58886418.75
Total non-current assets 54395600713.28 55693207773.61
Total assets 90924591156.25 91575457828.62
CURRENT LIABILITIES:
Short-term borrowings 33268267316.37 32793992957.86
Bills payable 3432666717.36 2998936736.34
Accounts payable 3855682286.87 4042430732.31
Contract liabilities 1278950068.66 1051147044.74
Staff remuneration payables 246600772.07 232376585.31
Taxes payable 577871369.35 652647840.63
Other payables 2158460520.52 1956715367.83
Including: Interest payable 124127590.49 178992959.85
Non-current liabilities due within one year 6455050444.78 7160949615.93
Other current liabilities 157037833.35
Total current liabilities 51273549495.98 51046234714.30
NON-CURRENT LIABILITIES:
Long-term borrowings 7910917576.83 8077150979.15
Bonds payable 1431094643.22 1536877351.46
Lease liabilities 60507444.90 60271769.90
Long-term payables 2097419701.30 2295309357.74
Provisions 325259082.28 325259082.28
Deferred income 1611501629.24 1637996636.51
Deferred income tax liabilities 6572535.97 6572535.97
Other non-current liabilities 790674113.83 789521686.07
Total non-current liabilities 14233946727.57 14728959399.08
TOTAL LIABILITIES 65507496223.55 65775194113.38
OWNERS’ EQUITY:
Share Capital 2984208200.00 2984208200.00
Other equity instruments 3234750000.00 5473500000.00
Including: Preference shares 2238750000.00 4477500000.00
Perpetual bonds 996000000.00 996000000.00
Capital reserves 5164584381.71 5321911413.75
Less: Treasury shares 226860000.00 226860000.00
Other comprehensive income -596785620.17 -561686607.66
Surplus reserves 1212009109.97 1212009109.97
General risk provisions 74122644.20 74122644.20
Retained profit 11080740606.58 9999764028.74
TOTAL EQUITY ATTRIBUTABLE TO OWNERS OF THE COMPANY 22926769322.29 24276968789.00
Minority interest 2490325610.41 1523294926.24
Total owners’ equity 25417094932.70 25800263715.24
TOTAL LIABILITIES AND OWNERS’ EQUITY 90924591156.25 91575457828.62
Legal Representative:
Chen Hongguo
Head in charge of accounting:
Dong Lianming
Head of the accounting department:
Zhang Bo
2. Balance sheet of the Company
Unit: RMB
Item 31 March 2021 31 March 2020
CURRENT ASSETS:
Monetary funds 5486271398.73 4720330804.07
Bills receivable 2056450000.00 1470720000.00
Accounts receivable 135621541.49 694836561.24
Accounts receivable financing 34707031.58 24339933.19
Prepayments 2036291136.24 1697770445.12
Other receivables 10188381508.11 10637425503.02
Including: Interest receivable
Dividends receivable 200000000.00
Inventories 684167021.66 637293495.29
Non-current assets due within one year 90210433.35 146934211.22
Other current assets 37260448.37 45764272.71
Total current assets 20749360519.53 20075415225.86
NON-CURRENT ASSETS:
Long-term receivables 56275718.51 64762373.99
Long-term equity investments 22535647973.47 22192108035.92
Other non-current financial assets 141910000.00 141910000.00
Fixed assets 3923747756.69 3984339880.51
Construction in progress 81012306.96 80192749.46
Intangible assets 531192360.51 534900368.31
Deferred income tax assets 365117536.32 418717829.13
Total non-current assets 27634903652.46 27416931237.32
Total assets 48384264171.99 47492346463.18
CURRENT LIABILITIES:
Short-term borrowings 12447825609.09 10929616612.59
Bills payable 9384833589.13 7603416890.27
Accounts payable 954674397.02 812111491.23
Contract liabilities 2069347573.92 156487086.88
Staff remuneration payables 95055564.92 89416732.50
Taxes payable 106605422.38 147669266.97
Other payables 3136617221.24 5869352883.62
Including: Interest payable 47051472.24 97497305.56
Non-current liabilities due within one year 1386461648.99 2374029490.27
Other current liabilities 312130833.35
Total current liabilities 29581421026.69 28294231287.68
NON-CURRENT LIABILITIES:
Long-term borrowings 1254500000.00 1295000000.00
Bonds payable 349964000.00 439957250.00
Long-term payables 540701875.78 631776192.80
Provisions 325259082.28 325259082.28
Deferred income 37304871.87 38017165.55
Other non-current liabilities 1196116666.67 1194883344.67
Total non-current liabilities 3703846496.60 3924893035.30
TOTAL LIABILITIES 33285267523.29 32219124322.98
OWNERS’ EQUITY:
Share Capital 2984208200.00 2984208200.00
Other equity instruments 3234750000.00 5473500000.00
Including: Preference shares 2238750000.00 4477500000.00
Perpetual bonds 996000000.00 996000000.00
Capital reserves 5126981432.38 5124308464.42
Less: Treasury shares 226860000.00 226860000.00
Surplus reserves 1199819528.06 1199819528.06
Retained profit 2780097488.26 718245947.72
Total owners’ equity 15098996648.70 15273222140.20
TOTAL LIABILITIES AND OWNERS’ EQUITY 48384264171.99 47492346463.18
3. Consolidated Income Statement
