晨鸣Ｂ：2021年半年度报告（英文版）.PDF

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1、SHANDONG CHENMING PAPER HOLDINGS LIMITED 2021 Interim Report SHANDONG CHENMING PAPER HOLDINGS LIMITED 2021 Interim Report August 2021 I Important Notice,Table of Contents and Definitions1SHANDONG CHENMING PAPER HOLDINGS LIMITEDINTERIM REPORT 2021The board of directors(the“Board”),the supervisory com

2、mittee(the“Supervisory Committee”)and the directors(the“Directors”),supervisors(the“Supervisors”)and senior management(the“Senior Management”)of the Company hereby warrant the truthfulness,accuracy and completeness of the contents of the interim report,guarantee that there are no false representatio

3、ns,misleading statements or material omissions contained in the interim report,and are jointly and severally responsible for the liabilities of the Company.Chen Hongguo,head of the Company,Dong Lianming,head in charge of accounting,and Zhang Bo,head of the accounting department(Accounting Officer),d

4、eclare that they warrant the truthfulness,accuracy and completeness of the financial report in the interim report.All directors have attended the board meeting to review this report.The Company is exposed to various risk factors such as macro-economic fluctuation,adjustment of state policy and compe

5、tition in the industry.Investors should be aware of investment risks.For further details,please refer to the risk exposures of the Company and the measures to be taken to address them as set out in Management Discussion and Analysis.The Company does not propose distribution of cash dividends or bonu

6、s shares,and there will be no increase of share capital from reserves.I Important Notice,Table of Contents and Definitions2SHANDONG CHENMING PAPER HOLDINGS LIMITEDINTERIM REPORT 2021Table of ContentsIImportant Notice,Table of Contents and Definitions1IICompany Profile and Key Financial Indicators5II

7、IManagement Discussion and Analysis9IVCorporate Governance24VEnvironmental and Social Responsibility26VIMaterial Matters33VIIChanges in Share Capital and Shareholders46VIIIPreference Shares51IXBonds53XFinancial Report57I Important Notice,Table of Contents and Definitions3SHANDONG CHENMING PAPER HOLD

8、INGS LIMITEDINTERIM REPORT 2021Documents Available for Inspection(I)The financial statements signed and sealed by the head of the Company,the head in charge of accounting and the head of the accounting department;(II)The interim report signed by the legal representative;(III)The original copies of a

9、ll of the documents and announcements of the Company disclosed on the designated website as approved by the China Securities Regulatory Commission during the reporting period;(VI)The interim report disclosed on The Stock Exchange of Hong Kong Limited;(V)Other relevant information.I Important Notice,

10、Table of Contents and Definitions4SHANDONG CHENMING PAPER HOLDINGS LIMITEDINTERIM REPORT 2021DefinitionsItemDefinitionCompany,Group,Chenming Group or Chenming PapermeansShandong Chenming Paper Holdings Limited and its subsidiariesParent Company or Shouguang HeadquartersmeansShandong Chenming Paper H

11、oldings LimitedChenming HoldingsmeansChenming Holdings Company LimitedShenzhen Stock ExchangemeansShenzhen Stock ExchangeStock ExchangemeansThe Stock Exchange of Hong Kong LimitedCSRCmeansChina Securities Regulatory CommissionShandong CSRCmeansShandong branch of China Securities Regulatory Commissio

12、nZhanjiang ChenmingmeansZhanjiang Chenming Pulp&Paper Co.,Ltd.Jiangxi ChenmingmeansJiangxi Chenming Paper Co.,Ltd.Wuhan ChenmingmeansWuhan Chenming Hanyang Paper Holdings Co.,Ltd.Shanghai ChenmingmeansShanghai Chenming Industry Co.,Ltd.Huanggang ChenmingmeansHuanggang Chenming Pulp&Paper Co.,Ltd.Che

13、nming(HK)meansChenming(HK)LimitedJilin ChenmingmeansJilin Chenming Paper Co.,Ltd.Shouguang MeilunmeansShouguang Meilun Paper Co.,Ltd.Chenming Sales CompanymeansShandong Chenming Paper Sales Company LimitedFinance CompanymeansShandong Chenming Group Finance Co.,Ltd.Chenming LeasingmeansShandong Chenm

14、ing Financial Leasing Co.,Ltd.and its subsidiariesChenming GDR FundmeansWeifang Chenming Growth Driver Replacement Equity Investment Fund Partnership(Limited Partnership)Chenrong FundmeansWeifang Chenrong Growth Driver Replacement Equity Investment Fund Partnership(Limited Partnership)Chenchuang Fun

15、dmeansWeifang Chenchuang Equity Investment Fund Partnership(Limited PartnershipChangjiang Chenming Equity Investment FundmeansHubei Changjiang Chenming Huanggang Equity Investment Fund Partnership(Limited Partnership)Chendu Equity InvestmentmeansWeifang Chendu Equity Investment Partnership(Limited P

