晨 鸣B:2016年年度报告摘要(英文版)

来源:深交所 2017-02-18 00:00:00
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2016 Annual Report Summary of Shandong Chenming Paper Holdings Limited

Stock code: 000488, 200488 Stock abbreviation: Chenming Paper, Chenming B Announcement No.: 2016-008

2016 Annual Report Summary of 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 media

as designated by the CSRC and the website of The Stock Exchange of Hong Kong Limited.

Non-standard auditor’s opinion

□ Applicable √ Not applicable

Plans for profit distribution on ordinary shares or conversion of capital reserves into share capital proposed to the Board during the

reporting period

√ Applicable □ Not applicable

Conversion of capital reserves into share capital

□ Yes √ No

The proposed profit distribution plan for ordinary shares of the Company was considered and passed by the Board: Based on the total

ordinary share capital of 1,936,405,467 shares as at the end of 2016, a cash dividend of RMB6 (tax inclusive) per ten shares or

RMB1,161,843,280.20 will be distributed to ordinary shareholders. No bonus shares (tax inclusive) will be issued and the share

capital will not increase with the funds transferred from the reserves.

Plans for profit distribution on preference shares for the reporting period approved by the Board

√Applicable □ Not applicable

In accordance with the Prospectus of Non-public Issuance of Preference Shares, shareholders of preference shares may jointly

participate in the distribution of the 50% retained earnings realised for the year of issuance with ordinary shareholders. The basis for

the distribution is calculated as follows: (the number of months for the period from the next month after the month of issuance to the

end of the reporting period/12) × the retained earnings realised for the year × 50%, and the basis for the distribution is

9/12×19.11×50%=RMB717 million. Based on the 387,263,339 simulated shares converted from the preference shares as at the end

of 2016 on a conversion ratio of 1 share valued at RMB5.81, a cash dividend of RMB3.08 (tax inclusive) per ten shares or a variable

cash dividend amounting to RMB119,277,108.41 will be distributed to holders of preference shares.

II. BASIC INFORMATION ABOUT THE COMPANY

1. Company profile

Stock abbreviation 晨鳴紙業 and 晨鳴 B Stock Code 000488、200488

Stock exchanges on which

Shenzhen Stock Exchange

the shares are listed

Stock abbreviation Chenming Paper Stock Code 01812

Stock exchanges on which

The Stock Exchange of Hong Kong Limited

the shares are listed

Contact persons and contact Secretary to the Board Securities Affairs Representative Hong Kong Company

methods Secretary

Name Xiao Peng Yuan Xikun Poon Shiu Cheong

No. 2199 Nongsheng East Road, No. 2199 Nongsheng East Road, 22nd Floor, World Wide House,

Office address Shouguang City, Shandong Shouguang City, Shandong Central, Hong Kong

Province Province

Telephone (86)-0536-2158977 (86)-0536-2158977 (852)-2501 0088

Facsimile (86)-0536-2158008 (86)-0536-2158008 (852)-2501 0028

Email address chenmmingpaper@163.com chenmmingpaper@163.com kentpoon_1009@yahoo.com.hk

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2016 Annual Report Summary of Shandong Chenming Paper Holdings Limited

2. Major operations or products during the reporting period

(I) Principal operations of the Company during the Reporting Period

The Company is a large and integrated modern conglomerate principally engaged in pulp production, paper making, finance and

forestry businesses while also involved in mining, energy, logistics, construction materials, hotel operation and others. It is also the

only listed company with A shares, B shares, H shares and preference shares in issue and the first company in the paper making

industry having a finance company and a financial leasing company integrated with its industrial activities in China. The

machine-made paper business and the financial leasing business are main sources of revenue and profit of the Company. During the

reporting period, there was no significant change in the principal operations of the Company.

1. Machine-made paper business

The Company is a leading player in the paper making industry in China. It has established production bases in Shandong,

Guangdong, Hubei, Jiangxi and Jilin with annual pulp and paper production capacity of over 8,500,000 tonnes. It has the largest pulp

paper production base in the world and dozens of pulp and paper production lines of international advanced standards. The product

mix of the Company has gradually diversified into five major paper types, namely printing paper, packaging paper, office paper,

industrial paper and household paper, as well as the nine major product series which focus on high and middle end products,

including high-end cultural paper, coated paper, white paper board, newsprint paper, light weight coated paper, copy paper, industrial

paper, special paper and household paper.

