Shandong Chenming Paper Holdings Limited 2026 Third Quarterly Report
Stock Code：000488 200488 Stock abbreviation：ST Chenming ST Chenming B Announcement Number：2026-052
SHANDONG CHENMING PAPER HOLDINGS LIMITED
The Company and all members of the Board of Directors ensure that the contents of the information disclosure are
true, accurate and complete, and there is no false record, statement or material omission.
IMPORTANT NOTICE:
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
Shandong Chenming Paper Holdings Limited 2026 Third Quarterly Report
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
for the period from
the beginning of
Increase/decrease The period from
the year to the end
compared to the the beginning of
The reporting of the reporting
corresponding the year to the end
period period as compared
period of the prior of the reporting
to the
year period
corresponding
period of the prior
year
Revenue (RMB) 212.71% 221.01%
Net profit attributable to shareholders
-732,608,544.48 65.92% -1,519,083,628.66 74.71%
of the Company (RMB)
Net profit after extraordinary gains or
losses attributable to shareholders of -593,209,386.34 72.60% -1,682,686,428.31 71.04%
the Company (RMB)
Net cash flows from operating
— — 383,911,235.64 -45.36%
activities (RMB)
Basic earnings per share (RMB per
-0.25 66.22% -0.52 74.63%
share)
Diluted earnings per share (RMB per
-0.25 66.22% -0.52 74.63%
share)
Decrease of
Decrease of 804.43
Weighted average return on net assets -751.07% 707.17 percentage -901.72%
percentage points
points
As at the end of Increase/decrease as at the end of the
As at the end of
the reporting reporting period compared to the end
the prior year
period of the prior year
Total assets (RMB) -0.74%
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 period
Amount for the from the beginning of
Item Explanation
reporting period the year to the end of
the reporting period
Profit or loss from disposal of non-current assets (including
write-off of asset impairment provision)
Government grants (except for the government grants 14,871,644.44 41,215,539.97
Shandong Chenming Paper Holdings Limited 2026 Third Quarterly Report
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 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 company, as
well as gain or loss arising from disposal of its financial
assets and financial liabilities
Reversal of provision for impairment of receivables
individually tested for impairment
Profit or loss from debt restructuring 819,000.00
Profit or loss from changes in the fair value of consumable
biological assets subsequently measured at fair value
Other non-operating income and expenses other than the
-11,415,717.42 -17,337,670.16
above items
Less: Effect of income tax 162,900,547.29 141,746,294.55
Effect of minority interests (after tax) -16,055,716.02 -11,266,892.49
Total -139,399,158.15 163,602,799.65 --
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 that are closely related to the Company’s
normal operations are subsequently amortised to other income, which has a
Other income 40,642,441.15
continuing effect on the Company’s profit or loss and is therefore accounted for
as recurring profit or loss.
(III) Details and reasons for changes in major accounting figures and financial indicators
Applicable Not applicable
Unit: RMB
Reason for
Item 30 September 2026 31 December 2025 Change
change
Monetary funds 128,168,015.66 210,398,721.95 -39.08% （1）
Bills receivable 1,198,941,274.81 793,939,333.83 51.01% （2）
Shandong Chenming Paper Holdings Limited 2026 Third Quarterly Report
Prepayments 436,783,784.19 281,930,888.07 54.93% （3）
Inventories 3,980,847,506.51 3,316,198,760.70 20.04% （4）
Non-current assets due within one year 5,707,790.08 194,204,719.66 -97.06% （5）
Other current assets 179,471,622.83 252,296,160.14 -28.86% （6）
Contract liabilities 456,137,549.35 296,299,701.36 53.94% （7）
Interest payable 594,731,648.92 428,732,780.80 38.72% （8）
Non-current liabilities due within one year 3,049,410,117.13 2,313,171,903.83 31.83% （9）
Explanation of the reasons leading to the major changes:
（1）Monetary funds decreased by 39.08% as compared to the beginning of the year, mainly due to a decrease in
bank deposits as at the end of the reporting period.
（2） Bills receivable increased by 51.01% 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.
