C&S Paper Co., Ltd. First Quarter Report 2022
【資料圖】
C&S Paper Co., Ltd. First Quarter Report 2022
Stock Code: 002511 Stock Abbreviation: ZSJR Announcement No.: 2023-27
C&S Paper Co., Ltd.
First Quarter Report 2023
The Company and all members of the Board of Directors hereby guarantee the truthfulness,
accuracy and completeness of the information disclosed, and there are no false and misleading
statements or material omissions.
Important Notice:
supervisors and senior management warrant that the information contained in this quarterly report is
true, accurate and complete without any false and misleading statements or material omissions, and
severally and jointly accept legal liability thereof.
the person in charge of the accounting department of the Company have declared that they warrant
the truthfulness, accuracy and completeness of the financial statements set out in this quarterly
report.
□ Yes √ No
I. Main Financial Data
(I) Main accounting data and financial indicators
Whether the Company needs to perform retrospective adjustment or restatement of accounting data for previous years
□ Yes √ No
Same period of previous Changes over same period of
Current period
year previous year
Operating income (RMB) 2,060,542,849.81 1,884,339,300.88 9.35%
Net profit attributable to shareholders of
the listed company (RMB)
Net profit attributable to shareholders of
the listed company after deducting 81,878,048.70 126,963,097.30 -35.51%
non-recurring profit and loss (RMB)
Net cash flow from operating activities
(RMB)
C&S Paper Co., Ltd. First Quarter Report 2022
Basic earnings per share (RMB/share) 0.07 0.10 -30.00%
Diluted earnings per share (RMB/share) 0.07 0.10 -30.00%
Weighted average return on net assets 1.71% 2.68% -0.97%
Changes over end of previous
End of current period End of previous year
year
Total assets (RMB) 8,633,703,315.60 8,335,107,691.71 3.58%
Owner"s equity attributable to shareholders
of the listed company (RMB)
(II) Non-recurring items and amounts
√ Applicable □ Not applicable
Unit: RMB
Item Amount of current period Description
Profits/losses from the disposal of non-current asset (including the write-off that
-216,146.00
accrued for impairment of assets)
Governmental grants reckoned into current profits/losses (not including grants
enjoyed in quota or ration according to national standards, which are closely relevant 6,482,330.30
to the company’s normal business)
Profits/losses from assets entrusted to others for investment or management 27,707.09
Except for effective hedging business related to the normal operation of the company,
fair value gains and losses from holding trading financial assets and trading financial
liabilities, as well as investment income from disposing of trading financial assets,
trading financial liabilities, and available for sale financial assets
Other non-operating income and expenses except for the aforementioned items 2,381,391.59
Less: Influence of income tax 1,930,216.84
Total 7,558,666.14 --
Details of other profit and loss items that meet the definition of non-recurring profit and loss:
□ Applicable √ Not applicable
The Company has no other profit and loss items that meet the definition of non-recurring profit and loss.
Descriptions where the Company defines any non-recurring profit and loss items listed in the No. 1 Explanatory Announcement on
Information Disclosure of Companies Offering Securities to the Public—Non-recurring Profit and Loss as recurring profit and loss
items during the reporting period
□ Applicable √ Not applicable
The Company did not define any non-recurring profit and loss items listed in the No. 1 Explanatory Announcement on Information
Disclosure of Companies Offering Securities to the Public—Non-recurring Profit and Loss as recurring profit and loss items during
the reporting period.
(III) Changes of main accounting data and financial indicators and reasons
√ Applicable □ Not applicable
Monetary funds: This item recorded an increase of RMB629,395,493.87 or 47.51% in the reporting period
compared with the end of 2022, mainly owing to the increase in borrowing during the reporting period.
Tradable financial assets: This item recorded an increase of RMB813,600.00 or 100.00% in the reporting period
compared with the end of 2022, mainly owing to the changes in the fair value of forward foreign exchange
settlements and sales of trading financial assets during the reporting period.
Other current asset: This item recorded an increase of RMB165,858,475.80 or 49.52% in the reporting period
C&S Paper Co., Ltd. First Quarter Report 2022
compared with the end of 2022, mainly owing to the increase of large deposit certificates during the reporting
period.
Goodwill: This item recorded an increase of RMB633,136.34 or 979.27% in the reporting period compared with
the end of 2022, mainly due to the acquisition of subsidiaries not under the common control during the reporting
period.
