[三季报]ST晨鸣B(200488):2025年三季度报告（英文版）

 时间：2025年10月31日 01:49:04 中财网

原标题:ST晨鸣B:2025年三季度报告（英文版）

StockCode：000488200488 Stockabbreviation：STChenming STChenmingB AnnouncementNumber：2025-072SHANDONGCHENMINGPAPERHOLDINGSLIMITED
2025ThirdQuarterlyReport
TheCompanyandallmembersoftheBoardofDirectorsensurethatthecontentsoftheinformationdisclosurearetrue,accurateandcomplete,andthereisnofalserecord,statementormaterialomission.IMPORTANTNOTICE:
1.TheBoard,thedirectors(the“Directors”),andseniormanagement(the“SeniorManagement”)herebywarrantthetruthfulness,accuracyandcompletenessofthisquarterlyreportwhichdoesnotcontainanyfalserepresentation,misleadingstatementormaterialomission,andarejointlyandseverallyresponsiblefortheliabilitiesoftheCompany.
2.TheheadoftheCompany,theheadinchargeofaccounting,andtheheadoftheaccountingdepartment(AccountingOfficer),declarethattheywarrantthetruthfulness,accuracyandcompletenessofthefinancialinformationinthisquarterlyreport.
3.Hasthethirdquarterlyreportalreadybeenauditedyet?
□Yes ?No
I.KEYFINANCIALDATA
(I)Majoraccountingdataandfinancialindicators
RetrospectiveadjustmenttoorrestatementoftheaccountingdataforprioryearsbytheCompany□Yes ?No

　Thereporting periodIncrease/decrease comparedtothe corresponding periodoftheprior yearTheperiodfrom thebeginningof theyeartotheend ofthereporting periodIncrease/decreasefor theperiodfromthe beginningoftheyearto theendofthereporting periodascomparedto thecorresponding periodoftheprioryear
Revenue(RMB)1,241,229,778.93-79.10%3,347,860,731.23-83.11%
Netprofitattributableto shareholdersofthe Company(RMB)-2,149,863,362.61-191.02%-6,007,816,553.17-746.05%
Netprofitafterextraordinary gainsorlossesattributable toshareholdersofthe Company(RMB)-2,164,751,046.01-169.22%-5,810,114,661.82-440.51%
Netcashflowsfrom operatingactivities(RMB)——702,589,282.04-70.53%
Basicearningspershare (RMBpershare)-0.74-193.65%-2.05-747.11%
Dilutedearningspershare (RMBpershare)-0.74-193.65%-2.05-747.11%
Weightedaveragereturnon netassets-43.90%Decreaseof39.37 percentagepoints-97.29%Decreaseof92.93 percentagepoints
　Asattheendofthe reportingperiodAsattheendof theprioryearIncrease/decreaseasattheendofthe reportingperiodcomparedtotheendofthe prioryear　
Totalassets(RMB)52,854,974,409.4363,509,295,142.08-16.78%　
Owners’equityattributable toshareholdersofthe Company(RMB)3,196,889,425.389,156,104,358.91-65.08%　
(II)Itemsandamountsofextraordinarygainsorlosses
?Applicable□Notapplicable
Unit:RMB

ItemAmountforthe reportingperiodAmountfortheperiod fromthebeginningof theyeartotheendofthe reportingperiodExplanation
Profitorlossfromdisposalofnon-currentassets (includingwrite-offofassetimpairmentprovision)-5,500,166.25-102,550,045.01　
Governmentgrants(exceptforthegovernmentgrants closelyrelatedtotheordinarycourseofbusinessof theCompany,grantedinaccordancewithan13,939,913.3039,443,281.03　
establishedstandardandhavinganongoingeffecton theCompany’sprofitorlossincompliancewith nationalpoliciesandregulations)accountedforin profitorlossforthecurrentperiod　　　
Exceptforeffectivehedgingbusinessconductedin theordinarycourseofbusinessoftheCompany,gain orlossarisingfromthechangeinfairvalueof financialassetsandfinancialliabilitiesheldbyanon- financialcompany,aswellasgainorlossarising fromdisposalofitsfinancialassetsandfinancial liabilities6,132,064.7014,571,636.58　
Reversalofprovisionforimpairmentofreceivables individuallytestedforimpairment1,608,754.8914,810,251.65　
Profitorlossfromdebtrestructuring1,170,000.00-36,001,293.24　
Profitorlossfromchangesinthefairvalueof consumablebiologicalassetssubsequentlymeasured atfairvalue--129,059,190.34　
Othernon-operatingincomeandexpensesotherthan theaboveitems-1,037,532.27-19,225,564.05　
Less:Effectofincometax1,034,392.813,983,072.97　
Effectofminorityinterests(aftertax)390,958.16-24,292,105.00　
Total14,887,683.40-197,701,891.35--
Detailsofothergainorlossitemsthatfallwithinthedefinitionofextraordinarygainorloss:□Applicable ?Notapplicable
TheCompanydidnothavedetailsofothergainorlossitemsthatfallwithinthedefinitionofextraordinarygainorloss.