The Company has scientific research institutions including the national enterprise technology centre, the post-doctoral working

station as well as state certified CNAS pulp and paper testing centre and has obtained over 150 national patents including 9 patents

for invention, with 7 products selected as national new products and 29 products filling the gap in China. The Company has obtained

21 Science and Technology Progress Awards above the provincial level and undertaken five national science and technology projects

and 26 provincial technological innovation projects. The brand “Chenming” is recognised as a well-known brand name in China.

2. Financial leasing business

Since the establishment of the Financial Leasing Company, it, relying on strong capital strength and talent advantages of the

Company while giving full play to the advantages of internationalisation and market-oriented operation mechanisms, has been

actively seeking the organic combination between industrial capital and financial capital. Externally, it provides financing and

value-added service solutions to large state-owned enterprises, listed companies, government financing platforms, quality private

enterprises, new and high-tech enterprises, schools and hospitals. Internally, it adapts to the trend of diversification of demands in the

financial market and the development of integrated financial services within the Company to provide services for the upstream and

downstream sectors of the industry chain of the paper making industry. The leasing business of the Financial Leasing Company is

mainly conducted on a leaseback basis. Recently, the Financial Leasing Company has become a new source of profit growth of the

Company with sound momentum for future growth.

(II) General information of the industries where the Company operated in during the reporting period

1. Paper making industry

The growth of the paper making industry tends to be closely correlated to the macroeconomic growth. While there are

adjustments of economic growth in China, the growth of the paper making industry is also subject to pressure for adjustments.

However, in the light of the easing downward pressure on the national economy, improving income levels of residents and the

stabilising economy as a whole, it is expected the per capita consumption of paper and paper board will continue to increase. Besides,

under the current market conditions, as the enterprises step up efforts to eliminate obsolete production capacity and restructure their

businesses, it is expected the competition in the paper making industry will be further standardised.

In 2016, China’s economy grew at a slow yet stable pace with favourable momentum. The supply-side reform achieved initial

results. There were more drivers for economic growth. Against the backdrop of the stable macroeconomic operation, the paper making

industry where the Company operated was affected by factors including the supply-side structural reform, national environmental

protection governance, elimination of overcapacity and increase in market demand, favouring the accelerated price increases in the

paper making industry. In particular, in the second half year, there was a general increase in prices in the paper making industry in

China due to the increased cost of, among other things, wood pulp, waste paper, logistics and coal. In the medium to long run, as the

supply-side reform in China further advances, the elimination of much more obsolete production capacity in the paper making

industry will accelerate, and the elimination of the production capacity of small and medium-sized enterprises will also accelerate

due to the strengthened environmental governance, thus favouring industry concentration. There are obvious signs for industry

recovery with a boom to be prolonged.

The Company enjoyed obvious economies of scale in the paper making industry. The output and sales revenue of the Company

had been ranking high in the industry for many years, and its comprehensive economic benefits had ranked first among the peers in

the industry in China for many years in a row. Its comprehensive strength had ranked among the top ten paper manufacturers in the

world. Therefore, the Company enjoyed significant economies of scale in the industry and was relatively favourably positioned for its

future development. In addition, as the first listed company with A shares, B shares, H shares and preference shares in issue in China,

the Company had gained access to the capital market, thus providing effective support for the future project investments of the

Company. The overall listing of the machine-made paper business of the Company also made the management of the Company more

regulated and the operations more transparent, thus laying a solid foundation for the sustainable development of the Company.

2. Financial leasing industry

The Guiding Opinions on Accelerating the Development of Financial Leasing Industry and the Guiding Opinions on Promoting

the Sound Development of Financial Leasing Industry were issued by the State Council in 2015. As the first national policy on

promoting the financial leasing industry in China, the above opinions had paved the way for the development of the financial leasing

industry in the future.

Under the new normal of the economic development, the financial leasing industry in China entered its golden years. According

2

2016 Annual Report Summary of Shandong Chenming Paper Holdings Limited

to the estimate of the China Leasing Alliance, there were over 7,000 headquarters enterprises engaging in financial leasing in China,

representing a year-on-year increase of approximately 2,500, as at the end of the year. The outstanding financial leasing contracts

amounted to RMB5.33 trillion, representing a year-on-year increase of 20%. According to the Research Report on Business

Prospects Survey of and Investment Strategies in the China Financial Leasing Industry 2016-2021 issued by ASKCI Consulting Co.,

Ltd., the financial leasing industry will grow at a compound annual growth rate of over 20% in the future and it is expected that the

output of the industry will amount to RMB20.79 trillion by 2021. The business prospects of the financial leasing industry in China

are promising.

