Stock code: 000488 200488 Stock abbreviation: ST Chenming Paper ST Chenming B Announcement No.: 2026-010
Shandong Chenming Paper Holdings Limited
I. IMPORTANT NOTICE
This annual report summary is extracted from the text of the annual report. For the full understanding of the operating results,
financial position and plan for further development, investors should carefully read the text of the annual 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
Grant Thornton (Special General Partnership) has issued an unqualified audit report with an emphasis of matter paragraph on the
Company ’ s 2025 financial statements. The Board of the Company has provided a detailed explanation of the relevant matter.
Investors are advised to review it carefully.
A proposed profit distribution plan or a proposed plan on conversion of capital reserves into share capital for the reporting period
was considered and passed by the Board
□ Applicable Not applicable
The Company proposes not to distribute cash dividend, issue bonus share, or capitalise from capital reserves
A proposed profit distribution plan on preference shares for the reporting period was considered and approved by the Board
□ Applicable Not applicable
II. BASIC INFORMATION ABOUT THE COMPANY
ST 晨鸣 000488
Stock abbreviation Stock code
ST 晨鸣 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 Nil
Contact persons and contact Hong Kong Company
Secretary to the Board Securities affairs representatives
methods Secretary
Name Yuan Xikun Chen Lin Chu Hon Leung
No. 2199 Nongsheng East Road, No. 2199 Nongsheng East Road, 22nd Floor, World Wide
Office address
Shouguang City, Shandong Shouguang City, Shandong House, Central, Hong Kong
Telephone 0536-2158008 0536-2158008 00852-21629600
Facsimile 0536-2158977 0536-2158977 00852-25010028
Email address chenmmingpaper@163.com chenmmingpaper@163.com liamchu@li-partners.com
(1) Business overview of the Company
The Company is a large modern conglomerate principally engaged in pulp production and papermaking and steadfastly
committed itself to implementing a pulp and paper integration strategy, with production bases in Shandong, Guangdong, Hubei,
Jiangxi, Jilin and other regions. It is the first paper manufacturer in China to achieve a balance between pulp production and
papermaking capacity. The Company offers a rich and extensive portfolio of machine-made paper products, covering more than 200
types in seven series, including cultural paper, coated paper, white cardboard, copy paper, industrial paper, special paper, and
household paper. It is the enterprise with the most diverse and comprehensive product range within the domestic paper industry.
During the reporting period, the machine-made paper business was the major source of revenue and profit of the Company.
During the reporting period, the Company’s Huanggang production base was in normal operation, while the production bases in
Shouguang, Jiangxi and Jilin were largely inactive during the first three quarters of 2025, and the Zhanjiang production base
remained idle throughout the year. Shutdown losses and maintenance expenses incurred for the period increased year-on-year, and
the production and sales of machine-made paper experienced a significant year-on-year decrease, which affected both revenue and
profit. Meanwhile, due to the operational halts, the Company made impairment provisions for certain assets, which further affected
profit for the current period. Furthermore, to focus on its principal activities of pulp production and papermaking, the Company
divested all assets related to its financial leasing business in the fourth quarter of 2025 and had since ceased all financial leasing
activities. In accordance with the relevant requirements of the Accounting Standards for Business Enterprises, the Company
conducted impairment tests on the credit profiles of its financial leasing customers during the reporting period and made bad debt
provisions for certain financial leasing activities. In 2025, the Company recorded revenue of RMB6,187 million and net profit
attributable to shareholders of the Company of a loss of RMB8,296 million.
During the reporting period, with robust support from Party committees and governments at all levels and financial institutions,
the Company proactively implemented multiple measures to enhance operational efficiency and management level, centred around
end-to-end cost reduction and efficiency enhancement as well as all-round new product development. Firstly, the steady progress in
resuming full operation and production led to a significant increase in equipment operation rate and capacity utilisation rate of its
restarted production lines as compared to the prior year. Secondly, optimised procurement procedures and enhanced workflow
management significantly lowered raw material sourcing and logistics costs. Thirdly, the Company enhanced regular communication
with financial institutions to secure interest rate reductions and loan extensions, resulting in a 16.87% decrease in finance expenses as
compared to the corresponding period of the prior year.
