2025 Interim Report Summary of Shandong Chenming Paper Holdings Limited

Stock code: 000488 200488 Stock abbreviation: ST Chenming ST Chenming B Announcement No.: 2025-052

2025 Interim Report Summary of

Shandong Chenming Paper Holdings Limited

I. IMPORTANT NOTICE

This interim report summary is extracted from the text of the interim report. For the full understanding of the operating results the

financial position and the plan for further development of the Company investors should carefully read the text of the interim

report published on the media as designated by the CSRC.All directors have attended the board meeting to review this report.Notice of non-standard auditor’s opinion

□ Applicable□ Not applicable

A proposed profit distribution plan or a proposed plan on conversion of capital reserves into share capital for the reporting period

was considered by the Board

□ Applicable□ Not applicable

The Company proposes not to distribute cash dividend issue bonus shares or capitalise from capital reserves.A proposed profit distribution plan on preference shares for the reporting period was approved by the Board

□ Applicable□ Not applicable

II. BASIC INFORMATIONABOUT THE COMPANY

1. Company profile

ST Chenming 000488

Stock abbreviation Stock code

ST Chenming B 200488

Stock exchange on which

the shares are listed Shenzhen Stock Exchange

Stock abbreviation CHENMING PAPER Stock code 01812

Stock exchange on which

the shares are listed The Stock Exchange of Hong Kong Limited

Stock abbreviation before

the change N/A

Contact persons and contact

methods Secretary to the Board Representatives for Securities Affairs

Hong Kong Company

Secretary

Name Yuan Xikun Zhang Chuanyong Chen Lin Chu Hon Leung

Email address chenmmingpaper@163.com friend537@163.com ZQCL0536@163.com liamchu@li-partners.com

No. 2199 East Nongsheng

Office address Road Shouguang City No. 2199 East Nongsheng Road Shouguang

22nd Floor World Wide

City Shandong Province House Central HongShandong Province Kong

Telephone 0536-2158008 0536-2158008 00852-21629600

2. 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

The reporting The corresponding reporting period as

period period of the prior compared to theyear corresponding period of

the prior year

Revenue (RMB) 2106630952.30 13884731519.04 -84.83%

Net profit attributable to shareholders of the Company

(RMB) -3857953190.56 28646205.42 -13567.59%

Net profit after extraordinary gains or losses attributable

to shareholders of the Company (RMB) -3645363615.81 -270865043.51 -1245.82%

Net cash flows from operating activities (RMB) 785303274.19 1992499393.07 -60.59%

12025 Interim Report Summary of Shandong Chenming Paper Holdings Limited

Basic earnings per share (RMB per share) -1.31 0.01 -13200.00%

Diluted earnings per share (RMB per share) -1.31 0.01 -13200.00%

Weighted average return on net assets Decrease by 53.56-53.39% 0.17%

percentage points

Increase/decrease as at

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

reporting period prior year period as compared to the

end of the prior year

Total assets (RMB) 54698875991.74 63509295142.08 -13.87%

Net assets attributable to shareholders of the Company

(RMB) 5318763216.33 9156104358.91 -41.91%

3. Number of shareholders and shareholding of the Company

Unit: Shares

Total number of ordinary 117668 of which 99783 were holders of Total number of holders of preference shares

shareholders as at the end of A shares 17568 were holders of B shares with restored voting right as at the end of the 0

the reporting period and 317 were holders of H shares reporting period

Shareholding of top 10 shareholders (excluding the shares lent under refinancing business)

Nature of Percentage of Number of shares Number of

Share pledged marked or

Name of shareholders restricted frozenshareholders shareholding held shares held Status ofshares Number

CHENMING HOLDINGS COMPANY State-owned Pledged 386811546

LIMITED legal person 15.50% 455781319 0 Frozen 409956441

HKSCC NOMINEES LIMITED Overseas legalperson 12.69% 373409775 0

CHENMING HOLDINGS (HONG Overseas legal

KONG) LIMITED (Note 1) person 12.38% 364131563 0

Jin Xing Domesticnatural person 1.27% 37385427 0

Chen Hongguo (Note 2) Domesticnatural person 0.65% 19080044 12810033 Frozen 19080044

