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个股公告正文

晨 鸣B:2019年半年度报告摘要(英文版)

日期:2019-08-16附件下载

    Stock code: 000488 200488 Stock abbreviation: Chenming Paper Chenming B Announcement No.: 2019-088
    
    2019 Interim Report Summary of
    
    Shandong Chenming Paper Holdings Limited
    
    I. IMPORTANT NOTICE
    
    This interim report summary is extracted from the text of the interim report. For the full understanding of the operating
    
    results, financial position and plan for further development, investors should carefully read the text of the interim report
    
    published on the media as designated by the CSRC.
    
    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
    
    The Company does not propose distribution of cash dividends or bonus shares, and there will be no increase of share
    
    capital from reserves.
    
    Plans for profit distribution on preference shares for the reporting period approved by the Board
    
    □ Applicable √ Not applicable
    
    II. BASIC INFORMATION ABOUT THE COMPANY
    
    1. Company profile
    
                                           晨鸣纸业                                   000488
                                           晨鸣B                                      200488
               Stock abbreviation            晨鸣优01                   Stockcode        140003
                                           晨鸣优02                                   140004
                                           晨鸣优03                                   140005
     Stockexchangesonwhichthesharesare     ShenzhenStockExchange
     listed
     Stock abbreviation                       晨鸣纸业                   Stockcode        01812
     Stockexchangesonwhichthesharesare     TheStockExchangeofHongKongLimited
     listed
     Legal nameinChineseofthe Company      山东晨鸣纸业集团股份有限公司
     LegalshortnameinChineseofthe         晨鸣纸业
     Company
     LegalnameinEnglishofthe Company(if    SHANDONGCHENMINGPAPERHOLDINGSLIMITED
     any)
     LegalshortnameinEnglishofthe         SCPH
     Company(ifany)
     Legalrepresentativeofthe Company       ChenHongguo
    
    
    2. Major accounting data and financial indicators
    
    Retrospective adjustment to or restatement of the accounting data for prior years by the Company
    
    □ Yes √ No
    
                                                              The         Increase/decreaseforthe
                                          The reporting     corresponding    reportingperiodascompared
                                             period       periodoftheprior   tothecorrespondingperiod
                                                             year            oftheprioryear
     Revenue(RMB)                        13,348,648,113.70   15,551,334,039.8                -14.16%
                                                                     9
     Netprofitattributabletoshareholdersofthe      509,795,572.29   1,784,631,025.31                -71.43%
     Company(RMB)
     Netprofitafterextraordinarygainsorlosses
     attributabletoshareholdersoftheCompany      303,144,996.21   1,537,896,765.44                -80.29%
     (RMB)
     Netcashflowsfromoperatingactivities       2,699,770,891.69   4,745,037,920.91                -43.10%
     (RMB)
     Basicearningspershare(RMBpershare)               0.013            0.36                -96.39%
     Dilutedearningspershare(RMBpershare)             0.013            0.36                -96.39%
     Rateofreturnonnetassetsonweighted                0.21%           5.77%                 -5.56%
     averagebasis
                                          Asattheendof                   Increase/decreaseasatthe
                                           thereporting     Asattheendof    endofthereportingperiod
                                             period        theprioryear     ascomparedtotheendof
                                                                             the prioryear
     Totalassets(RMB)                     106,558,750,961.4   105,318,734,827.                  1.18%
                                                     2              82
     Netassetsattributabletoshareholdersofthe   24,468,978,032.01   25,048,731,454.7                 -2.31%
     Company(RMB)                                                   9
    
    
    Data specification for basic earnings per share, diluted earnings per share, and rate of return on weighted averagenet assets:
    
    Net profit attributable to shareholders of the Company does not exclude the effect of interest of perpetual bondsand the dividends of preference shares paid and declared to be paid. When calculating financial indicators such asearnings per share and the rate of return on net assets on weighted average basis, the interest for perpetual bonds from 1January 2019 to 30 June 2019 of RMB96,202,739.73 and the dividend on preference shares paid and declared to be paidin 2019 of RMB377,169,767.52 are deducted.
    