Explanation on the extraordinary gain or loss items as illustrated in the ExplanatoryAnnouncement on
InformationDisclosureforCompaniesOfferingTheirSecuritiestothePublicNo.1–ExtraordinaryGainsorLossesdefinedasitsrecurringgainorlossitems
?Applicable□Notapplicable

ItemAmountinvolved (RMB)Reason
Other income40,610,658.99GovernmentgrantsrelatedtoassetsthatarecloselyrelatedtotheCompany’s normaloperationsaresubsequentlyamortisedtootherincome,whichhasa continuingeffectontheCompany’sprofitorlossandisthereforeaccountedfor asrecurringprofitorloss.
(III)Detailsandreasonsforchangesinmajoraccountingfiguresandfinancialindicators?Applicable□Notapplicable
1.AnalysisofassetsandliabilitiesoftheCompany
Unit:RMB

Item30September202531December2024ChangeReasonfor change
Monetaryfunds731,639,703.395,909,879,812.18-87.62%(1)
Billsreceivable851,752,915.38506,605,701.7468.13%(2)
Othercurrentassets246,581,588.87559,911,202.83-55.96%(3)
Othernon-currentfinancial assets344,055,571.63751,030,454.68-54.19%(4)
Billspayable53,732,813.941,423,918,112.99-96.23%(5)
Contractliabilities485,144,692.32274,829,824.3576.53%(6)
Interestpayable345,615,272.6063,042,283.31448.23%(7)
Non-currentliabilitiesdue withinoneyear2,964,214,743.991,577,936,964.1487.85%(8)
Othercurrentliabilities369,024,362.072,680,562,600.58-86.23%(9)
Long-termpayables2,656,766,474.21774,965,008.29242.82%(10)
Explanationofthereasonsleadingtothemajorchanges:
(1)Monetaryfundsdecreasedby87.62%ascomparedtothebeginningoftheyear,mainlyduetoadecreaseinguaranteedepositsmaintainedbytheCompanyasattheendofthereportingperiod.(2)Billsreceivableincreasedby68.13%ascomparedtothebeginningoftheyear,mainlyduetoanincreaseinbillsthathadbeenendorsedanddiscountedbuthadnotyetmaturedandcouldnotbederecognisedasattheendofthereportingperiod.
(3)Othercurrentassetsdecreasedby55.96%ascomparedtothebeginningoftheyear,mainlyduetoadecreaseinprepaidexpensesduringthereportingperiod.
(4)Othernon-currentfinancialassetsdecreasedby54.19%ascomparedtothebeginningoftheyear,mainlyduetoWeifangChenchuangEquityInvestmentFundPartnership(LimitedPartnership)beingincludedintheconsolidatedfinancialstatementsduringthereportingperiod.
(5)Billspayabledecreasedby96.23%ascomparedtothebeginningoftheyear,mainlyduetooverduebillsbeingreclassifiedtoaccountspayableandshort-termborrowingsasattheendofthereportingperiod.(6)Contractliabilitiesincreasedby76.53%ascomparedtothebeginningoftheyear,mainlyduetoanincreaseinadvancereceiptsasattheendofthereportingperiod.
(7)Interestpayableincreasedby448.23%ascomparedtothebeginningoftheyear,mainlyduetoanincreaseinoverdueinterestasattheendofthereportingperiod.
(8)Non-currentliabilitiesduewithinoneyearincreasedby87.85%ascomparedtothebeginningoftheyear,mainlyduetoanincreaseinreclassifiedlong-termliabilitiesduewithinoneyearasattheendofthereportingperiod.
