晨 鸣Ｂ：2009年年度报告（英文版）

080。

Ltd（. 齊 河晨鳴板材有限 公司），461， Ltd.，349， THE BOARD AND THE DIRECTORS OF THE COMPANY WERE NOT FINED BY CHINA SECURITIES REGULATORY COMMISSION NOR CONDEMNED BY ANY STOCK EXCHANGE 八、展開多渠道溝通，552，合併日或購買日 為實際取得對被合併方或被購買方控制 權的日期，161，414.35) V. Net increase in cash and cash equivalents Add: Cash and cash equivalents at 1 January 五、 現金及現金等價物 淨增加額 加：期初現金及現金 等價物餘額 48 48 (493。

which was established according to the legal processes and the business practice of the Company. It was completely separated from that of the controlling shareholder. 4、機構分開情況：公司擁有完整 的組織機構、機構的設置完全 凭据法定措施並根據公司情況 需要設立，650， such as a breach of rules or delay during settlement of interests or principal; (3) the Group gives way to those under financial difficulty accounting on economic or legal reasons; (4) debtors may go into liquidation or conduct other financial reorganization; (5) transaction of the financial assets ceases in the active market as the issuer encounters great financial difficulties; (6) any reduction in cash flow of certain assets among a group of financial assets cannot be identified，減少幅度 24%和22.26%， Ltd.，542， Shouguang Chenming Holdings Co.， 本集團未予確 認，000.00 52，249，875.82 3， formulating reasonable pricing strategy，423， Ltd.) ， The Group’s share of net losses of the investee shall be recognized to the extent that the carrying amount of the long-term equity investment together with any long-term interests that in substance form part of the investor’s net investment in the investee are reduced to zero. If the Group has to assume additional obligations，973，與 年度審計註冊會計師、公 司財務部門召開會議，且遞延所得 稅資產及遞延所得稅負債是與同一稅收 徵管部門對同一納稅主體徵收的所得稅 相關大概是對差异的納稅主體相關，726，062，802，184。

held-to-maturity investments。

故計提存貨跌價 準備。

隨著國家宏觀經濟 政策的逐步實施，064， 2007年 4月開始 任本公司非執行董事， general taxpayers engaging in the sale of waste materials business will be exempted from VAT. Accordingly，000。

234.46 Other business revenue Including: Sales of raw materials and semi-finished products Installation engineering and machine repair workshop Rental income Others 其他業務收入 个中：原质料、 半制品銷售 安裝工程及 機修車間 租金收入 其他 110， Hong Kong Commercial Daily and the website of CHINF () on 29 April 2009 and the website of the Hong Kong Stock Exchange () on 28 April 2009. （2） 公司第五屆董事會第十三次會 議於2009年4月 28日召開，經營範圍為 對造紙、電力、熱力、林業項 目的投資，268。

000，727.88) 7，071.12 (3，780.96 Total 合計 1，527.00 4。

000.00 Entrusted loan 委托貸款 324X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 VI. RELATED PARTY RELATIONS AND TRANSACTIONS (Cont’d) 六、關聯方關係及其交易（續） (3) Major related party transactions entered into between the Company and related parties during the year are as follows (Cont’d) (3) 公司與關聯方在本年度發生了如下 重大關聯交易（續） (b) Lending and borrowing (Cont’d) (b) 關聯方資金拆借（續） Previous year: (Cont’d) 上年度：（續） RMB 人民幣元 Amount of lending and borrowing 拆借金額 拆出金額 Balance at the end of the previous period 上期末餘額 Related party 關聯方 Starting 起始日 Ending 到期日 Remarks 說明 Shandong Chenming Panels Co.， Note 4: Accumulated amortization for the period increased，本公司 子公司 武漢晨鳴 漢 陽紙業股份有限公司於 2009年收 到節能技術改革專項資金人民幣 1，966，000.00 Entrusted loan 委托貸款 Juancheng Chenming Panels Co.。

the construction area of the woodlands for paper making materials in Zhanjiang and its peripheral regions reached 740。

070，公司全 資子公司湛江晨鳴漿紙 有限責任公司為建設湛 江木漿項目，報告期內，167。

024.34 49.63 (24。

068。

000 Improvement of plant fostering， vice chief secretary of National Commission of Economics and Commerce，831.21) — 1.醫療保險費 — 7， the work of the Company will focus on the following areas in 2010: 2、結合公司制定的戰略目標， Expenditure arising from the research phase is recognized as profit or loss in the current period. 研究階段的支出。

366，庫存量大幅低落 影響所致，018，968.25 111，107， increased the management efficiency and timely provided the management of the Company and the Board with related information. The financial system of the Company is sound and complete and in compliance with the requirements of related laws and regulations. 39V Corporate Governance Report 第五節 公司管治報告 I. DISCLOSURES AS REQUIRED BY CHINA SECURITIES 一、按中國證監會要求披露的資料（續） REGULATORY COMMISSION (Cont’d) (IV) Internal Control of the Company (Cont’d) （四）公司內部控制情況（續） 2、 公司內部控制制度的成立和健 全情況（續） （8） 對信息披露的打点控制 公司制訂 了《信息披露管 理制度》、《重大信息內部 報告制度》、《投資者關係 打点事情規範》、投資者 《欢迎和推廣制度》，927，084， forestry projects 對造紙、電力、熱力、 林業項目投資 State-owned Assets Supervision and Administration Commission of Shouguang City 壽光市國有資產打点局 78348518-9 168，000。

019.61元 ，941.00 1。

277.85 135，591.97 24， “Investor Relationship Management Criteria”（《投資者關係管 理事情 規範》） ，875.83 ) (6，本期計提 人民幣 642， An impairment loss recognized on goodwill shall not be reversed in a subsequent period. 商譽減值損失一經確認，000.00 15，964， on 17 November 2009 by way of capital contribution，737.65) 800， sources of funds and their planned use 4、未來的資金需求、資金來源及使用 計劃情況 隨著公司不斷發展和經營規模的擴 大， Ltd. 壽光晨鳴美術紙有限公司 Cost method 本钱法 Cost method 113，211，770.79 ) — 394，本公司董事會共召開了 六次 會議 V. DAY-TO-DAY OPERATION OF THE BOARD 1. Board meetings and their resolutions During the reporting period， 135X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 II. SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES OF THE 二、公司主要會計政策和會計估計（續） COMPANY (Cont’d) Fixed assets (Cont’d) Explanation on other matters Subsequent expenditures incurred for a fixed asset shall be included in the cost of the fixed asset。

779.81 7，公 上述股東關聯關係或一致行動的說明 15III Changes in Share Capital and Shareholders 第三節 股本變動及股東情況 III. SHAREHOLDERS’ PROFILES (Cont’d) 三、股東情況介紹（續） 3. Profile of controlling shareholders and beneficial controllers 3、控股股東及實際控制人情況介紹 (1) The Company’s controlling shareholders and beneficial controllers remained unchanged during the reporting period. (1) 報告期內，000 mu already. （2） 截至到 2009年年底，780。

外幣專門借款的匯兌差 額全部予以資本化；外幣一般借款的匯 兌差額計入當期損益，490，936，376.73 Cash repayments of amounts borrowed Cash payments for interest expenses，000. (On 31 December 2008，除耗损性生物資產及某些金融东西 以公允價值計量外。

716.34 50.93 50.93 — — — 33，會議審議了公司 2009年一季度報告全文和摘要， received a special fund of RMB900，因處置而 減少人民幣39，422.22 2，415.60 4， the balance of guarantee the Company provided to its subsidiaries amounted to RMB1，459，000.00 13。

358.17 5，900，321，192，公司董事認為 該等款項可以收回， Yanbian Chenming Paper Co. Ltd.，745，018.43 47， production and operation of the Company，579.98 100.00 (51， Shandong 山東壽光 On-site research and investigation 實地調研 Research personnel from Haitong Securities。

發生的關聯交易事項真實、準確的反 映了公司日常關聯交易情況，000.00 34，000.00 534， recoverable amount shall be estimated for the individual asset. If it is not possible to estimate the recoverable amount of the individual asset，000.00 100.00 100.00 — — — — Modern Logistic Co.。

相關決議 通告刊登在 2009年 4月 29日 《中國證券報》、《香港商報》及 巨潮 資訊 網（ 網 址 ： ）及2009 年4月 28日刊登在香港聯交所 網站（）上，000.00 — 5，000.00 in 2009 for DIP workshop and No. 10 paper machine energy conservation reform. Pursuant to the “Notice Regarding Financial Incentive Fund Budget Indicators for 2007 and 2008 Energy Conservation Technical Reform” （《關於下 達 2007 年和 2008 年節能技 術改革 財政獎勵資 金清算指 標的通知 》） issued by the Finance Department of Jilin Province，414，539，452.03 was due to improvement of fixed assets. Note 6: 215X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 五、財務報表項目附註（續） 12 Construction in progress The Group 在建工程 本集團 12. (1) The breakdown of constructions in progress is as follows (1) 在建工程明細如下 RMB 人民幣元 Closing balance 期末數 Impairment provision 減值準備 Opening balance 期初數 Net book Impairment value 賬面淨值 Net book value 賬面淨值 Items 項目 Book balance 賬面餘額 Book balance 賬面餘額 provision 減值準備 Mihe River view wetland (Grand View Hotel) Power plant project (Jilin Chenming) Transform project of desulphurization for coal powder stoves of power plants (Wuhan Chenming) Technological improvement in fixed assets (Jilin Chenming) Transform of stove diatation and evaporation stations (Wuhan Chenming) Pulp machine engineering (Jixiang Chenming) Intermediate water advance treatment in drainage workshops (Qihe Panels) Improvement in power 彌河景觀濕地 （御 景大酒 店） 電廠項目 （吉 林晨鳴） 電廠煤粉爐 脫硫改革工程 （武 漢晨鳴） 15， the most significant credit risk exposure that might incur financial losses on the Group was mainly attributable to a contractual counterparty’s failure to perform its obligations，848.84 12，以公允價值計量，406.80 11，078。

724，089.31 346，466.68 (18，397.22 Within 1 year，560，953.66 556，088。

Hong Kong Commercial Daily and on the website of CNINF ( ) on 9 June 2009 and 7 August 2009。

369。

185X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 五、財務報表項目附註（續） 5. Other receivables (continued) The Group (continued) 其他應收款（續） 本集團（續） 5. Aging of the other receivables is as follows: 其他應收款賬齡如下： RMB 人民幣元 Closing balance 期末數 Bad debt Opening balance 期初數 Bad debt Aging 賬齡 Amount 金額 Ratio (%) 比例(%) provision 壞賬準備 Book value 賬面價值 Amount 金額 Ratio (%) 比例(%) provision 壞賬準備 Book value 賬面價值 Within 1 year 1 to 2years 2 to 3years Over 3 years 1年以內 1至2年 2至3年 3年以上 88， the materials of manufacture of paper and machinery 紙品及造紙原料、機械生產銷售 Manufacture，125，900，540， the Group and the Company did not have other receivables from shareholder units holding 5% (including 5%) 本集團及本公司本期末其他應收款 中無應收持有公司5%（含5%）以上 股份的股東單位的款項。

270。

the difference of which recognized as adjusted capital surplus。

245。

5. Supervisors and inde pendent non-executi ve Directors of the Company made the following self-evalua tion comments on the internal controls of the Company: The internal control measures of the Company are in compliance with the requirements of the relevant regulations and the securities regulatory authorities， the Chinese version shall prevail except section XII. None of Directors，701.83 17。

495。

Where funds are borrowed for a specific purpose，採用資產 負債表債務法確認遞延所得稅資產及遞 延所得稅負債，000，867，123，91 According to the future earnings forecast results of the Company。

i.e. Zhanjiang Chenming Arboriculture Co.， business tax，105。

267.01 3。

Shandong 山東壽光 On-site research and investigation 實地調研 Gao Hua Securities。

Limited) in aggregate. 報告期內本公司子公司 壽光晨鳴現代物流有限 公 司 以 人 民 幣 1， 紙品購買者信心受到打 擊， 均計入當期損 益，872，859， Financial assets held for trading are subsequently measured at fair value. The gain or loss arising from changes in fair value and dividends and interest income related to such financial assets are charged to profit or loss for the current period. 交易性金融資產採用公允價值進行後續 計量，844，534，629，580，000.00. 根據 湖北省財 政廳《省 財政廳關 於 預撥2008年節能技術改革財政獎 勵資金（第一批）的通知》，445.73 TOTAL LIABILITIES AND OWNERS’ EQUITY 負債和所有者權益總計21，527，共完成了總工程量 的35％阁下，203.33 1，054.62 ) 445，009.69 19，062， Single item without significant other receivables but considered to be greater risks after arrival at by credit risk characteristics: 單項金額不重大但按信用風險特徵 組合後該組合的風險較大的其他應 收款 RMB 人民幣元 Closing balance 期末數 Book balance 賬面餘額 Opening balance 期初數 Book balance 賬面餘額 Bad debt provision 壞賬準備 Bad debt pr ovision 壞賬準備 Aging 賬齡 Amount 金額 Ratio(%) 比例 (%) Amount 金額 Ratio(%) 比例 (%) Within 1year 1 to 2years 2 to 3years 3 to 4years 4 to 5years Over 5 years 1年以內 1至2年 2至3年 3至4年 4至5年 5年以上 — — 999，700，000.00 — 2，主 要系集團投資興建美倫紙業80 萬噸銅版紙項目和9.8萬噸生 活用紙項目，協助江西晨鳴開拓外洋市場並 進行更有效率及有效之經銷事情，501.28) 48，H 股發行募集資金 91%用 於湛江木漿項目，215，605.42 Subtotal of cash outflows from operating activities 經營活動現金流出小計11，417。

company and its subsidiaries or between subsidiaries are eliminated on consolidation. 119X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 II. SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES OF THE 二、公司主要會計政策和會計估計（續） COMPANY (Cont’d) Basis for Preparation of Consolidated Financial Statements (Cont’d) The portion of a subsidiary’s equity that is not attributable to the parent is treated as minority interests and presented as “minority interest” in the consolidated balance sheet within owners’ equity. The portion of net profits or losses of subsidiaries for the period attributable to minority interests is presented in the consolidated income statement under the” net profit” line item as “minority interests”. When the amount of loss attributable to the minority shareholders of a subsidiary exceeds the minority shareholders’ portion of the opening balance of owners’ equity of the subsidiary，671，929.95 ) (273，本集團在每個資產 負債表日對其他金融資產的賬面價值進 行檢查。

913，947，343.20 3，在 合併条约中對可能影響合併本钱的未來 事項作出約定的， the Company received a National Technological Support Scheme project fund of RMB1， advance payment and progress payment for domestic and overseas equipments totaled RMB854 million. 48VII Directors’ Report 第七節 董事會報告 一在企業會計準則下的打点層討論與 阐明（續） （二）公司 主營業 務及其經 營狀況 阐明 I. MANAGEMENT DISCUSSION AND ANALYSIS UNDER ACCOUNTING STANDARDS FOR BUSINESS ENTERPRISES (Cont’d) (II) Principal operations of the Company and analysis on their operations 1 Principal operations by industry and by product 1 主營業務分行業、產品情況表 Unit: RMB in ten thousands Revenue from operations by industry 主營業務分行業情況 Year-on-year increase / decrease in revenue from operations 營業收入 比上年 增減 (%) Year-on-year increase / decrease in cost of sales 營業本钱 比上年 增減 (%) Year-on-year increase / decrease in gross profit margin 營業利潤率 比上年 增減 (%) Gross profit margin 營業 利潤率 (%) Revenue from operations 營業收入 Cost of sales 營業本钱 分行業或 By industry or by product 分產品 Sales of machine-made paper Sales of electricity and steam Sales of construction materials Sales of chemical products Hotel business Others 機製紙 電力熱力 建築 质料 造紙化工 用品 酒店業 其他 1，794.76). 註1： 2009年12月 31日本公司無經營租 賃租出的牢固資產，944，參見 附註五 .11， a whollyowned subsidiary of the Company，075， 120X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 II. SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES OF THE 二、公司主要會計政策和會計估計（續） COMPANY (Cont’d) Foreign currency and translation of statements denominated in foreign currency (Cont’d) Translation of Financial Statements Denominated in Foreign Currency Exchange differences arising from change in exchange rate where the preparation of consolidated financial statements relates to overseas operation and foreign currency monetary items materially constitute net investment in overseas operation shall be recorded into “translation reserve” in the shareholders’ equity: disposal of overseas operation shall be included into profits and losses on disposal in the current period. 外幣業務和外幣報表折算（續） 外幣財務報表折算 編製合併財務報表涉及境外經營的，287。

Hopewell Centre， Ltd.) acquired 67% equity interests in 山東 晨鳴板材有限責任公司 (Shandong Lin Dun Wood Industry Co.，792，035.94 3，756.00 12， 在其他變量不變的情況 下，115.83 ) (6，354.76 134，052，944，933。

640， 343X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 I. SUPPLEMENTARY INFORMATION (Cont’d) 一、 補充資料（續） 4. Irregular movements in major items of the accounting statements of the Company and explanation on their reasons (Cont’d) (10) Short-term borrowings increased by 105% during the year。

processing sales and of pulp and paper products; land transport 紙漿及紙製品的生產、加工、 銷 售、汽車運輸 Generation and sales of electricity and heat 電力、熱力的生產及銷售 3。

537。

016，000.00 (d) Key executive’s remuneration (d) 關鍵打点人員報酬 RMB in thousands 人民幣千元 Accrued during the current period 本期發生額 Accrued during the previous period 上期發生額 Item 項目名稱 Key executive’s remuneration 關鍵打点人員報酬15，565.15 江西晨鳴紙業有限責任公司製紙 Yanbian Chenming Paper Co.，主要是由於本期人民 幣對美元匯率相對穩定，833， and the cost of the long term equity investment shall be adjusted accordingly. Under the equity method。

(2) Financial assets held for trading for the year increased by RMB14。

acquired 100% of equity interests in 壽光虹 宜包裝裝飾有限公司 (Shouguang Hongyi Decorative Packaging Co.， 詳 見附註五、 31，716.52 217，700，且有客觀證據表白本集團 近期採用短期獲利方法對該組合進行管 理；(3)屬於衍生东西， include floating-rate and fixed-rate borrowings at interest rates ranging from 1.09% to 5.47% per annum. 上述借款的償還期限為 2011 至 2023年，除本公司對上述控股子 公司有委託貸款外， Ltd.)。

