ST晨鸣B:2024年年度报告摘要(英文版)

Stock code: 000488 200488 Stock abbreviation: ST Chenming Paper ST Chenming B Announcement No.: 2025-011
2024Annual 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 the
media as designated by the CSRC.
All directors have attended the board meeting to review this report.
Notice of non-standard auditor’s opinion
Applicable □ Not applicable
Grant Thornton (Special General Partnership) has issued an audit report with a qualified opinion for the Company. The Board and
the Supervisory Committee of the Company have provided detailed explanations regarding the relevant matters. Investors are
advised to carefully read these explanations.
A proposed profit distribution plan or a proposed plan on conversion of capital reserves into share capital for the reporting period
was considered and passed by the Board
□Applicable Not applicable
The Company proposes not to distribute cash dividend, issue bonus share, or capitalise from capital reserves
Aproposed profit distribution plan on preference shares for the reporting period was considered and approved by the Board
□Applicable Not applicable
II. BASIC INFORMATIONABOUT THE COMPANY
1. Company profile
ST晨鸣 000488
Stock abbreviation Stock code
ST晨鸣 B 200488
Stock exchange on
which the shares are Shenzhen Stock Exchange
listed
Stock abbreviation CHENMING PAPER Stock code 01812
Stock exchange on
which the shares are The Stock Exchange of Hong Kong Limited
listed
Stock abbreviation Nil
before the change
Contact persons and Secretary to the Board Securities affairs representatives Hong Kong Company
contact methods Secretary
Name Yuan Xikun Zhang Chuangyong Chen Lin Chu Hon Leung
Email address chenmmingpaper@163.com friend537@163.com ZQCL0536@163.com liamchu@li-partners.com
No. 2199 Nongsheng East No. 2199 Nongsheng East Road, Shouguang City, 22nd Floor, World Wide
Office address Road, Shouguang City, Shandong House, Central, Hong
Shandong Kong
Telephone 0536-2158008 0536-2158008 00852-21629600
Facsimile 0536-2158977 0536-2158977 00852-25010028
2. Overview of principle activities or products during the reporting period
(1) Business overview of the Company
The Company is a large modern conglomerate principally engaged in pulp production and paper making and committed itself to
implementing a pulp and paper integration strategy. The Company has production bases in Shandong, Guangdong, Hubei, Jiangxi,
Jilin and other places for the production of machine-made paper products covering more than 200 types in seven series, including
culture paper, coated paper, white cardboard, copy paper, industrial paper, special paper, and household paper. It is the enterprise
with the largest variety of products and the most complete products in the domestic paper industry. It is also the first domestic paper
making enterprise that achieves a balance between pulp production and paper making capacity in general. During the reporting
period, the machine-made paper business was the major source of revenue and profit of the Company, with no significant changes in
the principal activity.
In recent years, the contradiction between supply and demand in the short term has been prominent due to the concentration of
newly-added production capacity in the paper industry. As a result, the prices of the Company’s major products continued to decline
during the reporting period with a year-on-year decrease in gross profit. In addition, some of the Company’s production bases had
successively been in shutdown and maintenance in the fourth quarter, leading to unsatisfactory capacity utilisation and a year-on-year
decline in production and sales volumes. The Company made impairment provisions for certain assets, and also increased the
provision ratio for bad debts related to underperforming financial leasing customers out of prudence, which collectively contributed
to a decline in profitability. In 2024, the net profit attributable to shareholders of the Company recorded a l