Other non-current assets: This item recorded an increase of RMB21,424,952.32 or 366.93% in the reporting
period compared with the end of 2022, mainly owing to the increase in prepayments in land payment during the
reporting period.
Short-term borrowings: This item recorded an increase of RMB581,434,704.87 or 95.66% in the reporting period
compared with the end of 2022, mainly owing to the increase in bank borrowing during the reporting period.
Contract liabilities: This item recorded a decrease of RMB45,606,699.49 or 47.22% in the reporting period
compared with the end of 2022, mainly owing to the decrease in prepayments from customers during the reporting
period.
Employee remuneration payable: This item recorded a decrease of RMB70,515,700.91 or 53.57% in the reporting
period compared with the end of 2022, mainly owing to the release of the year-end bonus payable for the previous
year during the reporting period.
Tax and fees payable: This item recorded an increase of RMB28,099,367.86 or 52.56% in the reporting period
compared with the end of 2022, mainly owing to the increase in VAT and income tax expense during the reporting
period.
Other current liabilities: This item recorded a decrease of RMB6,215,813.73 or 49.97% in the reporting period
compared with the end of 2022, mainly owing to the decrease in the tax pending changeover during the reporting
period.
Lease liabilities: This item recorded an increase of RMB1,595,148.66 or 198.43% in the reporting period
compared with the end of 2022, mainly owing to the increase in rented houses and buildings during the reporting
period.
Financial expenses: This item recorded a decrease of RMB1,594,818.16 or 108.30% in the reporting period
compared with the same period in 2022, mainly owing to the decrease in exchange losses and gains during the
reporting period.
Return on investment: This item recorded a decrease of RMB146,121.05 or 84.06% in the reporting period
compared with the same period in 2022, mainly owing to the decrease in returns on wealth management products
received during the reporting period.
Gains from changes in fair value: This item recorded an increase of RMB816,501.12 or 28144.34% in the
reporting period compared with the same period in 2022, mainly owing to the increase in forward settlement and
sales of foreign exchange during the reporting period.
Asset impairment losses: This item recorded an increase of RMB777,992.12 or 212.48% in the reporting period
compared with the same period in 2022, mainly owing to the decrease in provision for inventory depreciation
C&S Paper Co., Ltd. First Quarter Report 2022
during the reporting period.
Return on disposal of assets: This item recorded a decrease of RMB78,973.53 or 339.92% in the reporting period
compared with the same period in 2022, owing to the decrease in disposal of fixed assets during the reporting
period.
Non-operating income: This item recorded an increase of RMB1,028,229.49 or 107.09% in the reporting period
compared with the same period in 2022, mainly owing to the increase in received penalty during the reporting
period.
Non-operating expense: This item recorded a decrease of RMB440,106.60 or 38.27% in the reporting period
compared with the same period in 2022, mainly owing to the decrease in donation during the reporting period.
Income tax expenses: This item recorded a decrease of RMB10,872,567.93 or 40.50% in the reporting period
compared with the same period in 2022, mainly owing to the decrease in total profit during the reporting period.
Net cash flow from investing activities: This item recorded a decrease of RMB72,929,077.59 or 35.17% in the
reporting period compared with the same period in 2022, mainly owing to the increase in payment for principal of
wealth management products during the reporting period.
Net cash flow from financing activities: This item recorded an increase of RMB692,254,858.53 or 1980.55% in
the reporting period compared with the same period in 2022, mainly owing to the increase in cash received from
borrowings during the reporting period.
II. Shareholder Information
(I) Total number of ordinary shareholders, number of preferred shareholders whose voting rights were
resumed and shareholdings of top 10 shareholders
Unit: share
Total number of preferred
Total number of ordinary shareholders shareholders whose voting
as at the end of the reporting period rights were resumed at the end
of the reporting period (if any)
Shareholdings of top 10 shareholders
Shareholding Number of shares Pledged, marked or frozen
Name of Nature of
percentage Number of shares subject to selling
shareholder shareholder Share status Number
(%) restrictions
Guangdong Domestic
Zhongshun Paper non-state-owned 28.22% 377,195,570
Group Co., Ltd. legal person
Chung Shun Co. Foreign legal person 19.94% 266,504,789
Hong Kong
Securities Foreign legal person 4.23% 56,516,558
Clearing Co., Ltd.