3. Major accounting data and financial indicators

(1) Major accounting data and financial indicators for the last three years

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

policies and correction of accounting errors

□ Yes √ No

Unit: RMB

Increase/decrease for

2016 2015 the year as compared 2014

to the prior year (%)

Revenue 22,907,118,241.84 20,241,906,131.81 13.17% 19,101,677,077.69

Net profit attributable to

2,063,986,822.25 1,021,224,678.04 102.11% 505,204,384.73

shareholders of the Company

Net profit after extraordinary gains

or losses attributable to 1,611,533,699.22 719,891,359.63 123.86% 130,445,644.83

shareholders of the Company

Net cash flows from operating

2,153,049,269.84 -9,721,363,524.30 122.15% 985,399,735.85

activities

Basic earnings per share (RMB per

0.99 0.50 98.00% 0.26

share)

Diluted earnings per share (RMB

0.99 0.50 98.00% 0.26

per share)

Rate of return on net assets on

9.59% 6.73% 2.86% 3.62%

weighted average basis

Increase/decrease as at

the end of the year

As at the end of 2016 As at the end of 2015 As at the end of 2014

compared to the end of

the prior year (%)

Total assets 82,285,354,532.14 77,961,699,547.59 5.55% 56,822,026,545.21

Net assets attributable to

22,218,808,367.43 16,871,494,584.82 31.69% 13,917,343,301.15

shareholders of the Company

Explanation: Net profit attributable to shareholders of the Company does not exclude the effect of interest payment deferred and

accumulated to subsequent periods for perpetual bonds under other equity instruments. When calculating financial indicators such as

earnings per share and rate of return on net assets on weighted average basis, the interests for perpetual bonds from the value date up

to 1 January 2016 (amounted to RMB153,140,000.00) are deducted. For details, please refer to the full text of the annual report.

(2) Key accounting data by quarter

Unit: RMB

1Q 2Q 3Q 4Q

Revenue 4,951,931,256.74 5,654,427,476.28 5,965,699,811.33 6,335,059,697.49

Net profit attributable to

402,131,344.77 537,033,525.83 614,998,648.94 509,823,302.71

shareholders of the Company

Net profit after extraordinary gains

or losses attributable to 292,898,560.63 448,912,523.19 522,725,460.32 346,997,155.08

shareholders of the Company

Net cash flows from operating

-3,936,890,898.29 1,239,381,045.25 -422,581,643.26 5,273,140,766.14

activities

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

3

2016 Annual Report Summary of Shandong Chenming Paper Holdings Limited

□ Yes √ No

4. Share capital and shareholders

(1) Number of holders of ordinary shares and preference shares with restored voting right and Top 10

shareholders

Unit: share

Total number of

106,915, of 95,521, of which

Total number Total number of Total number of shareholders of

which 84,582 73,559 were

of shareholders shareholders of shareholders of preference shares

were holders of A holders of A

of ordinary ordinary shares as preference shares with restored

shares, 21,862 shares, 21,497

shares as at the at the end of the with restored 0 voting right as at 0

were holders of B were holders of B

end of the month prior to the voting right as at the end of the

shares and 471 shares and 465

reporting publication date of the end of the month prior to the

were holders of were holders of H

period this annual report reporting period disclosure date of

H shares shares

the annual report

Shareholdings of Top 10 shareholders

Percentage Share pledged or

Number of locked-up

of Number of

Name of shareholders Nature of shareholders restricted shares

shareholdi shares held Status of

held Number

ng shares

SHOUGUANG CHENMING State-owned legal

15.13% 293,003,657 0 Pledged 201,562,000

HOLDINGS COMPANY LIMITED person

HKSCC NOMINEES LIMITED Overseas legal person 12.97% 251,155,350 0

CHENMING HOLDINGS (HONG

Overseas legal person 8.94% 173,093,400 0

KONG) LIMITED

Domestic

CENTRAL HUIJIN ASSET

non-state-owned legal 2.07% 40,137,900 0

MANAGEMENT LTD.

person

ANBANG ASSET

MANAGEMENT - CHINA

MERCHANTS BANK - ANBANG

ASSET MANAGEMENT - CHINA

MERCHANTS BANK - ANBANG Others 1.52% 29,403,560 0

ASSET MANAGEMENT -

WIN-WIN NO. 3 COLLECTIVE

ASSET MANAGEMENT

PRODUCT

Domestic

HUATAI SECURITIES CO., LTD. non-state-owned legal 0.71% 13,839,967 0

person

BBH A/C VANGUARD

EMERGING MARKETS STOCK Overseas legal person 0.44% 8,608,238 0

INDEX FUND

Domestic nature

JIN Xing 0.40% 7,761,763 0

person

Domestic nature

CHEN Hongguo 0.33% 6,434,527 0

person

LSV EMERGING MARKETS

Overseas legal person 0.32% 6,102,800 0

EQUITY FUND, L.P.