Ji Zhongqiu Domesticnatural person 0.23% 6887174 0

Xu Hekun Domesticnatural person 0.23% 6789900 0

GUOTAI JUNAN SECURITIES (HONG Overseas legal

KONG) LIMITED person 0.20% 5961570 0

Zou Shilin Domesticnatural person 0.20% 5908307 0

VANGUARD TOTAL INTERNATIONAL Overseas legal

STOCK INDEX FUND person 0.19% 5533559 0

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

Related party relationship or acting in person is a wholly-owned subsidiary of a shareholder Chenming Holdings Company

concert among the above shareholders Limited which is a state-owned legal person. Save for the above it is not aware that anyother shareholders of tradable shares are persons acting in concert. It is also not aware

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

Securities margin trading of shareholders 409956441 shares were held through 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 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

22025 Interim Report Summary of Shandong Chenming Paper Holdings Limited

shares to be cancelled under the share incentive scheme.Share lending by shareholders with more than 5% shareholding top 10 shareholders and top 10 holders of non-restricted shares

under refinancing business

□ Applicable□ Not applicable

Change of top 10 shareholders and top 10 holders of non-restricted shares during the prior period as a result of share lending/return

under refinancing arrangement

□ Applicable□ Not applicable

4. Change of controlling shareholders or beneficial controllers

Change of controlling shareholders during the reporting period

□ Applicable□ Not applicable

There was no change of controlling shareholders of the Company during the reporting period.Change of beneficial controllers during the reporting period

□ Applicable□ Not applicable

There was no change of beneficial controllers of the Company during the reporting period.

5. Total number of holders of preference shares and the shareholdings of top ten holders of preference

shares

□ Applicable□ Not applicable

There was no shareholding of holders of preference shares of the Company during the reporting period.

6. Bonds subsisting as at the date of approval of the interim report

□ Applicable□ Not applicable

III. Material matters

1. Overdue of some of the debts freezing of some of the bank accounts and shutdown of production bases

In recent years the contradiction between supply and demand in the short term has been prominent due to the concentration of

new production capacity in the paper industry coming into production. The prices of the Company’s major paper products in

particular the price of white cardboard have declined significantly under the influence of the supply-demand contradiction.Subsequently the profit level of the Company has been continuously decreasing and the Company has even turned from profits into

losses; coupled with the situation where some financial institutions have downsized the loan scale the Company and its subsidiaries

have during certain phases faced issues of failing to repay some debts as scheduled. In response some creditors have filed lawsuits

against these debts in the court and simultaneously applied for property preservation and the court has made a ruling to freeze some

of the bank accounts of the Company and its subsidiaries. In addition since the fourth quarter of 2024 certain production bases of

the Company have been shut down and maintained. The Company has disclosed the aforementioned matters in accordance with the

relevant requirements of the Rules Governing Listing of Stocks on Shenzhen Stock Exchange. As at the end of the reporting period

the Company’s cumulative overdue debts amounted to RMB3821 million with 332 bank accounts frozen. The cumulative frozen

amount of the frozen bank accounts amounted to RMB39.3805 million (excluding deposits). Certain production lines of the

Company were still shut down and maintained.For details please refer to the relevant announcements disclosed by the Company on CNINFO on 20 November 2024 21

December 2024 24 January 2025 and 1 April 2025 (Announcements No.: 2024-073 2024-079 2025-003 and 2025-031) and the

announcements disclosed by the Company on the website of Hong Kong Stock Exchange on 19 November 2024 20 December 2024

23 January 2025 and 31 March 2025.

2. Postponement of the elections of the new sessions of the Board and the Supervisory Committee

The terms of office of the tenth sessions of the Board and the Supervisory Committee of the Company expired on 15 June 2025.In the light of among others the requirements of the Guidelines for the Articles of Association of Listed Companies and the

Transitional Arrangements for the Implementation of the Supporting Rules of the New Company Law issued by the China Securities

Regulatory Commission and the amended supporting rules of Shenzhen Stock Exchange the Company proposed to systematically

amend its Articles of Association and the related internal system and to hold elections of the new sessions. In order to ensure the

continuity and stability of the work of the Board and the Supervisory Committee of the Company the re-election of the tenth sessions

of the Board and the Supervisory Committee of the Company was postponed and the terms of office of various special committees

under the Board and the Senior Management were extended accordingly. Before the completion of the elections of the new sessions

all members of the tenth session of the Board and the Supervisory Committee and special committees under the Board of the

Company and the Senior Management continue to perform their respective duties and obligations in accordance with among others

relevant laws and regulations as well as the Rules Governing Listing of Stocks on Shenzhen Stock Exchange and the Articles of

Association. As of the end of the reporting period the Company was actively preparing the amendments to the relevant systems of

the Company and the elections of the new sessions.For details please refer to the relevant announcement disclosed by the Company on CNINFO on 14 June 2025 (Announcement

No.: 2025-045) and the announcement disclosed by the Company on the website of Hong Kong Stock Exchange on 13 June 2025.