643.63 748，615.92 12，持有交易性金融資產、 交易性金融負債產生的公允價值變動 損益，895.71 ———— —— 101。

251.32 197，500，353，255， Securities Law (《證 券法 》)， Andritz HK and Andritz Technologies a total contractual amount of RMB1.327 billion. Zhanjiang Chenming Paper Pulp Co.，741.50 內部交易未實現利潤 遞延收益 公允價值變動 2， change of use，704，000，100.00 — 581，748，882， Ltd.) on 31 May 2009 to acquire 50% equity interest in 壽光新源煤炭有限 公司 (Shouguang Xinyuan Coal Co.，凭据 預期收回相關資產或清償相關負債期間 的適用稅率計量，223，抵押物淨值分 別 為 固 定 資 產 人 民 幣 1，772，715，827.22 30.00 30.00 — — — — 權益法 Equity method 900。

000，000.00 323X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 VI. RELATED PARTY RELATIONS AND TRANSACTIONS (Cont’d) 六、關聯方關係及其交易（續） (3) Major related party transactions entered into between the Company and related parties during the year are as follows (Cont’d) (3) 公司與關聯方在本年度發生了如下 重大關聯交易（續） (b) Lending and borrowing (Cont’d) (b) 關聯方資金拆借（續） Previous year: 上年度： RMB 人民幣元 Amount of lending and borrowing 拆借金額 拆出金額 Balance at the end of the previous period 上期末餘額 Related party 關聯方 Starting 起始日 Ending 到期日 Remarks 說明 Fuyu Chenming Paper Co.，637.60 12，062。

銷量的上升導致存貨餘 額下降。

条约總價款約人民幣 14.90億元， holding all other variables constant，957，2010年 公司主要從以下幾方面開展事情： （續） （4） 加強幹部員工隊伍素質建設。

基於對造紙行業以上認識，146.34 ) — — 925，845.48 ) 15， 23IV Directors， as well as strategic development 行業近期發展狀況及未來發展趨勢、公司生 產經營情況、未來戰略發展偏向等，083.64 — — 4，因 此對賬齡在 2至 3年的其他應收款按 餘額 20%計提壞賬準備，限期為 一年，作 為與國民經濟和社會事業發展關係 密切的重要基礎原质料產業。

明 確本公司內幕信息、內幕信息知情 人範圍、報告措施、保密法子、保 密責任以及對違反規定人員的責任 追究等事項。

050，468.11 5，110，532，258，818 — — 120 Geng Guanglin 耿光林 M 男 36 April 2009 - April 2010 2009 年 04 月－ 2010 年 04 月 437，064.03 3，000.00 100.00 100.00 — — — — 富饶晨鳴紙業有限 責任公司 本钱法 Xianning Chenming Arboriculture Cost method 10。

湛江項目使用募集資金約人民 幣 11.89億元。

該組金融資產自初始確 認以來的預計未來現金流量確已減少且 可計量，作為可供出 售金融資產核算，850.53 81，250.00 — 75。

987.79 100.00 (141。

246.64 1，754，現任本公司副董 事長、壽光晨鳴控股有限公司 董事。

the closing balance of constructions in progress of the Group included capitalized interest amount of RMB 7，657，895.71 5。

476。

087.60 ) 34.24 單項金額 35，000， and distribution of dividends or profits Cash repayments for conversion of short-term debentures Cash payments relating to other financing activities 償還債務付出的現金7。

Ltd. 山東晨鳴紙業集團 齊河板紙有限責任公司 90。

the Company was reorganized to become a joint stock limited company by way of public subscription. In May 1997， production and operation of the Company，984.44 438，將重組債權的賬面 餘額與收到的現金之間的差額計入當期 損益，627，548.35 6，299，260.23 ) 461，334.00 36。

385，384.46 (52，579，134.95 80，430.22 and RMB14。

351。

250，320.02 (42， upon completion of the acquisition，拓展發展空 間，在合併資產負債 表中 所有者權 益項目 下 以「少 數股東權 益」項 目列示。

963。

000.00) (15，單筆金額均未超過人民幣 100萬元，786，334，381，831.21 ) — (244，992.44 Subsidiaries of the Company 公司之子公司 731，748.83 was provided for during the period，981.16 1。

and net profit attributable to equity holders of the Company in 2009 according the International Financial Reporting Standards was RMB862，217.41 13， please refer to Note III. 註 1：上述營業稅金及附加的計提標準 參見附註三，065，509，867.42 ) 112。

the Company had accounts receivable denominated in foreign currencies in the amount of USD 28， 301X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 五、財務報表項目附註（續） 55. Merger of entities (Cont’d) 55. 企業合併（續） (1) 壽光虹宜包裝裝飾有限公司 (Shouguang H ongyi Decorative Packaging Co.，807.11 — — 1，685，595.01 — 19，496.41萬 元，418.15 ) — — (737， 河澤 晨鳴板 材有 限責任 公司）all being subsidiaries of the Company and produce products that applied integrated use of resources，315.89 1， the Group，661，别的。

紙製品市場價格回升且需 求旺盛，403。

the net value of the land use rights without land use right certificates in the intangible assets of the Group was RMB152，411。

344。

000，202.69 9，537， recoverable amount shall be estimated for the individual asset. If the recoverable amount of an asset is less than its carrying amount， including the resolutions in relation to the full text and summary of the 2009 Interim Report and provision of entrusted Loans to controlling subsidiaries. The related resolution announcement was published on China Securities Journal， The Group assesses at each balance sheet date whether there is any indication that any investment properties may be impaired. If there is any evidence indicating that an asset may be impaired， Ltd. 山東晨鳴熱電股份有限公司 Electricity and steam 熱電 86.71% Generation and sales of electricity and steam 電力、熱力生產和銷售 9，000.00 (56。

更是公司開拓奮進、 經受住嚴峻考驗的一年，535，288。

172，125.76元， 194X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 五、財務報表項目附註（續） 7. Entrusted loan The Company 委託貸款 本公司 7. RMB 人民幣元 Entrusted loan made to subsidiaries 對子公司委託貸款 Closing balance 期末數 Opening balance 期初數 Due within in a year Due over a year 一年內到期 一年後到期 1，409， A10 of Hong Kong Commercial Daily 中國證券報 D24版、香港商報A10版 2009-6-06 Unusual price and trading volume movement H股股價及成交量的不尋常波動 Announcement in respect of the resolutions passed at the fourteenth meeting of the fifth session of the Board Notice of 2009 First Extraordinary General Meeting Announcement in respect of external investment 第五屆董事會第十四次會議決議通告 關 於召開2009年第一次臨時股東大會的通知 對 外投資通告 2009-6-09 D6 of China Securities Journal， electricity，355， Ltd，417.73 511，928， please see Note V.11. 註2： 抵押借款的抵押資產類別以 及金額， Ltd.). 山東晨鳴板 材 有限責任公司 (Shandong Chenming Panels Co.。

711， Ltd. 江西晨鳴紙業 有限責任公司 95。

000 H shares. Meanwhile。

938.94 13，002，758， if the asset were already of the stage and in the condition expected at the end of its useful life. 預計淨殘值是指假定牢固資產預計使用 壽命已滿並處於使用壽命終了時的預期 狀態，900，456，451.60 8，836.56) 100.00 Note(1) 註(1) Single item without significant accounts receivable but assessed individually for impairment at the end of the period 期末單項金額雖 不重大但單獨 進行減值 測試的款項 937，153，749。

643.94 2，722.90 2，205.60 151，836.56) (1) Due to poor management of the counterparties; therefore， the Group had advance to suppliers denominated in foreign currencies in the amount of USD 18，528， Supervisors and Senior Management and the Staff 第四節董事、監事、高級打点人員情況 一、董事、監事和高級打点人員持股變 動及報酬情況（續） Total remuneration received from the Company during the reporting I. CHANGES IN SHAREHOLDINGS AND REMUNERATIONS OF THE DIRECTORS，但並非最大風險敞 口，070.83 22， the reduction is recognized as an impairment loss and charged to profit or loss for the current period. A provision for impairment loss of the asset is recognized accordingly. An impairment loss recognized on the assets mentioned above shall not be reversed in a subsequent period. 上述資產減值損失一經確認， assistant to president，441，851 436，江西晨鳴 紙業有限責任公司董事長，220.96 8，550，277.85) — 46， and connected transactions to provide strong protection for the lawful operation and healthy development of the Company. II. MEETINGS OF THE SUPERVISORY COMMITTEE 二、監事會會議情況 1. The ninth meeting of the fifth session of the Supervisory Committee was held on 8 April 2009. Resolutions，479.18 Total 合計 1，711，747.11 386。

暫停借款費用的資 本化， Value-added Tax (“VAT”) Pursuant to the requirements of the “Provisional Regulations on Valueadded Tax of the People’s Republic of China”（《中華人 民共和 國增值 稅暫行條例》）and “Detailed Rules for the Implementation of the Provisional Regulations on Value-added Tax of the People’s Republic of China”（《中 華人民 共和國增值稅 暫行條例實施 細則》）。

535， the reduction in net fixed assets was 5%; b. the commencement of construction of the 800， etc.。

000.00 — (15，055.79 1， When financial liabilities is derecognized in full or in part，087.05元， Ltd.)，在發生時計入當 期損益，981.16 (20，700.43 The acquisition date refers to the date the purchaser obtained actual control of the subject being purchased。

549.51 44。

334.87 The Company 本公司 RMB 人民幣元 Incurred during the previous period 上期發生額 Incurred during the current period 本期發生額 Items 項目 Provision of bad debt Provision of allowance for inventory Provision of impairment on equity investment 壞賬損失 存貨跌價損失 21。

230.81 308， 減少資金佔 用；健全國際營銷網路，000，331，483，476.29 Net cash used in investing activities 投資活動產生的現金流量淨額(2， the closing balance of constructions in progress of the Company did not include any capitalized interest amount. (There were not any capitalized borrowing costs in the previous period). 截止2009年 12月31日。

有關具體情況請參見 2009年 4月 29日、 2009年 7月 7日刊登於《中國證券報》、《香 港商 報》、巨潮 資訊 網（ ）和2009 年4月28日、2009年7月6日刊 登 於 香 港 聯 交 所 網 站 ()的 相 關 公 告。

451.92 826， Under the equity method，925，074，375.23 2。

679.82) (2。

600.00元，但並 不能夠控制大概與其他方一起配合控制 這些政策的制定，157名，000.00 20 February 2008 2008年2月 20日 19 February 2009 2009年 2月19日 — Entrusted loan 委托貸款 Hailaer Chenming Paper Co.，222.02 ) (50，259.01) 4。

556，036， 公司膠版紙工 廠、白卡紙工廠廠長、江西晨 鳴紙業有限責任公司董事長， In 2009。

2009年 12月 31日，574.07 3 3． 7，公司工會委 員會推選王菊、楊洪芹為公司職工 代表監事， Hubei 湖北咸寧 Shouguang，721，345 23，758.28 85，726，834， based on 2。

698.03 273X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 五、財務報表項目附註（續） 39. Tax and levies on operations The Group 營業稅金及附加 本集團 39. RMB 人民幣元 Incurred during the current period 本期發生額 Incurred during the previous period 上期發生額 Items 項目 Standard 計繳標準 Business tax 營業稅 7，874，738，計提減值準備，497.31 9，981.16 (20，864，196.96 — 651，224.82 10 29 9 (81 ) (32 ) (26 ) (21 ) (22 ) (23 ) (24 ) (25 ) (26 ) (1) Bank balances and cash of the Group as at 31 December 2009 increased by 1% over 31 December 2008， Ltd.) 壽光虹宜包裝裝飾有限公司 (Shouguang Hongyi Decorative Packaging Co.，677.41 21.95 138，357。

確認勞務收 入的實現， 全部作為牢固資產處 理，125，677.56 ) (13， 上述委託貸款期限為 1-10 年，621，089，本 次發行的B股股票於1997年5月26日起在 深圳證券交易所掛牌交易，114，682.36 — 1，451.85 12，並 計入當期損益，423， only if it is probable that economic benefits associated with the asset will flow to the Company and the relevant cost can be measured reliably; meanwhile the carrying amount of the replaced part shall be derecognized. Other subsequent expenditures shall be charged to profit or loss when 牢固資產（續） 其他說明 與牢固資產有關的後續支出，035.00 — 6.8282 76，288，089， a subsidiary of the Company。

加強與投資者、新聞媒體和社會公眾 的直接溝通，079，756，在現金流量表中 以「匯率變動 對現金及 現金等 價物的影 響」單獨列示 ，498.23 — 2， 117X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 II. SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES OF THE 二、公司主要會計政策和會計估計（續） COMPANY (Cont’d) The accounting treatment of business combination under common control and not under common control (Cont’d) Business combinations and goodwill involving entities not under common control (Cont’d) Goodwill arising in a business combination shall be tested for impairment annually. For the purpose of impairment testing，897，406.44 81IX Material Matters 第九節 重要事項 IV. SIGNIFICANT CONTRACTS AND THEIR PERFORMANCE (Cont’d) 四、重大条约及履行情況（續） 1. External guarantees (2) The 2008 annual general meeting approved a resolution regarding to provision of guarantee for banking facilities granted to its subsidiaries. The Company provides guarantee for banking facilities granted to its subsidiaries in 2008。

2009年 5月開始任本 公司監事， an increase of RMB 13， Ltd. — 110，910.75 Identifiable liabilities: Current liabilities Non-current liabilities 可辨認負債： 流動負債 非流動負 債 6， III. INVESTMENTS DURING THE REPORTING PERIOD (Cont’d) 2. Establishment of controlling subsidiaries during the reporting period (Cont’d) For details of the operating results and assets。

assistant to general manager，411，843.94) (15，獨立評估師 會考慮以下幾個因素，734.24 ) 28.09 be greater risks after 組合後該組合 arrived at by credit 的風險較大的 risk characteristics 其他應收款 Other items without significant other receivables 其他不重大 其他應收款 31， who will jointly form the Sixth Session of the Supervisory Committee of the Company with Supervisors representing shareholders. 4、2010年 4月 12日， the Company recognized the change in the fair value of the derivatives in the reporting period. The recognized gain on change in fair value amounted to RMB8。

152，514.09 7。

062，假如難以對單項資產的可 收回金額進行估計的，僅在 與該項經濟活動相關的重要財務和經營 決策需要分享控制權的投資方一致同意 時存在，並出具了 編號 為中瑞岳華 驗 字【 2008】第 2189號的驗資報告，000.00，570，883.70 Total net assets 淨資產合計1， All the consumable biological assets of the Group are subsequently measured at fair value as they are quoted in an active market where the Group can obtain a quoted market price and other information of the same or similar consumable biological assets and thus their fair values can be reliably estimated. Changes in fair values shall be recognized as profit or loss in the current period. 本集團所有耗损性生物資產都有活躍的 交易市場， Yanbian Chenming Paper Co.， construction or production of a qualifying asset is interrupted abnormally，941.00 3。

Code of Corporate Governance for Listed Companies ( 《上市公司管理準則》 )。

the Group shall recognize the employee benefits payable as a liability. 職工薪酬 本集團在職工提供服務的會計期間。

798， Sun Wenke No. 595 Shengcheng Road，670，291.95 Total profit 利潤總額6，007，967.54 6，987，773.53 Total 合計98。

637，972，折算後為人民幣 125，000.00 — — Total 合計 15，637。

Ltd. 湛江晨鳴漿紙 有限公司 61，476， supervisor of Shouguang Chenming Holdings Company Limited and supervisor of Shouguang Henglian Enterprise Investment Co. Ltd. 2、公司監事簡介 高俊傑先生，501，007，符 合《深 圳證券 交易所上市公司內部控 制指 引》及 相關法 律法規 的規定，455，066.18 — 12，979。

匯兌 收益比上年減少所致， Shouguang City，公司各單 位要增強緊迫感和責任感，234.11 68.30 5.33 3.14 23.23 (7，852。

315，974.70 — — — — — — — Total 合計 208，492.59 13，518.01 13。

110， 2. T he establishment and optimization of the internal Control of the Company (Cont’d) (8) Administration of and control over information disclosure The Company prepared the “Information Disclosure Criteria” （《信息披露打点制度》），000.00 3. 3. 386。

663.78 ) — (142， Ltd.) 86.71 Yes 是 3，997.10 164，壽光新源煤炭有限公司於 購買日的財務狀況及購買日至本期期末 的經營成就詳見附註五、 55，956，627.96 1.醫療保險費 12，765.14 元，941.00 6，733，000。

使廣大投資者進一步深 入瞭解公司的投資價值。

117，167.17 4。

034，311，926.07 Over 5years 5年以上 Within 1 year 1年以內 1 to 2years 1至 2年 Over 5 years 5年以上 4 to 5years 4至 5年 9.22 8，000.00 24 December 2008 2008年12月 24日 23 December 2009 2009年 12月23日 19，535.03 5.生育保險費 2，加強與股東的電話溝通。

but also launched various channels to actively manage investor’s relations，聘任德勤華永會計師事務所有限公司 和德勤·關黃陳方會計師行分別作為公司 2009年度境內及境外審計機構。

054，805， Ltd.)， mainly due to satisfactory market conditions in the second half of the year 2009 and stable operating cashflow. (1) 集團 2009年 12月 31日貨幣資 金比 2008年 12月 31日增加了 1%，632.90 Machinery and equipment Vehicles Electronic equipment and others III. Total fixed assets - net book value Of which: Buildings 2， After the special corporate governance activities in recent years，055，認 真審閱了公司 2009年度 審計事情計劃及相關資 料，000.00 34， (3) Pay close attention to environmental protection construction，782， associates and joint ventures to the extent that it is probable that taxable profits will be available against which the deductible temporary differences can be utilized。

以決定向其 分派資源及評價其業績。

以獲取有 關財務報表金額和披露的審計證據。

851， the guarantee amount incurred was RMB1，194，915，000.00 ) 332，123， 其他流動資產減少了 40%，546.29 5，） 180X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 五、財務報表項目附註（續） 4. Advance to suppliers (continued) The Group (continued) 預付款項（續） 本集團（續） 4. Top 5 advance to suppliers are set out as 預付款項金額前五名單位情況 RMB 人民幣元 Relationship with the Company 與本公司關係 Name 單位名稱 Amount 金額 Year 時間 Reason of outstanding 未結算原因 Customer I 客戶一 Non-related party 非關聯方 171。

240.14 1，011，000.00 26 December 2008 2008年12月26日 25 December 2009 2009年12月25日 100， coal ash，如 為同一控制下的企業合併取得的長期股 權投資，338.62 — 27，349.38 1。

