晨鸣Ｂ:2023年年度报告摘要(英文版)

Stock code: 000488, 200488 Stock abbreviation: Chenming Paper Chenming B Announcement No.: 2024-024
2023Annual 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
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
晨鸣纸业 000488
Stock abbreviation 晨鸣 B Stock code 200488
Stock exchange on which the shares are listed Shenzhen Stock Exchange
Stock abbreviation CHENMING PAPER Stock code 01812
Stock exchange on which the shares are listed The Stock Exchange of Hong Kong Limited
Stock abbreviation before the change (if any) Nil
Contact persons and contact methods Secretary to the Board Hong Kong Company Secretary
Name Yuan Xikun Chu Hon Leung
Correspondence address No. 2199 East Nongsheng Road, 22nd Floor, World Wide House,
Shouguang City, Shandong Province Central, Hong Kong
Facsimile 0536-2158977 00852-21629600
Telephone 0536-2158008 00852-25010028
Email address chenmmingpaper@163.com liamchu@li-partners.com
2. Overview of principle activities or products during the reporting period
(1) Industry Situation of the Company
The industry in which the Company operates is paper making and paper product industry.
As an important basic raw material industry, the paper industry plays an important role in various fields of the national economy.
After nearly 30 years of accelerated progress, China’s paper industry has made remarkable results and achieved landmark
development, but is also facing new challenges in its new journey.
During the reporting period, the overall profitability of the paper industry improved but its momentum was slightly weaker due
to the sluggish downstream demand, raw material price fluctuation, increased supply and other factors. According to the data of the
Ministry of Industry and Information Technology, from January to December 2023, revenue of papermaking and paper product
enterprises above designated size was RMB1,392.62 billion, down 2.4% year on year; their operating costs were RMB1,222.80
billion, down 3.1% year on year; and their total profit was RMB50.84 billion, up 4.4% year on year
On the supply side, the domestic and overseas supply growth had a great effect on paper price fluctuation. Domestically,new
paper production capacity in China had been drastically high in the past two years. Overseas, the import volume of machine-made
paper and paperboard increased year on year as a result of the “zero tariff” policy. The domestic and overseas factors boosted the
machine-made paper supply. According to the data of the National Bureau of Statistics, the national output of machine-made paper
and paperboard was 144,055,300 tonnes from January to December, 2023, which exceeded the 140 million tonnes mark for the first
time and reached a record high.
During the reporting period, the prices of cultural paper and white cardboard prices were mixed. In terms of price, the white
cardboard price rebounded slightly in October and November, and showed an overall fluctuating downward trend. The cultural paper
price had a “V”-shaped trend that fluctuated downward in the first half of the year and floated upward in the second half.
In terms of cost, the paper raw material prices and energy prices had fluctuated downward since 2023. However, due to a higher
price base and the cost transmission delay, the paper enterprise production cost was still at a high level in 2023. Coupled with the
weak product demand, enterprises faced a greater pressure to realise profit.
In