Ernest Partners
LLC — Client Foreign legal person 0.92% 12,259,500
funds
Domestic natural
Yue Yong 0.81% 10,765,241 8,348,93
person
Deng Yingzhong Domestic natural 0.51% 6,752,811 5,064,608
C&S Paper Co., Ltd. First Quarter Report 2022
person
Guohua Life —
Xingyi Other 0.47% 6,224,600
Traditional No.2
# Zhongshan
Domestic
Xinda Investment
non-state-owned 0.46% 6,123,636
Management Co.,
legal person
Ltd.
ABC — CSI
Smallcap 500 Other 0.35% 4,683,889
ETF
ICBC — CSI
Main Consumer Other 0.29% 3,899,518
Staples ETF
Shareholdings of top 10 shareholders not subject to selling restrictions
Type of shares
Name of shareholder Number of shares not subject to selling restrictions
Type of shares Number
Guangdong Zhongshun Paper Group RMB-denominate
Co., Ltd. d ordinary shares
RMB-denominate
Chung Shun Co. 266,504,789 266,504,789
d ordinary shares
Hong Kong Securities Clearing Co., RMB-denominate
Ltd. d ordinary shares
RMB-denominate
Ernest Partners LLC — Client funds 12,259,500 12,259,500
d ordinary shares
RMB-denominate
Guohua Life — Xingyi Traditional No.2 6,224,600 6,224,600
d ordinary shares
# Zhongshan Xinda Investment RMB-denominate
Management Co., Ltd. d ordinary shares
RMB-denominate
ABC — CSI Smallcap 500 ETF 4,683,889 4,683,889
d ordinary shares
ICBC — CSI Main Consumer Staples RMB-denominate
ETF d ordinary shares
RMB-denominate
#Chen Ruiqiang 3,667,600 3,667,600
d ordinary shares
RMB-denominate
Yuan Xuemei 3,592,000 3,592,000
d ordinary shares
actual controllers of the Company; Guangdong Zhongshun Paper Group Co., Ltd. and
Chung Shun Co. are the enterprises controlled by actual controllers of the Company, i.e.
Description on the related relationship Mr. Deng Yingzhong, Deng Guanbiao and Deng Guanjie. That is, Guangdong Zhongshun
or parties acting-in-concert Paper Group Co., Ltd. and Chung Shun Co. are related parties. Mr. Yue Yong is an
arrangements among the above incumbent senior manager of the Company.
shareholders 2. Except for the above situation, it is unknown to the Company whether there is related
party relationship among other shareholders, or whether there is acting-in-concert among
other shareholders as stipulated in the Administrative Measures for the Disclosure of
Information on Changes in Shareholders" Shareholding of Listed Companies.
Description on the top 10 shareholders’
transaction guarantee securities account.
participation in margin trading and
securities lending business (if any) Note: There is a special repurchase account “C&S Paper Special Repurchase Securities
Account” among the top 10 shareholders. As of the end of the reporting period, this
repurchase account held 26,758,987 shares, with a shareholding ratio of 2%. Pursuant to
relevant regulations, it is not included in the list of top 10 shareholders.
C&S Paper Co., Ltd. First Quarter Report 2022
(II) Total number of preferred shareholders and shareholdings of top 10 preferred shareholders
□ Applicable √ Not applicable
III. Other Significant Matters
√ Applicable □ Not applicable
Implementation of the 2022 Stock Option and Restricted Stock Incentive Plan during the reporting period:
(1) On December 20, 2022, the Company convened the 18th meeting of the Fifth Board of Directors, the 13th
meeting of the Fifth Board of Supervisors, and the 2023 First Extraordinary General Meeting of Shareholders,
which deliberated and approved the Proposal on the 2022 Stock Option and Restricted Stock Incentive Plan (Draft)
and Its Summary. For details, please refer to the Company"s relevant announcements on CNINFO.
(2) On January 4, 2023, the Company"s Board of Supervisors issued an explanation and the audit opinions on the
list of incentive recipients under the 2022 Stock Option and Restricted Stock Incentive Plan. At the same time, the
Company issued a self-inspection report on the buying and selling of corporate shares by insiders and incentive
recipients of the 2022 Stock Option and Restricted Stock Incentive Plan.