    3. Total number of shareholders and shareholdings
    
    Unit: share
    
         Totalnumberof       130,823,ofwhich110,298were     Totalnumberofshareholdersof
      shareholdersofordinary    holdersofAshares,20,157were     preferenceshareswithrestored
     shares asattheendofthe   holdersofBsharesand368were     votingrightasattheendofthe                 0
         reportingperiod            holdersofHshares         reportingperiod,ifany(seeNote
                                                                   8)
          Shareholdings ofshareholdersinterestedinmorethan5%ofthesharesoftheCompanyorTop10shareholders
                                                         Change  Numb             Sharepledgedor
                                              Number of     s     erof   Number       locked-up
                                      Percent    ordinary   (increas  restric     of
                             Natureof   ageof   sharesheld    eor     ted    non-restri  Stat
       Name ofshareholders     shareholde  shareho   attheend   decreas  ordina     ct      us
                               rs       lding     ofthe      e)      ry    ordinary    of     Number
                                               reporting   during   shares    shares    shar
                                                period     the     held     held     es
                                                         Reporti
                                                          ng
                                                         period
     CHENMING  HOLDINGS  State-owne          445,396,12  125000         445,396,1   Ple
     COMPANY LIMITED     dlegal      15.33%         8       0      0        28   dge   333,499,836
                            person                                                  d
     HKSCCNOMINEES       Overseas           373,067,62                 373,067,6
     LIMITED               legal       12.84%         5  -220250      0        25
                            person
     CHENMING  HOLDINGS  Overseas           364,131,56                 364,131,5
     (HONGKONG)LIMITED   legal       12.54%         3       0      0        63
                            person
     CENTRALHUIJINASSET  State-owne                                   60,206,85
     MANAGEMENTLTD.     dlegal      2.07%  60,206,850       0      0         0
                            person
     AGRICULTURALBANK   Others                        1,816,3         15,982,75
     OFCHINALIMITED-                 0.55%  15,982,750      00      0         0
     CHINACSI500ETF
     VANGUARD            Overseas                                     12,912,35
     EMERGINGMARKETS    legal        0.44%  12,912,357       0      0         7
     STOCKINDEXFUND     person
     VANGUARDTOTAL       Overseas                                     11,351,62
     INTERNATIONALSTOCK   legal        0.39%  11,351,620  354,212      0         0
     INDEXFUND            person
                            Domestic
     ChenHongguo            nature       0.38%  11,080,044  935,600      0  2,770,011
                            person
                            Domestic                                    10,800,20
     ChenSuiqiang            nature       0.37%  10,800,200  899,050      0         0
                            person
                            Domestic                     -1,114,4         10,610,32
     JinXing                 nature       0.37%  10,610,329      21      0         9
                            person
                            Ashareholder,ChenmingHoldings(HongKong) Limited,whichis anoverseaslegal person,
                            is a wholly-owned subsidiary of a shareholder, Shouguang Chenming Holdings Company
     Relatedpartyrelationshipor  Limited, which is a state-owned legal person. A shareholder, Chen Hongguo, is the legal
     actinginconcertamongthe   representative, chairman and general manager of Chenming Holdings Company Limited.
     aboveshareholders         Save for the above,it is not aware that anyother shareholdersoftradable shares are persons
                            acting in concert and is also not aware that any other shareholders of tradable shares are
                            connectedwitheachother.
                        Shareholdingsofthetoptenshareholdersofnon-restrictedordinaryshares
                                        Number ofnon-restricted               Classofshares
             Name ofshareholders           ordinarysharesheldasat
                                         theendofthereporting       Classofshares          Number
                                               period
     CHENMINGHOLDINGSCOMPANY                445,396,128  RMBordinaryshares          445,396,128
     LIMITED
     HKSCCNOMINEESLIMITED                     373,067,625  Overseaslisted               373,067,625
                                                             foreign shares
                                                             Domestic  listed foreign       210,717,563
     CHENMINGHOLDINGS(HONGKONG)             364,131,563  shares
     LIMITED                                                 Overseaslisted               153,414,000
                                                             foreign shares
     CENTRALHUIJINASSET                          60,206,850  RMBordinaryshares           60,206,850
     MANAGEMENTLTD.
     AgriculturalBankofChinaLimited-                   15,982,750  RMBordinaryshares           15,982,750
     CSI500IndexOpen-endedFund
     VANGUARDEMERGINGMARKETS                 12,912,357  Domestic listed foreign        12,912,357
     STOCKINDEXFUND                                       shares
     VANGUARDTOTALINTERNATIONAL               11,351,620  Domestic listed foreign        11,351,620
     STOCKINDEXFUND                                       shares
     ChenSuiqiang                                   10,800,200  RMBordinaryshares           10,800,200
     JinXing                                        10,610,329  Domestic listed foreign        10,610,329
                                                             shares
     LSVEMERGINGMARKETSEQUITY                 9,154,200  Domestic listed foreign         9,154,200
     FUND,L.P.                                                shares
     Relatedpartyrelationshiporacting  Ashareholder,ChenmingHoldings(HongKong)Limited,whichisanoverseaslegal
     inconcertamongthetopten       person,isawholly-ownedsubsidiaryofashareholder,ShouguangChenmingHoldings
     ordinaryshareholdersof          CompanyLimited,whichisastate-ownedlegalperson.Savefortheabove,itisnot
     non-restrictedordinaryshares,and   awarethatanyothershareholdersoftradablesharesarepersonsactinginconcert. Itis
     betweenthetoptenshareholdersof  alsonotawarethatanyothershareholdersoftradablesharesarerelatedtoeachother.
     non-restrictedordinarysharesand
     thetoptenordinaryshareholders
     Securitiesmargintradingoftop10  Chenming Holdings Company Limited held 445,396,128 RMB ordinary shares, of
     ordinaryshareholders            which 402,196,128 shares were held through ordinary account and 43,200,000 shares
                                 wereheldthroughcreditguaranteesecurityaccount.
    