534.17 Total 合計 115，000.00 and RMB5， No. 7 Guanghua Road， Ltd. and the chairman of Jilin Chenming Paper Co.， special bill of payment of import VAT obtained from the customs and freight settlement voucher. 增值稅 根據《中華人民共和國增值稅暫行條 例》和《中 華人 民共和 國增值 稅暫 行 條例 實施 細則 》的 有 關 規 定 ， representing respective drops of 24% and 22.26%. 1、 生產經營情況 報告期內，560.51) 10，372， Ltd. (“Moorim Paper”) and Sappi China Holdings BV (“Sappi China”) entered into a Sales and Distribution Agreement. 江西晨鳴向塞佩公司及／或其聯繫 人銷售紙張產品 二零零四年十二月三日，700.97 (24， other cash and cash equivalents of the Company contained bank acceptance deposit of RMB451， 54VII Directors’ Report 第七節 董事會報告 一在企業會計準則下的打点層討論與 阐明（續） （四）報告期損益指標同比發生重大變動 阐明說明（續） 主要因素變動 說明（續） （5） 資產減值損失比上年同期減少 81.45%，137.62 100.00 (5，250，100.00 337X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 I. SUPPLEMENTARY INFORMATION (Cont’d) 一、 補充資料（續） 1. Breakdown of extraordinary gains and losses (Cont’d) 1. 非經常性損益明細表（續） RM B Item 項目 Amount 金額 Remarks 說明 Reversal of impairment provision on receivables tested for impairment on individual basis Gains or losses arising from change in fair value of consumable biological assets Non-operating gains and losses other than the above items Effect of income tax Effect of minority interests (after tax) 單獨進行減值測試的應收 款項減值準備轉回 1，000.00 — — Total 706，734，831.54 安裝工程及 機修車間 租金支出 其他 — 55， including there is evidence that the products produced using the intangible asset has a market or the intangible asset itself has a market; if the intangible asset is for internal use，465.58 2，357，983，425，384.92 分派股利、利潤或償付 利息付出的現金 648， criteria shall be derecognized: (1) the contract right to recover the cash flows of the financial asset has terminated; (2) the financial asset。

160.39 ) 2。

800， Single item without significant other receivables but considered to be greater risks after arrival at by credit risk characteristics: 單項金額不重大但按信用風險特徵 組合後該組合的風險較大的其他應 收款： RMB 人民幣元 Closing balance 期末數 Book balance 賬面餘額 Opening balance 期初數 Book balance 賬面餘額 Bad debt provision 壞賬準備 Bad debt provision 壞賬準備 Aging 賬齡 Amount 金額 Ratio(%) 比例(%) Amount 金額 Ratio(%) 比例(%) Within 1year 1 to 2years 2 to 3years 3 to 4years 4 to 5years Over 5 years 1年以內 1至2年 2至3年 3至4年 4至5年 5年以上 — — 3。

189。

987.55 (19。

300.00 883，000，911，000.00 14 December 2009 2009年12月14日 13 December 2010 2010年12月13日 130，854，491。

386.79) 40，105.59 52 6，820， the good market conditions in the fourth quarter of 2009 primarily led to a significant increase in sales when compared with the fourth quarter of 2008; in addition，687，256.04 9，600 Sales and processing; sales of machinemade paper and pulp paper 銷售加工及銷售機製紙、漿板 1。

Ltd.)， 284 financial staff， the Company and the Group have not secured any inventories. 2009年12月31日本集團及本公司存 貨中無已用作債務抵押情況，466.37 Cash paid for goods and services 購買商品、接受勞務 付出的現金 付出給職工以及為職工 付出的現金 付出的各項稅費 付出其他與經營活動 有關的現金 9， subsidiaries established their respective board of directors and supervisory committee and lawfully conducted management and supervision duties. Sound operation and financial management systems were established according to the practices of the Company’s business operations. By exercising its rights as a shareholder，639，366.12 301。

338.87 135，此 事項有關具體情況詳見2009年 8月7日刊登於《中國 證券報》、 《 香 港 商 報 》、巨潮 資訊網 () 和 2009年 8月 6日刊登於香港 聯交所網站 () 的相關通告，125。

463， all the Supervisors，941.00 in total. The types and structure of shares are as follows: 本公司註冊及實收股本共計人民幣 2，637.71 (31 December 2008: RMB290， such as oxygen delignification of pulp project and some minor technological reform projects of the Company and culture paper modification project of Fuyu Chenming Paper Co.，831.23 23，292。

600.00 in 2009. 根據 壽光市 財政局《關於 下達晨鳴紙業財政扶持 資金的通 知》（壽財預指 字 [2009]535號 和 118 號），504.22 420，161，000 intermediate water improvement (the Company) Power plant phase III expansion and improvement (the Company) Group R D centre 集團研發中心 1.20 － 22，944.17 1，300.33 37.18 (22，687.81 Within 1 year 1年以內 Within 1 year 1年以內 Within 1 year 1年以內 Within 1 year 1年以內 Within 1 year 1年以內 38.17 483，497，884.96 8。

an increase of 註6：累計折舊本期增加中，830.74 投資付出的現金 取得子公司及其他營業單位 付出的現金淨額 6， Ltd. 海拉爾晨鳴紙業 有限責任公司 19，310.00 100.00 100.00 — — — — 本钱法 X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 202V. NOTES TO THE FINANCIAL STATEMENTS (continued) 五、財務報表項目附註（續） 9. 9. Long-term equity investments (Cont’d) 長期股權投資（續） The Company (Cont’d) 本公司（續） (1) (1 The details of long-term equity investments are as follows:(Cont’d) 長期股權投資詳細情況如下：（續） RMB 人民幣元 Explanation of the inconsistent of shareholding percentage and voting right in the investee entity 在被投資 單位 持股 比例與 表 決權比例 纷歧 致的說明 Percentage of shareholding in the investee entity (%) 在被 投資單位 持股比例 (%) Percentage of voting right in the investee entity (%) 在被 投資單位 表決權比例(%) Provision of impairment for the current period 本期計提 減值準備 Cash bonuses for the cur rent period 本期現金紅利 Accounting method 核算要领 Initial investment 初始投資本钱 Deduction of investment 減少投資 Impairment provision 減值準備 Name of investee entity 被投資單位名稱 Opening balance 期初餘額 Additions 新增投資 Equity adjustment 權益調整 Closing balance 期末餘額 10，862，820.49 973，143。

076.73 (517，418.15) — (737，449，284.82 17， 折 算.率為 6.8346，045， a subsidiary of the Company，807.70 321， assets。

869.49 — — 18， Method for subsequent measurement and profit or loss recognition Cost method is used to account for a long-term equity investment where the investor does not have joint control or significant influence over the investee，167， 符 合相關法令法規的規 定， Operating lease business with the Group recorded as lessee Lease payment for operating lease is recognized as related asset cost or profits and losses for the current period using the straight-line method over the lease term. The initial direct cost is directly accounted in profit or loss for the current period. Contingent rent is recognized as profit or loss for the current period upon occurrence. 本集團作為承租人記錄經營租賃業務 經營租賃的租金支出在租賃期內的各個 期間按直線法計入相關資產本钱或當期 損益，393.66 281X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 五、財務報表項目附註（續） 43. Non-operating income (Cont’d) 43. 營業外收入（續） (2) T he breakdown of government grants (2) 当局補助明細 1 According to the “Notice Regarding Payment of Special Fund” (Shou Cai Yu Zhi Zi [2009] No.595 and 596) issued by the Financial Bureau of Shouguang City， power and steam。

123，312。

mainly because the exchange rate of RMB against USD maintained relatively stable during the current period， 因公允價值變動而增加人民幣 9。

000.00 — 6，860，904，306，806， 2. Shandong Chenming Xinli Power Co.， SUPERVISORS AND SENIOR MANAGEMENT (Cont’d) Shares held at the beginning of the year (share) 年初持股數 （股） Shares held at the end of the year (share) 年末持股數 （股） period (in ten thousands RMB) 報告期內從 公司領取 的 報酬總額 （萬元） Change in number of shares (share) 變動數量 （股） Reasons for change 變動原因 Terms in office 任期起止日期 Name 姓名 Position 職務 Sex 性別 Age 年齡 I. 一、 Executive Directors 執行董事 Chen Hongguo 陳洪國 Yin Tongyuan 尹同遠 Li Feng 李峰 Chairman 董事長 Vice-chairman 副董事長 Director and sales director 董事、銷售總監 Director amd deputy general manager 董事、副總經理 Director 董事 Director 董事 Director 董事 M 男 M 男 M 男 45 April 2007 - April 2010 2007 年 04 月－ 2010 年 04 月 April 2007 - April 2010 2007 年 04 月－ 2010 年 04 月 April 2007 - April 2010 2007 年 04 月－ 2010 年 04 月 6。

344， Ltd.)。

841，000.00 Unit II 單位二 19， Ms. Yang Hongqin，305。

226， for rental to others， Ltd. 武漢晨鳴漢陽紙業 股份有限公司 100。

648.29 Total 合計 16，035.94 — — 3，639。

計 入當期投資損失，增加營 銷網點，603，355，629，532。

691.11 245，001，863.62 11，除已確認壞賬損失的其他 應收款外， 129X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 II. SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES OF THE 二、公司主要會計政策和會計估計（續） COMPANY (Cont’d) Inventory (Cont’d) Recognition of net realizable value of inventory and provision for inventory impairment At the balance sheet date， safety and effectiveness. The Articles of Association has clearly set out the authorities of shareholders’ meeting and the Board on approval of major investment operations. The Company has been focusing on its main businesses and made no material investment other than the main businesses so far. （6） 對重大投資的打点控制 公司重大投資堅持正当、 審慎、安详、有效的原 則，582， 提名委員會共召開一 次。

656，005，400，891.20) 21，使用每年市 場預期的行業穩定增長率5%（2008 年 ： 5%）計 算 ， transportation fee and direct expenses incurred to prepare the asset for its intended sale. The present value of the future cash flows expected to be derived from the asset over the course of continued use and final disposal is determined as the amount discounted using an appropriately selected discount rate. 資產的公允價值根據公正交易中銷售協 議價格確定；不存在銷售協議但存在資 產活躍市場的。

Ltd.) 60 — 100 100 Yes 是 — — — 吉林 Limited liability company 有限責任公司 Nanchang，000-tonne copperplate paper project，421， steam 原质料、電、汽 At prices negotiated between both parties 按雙方協商的價格 1，259.98 1。

513，156， At the end of the current period， properties and titles belonging to Shouguang City. (4) 公司與實際控制人之間的產權 (4) Chart illustrating the relationship between the Company and the 及控制關係的方框圖 beneficial controllers 16IV Directors。

062， 促使產能向大型造紙集團集 中；由於產量與新的產能的增加， I. MAN AGEMENT DISCUSSION AND ANALYSIS UNDER ACCOUNTING STANDARDS FOR BUSINESS ENTERPRISES (I) Overall operations during the reporting period 2009 is a year of extreme difficulties for the Company since we stepped into the 21th century，系集團之 子公司晨鳴（香港）有限公司簽 訂的遠期結售匯合約所致。

450。

676.02 85.07 (132， The Group shall review the useful life of intangible asset with an infinite useful life and the amortization method applied at least at each financial year-end. A change in the useful life or amortization method used shall be accounted for as a change in accounting estimate. 期末，000.00元 的中期票據，000，581， the principal of the debentures were repaid on maturity with one-off interest payment. 其他流動負債（續） 本集團（續） 本公司經中國人民銀行文件銀髮 [2007]427號文件核准。

788.87 131。

609.33 11，066.20 1.51 (19，411，886， 公司 為所屬控股子公司提供擔保人 民幣餘額為147，其公允價值變動形成的 利得或損失將根據套期關係的性質凭据 套期會計的要求確定計入損益的期間 外，204.56 Bank V 銀行五 USD 1.15 5， the amount of proceeds on disposal of the property net of the carrying amount and related tax and surcharges is recognized in profit or loss for the current 投資性房地產出售、轉讓、報廢或毀損 的處置收入扣除其賬面價值和相關稅費 後的差額計入當期損益。

國有法人股股東壽光晨鳴控股有限公司與上述股東之間不存在關聯 關係； 个中 KEYWISE GREATER CHINA OPPORTUNITIES MASTER FUND 、 KEYWISE GREATER CHINA MASTER FUND 同為 KEYWISE 基金公司旗下基金，043.24 2，000.00 1， Ltd。

and fully implemented the resolutions passed by the general meetings and Board meetings. The decision making processes were lawful with timely consideration and approval of the production targets，449.06 953。

867， The estimated useful life of the Company’s intangible assets is set out as follows: 公司各類無形資產的預計使用壽命列示 如下： Category 類別 Useful life 使用壽命 Land use rights 地皮使用權 Software 軟件 50 years 50年 5 -10 years 5-10年 Research and development expenditure Expenditure on internal research and development activities of the Group is categorized into expenditure arising from the research phase and expenditure arising from the development phase. 研究與開發支出 本集團內部研究開發項目的支出分為研 究階段支出與開發階段支出，505，451.92 2，930.38 Allowance for inventories is as follows: 存貨跌價準備變動如下： RMB 人民幣元 Increase in allowance for inventories due to acquisition of subsidiaries Decrease for the period Opening 本期減少 book balance 期初賬面餘額 Provision for Closing book balance 期末賬面餘額 Inventory categories 存貨種類 the current period 因收購子公司增加Reversals 轉回 Write-offs 本期計提額存貨跌價準備轉銷 During the current year Raw materials Goods-in stock Work-in-progress 本年度 原质料 庫存商品 在產品 38，根據《中華人民共和 國外商投資企業和外國企業所得稅 法》及其實施細則的有關規定。

719.80 1，656， Jilin Chenming Paper Co.，000.00) — 240X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 五、財務報表項目附註（續） 21. 應付票據 本 集團 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 21. Bills payable T he Group RMB 人民幣元 Type 種類 Closing balance 期末數 Opening balance 期初數 Bank acceptance 銀行承兌匯票544，357.47 377。

each of the independent non-executive Directors continued to suggest constructive opinion on the material matters relating to operations and management and internal control of the Company. They issued their independent opinion on related matter pursuant to related requirements， products and finished products. Inventories are initially measured at cost. Cost of inventories include purchasing cost。

586，而交易條款公正 公道， the Articles of Association。

160，797.23) (17，259，967，601，審計委員會不斷 加強與會計師的溝通，金融資產在初 始確認時劃分為以公允價值計量且其變 動計入當期損益的金融資產、持有至到 期投資、貸款和應收款項以及可供出售 金融資產，895.71 (273， selfowned power plant and ancillary plants，816，000， who joined the Company in 1987。

由於壽 光晨鳴現代物流有限公司全資子公司壽 光維遠物流有限公司持有壽光市新源煤 炭有限公司50%股權，450，000.00 78，733，140，500，711.98 _ _ _ 1， and shall include the difference between the book balance of the debt to be restructured and the book value of the restructured debt in the current profits and losses. Where a debt restructuring is made by a combination of several methods， 確認為無形資產，947，499，750.00 in 2009. 2 根據 齊河縣 人民政 府《關 於同意撥付山東晨鳴紙 業集團齊河板紙有限責 任公司部门財政扶持金 的批覆》（齊政 字[2010]4 號），438.27元，106.14 (4， IV. AUDITORS OF THE COMPANY，000.00元，541，673.00) — 391， Ltd.. He is currently a Director and the deputy general manager of the Company and a director of Shouguang Chenming Holdings Company Limited. 耿光林先生。

Shandong 山東壽光 Panels 板材 138 Production and sales of panels 板材生產、銷售 370 — 67 67 Yes 是 622 72 — X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 163X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 四、合併財務報表範圍及控股子公司情 況（續） 本期新納入合併範圍的主體 IV. THE SCOPE OF CONSOLIDATED FINANCIAL STATEMENT AND CONTROLLING SUBSIDIARIES (Cont’d) Newly acquired entities which were consolidated in this period: RMB 人民幣元 Net asset at the end of period 期末淨資產 Net profit for the period 本期淨利潤 Full name of subsidiary 子公司全稱 壽光美倫紙業有限責任公司 (Shouguang Meilun Paper Co. Ltd. ) 壽光順達報關有限責任公司 (Shouguang Shun Da Customs Declaration Co。

但本年原 质料平均仍較上年採購價格下 降。

291，974.94 301，219.04 Total net assets 淨資產合計2，883.41 224，本 集團於每個資產負債表日審核 每一單項應收款的接纳情況， Hanwei Plaza，683。

335， construction or production to get ready for their intended use or sale. 切合資本化條件的資產指需要經過相當 長時間的購建大概生產活動才气達到預 定可使用或可銷售狀態的牢固資產、投 資性房地產和耗损性生物資產等資產，114.15 Total 合計 321，在增加銷 售收入的同時加大銷售回款力 度， Andritz HK。

356.66 289， Mr. Li Feng，083.64 可轉換公司債券行使轉換權2，357。

051.84 1，593。

對於公司的各種決策和 制度能有效、快速地在 子公司貫徹執行。

110，081.65 201，803.04 II. Cash Flows from Investing Activities : Cash received from investments Cash received from returns on investments Cash received from disposal of fixed assets，798。

2010年 公司主要從以下幾方面開展事情： (1) Speed up the pace of project construction to sharpen competitive advantage The year 2010 saw the largest scale of investment and amount of projects under construction in the Company’s history。

476， the Company also established the Strategic Committee， who joined the Company in 1982，420，344，577，333.15 堿接纳系統改革 大氣污染防治 補助資金 污水處理及 節水改革項目 技改項目 財政補助 湛江木漿項目和 桉樹林建設 項目 (4) 其他 1，971.45 ) 58.56 單項金額不重大 但按信用風險 特徵組合後該 組合的風險較大 的其他應收款 19，941.00 Note 1: As approved by the Stock Exchange of Hong Kong Limited， Ms. Li Xueqin， the company and consolidated statements of change in shareholders' equity and the company and consolidated cash flow statements for 2009 and notes to the financial statements. 1. MANAGEMENT ’ S RESPONSIBILITY FOR THE FINANCIAL 一、打点層對財務報表的責任 STATEMENTS The Chenming Group’s management is responsible for preparing financial statements in accordance with Accounting Standards for Business Enterprises. This responsibility includes (1) designing，643.85 4，000。

411.33 ) (2，890，179， who joined the Company in 1984，754。

so far as the Directors were aware，469.00 —— —— — — — (688，485.00 391，156，900.00 ) (455，700，651.42 121，957.35) 2，215，350.56 ) — — — — — — — — — — — (142，用 於建設湛江 70萬噸木漿項目；根 據廣東省財政廳《關於下達2009年 度中央及省級林業貼息貸款項目 資金 的通知》， The Group participates in social security systems operated by the government. Payments of social security contributions for employees， the chairman of Wuhan Chenming Hanyang Paper Holdings Co.，588.53 20，000 tonnes in Shouguang City was considered and approved by the 2009 First Extraordinary General Meeting of the Company. The total investment amount for this project was RMB5.2 billion. The Company had entered into the main equipment purchase contract in respect to this project. Details of the transaction were covered in the relevant announcements published in China Securities Journal，000 (Nanchang Chenming Arboriculture Co.，895.71 — — — — — — — 101，該 等交易為集團日常經營過程中進 行。

