Stock code: 000488 200488 Stock abbreviation: ST Chenming ST Chenming B Announcement No.: 2026-027
SHANDONG CHENMING PAPER HOLDINGS LIMITED
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:
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.
(Accounting Officer), declare that they warrant the truthfulness, accuracy and completeness of the
financial information in this quarterly report.
□ Yes? No
I. KEY FINANCIAL DATA
(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 corresponding the reporting period
The reporting
period of the prior compared to the
period
year corresponding period of
the prior year (%)
Revenue (RMB) 2,981,106,295.86 797,157,638.89 273.97%
Net profit attributable to shareholders
-512,471,075.82 -1,451,634,120.47 64.70%
of the Company (RMB)
Net profit after extraordinary gains or
losses attributable to shareholders of the -587,285,923.37 -1,461,511,392.25 59.82%
Company (RMB)
Net cash flows from operating activities
(RMB)
Basic earnings per share (RMB per share) -0.17 -0.49 65.31%
Diluted earnings per share (RMB per
-0.17 -0.49 65.31%
share)
Rate of return on weighted average net Decrease of 60.41percentage
-77.63% -17.22%
assets 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) 51,116,007,147.62 50,620,148,908.13 0.98%
Owners’ equity attributable to
shareholders of the Company (RMB)
(ii) Items and amounts of extraordinary gains or losses
Applicable?□ Not Applicable
Unit: RMB
Amount for the
Item Explanation
reporting period
Profit or loss from disposal of non-current assets (including write-off of
-2,808,213.67
asset impairment provision)
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 13,814,264.74
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 65,784,864.77
company, as well as gain or loss arising from disposal of its financial
assets and financial liabilities
Other non-operating income and expenses other than the above items 271,860.04
Less: Effect of income tax 1,590,840.77
Effect of minority interests (after tax) 657,087.56
Total 74,814,847.55 －
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
Amount involved
Item Reason
(RMB)
Government grants related to assets and closely related to the ordinary
course of business of the Company as recurring gain or loss due to the
Other income 13,536,886.33
inclusion 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
Unit: RMB
Reason
Item 31 March 2026 31 December 2025 Change
for change
Bills receivable 1,079,504,607.58 793,939,333.83 35.97% (1)
Accounts receivable financing 62,989,290.56 35,978,138.45 75.08% (2)
Prepayments 394,668,202.05 281,930,888.07 39.99% (3)
Non-current liabilities due within one year 1,585,617,493.34 2,313,171,903.83 -31.45% (4)
Long-term payables 2,052,847,123.83 1,685,368,809.50 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
during the reporting period.
period
Unit: RMB
Item January –March 2026 January –March 2025 Change Reason for change
Revenue 2,981,106,295.86 797,157,638.89 273.97% (1)
Operating costs 3,237,966,713.35 1,848,770,365.25 75.14% (2)
Taxes and surcharges 49,408,983.99 28,767,883.76 71.75% (3)
Investment income 78,350,893.74 -51,022,453.51 253.56% (4)
Credit impairment loss 12,937,655.39 -169,366,185.66 -107.64% (5)
Net profit attributable to
-512,471,075.82 -1,451,634,120.47 64.70% (6)
shareholders of the Company
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.