(3) On January 31, 2023, the Company held the 19th meeting of the Fifth Board of Directors and the 14th meeting
of the Fifth Board of Supervisors, which reviewed and approved the Proposal on Granting Stock Options and
Restricted Shares to Incentive Recipients for the First Time. The Board believed that the granting conditions
stipulated in the incentive plan were fulfilled and thereby agreed to, with January 31, 2023 as the first-grant date,
grant a total of 15.665 million stock options to 686 incentive recipients who met the granting conditions with an
exercise price of RMB9.48 per share, and a total of 21.765 million restricted shares to 694 incentive recipients
who met the granting conditions with a grant price of RMB6.32 per share.
(4) The registration procedures for the first-granted stock options under the 2022 Stock Option and Restricted
Stock Incentive Plan were completed on February 24, 2023, with a quantity of 15.48 million, number of recipients
for the first-granted restricted shares under the 2022 Stock Option and Restricted Stock Incentive Plan were
completed on March 6, 2023, with a quantity of 20.9615 million, number of recipients 617, and stock listing date
March 7, 2023.
IV. Quarterly Financial Statements
(I) Financial statements
Prepared by: C&S Paper Co., Ltd.
March 31, 2023
Unit: RMB
Item Balance at the end of the period Balance at the beginning of the period
Current assets:
Monetary funds 1,954,183,035.36 1,324,787,541.49
Settlement reserve
Lending to banks and other
financial institutions
Tradable financial assets 813,600.00
Derivative financial assets
Notes receivable 9,820,991.37 11,371,092.80
C&S Paper Co., Ltd. First Quarter Report 2022
Accounts receivable 845,396,697.20 1,084,130,138.51
Accounts receivable financing
Prepayments 19,613,931.45 15,291,351.73
Premium receivable
Reinsurance payables
Reinsurance contract reserves
receivable
Other receivables 13,628,574.99 16,915,272.60
Including: Interest receivable
Dividends receivable
Financial assets held under resale
agreements
Inventory 1,691,070,655.54 1,911,630,723.55
Contract assets
Assets held for sale
Non-current assets due within one
year
Other current assets 500,817,829.71 334,959,353.91
Total current assets 5,035,345,315.62 4,699,085,474.59
Non-current assets:
Loans and advances to customers
Investments in creditor’s rights
Investments in other creditor’s
rights
Long-term receivable
Long-term equity investment
Investment in other equity
instruments
Other non-current financial assets
Investment property 31,342,376.49 31,701,597.54
Fixed assets 2,924,742,472.38 3,013,559,312.97
Construction work in progress 158,311,995.48 142,627,123.42
Productive biological assets
Oil & gas assets
Right-of-use assets 8,812,888.05 9,758,283.42
Intangible assets 224,604,541.62 214,243,938.48
Development expenses
Goodwill 697,790.49 64,654.15
Long-term deferred expenses 9,611,286.29 11,771,615.74
Deferred income tax assets 212,970,662.52 206,456,657.06
Other non-current assets 27,263,986.66 5,839,034.34
Total non-current assets 3,598,357,999.98 3,636,022,217.12
Total assets 8,633,703,315.60 8,335,107,691.71
Current liabilities:
Short-term borrowings 1,189,233,927.49 607,799,222.62
C&S Paper Co., Ltd. First Quarter Report 2022
Borrowings from PBC
Placements from banks and other
financial institutions
Tradable financial liabilities
Derivative financial liabilities
Notes payable 315,999,721.07 340,335,111.30
Accounts payable 710,310,494.43 948,550,430.61
Payments received in advance
Contract liabilities 50,975,245.45 96,581,944.94
Proceeds from financial assets sold
under repo
Customer bank deposits and due to
banks and other financial institutions
Funds from securities trading
agency
Funds from securities underwriting
agency
Employee remuneration payable 61,125,746.74 131,641,447.65
Tax and fees payable 81,557,334.21 53,457,966.35
Other payables 789,456,180.28 807,423,814.13
Including: Interests payable
Dividends payable
Transaction fee and commission
receivable
Reinsurance payable
Liabilities held for sale
Non-current liabilities due within 7,510,164.22 9,833,661.30
one year
Other current liabilities 6,224,333.82 12,440,147.55
Total current liabilities 3,212,393,147.71 3,008,063,746.45
Non-current liabilities:
Insurance contract reserves
Long-term borrowings
Bonds payable
Including: Preference shares
Perpetual bonds
Lease liabilities 2,399,027.96 803,879.30
Long-term payable
Long-term employee remuneration
payable
Provision
Deferred income 94,410,420.74 98,419,983.82
Deferred income tax liabilities 42,821,394.21 47,131,368.70