（3）Prepayments increased by 54.93% as compared to the beginning of the year, mainly due to an increase in
prepayments for materials as at the end of the reporting period.
（4） Inventories increased by 20.04% as compared to the beginning of the year, mainly due to an increase in
inventory of machine-made paper resulting from all production bases achieving full resumption of operation and
production during the reporting period.
（5） Non-current assets due within one year decreased by 97.06% as compared to the beginning of the year,
mainly due to the recovery of long-term receivables due within one year as at the end of the reporting period.
（6） Other current assets decreased by 28.86% as compared to the beginning of the year, mainly due to a
decrease in retained value-added tax as at the end of the reporting period.
（7）Contract liabilities increased by 53.94% as compared to the beginning of the year, mainly due to an increase
in advance receipts as at the end of the reporting period.
（8） Interest payable increased by 38.72% as compared to the beginning of the year, mainly due to an increase
in interest payable as at the end of the reporting period.
（9） Non-current liabilities due within one year increased by 31.83% as compared to the beginning of the year,
mainly due to an increase long-term liabilities reclassified to due within one year as at the end of the reporting
period.
Unit: RMB
January – September January – September Reason for
Item Change
Revenue 10,746,870,814.69 3,347,860,731.23 221.01% （1）
Operating costs 11,487,278,401.52 5,432,612,403.50 111.45% （2）
Taxes and surcharges 145,327,197.51 93,123,597.44 56.06% （3）
Research and development expenses 263,324,673.05 55,005,532.38 378.72% （4）
Investment income 250,021,404.76 -715,405,073.98 134.95% （5）
Gain on change in fair value 8,464,134.71 -123,350,217.95 106.86% （6）
Credit impairment loss 35,575,581.52 -1,341,707,401.59 -102.65% （7）
Loss on impairment of assets -16,686,173.24 -440,561,409.32 -96.21% （8）
Gain on disposal of assets -3,641,254.74 -15,007,877.85 75.74% （9）
Income tax expenses -385,420,266.44 -112,807,869.23 -241.66% （10）
Explanation of the reasons leading to the major changes:
（1） Revenue increased by 221.01% as compared to the corresponding period of the prior year, mainly due to an
Shandong Chenming Paper Holdings Limited 2026 Third Quarterly Report
increase in sales of machine-made paper with a year-on-year increase in revenue resulting from production bases
achieving full resumption of operation and production during the reporting period.
（2） Operating costs increased by 111.45% 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
production bases achieving full resumption of operation and production during the reporting period.
（3） Taxes and surcharges increased by 56.06% as compared to the corresponding period of the prior year,
mainly due to a year-on-year increase in land use tax, value-added tax surcharges, stamp duty, etc. during the
reporting period.
（4）Research and development expenses increased by 378.72% as compared to the corresponding period of the
prior year, mainly due to a year-on-year increase in research and development expense resulting from production
bases achieving full resumption of operation and production during the reporting period.
（5）Investment income increased by 134.95% as compared to the corresponding period of the prior year, mainly
due to a year-on-year increase in investment income recognised from investees and investment income from
equity disposal during the reporting period.
（6）Gain on change in fair value increased by 106.86% as compared to the corresponding period of the prior
year, mainly due to a year-on-year increase in gains from changes in the fair value of forestry assets during the
reporting period.
（7）Credit impairment loss decreased by 102.65% as compared to the corresponding period of the prior year,
mainly due to a year-on-year decrease in the provision for bad debts on receivables during this reporting period
resulting from the overall spin-off of the leasing business at the end of the prior year.
（8）Loss on impairment of assets decreased by 96.21% as compared to the corresponding period of the prior
year, mainly due to resulting from production bases achieving full resumption of operation and production a year-
on-year decrease in the provision for impairment of equipment during the reporting period.
（9）Gain on disposal of assets increased by 75.74% as compared to the corresponding period of the prior year,
mainly due to a year-on-year decrease in losses on disposal of fixed assets during the reporting period.
（10） Income tax expenses decreased by 241.66% as compared to the corresponding period of the prior year,
mainly due to certain companies’ reversal of deferred tax assets arising from previously recognised deductible
losses and deductible temporary differences in the corresponding period of the prior year.