(2) Major products of the Company and their application
Major brands of machine-made paper products of the Company and their applications are set out below:
Major
Category Major brands and types manufacturing Range of application
companies
“CLOUDY LEOPARD” and “YUNJIN” all-
wood pulp offset paper and electrostatic base Shouguang
paper Headquarters
Meilun Printing publications, textbooks,
Culture paper CRANE” original white offset paper
magazines, covers, illustrations, notebooks,
series 3.“CLOUDY PINE” and “GREEN PINE” light Zhanjiang
test papers, teaching materials, reference
weight paper Chenming
books, etc.
texture paper, non-fluorescent offset paper, PE Chenming
offset paper Jilin Chenming
Double-sided coated paper is suitable for
high quality printing, such as high-grade
picture albums, pictures, magazines and so
on, promotional materials such as interior
Shouguang posters and so on, and suitable for high-
coated paper Headquarters
Coated paper 2. “SNOW SHARK”, “EAGLE” and speed sheet printing and high-speed rotary
series “RABBIT” double-sided coated paper Shouguang printing;
One-sided coated paper is suitable for
paper upscale tobacco package paper, adhesive
sticker, shopping bags, slipcases,
envelopes, gift wrapping and so on, and
suitable for large format printing and
commercial printing.
cardboard and ivory cardboard of “LIPIN” and
“POPLAR” series, high bulk cardboard and Shouguang High-end gift boxes, cosmetics boxes, tags,
ivory cardboard of “LIZZY” and “BAIYU” Headquarters
White shopping bags, publicity pamphlets, high-
series, and super high bulk cardboard of
cardboard Jiangxi end postcards; cigarette package printing of
“LIYING” and “BAIYU” series
series Chenming medium and high quality; milk package,
Zhanjiang beverage package, disposable paper cups,
“LIZZY” series
Chenming milk tea cups, and noodle bowls.
“GOLDEN MINGYANG” and “GOLDEN Shouguang
Copy paper CHENMING” copy paper, “BOYA” and Printing and copying business documents,
series Headquarters
“BIYUNTIAN” copy paper, “MINGYANG”, training materials, and writing.
“LUCKY CLOUDS”, “BOYANG” and Shouguang
“SHANYIN” copy paper, and “GONGHAO” Meilun
and “TIANJIAN” copy paper Zhanjiang
Chenming
Shouguang Anti-stick base paper is mainly used for
Headquarters producing the paper base of stripping paper
Industrial paper High-grade yellow anti-sticking base paper, or anti-sticking base paper;
Jiangxi
series ordinary yellow/ white anti-sticking base paper
Chenming Cast coated base paper is suitable for
and PE paper
Zhanjiang producing adhesive paper or playcard
Chenming compound paper after coating.
High-grade adhesive backing paper for
Special paper Shouguang Art electronics, medicine, food, washing
series Thermal paper and glassine paper
Paper supplies, supermarket labels, double-sided
tapes, etc.
Daily toilet supplies; used in restaurants
Household and other catering industries, and used in
Toilet paper, facial tissue, pocket tissue, napkin, Shouguang
paper series public toilets in hotels, guesthouses, and
paper towels and “XINGZHILIAN” Meilun
office buildings, and also suitable for home
and other scenarios.