    
    4. Change of controlling shareholders or beneficial controllers
    
    The change of controlling shareholders during the reporting period
    
    □ Applicable √ Not Applicable
    
    There was no change of controlling shareholders of the Company during the reporting period.
    
    Change of beneficial owner during the reporting period
    
    □ Applicable √ Not Applicable
    
    There was no change of beneficial owner of the Company during the reporting period.
    
    5. Total number of holders of preference shares and the shareholdings of top ten holders of
    
    preference shares
    
    √ Applicable □ Not Applicable
    
    Unit: share
    
     Totalnumberofshareholdersofpreferencesharesasattheend                                         7
     ofthereportingperiod
        Holdersholdingsmorethan5%ofthe preferencesharesofthe Companyortoptenholdersofpreferenceshares
                                                        Numberof    Changes     Sharepledgedor
                                              Preferenc   preference    (increase       locked-up
                                    Natureof       e      sharesheld      or
           Nameofshareholders        shareholders  sharehold  attheendof   decrease)   Status
                                                ing     thereporting  duringthe    of     Number
                                                          period     reporting   shares
                                                                     period
     BEIJINGYIBENZHONGXING      Domestic
     INVESTMENTMANAGEMENT    non-state-ow    27.78%    12,500,000         0   Pledge   12,500,00
     CO.,LTD.                       nedlegal                                       d         0
                                     person
     BANKOFCOMMUNICATIONS
     INTERNATIONALTRUSTCO.,       Others      22.44%    10,100,000         0
     LTD.-HUILINO.167SINGLE
     CAPITALTRUST
     BANKOFCOMMUNICATIONS
     MINTERNATIONALTRUSTCO.,     Others      14.22%    6,400,000         0
     LTD.-HUILINO.136SINGLE
     CAPITALTRUST
     QILUBANKCO.,LTD.-QILU
     BANKQUANXINWEALTH         Others      13.33%    6,000,000         0
     MANAGEMENTPRODUCT
     SERIES
                                    Domestic
     HENGFENGBANKCO.,LTD.     non-state-ow    11.11%    5,000,000         0
                                    nedlegal
                                     person
     SHANGHAISTATE-OWNED      State-owned     6.67%    3,000,000         0
     ASSETSOPERATIONCO.,LTD.    legalperson
     NCF-MINSHENGBANK–
     CHINAFORTUNE
     INTERNATIONALTRUST–          Others       4.44%    2,000,000         0
     CHINAFORTUNETRUST?MIN
     XINNO.11SINGLECAPITAL
     TRUST
                                  The aforesaid holders of preference shares, “BANKOF COMMUNICATIONS
     Relatedpartyrelationshiporacting   INTERNATIONALTRUST CO., LTD. – UILI NO.167 SINGLE CAPITAL
     inconcertamongthetoptenholders  TRUST” and “BANK OF COMMUNICATIONSINTERNATIONALTRUST
     ofpreferenceshares,andbetween    CO., LTD.- HUILINO.136SINGLECAPITALTRUST”,arepersonsactingin
     thetoptenholdersofpreference     concert. Save for the above, it is not aware that whether the remaining holders
     sharesandthe                   of preference shares are persons acting in concert. It is also not aware that the
     toptenholdersofordinaryshares     top ten holders of preference shares and the top ten holders of ordinary shares
                                  arerelatedtoeachother.
    
    
    6. Corporate Bonds
    
    Are there any corporate bonds offered to the public and listed on stock exchanges which do not become due as at the
    
    date of approval of interim report or overdue but not fully settled?
    
