The Abstract of the 2015 Annual Report of Foshan Huaxin Packaging Co., Ltd.
Stock code: 200986 Stock abbreviation: FSHXP B Public Announcement No.: 2016-027
Foshan Huaxin Packaging Co., Ltd.
The Abstract of the 2015 Annual Report
I. Important information
This Abstract is based on the full text of the Annual Report. In order for a full understanding of the operating results, financial
condition and future development planning of the Company, investors are kindly reminded to read the full text carefully on the media
designated by the China Securities Regulatory Commission (the “CSRC”).
This Abstract is prepared in both Chinese and English. Should there be any discrepancy between the two versions, the Chinese
version shall prevail.
Statement
Except for the following directors, the other directors all attended in person the board meeting for the review of the Annual Report.
Reason for not attending in
Name Office title Proxy
person
Zhang Wenjing Independent Director For reason of work Yang Zhenyu
Non-standard auditor’s opinion
□ Applicable √ Inapplicable
Preliminary plan for profit distribution to the common shareholders or turning the capital reserve into the share capital for the
reporting period, which has been reviewed and approved at the board meeting
√ Applicable □ Inapplicable
Share capital increase from the capital reserve
□ Yes √ No
Preliminary plan for profit distribution to the common shareholders for the reporting period which has been reviewed and approved
at the board meeting: Based on the total 505,425,000 shares, a cash dividend of RMB0.38 (tax included) will be distributed to all the
shareholders for every 10 shares that they hold. No bonus shares will be granted and no capital reserve will be turned into share
capital.
Preliminary plan for profit distribution to the preference shareholders for the reporting period which has been reviewed and approved
at the board meeting
□ Applicable √ Inapplicable
Company profile
Stock abbr. FSHXP B Stock code 200986
Stock exchange Shenzhen Stock Exchange
Contact information Company Secretary Securities Affairs Representative
Name Mr. Yang Yinghui Mr. Jiang Zhuowen
th
20/F, Jinghua Building, No. 18, the 5 Jihua 19/F, Jinghua Building, No. 18, the 5th Jihua
Office address
Road, Foshan, Guangdong Province, P.R.C. Road, Foshan, Guangdong Province, P.R.C.
Fax 0757-83992026 0757-83992026
Tel. 0757-83992076 0757-83992076
E-mail address yyh-hxbz@chinapaper.com.cn jzw-hxbz@chinapaper.com.cn
II. Brief introduction to the main business or products in the reporting period
The Company aims to be a green packaging material provider covering design, manufacture and service. It specializes in the R&D,
production and sales of machine-made paper and paperboard, color printing and the latex and calcium carbonate used for paper
making. The ivory board is a product of the Company’s main business, which accounts for a majority of the Company’s business
revenue. The R&D, production and sales of the ivory board is mainly undertaken by Zhuhai S.E.Z Hongta Renheng Paper Co., Ltd.
and Zhuhai Huafeng Paper Co., Ltd.. The coated ivory board, as a category of ivory board, is a kind of packaging paper with wide
applications (it can be used as the packaging box for daily chemical products, electronics products, and cigarette, paper handbags,
various paper box, cards, paper cups, food packaging, and liquid food packaging, etc.). In general, it can be divided into the social
ivory board and tobacco packaging board. Over the years, as the hygienic conditions for the paper increase, new categories such as
the food grade ivory board and the liquid food packing paper have emerged. As one of the first companies that go into the ivory
board production field in China, the Company has always been devoted to the production and sales of the high-end ivory board, with
its customers mainly demanding for the tobacco packaging board, the food grade ivory board, etc. In recent years, the Company
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The Abstract of the 2015 Annual Report of Foshan Huaxin Packaging Co., Ltd.
continuously development new products, adjusting the product and customer structure, expanding the proportion of food grade board,
liquid food packaging papers and mid-range tobacco packaging board in the total production and sales amount.
III. Accounting and financial highlights
1. Accounting and financial highlights for the past three years
Does the Company adjust retrospectively or restate the accounting data of previous years due to changes in the accounting policy or
corrections of accounting errors?