280，435.77 Operating costs Segment operating profit (loss) 營業本钱 分部營業 利潤（虧損） 12，294，281.70) (37，113.01 2，在確認應享有被投資單 位淨損益的份額時，066，685，000 overseas listed foreign shares (H shares). 註2： 本公司相關國有股東為進行國 有股減持而劃撥給全國社會保障 基金理事會並轉為境外上市外資 股（H股）35，詳見附註五、33，178， Ltd（鄄城晨鳴板材有限 公司）and Heze Chenming Panels Co.，456，593，在估計將來之現 金流量時，143， Ltd 上海林嘉紙電子商務 有限公司 Cost method 本钱法 20，552，400，815.00 — — — 688，434。

這些報 告分部是以主要產品類型為基礎確 定的，827， consumable and other turnover materials. low-value Low-value consumable is amortized by one-time write-off. 低值易耗品採用一次轉銷法進行攤銷， Explanation on the main reasons leading to the changes: (1) Net cash flow generated from operating activities decreased by 15.26% compared with the corresponding period of the previous year， the Group established a committee to be responsible for determining credit limits，340.62 70，000， 其餘借款費用在發生當期確認為費用，868，報告期內募集 資金使用情況如下： The Company issued 355.7 million H shares in June 2008 with the issue price of HK$9. The total proceeds from the issue were translated into RMB2，本集 團未分派利潤餘額中包罗子公 司已提取的盈餘公積為人民幣 337，293，135.25 ) (6， a cash bonus of RMB0.50 (before tax) per 10 shares was to be paid to all shareholders and the total cash bonus in this distribution was RMB103，553，313，000，545，034.74 ) 19.71 6，663，410，000， guarantees provided for subsidiaries by the Company to secure lending were as follows: 截止2009年 12月31日本公司為子公司提供借款擔保情況如下： RMB 人民幣元 Performance of guarantee is completed 擔 保是否 已經履 行完畢 Amount under guarantee 擔保金額 Starting date of guarantee 擔保起始日 Expiry date of guarantee 擔保到期日 Guarantor 擔保方 Party being guaranteed 被擔保方 Shandong Chenming Paper Holdings Limited 山東晨鳴紙業集團股份有限公司 Jiangxi Chenming Paper Co.，772，062，559。

加強投資者關係 打点（續） 公司欢迎調研及採訪等相關情況（續） VIII. LAUNCH OF VARIOUS CHANNELS T O COMMUNICATE AND STRENGTHEN INVESTOR’S RELATION MANAGEMENT (Cont’d) Reception of activities including research，608.90 17，717，000.00 Total 合計 68，917.98 418，454.27 103X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 RMB 人民幣元 Amount for the previous period 上期金額 Amount for the current period 本期金額 Items 項目 Note V 附註五 Net profit attributable to the equity holders of the Company Minority interests 歸屬於母公司所有者 的淨利潤 少數股東損 835。

062，000。

911，832.86 5，011，484，並計入當期損益，724。

大概未來 不是很可能獲得用來抵扣可抵扣暫時性 差異的應納稅所得額，500。

202.50 1， 計入處置當 期損益。

605。

996.24. 5 根據2006年8月國家稅務 總 局 頒 佈 的 財 稅 [2006]102號文，117，993。

081， as well as strategic development 行業近期發展狀況及未來發展趨勢、公司生 產經營情況、未來戰略發展偏向等，440， Ltd.) 武漢晨鳴漢陽紙業股份有限公司 (Wuhan Chenming Hanyang Paper Holdings Co.。

013.02 Total 合計 137，629， the Company will strive to develop recycling economy and encourage waste exchange，349，014.99 — — — — Machinery and equipment 設備 1， Metso Paper China，595，752.26) 274。

363。

Limited)， and vice chief secretary of National Development and Reformation Committee。

retired or damaged。

720，483， growing and fair value change of forestry by subsidiaries of the Company，004，196。

本集 團的投資性房地產為已出租的建築物，511，629， Sappi recorded total sales of RMB37 million， Advance to suppliers comprised the following balances in foreign currencies: 預付款項中包括以下外幣餘額： At the end of the current period，531.87 ) — — — — 38，114， Land use right acquired shall normally be recognized as an intangible asset. Self-constructed buildings (e.g. plants)。

Note 2: As at 31 December 2009， legal risk etc.) 報告期衍生品持倉的風險阐明及控制法子說明 （包罗但 不限於市場風險、 流動性風險、信用 風 險、操纵風險、法令風險等） The Company had three transactions in future pooling foreign exchange portfolio products amounting to USD200 million during the reporting period. The Company made forward exchange settlement contracts in China and Chenming (HK) Limited made forward exchange sale contracts in Hong Kong. The product transactions were handled by the Shouguang branch of China Construction Bank Corporation and the Hong Kong branch of China Construction Bank Corporation at the same time. The currency risk was jointly locked up by the Company and Chenming (HK) Limited. The risk in the products had been assessed by the related departments of the Company and the risk was under control. 公司在報告期 內共發生遠期結售匯組合產品業務 3 筆，431，605，062，000.00 2，沒 有損害部门股東的權益或造成公司 資產的流失。

mainly because the rise in sales volume led to an increase in transportation costs. (21) 本年銷售費用增加了10%，703.06 Within 1 year 1年以內 Prepaid the good payments according to the agreed contract 按条约約定預付貨款 Customer III 客戶三 Non-related party 非關聯方 25。

bottom ash of coal boiler (excluding blast furnace water quenching residue) in the production of building material products shall be exempted from VAT. Wuhan Chenjian New-style Wall Materials Co.， SUPERVISORS AND SENIOR MANAGEMENT AND THEIR POSITIONS (Cont’d) 1. Brief Biographies of Directors (Cont’d) 1、公司董事簡介（續） (2) Brief biographies of non-executive Directors of the Company Mr. Gan Zhihe had held positions of head of Technical Development Department of National Construction Material Bureau，911， Hong H Share Registrar: 7、股份登記處 A股、 B股登記處： 中國證券登記結算有限公司深圳分公司 深圳市深南中路1093號中信大廈 18樓 香港中央證券登記有限公司 香港灣仔皇后大道東183號合和中心 17樓 1712-16室 H股登記處： 3I Company Information 第一節 公司根基情況簡介 8. Other Relevant Information Date of Change in Registration of the Company: Registered Address: Legal Person Business License Registration Number: Taxation Registration Number: Organization No.: 公司其它有關資料 公司變更註冊登記日期： 註冊地点： 企業法人營業執照註冊號： 稅務登記號碼： 組織機構代碼： 27 September 2008 No. 595 Shengcheng Road，365，907，259， Ltd. and has served as a non-executive Director of the Company since April 2007. (2) 公司非執行董事簡介 甘智和先生，562，571， Ltd. and Jiangxi Chenming Paper Co.，054.10 49，277，358， chief of operation department，000.00 — — 56，653.11 10，同時，887.38 8。

Yangjiang Chenming Arboriculture Co.，相關內 容刊登在 2009年 10月 30日的 《中國證券報》、《香港商報》、 巨 潮 資 訊 網（ 網 址 ： ）及 2009 年10月29日刊登在香港聯交所 網站（）上，971.21 55，董事會還成立 了董事會戰略委員會、提名委 員會、審計委員會、薪酬與考 核委員會四個專門委員會，720，088.68 5， (3) The land acquisition work of the site for the pulp project had completed，774，由於壽光晨鳴現代 物流有限公司全資子公司壽光 維遠物流有限公司持有壽光市 新源煤炭有限公司50%股權。

including large scale projects such as the Zhanjiang pulp project (with annual production capacity of 700，368，因購置而 增加人民幣87。

969.57 1，711。

483，237.92 3，且採用票據結算比例增加 使應收賬款收回情況良好，828.04 14，604.06 11，242，348， recoverable amount shall be estimated for the individual asset. If it is not possible to estimate the recoverable amount of the individual asset。

963， Note 3: As at 31 December 2009， 且將金融資產所有權上幾乎所有的風險 和報酬轉移給轉入方； (3)該金融資產已 轉移，024.01 16，081.65) (23。

813，570，987.16 Staff incentive fund 職工激勵基金 Current accounts 往來款 Unit I 單位一 8。

A5 of Hong Kong Commercial Daily 中國證券報D55版、香港商報A5版 D134 of China Securities Journal，111.61 462，本公司及境 內子公司以人民幣為記賬本位幣， According to the “Notice Regarding Payment of Chenming Paper Project Incentive Fund” (Shou Cai Yu Zhi Zi [2009] No.152) and “Notice Regarding Payment of Chenming Paper Technology Innovation Fund” (Shou Cai Qi [2009] No.49) issued by the Financial Bureau of Shouguang City，703.23 291X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 五、財務報表項目附註（續） 49. Supplementary information on cash flow statements (Cont’d) 現金流量表補充資料（續） (1) 現金流量表補充資料（續） 本公司 RMB 人民幣元 49. (1) Supplementary information on cash flow statements (Cont’d) The Company Incurred during the current period 本期發生額 Incurred during the previous period 上期發生額 Supplementing Information 補充資料 1. Reconciliation of net profits as cash flows from operating activities Net profits Add: Provision of impaired assets Depreciation of fixed assets Depreciation of real estate held for investment Intangible assets amortized Amortization of long-term deferred expenses Investment gains Net losses (gains) from disposal of fixed assets Financial expenses Accounted for the interest expenses in capital reserves 1、將淨利潤調節為 經營活動現金流量 淨利潤 加：計提的資產減值準備 牢固資產折舊 814。

as well as strategic development 行業近期發展狀況及未來發展趨勢、公司生 產經營情況、未來戰略發展偏向等， an amount of RMB 642， Ltd.)。

196.96 81，973.04 ) 2，739，000.00 1 December 2008 2008年12月1日 30 November 2009 2009年11月30日 15， vice-chairman of Wuhan Chenming Hanyang Paper Holdings Co. Ltd. and the chairman of Jiangxi Chenming Paper Co.，000， At the end of the current period，222， 别的結算方法中應收票據比例 大幅上升導致，320.38 100.00 (167， Guotai Junan，歷任副廠長、黨委 書記； 1987年至1989年在壽光市啤 酒廠事情。

2010年是公司發展史上投資 規模最大、在建項目最多的一 年，產能無重大變化之情 況下，199， etc. He joined the Company in October 2003，903.91 ) (2，250，259.93 ) 14.03 259，即被購買方的淨資 產和生產經營決策的控 制權轉移給購買方的日 期， 1987年插手本 公司，250.00 1， the repayment shall be recognized immediately in profit or loss for the current period. 已確認的当局補助需要返還時，092.59 14， and then include the shortfall in the current profits and losses. 重組債權已計提減值準備的，395.45 36，044，098，000，773，588.53 1， Single item without significant accounts receivable but considered to be greater risks after arrival at by credit risk characteristics: 單項金額不重大但按信用風險特徵 組合後該組合的風險較大的應收賬 款： RMB 人民幣元 Closing balance 期末數 Book balance 賬面餘額 Opening balance 期初數 Book balance 賬面餘額 Bad debt provision 壞賬準備 Bad debt pr ovision 壞賬準備 Aging 賬齡 Amount 金額 Ratio(%) 比例 (%) Amount 金額 Ratio(%) 比例 (%) Within 1year 1 to 2years 2 to 3years 3 to 4years 4 to 5years Over 5 years 1年以內 1至2年 2至3年 3至4年 4至5年 5年以上 — — 1，892.58 233。

156，310.00 — — — 783，雖然企業既沒有轉移也沒有保存 金融資產所有權上幾乎所有的風險和報 酬，210.26 ) (103， 98，且意圖 以淨額結算或取得資產、清償負債同時 進行時，245.18 31，339，400，518。

956.90 38，738，909.82 174， with the gradual implementation of macroeconomic measures by the Central Government，除企業 合併形成的長期股權投資外的其他長期 股權投資，021， while it also marked the Company’s success in riding through difficulties and realizing transcendent development with its determined spirit. In 2009。

212，235，佔本集團本 年度採購總金額的 5.09%； 向前五名最 大供應商合計的採購金額為人民幣1。

921。

46VII Directors’ Report 第七節 董事會報告 一在企業會計準則下的打点層討論與 阐明（續） （一）報告期內總體經營情況（續） 2、湛江木漿項目的進展情況 （1） 凭据招股章程的承諾，752，537.62 287， Everbright Securities，634.40 減：現金的年初餘額2，062。

如 有實質上構成對境外經營淨投資的外幣 貨幣性項目。

021，923，對賬齡在 3年以上的其他應收款全額計提了壞 賬準備， the amount of the offsetting financial assets and financial liabilities shall be reported in the balance sheep. Otherwise，270，083，003.00 557，月度考評以年度重點事情做指 引，國內大部门紙品的價格 處在一個較低的價位，627，299，000.00 883，017。

491.49 3.12 28，結合月度完成情況及重要績效 指標考評兩項硬指標查核為主，000，334。

德意志 銀行(DEG)及中國建設銀行南昌市 昌北支行與本公司之子公司江西 晨鳴紙業有限責任公司簽訂的貸 款協議，761，196，704，672.83 58，未發現損害公司好处和 股東好处的情況，801.92 Increase in premium of share capital during the previous period was due to the increase of capital reserves of the Company by RMB2， mainly due to purchase， At the balance sheet date， the head of the financial department， 比 2008 年 減 少 人 民 幣 64，500，000.00 (7。

已單項確認減值損失的金融資產，540.26 Add: Non-operating income Less: Non-operating expenses Including: Loss on disposal of non-current assets 43 44 98， had held different positions including the chief officer of manufacturing section， Zhanjiang Chenming Paper Pulp Co.，152，399，795，989，123。

185.92 2，429，083.89 50， liabilities and contingent liabilities acquired from business combination involving entities not under common control are recognized at their fair values at the acquisition date if the recognition conditions are met. 非同一控制下企業合併中所取得的被購 買方切合確認條件的可辨認資產、負債 及或有負債在收購日以公允價值計量，公司能夠嚴格凭据《關於規範上 市公司對外擔保行為的通知》（證監發 [2005]120號 ）和《 公 司 章 程 》等 有 關 規 定， and accountable to the Board. In the reporting period，本公司持股比 例為100%。

佔 2008年公司凭据企業會計 準則所編製的合併財務報表歸 屬於母公司股東淨利潤扣除法 定公積金後的 10.59%，005.88 873，325，485.25 23.28 456。

adjustments had been made on the Company’s sales and production strategies，788.24 1， SUPERVISORS AND SENIOR MANAGEMENT AND THEIR POSITIONS (Cont’d) 二、現任董事、監事、高級打点人員的 主要事情經歷及任職情況（續） 1. Brief Biographies of Directors (Cont’d) 1、公司董事簡介（續） (1) Brief biographies of executive Directors (Cont’d) Mr Tan Daocheng，746， or other resources of the Company has been appropriated or transferred by the controlling shareholder and its related persons. All connected transactions were conducted under the principle of faithfulness，062，564，543.64 102X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 合併利潤表 2009年12月31日止年度 CONSOLIDATED INCOME STATEMENTS For the year ended 31 December 2009 RMB 人民幣元 Amount for the previous period 上期金額 Amount for the current period 本期金額 Items 項目 Note V 附註五 I. Total Operating Revenue Including: operating revenue II. Total Operating Costs Including: Cost of operations Tax and levies on operations Selling and distribution expenses General and administrative expenses Finance expenses Loss on impairment of assets Add: Gain on change in fair value (“-” denotes loss) Investment income (“-” denotes loss) 一、 營業總收入 个中：營業收入 二、 營業總本钱 个中：營業本钱 14，592，602，495， production and operation of the Company。

the fair value of the non-cash asset received，897.19 — 415，000， 279X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 五、財務報表項目附註（續） 43. Non-operating income 營業外收入 (1) 營業外收入明細如下： 本集團 43. (1) Breakdown of non - operating income is set out as follows: T he Group RMB 人民幣元 Incurred during the previous period 上期發生額 Incurred during the current period 本期發生額 Items 項目 Total income on disposal of non-current assets Of which: Income on disposal of fixed assets Income on disposal of intangible assets Insurance claims Income from default penalty and fine Income from debt reconstructing Unpaid debts Profit or loss arising from investment costs for acquisition of minority interests by the corporation being less than its share of fair value of identifiable net assets of the invested entity on acquisition Profit or loss arising from investment costs for acquisition of a subsidiary by the corporation being less than its share of fair value of identifiable net assets of the invested entity on acquisition (Note V. 55) Government grants Others 非流動資產處置利得合計12，320.68 2，864.29 14， the civil works of the project are being carried out and the advance payment for main equipment has commenced. It is expected that the project will formally commence operation by April 2011. (2) 年產45萬噸高級文化紙項目 經公司 2008年度股東大會審 議，895.71元，807.70 ) — (245。

363，900。

Ltd.) at the consideration of RMB1.2 million. As 壽光維遠物流有限公司 (Shouguang Wei Yuan Logistics Company Limited)，公 司經受住了考驗，673。

000.00 — — — 1，610。

including the integrated quality of senior management and internal training of talents. （五）報告期內高級打点人員的考評及激 勵機制 公司對高管人員的考評成立起了月 度考評與年度考評相結合的考評機 制， Ltd.) was established by the Company on 30 June 2009 by way of capital contribution，000.00 (5，828.18 6，046.65 1，743，682，使股東及其他權 益投資者的好处最大化， Packaging materials is amortized by one-time write-off. 包裝物採用一次轉銷法進行攤銷， Ltd. 武漢晨鳴漢陽紙業 股份有限公司 40，947， 作為 公司的打点控制技術平 臺， the fifth session of the Board held its fourteenth meeting。

Mr. Cao Chunyu is currently the vice president of China National Pulp Public Administration of Shandong University of Finance in 1987，171 — — Limited liability company 有限責任公司 Yanji，005。

while it is discovered that the estimated future cash flow of the financial assets has been reduced and can be measured since initial recognition after an overall evaluation based on disclosed information，878.37 募集資金總額 143，107，947，相應的支出於發生時計入相關資 產本钱或當期損益， Chenming (HK) Limited， 山東晨鳴板材有限責任公司 (Shandong Chenming Panels Co.，901.48 9，977.50 2，661.45 ) (92。

086，345.59 252， Ltd.) 76.73 Yes 是 6，000，故轉銷 已計提的存貨跌價準備，182， the difference is recognized in the profit or loss for the current period. 合併本钱大於合併中取得的被購買方可 辨認淨資產公允價值份額的差額。

164， represented by 六、 期末現金及現金等價物餘額48 2， the Group has not adopted other policies to 本集團密切關注匯率變 動對本集團外匯風險的 影響，000 tonnes)。

為了減小財務 風險，000.00 Yanbian Chenming Paper Co.，241.93 170，577.65 696，000.00 in 2009. Such fund was primarily used in the construction of major demonstration projects for recycle economy and resources conservation. 根據 延邊朝鮮 族自治州 財政局《關 於2009年州本級環境污染管理資 金的 通知》，941。

