Stock Code：000488 200488 Stock abbreviation：ST Chenming ST Chenming B Announcement Number：2026-052

SHANDONG CHENMING PAPER HOLDINGS LIMITED

2026 Third Quarterly Report

The Company and all members of the Board of Directors ensure that the contents of the information disclosure are

true accurate and complete and there is no false record statement or material omission.IMPORTANT NOTICE:

1. The Board the directors (the “Directors”) and senior management (the “Senior Management”) hereby warrant

the truthfulness accuracy and completeness of this quarterly report which does not contain any false representation

misleading statement or material omission and are jointly and severally responsible for the liabilities of the

Company.

2. The head of the Company the head in charge of accounting and the head of the accounting department

(Accounting Officer) declare that they warrant the truthfulness accuracy and completeness of the financial

information in this quarterly report.

3. Has the third quarterly report already been audited yet

□Yes ?No

I. KEY FINANCIAL DATA

(I) Major accounting data and financial indicators

Retrospective adjustment to or restatement of the accounting data for prior years by the Company

□Yes ?No

Increase/decrease

for the period from

Increase/decrease The period from the beginning of

compared to the the beginning of the year to the endThe reporting corresponding the year to the end of the reportingperiod period of the prior of the reporting period as compared

year period to thecorresponding

period of the prior

year

Revenue (RMB) 3881441871.3 212.71% 10746870814.69 9 221.01%

Net profit attributable to shareholders

of the Company (RMB) -732608544.48 65.92% -1519083628.66 74.71%

Net profit after extraordinary gains or

losses attributable to shareholders of -593209386.34 72.60% -1682686428.31 71.04%

the Company (RMB)

Net cash flows from operating

activities (RMB) — — 383911235.64 -45.36%

Basic earnings per share (RMB per

share) -0.25 66.22% -0.52 74.63%

Diluted earnings per share (RMB per

share) -0.25 66.22% -0.52 74.63%

Decrease of

Weighted average return on net assets -751.07% 707.17 percentage -901.72% Decrease of 804.43

points percentage points

As at the end of Increase/decrease as at the end of the

the reporting As at the end ofthe prior year reporting period compared to the endperiod of the prior year

Total assets (RMB) 50245528015. 50620148908.183 3 -0.74%

Owners’ equity attributable to

shareholders of the Company (RMB) 393819370.70 903835592.13 -56.43%

(II) Items and amounts of extraordinary gains or losses

?Applicable □Not applicable

Unit: RMB

Amount for the period

Item Amount for the from the beginning ofreporting period the year to the end of Explanation

the reporting period

Profit or loss from disposal of non-current assets (including

write-off of asset impairment provision) 1508759.00 187091251.52

Government grants (except for the government grants 14871644.44 41215539.97

closely related to the ordinary course of business of the

Company granted in accordance with an established

standard and having an ongoing effect on the Company’s

profit or loss in compliance with national policies and

regulations) accounted for in profit or loss for the current

period

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 and

financial liabilities held by a non-financial company as 2480987.10 65558562.89

well as gain or loss arising from disposal of its financial

assets and financial liabilities

Reversal of provision for impairment of receivables

individually tested for impairment 1031050.29

Profit or loss from debt restructuring 819000.00

Profit or loss from changes in the fair value of consumable

biological assets subsequently measured at fair value 15704467.20

Other non-operating income and expenses other than the

above items -11415717.42 -17337670.16

Less: Effect of income tax 162900547.29 141746294.55

Effect of minority interests (after tax) -16055716.02 -11266892.49

Total -139399158.15 163602799.65 --

Details of other gain or loss items that fall within the definition of extraordinary gain or loss:

□Applicable ?Not applicable

The Company did not have details of other gain or loss items that fall within the definition of extraordinary gain or

loss.Explanation on 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

Item Amount involved(RMB) Reason

Government grants related to assets that are closely related to the Company’s

Other income 40642441.15 normal operations are subsequently amortised to other income which has acontinuing effect on the Company’s profit or loss and is therefore accounted for

as recurring profit or loss.(III) Details and reasons for changes in major accounting figures and financial indicators