32025 Interim Report Summary of Shandong Chenming Paper Holdings Limited

3. Dissolution of Shandong Chenming Group Finance Co. Ltd.

On 14 August 2024 the Resolution on Dissolution of Shandong Chenming Group Finance Co. Ltd. was considered and

approved at the tenth meeting of the tenth session of the Board convened by the Company pursuant to which the Board of the

Company agreed to authorise the management of the Company to deal with the matters relating to the dissolution of Shandong

Chenming Group Finance Co. Ltd.On 12 February 2025 Shandong Chenming Group Finance Co. Ltd. received the Approval of the National Financial Regulatory

Administration on the Dissolution of Shandong Chenming Group Finance Co. Ltd. (Jin Fu [2025] No. 86) which approved the

dissolution of Shandong Chenming Group Finance Co. Ltd. Shandong Chenming Group Finance Co. Ltd. will complete the relevant

procedures in accordance with the requirements of relevant laws and regulations.For relevant details please refer to the relevant announcements disclosed by the Company on CNINFO on 15 August 2024 and

15 February 2025 (announcement number: 2024-047 and 2025-005) and the announcements disclosed by the Company on the

website of Hong Kong Stock Exchange on 14 August 2024 and 14 February 2025.

4. Termination of construction of Huanggang Chenming Phase II Project

On 25 April 2025 and 15 May 2025 the Resolution on Termination of Construction of Huanggang Chenming Phase II Project

was considered and approved at the twentieth extraordinary meeting of the tenth session of the Board and the 2024 annual general

meeting respectively. In view of market changes and its current operations in order to avoid further impact of capital expenditures

on liquidity and to effectively safeguard the interests of the Company and all shareholders based on the principle of prudence the

Company terminated the construction of the Huanggang Chenming Phase II Project.For relevant details please refer to the relevant announcements disclosed by the Company on CNINFO on 26 April 2025 and 16

May 2025 (announcement number: 2025-037 and 2025-042) and the announcements disclosed by the Company on the website of

Hong Kong Stock Exchange on 25 April 2025 and 15 May 2025.

5. Information disclosure index for 2025 Interim Report

Announcement

No. Subject matter

Date of

publication Publication website and index

2025-001 Announcement on Partial Release of Pledge of Shares and Re-Pledge of Shares of Shareholder 3 January 2025 http://www.cninfo.com.cn

2025-002 Announcement on Partial Release of Pledge of Shares and Pledgeand Freezing of Shares of Shareholder 24 January 2025 http://www.cninfo.com.cn

Announcement in Relation to Among Others the Progress in

2025-003 Temporary Shutdown and Maintenance of Certain Production24 January 2025 http://www.cninfo.com.cn

Bases and Cumulative Litigation

2025-004 2024 Annual Results Forecast 24 January 2025 http://www.cninfo.com.cn

2025-005 Announcement on Progress of Dissolution of ShandongChenming Group Finance Co. Ltd. 15 February 2025 http://www.cninfo.com.cn

Announcement on Imposition of Other Risk Warnings in Respect

2025-006 of Shares of the Company and Suspension of Trading in Shares of20 February 2025 http://www.cninfo.com.cn

the Company

2025-007 Announcement on Unusual Price Movement of Shares of theCompany 26 February 2025 http://www.cninfo.com.cn

2025-008 Announcement on New Cumulative Litigation 1 March 2025 http://www.cninfo.com.cn

2025-009 Announcement on Progress of Equity Transfer of Subsidiary andRelated Party Transaction 15 March 2025 http://www.cninfo.com.cn

2025-010 Announcement on Judicial Freeze and Waiting Freeze of SharesHeld by Shareholders 15 March 2025 http://www.cninfo.com.cn

2025-011 2024 Annual Report Summary 1 April 2025 http://www.cninfo.com.cn

2025-012 Announcement on Resolutions of the Twelfth Meeting of theTenth Session of the Board of Directors 1 April 2025 http://www.cninfo.com.cn

2025-013 Announcement on Resolutions of the Twelfth Meeting of theTenth Session of the Supervisory Committee 1 April 2025 http://www.cninfo.com.cn

2025-014 Notice of 2024 Annual General Meeting 1 April 2025 http://www.cninfo.com.cn

2025-015 Announcement on the 2024 Annual Online Performance Briefing 1 April 2025 http://www.cninfo.com.cn