Unit: RMB
January – September January – September Reason for
Item Change
Net cash flows from operating activities 383,911,235.64 702,589,282.04 -45.36% （1）
Net cash flows from investing activities 429,260,472.61 -463,982,036.31 192.52% （2）
Net cash flows from financing activities -887,995,601.87 -279,188,820.55 -218.06% （3）
Explanation of the reasons leading to the major changes:
（1）Net cash flows from operating activities decreased by 45.36% as compared to the corresponding period of
the prior year, mainly due to an increase inexpenditure for purchase of raw materials resulting from all production
bases achieving full resumption of operation and production during the reporting period.
（2）Net cash flows from investing activities increased by 192.52% as compared to the corresponding period of
the prior year, mainly due to the proceeds received from the sale of the equity interest and creditor's rights in
subsidiaries during the reporting period and the repurchase of a portion of the equity interest in subsidiaries held by
minority shareholders in the corresponding period of the prior year.
（3）Net cash flows from financing activities decreased by 218.06% as compared to the corresponding period of
the prior year, mainly due to the repayment of maturing debts to reduce the scale of debts during the reporting period.
II. USE OF PROCEEDS
□Applicable Not applicable
Shandong Chenming Paper Holdings Limited 2026 Third Quarterly Report
The Company did not use any proceeds during the reporting period.
III. 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
of A shares,15,377were holders of B preference shares with restored
shareholders as at the end of the 0
shares and308 were holders of H voting right as at the end of the
reporting period
shares reporting period
Shareholdings of top ten shareholders (excluding the shares lent under refinancing business)
Percentage Share pledged, marked or
Number of
Nature of of Number of frozen
Name of shareholder restricted
shareholder shareholdin shares held Status of
shares held Number
g shares
CHENMING HOLDINGS State-owned 434,955,30 Pledged 386,811,546
COMPANY LIMITED legal person 6 Frozen 434,955,306
HKSCC NOMINEES Overseas legal 373,428,52
LIMITED person 5
CHENMING HOLDINGS
Overseas legal 364,131,56
(HONG KONG) LIMITED 12.38% 0 N/A 0
person 3
(Note 1)
Domestic
Jin Xing 1.31% 38,605,115 0 N/A 0
natural person
Shouguang Rentou Supply
Chain Management Co., Ltd.(寿 State-owned
光市人投供应链管理有限公 legal person
司)
Domestic
Chen Hongguo (Note 2) 0.65% 19,080,044 0 Frozen 19,080,044
natural person
Domestic
Wang Fanliang 0.34% 10,086,800 0 N/A 0
natural person
Domestic
Li Minghai 0.32% 9,305,269 0 N/A 0
natural person
Domestic
Ji Zhongqiu 0.31% 9,096,674 0 N/A 0
natural person
Shouguang Zhongli Domestic non-
Commercial and Trading Co., state-owned 0.31% 8,972,750 0 N/A 0
Ltd. legal 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 non- Class and number of shares
Name of shareholder
restricted shares held Class of shares Number
CHENMING HOLDINGS COMPANY
LIMITED
Overseas listed foreign
HKSCC NOMINEES LIMITED 373,428,525 373,428,525
shares
Domestic listed foreign
CHENMING HOLDINGS (HONG KONG) shares
LIMITED (Note 1) Overseas listed foreign
shares
Domestic listed foreign
Jin Xing 38,605,115 38,605,115
shares
Shandong Chenming Paper Holdings Limited 2026 Third Quarterly Report
Shouguang Rentou Supply Chain Management
Co., Ltd.(寿光市人投供应链管理有限公司)
Chen Hongguo (Note 2) 19,080,044 RMB ordinary shares 19,080,044
Wang Fanliang 10,086,800 RMB ordinary shares 10,086,800
Li Minghai 9,305,269 RMB ordinary shares 9,305,269
Ji Zhongqiu 9,096,674 RMB ordinary shares 9,096,674
Shouguang Zhongli Commercial and Trading
Co., Ltd.
