Stock code: 000488 200488 Stock abbreviation: ST Chenming ST Chenming B Announcement No.: 2026-027

SHANDONG CHENMING PAPER HOLDINGS LIMITED

2026 First Quarterly Report

The Company and whole members of the Board guarantee that the information disclosed is true accurate

and complete and there are no any fictitious records misleading statements or important omissions.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 first quarterly report already been audited yet

□ Yes?? No

1I. KEY FINANCIALDATA

(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 during

The reporting The corresponding the reporting period

period period of the prior compared to theyear corresponding period of

the prior year (%)

Revenue (RMB) 2981106295.86 797157638.89 273.97%

Net profit attributable to shareholders

of the Company (RMB) -512471075.82 -1451634120.47 64.70%

Net profit after extraordinary gains or

losses attributable to shareholders of the -587285923.37 -1461511392.25 59.82%

Company (RMB)

Net cash flows from operating activities

(RMB) 25641488.50 530619916.12 -95.17%

Basic earnings per share (RMB per share) -0.17 -0.49 65.31%

Diluted earnings per share (RMB per

share) -0.17 -0.49 65.31%

Rate of return on weighted average net -77.63% -17.22% Decrease of 60.41percentageassets points

Increase/decrease as at the

As at the end of the As at the end of end of the reporting period

reporting period the prior year compared to the end of the

prior year (%)

Total assets (RMB) 51116007147.62 50620148908.13 0.98%

Owners’ equity attributable to

shareholders of the Company (RMB) 416532045.46 903835592.13 -53.92%

(ii) Items and amounts of extraordinary gains or losses

?Applicable?□ Not Applicable

Unit: RMB

Item Amount for thereporting period Explanation

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

asset impairment provision) -2808213.67

Government grants (except for the government grants 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 13814264.74

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 65784864.77

company as well as gain or loss arising from disposal of its financial

assets and financial liabilities

2Other non-operating income and expenses other than the above items 271860.04

Less: Effect of income tax 1590840.77

Effect of minority interests (after tax) 657087.56

Total 74814847.55 －

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 and closely related to the ordinary

Other income 13536886.33 course of business of the Company as recurring gain or loss due to theinclusion of their subsequent amortisation in other income and their

ongoing effect on the Company’s 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 31 March 2026 31 December 2025 Change Reasonfor change

Bills receivable 1079504607.58 793939333.83 35.97% (1)

Accounts receivable financing 62989290.56 35978138.45 75.08% (2)

Prepayments 394668202.05 281930888.07 39.99% (3)

Non-current liabilities due within one year 1585617493.34 2313171903.83 -31.45% (4)

Long-term payables 2052847123.83 1685368809.50 21.80% (5)

Explanation of the reasons leading to the major changes:

(1) Bills receivable increased by 35.97% 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.

(2) Accounts receivable financing increased by 75.08% as compared to the beginning of the year

mainly due to an increase in bills held by the Company from 20 reputable banks as at the end

of the reporting period.

(3) Prepayments increased by 39.99% as compared to the beginning of the year mainly due to an

increase in prepayments to suppliers as at the end of the reporting period.

(4) Non-current liabilities due within one year decreased by 31.45% as compared to the

beginning of the year mainly due to some extended long-term borrowings due within one

year being reclassified to long-term borrowings during the reporting period.

(5) Long-term payables increased by 21.80% as compared to the beginning of the year mainly

due to some extended equipment finance leases being reclassified to long-term payables

3during the reporting period.

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

period

Unit: RMB

Item January –March 2026 January –March 2025 Change Reason for change

Revenue 2981106295.86 797157638.89 273.97% (1)

Operating costs 3237966713.35 1848770365.25 75.14% (2)

Taxes and surcharges 49408983.99 28767883.76 71.75% (3)

Investment income 78350893.74 -51022453.51 253.56% (4)

Credit impairment loss 12937655.39 -169366185.66 -107.64% (5)

Net profit attributable to

shareholders of the Company -512471075.82 -1451634120.47 64.70% (6)

Explanation of the reasons leading to the major changes:

(1) Revenue increased by 273.97% 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 the full resumption of operation and production during the reporting

period.

