晨鸣Ｂ:2023年年度报告摘要(英文版)

【摘要】Stockcode:000488,200488Stockabbreviation:ChenmingPaperChenmingBAnnouncementNo.:2024-0242023AnnualReportSummaryofShan...

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