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

is a wholly-owned subsidiary of a shareholder, Shouguang Chenming Holdings Company

Connected relationship or connected Limited, which is a state-owned legal person. Hence, they are persons acting in concert under

party relationship among the above Administration of Disclosure of Information on the Change of Shareholdings in Listed

shareholders Companies Procedures. Save for the above, it is not aware that any other shareholders of

tradable shares are persons acting in concert and is also not aware that any other shareholders

of tradable shares are connected with each other.

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2016 Annual Report Summary of Shandong Chenming Paper Holdings Limited

(2) Total number of holders of preference shares and Top 10 holders of preference shares

√ Applicable □ Not applicable

Unit: share

Total number of shareholders of Total number of shareholders of preference

preference shares as at the end 7 shares as at the end of the month prior to the 7

of the reporting period publication date of this annual report

Shareholdings of top ten holders of preference shares

Share pledged or

Number of locked-up

Nature of Percentage of Number of

Name of shareholders preference

shareholders shareholding shares held Status of

shares held Number

shares

BEIJING YIBEN ZHONGXING Domestic

INVESTMENT MANAGEMENT CO., non-state-owned 27.78% 12,500,000 12,500,000 Pledged 12,500,000

LTD. legal person

BANK OF COMMUNICATIONS

INTERNATIONAL TRUST CO., LTD.

Others 22.44% 10,100,000 10,100,000

- HUILI NO.167 SINGLE CAPITAL

TRUST

BANK OF COMMUNICATIONS

INTERNATIONAL TRUST CO., LTD.

Others 14.22% 6,400,000 6,400,000

- HUILI NO.136 SINGLE CAPITAL

TRUST

QILU BANK CO., LTD. - QILU

BANK QUANXIN WEALTH Others 13.33% 6,000,000 6,000,000

MANAGEMENT PRODUCT SERIES

Domestic

HENGFENG BANK CO., LTD. non-state-owned 11.11% 5,000,000 5,000,000

legal person

SHANGHAI STATE-OWNED State-owned

6.67% 3,000,000 3,000,000

ASSETS OPERATION CO., LTD. legal person

NCF - MINSHENG BANK - CHINA

FORTUNE INTERNATIONAL

TRUST – CHINA FORTUNE Others 4.44% 2,000,000 2,000,000

TRUSTMIN XIN NO. 11 SINGLE

CAPITAL TRUST

The aforesaid holders of preference shares, “BANK OF COMMUNICATIONS

INTERNATIONAL TRUST CO., LTD. - HUILI NO.167 SINGLE CAPITAL TRUST”

Connected relationship or connected and “BANK OF COMMUNICATIONS INTERNATIONAL TRUST CO., LTD. - HUILI

party relationship among the above NO.136 SINGLE CAPITAL TRUST”, are persons acting in concert. Save for the above, it

shareholders is not aware that the remaining holders of preference shares are persons acting in concert,

and it is also not aware whether there is any connected relationship between the above

shareholders of preference shares and top ten holders of ordinary shares.

5

2016 Annual Report Summary of Shandong Chenming Paper Holdings Limited

(3) Diagram showing proprietary ownership and controlling relationships among the Company and its de

facto controller

State-owned Assets Supervision and Administration Office of Shouguang City

Shandong Shouguang Jinxin Investment Holdings Limited

Shouguang Chenming Holdings Company Limited

Chenming Holdings (Hong Kong) Limited

Shandong Chenming Paper Holdings Limited

5. Corporate bonds

(1) Basic information on corporate bonds

Outstanding amount of

Name of bond Bond abbreviation Bond code Maturity date Interest rate

the bonds (RMB’0,000)

2012 corporate bonds of

12 Chenming

Shandong Chenming Paper 112144 26 December 2017 380,000 5.65%

Bond

Holdings Limited

2011 corporate bonds of

11 Chenming

Shandong Chenming Paper 112031 6 July 2016 200,000 5.95%

Bond

Holdings Limited

1. The payment of interest on and redemption of 11 Chenming Bond were completed on 6 July 2016.

For details, please refer to the Announcement on Redemption, Dividend Payment and Delisting of “11

Interest payment of Chenming Bond” for 2016 published by the Company on 30 June 2016.

corporate bonds during the 2. The interests of 12 Chenming Bond for the period from 26 December 2015 (the value date) to 25

reporting period December 2016 started to pay on 26 December 2016. For details, please refer to the Announcement

on 2016 Dividend Payment in respect of “12 Chenming Bond” published by the Company on 19

December 2016.

