ST晨鸣B：2024年年度报告

SHANDONGCHENMINGPAPERHOLDINGSLIMITED AnnualReport2024 March2025 Theboardofdirectors(the“Board”),thesupervisorycommittee(the“SupervisoryCommittee”)andthedirectors(the“Directors”),supervisors(the“Supervisors”)andseniormanagement(the“SeniorManagement”)oftheCompanyherebywarrantthetruthfulness,accuracyandcompletenessofthecontentsoftheannualreport,guaranteethattherearenofalserepresentations,misleadingstatementsormaterialomissionscontainedinthisannualreport,andarejointlyandseverallyresponsiblefortheliabilitiesoftheCompany. HuChangqing,headoftheCompany,DongLianming,headinchargeofaccountingandZhangBo,headoftheaccountingdepartment(AccountingOfficer),declarethattheywarrantthetruthfulness,accuracyandcompletenessofthefinancialreportintheannualreport. AllDirectorshaveattendedtheboardmeetingtoreviewthisreport. GrantThornton(SpecialGeneralPartnership)hasissuedthe2024annualauditreportwithaqualifiedopinionfortheCompany.TheBoardandtheSupervisoryCommitteeoftheCompanyhaveprovideddetailedexplanationsregardingtherelevantmatters.Investorsareadvisedtocarefullyreadtheseexplanations. Reminderofmaterialdeficienciesininternalcontrol ✓Applicable□Notapplicable GrantThornton(SpecialGeneralPartnership)hasissuedanadverseopinionintheauditor’sreportoninternalcontrolfor2024fortheCompany.PleaserefertoXIItoXIVofsectionVICorporateGovernancefordetails. Forward-lookingstatementssuchasfutureplanscontainedinthisannualreportdonotrepresentearningsforecastsoftheCompanynorconstitutesubstantivecommitmentstoinvestorsbytheCompany.Investorsandrelevantpersonsshallmaintainasufficientriskawarenessheretoandunderstandthedifferencesamongplans,forecastsandcommitments. TheCompanyisexposedtovariousriskfactorssuchasmacro-economicfluctuation,statepoliciesandregulationsandcompetitionintheindustry.Investorshouldbeawareofinvestmentrisks.Forfurtherdetails,pleaserefertotheriskfactorslikelytobefacedandthemeasurestobetakentoaddressthemassetoutintheoutlookonthefuturedevelopmentoftheCompanyinsectionVIManagementDiscussionandAnalysis. TheCompanydoesnotproposedistributionofcashdividendsorbonusshares,andtherewillbenoincreaseofsharecapitalfromreserves. TableofContents IImportantNotice,TableofContentsandDefinitions...........................................1 IICompanyProfileandKeyFinancialIndicators...............................................6 IIIChairman’sReport.....................................................................11 IVManagementDiscussionandAnalysis......................................................13 VDirectors’Report......................................................................42 VICorporateGovernance..................................................................52 VIIEnvironmentalandSocialResponsibility....................................................105 VIIIMaterialMatters.......................................................................112 IXChangesinShareCapitalandShareholders.................................................134 XPreferenceShares.....................................................................145 XIBonds...............................................................................146 XIIFinancialReport.......................................................................147 DocumentsAvailableforInspection I.Thefinancialstatementssignedandsealedbythelegalrepresentative,theheadinchargeofaccountingandtheheadoftheaccountingdepartmentoftheCompany; II.Theoriginalcopyoftheauditor’sreportwhichissealedbytheaccountingfirmandsignedandsealedbythecertifiedpublicaccountants; III.TheoriginalcopiesofthedocumentsandannouncementsoftheCompanydisclosedinthedesignatednewspaperandonthewebsiteasapprovedbytheCSRCduringthereportingperiod; IV.TheannualreportdisclosedonthewebsiteofTheStockExchangeofHongKongLimited; V.Otherrelatedinformation. Definitions ItemDefinition Company,Group,ChenmingGroup,ChenmingPaperorChenmingPaperCompany meansShandongChenmingPaperHoldingsLimitedanditssubsidiaries ParentCompanyorShouguangHeadquarters means ShandongChenmingPaperHoldingsLimited ChenmingHoldings means ChenmingHoldingsCompanyLimited ShenzhenStockExchange means ShenzhenStockExchange StockExchange means TheStockExchangeofHongKongLimited CSRC means ChinaSecuritiesRegulatoryCommission ShandongCSRC means ShandongbranchofChinaSecuritiesRegulatoryCommission ZhanjiangChenming means ZhanjiangChenmingPulp&PaperCo.,Ltd. JiangxiChenming means JiangxiChenmingPaperCo.,Ltd. ShanghaiChenming means ShanghaiChenmingIndustryCo.,Ltd. HuanggangChenming means HuanggangChenmingPulp&PaperCo.,Ltd. Chenming(HK) means Chenming(HK)Limited JilinChenming means JilinChenmingPaperCo.,Ltd. ShouguangMeilun means ShouguangMeilunPaperCo.,Ltd. ShouguangArtPaper means ShouguangChenmingArtPaperCo.,Ltd. FinanceCompany means ShandongChenmingGroupFinanceCo.,Ltd. Item Definition ChenmingInvestment means ShandongChenmingInvestmentLimited ChenmingLeasing means ShandongChenmingFinancialLeasingCo.,Ltd.anditssubsidiaries ChenrongFund means WeifangChenrongGrowthDriverReplacementEquityInvestmentFu