(1) Major accounting data and financial indicators of the last three years
Retrospective adjustment to or restatement of the accounting data for prior years by the Company
□ Yes No
Unit: RMB
Increase/decrease as at the
As at the end of As at the end of As at the end of
end of the year compared
to the end of the prior year
Total assets 50,620,148,908.13 63,509,295,142.08 -20.29% 79,487,052,953.58
Net assets attributable to shareholders of the
Company
Increase/decrease for the
prior year
Revenue 6,186,550,243.97 22,729,474,852.76 -72.78% 26,608,570,228.20
Net profit attributable to shareholders of the
-8,295,932,402.88 -7,410,784,491.65 -11.94% -1,281,289,649.82
Company
Net profit after extraordinary gains or losses
-7,669,266,539.27 -7,202,385,457.32 -6.48% -1,942,120,184.70
attributable to shareholders of the Company
Net cash flows from operating activities 243,208,407.71 2,623,191,664.60 -90.73% 4,389,949,308.82
Basic earnings per share (RMB per share) -2.83 -2.53 -11.86% -0.45
Diluted earnings per share (RMB per share) -2.53 -11.86% -0.45
-2.83
Decreasedby107.58percen
Rate of return on weighted average net assets -164.83% -57.25% -7.65%
tage points
(2) Key Major Accounting Data by Quarter
Unit: RMB
Q1 Q2 Q3 Q4
Revenue 1,309,473,313.41 1,241,229,778.93 2,838,689,512.74
Net profit attributable to shareholders of the Company -1,451,634,120.47 -2,406,319,070.09 -2,149,863,362.61 -2,288,115,849.71
Net profit after extraordinary gains or losses
-1,461,511,392.25 -2,183,852,223.56 -2,164,751,046.01 -1,859,151,877.45
attributable to shareholders of the Company
Net cash flows from operating activities 530,619,916.12 254,683,358.07 -82,713,992.15 -459,380,874.33
Whether the above indicators or their aggregated amounts have any material difference with the respective amounts as disclosed in
the quarterly report or interim report
□ Yes No
(1) Table of the number of shareholders of ordinary shares and shareholders of preference shares with voting rights
restored and shareholding of top ten shareholders
Unit: Shares
Total number 104,539 , of which Total number of 100,846 of which Total number of holders
Total number of
of ordinary ordinary of Preference Shares
shareholders
shareholders as at
with restored voting right
Shares with restored
as at the end of A shares, 16,486 the end of the month of A shares,16,162 0 as at the end of the 0
were holders of B voting right as at the
were holders of B
of the prior to the month prior to the
shares and 311 were publication date of shares and311 were end of the reporting
reporting disclosure date of the
holders of H shares this annual report holders of H shares period
period annual report
Shareholdings of top 10 shareholders (excluding the shares lent under refinancing business)
Number of Shares pledged, tagged or
Nature of Percentage of Number of locked-up
Name of shareholders restricted shares
shareholders shareholding shares held
held Status of shares Number
CHENMING HOLDINGS COMPANY State-owned Pledged 386,811,546
LIMITED legal person Frozen 409,956,441
Overseas legal
HKSCC NOMINEES LIMITED
person
CHENMING HOLDINGS (HONG Overseas legal
KONG) LIMITED person
Domestic
Jin Xing
natural person
Domestic
Chen Hongguo 0.65% 19,080,044 0 Frozen 19,080,044
natural person
Domestic
Xu Hekun
natural person
Domestic
Ji Zhongqiu
natural person
Domestic
Pan Jiankai
natural person
Domestic
Zhang Xinge
natural person
Domestic
Xu Shaosen
natural person
A shareholder, Chenming Holdings (Hong Kong) Limited, which is an overseas legal
person, is a wholly- owned subsidiary of a shareholder, Chenming Holdings Company
Related party relationship or acting in
Limited, which is a state-owned legal person. Save for the above, it is not aware that any
concert among the above shareholders
other shareholders of tradable shares are persons acting in concert. It is also not aware
that any other shareholders of tradable shares are related to each other.
Chenming Holdings Company Limited held 455,781,319 RMB ordinary shares, of which
Securities margin trading of shareholders 409,956,441 shares were held through ordinary account and 45,824,878 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 210,717,563 B shares and 153,414,000 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
cancellation of such restricted shares were not yet completed with the Shenzhen Branch of China Securities Depository and
Clearing Corporation Limited. The 19,080,044 shares held by Mr. Chen Hongguo, being a domestic natural person, excludes the
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
(2) Total number of holders of Preference Shares of the Company and the shareholdings of the top ten holders of
Preference Shares
□ Applicable Not applicable
During the reporting period, there was no shareholding of holders of preference shares of the Company.