Unit: RMB
Item January –March 2026 January –March 2025 Change Reason for change
Net cash flows from operating
activities
Net cash flows from investing
-9,740,207.62 -498,084,031.13 98.04% (2)
activities
Net cash flows from financing
-9,937,678.04 -116,313,497.71 91.46% (3)
activities
Explanation of the reasons leading to the major changes:
(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
Total number of ordinary were holders of A shares, Total number of holders of preference
shareholders as at the end of the 15,949 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,
Number of marked or locked-up
Nature of of Number of
Name of shareholder restricted
shareholder Shareholdi shares held
shares held Status of Number
ng shares
CHENMING HOLDINGS State-owned Pledged 386,811,546
COMPANY LIMITED legal person Locked-up 409,956,441
HKSCC NOMINEES Overseas legal 0
LIMITED person
CHENMING HOLDINGS 0
Overseas legal
(HONG KONG) LIMITED 12.38% 364,131,563
person
(Note 1)
Domestic 0
Jin Xing 1.28% 37,768,215
natural person
Domestic 0
Chen Hongguo (Note 2) 0.65% 19,080,044 Locked-up 19,080,044
natural person
Domestic 0
Li Minghai 0.34% 10,033,101
natural person
E FUND (HK) CHINA Overseas legal 0
EQUITY DIVIDEND FUND person
BANK OF CHINA LIMITED – 0
E FUND STOCK CONNECT
HIGH DIVIDEND FLEXIBLE
Others 0.31% 9,206,350
ALLOCATION HYBRID
SECURITIES INVESTMENT
FUND
Domestic
Ji Zhongqiu 0.29% 8,409,174 0
natural person
Domestic
Xu Hekun 0.28% 8,380,250 0
natural person
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
Overseas listed foreign
HKSCC NOMINEES LIMITED 373,424,025 373,424,025
shares
Domestic listed foreign
CHENMING HOLDINGS (HONG KONG) shares
LIMITED (Note 1) Overseas listed foreign
shares
Domestic listed foreign
Jin Xing 37,768,215 37,768,215
shares
Chen Hongguo (Note 2) 19,080,044 RMB ordinary shares 19,080,044
Li Minghai 10,033,101 RMB ordinary shares 10,033,101
E FUND (HK) CHINA EQUITY DIVIDEND Domestic listed foreign
FUND shares
BANK OF CHINA LIMITED – E FUND
STOCK CONNECT HIGH DIVIDEND
FLEXIBLE ALLOCATION HYBRID
SECURITIES INVESTMENT FUND
Ji Zhongqiu 8,409,174 RMB ordinary shares 8,409,174
Domestic listed foreign
Xu Hekun 8,380,250 8,380,250
shares
A shareholder, Chenming Holdings (Hong Kong) Limited, which is an
overseas legal person, is a wholly-owned subsidiary of a shareholder,
Related party relationship or acting
Chenming Holdings Company Limited, which is a state-owned legal
in concert among the above
person. Save for the above, it is not aware that any other shareholders
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
Securities margin trading of top 10 ordinary shares, of which 409,956,441 shares were held through
shareholders 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
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,
the 6,000,000 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 19,080,044 shares held by Mr. Chen
Hongguo, being a domestic natural person, excludes the 6,000,000 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 MATERIAL MATTERS
Applicable?□ Not Applicable
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. QUARTERLY FINANCIAL STATEMENTS
(i) Financial Statements
Prepared by: Shandong Chenming Paper Holdings Limited
Unit: RMB
Item Closing balance Opening balance
CURRENT ASSETS:
Monetary funds 220,991,963.89 210,398,721.95
Financial assets held for trading 31,933,124.20 38,791,121.74
Bills receivable 1,079,504,607.58 793,939,333.83
Accounts receivable 736,966,072.30 742,744,136.20
Accounts receivable financing 62,989,290.56 35,978,138.45
Prepayments 394,668,202.05 281,930,888.07
Other receivables 301,712,596.68 302,065,195.40
?Including: Interest receivable – –
????Dividend receivable – –
Inventories 3,708,591,352.94 3,316,198,760.70
?Including: Data resources – –
Non-current assets due within one year 176,822,256.37 194,204,719.66
Other current assets 291,695,386.01 252,296,160.14
Total current assets 7,005,874,852.58 6,168,547,176.14
NON-CURRENT ASSETS:
Long-term receivables 2,354,529,596.22 2,338,612,032.26
Long-term equity investments 2,174,903,334.99 2,095,953,345.27
Other non-current financial assets 327,669,610.80 327,934,626.32
Investment property 5,354,982,395.76 5,402,063,721.57
Fixed assets 28,736,006,302.53 29,219,679,495.81
Construction in progress 627,953,264.85 626,640,521.92
Bearer biological assets 1,873,537.13 1,873,537.13
Right-of-use assets 150,503,716.95 151,298,017.92
Intangible assets 1,591,856,828.55 1,603,982,531.66
?Including: Data resources – –
Goodwill – –
Long-term prepaid expenses 218,478,945.66 232,398,577.62
Deferred income tax assets 2,135,572,276.33 2,032,088,838.62
Other non-current assets 435,802,485.27 419,076,485.89
Total non-current assets 44,110,132,295.04 44,451,601,731.99
Total assets 51,116,007,147.62 50,620,148,908.13
CURRENT LIABILITIES:
Short-term borrowings 21,211,963,453.85 21,227,831,812.02
Bills payable – –
Accounts payable 9,075,574,781.92 8,608,727,052.92
Receipts in advance 58,544,130.71 61,929,311.57
Contract liabilities 282,548,125.41 296,299,701.36
Employee benefits payable 431,942,186.96 369,594,500.65
Taxes payable 190,837,490.05 203,168,557.15
Other payables 5,046,035,673.23 4,772,023,040.44
?Including: Interest payable 510,597,022.80 428,732,780.80
????Dividend payable 217,544,565.81 220,493,880.88
Non-current liabilities due within one year 1,585,617,493.34 2,313,171,903.83
Other current liabilities 1,353,206,061.26 1,539,511,608.24
Total current liabilities 39,236,269,396.73 39,392,257,488.18
NON-CURRENT LIABILITIES:
Long-term borrowings 6,440,548,837.59 5,576,510,739.72
Lease liabilities 34,350,249.10 34,350,249.10
Long-term payables 2,052,847,123.83 1,685,368,809.50
Provisions 30,309,113.71 28,234,945.73
Deferred income 1,058,894,930.27 1,084,582,814.76
Deferred income tax liabilities 5,141,967.05 5,667,037.66
Total non-current liabilities 9,622,092,221.55 8,414,714,596.47
Total liabilities 48,858,361,618.28 47,806,972,084.65
OWNERS’ EQUITY:
Share capital 2,934,556,200.00 2,934,556,200.00
Capital reserves 5,241,279,229.79 5,241,279,229.79
Less: Treasury shares – –
Other comprehensive income -891,783,684.76 -915,388,419.92
Special reserves 40,106,064.35 38,543,270.36
Surplus reserves 1,212,009,109.97 1,212,009,109.97
General risk provisions 68,048,751.10 68,048,751.10
Retained profit -8,187,683,624.99 -7,675,212,549.17
Total equity attributable to owners of the Company 416,532,045.46 903,835,592.13
Minority interest 1,841,113,483.88 1,909,341,231.35
Total owners’ equity 2,257,645,529.34 2,813,176,823.48
Total liabilities and owners’ equity 51,116,007,147.62 50,620,148,908.13
Legal Representative: Head in chargeof accounting: Head of the accounting department:
Jiang Yanshan Zhu Yanli Zhang Bo
Unit: RMB
Amounts for Amounts for
Item
the period the prior period
I. Total revenue 2,981,106,295.86 797,157,638.89
Including: Revenue 2,981,106,295.86 797,157,638.89
II. Total operating costs 3,781,529,473.00 2,515,509,988.10
Including: Operating costs 3,237,966,713.35 1,848,770,365.25
Taxes and surcharges 49,408,983.99 28,767,883.76
Sales and distribution expenses 30,444,387.32 22,084,941.73
General and administrative expenses 107,990,910.19 145,684,491.27
Research and development expenses 32,668,432.91 20,606,883.01
Finance expenses 323,050,045.24 449,595,423.08
Including: Interest expenses 319,720,532.72 428,852,888.40
??? Interest income 1,949,830.55 15,131,606.70
Add: Other income 35,458,271.28 28,988,522.59
Investment income (“-” denotes loss) 78,350,893.74 -51,022,453.51
? Including: Investment income fromassociates and
joint ventures
??? Gains on derecognition of financial assets measured at
-1,268,119.55 -2,627,145.34
amortised cost
Gain on change in fair value ?(“-”denotes loss) -6,261,055.49 -559,024.11
Credit impairment loss (“-” denotes loss) 12,937,655.39 -169,366,185.66
Loss on impairment of assets (“-” denotes loss) -2,233,604.32 -258,144.26
Gain on disposal of assets (“-” denotes loss) -2,260,721.44 6,799,844.29