(9)Othercurrentliabilitiesdecreasedby86.23%ascomparedtothebeginningoftheyear,mainlyduetosomeextendedequipmentfinanceleasesbeingreclassifiedtolong-termpayablesasattheendofthereportingperiod.(10)Long-termpayablesincreasedby242.82%ascomparedtothebeginningoftheyear,mainlyduetosomeextendedequipmentfinanceleasesbeingreclassifiedtolong-termpayablesasattheendofthereportingperiod.2.Reasonsforsignificantyear-on-yearchangesofincomestatementitemsduringthereportingperiodUnit:RMB

ItemJanuary–September 2025January–September 2024ChangeReasonfor change
Revenue3,347,860,731.2319,824,745,808.47-83.11%(1)
Operatingcosts5,432,612,403.5018,076,967,929.54-69.95%(2)
Salesanddistributionexpenses74,655,486.97147,210,064.88-49.29%(3)
Researchanddevelopment expenses55,005,532.38901,808,557.06-93.90%(4)
Otherincome54,812,362.26238,472,943.40-77.02%(5)
Investmentincome-715,405,073.98194,417,150.47-467.97%(6)
Gainonchangeinfairvalue-123,350,217.951,638,333.26-7629.01%(7)
Creditimpairmentloss-1,341,707,401.59-210,922,415.23536.11%(8)
Lossonimpairmentofassets-440,561,409.32-3,041,427.7514385.35%(9)
Incometaxexpenses-112,807,869.23-267,218,588.3657.78%(10)
Explanationofthereasonsleadingtothemajorchanges:
(1)Revenuedecreasedby83.11%ascomparedtothecorrespondingperiodoftheprioryear,mainlyduetoadecrease in sales of machine-made paper with a year-on-year decrease in revenue resulting from someproductionbasesinshutdownandmaintenanceduringthereportingperiod.(2)Operatingcostsdecreasedby69.95%ascomparedtothecorrespondingperiodoftheprioryear,mainlyduetoadecreaseinsalesofmachine-madepaperwithayear-on-yeardecreaseinoperatingcostsresultingfromsomeproductionbasesinshutdownandmaintenanceduringthereportingperiod.(3)Salesanddistributionexpensesdecreasedby49.29%ascomparedtothecorrespondingperiodoftheprioryear,mainlyduetoadecreaseinsalesofmachine-madepaperwithayear-on-yeardecreaseinwagesandexpensesresultingfromsomeproductionbasesinshutdownandmaintenanceduringthereportingperiod.(4)Researchanddevelopmentexpensesdecreasedby93.90%ascomparedtothecorrespondingperiodoftheprioryear,mainlyduetoadecreaseinresearchanddevelopmentexpenseresultingfromsomeproductionbasesinshutdownandmaintenanceduringthereportingperiod.
(5)Otherincomedecreasedby77.02%ascomparedtothecorrespondingperiodoftheprioryear,mainlyduetoadecreaseinprocurementofrawmaterialswithayear-on-yeardecreaseinadditionaldeductionofvalue-addedinputtaxresultingfromsomeproductionbasesinshutdownandmaintenanceduringthereportingperiod.(6)Investmentincomedecreasedby467.97%ascomparedtothecorrespondingperiodoftheprioryear,mainlyduetoayear-on-yeardecreaseininvestmentincomerecognisedfrominvesteesandinvestmentincomefromequitydisposalduringthereportingperiod.
(7)Gainonchangeinfairvaluedecreasedby7,629.01%ascomparedtothecorrespondingperiodoftheprioryear,mainlyduetoayear-on-yearincreaseinlossesfromchangesinthefairvalueofforestryassetsduringthereportingperiod.
(8)Creditimpairmentlossincreasedby536.11%ascomparedtothecorrespondingperiodoftheprioryear,mainlyduetoayear-on-yearincreaseintheprovisionforbaddebtsonreceivablesduringthereportingperiod.(9)Lossonimpairmentofassetsincreasedby14,385.35%ascomparedtothecorrespondingperiodoftheprioryear,mainlyduetoayear-on-yearincreaseintheprovisionforimpairmentofequipmentduringthereportingperiod.
