ST晨鸣B2025年半年度报告（英文版）

INTERIM REPORT2025(a joint stock company incorporated in the People’s Republic of China with limited liability)Stock Code: 18121SHANDONG CHENMING PAPER HOLDINGS LIMITEDINTERIM REPORT 2025I Important Notice, Table of Contents and DefinitionsThe board of directors (the “Board”), the supervisory committee (the “Supervisory Committee”) and the directors (the “Directors”), supervisors (the “Supervisors”) and senior management (the “Senior Management”) of the Company hereby warrant the truthfulness, accuracy and completeness of the contents of the interim report, guarantee that there are no false representations, misleading statements or material omissions contained in this interim report, and are jointly and severally responsible for the liabilities of the Company.Hu Changqing, head of the Company, Dong Lianming, head in charge of accounting and Zhang Bo, head of the accounting department (Accounting Officer), declare that they warrant the truthfulness, accuracy and completeness of the financial report in the interim report.All Directors have attended the board meeting to review this report. This interim report has been reviewed by the audit committee of the Company.The Company is exposed to various risk factors such as macro-economic fluctuation, adjustment of state policy and competition in the industry. Investor should be aware of investment risks. For further details, please refer to the risk exposures of the Company and the measures to be taken to address them as set out in Management Discussion and Analysis.The Company does not propose distribution of cash dividends or bonus shares, and there will be no increase of share capital from reserves.2SHANDONG CHENMING PAPER HOLDINGS LIMITEDINTERIM REPORT 2025I Important Notice, Table of Contents and DefinitionsTable of ContentsIImportant Notice, Table of Contents and Definitions1IICompany Profile and Key Financial Indicators5IIIManagement Discussion and Analysis8IVCorporate Governance, Environment and Society32VMaterial Matters41VIChanges in Share Capital and Shareholders63VIIBonds71VIIIFinancial Report723SHANDONG CHENMING PAPER HOLDINGS LIMITEDINTERIM REPORT 2025I Important Notice, Table of Contents and DefinitionsDocuments Available for Inspection(I) The financial statements signed and sealed by the head of the Company, the head in charge of accounting and the head of the accounting department;(II) the interim report signed by the legal representative;(III) the original copies of all of the documents and announcements of the Company disclosed on the designated website as approved by the China Securities Regulatory Commission during the reporting period;(IV) the interim report disclosed on The Stock Exchange of Hong Kong Limited; and(V) other relevant information.4SHANDONG CHENMING PAPER HOLDINGS LIMITEDINTERIM REPORT 2025I Important Notice, Table of Contents and DefinitionsDefinitionsItemDefinitionCompany, Group, Chenming Group, Chenming Paper or Chenming Paper CompanymeansShandong Chenming Paper H