III. Operating profit (“-” denotes loss) -684,431,737.98 -1,903,769,789.87
Add: Non-operating income 414,818.34 514,861.10
Less: Non-operating expenses 690,450.53 -879,437.37
IV. Total profit (“-” denotes total loss) -684,707,370.17 -1,902,375,491.40
Less: Income tax expenses -104,008,546.88 -252,932,461.40
V. Net profit (“-” denotes net loss) -580,698,823.29 -1,649,443,030.00
(I) Classification according to the continuity of operation
-580,698,823.29 -1,649,443,030.00
net loss)
– –
net loss)
(II) Classification according to ownership
VI. Net other comprehensive income after tax 23,604,735.16 -148,396.89
Net other comprehensive income after tax attributable to
owners of the Company
(I) Other comprehensive income that cannot be reclassified
– –
to profit or loss
(II) Other comprehensive income that will be reclassified to
profit or loss
financial statements denominated in foreign currencies
– -5,787,838.19
reclassified to profit or loss under the equity method
Other comprehensive income, net of tax attributable to
– –
minority interest
VII. Total comprehensive income -557,094,088.13 -1,649,591,426.89
(I) Total comprehensive income attributable to owners of the -488,866,340.66 -1,451,782,517.36
Company
(II) Total comprehensive income attributable to minority
-68,227,747.47 -197,808,909.53
interest
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
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 3,222,761,664.93 1,311,767,420.34
Tax rebates received – –
Cash received relating to other operating activities 11,786,502.73 237,170,805.14
Subtotal of cash inflows from operating activities 3,234,548,167.66 1,548,938,225.48
Cash paid for goods and services 2,786,774,484.83 636,140,517.85
Cash paid to and for employees 186,529,392.34 271,766,022.65
Payments of taxes and surcharges 110,309,705.64 37,840,265.29
Cash paid relating to other operating activities 125,293,096.35 72,571,503.57
Subtotal of cash outflows from operating activities 3,208,906,679.16 1,018,318,309.36
Net cash flows from operating activities 25,641,488.50 530,619,916.12
II. Cash flows from investing activities:
Cash received from investments 265,015.52 –
Cash received from investments income 669,023.58 –
Net cash received from disposal of fixed assets, intangible
assets and other long-term assets
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 3,153,192.38 12,576,150.00
Cash paid for purchase of fixed assets, intangible assets and
other long-term assets
Cash paid on investments – –
Net cash paid for acquisition of subsidiaries and other
– 508,955,916.13
business units
Cash paid relating to other investing activities – –
Subtotal of cash outflows from investing activities 12,893,400.00 510,660,181.13
Net cash flows from investing activities -9,740,207.62 -498,084,031.13
III. Cash flows from financing activities:
Cash received from capital contributions – –
Cash received from borrowings 6,637,443,781.37 7,370,897,518.09
Cash received relating to other financing activities – 3,529,885,387.06
Subtotal of cash inflows from financing activities 6,637,443,781.37 10,900,782,905.15
Cash repayments of amounts borrowed 6,472,569,941.72 10,868,482,442.06
Cash paid for dividend and profit distribution or interest
payment
Including: Dividend and profit paid by subsidiaries to
minority shareholders
Cash paid relating to other financing activities 20,226,791.59 14,616,144.95
Subtotal of cash outflows from financing activities 6,647,381,459.41 11,017,096,402.86
Net cash flows from financing activities -9,937,678.04 -116,313,497.71
IV. Effect of foreign exchange rate changes on cash and cash
-2,820,182.00 -1,362,269.96
equivalents
V. Net increase in cash and cash equivalents 3,143,420.84 -85,139,882.68
Add: Balance of cash and cash equivalents as at the
beginning of the period
VI. Balance of cash and cash equivalents as at the end of the
period
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
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