(10)Incometaxexpensesincreasedby57.78%ascomparedtothecorrespondingperiodoftheprioryear,mainlyduetocertaincompanies’reversalofdeferredtaxassetsarisingfrompreviouslyrecogniseddeductiblelossesanddeductibletemporarydifferencesduringthereportingperiod.3.Analysisofcashflowsduringthereportingperiod
Unit:RMB

ItemJanuary– September2025January–September 2024ChangeReasonfor change
Netcashflowsfromoperatingactivities702,589,282.042,384,383,407.80-70.53%(1)
Netcashflowsfrominvestingactivities-463,982,036.31631,043,187.50-173.53%(2)
Netcashflowsfromfinancingactivities-279,188,820.55-3,489,477,926.5392.00%(3)
Explanationofthereasonsleadingtothemajorchanges:
(1)Netcashflowsfromoperatingactivitiesdecreasedby70.53%ascomparedtothecorrespondingperiodoftheprioryear,mainlyduetoadecreaseinsalesofmachine-madepaperwithadecreaseinsalesrevenueresultingfromsomeproductionbasesinshutdownandmaintenanceduringthereportingperiod.(2)Netcashflowsfrominvestingactivitiesdecreasedby173.53%ascomparedtothecorrespondingperiodoftheprioryear,mainlyduetotherepurchaseofaportionoftheequityinterestinsubsidiariesheldbyminorityshareholdersduringthe reporting periodandtheproceeds received from the sale ofthe equityinterest insubsidiariesinthecorrespondingperiodoftheprioryear.
(3)Netcashflowsfromfinancingactivitiesincreasedby92.00%ascomparedtothecorrespondingperiodoftheprioryear,mainlyduetomultiplemeasures,includinginterestratereductionsandextensionsformaturingloansbymajorfinancialinstitutions,beingtakentomitigatedebtrisksduringthereportingperiod.II.USEOFPROCEEDS
□Applicable ?Notapplicable
TheCompanydidnotuseanyproceedsduringthereportingperiod.
III.INFORMATIONONSHAREHOLDERS
(I)Totalnumberofshareholdersofordinarysharesandshareholdersofpreferenceshareswithrestoredvotingrightandtheshareholdingofthetoptenshareholders
Unit:share

Totalnumberofordinary shareholdersasattheendof thereportingperiod109,647,ofwhich92,474were holdersofAshares,16,858 wereholdersofBsharesand 315wereholdersofHsharesTotalnumberofholdersofpreference shareswithrestoredvotingrightasat theendofthereportingperiod0　　　
Shareholdingsoftoptenshareholders(excludingtheshareslentunderrefinancingbusiness)　　　　　　
NameofshareholderNatureof shareholderPercent ageof shareho ldingNumberof sharesheldNumberof restricted sharesheldSharepledged, markedorfrozen　
　　　　　Statusof sharesNumber
CHENMINGHOLDINGS COMPANYLIMITEDState-owned legalperson15.50%455,781,31 90Pledged386,811,54 6
　　　　　Frozen409,956,4 41
HKSCCNOMINEESLIMITEDOverseaslegal person12.70%373,420,52 50　　
CHENMINGHOLDINGS (HONGKONG)LIMITED(Note 1)Overseaslegal person12.38%364,131,56 30　　
JinXingDomestic naturalperson1.28%37,548,0270　　
ChenHongguo(Note2)Domestic naturalperson0.65%19,080,04412,810,033Frozen19,080,04 4
JiZhongqiuDomestic naturalperson0.27%7,964,1740　　
XuHekunDomestic naturalperson0.23%6,789,9000　　
ZhangXingeDomestic naturalperson0.21%6,180,0000　　
ChenHaoDomestic naturalperson0.20%5,950,0000　　
XuShaosenDomestic naturalperson0.18%5,403,4630　　
Shareholdingsofthetoptennon-restrictedshareholders(excludingtheshareslentunderrefinancingbusiness andthelocked-upsharesoftheSeniorManagement)　　　　　　
NameofshareholderNumberofnon- restrictedsharesheldClassandnumberofshares　　　　
　　ClassofsharesNumber　　　

CHENMINGHOLDINGSCOMPANYLIMITED455,781,319RMBordinaryshares455,781,319
HKSCCNOMINEESLIMITED373,420,525Overseaslisted foreignshares373,420,525
CHENMINGHOLDINGS(HONGKONG) LIMITED(Note1)364,131,563Domesticlisted foreignshares210,717,563
　　Overseaslisted foreignshares153,414,000
JinXing37,548,027Domesticlisted foreignshares37,548,027
JiZhongqiu7,964,174RMBordinaryshares7,964,174
XuHekun6,789,900Domesticlisted foreignshares6,789,900
ChenHongguo(Note2)6,270,011RMBordinaryshares6,270,011
ZhangXinge6,180,000RMBordinaryshares6,180,000
ChenHao5,950,000RMBordinaryshares5,950,000
XuShaosen5,403,463Domesticlisted foreignshares5,403,463
Relatedpartyrelationshiporactingin concertamongtheaboveshareholdersAshareholder,ChenmingHoldings(HongKong)Limited,whichisan overseaslegalperson,isawholly-ownedsubsidiaryofashareholder, ChenmingHoldingsCompanyLimited,whichisastate-ownedlegal person.Savefortheabove,itisnotawarethatanyothershareholdersof tradablesharesarepersonsactinginconcert.Itisalsonotawarethatany othershareholdersoftradablesharesarerelatedtoeachother.　　