Unit: RMB
Item
Amounts for
the period
Amounts for
the prior period
I. Total revenue 10205724007.89 6085376805.28
Including: Revenue 10205724007.89 6085376805.28
II. Total operating costs 8699358923.27 5834610012.18
Including: Operating costs 7237915113.40 4562294089.65
Taxes and surcharges 78065205.81 47639420.31
Sales and distribution expenses 69649821.99 72504493.86
General and administrative expenses 249151918.06 246726191.21
Research and development expenses 365485850.44 253652714.07
Finance expenses 699091013.57 651793103.08
Including: Interest expenses 731861718.88 673866359.05
Interest income 75556660.16 81512048.23
Plus: Other income 58431534.65 60795590.78
Investment income (“-” denotes loss) 62891682.38 89156680.14
Including: Investment income from associates and joint ventures 45311682.38 76715510.22
Gain on change in fair value (“-” denotes loss) -59993447.44
Credit impairment loss (“-” denotes loss) -118711577.64 -179716703.05
Loss on impairment of assets (“-” denotes loss) -56357.78 -164217.76
Gain on disposal of assets (“-” denotes loss) 4804612.13 -16937727.55
III. Operating profit (“-” denotes loss) 1453731530.92 203900415.66
Plus: Non-operating income 9178708.39 29326528.55
Less: Non-operating expenses 749586.99 2456719.00
IV. Total profit (“-” denotes total loss) 1462160652.32 230770225.21
Less: Income tax expenses 216053390.31 19890332.52
V. Net profit (“-” denotes net loss) 1246107262.01 210879892.69
(I) Classification according to the continuity of operation
Net profit from continuing operations (“-” denotes net loss) 1246107262.01 210879892.69
(II) Classification according to ownership
1. Net profit attributable to shareholders of the Company 1179076577.84 202790856.25
2. Profit or loss of minority interest 67030684.17 8089036.44
VI. Net other comprehensive income after tax -35099012.51 -109991102.69
Net other comprehensive income after tax attributable to shareholders of the
Company
-35099012.51 -109991102.69
(I) Other comprehensive income that will be reclassified to profit and loss -35099012.51 -109991102.69
Exchange differences on translation -35099012.51 -109991102.69
VII. Total comprehensive income 1211008249.50 100888790.00
Total comprehensive income attributable to shareholders of the Company 1143977565.33 92799753.56
Total comprehensive income attributable to minority interest 67030684.17 8089036.44
VIII. Earnings per share:
(I) Basic earnings per share 0.365 0.019
(II) Diluted earnings per share 0.365 0.019
Legal Representative:
Chen Hongguo
Head in charge of accounting:
Dong Lianming
Head of the accounting department:
Zhang Bo
4. Income statement of the Company
Unit: RMB
Item
Amounts for
the period
Amounts for
the prior period
I. Revenue 2613450941.85 1916635173.20
Less: Operating costs 1922596656.63 1492710855.82
Taxes and surcharges 20845842.17 9314020.08
Sales and distribution expenses 1825850.25 2498008.29
General and administrative expenses 64144088.86 72148076.69
Research and development expenses 106717546.36 61093032.27
Finance expenses 127483129.49 227917229.09
Including: Interest expenses 233988045.40 422979137.81
Interest income 142052390.18 231893683.70
Plus: Other income 903193.98 1085293.68
Investment income (“-” denotes loss) 1814669937.55 501463589.70
Including: Investment income from associates and joint ventures -330062.45 -1636410.30
Credit impairment loss (“-” denotes loss) 24671113.05 17806046.25
Gain on disposal of assets (“-” denotes loss) 3232429.29 5198189.62
II. Operating profit (“-” denotes loss) 2213314501.96 576507070.21
Plus: Non-operating income 332512.00 3006242.05
Less: Non-operating expenses 95180.61 102862.97
III. Total profit (“-” denotes total loss) 2213551833.35 579410449.29
Less: Income tax expenses 53600292.81 5134164.16
IV. Net profit (“-” denotes net loss) 2159951540.54 574276285.13
Net profit from continuing operations (“-” denotes net loss) 2159951540.54 574276285.13
V. Total comprehensive income 2159951540.54 574276285.13
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 10744320121.77 6083538589.42
Tax rebates received 597608.00 152548.94
Cash received relating to other operating activities 582514746.24 654984761.52
Subtotal of cash inflows from operating activities 11327432476.01 6738675899.88
Cash paid for goods and services 6594672121.55 5294624400.87
Cash paid to and for employees 284568485.66 262530875.99
Payments of taxes and surcharges 653100300.70 193288988.67
Cash paid relating to other operating activities 408201345.83 332650112.15
Subtotal of cash outflows from operating activities 7940542253.74 6083094377.68
Net cash flows from operating activities 3386890222.27 655581522.20