(3) Chart illustrating the relationship between the Company and the beneficial controller
□ Applicable Not applicable
III. Matters of significance
During the reporting period, with the firm support and guidance of Party committees and governments at all levels, the
Company fully leveraged the role of the Group’s Party Committee as the “backbone”, and adhered to the principles of “safety first,
efficiency first, and profitability first”. Focusing on cost reduction, efficiency improvement, and innovation-driven reform, the
Company prioritised the resumption of operation and production of its production bases with overall planning in pursuit of
syndicated loans, as well as key aspects such as equipment maintenance, technological upgrades, material supply and product sales.
In 2025, the Huanggang production base maintained stable production, while the three major production bases in Shouguang, Jiangxi
and Jilin successfully resumed operation one after another. As of the date of this report, the Zhanjiang production base has resumed
full operation. Going forward, the Company will strengthen end-to-end cost reduction and efficiency enhancement as well as all-
round new product development, adopt a benefit-centric approach to enhance market analysis, continuously optimise its product
structure, devote resources into developing competitive product offerings. With the measures including strengthening budget control
and revitalising existing assets, the Company will enhance capital utilisation efficiency, strengthen the profitability and market
competitiveness of the Company, effectively mitigate debt risks, and drive the Company towards sustained, stable, and healthy
development.
In order to further focus on the development strategy of pulp production and papermaking, its principal activities, and to
facilitate its high- quality development, the Company transferred, by way of agreement, 100% equity interest in Shandong
Chenming Leasing, 25% equity interest in Qingdao Chenming Leasing and 25% equity interest in Shanghai Chenming Leasing held
by its wholly owned subsidiary Chenming (HK), together with the debts of RMB2,262,956,100 owed to its majority-owned
subsidiary Zhanjiang Chenming Paper by Shandong Chenming Leasing to Shouguang Shengjia Investment Co., Ltd., a wholly
state- owned enterprise under the Finance Bureau of Shouguang City. The machinery and equipment assets of the net carrying
amount of RMB47.6275 million held under Shandong Chenming Leasing and located in Xuchang City, Henan Province, were not
included in the scope of the disposal. The total consideration for the transfer amounted to RMB3,336.3530 million, including the
equity transaction consideration of RMB1,073.3969 million and the debt transaction consideration of RMB2,262.9561 million. The
transaction was approved at the Company’s first extraordinary meeting of the eleventh session of the Board held on 12 December
transaction, the Company ceased to engage in any financial leasing activities. As of the end of the reporting period, the Company had
received the first instalment of the equity transfer payment of RMB330 million.
For details, please refer to the relevant announcements disclosed by the Company on CNINFO on 13 December 2025, 16
December 2025, and 5 January 2026 (Announcement No.: 2025-076, 2025-077 and 2025-078) and the announcements disclosed on
Hong Kong Stock Exchange website on 14 December 2025, 15 December 2025, 16 December 2025, 23 December 2025, and 31
December 2025.
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 the financial
company. On 12 February 2025, the finance company 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 the
finance company.
For relevant details, please refer to the relevant announcements disclosed by the Company on CNINFO on 15 August 2024 and
website of Hong Kong Stock Exchange on 14 August 2024 and 14 February 2025.
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.
Announce Publication website and
Subject matter Date of publication
ment No. index
Announcement on Partial Release of Pledge of Shares and Re-
Pledge of Shares of Shareholder
Announcement on Partial Release of Pledge of Shares and
Pledge and Freezing of Shares of Shareholder
Announcement in Relation to, Among Others, the Progress in
Bases and Cumulative Litigation
Announcement on Progress of Dissolution of Shandong
Chenming Group Finance Co., Ltd.