Securitiesmargintradingoftop10 shareholdersChenmingHoldingsCompanyLimitedheld455,781,319RMBordinary shares,ofwhich409,956,441shareswereheldthroughordinaryaccount and 45,824,878 shares were held through credit guarantee security account.　　
Note1:Inordertomeetitsowncapitalneeds,ChenmingHoldings(HongKong)Limitedconductedsharefinancingbusinesswithoverseasinstitutions,entrusting210,717,563Bsharesand153,414,000HsharesoftheCompanyheldbyittothecustodybrokeragedesignatedbyoverseasinstitutions.Theaforesaidsharesweresubjecttotheriskofnottoberecovered,whichmayleadtoareductionintheCompany’sshareholding,butdoesnotaffectChenmingHoldings’positionasthelargestshareholder,anddoesnotaffecttheCompany’scontrol.Fordetails,pleaserefertotheannouncementdisclosedbytheCompanyonCNINFOon18July2023(announcementno.:2023-058)andtheinsiderinformationdisclosedbytheCompanyonthewebsiteofHongKongStockExchangeon18July2023.
Note2:On1November2024,pursuanttothe2020RestrictedAShareIncentiveScheme(Draft),theCompanymadepayments tothe participantsfortherepurchaseofrestricted sharesnotyet unlockedforthe thirdunlockingperiodunderthe2020RestrictedAShareIncentiveScheme.Intheprocessofcompletingtheproceduresforthesharetransferandcancellation,the6,000,000restrictedsharesheldbyMr.ChenHongguowerejudiciallyfrozen.Hence,theproceduresforthetransferandcancellationofsuchrestrictedshareswerenotyetcompletedwiththeShenzhenBranchofChinaSecuritiesDepositoryandClearingCorporationLimited.The19,080,044sharesheldbyMr.ChenHongguo, beingadomestic naturalperson,excludes the6,000,000restrictedsharestobecancelledundertheshareincentivescheme.
Sharelendingbyshareholdersinterestedinmorethan5%,top10shareholdersandtop10/shareholdersofnon-restrictedsharesunderrefinancingbusiness
□Applicable ?Notapplicable
Changesoftop10shareholdersandtop10shareholdersofnon-restrictedsharesduetolending/returningofsharesunderrefinancingbusinessascomparedtopriorperiod
□Applicable ?Notapplicable
(II)Totalnumberofshareholdersofpreferencesharesandshareholdingofthetoptenshareholdersofpreferenceshares
□Applicable ?Notapplicable
IV.OTHERMATERIALMATTERS
?Applicable□Notapplicable
1.Resumptionofoperationandproductionofproductionbases
Duringthereportingperiod,withthefirmsupportandguidanceofPartycommitteesandgovernmentsatalllevels,theCompanyfullyleveragedtheroleoftheGroup’sPartycommitteeasthe“backbone”,andadheredtothe “safety-first, efficiency-focused, and benefit-driven” principle. Focusing on cost reduction, efficiency
improvement,andinnovation-drivenreform,theCompanyprioritisedtheresumptionofoperationandproductionofitsproductionbaseswithoverallplanninginpursuitofsyndicatedloans,aswellaskeyaspectssuchasequipmentmaintenance,technologicalupgrades,materialsupplyandproductsales.Currently,theHuanggangproductionbaseandJiangxiBaseSecondPlantmaintainnormaloperation,whiletheShouguangproductionbaseandJilinproductionbasehaveachievedfullresumptionofoperationandproduction.Movingforward,theCompanywilladoptabenefit-centricapproachtoenhancemarketanalysis,continuouslyoptimiseitsproductstructure,devoteresourcesintodevelopingcompetitiveproductofferings,andtakesolidstepstopursuecostreductionandefficiencyimprovement.Withmeasuresincludingstrengtheningbudgetcontrolandrevitalisingexistingassets,theCompanywillenhancecapitalutilisationefficiency,acceleratecashflowrecovery,andensure
thesustainedandstabledevelopmentoftheCompany.
