ST晨鸣B：2025年年度报告（英文版）

(a joint stock company incorporated in the People’s Republic of China with limited liability)Stock Code: 1812 A N N U A L R E P O R T2025 I Important Notice, Table of Contents and Definitions The board of directors (the “Board”), the directors (the “Directors”) and senior management (the “Senior Management”) of theCompany hereby warrant the truthfulness, accuracy and completeness of the contents of the annual report, guarantee thatthere are no false representations, misleading statements or material omissions contained in this annual report, and are jointlyand severally responsible for the liabilities of the Company. Jiang Yanshan, head of the Company, Zhu Yanli, head in charge of accounting and Zhang Bo, head of the accountingdepartment (Accounting Officer), declare that they warrant the truthfulness, accuracy and completeness of the financial reportin the annual report. All Directors have attended the board meeting to review this report. Notice of non-standard audit opinions✓ApplicableNot applicable Grant Thornton (Special General Partnership) has issued an unqualified audit report with an emphasis of matter paragraphon the Company’s 2025 financial statements. The Board of the Company has provided a detailed explanation of the relevantmatter. Investors are advised to review it carefully. Reminder of material deficiencies in internal controlApplicable✓Not applicable Forward-looking statements, such as future plans contained in this annual report, do not represent earnings forecasts ofthe Company nor constitute substantive commitments to investors by the Company. Investors and relevant persons shallmaintain a sufficient risk awareness hereto and understand the differences among plans, forecasts and commitments. The Company is exposed to various risk factors such as macro-economic fluctuation, state policies and regulations andcompetition in the industry. Investors should be aware of investment risks. For further details, please refer to the risk factorslikely to be faced and the measures to be taken to address them as set out in the outlook on the future development of theCompany in section VI Management Discussion and Analysis. The Company does not propose distribution of cash dividends or bonus shares, and there will be no increase in share capitalfrom reserves. As of the end of the reporting period, the Company had uncovered losses.Applicable✓Not applicable Table of Contents IImportant Notice, Table of Contents and Definitions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1IICompany Profile and Key Financial Indicators . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6IIIChairman’s Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .11IVManagement Discussion and Analysis. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .13VDirectors’ Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .47VICorporate Governance, Environment and Society. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .57VIIMaterial Matters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .113VIIIChanges in Share Capital and Shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .139IXBonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .147XFinancial Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .148 I Important Notice, Table of Contents and Definitions Documents Available for Inspection I.The financial statements signed and sealed by the legal representative, the head in charge of accounting and the head ofthe accounting department of the Company;II.The original copy of the auditor’s report, which is sealed by the accounting firm and signed and sealed by the certifiedpublic accountants;III.The original copies of the documents and announcements of the Company disclosed in the designated newspaper and onthe website as approved by the CSRC during the reporting period;IV.The annual report disclosed on the website of The Stock Exchange of Hong Kong Limited;V.Other related information. Definitions I.Company profile STStock code000488STB200488Shenzhen Stock ExchangeChenming PaperStock code01812The Stock Exchange of Hong Kong LimitedN/ASHANDONG CHENMING PAPER HOLDINGS LIMITEDSCPHJiang YanshanNo. 595 Shengcheng Road, Shouguang City, Shandong Province262700Changes of the registered address of the CompanyNilNo. 2199 Nongsheng