058，000.00) (1，468.36 85，618，160.60 — — 14， and the transferor has given up the control on such financial asset，具體金額參見附 註六、(3)(e)，762.78) 631， Note 2: On 26 February 2009， except for: current income tax and deferred income tax related to transactions or events that are directly recognized in owners’ equity，556.62 123，264.42 ) — (17，381.77 57， After making the provision for inventory impairment，229， Trust loans and accounts receivable adopt the actual interest rate method to carry out the ongoing measure based on amortized costs. On derecognition，247.34 11，015，000.00 1，249，375.23 68，条约總價款約人民幣 13.27億元。

000，283，815.00 III. Total 三、 股份總數 1，並計入當期損益， 22. Accounts payable T he Group Breakdown of accounts payable is set out as follows: 22. 應付賬款 本集團 應付賬款明細如下： RMB 人民幣元 Closing balance 期末數 Opening balance 項目 期初數 Within 1 year 1-2 years 2-3 years Over 3 years 1年以內 1至2年 2至3年 3年以上 1。

除本集團的 幾個下屬子公司以美元 進行採購和銷售外，212.60 11，975.88 (15。

current income tax liabilities (or assets) for the current and prior periods shall be measured at the amount expected to be paid (or recovered) according to the requirements of tax laws. Taxable profits，864，668。

也計入合併成 本，210.26 186，453，900， at which，466.33 4， Ltd.，371.23 131，670.54 ) 177， 林 木 因 購 買 而 增 加 人 民 幣 32，497.71 (26。

直接計入 當期損益， Ltd. 江西晨鳴紙業 有限責任公司 100， and considered the financial statements of the Company true。

當期投資損益為應 享有或應分擔的被投資單位當年實現的 淨損益的份額，508.19 2，285.71 2。

091，471.22 12，並凭据本集團的會計政策及會計 期間， 在公司網站設立了投資者關係論壇專區。

808， 關聯交易 事 項切合誠實守信、 平 等、自願、公正、 公 開、公允的原則，980.55 10，408。

凭据資產在持續使用過 程中和最終處置時所產生的預計未來現 金流量。

594.8萬元，008.16 in original currency，306。

538.07 — — — 1。

865。

452，387，330，037，906.21 723，969，277， enjoyed the preferential income tax rate of 15% from 2001 to 2010 pursuant to Guo Shui Fa (2002) Document No. 47 issued by the State Administration of Taxation. 本公司子公司海拉爾晨鳴紙業有限 責任公司系設立在內蒙古自治區的 企業。

etc. 中信證券、 光大證券、銀河證券、 國金證券、 國泰君安、博時基金、 華寶基金、 興業基金、新世紀基金 等機構研究 員及基金經理 Matters including recent development of the industry and development trend in the future， 307X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 五、財務報表項目附註（續） 55. Merger of entities (Cont’d) 55. 企業合併（續） (3) 壽光維遠物流有限公司(Shouguang Wei Yuan Logistics Company Limited) (Cont’d) (3) 壽光維遠物流有限公司（續） (b) Important financial information about the acquired entity: (b) 被合併方主要財務信 息： RMB 人民幣元 31 December 2009 2009年 12月 31日 Acquisition date 購買日 Book value 賬面價值 Fair value 公允價值 Book value 賬面價值 Fair value 公允價值 Identifiable assets: Current assets Non-current assets 可辨認資產： 流動資產 非流動資產 3，則先將上 述差額沖減已計提的減值準備，415.60 — (5，750.00元， received a special fund of RMB2，壞賬準備 金額系根據應收款項組合結構及類似信 用風險 特徵（債務 人根據条约 條款償還欠 款的能 力）按歷史 損失經驗及 目前經濟狀 況與預計應收款項組合中已經存在的損 失評估確定，276，125，264.42 ) 117，276，499， beverage and accommodation and related fees were born by the Company as expensed). Deloitte Touche Tohmatsu Certified Public Accountants Ltd. has been acting continuously as auditing agency for the Company for 6 years since 2004. 86IX Material Matters 第九節 重要事項 七、報告期內公司、公司董事會及董事 沒有受到中國證監會處罰和證券交 易所的譴責 VII. DURING THE REPORTING PERIOD。

(12) Accounts payable decreased by 20% during the year，889.95 475。

756，453，450，867.12 20， Qihe Chenming Panels Co.，071，800，012，公司被迫大量採 用預付方法採購，440.52 (1，435.77 RMB 人民幣元 Incurred during the previous period 上期發生額 Incurred during the current period 本期發生額 Items 項目 Non-current assets located in PRC Non-current assets located in other countries 位於本國的非流動資產 位於其他國家的 非流動資產 17。

062.75 The acquisition date refers to the date the purchaser obtained actual control of the subject being purchased， related land use right and the buildings shall be separately accounted for as an intangible asset and fixed asset. For buildings and structures purchased，000.00 883，570.79 ) (7，292.08) — — 292X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 五、財務報表項目附註（續） 49. Supplementary information on cash flow statements (Cont’d) 現金流量表補充資料（續） (1) 現金流量表補充資料（續） 本公司（續） RMB 人民幣元 49. (1) Supplementary information on cash flow statements (Cont’d) The Company (Cont’d) Incurred during the current period 本期發生額 Incurred during the previous period 上期發生額 Supplementing Information 補充資料 The shortfall of the consideration for the acquisition of minority interests in comparison with the attributable book value of the identifiable net assets of the acquire Decrease in operating receivables (minus: increase) Increase in operating payables (minus: decrease) 購買少數股權付出 的對價小於應享有 被購買方可辨認 淨資產賬面價值 — — 經營性應收項目的減少 （減：增加） 經營性應付項目的增加 （減：減少） (2，000，585.56 458，987.16 ─ Explanation on the significant other payables: 金額較大的其他應付款說明： RMB 人民幣元 Name 單位名稱 Amount 金額 Nature 性質 Employees of the Group 集團職工59，939.10 ) (114，038.28 Equity method ) 32， a controlling subsidiaries of the Company contributed capital to set up 武漢晨鳴萬興置業有限公司 (Wuhan Chenming Wan Xing Real Estate Co.，753，793.54) 213，200 — — 60 Ren Wei 任偉 M 男 48 April 2007 - April 2010 2007 年 04 月－ 2010 年 04 月 109，388， and confidentiality of material information. China Securities Journal。

Hotel income When the outcome of a transaction involving the rendering of services can be estimated reliably and such services may be commenced and completed in the same fiscal year。

因此， sales of goods，405.25 Subtotal of cash outflows from operating activities 經營活動現金流出小計13。

853.56 Jiangxi Chenming Paper Co.。

well as strategic development China Post Fund，352.99元，比 2008年 減少 13 萬噸，提高了董事會決策 的科學性和客觀性，969.78 —— 640，779，142。

937，353，000 — 100 100 Yes 是 壽光美倫紙業有限責任公司— — — （註 1） (Shouguang Meilun Paper Co. Ltd.)(Note 1) Limited liability company 有限責任公司 Shouguang，064。

859.50 125，452，278，212， Wang Yumei and Zhang Hong were appointed as independent non-executive Directors of the sixth session of the Board of the Company; Cui Youping，010。

000.00 4 September 2008 2008年9 月4日 3 September 2010 2010年9月3日 15，692，901.19 1，352， 公司法定盈餘公積金累計額為 公司註冊資本50%以上的，066。

327，682，464， 重組前債權的賬面餘額與重組後債權的 賬面價值之間的差額，527.87 — 1，280。

583.11 152。

262.18 1，247.34 11， Sale of pa per products by Jiangxi Chenming to Sappi and/or its associates On 3 December 2004。

對發生財務困難的 債務人作出讓步； (4)債務人很可能倒閉 大概進行其他財務重組； (5)因發行方發 生重大財務困難。

542， we consider the internal controls relevant to the entity’s preparation of financial statements in order to design audit procedures that are appropriate in the circumstances。

Ltd.)，439， and answered queries from each shareholder patiently. By way of exchanges through the network。

720，057，062。

公司嚴格按 照規定對募集資金使用 情況進行了披露，034。

Ltd. 壽光市晨鳴天園林業 有限公司 本钱法 X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 201V. NOTES TO THE FINANCIAL STATEMENTS (continued) 五、財務報表項目附註（續） 9. 9. Long-term equity investments (Cont’d) 長期股權投資（續） The Company (Cont’d) 本公司（續） (1) (1 The details of long-term equity investments are as follows:(Cont’d) 長期股權投資詳細情況如下：（續） RMB 人民幣元 Explanation of the inconsistent of shareholding percentage and voting right in the investee entity 在被投資 單位 持股 比例與 表 決權比例 纷歧 致的說明 Percentage of shareholding in the investee entity (%) 在被 投資單位 持股比例 (%) Percentage of voting right in the investee entity (%) 在被 投資單位 表決權比例 (%) Provision of impairment for the current period 本期計提 減值準備 Cash bonuses for the cur rent period 本期現金紅利 Accounting method 核算要领 Initial investment 初始投資本钱 Deduction of investment 減少投資 Impairment provision 減值準備 Name of investee entity 被投資單位名稱 Opening balance 期初餘額 Additions 新增投資 Equity adjustment 權益調整 Closing balance 期末餘額 1，000。

949.50) 384。

000 as single item with significant accounts receivable. 本公司將金額為人民幣 100萬元以 上的應收賬款確認為單項金額重大 的應收賬款， Other financial liabilities The financial liabilities of the Group are mainly other financial liabilities such as accounts payable，509。

640.42 28，本公司持股比例 為100%。

301.96) 11，961，355.98 (31 December 2008: RMB310，748.83元， and completing preparatory work such as or ganization of sales teams and marketing and promotion in advance. （2） 加大市場開發，445.73 1。

687， which were converted into overseas listed foreign shares (H shares) afterwards. H-shares from this issuance were issued and listed on the Hong Kong Stock Exchange on 18 June 2008. 2008年6月，014.99 — — — — — — — — — — 235 Of which: trade receivables 个中：應收賬款 167，338.87 The Company 本公司 Aging of the advance to suppliers is as follows: 預付款項按賬齡列示： RMB 人民幣元 Closing balance 期末數 Opening balance 期初數 Aging 賬齡 Amount 金額 Ratio (%) 比 例 Amount 金額 Ratio (%) 比 例(%) Within 1 year 1 to 2 years 1年以內 1至2年 778，349.50 30。

etc. Detailed descriptions of these financial instruments are set out in Note V. Below are the risks associated with such financial instruments and the risk management policies adopted by the Group to mitigate such risks. The management of the Group manages and monitors such risk exposures to ensure such risks are contained within a prescribed scope. 1. Objective and policies of risk mana gement The Group engages in risk management with the aim of achieving an appropriate balance between risk and return， capitalized borrowing costs for the construction in progress before it has reached the working condition for its intended use，841.92 211X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 五、財務報表項目附註（續） 11. Fixed Assets (Cont’d) The Group (Cont’d) 11. 牢固資產（續） 本集團（續） (2) Fixed assets without property right certificates (2) 未辦妥產權證書的牢固資產情 況 RMB 人民幣元 Estimated time for obtaining property right cer tificates 預計辦結 產 權證書時間 Reasons for not yet obtaining property r ight certificates 未辦妥產 權證書原因 Subsidiaries 子公司 Amount 金額 Fuyu Chenming Paper Co.，379，637.71 212X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 五、財務報表項目附註（續） 11. F ixed Assets (Cont’d) T he Group (Cont’d) 牢固資產（續） 本集團（續） 11. Note 1: International Finance Corporation (“IFC”)，819.04 ) Total 合計19，700.77元（上期： 人民幣 24，350.56 ) — 355。

歷任公司車間主任、總經 理助理， 提高了經營打点效率， at the date of exchange，262.40 2，活躍市場中的報價是指易於定 期從交易所、經紀商、行業協會、定價 服務機構等獲得的價格，902， assets，782.30元 （含 稅），474.86 384，519， profit distribution plan for 2008， had held different positions including the chief officer of manufacturing section，450，假如公司章程或協議 規定少數股東有義務承擔並且有能力予 以彌補的， Ltd. 壽光麗奔製紙有限公司 Sino-foreign joint venture 中外合資公司 Shandong 山東 Cang Tiantai 倉田泰 Manufacture of paper 造紙 Jiangxi Jiangbao Media 23。

本集團確認其他所有應納稅暫時 性差異產生的遞延所得稅負債， Jiangxi Chenming Paper Co.， Ltd. 江西晨鳴紙業有限責任公司 250，824， a subsidiary of the Company，604.53元， excluding the derivatives designated as effective hedging instruments。

received a financial support fund of RMB2，187.20 26。

633.40 — 2， 3. Use of proceeds The actual use of the proceeds from the latest fund raising activity was consistent with their intended use without any changes. 3、募集資金使用情況 公司最近一次募集資金實際投入項 目和承諾投入項目完全一致，本公司自2009年 1月1日起三年內執行15%的企業所 得稅率， Company’s development and improving the control over product cost 公司以建設湛江木漿項目及配 套原料林基地為發展重點，967。

249，並成立了獨立的 會計核算體系和財務打点制 度。

因購置而 增加人民幣13，修改其他債務 條件的，折算後為人民幣 383，321.68 37，053.45元，062。

194，861.75 ) 314X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 五、財務報表項目附註（續） 58. 財務費用 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 58. Finance costs RMB 人民幣元 Incurred during the previous period 上期發生額 Incurred during the current period 本期發生額 Items 項目 Interest expenses Less : Capitalized interest expenses Less : interest income Foreign exchange differences Less: Capitalized foreign exchange differences Others 利息支出 減﹕已資本化的利息費用 減﹕利息收入 匯兌差額 減﹕已資本化的 匯兌差額 其他 403，045，400.29 稅率調整導致年初遞延 所得稅資產餘額的變化9。

026，590，988.77 813， Metso Paper China，299.57 3，759，每 年 12月 2日付息一次，928， Ltd.) Limited liability company 有限責任公司 Heze，586，075，634.40 235。

000，850.62 347，194， The Company established a complete internal control system covering production management， the balance of entrusted loans the Company provided to its controlling subsidiaries amounted to RMB2.083 billion. For details of the entrusted loans，911.31 144。

which include growing commercial forests. Consumable biological assets are stated at cost at initial recognition. The cost of self-planting，042.96 — 230X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 五、財務報表項目附註（續） 16. 遞延所得稅資產（續） 本集團（續） V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 16. Deferred income tax assets (Cont’d) T he Group (Cont’d) (I) Deferred income tax assets and deferred income tax liabilities not stated at the net amount after offsetting (Cont’d) （一）遞延所得稅資產和遞延所得稅 負債不以抵銷後的淨額列示 （續） (4) Temporary differences corresponding to assets or liabilities which give rise to temporary difference (4) 引起暫時性差異的資產或負債 項目對應的暫時性差異 RMB 人民幣元 Items 項目 Temporary differences 暫時性差異金額 Closing balance: Deductible temporary differences and deductible loss: Impairment provision Prepaid salaries of senior management Deductible tax losses Unpaid payables Preliminary expenses Unrealized profit arising from intra-group transactions Deferred income Decrease in fair value of consumable biological assets Changes in fair value 期末數： 可抵扣暫時性 差異和可抵扣虧損： 資產減值準備 預提的高管年薪 可抵扣稅務虧損 應付未付款項 開辦費等 222，409。

057，因購買子公司 而增加人民幣 13，930， Non-monetary items denominated in foreign currency measured at historical cost shall continue to be translated into the reporting currency at the spot exchange rate at the date of transaction. 以歷史本钱計量的外幣非貨幣性項目仍 以交易發生日的即期匯率折算的記賬本 位幣金額計量，066.30 20，009。

000，259。

將享有債務人股份 的公允價值與重組債權的賬面餘額之間 的差額，000.00 Entrusted loan 委托貸款 Jilin Chenming Paper Co.，738， the interest payable of the medium-term debentures mentioned above was RMB5， (8) Long-term expenses to be amortized reduced by 13% during the year，公司專注於 主營業務，提取存貨跌價準備，009，集團則將收到的 該等國債專項資金及專項應付款計 入遞延收益，438.27 was due to acquisition of subsidiaries. 註5：累計攤銷本期增加中，323，106.29 2。

719，809，Ltd.) (Cont’d) (1) 壽光虹宜包裝裝飾有限公司 （續） (b) Important financial information of the acquired entity: (Cont’d) (b) 被合併方主要財務信 息：（續） 本公司以付出現金為合 併對價， 其餘金額存放在專項銀 行帳戶，715， Shandong Province 370000400001170 370783613588986 61358898-6 8、 二 OO八年九月二十七日 山東省壽光市聖城街595號 370000400001170 370783613588986 61358898-6 9. PRC and International Auditors Retained by the Company PRC Auditors: Office Address: Deloitte Touche Tohmatsu Certified Public Accountants Ltd. 8/F of fice Tower W2，000.00 30.00 30.00 — 900，291 人，773， corrugated paper 箱板紙、瓦楞紙 37，689， 受金融危機的影 響， the Company publicly issued 355，915.62 2. 2. _ 14， investment property，270，038， at which，184，計 入當期損益，公司將 大力大举發展循環經濟，278，000.00 809，011.45 — 10，584，000.00 treatment project (Jiangxi Chenming) 800，556.09 15，428.53 4，發展循環經濟。

128X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 II. SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES OF THE 二、公司主要會計政策和會計估計（續） COMPANY (Cont’d) Accounts receivable (Cont’d) Percentage of bad debt provision， pampas grass (debit VAT) 麥草 、葦草收 購（進 項稅額） Steam power for production use (debit VAT) 生產 用蒸汽（進項稅額） Electric power for production use (debit VAT) 生產 用電力（進項稅額） Sodium silicate，140。

523.71 5，000.00 — 90，981.48 1，造紙 行業所面臨的發展條件在逐步向 好，057.4159 million。

000.00 were provided to Jiangxi Chenming Paper Co.， namely the completion status of in each month and the evaluation on important performance indicators. It was carried out monthly by way of cross assessment and supervision among the related departments. The annual assessments were carried out by the Remuneration and Assessment Committee with reference to the results of monthly assessments and overall performances over the year， personnel，850.53 81，466.09 ) (4， 1997年插手公 司，668， chief of the labor Wang Aiguo。

21IV Directors，460.87 (31，557，112，722，567.06 (312，131。

052，078， the net book value of the buildings without land use right certificates in the intangible assets of the Company was RMB 85。

955.58) 一年內到期的長期借款 長期借款 (195，941 shares in total at the end of the 2009，073.48 14， operating results and cash flows of such subsidiaries from the period beginning to the date of disposal are included into the consolidated income statement and consolidated cash flow statement; for disposal of subsidiaries during the reporting period。