V.QUARTERLYFINANCIALSTATEMENTS
(I)FinancialStatements
1.ConsolidatedBalanceSheet
Preparedby:ShandongChenmingPaperHoldingsLimited
30September2025
Unit:RMB

ItemClosingbalanceOpeningbalance
CURRENTASSETS:　　
Monetaryfunds731,639,703.395,909,879,812.18
Financialassetsheldfortrading42,521,623.9937,259,325.70
Billsreceivable851,752,915.38506,605,701.74
Accountsreceivable882,452,137.371,384,290,313.70
Accountsreceivablefinancing22,976,899.30100,730,797.32
Prepayments565,645,220.89631,893,495.14
Otherreceivables658,088,383.941,084,651,870.94
Including:Interestreceivable　　
Dividendreceivable　22,659,149.81
Inventories2,683,004,403.092,835,388,802.15
Non-currentassetsduewithinoneyear1,843,288,899.452,840,365,519.48
Othercurrentassets246,581,588.87559,911,202.83
Totalcurrentassets8,527,951,775.6715,890,976,841.18
NON-CURRENTASSETS:　　
Long-termreceivables331,738,344.67280,291,802.55
Long-termequityinvestments3,331,199,750.943,971,035,411.54
Othernon-currentfinancialassets344,055,571.63751,030,454.68
Investmentproperty5,457,731,468.005,743,235,268.46
Fixedassets29,774,980,628.3331,855,069,324.04
Constructioninprogress626,073,641.78593,838,603.87
Bearerbiologicalassets9,383,299.529,352,071.80
Right-of-useassets253,312,155.23266,024,312.87
Intangibleassets1,616,521,931.071,652,267,783.57
Long-termprepaidexpenses246,080,740.26289,677,546.87
Deferredincometaxassets1,902,624,777.101,790,639,019.23
Othernon-currentassets433,320,325.23415,856,701.42
Totalnon-currentassets44,327,022,633.7647,618,318,300.90
Totalassets52,854,974,409.4363,509,295,142.08
CURRENTLIABILITIES:　　
Short-termborrowings23,312,003,936.0326,780,358,809.11
Billspayable53,732,813.941,423,918,112.99
Accountspayable8,242,469,355.337,708,967,406.47
Receiptsinadvance41,804,105.8754,538,940.24
Contractliabilities485,144,692.32274,829,824.35
Employeebenefitspayable349,193,609.76251,387,660.00
Taxespayable197,553,821.05193,424,339.67
Otherpayables4,074,062,157.792,896,409,953.94
Including:Interestpayable345,615,272.6063,042,283.31
Dividendpayable224,249,922.56123,000,000.00
Non-currentliabilitiesduewithinoneyear2,964,214,743.991,577,936,964.14
Othercurrentliabilities369,024,362.072,680,562,600.58
Totalcurrentliabilities40,089,203,598.1543,842,334,611.49
NON-CURRENTLIABILITIES:　　
Long-termborrowings3,553,732,867.544,763,662,194.24
Leaseliabilities36,460,994.2137,092,473.06
Long-termpayables2,656,766,474.21774,965,008.29
Provisions5,935,000.005,935,000.00
Deferredincome1,163,875,832.051,240,939,485.52
Deferredincometaxliabilities4,550,601.038,595,744.33
Totalnon-currentliabilities7,421,321,769.046,831,189,905.44
Totalliabilities47,510,525,367.1950,673,524,516.93
OWNERS’EQUITY:　　
Sharecapital2,934,556,200.002,934,556,200.00
Capitalreserves5,241,279,229.795,207,678,622.75
Less:Treasuryshares　　
Othercomprehensiveincome-903,204,491.66-913,708,670.15
Specialreserves31,297,325.6426,800,491.53
Surplusreserves1,212,009,109.971,212,009,109.97
Generalriskprovisions80,950,584.1180,950,584.11
Retainedprofit-5,399,998,532.47607,818,020.70
TotalequityattributabletoownersoftheCompany3,196,889,425.389,156,104,358.91
Minorityinterest2,147,559,616.863,679,666,266.24