?Applicable ?Not applicable

1.Analysis of assets and liabilities of the Company

Unit: RMB

Item 30 September 2026 31 December 2025 Change Reason forchange

Monetary funds 128168015.66 210398721.95 -39.08% （1）

Bills receivable 1198941274.81 793939333.83 51.01% （2）

Prepayments 436783784.19 281930888.07 54.93% （3）

Inventories 3980847506.51 3316198760.70 20.04% （4）

Non-current assets due within one year 5707790.08 194204719.66 -97.06% （5）

Other current assets 179471622.83 252296160.14 -28.86% （6）

Contract liabilities 456137549.35 296299701.36 53.94% （7）

Interest payable 594731648.92 428732780.80 38.72% （8）

Non-current liabilities due within one year 3049410117.13 2313171903.83 31.83% （9）

Explanation of the reasons leading to the major changes:

（1）Monetary funds decreased by 39.08% as compared to the beginning of the year mainly due to a decrease in

bank deposits as at the end of the reporting period.

（2） Bills receivable increased by 51.01% as compared to the beginning of the year mainly due to an increase

in bills that had been endorsed and discounted but had not yet matured and could not be derecognised as at the end

of the reporting period.

（3）Prepayments increased by 54.93% as compared to the beginning of the year mainly due to an increase in

prepayments for materials as at the end of the reporting period.

（4） Inventories increased by 20.04% as compared to the beginning of the year mainly due to an increase in

inventory of machine-made paper resulting from all production bases achieving full resumption of operation and

production during the reporting period.

（5） Non-current assets due within one year decreased by 97.06% as compared to the beginning of the year

mainly due to the recovery of long-term receivables due within one year as at the end of the reporting period.

（6） Other current assets decreased by 28.86% as compared to the beginning of the year mainly due to a

decrease in retained value-added tax as at the end of the reporting period.

（7）Contract liabilities increased by 53.94% as compared to the beginning of the year mainly due to an increase

in advance receipts as at the end of the reporting period.

（8） Interest payable increased by 38.72% as compared to the beginning of the year mainly due to an increase

in interest payable as at the end of the reporting period.

（9） Non-current liabilities due within one year increased by 31.83% as compared to the beginning of the year

mainly due to an increase long-term liabilities reclassified to due within one year as at the end of the reporting

period.

2. Reasons for significant year-on-year changes of income statement items during the reporting period

Unit: RMB

Item January – September January – September2026 2025 Change

Reason for

change

Revenue 10746870814.69 3347860731.23 221.01% （1）

Operating costs 11487278401.52 5432612403.50 111.45% （2）

Taxes and surcharges 145327197.51 93123597.44 56.06% （3）

Research and development expenses 263324673.05 55005532.38 378.72% （4）

Investment income 250021404.76 -715405073.98 134.95% （5）

Gain on change in fair value 8464134.71 -123350217.95 106.86% （6）

Credit impairment loss 35575581.52 -1341707401.59 -102.65% （7）

Loss on impairment of assets -16686173.24 -440561409.32 -96.21% （8）

Gain on disposal of assets -3641254.74 -15007877.85 75.74% （9）

Income tax expenses -385420266.44 -112807869.23 -241.66% （10）

Explanation of the reasons leading to the major changes:

（1） Revenue increased by 221.01% as compared to the corresponding period of the prior year mainly due to an

increase in sales of machine-made paper with a year-on-year increase in revenue resulting from production bases

achieving full resumption of operation and production during the reporting period.

（2） Operating costs increased by 111.45% as compared to the corresponding period of the prior year mainly

due to an increase in sales of machine-made paper with a year-on-year increase in operating costs resulting from

production bases achieving full resumption of operation and production during the reporting period.

（3） Taxes and surcharges increased by 56.06% as compared to the corresponding period of the prior year

mainly due to a year-on-year increase in land use tax value-added tax surcharges stamp duty etc. during the

reporting period.