    Yes
    
    (1) Basic information on corporate bonds
    
                                                              Outstanding
                          Bond      Bond     Issue    Maturity   amountof   Interest     Payment
        Nameofbond     abbreviation    code      date      date     thebonds     rate       method
                                                              (RMB’0,000
                                                                  )
     Thepublicissuance                                                             Interestispaid
     ofthecorporate                                                                annually.The
     bondsofShandong        17                 17       21                        principal
     ChenmingPaper       Chenming    112570    August    August       120,000   6.50%  amountandthe
     HoldingsLimitedto     Bond01              2017     2022                       lastinterest
     qualifiedinvestorsin                                                             paymentwillbe
     2017(trancheI)                                                                paidonthe
                                                                                 maturitydate.
     Thepublicissuance                                                             Interestispaid
     ofthecorporate                                                                annually.The
     bondsofShandong        18                                                    principal
     ChenmingPaper       Chenming    112641   29March  02April       90,000   7.28%  amountandthe
                                             2018     2023                       lastinterestHoldingsLimitedto     Bond01
     qualifiedinvestorsin                                                             paymentwillbe
     2018(trancheI)                                                                paidonthe
                                                                                 maturitydate.
     Stockexchangeonwhichcorporate   ShenzhenStockExchange
     bondsarelistedortransferred
                                  Online subscription:PublicinvestorswithAsharesecurityaccountopened
     Investoreligibilityarrangement      underChinaSecuritiesDepositoryandClearingCo.,Ltd.Offlinesubscription:
                                  Institutional investorswithAsharesecurityaccountopenedunderChina
                                  Securities DepositoryandClearingCo.,Ltd.
     Interestpaymentofcorporatebonds   Therewasnointerestpaymentduringthereportingperiod.
     duringthereportingperiod
     Performanceofrelevanttermsduring  Both17ChenmingBond01and18ChenmingBond01attachwithoptionsfor
     thereportingperiod,forspecial      theissuertoadjustthecouponrateandforinvestorstoresell.Theissuerhasthe
     termssuchasissuerorinvestor       righttodeterminetheadjustmenttothecouponrateforthefollowing3yearsat
     optionandinterchangeablefor       theendofthesecondyearandtheadjustmenttothecouponrateforthe
     corporatebonds(ifany)            followingyearastheendofthefourthyear.Afterissuingtheannouncementon
                                  whether thecouponrateoftherelevanttrancheofbondswillbeadjustedand
                                  the rangeofadjustment,theinvestorshavetherighttoregisterforreselling
                                  during theperiodasannouncedtoresellallorpartoftherelevanttrancheof
                                  bonds heldtotheissueratparvalue.
    
    
    (2) Financial indicators as at the end of the reporting period
    
    Unit: RMB’0,000
    
                                                                        Increase/decrease asatthe
              Item               Asattheendofthe       Asattheendofthe    endofthereportingperiodas
                                 reporting period           prioryear        comparedtotheendofthe
                                                                              prior year
     Gearingratio                             76.25%              75.43%                   0.82%
     Currentratio                             77.56%              78.10%                   -0.54%
     Quickratio                              70.30%              69.54%                   0.76%
                                                                         Increase/decreaseofthe
              Item              Thereportingperiod      Thecorresponding    reportingperiodascompared
                                                    periodoftheprioryear    tocorrespondingperiodof
                                                                             theprioryear
     EBITDAinterestcoverage                      1.64                2.70                  -39.26%
     ratio
     Loanspaymentratio                       100.00%             100.00%                   0.00%
     Interestpaymentratio                      100.00%             100.00%                   0.00%
    
    
    Major reason for more than 30% in year-on-year change for the above accounting data and financial indicators:
    
    √ Applicable □ Not Applicable
    
    EBITDA interest coverage ratio recorded a decrease of 39.26%, which was mainly due to the year-on-year decrease of
    
    profit during the reporting period.
    