(2) Latest credit rating and changes in rating of corporate bonds

The credit rating of 11 Chenming Bond and 12 Chenming Bond as granted by China Chengxin Securities Valuation Company

Limited remained at AA+, and the rating for the Company was AA+ (stable outlook). The 2011 corporate bond rating report (2016)

and 2012 corporate bond rating report (2016) were published on CNINFO on 27 April 2016.

6

2016 Annual Report Summary of Shandong Chenming Paper Holdings Limited

(3) Major accounting data and financial indicators of the Company over the past two years as at the end

of the reporting period

Unit: RMB’0,000

Year-on-year increase/decrease

Item 2016 2015

in percentage

Gearing ratio 72.58% 77.86% -5.28%

Proportion of EBITDA to total

10.01% 9.74% 0.27%

debts

Interest coverage ratio 2.19 1.05 108.57%

III. Discussion and Analysis of Operations

1. Operation during the reporting period

In 2016, the Company aimed for “developing into an enterprise with hundreds of billions in value” by adhering to the main theme

of “achieving growth amid stability” and committed itself to “team building, management enhancement, outstanding business

performance and good results”. The Company stuck to its diversification strategy, accelerated transformation and upgrading, and

developed an industrial system that centred on pulp production, paper making and finance to achieve synergy among forestry, real

estate and mining so as to boost the management quality, core competitiveness and profitability. The past year was the best year for the

Company’s development so far. The overall strength of Company significantly increased while the Company enhanced its position in

the industry, delivering excellent performance.

In 2016, the Company completed the production of machine-made paper of 4.36 million tonnes with sales of 4.52 million tonnes

and achieved revenue of RMB22.907 billion, a year-on-year increase of 13.17%. The Company recorded operating costs of

RMB15.787 billion, a year-on-year increase of 6.93%. Total profit and net profit attributable to equity holders of the Company were

RMB2,583 million and RMB2,064 million respectively, up by 83.18% and 102.11% from the prior year. The Company’s total assets

amounted to RMB82.285 billion. The financial segment experienced stable development across businesses with ever improving

management systems and effective risk preventions.

(I) New era in corporate management

The Company introduced a professional management consulting company to make changes focusing on the three aspects,

namely, organisation management and structural optimisation, remuneration system and performance appraisal. The Company placed

emphasis on “strengthening the headquarters and consolidating secondary companies” and adjusted the organisation structure of the

Group. The Company also achieved synergy among three segments, namely manufacturing, finance and supply chain trading, to

expand and develop into a diversified group integrating production, financing and trading.

(II) New performance in marketing

The Company attached great importance to its employees. Human resources were actively introduced at all levels. The appraisal

methodology was optimised to reward the diligent. The market-based sales work assignment toolkit was established and the product

lines were segmented. A company was set up for electrostatic paper products and the development of major customers was

strengthened. Management of receivables was strengthened and default in delivery was controlled strictly. Delivery and reduction in

inventories were implemented.

(III) New progress in production and operation

Primary management was steadily enhanced and production and operation continued to be highly effective in strict compliance

with the standard parameters and subject to the sheet break and review of operation efficiency. The Company watched the markets

closely to adjust its product mix by developing high value added products such as glassine paper, wine label paper, super high-bulk

white paper board and high weight duplex press paper. The Company gained efficiency through optimisation of the pulp structure,

substitution of domestically produced chemicals for overseas ones, and promotion of the application of new technologies such as

filler enhancers and novel retention agents.

(IV) New development in the financial segment

The Company successfully issued preference shares of RMB4.5 billion as the first Shandong-based listed company and the first

company in the industry to issue preference shares. The Company secured the special funds of RMB700 million from the National

Development and Reform Commission and China Development Bank at a return rate of 1.2% per annum to reduce its finance

expenses, which was a precedent in the paper making industry. The invoicing system of the Finance Company was approved to be

online to increase the business of the rediscounting channel of People’s Bank of China. The Finance Company developed all lines of

business.