16、artnership)Corporate Bondsmeans17 Chenming Bond 01 and 18 Chenming Bond 01Preference SharesmeansChenming You 01,Chenming You 02 and Chenming You 03Perpetual Bondsmeans17 Lu Chenming MTN001reporting periodmeansthe period from 1 January 2021 to 30 June 2021the beginning of the year or the periodmeans1

17、 January 2021the end of the interim period or the periodmeans30 June 2021II Company Profile and Key Financial Indicators5SHANDONG CHENMING PAPER HOLDINGS LIMITEDINTERIM REPORT 2021I.Company profileStock abbreviation晨鳴紙業Stock code000488晨鳴 B200488晨鳴優 03140005Stock exchanges on which the shares are lis

18、tedShenzhen Stock ExchangeStock abbreviationChenming PaperStock code01812Stock exchanges on which the shares are listedThe Stock Exchange of Hong Kong LimitedLegal name in Chinese of the Company山東晨鳴紙業集團股份有限公司Legal short name in Chinese of the Company晨鳴紙業Legal name in English of the Company(if any)SH

19、ANDONG CHENMING PAPER HOLDINGS LIMITEDLegal short name in English of the Company(if any)SCPHLegal representative of the CompanyChen HongguoII.Contact persons and contact methodsSecretary to the BoardHong Kong Company SecretaryNameYuan XikunChu Hon LeungCorrespondence AddressNo.2199 Nongsheng East Ro

20、ad,Shouguang City,Shandong Province22nd Floor,World Wide House,Central,Hong KongTelephone(86)-0536-2158008+852-21629600Facsimile(86)-0536-2158977+852-25010028Email liamchuli-III.Other information1.Contact methods of the CompanyWhether the registered address,office address,postal code,website,email o

21、f the Company changed during the reporting period Applicable Not applicableThere was no change of the registered address,office address,postal code,website and email of the Company during the reporting period.Please refer to 2020 Annual Report for details.2.Information disclosure and places for insp

22、ectionWhether the information disclosure and places for inspection changed during the reporting period Applicable Not applicableThere was no change of the newspapers designated by the Company for information disclosure,designated websites for the publication of the interim report as approved by CSRC

23、 and places for inspection of the Companys interim report during the reporting period.Please refer to 2020 Annual Report for details.II Company Profile and Key Financial Indicators6SHANDONG CHENMING PAPER HOLDINGS LIMITEDINTERIM REPORT 2021IV.Major accounting data and financial indicatorsRetrospecti

24、ve adjustment to or restatement of the accounting data for prior years by the Company Yes NoThe reporting periodThe corresponding period of the prior yearIncrease/decrease for the reporting period as compared to the corresponding period of the prior yearRevenue(RMB)17,172,816,354.5313,599,805,765.86

25、26.27%Net profit attributable to shareholders of the Company(RMB)2,021,095,417.54516,326,703.48291.44%Net profit after extraordinary gains or losses attributable to shareholders of the Company(RMB)1,964,718,180.7067,882,116.232,794.31%Net cash flows from operating activities(RMB)4,747,185,521.942,32

26、7,033,784.68104.00%Basic earnings per share(RMB per share)0.6040.0511,084.31%Diluted earnings per share(RMB per share)0.6040.0511,084.31%Rate of return on weighted average net assets8.94%0.84%Increase by 8.1 percentage pointsAs at the end of the reporting periodAs at the end of the prior yearIncreas

27、e/decrease as at the end of the reporting period as compared to the end of the prior yearTotal assets(RMB)90,601,029,144.3591,575,457,828.62-1.06%Net assets attributable to shareholders of the Company(RMB)23,295,559,729.2624,276,968,789.00-4.04%Data description of basic earnings per share,diluted ea

28、rnings per share,and rate of return on weighted average net assets:Net profit attributable to shareholders of the Company does not exclude the effect on interest of perpetual bonds and the dividends on Preference Shares paid and declared to be paid.When calculating financial indicators such as earni

29、ngs per share and the rate of return on weighted average net assets,the interest on perpetual bonds from 1 January 2021 to 30 June 2021 of RMB44,481,369.86 and the dividend on Preference Shares paid and declared to be paid in 2021 of RMB207,065,968.66 are deducted.II Company Profile and Key Financia

30、l Indicators7SHANDONG CHENMING PAPER HOLDINGS LIMITEDINTERIM REPORT 2021V.Differences in accounting data under domestic and overseas accounting standards1.Differences between the net profit and net assets disclosed in accordance with international accounting standards and China accounting standards

31、in the financial report Applicable Not applicableThere was no difference between the net profit and net assets disclosed in accordance with international accounting standards and China accounting standards in the financial report during the reporting period.2.Differences between the net profit and n