(2) Operating costs increased by 75.14% 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 the full resumption of operation and production during the

reporting period.

(3) Taxes and surcharges increased by 71.75% as compared to the corresponding period of the

prior year mainly due to an increase in revenue with a year-on-year increase in taxes and

surcharges resulting from the full resumption of operation and production during the reporting

period.

(4) Investment income increased by 253.56% as compared to the corresponding period of the

prior year mainly due to a year-on-year increase in investment income recognised from

investees during the reporting period.

(5) Credit impairment loss decreased by 107.64% as compared to the corresponding period of the

prior year mainly due to a decrease in the provision for bad debts on receivables during the

reporting period.

(6) Net profit attributable to shareholders of the Company increased by 64.70% as compared to

the corresponding period of the prior year mainly due to a decrease in loss from suspended

operations and a year-on-year increase in the production and sales of machine-made paper and

gross profit resulting from the full resumption of operation and production during the

reporting period.

3. Analysis of cash flows during the reporting period

Unit: RMB

Item January –March 2026 January –March 2025 Change Reason for change

Net cash flows from operating

activities 25641488.50 530619916.12 -95.17% (1)

Net cash flows from investing

activities -9740207.62 -498084031.13 98.04% (2)

Net cash flows from financing

activities -9937678.04 -116313497.71 91.46% (3)

Explanation of the reasons leading to the major changes:

4(1) Net cash flows from operating activities decreased by 95.17% as compared to the

corresponding period of the prior year mainly due to an increase in expenses on procurement

of raw materials resulting from the full resumption of operation and production.

(2) Net cash flows from investing activities increased by 98.04% as compared to the

corresponding period of the prior year mainly due to the repurchase of a portion of the equity

interest in a subsidiary from a minority shareholder during the corresponding period of the

prior year.

(3) Net cash flows from financing activities increased by 91.46% as compared to the

corresponding period of the prior year mainly due to multiple measures including interest

rate reductions and extensions for maturing loans by major financial institutions being taken

to mitigate debt risks during the reporting period.II. 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

100180 of which 83920

Total number of ordinary were holders of A shares Total number of holders of preference

shareholders as at the end of the 15949 were holders of B shares with restored voting right as at 0

reporting period shares and 311 were holders the end of the reporting period

of H shares

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

Percentage Share pledged

Name of shareholder Nature of of Number of

Number of marked or locked-up

shareholder Shareholdi shares held restrictedshares held Status ofng shares Number