339， which set out the regulations regarding classification， the largest shareholder of the Company was changed from State-owned Assets Supervision and Administration Commission of Shouguang City to Shouguang Chenming Holdings 壽光晨 鳴控股有限公 司（以下簡稱「晨鳴控股」）创立於2005年12月30日，362.48 100.00 Explanation on the age of advance to suppliers: 預付款項賬齡的說明： At the end of the current period，550，187，900。

903.37 Paper machine technological 紙機技術改革 46， 於2009年 12月31日。

Ltd.，758，017，745.48 918。

560。

209，100.00 - 37，664.04 32，制定公道 的價格计策。

495。

the Board of the Company not only promptly disclosed sufficient information in strict compliance with the relevant regulations，016.98 55，934.65萬 元 ，435，158，000.00 in 2009. 3 根據 南昌市 財政局《關於 同意撥付江西晨鳴紙業 有限責任公司財政扶持 資金 的批覆》，經山東省壽光市 國家稅務局核准，536.13 66。

200 209， production and operation of the Company，597.22 17，630.86 1，既沒有保存凡是與所有權 相聯繫的繼續打点權， the auditing procedure。

076，826.80 53，265.20 2，全面提高運行 質量，706，754。

the Senior Management had been quickly to take effective measures to cope with the ever -changing economic environment. In respect of raw material procurement， X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 222X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 五、財務報表項目附註（續） 12 Constr uction in progress (Cont’d) The Company 在建工程（續） 本公司 12. (1) The breakdown of constructions in progress is as follows (1) 在建工程明細如下 RMB 人民幣元 Closing balance 期末數 Impairment pr ovision 減值準備 Opening balance 期初數 Net book Impairment value 賬面淨值 Net book value 賬面淨值 Items 項目 Book balance 賬面餘額 Book balance 賬面餘額 provision 減值準備 40。

以確保就無法接纳的款項計提 充实的壞賬準備，039， Supervisors and the Senior Management of the Company became more aware of the importance of corporate governance and standard operation，066，526，913。

749.91 26.40 26.40 — — — — 80，000.00 47， 3，分類為交易性金 融負債的條件與分類為交易性金融資產 的條件一致，778.33 6，644，140.55 但按信用 風險特徵組合 後該組合的風險 較大的應收賬款 0.67 (9。

172， a controlled subsidiary of the Company，000，579，323，按比例 抵減其他各項資產的賬面價值，000.00 ) (676。

在進行風險 評估時，再根據資 產組或資產組組合中除商譽以外的其他 各項資產的賬面價值所佔比重，691.33 元（ 2008年 12月 31日： 人民幣 87，000.00 — — Total 合計460，358，000.00 26，749，623.05 76，009，800，130.84 — 18，680.61 1，提高產品本钱控制能力，578.47 35，997，679， a subsidiary of the Company，858.69 3，948， the value-added tax levied on products of the subsidiaries of the Company primarily made of the three remains and shoddy wood subject to the value-added tax benefit of levy-first-refund-immediately of RMB19，173.17 13， and the website of the Hong Kong Stock Exchange () on 7 June 2009 and 6 August 2009. Currently。

254X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 五、財務報表項目附註（續） 30. Long-term borrowings (Cont’d) 30. 長期借款（續） (i) Types of long-term borrowings (Cont’d) (1) 長期借款分類（續） The Company 本公司 RMB 人民幣元 Items 項目 Closing balance 期末數 Opening balance 期初數 Secured borrowings Guarantee loans Credit loans 抵押借款 保證借款 信用借款 — — 3，848.84) 245，313。

其他流動資 產主要系本集團之部门子公司 預繳所得稅而形成所得稅借方 餘額， was HK$120，364.69 89，127， 60VII Directors’ Report 第七節 董事會報告 II. PROSPECT OF THE FUTURE DEVELOPMENTS OF THE COMPANY 二、對公司未來發展的展望（續） (Cont’d) 2. In line with its strategic plans， 2. 3. Return on net assets and earnings per share This calculation of return on net assets and earnings per was prepared by Shandong Chenming Paper Holdings Limited (hereinafter referred to as the “Company”) in accordance with the relevant requirements of the spare “Compilation Rules for Information Disclosures by Companies that Offer Securities to the Public (No. 09) - Calculations and disclosures for the return on net assets and earnings per share” (as amended in 2010) issued by the China Securities Regulatory Commission. 淨資產收益率及每股收益 本淨資產收益率和每股收益計算表 是山東晨鳴紙業集團股份有限公司 （以下簡 稱「公司」）按 照中國證 券 監 督打点委員會頒佈的《公開發行證券 公司信息披露編報規則第09號 - 淨 資產收益率和每股收益的計算及披 露》（2010年修訂）的有關規定而編 3. RMB 人民幣元 Earnings per share 每股收益 Weighted aver age return on assets (%) 加權平均淨資產收益率(%) Profit during the reporting period 報告期利潤 Basic 根基每股收益 Diluted 稀釋每股收益 Net profit attributable to holders of ordinary shares of the Company 歸屬於公司普通股股東 的淨利潤 6.63 0.41 N/A Net profit attributable to holders of ordinary shares of the Company，公司通過行使股東 權力決定公司各控股子 公司董事會及主要領導 的任命和重要決策，586，800，876.67) (49，890.14 ) 184，290，120，431，000.00美元的抵押借款，224.82 280X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 五、財務報表項目附註（續） 43. Non-operating income (Cont’d) 營業外收入（續） (1) 營業外收入明細如下：（續） 本公司 RMB 人民幣元 43. (1) Breakdown of non - operating income is set out as follows: (Cont’d) The Company Incurred during the current period 本期發生額 Incurred during the previous period 上期發生額 Items 項目 Total income on disposal of non-current assets Of which: Income on disposal of fixed assets Income on disposal of intangible assets Income from default penalty and fine Unpaid debts Gains from debt reconstruction Government grants Others 非流動資產處置利得合計10， Note 3: Original book value for the period decreased，確保內部控制制度的 有效實施和生產經營活動的正 常進行；公司每年對子公司進 行自上而下的放哨。

8. Other current assets T he Group 其他流動資產 本集團 8. RMB 人民幣元 Items 項目 Closing balance 期末數 Opening balance 期初數 Non-credited VAT proceeds Prepaid income tax 尚未抵扣的增值稅進項稅額 預繳企業所得稅 64，本集團管 理層對銀行借款的使用情況進 行監控並確保遵守借款協議，000。

646，874。

000，215， for the purpose of facilitating the construction of the Company’s 700。

264.4 0.57 N/ VII. Other comprehensive income A VIII. Total comprehensive income 1， saplings growing，732.55) — — 8，449.06 715。

derecognize the original financial liabilities as well as recognize the new financial liabilities. 金融东西（續） 金融負債的終止確認 金融負債的現時義務全部或部门已經解 除的， and can reliably measure the relevant amount of revenue and costs. 收入 商品銷售收入 在已將商品所有權上的主要風險和報酬 轉移給買方。

RMB3.0 cash bonus per 10 shares (before tax) will be distributed to all shareholders out of undistributed profit，345， the decision procedures were legal and without prejudice to the interests of the Company and the shareholders of the Company (especially minority shareholders). 經核查，521，748.38 (24，491.49 2.77 28，最大限度的提 高資源操作率，公司將根據自身發展狀 況和未來發展戰略，以及評價財務報表的總體列報。

创立於 2005年 12月 30日。

500，008.75 元），227，本公司員工的 薪酬包罗工資獎金及其它福利計劃，晨 鳴人始終堅守著樸實無華的奉獻精 神，644.77 444， Mr. Geng Guanglin，提高資金的 操作率； (3) Optimization of financial structure to reduce finance expenses of the Company- the Company issued RMB2.3 billion medium-term notes at the end of 2009 and at the beginning of 2010，本集團的經 營業務劃分為4個報告分部，386.81 113，541.83 50，000 Plantation，四 個專門委員會依據相應的事情 細則， paper products and paper-making raw materials 機製紙、紙板、紙漿板、紙製品和 造紙原料的生產、加工等 Development。

000.00 Entrusted loan 委托貸款 Heze Chenming Panels Co.，495。

228.95 ) 1，賬齡在三年以 上的應收賬款一般無法收回，762，613，具體情況 詳見 2009年 5月 27日刊登 於《中國證券 報 》、《 香 港 商 報 》、 巨 潮 資 訊 網 （ ）和 2009年 5月 26日 刊 登 於 香 港 聯 交 所 網 站 （）的相 關公 告，健全外洋公司結構； 做好新項目銷售規劃，788，765.14 was due to acquisition。

579.61 346， improvement and implementation of internal control systems. Audit Committee reviewed and monitored the material connected transactions. 公司董事會通過公司內部企管 部門監督公司內部控制制度的 成立、完善及其實施，404。

599，601.72) — — (93， V. DAY-TO-DAY OPERATION OF THE BOARD (Cont’d) 1. Board meetings and their resolutions (Cont’d) (6) On 15 December 2009，236，064，915，078，887，482.85元。

(9) Other non-current assets (biological assets) increased by 65% during the year， mainly because the demand for paper products sharply increased in the second half year of 2009，932，970.93 5， or both. The investment properties of the Group are buildings leased out. 投資性房地產 投資性房地產是指為賺取租金或資本增 值，441， a wholly-owned subsidiary of the Company，935，759.88 ) (888。

021， The segment reporting information disclosed according to the accounting standards and the measurements basis which reported from each segments to the management，068.22 3， 全面加速項目建 設，656.71美元，074.02 974，531.86 due to disposal，正處於一個 上升週期中，295.86. Such amount remained unpaid as the creditors had not called for repayment. As at the date when these financial statements were approved， the company and consolidated income statements，745.01 — 26， the wor k of the Company will focus on the following areas in 2010: (Cont’d) 2、 結合公司制定的戰略目標，327.40) (1，874，497。

740，292，992.71 (35， 184X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 五、財務報表項目附註（續） 5. Other receivables The Group 其他應收款 本集團 5. The breakdown of other receivables according to classification is as follows: 其他應收款按種類披露： RMB 人民幣元 Closing balance 期末數 Opening balance 期初數 Book balance 賬面餘額 Bad debt provision 壞賬準備 Book balance 賬面餘額 Bad debt provision 壞賬準備 Category 種類 Amount 金額 Ratio(%) 比例(%) Amount 金額 Ratio(%) 比例(%) Amount 金額 Ratio(%) 比例(%) Amount 金額 Ratio(%) 比例(%) Single item with significant other receivables Single item without significant other receivables but considered to be greater risks after arrived at by credit risk characteristics Other items without significant other receivables 單項金額重大 的其他應收款 72， Ltd.)， while the market price of paper products increased and there was buoyant demand for such products. Under substantially unchanged production capacity，336.39) — — Completed — — — 已完工 Total 合計— 59，集團實行了嚴格的信用 政策，709.97 2。

000.00 883。

831.21 ) 5，827.67 購買國產設備減稅 免稅收入的納稅影響 不行抵扣費用的納稅影響 未確認可抵扣虧損和可抵扣 暫時性差異的納稅影響 (14， with the total value of RMB 2.059 billion under guarantee and with effect of one year therefrom. The related announcement was published on China Securities Journal。

787.17 — — 20，按 照《企業會計準則第 8號 - 資產減 值》等規定 屬於所轉讓 資產減值損 失的。

(2) There is no restriction on the ability of the investee in which the long-term equity investments are held by the Group and the Company as at 31 December 2009 to transfer capital to the Group. (2) 本集團和本公司於 2009年 12 月31日持有的長期股權投資之 被投資單位向本集團轉移資金 的能力未受到限制，606.07 — Decrease in stock (minus: increase) 存貨的 減少（減：增 加） (1，對造紙原料的需求增加。

Ltd. Papermaking 51.00% Coated paper 塗布紙 USD172 million 17200 萬美元 323，790， Ltd.) 壽光晨鳴現代物流有限公司 (Shouguang Chenming Modern Logistic Co.， 43VI Particulars about the Shareholders’ Meeting 第六節 股東大會情況簡介 一、年度股東大會情況 公司於 2009年 5月 26日召開 2008年度股 東大會， the Company acquired 21.15% equity interest from the shareholders of 江西江報傳媒彩印有限公司 (Jiangxi Jiangbao Media Colour Printing Co. Ltd.) at a consideration of RMB6 million. 註2： 本 公司於 2009年 2月 26日 與江西江報傳媒彩印有限 公司股東簽訂股權轉讓協 議，利率可能發生的合 理變動對當期損益和權 益的稅後影響如下： RMB 人民幣元 Current year 本年度 Effects on Previous year 上年度 Effects on Effects on net profit 對淨利潤 的影響 owner’s equity 對所有者 權益的影響 Effects on net profit 對淨利潤 的影響 owner’s equity 對所有者 權益的影響 Change in interest rate 利率變動 Item 項目 Floating-rate borrowings 浮動利率借款 Increased by 1% 增加1% (47，735.18 ) 35.42 38。

371，580.93 The Company 本公司 RMB 人民幣元 Incurred during the previous period 上期發生額 Incurred during the current period 本期發生額 Items 項目 Increase in restricted bank deposits during the period Issuance expenses of medium-term debentures Payments of bank balances 限制性銀行存款 本期增加 389，444.43 Total current liabilities 流動負債合計5，公 司之子 公司江 西晨鳴紙業有限責任公 司 2009年收到財政扶持 金人民幣 2，839.08 Total profit 利潤總額2， fair value shall be based on the best available information. Costs of disposal are expenses attributable to disposal of the asset， all the business activities of the remaining principal operations of the Group are settled with RMB. On 31 December 2009，000.00 100.00 100.00 — — — — 本钱法 Shandong Grand View Cost method 80，102.23 9，488.00 355， entered into an equity transfer agreement with the shareholder of 壽光虹宜包裝裝飾有限公司 (Shouguang Hongyi Decorative Packaging Co.，060，311。

253.65 34，遵循了公正 公道的原則，該公司註冊 資本為人民幣 150萬元，242，005，442.91 10，000，127.38 — 18，除上述為控股子公司的擔保外，471。

000，則以前年 度公司以商標使用權對其投資而增 加的人民幣 6， Supervisors and Senior Management and the Staff 第四節董事、監事、高級打点人員情況 II. MAJOR CAREER HISTORIES OF DIRECTORS， Ltd. He is currently a Director of the Company and the party committee secretary of Zhanjiang Chenming Paper Pulp Co.，321，000.00 21.15 21.15 34。

541，975.04 726。

079， 1992年插手本 公司。

Ltd.) (1) 壽光虹宜包裝裝飾有限公司 (a) Overview of the acquired entity: (a) 被合併方根基情況： During the reporting period，並相應確認有關負債，500，153， 即，335， with effect from 1 January 2009。

299，941， (3) Bills receivable for the year increased by 178%，830，299.46 Total comprehensive income attributable to the equity holders of the Company 歸屬於母公司所有者 的綜合收益總額 814，509.04 — — — 18，151，020.17 — (3， the eighteenth meeting of the fifth session of the Board of the Company approved the profit distribution proposal for 2009. It is proposed that based on 2。

068，679.11 52，000.00 in 2009 for 4400 energy conservation and emission reduction modification. 根據德 州市財政 局《 關於下達 2009年十大重點節能工程循環經 濟和資源節約重大示範項目及重 點工業污染管理工程建設擴大內 需國 家補助預 算指標的 通知》， China 德勤華永會計師事務所有限公司 中國上海 Chinese Certified Pub lic Accountant Tong Chuanjiang Zhang Koudi 中國註冊會計師 童傳江 張扣娣 12 April 2010 2010年4月12日 97X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 合併資產負債表 2009年 12月31日 CONSOLIDATED BALANCE SHEETS As at 31 December 2009 RMB 人民幣元 Opening balance 期初餘額 Closing balance 期末餘額 Item 項目 Note V 附註五 CURRENT ASSETS: Bank balances and cash Financial asset held for trading Bills receivable Accounts receivable Advance to suppliers Other receivables Inventories Other current assets 流動資產： 貨幣資金 交易性金融資產 應收票據 應收賬款 預付款項 其他應收款 存貨 其他流動資產 1 20 2 3 4 5 6 8 2。

884， 紙製品供應相對短缺，008 China Construction Bank - 鵬華價值優勢股票型證券投資基金 中國建設銀行－鵬華價值優勢股票型證券投資基金 Keywise Greater China Opportunities Master Fund 38， who issued standard auditors’ reports with unqualified opinion on them upon auditing. In the opinion of the Supervisory Committee。

Pursuant to the “Notice Regarding 2009 Central Government and Provincial Forestry Discount Loan Project Fund”（《關於下達 2009 年度中央及省級林業貼息貸款項目資金的通 知 》） issued by the Finance Department of Guangdong Province。

055，788.24 1。

741.53 575，725.50 Total 合計－ 431， establishing the production chain of “forestry-pulppaper integration” in order to eliminate any restrictions posed by upstream resource industries on the Company and strengthen the sustainable development capacity of the Company. 59VII Directors’ Report 第七節 董事會報告 II. PROSPECT OF THE FUTURE DEVELOPMENTS OF THE COMPANY 二、對公司未來發展的展望（續） (Cont’d) 1. The development trend of the industry to which the Company belongs and the strategic plans for the Company’s future development (Cont’d) 1、 公司地址行業的發展趨勢及公司未 來發展戰略規劃（續） （2） 在穩定現有市場的基礎上，831.21 (37，000，000， Ltd. which increased construction in progress. (6) 本年牢固資產減少了5%，851 — — 15.08 Meng Feng 孟峰 M 男 38 April 2008 - April 2010 2008 年 04 月－ 2010 年 04 月 185，426.97 1.84 1.41 1.04 0.88 0.77 Total 合計 884， 本集團採用活躍市場中的報價確定其公 允價值，562，610，000.00 — 19，375.13 51 511，180.20 19，405， Shandong 山東壽光 On-site research and investigation 實地調研 Research personnel and fund managers from institutions such as CITIC Securities，000.00 Qihe Chenming Panels Co.。

280， Supervisors and Senior Management and the Staff 第四節 董事、監事、高級打点人員情況 一、董事、監事和高級打点人員持股變 動及報酬情況（續） Total remuneration received from the Company during the reporting I. CHANGES IN SHAREHOLDINGS AND REMUNERATIONS OF THE DIRECTORS， the Senior Management resumed production in the Company’s halted pulp production lines，277， performed their duties in accordance with Company Law， Hong Kong Commercial Daily and the website of CHINF () on 27 May 2009 and the website of the Hong Kong Stock Exchange () on 26 May 2009. 1、對外擔保事項 (2) 2008年度股東會審議通過了 關於為控股子公司申請銀行授 信額度提供擔保的議案，220.48 20。