32、et assets disclosed in accordance with overseas accounting standards and China accounting standards in the financial report Applicable Not applicableThere was no difference between the net profit and net assets disclosed in accordance with overseas accounting standards and China accounting standards

33、 in the financial report during the reporting period.VI.Items and amounts of extraordinary gains or losses Applicable Not applicableUnit:RMBItemAmountExplanationProfit or loss from disposal of non-current assets(including write-off of provision for assets impairment)48,674,753.15Government grants(ex

34、cept for the government grants closely related to the normal operation of the company and granted constantly at a fixed amount or quantity in accordance with a certain standard based on state policies)accounted for in profit or loss for the current period125,144,721.79Except for effective hedging bu

35、siness conducted in the ordinary course of business of the Company,gain or loss arising from the change in fair value of financial assets held for trading,derivative financial assets,financial liabilities held for trading and derivative financial liabilities,as well as investment gains from disposal

36、 of financial assets held for trading,derivative financial assets,financial liabilities held for trading,derivative financial liabilities and other debt investments-89,980,570.69Consumable biological assets subsequently measured at fair value-9,139,121.20Other non-operating income and expenses other

37、 than the above items15,264,970.71Less:Effect of income tax30,517,886.75Effect of minority interests(after tax)3,069,630.17Total56,377,236.84II Company Profile and Key Financial Indicators8SHANDONG CHENMING PAPER HOLDINGS LIMITEDINTERIM REPORT 2021Notes for the Companys extraordinary gain or loss it

38、ems as defined in the Explanatory Announcement on Information Disclosure for Companies Offering Their Securities to the Public No.1 Extraordinary Gains or Losses and the extraordinary gain or loss items as illustrated in the Explanatory Announcement on Information Disclosure for Companies Offering T

39、heir Securities to the Public No.1 Extraordinary Gains or Losses defined as its recurring gain or loss items Applicable Not applicableNo extraordinary gain or loss items as defined or illustrated in the Explanatory Announcement on Information Disclosure for Companies Offering Their Securities to the

40、 Public No.1 Extraordinary Gains or Losses were defined by the Company as its recurring gain or loss items during the reporting period.III Management Discussion and Analysis9SHANDONG CHENMING PAPER HOLDINGS LIMITEDINTERIM REPORT 2021I.Principal activities of the Company during the Reporting Period(I

41、)Overview of the Companys business during the reporting period1.Business overviewThe Company is a large modern conglomerate principally engaged in pulp production and paper making.Its key indicators in respect of economic efficiency have been in a leading position in the industry in China for over 2

42、0 consecutive years.The Company has been on the Fortune 500 China list for 12 years.Taking“revitalising the Chinese papermaking industry”as its mission,the Company has been cultivating in depth its principal business of paper making and leading the development direction of the industry.The Company h

43、as committed itself to implementing a pulp and paper integration strategy,and takes the lead in laying out the entire industrial chain,with 6 production bases in Shandong,Guangdong,Hubei,Jiangxi,Jilin and other places,with annual pulp and paper production capacity of more than 11 million tonnes.It i

44、s the only large-scale pulp and paper integrated company in China that achieves a balance between pulp and paper production.During the reporting period,the machine-made paper business was the major source of revenue and profit of the Company,and there was no significant change in the principal activ

45、ities of the Company.As a leading player in the papermaking industry of China,the Company attaches great importance to technology research and development and brand benefits.It has scientific research institutions including the national enterprise technology centre,the post-doctoral working station,

46、the state certified CNAS pulp and paper testing centre,Shandong Pulp and Paper Making Laboratory,and the Guangdong Pulp and Paper Production Technology Research Center and has obtained 322 national patents including 26 patents for invention,with 7 products selected as national new products.The Compa

47、ny has obtained 15 science and technology progress awards above the provincial level and undertaken five national science and technology projects and 63 provincial technological innovation projects.The Company has pioneered to obtain the ISO9001 quality certification,ISO14001 environmental protectio

48、n certification and FSC-COC certification among its industry peers.It boasts the largest and most advanced pulping and papermaking production lines in the world,with products covering more than 200 types in seven series under five major categories,including high-end offset paper,white paper board,co

49、ated paper,light weight coated paper,household paper,electrostatic copy paper and thermal paper.The Company owns“CHENMING BIYUNTIAN”,“GOLDEN MINGYANG”,“CHENMING CLOUDY MIRROR”,“CHENMING CLOUDLY LION”,“CHENMING SNOW SHARK”,“CHENMING EAGLE”,“CHENMING GONGHAO”,“XINGZHILIAN”,“FOREST LOVE”and other brand

50、s,with each major product ranking among the highest in terms of market share in China.During the reporting period,under the leadership of the Board and the management of the Company,the Group focused on the development of its principal activities,i.e.pulp production and paper making,stabilised produ