(V) New momentum gained from corporate development

Progress of new projects accelerated: Zhanjiang Chenming’s liquid packaging paper project commenced operation smoothly in

October 2016. Haiming Mining’s magnesite mining project entered the peak time of shaft construction and equipment installation.

Huanggang Chenming’s forestry pulp integration project commenced the construction of pulp manufacturing facilities, piers and staff

quarters. Shouguang Chenming’s chemical pulp project made progress on schedule. The above projects played a very important role

in reinforcing the subsequent corporate development and facilitating the fulfilment of corporate strategic objectives.

(VI) New benefits from procurement

Procurement to reduce costs with benefits at source paid off. The Company cooperated with quality and major suppliers to

7

2016 Annual Report Summary of Shandong Chenming Paper Holdings Limited

reduce overall procurement costs. The measures such as overseas financing, adjusted and centralised payment procedures and

boosted sales volume of trading increased benefits by reducing the capital appropriated for inventories. The electronic commodity

exchange for pulp and paper was approved as a trading platform for the integrated pulp and paper supply chain system, which

became a new source of profit growth.

2. Material change in principal activities during the reporting period

□ Yes √ No

3. Products accounting for over 10% of revenue or profit from principal activities of the Company

√ Applicable □ Not applicable

Unit: RMB

Increase/decrease

Increase/decrease Increase/decrease

of gross profit

of revenue as of profits as

margin as

Gross profit compared to the compared to the

Product name Revenue Operating costs compared to the

margin corresponding corresponding

corresponding

period of the period of the

period of the prior

prior year prior year

year

Duplex press

4,966,155,905.70 3,719,642,641.60 25.10% 11.34% 10.71% 0.43%

paper

Coated paper 4,428,162,301.09 3,287,988,564.78 25.75% 1.43% 0.91% 0.38%

White paper

2,815,701,912.71 2,127,180,790.00 24.45% 47.02% 45.33% 0.88%

board

Financial leasing 2,339,925,682.07 219,444,595.95 90.62% 115.69% 71.75% 2.40%

4. Seasonal or cyclical operations requiring special attention

□ Yes √ No

5. Material difference of revenue, operating costs or net profit attributable to holders of ordinary shares

of the Company for the reporting period from the last reporting period

□ Applicable √ Not applicable

6. Suspension in trading or delisting

□ Applicable √ Not applicable

7. Events relating to the financial report

(1) Reason for changes in accounting policies, accounting estimates and accounting methods as compared

to the financial report for the prior year

√ Applicable □ Not applicable

①There was no change in accounting policies and accounting methods of the Company during the reporting period.

②The accounting estimates of Financial Leasing Company, a subsidiary of the Company, have changed during the reporting period.

From 1 November 2016 onwards, 5%-10% provision will be made for liabilities incurred in financial leasing operation of Financial

Leasing Company.

(2) Reason for retrospective restatement to correct major accounting errors during the reporting period

□ Applicable √ Not applicable

No retrospective restatement was made to correct major accounting errors during the reporting period.

8

2016 Annual Report Summary of Shandong Chenming Paper Holdings Limited

(3) Reason for changes in scope of the consolidated financial statements as compared to the financial

report for the prior year

√ Applicable □ Not applicable

①Newly established subsidiaries

Registered

Time of

Name Scope of business capita Shareholding

incorporation

(RMB’0,000)

Qingdao Chenming Nonghai Financial leasing, operating leasing, purchase of assets

2016.07 500,000.00 100%

Financial Leasing Co., Ltd. for leasing, etc.

Road transportation of general cargo; transportation

for containers; road transportation agency;

Jilin Chenming Logistics Co., Ltd. 2016.08 500.00 100%

consultation on cargo transportation; warehousing,

loading and unloading services, etc.

Road transportation of general cargo; transportation

Jiangxi Chenming Logistics Co., for containers; road transportation agency;

2016.09 500.00 100%

Ltd. consultation on cargo transportation; warehousing,

loading and unloading services, etc.

②Disposal of subsidiaries

Consideration of Shareholding

Nature of

disposal of of disposal of Time of loss of

Name disposal of Basis for time

equity interest equity interest control

equity interest

(RMB’0,000) (%)

Shouguang Chenming Jiatai Equity transfer agreement

100.00 100.00 Transfer 2016.12

Property Management Co., Ltd. and consideration received

Shandong Chenming Paper Holdings Limited

17 February 2017

9

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