□ Yes √ No
Unit: RMB Yuan
Increase/decrease of
2015 2014 current year over last 2013
year
Operating revenues 3,282,043,995.12 3,552,698,716.17 -7.62% 4,006,109,812.66
Net profits attributable to
133,094,696.66 83,284,859.23 59.81% 79,060,852.74
shareholders of the Company
Net profits attributable to
shareholders of the Company after 11,175,961.64 56,027,427.75 -80.05% 31,046,179.76
extraordinary gains and losses
Net cash flows from operating
613,491,329.76 479,890,329.98 27.84% 821,251,323.61
activities
Basic EPS (RMB Yuan/share) 0.26 0.16 62.50% 0.16
Diluted EPS (RMB Yuan/share) 0.26 0.16 62.50% 0.16
Weighted average ROE (%) 7.10% 4.70% 2.40% 4.61%
Increase/decrease of
As at 31 Dec. 2015 As at 31 Dec. 2014 current year-end than As at 31 Dec. 2013
last year-end
Total assets 6,059,337,427.41 6,434,127,025.51 -5.83% 5,773,266,460.61
Net assets attributable to
1,938,277,232.13 1,812,763,910.47 6.92% 1,729,936,978.68
shareholders of the Company
2. Accounting highlights by quarter
Unit: RMB Yuan
Q1 Q2 Q3 Q4
Operating revenues 770,917,814.66 809,017,692.83 832,624,532.55 869,483,955.08
Net profits attributable to
924,536.92 11,639,642.77 9,227,754.12 111,302,762.85
shareholders of the Company
Net profits attributable to
shareholders of the Company after -456,555.81 7,849,115.93 6,699,935.16 -2,916,533.64
extraordinary gains and losses
Net cash flows from operating
110,920,169.38 192,187,074.13 61,139,767.33 249,244,318.92
activities
Any material differences between the financial indicators above or their summations and those which have been disclosed in
quarterly or semi-annual reports?
□ Yes √ No
IV. Share capital and shareholders
1. Numbers of the common shareholders and the preference shareholders with resumed voting rights as
well as the shareholdings of the top 10 shareholders
Unit: share
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The Abstract of the 2015 Annual Report of Foshan Huaxin Packaging Co., Ltd.
Total
number
of
Total number of
Total preferenc
Total number of preference
number of e
common shareholders shareholders with
common sharehold
14,170 at pervious month-end 14,170 0 resumed voting 0
shareholder ers with
of this Report’s rights at pervious
s at resumed
disclosure month-end of this
period-end voting
Report’s disclosure
rights at
period-en
d
Shareholdings of top 10 shareholders
Total shares Pledged or frozen shares
Name of Nature of Shareholding
held at Number of restricted shares held Status of Number of
shareholder shareholder percentage
period-end shares shares
FOSHAN
HUAXIN State-owned
65.20% 329,512,030 329,512,030
DEVELOPME corporation
NT CO., LTD.
GUOTAI
JUNAN
Foreign
SECURITIES( 0.81% 4,084,905
corporation
HONGKONG)
LIMITED
WU Foreign
0.42% 2,561,991
HAOYUAN individual
VANGUARD
TOTAL
Foreign
INTERNATIO 0.27% 1,362,902
corporation
NAL STOCK
INDEX FUND
NORGES Foreign
0.27% 1,352,720
BANK corporation
ESSENCE
INTERNATIO
NAL
Foreign
SECURITIES 0.26% 1,305,152
corporation
(HONG
KONG) CO.,
LTD.
BOCI
Foreign
SECURITIES 0.25% 1,280,990
corporation
LIMITED
WU Domestic
0.24% 1,233,901
FENQIANG individual
FOSHAN
CHAN BEN
State-owned
DE 0.23% 1,139,420 1,139,420
corporation
DEVELOPME
NT CO., LTD.
Domestic
MIAO JUN 0.22% 1,119,200
individual
Related or acting-in-concert It is unknown to the Company whether there exists associated relationship among the
parties among shareholders shareholders above or they are acting-in-concert entities as stipulated in the Administrative
above Measures on Information Disclosure of Changes in Shareholding of Listed Companies.
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The Abstract of the 2015 Annual Report of Foshan Huaxin Packaging Co., Ltd.
2. Number of the preference shareholders and the shareholdings of the top 10 of them
□ Applicable √ Inapplicable
No preference shareholders in the reporting period
3. Relationship between the Company and its actual controller in the form of diagram
SASAC
100%
China Chengtong Holding Group
Co., Ltd
100%
78.26%
China National Paper Industry
Investment Corp.
66.79%
Jiacheng Forestryry Holdings
Co., Ltd.