Totalowners’equity5,344,449,042.2412,835,770,625.15
Totalliabilitiesandowners’equity52,854,974,409.4363,509,295,142.08
HeadoftheCompany:JiangYanshan Financialcontroller:ZhuYanli Headoftheaccountingdepartment:ZhangBo
2.Consolidatedstatementofprofitorlossfromthebeginningoftheyeartotheendofthereportingperiod
Unit:RMB

ItemAmountsfortheperiodAmountsfortheprior period
I.Totalrevenue3,347,860,731.2319,824,745,808.47
Including:Revenue3,347,860,731.2319,824,745,808.47
II.Totaloperatingcosts7,289,484,559.5821,139,848,178.56
Including:Operatingcosts5,432,612,403.5018,076,967,929.54
Taxesandsurcharges93,123,597.44172,994,270.42
Salesanddistributionexpenses74,655,486.97147,210,064.88
Generalandadministrativeexpenses408,744,204.71490,303,334.84
Researchanddevelopmentexpenses55,005,532.38901,808,557.06
Financeexpenses1,225,343,334.581,350,564,021.82
Including:Interestexpenses1,166,488,633.691,241,469,909.19
Interestincome34,525,061.88112,019,478.55
Add:Otherincome54,812,362.26238,472,943.40
Investmentincome(“-”denotesloss)-715,405,073.98194,417,150.47
Including:Investmentincomefrom associatesandjointventures-632,803,183.71-12,485,632.66
Gainsonderecognitionof financialassetsmeasuredatamortisedcost-85,083,299.15-36,523,493.40
Gainonchangeinfairvalue(“-”denotesloss)-123,350,217.951,638,333.26
Creditimpairmentloss(“-”denotesloss)-1,341,707,401.59-210,922,415.23
Lossonimpairmentofassets(“-”denotesloss)-440,561,409.32-3,041,427.75
Gainondisposalofassets(“-”denotesloss)-15,007,877.8518,201,227.31
III.Operatingprofit(“-”denotesloss)-6,522,843,446.78-1,076,336,558.63
Add:Non-operatingincome1,142,090.553,329,197.50
Less:Non-operatingexpenses27,615,247.223,617,706.61
IV.Totalprofit(“-”denotestotalloss)-6,549,316,603.45-1,076,625,067.74
Less:Incometaxexpenses-112,807,869.23-267,218,588.36
V.Netprofit(“-”denotesnetloss)-6,436,508,734.22-809,406,479.38
(I)Classificationaccordingtothecontinuityof operation　　
1.Netprofitfromcontinuingoperations(“-”denotes netloss)-6,436,508,734.22-809,406,479.38
(II)Classificationaccordingtoownership　　
1.Netprofitattributabletoshareholdersofthe Company(“-”denotesnetloss)-6,007,816,553.17-710,098,519.92
2.Profitorlossofminorityinterest(“-”denotesnet loss)-428,692,181.05-99,307,959.46
VI.Netothercomprehensiveincomeaftertax10,504,178.4947,637,461.79
Netothercomprehensiveincomeaftertaxattributable toownersoftheCompany10,504,178.4947,637,461.79
(I)Othercomprehensiveincomethatcannotbe reclassifiedtoprofitorloss　　
(II)Othercomprehensiveincomethatwillbe reclassifiedtoprofitorloss10,504,178.4947,637,461.79
1.Exchangedifferencesarisingfromtranslation offinancialstatementsdenominatedinforeigncurrencies18,466,994.1543,964,948.40
2.Othercomprehensiveincomethatmaybe reclassifiedtoprofitorlossundertheequitymethod-7,962,815.663,672,513.39
Othercomprehensiveincome,netoftaxattributableto minorityinterest　　
VII.Totalcomprehensiveincome-6,426,004,555.73-761,769,017.59
(I)Totalcomprehensiveincomeattributabletoowners oftheCompany-5,997,312,374.68-662,461,058.13
(II)Totalcomprehensiveincomeattributableto minorityinterest-428,692,181.05-99,307,959.46
VIII.Earningspershare:　　