CHENMING HOLDINGS State-owned Pledged 386811546

COMPANY LIMITED legal person 15.50% 455781319 0 Locked-up 409956441

HKSCC NOMINEES Overseas legal

LIMITED person 12.70% 373424025

0

CHENMING HOLDINGS 0

(HONG KONG) LIMITED Overseas legal

(Note 1) person

12.38%364131563

Jin Xing Domestic 1.28% 37768215 0natural person

Chen Hongguo (Note 2) Domestic 0natural person 0.65% 19080044 Locked-up 19080044

Li Minghai Domestic 0natural person 0.34% 10033101

E FUND (HK) CHINA Overseas legal

EQUITY DIVIDEND FUND person 0.34% 9999948

0

BANK OF CHINA LIMITED – 0

E FUND STOCK CONNECT

HIGH DIVIDEND FLEXIBLE

ALLOCATION HYBRID Others 0.31% 9206350

SECURITIES INVESTMENT

FUND

Ji Zhongqiu Domesticnatural person 0.29% 8409174 0

5Xu Hekun Domesticnatural person 0.28% 8380250 0

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

business and the locked-up shares of the Senior Management

Number of Class and number of shares

Name of shareholder non-restricted

shares held Class of shares Number

CHENMING HOLDINGS COMPANY

LIMITED 455781319 RMB ordinary shares 455781319

HKSCC NOMINEES LIMITED 373424025 Overseas listed foreignshares 373424025

Domestic listed foreign 210717563

CHENMING HOLDINGS (HONG KONG) shares

LIMITED (Note 1) 364131563 Overseas listed foreign

shares 153414000

Jin Xing 37768215 Domestic listed foreignshares 37768215

Chen Hongguo (Note 2) 19080044 RMB ordinary shares 19080044

Li Minghai 10033101 RMB ordinary shares 10033101

E FUND (HK) CHINA EQUITY DIVIDEND Domestic listed foreign

FUND 9999948 shares 9999948

BANK OF CHINA LIMITED – E FUND

STOCK CONNECT HIGH DIVIDEND

FLEXIBLE ALLOCATION HYBRID 9206350 RMB ordinary shares 9206350

SECURITIES INVESTMENT FUND

Ji Zhongqiu 8409174 RMB ordinary shares 8409174

Xu Hekun 8380250 Domestic listed foreignshares 8380250

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

Related party relationship or acting overseas legal person is a wholly-owned subsidiary of a shareholder

in concert among the above Chenming Holdings Company Limited which is a state-owned legal

shareholders person. Save for the above it is not aware that any other shareholdersof tradable shares are persons acting in concert. It is also not aware that

any other shareholders of tradable shares are related to each other.Chenming Holdings Company Limited held 455781319 RMB

Securities margin trading of top 10 ordinary shares of which 409956441 shares were held through

shareholders ordinary account and 45824878 shares were held through credit

guarantee security account.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 “Scheme”) the

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

period under the Scheme. In the process of completing the procedures for the share transfer and cancellation

6the 6000000 restricted shares held by Mr. Chen Hongguo were judicially locked up. 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

III OTHER MATERIALMATTERS

?Applicable?□ Not Applicable

1. Full resumption of operation and production across production bases

During the reporting period adhering to the “safety-first efficiency-focused and benefit-driven”

principle the Company strengthened corporate management and coordinated efforts in the

resumption of operation and production across its production bases. The cadres and employees of

Zhanjiang Chenming worked in close collaboration with the teams which supported the Group to

overcome challenges efficiently completing tasks such as fundraising equipment maintenance

securing raw materials and connecting markets thereby successfully achieving the full resumption

of operation and production at the Zhanjiang production base. Consequently the Company’s five

major production bases in Shouguang Zhanjiang Huanggang Jiangxi and Jilin have all resumed

full production with overall production capacity restored to 100%. Moving forward the Company

will continue to deepen end-to-end cost reduction and efficiency enhancement accelerate all-round

new product research and development and coordinate efforts in production and operations reform

and innovation and team building. The Company is committed to enhancing operational efficiency

steadily mitigating debt risks and driving the Company towards sustainable stable and high-quality

development.For details please refer to the relevant announcement disclosed by the Company on CNINFO on 14

March 2026 (Announcement No.: 2026-004) and the announcement disclosed on the website of

Hong Kong Stock Exchange on 16 March 2026.IV. QUARTERLYFINANCIAL STATEMENTS

(i) Financial Statements

1. Consolidated Balance Sheet

Prepared by: Shandong Chenming Paper Holdings Limited

31 March 2026

Unit: RMB

7Item Closing balance Opening balance

CURRENTASSETS:

Monetary funds 220991963.89 210398721.95

Financial assets held for trading 31933124.20 38791121.74

Bills receivable 1079504607.58 793939333.83

Accounts receivable 736966072.30 742744136.20

Accounts receivable financing 62989290.56 35978138.45

Prepayments 394668202.05 281930888.07

Other receivables 301712596.68 302065195.40

?Including: Interest receivable – –

????Dividend receivable – –

Inventories 3708591352.94 3316198760.70

?Including: Data resources – –

Non-current assets due within one year 176822256.37 194204719.66

Other current assets 291695386.01 252296160.14

Total current assets 7005874852.58 6168547176.14

NON-CURRENTASSETS:

Long-term receivables 2354529596.22 2338612032.26

Long-term equity investments 2174903334.99 2095953345.27

Other non-current financial assets 327669610.80 327934626.32

Investment property 5354982395.76 5402063721.57

Fixed assets 28736006302.53 29219679495.81

Construction in progress 627953264.85 626640521.92

Bearer biological assets 1873537.13 1873537.13

Right-of-use assets 150503716.95 151298017.92

Intangible assets 1591856828.55 1603982531.66

?Including: Data resources – –

Goodwill – –

Long-term prepaid expenses 218478945.66 232398577.62

Deferred income tax assets 2135572276.33 2032088838.62

Other non-current assets 435802485.27 419076485.89

Total non-current assets 44110132295.04 44451601731.99

Total assets 51116007147.62 50620148908.13

CURRENT LIABILITIES:

Short-term borrowings 21211963453.85 21227831812.02

Bills payable – –

Accounts payable 9075574781.92 8608727052.92

Receipts in advance 58544130.71 61929311.57

Contract liabilities 282548125.41 296299701.36

Employee benefits payable 431942186.96 369594500.65

Taxes payable 190837490.05 203168557.15

8Other payables 5046035673.23 4772023040.44

?Including: Interest payable 510597022.80 428732780.80

????Dividend payable 217544565.81 220493880.88

Non-current liabilities due within one year 1585617493.34 2313171903.83

Other current liabilities 1353206061.26 1539511608.24

Total current liabilities 39236269396.73 39392257488.18

NON-CURRENT LIABILITIES:

Long-term borrowings 6440548837.59 5576510739.72

Lease liabilities 34350249.10 34350249.10

Long-term payables 2052847123.83 1685368809.50

Provisions 30309113.71 28234945.73

Deferred income 1058894930.27 1084582814.76

Deferred income tax liabilities 5141967.05 5667037.66

Total non-current liabilities 9622092221.55 8414714596.47

Total liabilities 48858361618.28 47806972084.65

OWNERS’EQUITY:

Share capital 2934556200.00 2934556200.00

Capital reserves 5241279229.79 5241279229.79

Less: Treasury shares – –

Other comprehensive income -891783684.76 -915388419.92

Special reserves 40106064.35 38543270.36

Surplus reserves 1212009109.97 1212009109.97

General risk provisions 68048751.10 68048751.10

Retained profit -8187683624.99 -7675212549.17

Total equity attributable to owners of the Company 416532045.46 903835592.13

Minority interest 1841113483.88 1909341231.35

Total owners’ equity 2257645529.34 2813176823.48

Total liabilities and owners’ equity 51116007147.62 50620148908.13

Legal Representative: Head in chargeof accounting: Head of the accounting department:

Jiang Yanshan Zhu Yanli Zhang Bo

2. Consolidated Income Statement

Unit: RMB

Item Amounts for Amounts forthe period the prior period

I. Total revenue 2981106295.86 797157638.89

Including: Revenue 2981106295.86 797157638.89

II. Total operating costs 3781529473.00 2515509988.10

Including: Operating costs 3237966713.35 1848770365.25

Taxes and surcharges 49408983.99 28767883.76

Sales and distribution expenses 30444387.32 22084941.73

9General and administrative expenses 107990910.19 145684491.27

Research and development expenses 32668432.91 20606883.01

Finance expenses 323050045.24 449595423.08

Including: Interest expenses 319720532.72 428852888.40

??? Interest income 1949830.55 15131606.70

Add: Other income 35458271.28 28988522.59

Investment income (“-” denotes loss) 78350893.74 -51022453.51

? Including: Investment income fromassociates and

joint ventures 79199989.71 -34186003.21

??? Gains on derecognition of financial assets measured at -1268119.55 -2627145.34