（4）Research and development expenses increased by 378.72% as compared to the corresponding period of the

prior year mainly due to a year-on-year increase in research and development expense resulting from production

bases achieving full resumption of operation and production during the reporting period.

（5）Investment income increased by 134.95% as compared to the corresponding period of the prior year mainly

due to a year-on-year increase in investment income recognised from investees and investment income from

equity disposal during the reporting period.

（6）Gain on change in fair value increased by 106.86% as compared to the corresponding period of the prior

year mainly due to a year-on-year increase in gains from changes in the fair value of forestry assets during the

reporting period.

（7）Credit impairment loss decreased by 102.65% as compared to the corresponding period of the prior year

mainly due to a year-on-year decrease in the provision for bad debts on receivables during this reporting period

resulting from the overall spin-off of the leasing business at the end of the prior year.

（8）Loss on impairment of assets decreased by 96.21% as compared to the corresponding period of the prior

year mainly due to resulting from production bases achieving full resumption of operation and production a year-

on-year decrease in the provision for impairment of equipment during the reporting period.

（9）Gain on disposal of assets increased by 75.74% as compared to the corresponding period of the prior year

mainly due to a year-on-year decrease in losses on disposal of fixed assets during the reporting period.

（10） Income tax expenses decreased by 241.66% as compared to the corresponding period of the prior year

mainly due to certain companies’ reversal of deferred tax assets arising from previously recognised deductible

losses and deductible temporary differences in the corresponding period of the prior year.

3. Analysis of cash flows during the reporting period

Unit: RMB

Item January – September January – September Reason for2026 2025 Change change

Net cash flows from operating activities 383911235.64 702589282.04 -45.36% （1）

Net cash flows from investing activities 429260472.61 -463982036.31 192.52% （2）

Net cash flows from financing activities -887995601.87 -279188820.55 -218.06% （3）

Explanation of the reasons leading to the major changes:

（1）Net cash flows from operating activities decreased by 45.36% as compared to the corresponding period of

the prior year mainly due to an increase inexpenditure for purchase of raw materials resulting from all production

bases achieving full resumption of operation and production during the reporting period.

（2）Net cash flows from investing activities increased by 192.52% as compared to the corresponding period of

the prior year mainly due to the proceeds received from the sale of the equity interest and creditor's rights in

subsidiaries during the reporting period and the repurchase of a portion of the equity interest in subsidiaries held by

minority shareholders in the corresponding period of the prior year.

（3）Net cash flows from financing activities decreased by 218.06% as compared to the corresponding period of

the prior year mainly due to the repayment of maturing debts to reduce the scale of debts during the reporting period.II. USE OF PROCEEDS

□Applicable ?Not applicable

The Company did not use any proceeds during the reporting period.III. INFORMATION ON SHAREHOLDERS

(I) Total number of shareholders of ordinary shares and shareholders of preference shares with restored

voting right and the shareholding of the top ten shareholders

Unit: share

Total number of ordinary 91802 of which 76117were holders Total number of holders of

shareholders as at the end of the of A shares15377were holders of B preference shares with restored

reporting period shares and308 were holders of H voting right as at the end of the

0

shares reporting period

Shareholdings of top ten shareholders (excluding the shares lent under refinancing business)

Percentage Number of Share pledged marked or

Name of shareholder Nature of of Number of restricted frozenshareholder shareholdin shares held shares held Status ofg shares Number

CHENMING HOLDINGS State-owned 43495530 Pledged 386811546

COMPANY LIMITED legal person 14.79% 6 0 Frozen 434955306

HKSCC NOMINEES Overseas legal

LIMITED person 12.70%

37342852

5 0 N/A 0

CHENMING HOLDINGS

(HONG KONG) LIMITED Overseas legal 36413156person 12.38% 3 0 N/A 0(Note 1)