Announcement on Imposition of Other Risk Warnings in Respect
of the Company
Announcement on Unusual Price Movement of Shares of the
Company
Announcement on Progress of Equity Transfer of Subsidiary and
Related Party Transaction
Announcement on Judicial Freeze and Waiting Freeze of Shares
Held by Shareholders
Announcement on Resolutions of the Twelfth Meeting of the Ten
Session of the Board of Directors
Announcement on Resolutions of the Twelfth Meeting of the Ten
Session of the Supervisory Committee
Announcement on Carrying out Factoring Business of Accounts
Receivable
Announcement on Development of Equipment Financing
Business
Announcement on Expected Provision of Guarantees to
Subsidiaries for 2025
Announcement on Estimated Day-to-day Related Party
Transactions for 2025
to the 2024 Audit Report
Special Statement of the Board of Directors on Matters Related
to the 2024 Internal Control Audit Report
The Opinion of the Supervisory Committee on the Special
The Opinion of the Supervisory Committee on the Special
Announcement on Imposition of Other Risk Warnings in Respect
of Shares of the Company
Announcement on the Waiting Freeze of Shares Held by
Shareholders
Indicative Announcement on Change in Shareholding of
Controlling Shareholder
Announcement on the Partial Release of Pledge of Shares of
Shareholder and the New Waiting Freeze
Announcement on Resolutions of the Twentieth Extraordinary
Meeting of the Tenth Session of the Board of Directors
Announcement on External Guarantees Provided by the
Company and its Majority-owned Subsidiaries
Announcement on the Termination of Construction of
Huanggang Chenming Phase II Project
Announcement on the Transfer of Non-Controlling Shareholding
the Provision of Guarantee by Huanggang Chenming
Announcement on the Addition of Temporary Proposals to the
General Meeting
Announcement on Participating in the 2025 Online Collective
Reception Day for Investors of Listed Companies in Shandong
Announcement on Progress of Provision of Guarantee to a
Subsidiary
Indicative Announcement on Postponement of Election of the
Board of Directors and the Supervisory Committee
Announcement on Estimated Interim Results for the Six Months
Ended 30 June 2025
Announcement on Unusual Price Movement of Shares of the
Company
Announcement on Unusual Price Movement of Shares of the
Company
Announcement in respect of Resolutions of the Fourteenth
Meeting of the Tenth Session of the Board of Directors
Announcement in respect of Resolutions of the Fourteenth
Meeting of the Tenth Session of the Supervisory Committee
Announcement on Resolutions of the Twenty-First Extraordinary
Meeting of the Tenth Session of the Board of Directors
Announcement on Amendment to Related Governance Systems
of the Company
Announcement on External Guarantees Provided by the
Company and its Majority-owned Subsidiaries
Announcement on Provision of Guarantee to a majority-owned
Subsidiary
Declaration and Undertaking of Independent Director Candidate
(Zhang Zhiyuan)
Declaration and Undertaking of Independent Director Candidate
(Luo Xinhua)
Declaration and Undertaking of Independent Director Candidate
(Wan Gang)
Declaration and Undertaking of Independent Director Candidate
(Kong Pengzhi)
Declaration and Undertaking of Nominator for Independent
Director (Zhang Zhiyuan)
Declaration and Undertaking of Nominator for Independent
Director (Luo Xinhua)
Declaration and Undertaking of Nominator for Independent
Director (Wan Gang)
Declaration and Undertaking of Nominator for Independent
Director (Kong Pengzhi)
Announcement on Resolutions of the 2025 First Extraordinary
General Meeting
Announcement on the Election of Employee Director
Representative for the Eleventh Session of the Board of Directors
Announcement in respect of Resolutions of the First Meeting of
the Eleventh Session of the Board of Directors
Announcement on the Completion of the Election of the New
Management and Other Relevant Personnel
Announcement in respect of Resolutions of the Second Meeting
of the Eleventh Session of the Board of Directors
Announcement on the Shares Held by Shareholders Subject to
Subordinated Freezing Order
Announcement on Resolutions of the First Extraordinary
Meeting of the Eleventh Session of the Board of Directors
Announcement on the Divestiture of Assets Related to the
Financial Leasing Business
Announcement on Resolution of the 2025 Second Extraordinary
General Meeting
The Board of Shandong Chenming Paper Holdings Limited