(I)Basicearningspershare-2.05-0.242
(II)Dilutedearningspershare-2.05-0.242
HeadoftheCompany:JiangYanshan Financialcontroller:ZhuYanli Headoftheaccountingdepartment:ZhangBo
3.ConsolidatedstatementofcashflowsfromthebeginningoftheyeartotheendofthereportingperiodUnit:RMB

ItemAmountsfortheperiodAmountsfortheprior period
I.Cashflowsfromoperatingactivities:　　
Cashreceivedfromsalesofgoodsandrenderingof services3,876,909,484.8820,448,401,525.26
Taxrebatesreceived　8,332,611.17
Cashreceivedrelatingtootheroperatingactivities395,413,687.76276,833,601.14
Subtotalofcashinflowsfromoperatingactivities4,272,323,172.6420,733,567,737.57
Cashpaidforgoodsandservices2,638,148,684.7215,836,858,161.61
Cashpaidtoandforemployees588,714,404.21941,577,523.11
Paymentsoftaxesandsurcharges125,150,526.22372,069,303.31
Cashpaidrelatingtootheroperatingactivities217,720,275.451,198,679,341.74
Subtotalofcashoutflowsfromoperatingactivities3,569,733,890.6018,349,184,329.77
Netcashflowsfromoperatingactivities702,589,282.042,384,383,407.80
II.Cashflowsfrominvestingactivities:　　
Cashreceivedfrominvestments211,417.437,305,395.37
Cashreceivedfrominvestmentsincome1,384,673.771,798,463.59
Netcashreceivedfromdisposaloffixedassets, intangibleassetsandotherlong-termassets45,908,036.0019,137,619.49
Netcashreceivedfromdisposalofsubsidiariesand otherbusinessunits650,000.00665,807,490.67
Cashreceivedrelatingtootherinvestingactivities　　
Subtotalofcashinflowsfrominvestingactivities48,154,127.20694,048,969.12
Cashpaidforpurchaseoffixedassets,intangibleassets andotherlong-termassets3,180,247.3863,005,781.62
Netcashpaidforacquisitionofsubsidiariesandother508,955,916.13　
businessunits　　
Cashpaidrelatingtootherinvestingactivities　　
Subtotalofcashoutflowsfrominvestingactivities512,136,163.5163,005,781.62
Netcashflowsfrominvestingactivities-463,982,036.31631,043,187.50
III.Cashflowsfromfinancingactivities:　　
Cashreceiptsfromcapitalcontributions　　
Cashreceivedfromborrowings13,992,478,538.5822,906,350,204.37
Cashreceivedrelatingtootherfinancingactivities5,135,704,162.532,820,162,381.76
Subtotalofcashinflowsfromfinancingactivities19,128,182,701.1125,726,512,586.13
Cashrepaymentsofamountsborrowed18,574,823,859.8125,410,387,276.90
Cashpaidfordividendandprofitdistributionor interestpayment654,278,665.771,335,357,682.29
Including:Dividendandprofitpaidbysubsidiaries tominorityshareholders　　
Cashpaidrelatingtootherfinancingactivities178,268,996.082,470,245,553.47
Subtotalofcashoutflowsfromfinancingactivities19,407,371,521.6629,215,990,512.66
Netcashflowsfromfinancingactivities-279,188,820.55-3,489,477,926.53
IV.Effectofforeignexchangeratechangesoncashand cashequivalents-1,284,372.0018,530,453.22
V.Netincreaseincashandcashequivalents-41,865,946.82-455,520,878.01
Add:Balanceofcashandcashequivalentsasatthe beginningoftheperiod151,943,246.31764,233,742.61
VI.Balanceofcashandcashequivalentsasattheendof theperiod110,077,299.49308,712,864.60
(II) First-time implementation of new accounting standards from 2025 onwardsinvolvingadjustmentstothefinancialstatementsatthebeginningoftheyearofinitialapplication（未完）
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