500.67 ) (397，000-tonne copperplate paper project and the 98， mainly because most of the non-current liabilities due within one year were due and repaid during the year. (15) 本年一年內到期的非流動負債 減少了67%，904.76 內部交易未實現利潤 遞延收益 耗损性生物資產公允價值減少 59， and the investment is not quoted in an active market and its fair value cannot be reliably measured. Long-term equity investments with joint control or significant influence on the investee is accounted for using equity method. Long-term equity investment without control or joint control or significant influence with a fair value which can be reliably measured is accounted for as available-for-sale financial assets. 後續計量及損益確認要领 對被投資單位不具有配合控制或重大影 響並且在活躍市場中沒有報價、公允價 值不能可靠計量的長期股權投資，152。

非同一控制下的企業合 併， 公司發行不超過人民幣23億元 的中期票據及不超過人民幣33 億元的短期融資券，452，912，144.48 — 89，301，629.22) 277X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 五、財務報表項目附註（續） 42. Investment income (Cont’d) The Company Breakdown of investment income 投資收益（續） 本公司 投資收益明細情況 42. RMB 人民幣元 Incurred during the current period 本期發生額 Incurred during the previous period 上期發生額 Items 項目 Gain from long-term equity investments accounted for using the cost method Investment gain on disposal of long-term equity investments Gain from long-term equity investments accounted for using the equity method Gain from entrusted loans 本钱法核算的 長期股權投資收益 處置長期股權投資 產生的投資收益 權益法核算的 長期股權投資收益 委託貸款收益 116，186，724.04 1，892，537，101.00 157，441.71 — — 483，適用15%的優惠稅率，提前組 織好銷售隊伍建設、市場推廣 等方面的事情，983.27 14， thereby fully introducing and displaying the outstanding image of the Company，000， 三、審計意見 我們認為，080。

348，241.86 Explanation on the significant other payables aged over one year: 賬齡超過1年的大額其他應付款情況 的說明： RMB 人民幣元 Name 單位名稱 Amount 金額 Nature 性質 Employees of the Company 公司職工38，626.57 — — 5，269.90 (19， that is the date the net assets and the control on the operating and business decision of the subject being purchased is transferred to the purchaser. 購買日為購買方實際取 得被購買方控制權的日 期。

019。

413。

144X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 II. SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES OF THE 二、公司主要會計政策和會計估計（續） COMPANY (Cont’d) Deferred income tax assets / defer red income tax liabilities(Cont’d) Income tax expense Income tax expense comprises current income tax expense and deferred income tax expense. 遞延所得稅資產／遞延所得稅負債（續） 所得稅費用 所得稅費用包罗當期所得稅和遞延所得 稅，472.93) (4。

826，302.28 3，927.59 III. Total net book value of investment properties Buildings 三、投資性房 地產賬面 淨值合計 衡宇、 建築物 28，782.30元， except for providing allowance proportionally，955.36 (448，637，696.67 681， the period for continuous tax credit shall not exceed five years. 稅收優惠及批文（續） 國產設備投資抵免所得稅 根據財政部國家稅務總局《關於外商 投資企業和外國企業購買國產設備 投資抵免企業所得稅有關問題的通 知》（財 稅[2000]49號）及《技術 改 造 國產設備投資抵免企業所得稅暫行 辦 法》（財稅 字[1999]290號）。

950.63 271X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 五、財務報表項目附註（續） 37. 營業收入（續） 本集團（續） (2) 前五名客戶銷售的收入佔全部 銷售收入的比例情況如下： V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 37. Operating Revenue (Cont’d) The Group (Cont’d) (2) Top 5 revenue from sales as a percentage of the total sales revenue: RMB 人民幣元 Percentage of the total operating revenue of the Company (%) 佔公司 全部營業收入 的比例(%) Name of customer 客戶名稱 Operating revenue 營業收入 Customer I Customer II Customer III Customer IV Customer V 客戶一 客戶二 客戶三 客戶四 客戶五 273，个中在湛江及 周邊地區的造紙原料林 地建設面積已達到 74萬 畝，095， 68VII Directors’ Report 第七節 董事會報告 五、董事會日常事情情況（續） 1、董事會的會議情況及決議內容（續） （3）公司第五屆董事會第十四次會 議於 2009年 6月 8日召開，601，691，920，同 時擁有A、B、 H股， Chaoyang District Li Melinda Gates Foundation Trust Domestic non-state-owned 境內非國有法人 0.80% 16，318， financial assets are grouped on the basis of similar credit risk characteristics. Those characteristics are relevant to the estimation of future cash flows for groups of such assets by being indicative of the debtors’ ability to pay all amounts due according to the contractual terms of the assets being evaluated. 本集團對單項金額不重大以及金額重大 但單項測試未發生減值的應收款項，799，307.21 6，673.00) — 35，發 揮其在本钱控制上的優勢。

837，993。

609.33 642，226， had held the positions of secretary of the communist youth league of the Company，979， and finance from the controlling shareholder (Cont’d) （三）公司與控股股東在業務、人員、資 產、機構、財務等方面的分開情況 （續） 4. In terms of or ganization: The Company had a mature and independent or ganization structure。

267，925，164，367，檢查各子 公司財務制度的遵守情況和財 務核算的規範情況；公司審計 部負責對公司及各子公司財務 核算情況進行不按期檢查審 計。

(5) Other non-current assets: mainly attributable to the purchase，771，461.44 36， manufacture，充实介紹和展示了企業良好 的形象、突出的優勢、不斷增長的業績和 廣闊的發展前景，136， 305X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 五、財務報表項目附註（續） 55. Merger of entities (Cont’d) 55. 企業合併（續） (2) 壽光市新源煤炭有限公司 (Shouguang Xinyuan Coal Company Limited) (Cont’d) (2) 壽光市新源煤炭有限公司（續） (b) Important financial information of the acquired entity: (Cont’d) (b) 被合併方主要財務信 息：（續） The Company paid cash as consideration of the merger. 本公司以付出現金為合 併對價，420.02 38，558。

700，949，877， Ltd. 吉林晨鳴紙業有限 責任公司 Juancheng Chenming Panels Co.， 2 According to “Written Reply on Consent to Partial Financial Support Fund Payment to Shandong Chenming Paper Group Qihe Paperboard Co.， Shandong 山東菏澤 Production and sales of panels 板材產銷 3， the cash received，418， are classified as loans and accounts receivable by the Group. 貸款和應收款項 是指在活躍市場中沒有報價、接纳金額 牢固或可確定的非衍生金融資產，685， goodwill shall be considered together with the related asset groups or sets of asset groups. For the purpose of impairment testing，但根據公開的數據對其進行總 體評價後發現，923，595。

048.96) 252， Ltd.) 壽光虹宜包裝裝飾 有限公司 （註 1） (Shouguang Hongyi Decorative Packaging Co.，000.00 965， 2. AUDITORS’ RESPONSIBILITY Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Chinese Auditing Standards issued by the Chinese Institute of Certified Public Accountants. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain a reasonable assurance as to whether the financial statements are free from material misstatement. 二、註冊會計師的責任 我們的責任是在實施審計事情的基礎上 對財務報表發表審計意見，326，969.57 (81， It includes financial liabilities held for trading. The criteria for a financial liability to be classified as financial liabilities held for trading are the same as those for a financial asset to be classified as financial assets held for trading. Financial liabilities at fair value through profit or loss for the period are subsequently measured at fair value. The gain or loss arising from changes in fair value and dividends and interest income related to such financial liabilities are included into the current profit or loss. 以公允價值計量且其變動計入當期損益 的金融負債採用公允價值進行後續計 量，557萬股。

確保項目定期推 進，420.02 47，520，137，476.64) 2，356，519.03 Electronic equipment 電子設備 and others 及其他 13，以下非宽免 持續關連交易需切合申報要求。

366。

000元，000.00元由其他 資本公積轉出；上期增加數系集團 內子公司借款超過一年期銀行存款 利息部门計入資本公積金額， exchange differences arising from the translation of financial statements denominated in foreign currencies related to the disposed foreign operation which has been included in shareholders’ equity in the balance sheet， SUPERVISORS AND SENIOR MANAGEMENT AND THEIR POSITIONS (Cont’d) 3. Brief biographies of Senior Management of the Company Mr. Wang Baoliang held the positions of secretary， including the resolutions in relation to the construction of the high-end low weight coated paper project，409， Ltd.，審議通過了公司2008 年度監事會事情報告、公司 2008年 度財務決算報告、公司2008年度報 告全文和摘要等6項議案，884.43 2，381.79 583， mainly because under the impact of the financial crisis in the first half of 2009 certain pulp production lines and panel production lines suspended production and incurred losses from production interruption. （3） 打点費用比上年同期增加 29.43%。

700 — — 120 48 628，891.78 5，094.93 0.40 (6，895.71 6，於發生時計入當期損 益， purpose of holding the inventories and effect of after-balance-sheet-date 可變現淨值是指在日常活動中，528，000，048，890， I. MANAGEMENT DISCUSSION AND ANALYSIS UNDER ACCOUNTING STANDARDS FOR BUSINESS ENTERPRISES (Cont’d) (I) Overall operations during the reporting period (Cont’d) 2. Progress of the Zhanjiang Chenming Pulp Project (Cont’d) (5) Procurement of main equipment. In July 2009，本集團（債務 人）與債權人之間簽 訂協議，603.46 — 575， 凭据持股比例計算屬於本集團的部门予 以抵銷， Ltd.) 壽光順達報關有限責任公司 (Shouguang Shun Da Customs Declaration Co.，072.39 210。

239X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 五、財務報表項目附註（續） 20. 交易 性金融資 產（負債） 本 集團 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 20. Financial assets (liabilities) held for trading The Group RMB 人民幣元 Closing balance of fair value 期末公允價值 Opening balance of fair value 期初公允價值 Items 項目 Financial liabilities held for trading – foreign currency forward contracts 交易性金融負債 －遠期結售匯(6，551.29 VI. Cash and cash equivalents at 31 December，000.00 97。

136X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 II. SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES OF THE 二、公司主要會計政策和會計估計（續） COMPANY (Cont’d) Borrowing costs Borrowing costs include interest， pro rata on the basis of the carrying amount of each asset. 同一控制下和非同一控制下企業合併的 會計處理要领（續） 非同一控制下的企業合併及商譽（續） 因企業合併形成的商譽每年均進行減值 測試，104，700，875.02 26，949.50 Net gain from disposal of fixed asset 處置牢固資產 淨收益 Government grants accounted for in profit and loss account of the current period (except for government grants closely related to the corporate business that were given under at a fixed standard amount or quantity as stipulated by the State) Profit or loss arising from investment costs for acquisition of subsidiary，282.74 (1) Pursuant to the “Notice Regarding Payment of 2009 Municipal Industrial Energy Conservation Special Fund” by Financial Bureau and Economic Committee of the City” （《市財政局、市經委關於撥付 2009 年市工業節 能專項資金的通知》）issued by the Financial Bureau of Wuhan City and the Economic Committee of Wuhan City。

000.00 — — — 355，000.00 Others 1，000，410.75 11，800.26 (83，196.35 100.00 (31。

including all expenditures incurred for construction projects，483.39 36.78 The Company sells and purchases to and from related parties at prices negotiated between both parties. 公司向關聯方銷售及採購價格按雙方協商的價格執行， 270X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 五、財務報表項目附註（續） 37. Operating Revenue The Group 營業收入 本集團 37. RMB 人民幣元 Incurred during the previous period 上期發生額 Incurred during the current period 本期發生額 Items 項目 Principal operating revenue Including: Machine-made paper Electricity and steam supply Building materials Papermaking chemicals Hotel income Others 主營業務收入 个中：機製紙 電及汽 建築质料 造紙化工用品 酒店收入 其他 14，868，033.44 — — — 1， Ltd.) held by such shareholder with a consideration of RMB1.70 million. 本公司之控股子公司壽光晨鳴 現代物流有限公司於2009年5 月31日與壽光虹宜包裝裝飾有 限公司股東簽訂了股權轉讓協 議。

使得上述三家公司 變為晨鳴現代物流有限公司的全資子公 司；山東晨鳴板材有限責任公司收購山東 林盾木業股份有限公司67%的股權，263.26 ) 13，在原 已計提的存貨跌價準備金額內予以轉 回。

終止確認或攤銷產 生的利得或損失計入當期損益，445.73 X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 114X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 財務報表附註 截至二零零九年十二月三十一日止年度 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Year ended 31 December 2009 一、公司根基情況 山東晨 鳴紙業集團 股份有限公 司（以下簡 稱「本公司」或「公司」）前身為山東省壽光 縣造紙總廠，336.94 13.52 (79，000， Note V.28。

038.92 was due to acquisition of subsidiaries. 註4：賬面原值本期增加中， Except for the above preferential policies，130，在發行時收到的對價扣 除交易費用後增加所有者權益， (5) the expenses attributable to the development stage of the intangible asset can be measured reliably. 無法區分研究階段支出和開發階段支出 的。

則以可獲取的最佳信息為 基礎估計資產的公允價值。

048.41 172， 根據國發[2007]39號文《國務院關於 實施企業所得稅過渡優惠政策的通 知》，455。

601.87 110X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 RMB 人民幣元 Amount for the previous period 上期金額 Amount for the current period 本期金額 Items 項目 Note V 附註五 Cash paid to acquire fixed assets intangible assets and other long-term assets Cash paid on investments Net cash paid on acquisition of subsidiaries and other operating units 購建牢固資產、無形資產和 其他長期資產付出的現金 258，865.66 63， 本公司所屬武漢晨建新型牆體质料 有限公司用於生產的原质料中包括 30%以上的粉煤灰，093，998，278。

900.00 367，961。

691.14 — — 9，512，863.00 8，000.00 was transferred out of other capital reserves. Increase during the previous period was attributable to loan extended to a subsidiary of the Group with terms over one year，公司董事會薪酬 和查核委員會根據2008年度生產經 營情況、董事及高管人員的查核情 況，510，向全體股東每10股派發人民幣3.0 元（含 稅）現金紅利，483， a Hong Kong listed company. He has served as a non-executive Director of the Company since April 2007. 趙偉先生，086.92 1，476， and is now the chief financial officer and company secretary of C Y Foundation Group Limited (a Hong Kong listed company) and an independent non-executive director of Kingdom Holdings Limited (a Hong Kong listed company). Mr. Lau became an independent non-executive Director of the Company in April 2007. 劉英傑先生。

307.21 6，273.91 — 三、社會保險費 个中： — 37，356，483，693， many customers made prepayments in order to ensure they can receive the goods in a timely manner. The Group adopted a stringent credit policy to control the age of accounts receivable at around 60 days. The more timely repayment from customers and the increase in proportion of settlement by bills resulted in satisfactory recovery of accounts receivable. (4) 本年應收賬款減少了13%。

993.05 90。

098， Ltd. 武漢晨鳴乾能熱電 有限責任公司 55， including Jiangxi Chenming， 視乎員工的業績、資歷、職務等因素，767.93 其他12，657，356，589.72 Payments of taxes and levies Cash paid relating to other operating activities 524，700。

430.22 1， mainly due to normal amortization. (8) 本年長等候攤費用減少了 13%，其公 允價值為人民幣 496，531.86) 496，320.38 100.00 (167，334，993，843， I. MANAGEMENT DISCUSSION AND ANALYSIS UNDER ACCOUNTING STANDARDS FOR BUSINESS ENTERPRISES (Cont’d) (IV) Analysis and explanation on major year-on-year changes in profit and loss indicators during the reporting period (Cont’d) Explanation on major changes (Cont’d) (5) Losses on impairment of assets decreased by 81.45% compared to the corresponding period of the previous year，256.04 24，059.50) (111，處置費用包 括與資產處置有關的法令費用、相關稅 費、搬運費以及為使資產達到可銷售狀 態所發生的直接費用。

739，521，2003年10月插手本公司。

000.00 — (304，215，052.31 10，796.70) (2， If a part of the financial assets qualifies for derecognition，控制是指本集團能夠決定另 一個企業的財務和經營政策， the difference shall be charged to profit or loss for the current period，997， Jilin Chenming Waste Collection Co.，www.yzmcyy.com，855，824.47 19，874.40 1，根據《深圳 證券交易所上市公司內 部控 制指引》，971，193.67 Total 合計 233，664.96 TOTAL LIABILITIES AND OWNERS’ EQUITY 負債和所有者權益總計28， Statement of Compliance with the Accounting Standards for Business Enterprises (“ASBEs”) The financial statements have been prepared in conformity with the ASBEs，157.19 953， the remaining other receivables had good subsequent collection condition and credit quality，062。

2010年初發行 人民幣15億元的短期融資券。

219.04 — 298， 148X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 三、稅項 本集團繳納的稅項主要包罗增值稅、企 業所得稅、營業稅、房產稅及地皮使用 稅等。

733，850，487.95 60， or，700。

491， 5th Floor。

890.34 313。

本次 分派共派發現金紅利人民幣 103，435.77 14，報告期內確認公允 價值變動收益 8， 在其他變量不變的情況 下。

(14) Tax payables increased by 175% and other current assets decreased by 40% during the year，745.01 98X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 RMB 人民幣元 Opening balance 期初餘額 Closing balance 期末餘額 Item 項目 Note V 附註五 CURRENT LIABILITIES: Short-term loans Financial liabilities held for trading Bills payable Accounts payable Advances from customers Employee benefits payable Tax payable Interests payable Dividends payable Other payables Non-current liabilities due within one year Other current liabilities 流動負債： 短期借款 交易性金融負債 應付票據 應付賬款 預收款項 應付職工薪酬 應交稅費 應付利息 應付股利 其他應付款 一年內到期的非流動負債 其他流動負債 19 20 21 22 23 24 25 32 26 27 28 29 3，採用多種方法的組合進行債務重 組的，965.83 (22。

620 37，224.82 8.90% -81.45% 589.28% 32.03% -26.47% Explanation on major changes 主要因素變動說明 （1） 營業稅金及附加比上年同期增 加29.3%。

323.39) 11，000， or for administrative purposes; and have a useful life of more than one accounting year. 牢固資產 牢固資產確認條件 牢固資產是指為生產商品、提供勞務、 出租或經營打点而持有的，314，492.47 3。

095， Hong Kong Listing Rules and the related requirements as required by China Securities Regulatory Commission，895.02 9，即被合併方或被購買方的淨 資產或生產經營決策的控制權轉移給本 集團的日期。

Ltd. etc. These projects required a large sum of auxiliary long-term fund. Therefore，724，787.92) Total 合計 (2，849.59 ) 100.00 176X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 五、財務報表項目附註（續） 3. Accounts receivable (continued) The Company (continued) 應收賬款（續） 本公司（續） 3. The explanation of the classification of the accounts receivable: 應收賬款種類的說明： The Group recognized the accounts receivable over RMB 1， 確保資金安 全，280.51 45，594.75 ) (171。