Jin Xing Domesticnatural person 1.31% 38605115 0 N/A 0

Shouguang Rentou Supply

Chain Management Co. Ltd.(寿 State-owned

光市人投供应链管理有限公 legal person 0.71% 20826013 0 N/A 0

司)

Chen Hongguo (Note 2) Domesticnatural person 0.65% 19080044 0 Frozen 19080044

Wang Fanliang Domesticnatural person 0.34% 10086800 0 N/A 0

Li Minghai Domesticnatural person 0.32% 9305269 0 N/A 0

Ji Zhongqiu Domesticnatural person 0.31% 9096674 0 N/A 0

Shouguang Zhongli Domestic non-

Commercial and Trading Co. state-owned 0.31% 8972750 0 N/A 0

Ltd. legal person

Shareholdings of the top ten non-restricted shareholders (excluding the shares lent under refinancing business and

the locked-up shares of the Senior Management)

Name of shareholder Number of non-

Class and number of shares

restricted shares held Class of shares Number

CHENMING HOLDINGS COMPANY

LIMITED 434955306 RMB ordinary shares 434955306

HKSCC NOMINEES LIMITED 373428525 Overseas listed foreignshares 373428525

Domestic listed foreign

CHENMING HOLDINGS (HONG KONG) 210717563

LIMITED (Note 1) 364131563

shares

Overseas listed foreign

shares 153414000

Jin Xing 38605115 Domestic listed foreignshares 38605115

Shouguang Rentou Supply Chain Management

Co. Ltd.(寿光市人投供应链管理有限公司) 20826013 RMB ordinary shares 20826013

Chen Hongguo (Note 2) 19080044 RMB ordinary shares 19080044

Wang Fanliang 10086800 RMB ordinary shares 10086800

Li Minghai 9305269 RMB ordinary shares 9305269

Ji Zhongqiu 9096674 RMB ordinary shares 9096674

Shouguang Zhongli Commercial and Trading

Co. Ltd. 8972750 RMB ordinary shares 8972750

A shareholder Chenming Holdings (Hong Kong) Limited which is an overseas

Related party relationship or legal person is a wholly-owned subsidiary of a shareholder Chenming Holdings

acting in concert among the Company Limited which is a state-owned legal person. Save for the above it is

above shareholders not aware that any other shareholders of tradable shares are persons acting inconcert. It is also not aware that any other shareholders of tradable shares are

related to each other.Securities margin trading of top

10 shareholders Nil

Note 1: In order to meet its own capital needs Chenming Holdings (Hong Kong) Limited conducted share financing

business with overseas institutions entrusting 210717563 B shares and 153414000 H shares of the Company held

by it to the custody brokerage designated by overseas institutions. The aforesaid shares were subject to the risk of

not to be recovered which may lead to a reduction in the Company’s shareholding but does not affect Chenming

Holdings’ position as the largest shareholder and does not affect the Company’s control. For details please refer to

the announcement disclosed by the Company on CNINFO on 18 July 2023 (announcement no.: 2023-058) and the

insider information disclosed by the Company on the website of Hong Kong Stock Exchange on 18 July 2023.Note 2: On 1 November 2024 pursuant to the 2020 Restricted A Share Incentive Scheme (Draft) the Company

made payments to the participants for the repurchase of restricted shares not yet unlocked for the third unlocking

period under the 2020 Restricted A Share Incentive Scheme. In the process of completing the procedures for the

share transfer and cancellation the 6000000 restricted shares held by Mr. Chen Hongguo were judicially frozen.Hence the procedures for the transfer and cancellation of such restricted shares were not yet completed with the

Shenzhen Branch of China Securities Depository and Clearing Corporation Limited. The 19080044 shares held by