    III. Discussion and Analysis of Operations
    
    1. Principal operations of the Company during the Reporting Period
    
    Whether the Company needs to comply with the disclosure requirements of specific industries
    
    No
    
    (I) Principal activities of the Company during the reporting period
    
    The Company is a large conglomerate principally engaged in pulp production and paper making with synergistic
    
    development in finance, mining, forestry, logistics and construction materials. The Company is the only listed company
    
    with A shares, B shares and H shares in China. It is among the top 100 listed companies in China and the top 10 star
    
    enterprises in China, and is rated as one of the 50 most competitive blue chip companies in China. It has been honoured
    
    over 200 titles above the provincial level including the China May 1st Labour Prize, the Top 10 Best Light Industry
    
    Enterprises in China, Outstanding Contribution Prize in Business Administration in China and the National Spiritual
    
    Civilisation Advanced Unit. Its key indicators in respect of business and economic efficiency have been in a leading
    
    position in the industry in China for over 20 consecutive years. The machine-made paper business is the principal
    
    activity and the major source of revenue and profit of the Company. During the reporting period, there was no
    
    significant change in the principal activity of the Company.
    
    Recently, the Company has committed itself to implementing the “forestry, pulp and paper integration” strategy. Itcurrently has three major pulp mills in Zhanjiang, Huanggang and Shouguang. It has the largest wood pulp productioncapacity in China with annual production capacity of more than 4.2 million tonnes. It is the first integrated pulp andpaper enterprise in China to be able to produce wood pulp to meet its paper making demand and its pulp productioncapacity and paper production capacity complement each other perfectly. Leveraging the integrated forestry, pulp andpaper project, the Company is the enterprise that offers the widest product range in the paper making industry, and itsproducts include culture paper, white paper board, coated paper, household paper, electrostatic copy paper and thermalpaper, with each major product ranking among the best in China in terms of market share.
    
    The Company has scientific research institutions including the national enterprise technology centre, thepostdoctoral working station as well as state certified CNAS pulp and paper testing centre and has obtained over 150national patents including 17 patents for invention, with 7 products selected as national new products and 35 productsfilling the gap in China. The Company has obtained 21 Science and Technology Progress Awards above the provinciallevel and undertaken five national science and technology projects and 26 provincial technological innovation projects.The Company has obtained the ISO9001 quality certification, ISO14001 environmental protection certification andFSC-COC certification, leading among its industry peers.
    
    (I I) Management situation for the reporting period
    
    During the reporting period, although the general operation of the Company is in good condition, the Company experiencedhuge challenges as other paper making enterprises did in the complex and changing domestic and international economic situation.Affected by various factors such as economic downturn, reduced market demand, tight supply and rising prices of raw materials, thepaper making industry experienced a decline in economic efficiency, increased difficulties in production and operation, and fallingpaper prices. Accordingly, the Company achieved net profit of only RMB38.22 million in the first quarter, representing a decrease of95.12% as compared to the corresponding period of prior year.
    
    Since the second quarter, the market improved significantly. The prices of the major paper types had been on the rise, and thebenefits of the paper price rise were obvious. The Shouguang Meilun 510,000 tonne high-ended cultural paper project, theShouguang Headquarters cultural paper transformation project, the Shouguang Meilun 1,000,000 tonne chemical pulp project, theHuanggang Chenming chemical pulp project and others invested and constructed by the Company were successively put intooperation with smooth operation in the second quarter, and gradually began to play their role. The profitability of the Companyimproved significantly in the second quarter with a quarter-on-quarter increase of 1,157.95%.
    
    In the first half of 2019, the Company completed the production of machine-made paper of 2.15 million tonnes with sales of2.39 million tonnes and achieved revenue of RMB13,349 million, a year-on-year decrease of 14.16%. The Company recordedoperating costs of RMB9,754 million, a year-on-year decrease of 4.93%. Total profit and net profit attributable to equity holders ofthe Company were RMB662 million and RMB510 million respectively, down by 70.12% and 71.43% from the prior year. TheCompany’s total assets amounted to RMB106,559 million.
    
    At present, the four major pulp and paper projects of the Company have been completed and commenced operation. There isno major project expenditure in the future; and the financial leasing company continued to reduce its business scale, and financeexpenses will be effectively controlled. In the second half year, as the four major pulp and paper projects will operate at full capacityand fully realised their benefits, the Company will achieve a balance between the pulp production capacity and paper productioncapacity. The advantages of its pulp and paper integration will be obvious with significantly higher gross profit margin, therebyeffectively enhancing the overall profitability and risk aversion ability of the Company.
    
    2. 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
    
    There was no change in accounting policies, accounting estimates and accounting methods of the Company during the
    
    reporting period.
    
    (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.
    
    (3) Reason for changes in scope of the consolidated financial statements as compared to the financial report
    
    for the prior accounting period
    
    √ Applicable □Not applicable
    
    During the reporting period, the scope of consolidation increased and one new subsidiary was established, which was
    
    Shanghai Chenming Pulp & Paper Sales Co., Ltd.

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