A shareholder, Chenming Holdings (Hong Kong) Limited, which is an overseas
legal person, is a wholly-owned subsidiary of a shareholder, Chenming Holdings
Related party relationship or
Company Limited, which is a state-owned legal person. Save for the above, it is
acting in concert among the
not aware that any other shareholders of tradable shares are persons acting in
above shareholders
concert. It is also not aware that any other shareholders of tradable shares are
related to each other.
Securities margin trading of top
Nil
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 6,000,000 restricted shares held by Mr. Chen Hongguo were judicially frozen.
Hence, the procedures for the transfer and cancellation of such restricted shares were not yet completed with the
Shenzhen Branch of China Securities Depository and Clearing Corporation Limited. The 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
IV. OTHER MATERIAL MATTERS
Applicable □Not applicable
(I) Exemption of partial debts of the Company and its holding subsidiaries
In order to support the sustained and stable development of the Company's principal business of pulp and paper
making, and to promote the enterprise to focus on its principal business, improve quality and enhance efficiency,
Chenming Holdings Company Limited (hereinafter referred to as "Chenming Holdings"), the controlling
Shandong Chenming Paper Holdings Limited 2026 Third Quarterly Report
shareholder of the Company, and Shouguang Zhichen Asset Operation Co., Ltd.（寿光市智晨资产运营有限公
司） (hereinafter referred to as "Shouguang Zhichen"), a wholly state-owned enterprise under the Finance Bureau
of Shouguang City, respectively issued the Debt Exemption Letters during the reporting period. Chenming Holdings
exempted its creditor's rights of RMB 206.7436 million against the Company; Shouguang Zhichen respectively
exempted the debts of RMB 486.50million of Shouguang Meilun Paper Co., Ltd., a holding subsidiary of the
Company, and the debts of RMB 350.185 million of Shandong Chenming Paper Co., Ltd. The above debt
exemptions are unilateral, unconditional, without consideration, irrevocable and unalterable exemptions, and
Chenming Holdings and Shouguang Zhichen will no longer claim their rights in relation to the corresponding
creditor's rights against the relevant entities in any form.
For details, please refer to the relevant announcements disclosed by the Company on CNINFO on 30
September 2026 (announcement no.: 2026-046, 2026-047) and the announcement disclosed on the website of Hong
Kong Stock Exchange on 29 September 2026.
V. QUARTERLY FINANCIAL STATEMENTS
(I) Financial Statements
Prepared by: Shandong Chenming Paper Holdings Limited
Unit: RMB
Item Closing balance Opening balance
CURRENT ASSETS:
Monetary funds 128,168,015.66 210,398,721.95
Financial assets held for trading 30,075,780.06 38,791,121.74
Bills receivable 1,198,941,274.81 793,939,333.83
Accounts receivable 838,304,980.90 742,744,136.20
Accounts receivable financing 9,367,845.37 35,978,138.45
Prepayments 436,783,784.19 281,930,888.07
Other receivables 290,924,903.35 302,065,195.40
Including: Interest receivable
Dividend receivable
Inventories 3,980,847,506.51 3,316,198,760.70
Non-current assets due within one year 5,707,790.08 194,204,719.66
Other current assets 179,471,622.83 252,296,160.14
Total current assets 7,098,593,503.76 6,168,547,176.14
NON-CURRENT ASSETS:
Long-term receivables 2,346,020,212.44 2,338,612,032.26
Long-term equity investments 2,159,164,042.99 2,095,953,345.27
Other non-current financial assets 327,304,236.77 327,934,626.32
Investment property 5,261,724,172.63 5,402,063,721.57
Fixed assets 27,676,402,980.78 29,219,679,495.81
Construction in progress 631,029,881.65 626,640,521.92
Bearer biological assets 1,873,537.13 1,873,537.13
Right-of-use assets 148,299,479.08 151,298,017.92
Intangible assets 1,556,720,505.41 1,603,982,531.66