Other non-current liabilities
Total non-current liabilities 139,630,842.91 146,355,231.82
Total liabilities 3,352,023,990.62 3,154,418,978.27
Owner"s equity:
Share capital 1,336,446,200.00 1,314,739,745.00
C&S Paper Co., Ltd. First Quarter Report 2022
Other equity instruments
Including: Preference shares
Perpetual bonds
Capital reserve 1,075,194,986.26 958,187,997.99
Less: Treasury shares 821,407,373.99 688,930,693.99
Other comprehensive income
Special reserves
Surplus reserves 145,882,689.86 145,882,689.86
General reserves
Retained earnings 3,537,617,354.46 3,448,180,639.62
Total equity attributable to owners of
the parent company
Equities of minority shareholders 7,945,468.39 2,628,334.96
Total owner"s equity 5,281,679,324.98 5,180,688,713.44
Total liabilities and owners" equities 8,633,703,315.60 8,335,107,691.71
Legal representative: Liu Peng Person in charge of accounting: Xu Xianjing Person in charge of accounting department: Dong Ye
Unit: RMB
Item Incurred in the current period Incurred in the prior period
I. Total Operating Income 2,060,542,849.81 1,884,339,300.88
Including: Operating income 2,060,542,849.81 1,884,339,300.88
Interest income
Gross earned premiums
Service charge and
commission income
II. Total Operating Cost 1,969,968,752.82 1,738,812,664.25
Including: Operating costs 1,494,682,167.06 1,266,000,074.36
Interest expenses
Service charge and
commission expenses
Surrender value
Net compensation expenses
Net appropriation of
insurance reserve
Policy dividends expenses
Reinsurance costs
Tax and surcharges 10,462,165.90 12,558,211.99
Selling expenses 343,938,889.16 333,729,274.14
Administrative expenses 72,119,884.69 79,277,066.68
R&D expenses 51,833,013.86 48,720,586.77
Finance expenses -3,067,367.85 -1,472,549.69
Including: Interest fees 10,537,717.07 178,781.10
C&S Paper Co., Ltd. First Quarter Report 2022
Interest income 5,717,475.64 2,754,875.87
Plus: Other income 7,424,935.61 8,030,856.86
Return on investment ("-"
indicates loss)
Including: Return on
investment in associates and joint
ventures
Income from the
derecognition of financial assets
measured at amortized cost
Exchange gains ("-" indicates
loss)
Gains from net exposure
hedging ("-" indicates loss)
Gains from changes in fair
value ("-" indicates loss) 813,600.00 -2,901.12
Credit impairment losses ("-"
indicates loss) 6,209,595.17 6,918,082.21
Asset impairment losses ("-"
indicates loss) -1,144,134.84 -366,142.72
Return on disposal of assets
("-" indicates loss) -55,740.67 23,232.86
III. Operating Profit ("-" indicates loss) 103,850,059.35 160,303,592.86
Plus: Non-operating income 1,988,401.70 960,172.21
Less: Non-operating expenditure 710,020.75 1,150,127.35
IV. Total Profit ("-" indicates total loss) 105,128,440.30 160,113,637.72
Less: Income tax expense 15,974,592.03 26,847,159.96
V. Net Profit ("-" indicates net loss) 89,153,848.27 133,266,477.76
i. Classified by operation continuity
operation ("-" indicates net loss) 89,153,848.27 133,266,477.76
operation ("-" indicates net loss)
ii. Classified by attribution of
ownership
of the parent company
-282,866.57 -79,786.94
losses
VI. Net Amount of Other Comprehensive
Income after Tax
Total other comprehensive after-tax net
income attributable to owners of the
parent company
i. Other comprehensive income not
able to be reclassified into the profit or
loss
re-measurement of the defined benefit
plan
income that cannot be transferred into the
profit or loss under equity method
C&S Paper Co., Ltd. First Quarter Report 2022
investment in other equity instruments
credit risk of the enterprise
ii. Other comprehensive income
reclassified into the profit or loss
income to be transferred into the profit or
loss under equity method
investment in other creditor"s rights
reclassified into other comprehensive
income
credit of investment in other creditor"s
rights
hedge
foreign currency financial statements
Total other comprehensive after-tax net
income attributable to minority
shareholders
VII. Total Comprehensive Income 89,153,848.27 133,266,477.76
Total comprehensive income
attributable to owners of the parent 89,436,714.84 133,346,264.70
company
Total comprehensive income
-282,866.57 -79,786.94
attributable to minority shareholders
VIII. Earnings per Share:
i. Basic earnings per share 0.07 0.10
ii. Diluted earnings per share 0.07 0.10
For business combinations of the current period under common control, the net profit realized by the combined party before the
combination is: RMB0.00; the net profit realized by the combined party in last period is: RMB0.00.