2025-016 Special Statement on Securities Investment in 2024 1 April 2025 http://www.cninfo.com.cn

2025-017 Announcement on Proposed Non-distribution of Profit for 2024 1 April 2025 http://www.cninfo.com.cn

2025-018 Announcement on Carrying out Factoring Business of AccountsReceivable 1 April 2025 http://www.cninfo.com.cn

2025-019 Announcement on Development of Equipment FinancingBusiness 1 April 2025 http://www.cninfo.com.cn

2025-020 Announcement on Expected Provision of Guarantees toSubsidiaries for 2025 1 April 2025 http://www.cninfo.com.cn

42025 Interim Report Summary of Shandong Chenming Paper Holdings Limited

2025-021 Announcement on Re-appointment of Auditor for 2025 1 April 2025 http://www.cninfo.com.cn

2025-022 Announcement on Estimated Day-to-day Related PartyTransactions for 2025 1 April 2025 http://www.cninfo.com.cn

2025-023 Announcement on Changes in Accounting Policies 1 April 2025 http://www.cninfo.com.cn

2025-024 Special Statement of the Board of Directors on Matters Related tothe 2024 Audit Report 1 April 2025 http://www.cninfo.com.cn

2025-025 Special Statement of the Board of Directors on Matters Related tothe 2024 Internal Control Audit Report 1 April 2025 http://www.cninfo.com.cn

The Opinion of the Supervisory Committee on the Special

2025-026 Statement of the Board of Directors on Matters Related to the1 April 2025 http://www.cninfo.com.cn

2024 Audit Report

The Opinion of the Supervisory Committee on the Special

2025-027 Statement of the Board of Directors on Matters Related to the1 April 2025 http://www.cninfo.com.cn

2024 Internal Control Audit Report

2025-028 Announcement on Imposition of Other Risk Warnings in Respectof Shares of the Company 1 April 2025 http://www.cninfo.com.cn

2025-029 Valuation Enhancement Plan 1 April 2025 http://www.cninfo.com.cn

2025-030 Announcement on the Waiting Freeze of Shares Held byShareholders 1 April 2025 http://www.cninfo.com.cn

2025-031 Announcement on Cumulative Newly Overdue Debts 1 April 2025 http://www.cninfo.com.cn

2025-032 Indicative Announcement on Change in Shareholding ofControlling Shareholder 12 April 2025 http://www.cninfo.com.cn

2025-033 Announcement on the Partial Release of Pledge of Shares ofShareholder and the New Waiting Freeze 12 April 2025 http://www.cninfo.com.cn

2025-034 Announcement on New Cumulated Litigation 12 April 2025 http://www.cninfo.com.cn

2025-035 Announcement on Resolutions of the Twentieth ExtraordinaryMeeting of the Tenth Session of the Board of Directors 26 April 2025 http://www.cninfo.com.cn

2025-036 Announcement on External Guarantees Provided by the Companyand its Majority-owned Subsidiaries 26 April 2025 http://www.cninfo.com.cn

2025-037 Announcement on the Termination of Construction of HuanggangChenming Phase II Project 26 April 2025 http://www.cninfo.com.cn

Announcement on the Transfer of Non-Controlling Shareholding

2025-038 in a Subsidiary of the Company to Huanggang Technology and26 April 2025 http://www.cninfo.com.cn

the Provision of Guarantee by Huanggang Chenming

Announcement on the Addition of Temporary Proposals to the

2025-039 2024 Annual General Meeting and Supplementary Notice of the26 April 2025 http://www.cninfo.com.cn

General Meeting

2025-040 2025 First Quarterly Report 30 April 2025 http://www.cninfo.com.cn

2025-041 Announcement on Participating in the 2025 Online CollectiveReception Day for Investors of Listed Companies in Shandong 14 May 2025 http://www.cninfo.com.cn

2025-042 Results of the 2024 Annual General Meeting 16 May 2025 http://www.cninfo.com.cn

2025-043 Announcement on Progress of Provision of Guarantee to aSubsidiary 16 May 2025 http://www.cninfo.com.cn

2025-044 Announcement on New Cumulated Litigation 24 May 2025 http://www.cninfo.com.cn

2025-045 Indicative Announcement on Postponement of Election of theBoard of Directors and the Supervisory Committee 14 June 2025 http://www.cninfo.com.cn

2025-046 Announcement on Progress of Litigation 28 June 2025 http://www.cninfo.com.cn

The Board of Shandong Chenming Paper Holdings Limited

29 August 2025

5