Shandong Chenming Paper Holdings Limited 2026 Third Quarterly Report
Goodwill
Long-term prepaid expenses 190,546,071.74 232,398,577.62
Deferred income tax assets 2,417,807,894.09 2,032,088,838.62
Other non-current assets 430,041,497.36 419,076,485.89
Total non-current assets 43,146,934,512.07 44,451,601,731.99
Total assets 50,245,528,015.83 50,620,148,908.13
CURRENT LIABILITIES:
Short-term borrowings 20,539,147,422.42 21,227,831,812.02
Bills payable
Accounts payable 9,785,001,360.47 8,608,727,052.92
Receipts in advance 44,997,835.15 61,929,311.57
Contract liabilities 456,137,549.35 296,299,701.36
Employee benefits payable 404,133,348.96 369,594,500.65
Taxes payable 225,098,420.53 203,168,557.15
Other payables 3,726,030,618.83 4,772,023,040.44
Including: Interest payable 594,731,648.92 428,732,780.80
Dividend payable 196,493,880.88 220,493,880.88
Non-current liabilities due within one year 3,049,410,117.13 2,313,171,903.83
Other current liabilities 1,604,504,148.45 1,539,511,608.24
Total current liabilities 39,834,460,821.29 39,392,257,488.18
NON-CURRENT LIABILITIES:
Long-term borrowings 5,689,934,135.34 5,576,510,739.72
Lease liabilities 33,303,316.56 34,350,249.10
Long-term payables 1,390,957,668.46 1,685,368,809.50
Provisions 33,175,848.93 28,234,945.73
Deferred income 1,007,611,578.41 1,084,582,814.76
Deferred income tax liabilities 5,573,386.13 5,667,037.66
Total non-current liabilities 8,160,555,933.83 8,414,714,596.47
Total liabilities 47,995,016,755.12 47,806,972,084.65
OWNERS’ EQUITY:
Share capital 2,934,556,200.00 2,934,556,200.00
Capital reserves 6,212,372,787.76 5,241,279,229.79
Less: Treasury shares
Other comprehensive income -881,547,185.50 -915,388,419.92
Special reserves 42,675,885.20 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 -9,194,296,177.83 -7,675,212,549.17
Total equity attributable to owners of the Company 393,819,370.70 903,835,592.13
Minority interest 1,856,691,890.01 1,909,341,231.35
Total owners’ equity 2,250,511,260.71 2,813,176,823.48
Total liabilities and owners’ equity 50,245,528,015.83 50,620,148,908.13
Head of the Company: Jiang Yanshan Financial controller: Zhu Yanli Head of the accounting department: Zhang Bo
Shandong Chenming Paper Holdings Limited 2026 Third Quarterly Report
Unit: RMB
Amounts for the Amounts for the prior
Item
period period
I. Total revenue 10,746,870,814.69 3,347,860,731.23
Including: Revenue 10,746,870,814.69 3,347,860,731.23
II. Total operating costs 13,200,962,450.57 7,289,484,559.58
Including: Operating costs 11,487,278,401.52 5,432,612,403.50
Taxes and surcharges 145,327,197.51 93,123,597.44
Sales and distribution expenses 87,214,580.78 74,655,486.97
General and administrative expenses 349,733,937.13 408,744,204.71
Research and development expenses 263,324,673.05 55,005,532.38
Finance expenses 868,083,660.58 1,225,343,334.58
Including: Interest expenses 905,002,821.98 1,166,488,633.69
Interest income 50,364,803.21 34,525,061.88
Add: Other income 93,155,701.86 54,812,362.26
Investment income (“-” denotes loss) 250,021,404.76 -715,405,073.98
Including: Investment income from associates and joint
ventures
Gains on derecognition of financial assets
-5,865,400.10 -85,083,299.15
measured at amortised cost
Gain on change in fair value (“-” denotes loss) 8,464,134.71 -123,350,217.95
Credit impairment loss (“-” denotes loss) 35,575,581.52 -1,341,707,401.59
Loss on impairment of assets (“-” denotes loss) -16,686,173.24 -440,561,409.32
Gain on disposal of assets (“-” denotes loss) -3,641,254.74 -15,007,877.85
III. Operating profit (“-” denotes loss) -2,087,202,241.01 -6,522,843,446.78
Add: Non-operating income 1,124,336.16 1,142,090.55
Less: Non-operating expenses 19,672,205.55 27,615,247.22
IV. Total profit (“-” denotes total loss) -2,105,750,110.40 -6,549,316,603.45
Less: Income tax expenses -385,420,266.44 -112,807,869.23
V. Net profit (“-” denotes net loss) -1,720,329,843.96 -6,436,508,734.22