Mr. Chen Hongguo being a domestic natural person excludes the 6000000 restricted shares to be cancelled under

the share incentive scheme.Share lending by shareholders interested in more than 5% top 10 shareholders and top 10 shareholders of non-

restricted shares under refinancing business

□Applicable ?Not applicable

Changes of top 10 shareholders and top 10 shareholders of non-restricted shares due to lending/returning of shares

under refinancing business as compared to prior period

□Applicable ?Not applicable

(II) Total number of shareholders of preference shares and shareholding of the top ten shareholders of

preference shares

□Applicable ?Not applicable

IV. OTHER MATERIAL MATTERS

?Applicable□Not applicable

(I) Exemption of partial debts of the Company and its holding subsidiaries

In order to support the sustained and stable development of the Company's principal business of pulp and paper

making and to promote the enterprise to focus on its principal business improve quality and enhance efficiency

Chenming Holdings Company Limited (hereinafter referred to as "Chenming Holdings") the controlling

shareholder of the Company and Shouguang Zhichen Asset Operation Co. Ltd.（寿光市智晨资产运营有限公司） (hereinafter referred to as "Shouguang Zhichen") a wholly state-owned enterprise under the Finance Bureau

of Shouguang City respectively issued the Debt Exemption Letters during the reporting period. Chenming Holdings

exempted its creditor's rights of RMB 206.7436 million against the Company; Shouguang Zhichen respectively

exempted the debts of RMB 486.50million of Shouguang Meilun Paper Co. Ltd. a holding subsidiary of the

Company and the debts of RMB 350.185 million of Shandong Chenming Paper Co. Ltd. The above debt

exemptions are unilateral unconditional without consideration irrevocable and unalterable exemptions and

Chenming Holdings and Shouguang Zhichen will no longer claim their rights in relation to the corresponding

creditor's rights against the relevant entities in any form.For details please refer to the relevant announcements disclosed by the Company on CNINFO on 30

September 2026 (announcement no.: 2026-046 2026-047) and the announcement disclosed on the website of Hong

Kong Stock Exchange on 29 September 2026.V. QUARTERLY FINANCIAL STATEMENTS

(I) Financial Statements

1. Consolidated Balance Sheet

Prepared by: Shandong Chenming Paper Holdings Limited

30 September 2026

Unit: RMB

Item Closing balance Opening balance

CURRENTASSETS:

Monetary funds 128168015.66 210398721.95

Financial assets held for trading 30075780.06 38791121.74

Bills receivable 1198941274.81 793939333.83

Accounts receivable 838304980.90 742744136.20

Accounts receivable financing 9367845.37 35978138.45

Prepayments 436783784.19 281930888.07

Other receivables 290924903.35 302065195.40

Including: Interest receivable

Dividend receivable

Inventories 3980847506.51 3316198760.70

Non-current assets due within one year 5707790.08 194204719.66

Other current assets 179471622.83 252296160.14

Total current assets 7098593503.76 6168547176.14

NON-CURRENTASSETS:

Long-term receivables 2346020212.44 2338612032.26

Long-term equity investments 2159164042.99 2095953345.27

Other non-current financial assets 327304236.77 327934626.32

Investment property 5261724172.63 5402063721.57

Fixed assets 27676402980.78 29219679495.81

Construction in progress 631029881.65 626640521.92

Bearer biological assets 1873537.13 1873537.13

Right-of-use assets 148299479.08 151298017.92

Intangible assets 1556720505.41 1603982531.66

Goodwill

Long-term prepaid expenses 190546071.74 232398577.62

Deferred income tax assets 2417807894.09 2032088838.62

Other non-current assets 430041497.36 419076485.89

Total non-current assets 43146934512.07 44451601731.99

Total assets 50245528015.83 50620148908.13

CURRENT LIABILITIES:

Short-term borrowings 20539147422.42 21227831812.02

Bills payable

Accounts payable 9785001360.47 8608727052.92

Receipts in advance 44997835.15 61929311.57

Contract liabilities 456137549.35 296299701.36

Employee benefits payable 404133348.96 369594500.65

Taxes payable 225098420.53 203168557.15

Other payables 3726030618.83 4772023040.44

Including: Interest payable 594731648.92 428732780.80

Dividend payable 196493880.88 220493880.88

Non-current liabilities due within one year 3049410117.13 2313171903.83

Other current liabilities 1604504148.45 1539511608.24

Total current liabilities 39834460821.29 39392257488.18

NON-CURRENT LIABILITIES:

Long-term borrowings 5689934135.34 5576510739.72

Lease liabilities 33303316.56 34350249.10

Long-term payables 1390957668.46 1685368809.50

Provisions 33175848.93 28234945.73

Deferred income 1007611578.41 1084582814.76

Deferred income tax liabilities 5573386.13 5667037.66

Total non-current liabilities 8160555933.83 8414714596.47

Total liabilities 47995016755.12 47806972084.65

OWNERS’ EQUITY:

Share capital 2934556200.00 2934556200.00

Capital reserves 6212372787.76 5241279229.79

Less: Treasury shares

Other comprehensive income -881547185.50 -915388419.92

Special reserves 42675885.20 38543270.36

Surplus reserves 1212009109.97 1212009109.97

General risk provisions 68048751.10 68048751.10

Retained profit -9194296177.83 -7675212549.17

Total equity attributable to owners of the Company 393819370.70 903835592.13

Minority interest 1856691890.01 1909341231.35

Total owners’ equity 2250511260.71 2813176823.48

Total liabilities and owners’ equity 50245528015.83 50620148908.13

Head of the Company: Jiang Yanshan Financial controller: Zhu Yanli Head of the accounting department: Zhang Bo

2. Consolidated statement of profit or loss from the beginning of the year to the end of the reporting period

Unit: RMB

Item Amounts for the Amounts for the priorperiod period

I. Total revenue 10746870814.69 3347860731.23

Including: Revenue 10746870814.69 3347860731.23

II. Total operating costs 13200962450.57 7289484559.58

Including: Operating costs 11487278401.52 5432612403.50

Taxes and surcharges 145327197.51 93123597.44

Sales and distribution expenses 87214580.78 74655486.97

General and administrative expenses 349733937.13 408744204.71

Research and development expenses 263324673.05 55005532.38

Finance expenses 868083660.58 1225343334.58

Including: Interest expenses 905002821.98 1166488633.69

Interest income 50364803.21 34525061.88

Add: Other income 93155701.86 54812362.26

Investment income (“-” denotes loss) 250021404.76 -715405073.98

Including: Investment income from associates and joint

ventures 63343218.55 -632803183.71

Gains on derecognition of financial assets

measured at amortised cost -5865400.10 -85083299.15

Gain on change in fair value (“-” denotes loss) 8464134.71 -123350217.95

Credit impairment loss (“-” denotes loss) 35575581.52 -1341707401.59

Loss on impairment of assets (“-” denotes loss) -16686173.24 -440561409.32

Gain on disposal of assets (“-” denotes loss) -3641254.74 -15007877.85

III. Operating profit (“-” denotes loss) -2087202241.01 -6522843446.78

Add: Non-operating income 1124336.16 1142090.55

Less: Non-operating expenses 19672205.55 27615247.22

IV. Total profit (“-” denotes total loss) -2105750110.40 -6549316603.45

Less: Income tax expenses -385420266.44 -112807869.23

V. Net profit (“-” denotes net loss) -1720329843.96 -6436508734.22

(I) Classification according to the continuity of operation

1. Net profit from continuing operations (“-” denotes net loss) -1904885852.71 -6421058914.74

2.Net profit from discontinued operations (“-” denotes net loss) 184556008.75 -15449819.48