II. Cash flows from investing activities:
Cash received from investment income 43000000.00
Net cash received from disposal of fixed assets intangible assets and other
long-term assets
3263265.60 73153160.00
Net cash received from disposal of subsidiaries and other business units 10000000.00 217810000.00
Cash received relating to other investing activities 240000000.00 129197968.06
Subtotal of cash inflows from investing activities 296263265.60 420161128.06
Cash paid for purchase of fixed assets intangible assets and other long-term assets 83746279.84 57107045.84
Cash paid on investments 400000000.00 32253000.00
Subtotal of cash outflows from investing activities 483746279.84 89360045.84
Net cash flows from investing activities -187483014.24 330801082.22
III. Cash flows from financing activities:
Cash received from investments 900000000.00
Including: Cash received from subsidiaries from minority investment 900000000.00
Cash received from borrowings 10320674739.57 8767475858.20
Cash received relating to other financing activities 204630000.00 320000000.00
Subtotal of cash inflows from financing activities 11425304739.57 9087475858.20
Cash repayments of amounts borrowed 9707520165.73 9045058473.31
Cash paid for dividend and profit distribution or interest payment 702671547.99 718587541.05
Cash paid relating to other financing activities 4300910469.60 1410982326.58
Subtotal of cash outflows from financing activities 14711102183.32 11174628340.94
Net cash flows from financing activities -3285797443.75 -2087152482.74
IV. Effect of foreign exchange rate changes on cash and cash equivalents -6328260.97 -8973806.00
V. Net increase in cash and cash equivalents -92718496.69 -1109743684.32
Plus: Balance of cash and cash equivalents as at the beginning of the period 4389169963.79 2890328027.41
VI. Balance of cash and cash equivalents as at the end of the period 4296451467.10 1780584343.09
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 3203517391.29 2016322718.53
Tax rebates received 90900.00
Cash received relating to other operating activities 36255390.79 80132375.79
Subtotal of cash inflows from operating activities 3239863682.08 2096455094.32
Cash paid for goods and services 1440944427.90 1053052884.20
Cash paid to and for employees 78272356.22 77807706.75
Payments of taxes and surcharges 133440933.20 30799543.79
Cash paid relating to other operating activities 61160034.75 98434983.32
Subtotal of cash outflows from operating activities 1713817752.07 1260095118.06
Net cash flows from operating activities 1526045930.01 836359976.26
II. Cash flows from investing activities:
Cash received from investment income 2015000000.00 500000000.00
Net cash received from disposal of fixed assets intangible assets and other
long-term assets
92435.99 1153160.00
Net cash received from disposal of subsidiaries and other business units 217810000.00
Cash received relating to other investing activities 240000000.00 129197968.06
Subtotal of cash inflows from investing activities 2255092435.99 848161128.06
Cash paid for purchase of fixed assets intangible assets and other long-term assets 2025213.00
Cash paid on investments 314370000.00 27500000.00
Subtotal of cash outflows from investing activities 314370000.00 29525213.00
Net cash flows from investing activities 1940722435.99 818635915.06
III. Cash flows from financing activities:
Cash received borrowings 6409417925.50 5527955369.41
Cash received relating to other financing activities 695738215.55
Subtotal of cash inflows from financing activities 6409417925.50 6223693584.96
Cash repayments of amounts borrowed 5064328929.00 6174301531.59
Cash paid for dividend and profit distribution or interest payment 206137718.69 422979137.81
Cash paid relating to other financing activities 4232236767.53 1389481422.69
Subtotal of cash outflows from financing activities 9502703415.22 7986762092.09
Net cash flows from financing activities -3093285489.72 -1763068507.13
IV. Effect of foreign exchange rate changes on cash and cash equivalents 956450.07 226208.85
V. Net increase in cash and cash equivalents 374439326.35 -107846406.96
Plus: Balance of cash and cash equivalents as at the beginning of the period 301284723.52 136328721.71
VI. Balance of cash and cash equivalents as at the end of the period 675724049.87 28482314.75
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 Lease in 2021
□ 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 Lease in 2021
□ 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.The Board of Shandong Chenming Paper Holdings Limited
19 April 2021
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