(I) Classification according to the continuity of operation
(II) Classification according to ownership
-1,519,083,628.66 -6,007,816,553.17
denotes net loss)
VI. Net other comprehensive income after tax 33,841,234.42 10,504,178.49
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 33,841,234.42 10,504,178.49
Shandong Chenming Paper Holdings Limited 2026 Third Quarterly Report
profit or loss
profit or loss under the equity method
statements denominated in foreign currencies
Other comprehensive income, net of tax attributable to minority
interest
VII. Total comprehensive income -1,686,488,609.54 -6,426,004,555.73
(I) Total comprehensive income attributable to owners of the
-1,485,242,394.24 -5,997,312,374.68
Company
(II) Total comprehensive income attributable to minority interest -201,246,215.30 -428,692,181.05
VIII. Earnings per share:
(I) Basic earnings per share -0.52 -2.05
(II) Diluted earnings per share -0.52 -2.05
Head of the Company: Jiang Yanshan Financial controller: Zhu Yanli Head of the accounting department: Zhang Bo
Unit: RMB
Amounts for the Amounts for the prior
Item
period period
I. Cash flows from operating activities:
Cash received from sales of goods and rendering of services 11,855,814,015.94 3,876,909,484.88
Tax rebates received
Cash received relating to other operating activities 28,151,460.19 395,413,687.76
Subtotal of cash inflows from operating activities 11,883,965,476.13 4,272,323,172.64
Cash paid for goods and services 9,979,082,498.01 2,638,148,684.72
Cash paid to and for employees 749,562,568.99 588,714,404.21
Payments of taxes and surcharges 288,713,937.30 125,150,526.22
Cash paid relating to other operating activities 482,695,236.19 217,720,275.45
Subtotal of cash outflows from operating activities 11,500,054,240.49 3,569,733,890.60
Net cash flows from operating activities 383,911,235.64 702,589,282.04
II. Cash flows from investing activities:
Cash received from investments 630,389.55 211,417.43
Cash received from investments income 1,850,880.82 1,384,673.77
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 506,522,810.89 48,154,127.20
Cash paid for purchase of fixed assets, intangible assets and
other long-term assets
Net cash paid for acquisition of subsidiaries and other
business units
Cash paid relating to other investing activities
Shandong Chenming Paper Holdings Limited 2026 Third Quarterly Report
Subtotal of cash outflows from investing activities 77,262,338.28 512,136,163.51
Net cash flows from investing activities 429,260,472.61 -463,982,036.31
III. Cash flows from financing activities:
Cash received from investments 98,000,000.00
Including: Cash received from subsidiaries from minority
investments
Cash received from borrowings 10,831,608,421.66 13,992,478,538.58
Cash received relating to other financing activities 25,400,000.00 5,135,704,162.53
Subtotal of cash inflows from financing activities 10,955,008,421.66 19,128,182,701.11
Cash repayments of amounts borrowed 11,135,570,341.87 18,574,823,859.81
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 136,228,471.28 178,268,996.08
Subtotal of cash outflows from financing activities 11,843,004,023.53 19,407,371,521.66
Net cash flows from financing activities -887,995,601.87 -279,188,820.55
IV. Effect of foreign exchange rate changes on cash and cash
-3,485,609.42 -1,284,372.00
equivalents
V. Net increase in cash and cash equivalents -78,309,503.04 -41,865,946.82
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
(II) First-time implementation of new accounting standards from 2026 onwards involving adjustments to
the financial statements at the beginning of the year of initial application
□Applicable Not applicable
(III) Auditors’ Report
Has the third quarterly report already been audited yet?
□Yes No
The third quarterly report of the Company is unaudited.
The Board of Shandong Chenming Paper Holdings Limited
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