Legal Representative: Liu Peng Person in charge of accounting: Xu Xianjing Person in charge of accounting department: Dong Ye
Unit: RMB
Item Incurred in the current period Incurred in the prior period
I. Cash Flows from Operating
Activities:
Cash received from sale of goods
or rendering of services
Net increase in deposits from
customers, banks and non-bank
financial institutions
Net increase in due to central
banks
Net increase in placements from
C&S Paper Co., Ltd. First Quarter Report 2022
other financial institutions
Cash received from the premium
of direct insurance contracts
Net cash from reinsurance business
Net increase in deposits and
investment of the insured
Cash obtained from interest, net
fee and commission
Net increase in placements from
banks and other financial institutions
Net increase in repo service fund
Net cash from agent securities
trading
Tax rebates 33,984,049.20
Cash received related to other
operating activities
Sub-total of cash inflow from operating
activities
Cash paid for goods purchased and
services rendered
Net loans and advances to
customers
Net increase in deposits with the
central bank, banks and non-bank
financial institutions
Cash paid for claims of direct
insurance contracts
Net increase in placements with
banks and non-bank financial
institutions
Cash paid for interest, fee and
commission
Cash paid for dividends of the
insured
Cash paid to and on behalf of
employees
Tax payments 88,074,968.57 130,061,335.22
Cash payments related to other
operating activities 223,465,837.64 248,051,666.65
Sub-total of cash outflow from
operating activities 2,074,726,202.14 1,786,485,381.26
Net cash flows from operating activities 189,136,132.94 247,480,435.23
II. Cash Flows from Investing
Activities:
Cash from realization of
investment
Cash received from the return on
investments
Net cash received from the
disposal of fixed assets, intangible 319,638.40 4,408.13
assets, and other long-term assets
Net amount of cash received from
the disposal of subsidiaries and other
operating organizations
C&S Paper Co., Ltd. First Quarter Report 2022
Cash received related to other
investing activities
Sub-total of cash inflow from investing
activities
Cash paid for the acquisition and
construction of fixed assets, intangible 61,791,327.43 78,770,349.25
assets, and other long-term assets
Cash paid for investments
Net increase in pledged loans
Net amount of cash paid for
acquisition of subsidiaries and other 5,810,000.00
operating organizations
Cash payments related to other
investing activities
Sub-total of cash outflow from
investing activities 303,623,327.43 248,770,349.25
Net cash flows from investing activities -280,274,981.94 -207,345,904.35
III. Cash Flows from Financing
Activities:
Cash received from capital
contribution
Including: Proceeds received by
subsidiaries from minority shareholders"
investment
Cash received from borrowings 1,127,682,621.27 38,500,000.00
Cash received related to other
financing activities
Sub-total of cash inflow from financing
activities
Cash paid for repayments of
borrowings
Cash payment for interest expenses
and distribution of dividends or profits
Including: Dividend and profit
paid by subsidiaries to minority
shareholders
Cash payments related to other
financing activities
Sub-total of cash outflow from
financing activities
Net cash flows from financing activities 727,207,478.06 34,952,619.53
IV. Effect of Exchange Rate Changes on
Cash and Cash Equivalents 2,163,778.43 -994,226.31
V. Net Increase in Cash and Cash
Equivalents 638,232,407.49 74,092,924.10
Plus: Opening balance of cash and
cash equivalents 1,248,898,024.59 797,797,675.70
VI. Closing Balance of Cash and Cash
Equivalents 1,887,130,432.08 871,890,599.80
(II) Report auditing
Whether the First Quarter Report has been audited
□ Yes √ No
C&S Paper Co., Ltd. First Quarter Report 2022
The First Quarter Report of the Company has not been audited.
Board of Directors of C&S Paper Co., Ltd.
April 18, 2023
If there are any ambiguities, the Chinese version shall prevail.
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