amortised cost

Gain on change in fair value ?(“-”denotes loss) -6261055.49 -559024.11

Credit impairment loss (“-” denotes loss) 12937655.39 -169366185.66

Loss on impairment of assets (“-” denotes loss) -2233604.32 -258144.26

Gain on disposal of assets (“-” denotes loss) -2260721.44 6799844.29

III. Operating profit (“-” denotes loss) -684431737.98 -1903769789.87

Add: Non-operating income 414818.34 514861.10

Less: Non-operating expenses 690450.53 -879437.37

IV. Total profit (“-” denotes total loss) -684707370.17 -1902375491.40

Less: Income tax expenses -104008546.88 -252932461.40

V. Net profit (“-” denotes net loss) -580698823.29 -1649443030.00

(I) Classification according to the continuity of operation

1.Net profit from continuing operations (“-” denotes

net loss) -580698823.29 -1649443030.00

2.Net profit from discontinued operations (“-” denotes

net loss) – –

(II) Classification according to ownership

1.Net profit attributable to owners of the Company -512471075.82 -1451634120.47

2.Profit or loss of minority interest -68227747.47 -197808909.53

VI. Net other comprehensive income after tax 23604735.16 -148396.89

Net other comprehensive income after tax attributable to

owners of the Company 23604735.16 -148396.89

(I) Other comprehensive income that cannot be reclassified

to profit or loss – –

(II) Other comprehensive income that will be reclassified to

profit or loss 23604735.16 -148396.89

1.Exchange differences arising from translation of

financial statements denominated in foreign currencies 23604735.16 5639441.30

2.Other comprehensive income that may be

reclassified to profit or loss under the equity method – -5787838.19

Other comprehensive income net of tax attributable to

minority interest – –

VII. Total comprehensive income -557094088.13 -1649591426.89

(I) Total comprehensive income attributable to owners of the -488866340.66 -1451782517.36

10Company

(II) Total comprehensive income attributable to minority

interest -68227747.47 -197808909.53

VIII. Earnings per share:

(I) Basic earnings per share -0.17 -0.49

(II) Diluted earnings per share -0.17 -0.49

Legal Representative: Head in chargeof accounting: Head of the accounting department:

Jiang Yanshan Zhu Yanli Zhang Bo

3. Consolidated cash flow statement

Unit: RMB

Amounts for Amounts for

Item the period the prior period

I. Cash flows from operating activities:

Cash received from sales of goods and rendering of services 3222761664.93 1311767420.34

Tax rebates received – –

Cash received relating to other operating activities 11786502.73 237170805.14

Subtotal of cash inflows from operating activities 3234548167.66 1548938225.48

Cash paid for goods and services 2786774484.83 636140517.85

Cash paid to and for employees 186529392.34 271766022.65

Payments of taxes and surcharges 110309705.64 37840265.29

Cash paid relating to other operating activities 125293096.35 72571503.57

Subtotal of cash outflows from operating activities 3208906679.16 1018318309.36

Net cash flows from operating activities 25641488.50 530619916.12

II. Cash flows from investing activities:

Cash received from investments 265015.52 –

Cash received from investments income 669023.58 –

Net cash received from disposal of fixed assets intangible

assets and other long-term assets 2219153.28 12576150.00

Net cash received from disposal of subsidiaries and other

business units – –

Cash received relating to other investing activities – –

Subtotal of cash inflows from investing activities 3153192.38 12576150.00

Cash paid for purchase of fixed assets intangible assets and

other long-term assets 12893400.00 1704265.00

Cash paid on investments – –

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 12893400.00 510660181.13

Net cash flows from investing activities -9740207.62 -498084031.13

III. Cash flows from financing activities:

Cash received from capital contributions – –

11Cash received from borrowings 6637443781.37 7370897518.09

Cash received relating to other financing activities – 3529885387.06

Subtotal of cash inflows from financing activities 6637443781.37 10900782905.15

Cash repayments of amounts borrowed 6472569941.72 10868482442.06

Cash paid for dividend and profit distribution or interest

payment 154584726.10 133997815.85

Including: Dividend and profit paid by subsidiaries to

minority shareholders 2949315.07 –

Cash paid relating to other financing activities 20226791.59 14616144.95

Subtotal of cash outflows from financing activities 6647381459.41 11017096402.86

Net cash flows from financing activities -9937678.04 -116313497.71

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

equivalents -2820182.00 -1362269.96

V. Net increase in cash and cash equivalents 3143420.84 -85139882.68

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 140440303.18 66803363.63

Legal Representative: Head in charge of accounting: Head of the accounting department:

Jiang Yanshan Zhu Yanli Zhang Bo

(ii) Adjustments to items as at the beginning of the year in the financial statements arising on the

first time adoption of new accounting standards in 2026

□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

29 April 2026

12