0.11%
Foshan Huaxin Development Co.,
6.62%
Ltd
65.2% 34.69%
Foshan Huaxin Packaging Co., Ltd Other sponsors shareholders
& shareholders of B share
V. Discussion and analysis by the management
1. Business review for the reporting period
During the reporting period, the white cardboard production industry which the Company involved in was still in the low state that
mainly due to the slow increase of the paper demand, and the release of he newly increased the capacity was still in the progress,
which may be estimated to take a rather long time to digest newly increased capacity. Influenced by which, the competition method
among the subdivided trade structure was based on the price competition and each competitor among the industry snatched the
market share one after another, which led to a certain decline of the price of the high-and-medium grade white cardboard that caused
a distinct drop in the prices of the Company’s main product—the ivory board—and pressed greatly on the operation.
For handling with the difficulties, the Company executed the internal and external “both hands” on basis of “product structure
adjustment” of the recent two years. On the one hand, the Company promoted the “lean production” among the internal management
for digging out the “profits maintain point” from the “internal part”; on the other hand, to further and deepen optimize the production
structure and to take advantage of the self liquid package paper technology and try to raise the rate of sale of liquid packing board to
seek for new “profit increase point” from the “external part” with the white cardboard business maintained the profitable as well as
stable state. The papermaking chemical industry business of the Company influence by the overall weak of the papermaking industry
and by the market squeeze and the fluctuation of the production price from the intensifying competition, the gross profit rate declined
and the profits decreased. And influenced by the demand contraction of the down stream customers of the printing business, the
operating income of the Company failed to increase but owning to the release of the newly increase printing capacity, the fixed assets
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The Abstract of the 2015 Annual Report of Foshan Huaxin Packaging Co., Ltd.
depreciation increased as well as the profits fell after rise.
2. Significant changes in the main business in the reporting period
□ Yes √ No
3. Products contributing over 10% of the main business revenue or profit
√ Applicable □ Inapplicable
Unit: RMB Yuan
Operating Gross profit
Operating Gross profit Operating profit:
Product Operating profit revenue: YoY margin: YoY
revenue margin YoY +/-%
+/-% +/-%
Ivory board 2,820,881,163.79 75,027,870.13 16.57% -2.51% -24.03% 0.89%
Printing materials 245,352,660.29 5,714,065.66 18.18% -0.90% -46.79% -2.09%
Rubber latex 136,811,844.75 19,350,769.50 17.13% -33.91% -53.98% -4.06%
4. Seasonal or periodic characteristics in the operating performance that need special attention
□ Yes √ No
5. Significant YoY changes in the operating revenues, operating costs and net profits attributable to the
common shareholders or their composition
√ Applicable □ Inapplicable
In the reporting period, the Company achieved high earnings from the disposal of the equity interests in its controlled subsidiary
Foshan Chengtong Paper Co., Ltd., resulting in a 59.81% YoY increase in its net profits attributable to the shareholders of the
Company.
6. Listing suspension or termination
□ Applicable √ Inapplicable
VI. Issues related to the financial report
1. YoY changes in the accounting policy, accounting estimation and measurement methods
□ Applicable √ Inapplicable
No changes
2. Retrospective restatements due to correction of significant accounting errors in the reporting period
□ Applicable √ Inapplicable
No such cases
3. YoY changes in the consolidation scope
√ Applicable □ Inapplicable
There was 1 increased and 1 decreased of the main entities included in the scope of the consolidated financial statement of the
reporting period when compared to the last period, of which:
1. Subsidiary newly included in the consolidated scope of the reporting period
Name Reason of alternation
Pinghu Huaxin Packaging Materials Science & Newly built up a subsidiary of the reporting period
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The Abstract of the 2015 Annual Report of Foshan Huaxin Packaging Co., Ltd.
Technology Co., Ltd.
2. Subsidiary not longer be included in the consolidated scope of the reporting period
Name Reason of alternation
Foshan Chengtong Paper Co., Ltd. Disposal of the subsidiaries of the reporting period
The Company disposed the controlling subsidiary-Foshan Chengtong Paper Co., Ltd. at the year-end of 2015 and according to the
regulations of the accounting policies, the revenues, expenses and profits should be included in the consolidated statement of income
from the period-begin to the disposal date of the business or subsidiaries which disposed by the Company during the reporting period;
and the cash flow from the period-begin to the disposal date of the subsidiary or the business should be included in the consolidated
cash flow statement; of which the assets, liabilities and the owners’ interests should not be included in the consolidated statement at
the year-end.
4. Explanation by the Board of Directors and the Supervisory Committee concerning the “non-standard
auditor’s report” issued by the CPAs firm for the reporting period
□ Applicable √ Inapplicable
The Board of Foshan Huaxin Packaging Co.,Ltd..
March 18, 2016
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