(II) Classification according to ownership

1. Net profit attributable to shareholders of the Company (“-”

denotes net loss) -1519083628.66 -6007816553.17

2. Profit or loss of minority interest (“-” denotes net loss) -201246215.30 -428692181.05

VI. Net other comprehensive income after tax 33841234.42 10504178.49

Net other comprehensive income after tax attributable to owners of

the Company 33841234.42 10504178.49

(I) Other comprehensive income that cannot be reclassified to

profit or loss

(II) Other comprehensive income that will be reclassified to 33841234.42 10504178.49

profit or loss

1.Other comprehensive income that may be reclassified to

profit or loss under the equity method 3961253.98 -7962815.66

2.Exchange differences arising from translation of financial

statements denominated in foreign currencies 29879980.44 18466994.15

Other comprehensive income net of tax attributable to minority

interest

VII. Total comprehensive income -1686488609.54 -6426004555.73

(I) Total comprehensive income attributable to owners of the

Company -1485242394.24 -5997312374.68

(II) Total comprehensive income attributable to minority interest -201246215.30 -428692181.05

VIII. Earnings per share:

(I) Basic earnings per share -0.52 -2.05

(II) Diluted earnings per share -0.52 -2.05

Head of the Company: Jiang Yanshan Financial controller: Zhu Yanli Head of the accounting department: Zhang Bo

3. Consolidated statement of cash flows from the beginning of the year to the end of the reporting period

Unit: RMB

Item Amounts for the Amounts for the priorperiod period

I. Cash flows from operating activities:

Cash received from sales of goods and rendering of services 11855814015.94 3876909484.88

Tax rebates received

Cash received relating to other operating activities 28151460.19 395413687.76

Subtotal of cash inflows from operating activities 11883965476.13 4272323172.64

Cash paid for goods and services 9979082498.01 2638148684.72

Cash paid to and for employees 749562568.99 588714404.21

Payments of taxes and surcharges 288713937.30 125150526.22

Cash paid relating to other operating activities 482695236.19 217720275.45

Subtotal of cash outflows from operating activities 11500054240.49 3569733890.60

Net cash flows from operating activities 383911235.64 702589282.04

II. Cash flows from investing activities:

Cash received from investments 630389.55 211417.43

Cash received from investments income 1850880.82 1384673.77

Net cash received from disposal of fixed assets intangible

assets and other long-term assets 12111547.28 45908036.00

Net cash received from disposal of subsidiaries and other

business units 491929993.24 650000.00

Cash received relating to other investing activities

Subtotal of cash inflows from investing activities 506522810.89 48154127.20

Cash paid for purchase of fixed assets intangible assets and

other long-term assets 77262338.28 3180247.38

Net cash paid for acquisition of subsidiaries and other

business units 508955916.13

Cash paid relating to other investing activities

Subtotal of cash outflows from investing activities 77262338.28 512136163.51

Net cash flows from investing activities 429260472.61 -463982036.31

III. Cash flows from financing activities:

Cash received from investments 98000000.00

Including: Cash received from subsidiaries from minority

investments 98000000.00

Cash received from borrowings 10831608421.66 13992478538.58

Cash received relating to other financing activities 25400000.00 5135704162.53

Subtotal of cash inflows from financing activities 10955008421.66 19128182701.11

Cash repayments of amounts borrowed 11135570341.87 18574823859.81

Cash paid for dividend and profit distribution or interest

payment 571205210.38 654278665.77

Including: Dividend and profit paid by subsidiaries to

minority shareholders 2949315.07

Cash paid relating to other financing activities 136228471.28 178268996.08

Subtotal of cash outflows from financing activities 11843004023.53 19407371521.66

Net cash flows from financing activities -887995601.87 -279188820.55

IV. Effect of foreign exchange rate changes on cash and cash

equivalents -3485609.42 -1284372.00

V. Net increase in cash and cash equivalents -78309503.04 -41865946.82

Add: Balance of cash and cash equivalents as at the beginning

of the period 137296882.34 151943246.31

VI. Balance of cash and cash equivalents as at the end of the

period 58987379.30 110077299.49

(II) First-time implementation of new accounting standards from 2026 onwards involving adjustments to

the financial statements at the beginning of the year of initial application

□Applicable ?Not applicable

(III) Auditors’ Report

Has the third quarterly report already been audited yet

□Yes ?No

The third quarterly report of the Company is unaudited.The Board of Shandong Chenming Paper Holdings Limited

30 October 2026