892， Shandong 山東壽光 155 Processing and sales of packaging Products，499.64) (36。

000，788.81 － － 18.64 30 — — 22，557，323，208，当局補助在能夠滿足当局補 助所附的條件，528，（續） III. INVESTMENTS DURING THE REPORTING PERIOD (Cont’d) 1. Use of proceeds during the reporting period (Cont’d) Explanation on failure to progress as scheduled and realize benefits (by project) 未達到計劃進度和收益的說明 （分具體 項目） Nil 無 Reasons for modification and modification procedures (by project) 變更原因及變更措施說明 （分具體 項目） Nil 無 Use of unutilized proceeds and their status The entire unused portion of the proceeds to be utilized in the Zhanjiang pulp project as set out in the prospectus was deposited at special deposit bank accounts. 尚未使用的募集資金餘額存入募集資金專用銀行賬戶，941.00 6， at which，416.16 ) (199，634.97 3，043，根據 香港上市規則第14A.11章，545.79 229X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 五、財務報表項目附註（續） 16. 遞延所得稅資產（續） 本集團（續） V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 16. Deferred income tax assets (Cont’d) The Group(Cont’d) (I) Deferred income tax assets and deferred income tax liabilities not stated at the net amount after offsetting (Cont’d) （一）遞延所得稅資產和遞延所得稅 負債不以抵銷後的淨額列示 （續） (2) The breakdown of items in unrecognized deferred income tax assets (2) 未確認遞延所得稅資產 的項目明細 RMB 人民幣元 Items 項目 Closing balance 期末數 Opening balance 期初數 Deductible temporary differences Deductible loss 可抵扣暫時性差異 可抵扣虧損 4， if the Group has a formal plan for termination of employment relationship or has made an offer for voluntary redundancy，951.93 287X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 五、財務報表項目附註（續） 46. Earnings per share (Cont’d) Earnings per share 每股收益（續） 每股收益 46. RMB 人民幣元 Incurred during the previous period 上期發生額 Incurred during the current period 本期發生額 Calculated based on net profits attributable to the equity holders of the Company: Basic earnings per share Diluted earnings per share Calculated based on net profits attributable to equity holders of the Company on the going concern basis Basic earnings per share Diluted earnings per share Calculated based on net profits attributable to discontinued operation of equity holders of the Company Basic earnings per share Diluted earnings per share 按歸屬於母公司股東的 淨利潤計算： 根基每股收益 稀釋每股收益 按歸屬於母公司股東 的持續經營 淨利潤計算： 根基每股收益 稀釋每股收益 按歸屬於母公司股東 的終止經營 淨利潤計算： 根基每股收益 稀釋每股收益 0.41 N/A 0.57 N/A 0.41 N/A 0.57 N/A — N/A — N/A 47. Other comprehensive income The Group 47. 其他綜合收益 本集團 RMB 人民幣元 Incurred during the previous period 上期發生額 Incurred during the current period 本期發生額 Items 項目 Translation difference of financial statements denominated in foreign currency 外幣財務報表折算差額(20，506， had led to a gradual increase in raw materials prices that previously lagged behind paper product prices. Riding on this opportunity，259.01) 4，100.00 438。

038，752，291，872，944，963，528，920.58 2， save for the above entrusted loans to the controlling subsidiaries， recognized as fixed assets，298，江 西晨鳴在日常業務中銷售紙類產品 予塞 佩公司 或塞 佩中 國（「塞佩銷 售」）構成 持續 性關連 交易，019， 主要系 2009年下半年紙產品 市場行情良好，440.41 3，本公司改組為募集設立的股份有 限公司， the fifth session of the Board held its sixthteenth meeting，362.90 132， Shandong 山東壽光 Beverage 餐飲 USD1， Ltd. 菏澤晨鳴板材 有限責任公司 — 8 January 2007 2007年1 月8日 8 January 2009 2009年1月8日 15，667。

228.39 7，本公司子公司延邊晨鳴 紙業有限公司自2001年至2010年享 受西部大開發有關稅收優惠的政 策，866.56 ) Total 合計 1， were considered and passed at the meeting. The related resolution announcement was published on China Securities Journal，255.16 ) Sub-total of financial liabilities 金融負債 小計 (1， (4) Reinforce technology innovation and talent cultivation （4） 加強技術創新與人才培養 Compared with international paper making enterprises，經過公司 董事會的周密布置陈设， Ltd.，742 Production， paper making raw materials and machinery; generation and sale of electricity and steam; timber，005。

353，072.36) 18，758，378，000.00 in 2009. 根據 壽光市 財政局《關於 撥付晨鳴紙業項目獎勵 資金的通 知》（壽財預指 字[2009]152號）和《關於 撥付晨鳴紙業科技創新 資金的 通 知 》（ 壽財 企 [2009]49號），277.59 210，816.16 9，498.14 Total equity attributable to equity holders of the Company Minority Interests 歸屬於母公司所有者權益合計12，000，439， Chibi Chenming Paper Co.。

207，828，311，712.87 Making Co.，754。

017.86 其他應收款 98.13 (7。

歷任車間主任、分廠廠 長、山東晨鳴紙業集團齊河板 紙有限責任公司董事長、吉林 晨鳴紙業有限公司董事長、江 西晨鳴紙業有限責任公司董事 長、第一屆和第二屆監事會主 席，並 通過相互監督、彼此評價。

將風險控 制在限定的範圍之內， 96X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 二、註冊會計師的責任（續） 審計事情涉及實施審計措施。

where the minority shareholders have a binding obligation under the articles of association or an agreement and are able to make an additional investment to cover the loss，320， V. DAY-TO-DAY OPERATION OF THE BOARD (Cont’d) 2. Implementation of resolutions of general meetings by the Board (Cont’d) (2) The 2008 annual general meeting resolved that the Company may issue medium-term notes of up to RMB2.3 billion and short-term debentures of up to RMB3.3 billion. After prudent arrangement of the Board of the Company and upon multiple communications and negotiations with the personnel of relevant authorities and underwriters，600.00 ) 936，191.27 (31 December 2008: RMB147，309.43 115，080， received a special fund of RMB1，000。

521，927.10 656，941股為 基數，428， secretary to the Board of Directors 副總經理、董事會秘書 Deputy general manager 副總經理 Deputy general manager 副總經理 M 男 36 April 2007 - April 2010 2007 年 04 月－ 2010 年 04 月 209，961.09 5。

731，275，978， accurate and complete to reflect the overall position of the Company; (4) 公司年度審計註冊會計師 出具开端審計意見後審計 委員會又一次審閱了公司 財務報表， 2. Contin uing connected transactions as defined under the listing rules of the Hong Kong Stock Exchange For the year ended 31 December 2009，017，000，000，720.25 ) — — 5，現金產出單元的可收回金 額按打点層制定的未來五年財政預 算中的現金流量預算。

396，861.42 16，如 果該資產存在減值跡象，009，因此下述內容 是在假設每一變量的變化是獨立的 情況下進行的。

616。

390.47 ) (820，048，745.01 The notes form an integral part of the financial statements. 附註為財務報表的組成部门 The financial statements as set out from pages 131 to 379 have been signed by: 第 131頁至第 379頁的財務報表由下列負責人 簽署： Chen Hongguo 陳洪國 Legal Representative 法定代表人 Wang Chunfang 王春方 Chief Financial Officer 主管會計事情負責人 Li Dong 李棟 Head of the Finance Section 會計機構負責人 100X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 母公司資產負債表 2009年12月 31日 BALANCE SHEETS OF THE COMPANY As at 31 December 2009 RMB 人民幣元 Opening balance 期初餘額 Closing balance 期末餘額 Item 項目 Note V 附註五 CURRENT ASSETS: Bank balances and cash Bills receivable Accounts receivable Advance to suppliers Dividends receivable Other receivables Inventories Entrusted loans due within one year Other current assets 流動資產： 貨幣資金 應收票據 應收賬款 預付款項 應收股利 其他應收款 存貨 一年內到期的委託貸款 其他流動資產 1 2 3 4 2，207.95 ) Total 合計10，674.42 27，557， Ltd by the above financial institutions respectively. The collateral was the fixed assets and land use rights of Jiangxi Chenming Paper Co.，117.43 — — — 157，922， subsidiaries of the Company，388，987.88 — 465，700，311.43 ) (580，200，528.30 12，實施了2008年度 利潤分派方案， the accounts payable of the Group and the Company aged over three years were insignificant. There was no significant payable amounts aged over three years. 2009年12月31日， for the details of which please refer to note 1 of Note IV. 註1： 本公司於2009年出資設立 壽光美倫紙業有限責任公 司、壽光順達報關有限責 任公司，500，主要事情包 括討論聘任王春方為公司財務總 監， representing the actual price of a market transaction that takes place in a fair deal. While financial instruments do not exist in an active market，具體情況參見附註六、 (3)(e)。

892，672， Ltd. and Huanggang Chenming Arboriculture Co.，000.00 Entrusted loan 委托貸款 Shandong Chenming Grand View Hotel Co.，580，假如資產的可 收回金額低於其賬面價值， 以人民幣400萬元收購其所持 有的壽光維遠物流有限公司 100%股權，045，018， Increase in share capital in connection with the issuance of new shares mentioned above was reviewed by China Rightson Certified Public Accountants. A capital review report named as Zhong Rui Yue Hua Yan Zi No. [2008] 2189（中瑞岳華 驗字[2008]第2189號）was published for the certification of the review. 上述發行新股所新增股本已經中瑞 岳華會計師事務所驗證，本集團和本公司認 為該應收賬款風險較大，867.12 32， “the Company”，756， organizations， 本公司 子公司吉 林 晨鳴紙業有限責任公司於2009年 收到 DIP車間和 10號紙機節能改 造專項資金人民幣 2，035.94 Total 合計 3，584，254，919。

增值稅一般納稅 人購 進（包 括接 受捐贈 、實 物投資） 大概 自製（包罗 改擴建 、安 裝）牢固 資產發生的進項稅額，741.73 (23，025， etc) that necessarily take a substantial period of time for acquisition，存貨的 估計售價減去至完工時估計將要發生的 本钱、估計的銷售費用以及相關稅費後 的金額， Ltd.，797，年利率 為5.20%，159.85 The Company 本公司 RMB 人民幣元 Opening balance 期初數 Closing balance 期末數 Cash Of which: Treasury cash Bank deposits repayable on demand 現金 个中：庫存現金 可隨時用於付出 的銀行存款 1，182.26 4，215，672.77 561，446， production。

807.57 Net cash flows from financing activities 籌資活動產生的現金流量淨額(418， the use of proceeds was as follows: Unit: RMB in ten thousands Total proceeds 272，450，438.99 2，000，110.01 Sub-total 小計19，477，000.00元，071.22 5，108.57 (3，529， the receiving organization under the Company’ general headquarters handled more than 100 visits for individual investor surveys and studies. The Company fully utilized investor ’s special telephone lines，主 要系全年平均銷售價格下降所 致，673。

656.29 — 4。

912.64) (58，070.22 23，902.98 52，949.03 Within 1 year 1年以內 Prepaid the good payments according to the agreed contract 按条约約定預付貨款 Total 合計 254，000.00 4 December 2008 2008年12月4 日 3 December 2009 2009年12月3日 100，800.26 (83， Ltd.。

存貨凭据本钱與可變現 淨值孰低計量，000，市場對紙製品需求猛增，578.57 The Company Breakdown of advance reaccepts is set out as follows: 本公司 預收款項明細如下： RMB 人民幣元 Items 項目 Closing balance 期末數 Opening balance 期初數 Within 1 year Over 1 year 1年以內 1年以上 167， Ltd. 黃岡晨鳴漿紙有限公司 Huanggang Chenming Arboriculture Co.，500 — 100 100 Yes 是 — — — Sino-foreign joint venture 中外合資企業 Shouguang，851， was established on 30 December 2005 with registered capital of RMB1.685 billion. Its legal representative is Chen Hongguo and its scope of business is investment in paper-making。

investment gains for the period is recognized as the cash dividends or profits declared by the investee. 131X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 II. SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES OF THE 二、公司主要會計政策和會計估計（續） COMPANY (Cont’d) Long-term equity investments (Cont’d) Method for subsequent measurement and profit or loss recognition (Cont’d) Long-term equity investments accounted for using the equity method 長期股權投資（續） 後續計量及損益確認要领（續） 權益法核算的長期股權投資 採用權益法核算時，086.98 86.83 13.17 422，since 2001，200萬美元 Limited liability company 有限責任公司 Shouguang，129。

214。

以人民幣170萬元收購其所持有 的壽光虹宜包裝裝飾有限公司 100%股 權，550， where specific methods and relevant assumptions and parameters used shall be disclosed in the analysis of the fair value of derivatives 已投資衍生品報告期內市場價格或產品公允價值 變動的情況，894.68 1，308，000.00 — — Bank III 銀行三 USD 1.15 5，038，827.49 5，420。

945，836.26 7，以滿 足本集團經營需要，529。

016，177， 但目的並非對內部控制的有效性發表意 見。

假如該等資產存在減值跡 象，103。

015，212.31 ) (4，404.52 818，523.24 Other operations Including: Raw materials and semi-finished products Installation engineering and machine repair workshop Rental expenses Others 其他業務 个中：原质料、 半制品65， thereby enabling the Company to assume the leadership role in the nation’s paper making sector. In the first half of 2009，江 西晨鳴於中國、南韓及外洋 市場委 聘三個獨家經銷商，假如與該 牢固資產有關的經濟好处很可能流入且 其本钱能可靠地計量，011。

009，主 要系對美元匯率較為穩定，525.39 6。

Guandong 廣東湛江 Arboriculture 林業 100 Plantation of forest，000.00 3. 2. 3. 衍生金融資產 可供出售 金融資產— — — — — Sub-total of financial assets 金融資產小計 — 14， 1)預期中收成木材之名義 市場價格；2)預期木材收 益取決於依靠相當範圍 內與專家對生物資產的 意見和判斷有關之預期 木材儲備量及木材生產 率；3)維持及培育現存生 物資產之預期本钱；4)出 售之預期本钱包罗我們 估計之收割本钱及運輸 本钱，894.96 ) — 45，000.00 37，假如資產的可收回金額低於 其賬面價值，041，339，455.58 Total 合計 3，366，479，000.00 395，000-tonne and the tissue paper project with annual production capacity of 98，076。

932，743。

556。

494.01 ) (81，716.34 202，695，對董事會 負責，000.00 7。

As at 31 December 2009，570.88 0.32 Subsidiaries of the Company 公司之子公司 Purchase 採購 Raw materials 原质料 At prices negotiated between both parties 按雙方協商的價格 5。

a cash bonus of RMB3.0 (before tax) per 10 shares was to be paid to all shareholders and the total cash bonus in this distribution was RMB618，000.00 2，696.15 Note 1: As at 31 December 2009，434 million of the proceeds from the issue was used，956.45) 11，875.83 ) — 349，072。

027，110， 以「節 能 減排 、和諧發 展」為目標 As the national environmental protection standards have been raised and increased efforts have been put on the State’s environmental protection administration，349.17 462，011，410.72 17。

137，200，036， USD 23，202.50 2，250， mainly because the Group expanded the usage of bills payable instruments in 2009。

551.40 TOTAL ASSETS 資產總計28，424，976，527，不予確認有關的遞延 所得稅負債， deputy chief of the Office and deputy secretary-general of the committee office of Shouguang City， financial resources and other resources in order to complete the development of the intangible asset， 62VII Directors’ Report 第七節 董事會報告 II. PROSPECT OF THE FUTURE DEVELOPMENTS OF THE COMPANY 二、對公司未來發展的展望（續） (Cont’d) 4. Future capital requirement。

528，142， a wholly-owned subsidiary of the Company，974.94 9.59% 7.89% 47.96% 7.08% 1.76% 974，193.61 NON-CURRENT ASSETS: Long-term equity investments Investment properties Fixed assets Construction in progress Construction materials Intangible assets Goodwill Long-term expenses to be amortized Deferred income tax assets Other non-current assets 非流動資產： 長期股權投資 投資性房地產 牢固資產 在建工程 工程物資 無形資產 商譽 長等候攤費用 遞延所得稅資產 其他非流動資產 9 10 11 12 80，389， including the full text and main body of First Quarterly Report 2009 and the resolution in relation to the construction of the highend culture paper project by Zhanjiang Chenming. The related resolution announcement was published on China Securities Journal， Capitalization of borrowing costs shall be suspended during periods in which the acquisition，249，000.00 Entrusted loan 委托貸款 Jiangxi Chenming Paper Co.，427.32 ) (43，204.98 5 6 7 8 Total current assets 流動資產合計11。

117，727，347， the Group had advance to suppliers denominated in foreign currencies in the amount of USD 65，151，869， the project of Chenming International Logistics Centre and the ancillary railway special line。

從而擺脫上游資源對公 司的制約，106，600.64 ) (434，377.03 7。

from the acquisition date。

which accounted for 1.84% of the total sales of the Group for the year and the total sales from the five largest customers was RMB885 million，148，306， the debtor shall offset，655，電力、熱力的生產、銷售，498.14 1，788.81 － － 18.64 30 － － － Self-raised 自籌 Self-raised 自籌 22， Zhang Zhiyuan，752.26 (1，091，378.15 14， Note 6: Accumulated amortization for the period decreased， has been subject to a corporate income tax rate of 16.5% commencing 2008，主要審議了：公司關於 建設高檔低定量銅版紙項目的議案、公司 關於建設高檔塗布白牛卡紙項目的議案、 公司關於新建晨鳴國際物流中心及配套鐵 路專用線項目的議案等3個議案，501， 34% by Sappi whose beneficial owners are all Independent Third Parties to the Company，345，386，532，314.92 (937， the difference between the carrying amount of the financial liabilities derecognized and the consideration paid (including transferred non-cash assets or new financial liability) is recognized in profit or loss for the current period. 金融負債全部或部门終止確認的， due to the future pooling foreign exchange contracts entered into by Chenming (HK) Limited，255，為此，045。

100.00 in 2009. (2) 根據山東省財政廳及山東省科學 技術 廳《關 於 下 達 2007年度國家 科技支撐計劃課 題（第 二批）預算 指標 的通知》，000.00 Bank II 銀行二 USD 1.15 10， the Company issued a medium-term debentures with total face value of RMB1，000，388.33 11.07 At the end of the period， Shandong 山東壽光 Transportation 運輸 393 Transportation of goods， holding all other variables constant，將 風險對本集團經營業績的負面影響 低落到最低程度，673.72 5。

930.62 Of which: Buildings 2，228.95 87.65 8.89 0.51 2.95 (72，711。

則將有關價款在 地皮使用權和建築物之間進行分派，788.24 As at 31 December 2009，874，597.16) — In the prior year Finished products 上年度 產制品 6。

362.26 was due to improvement of fixed assets. 註7：累計折舊本期減少中，境內和 境外審計費用共計人民幣 400萬 元（差 旅 費、食宿費等相關費用由公司據 實承 擔）。

加強投資者關係 打点（續） 公司欢迎調研及採訪等相關情況（續） VIII. LAUNCH OF VARIOUS CHANNELS TO COMMUNICATE AND STRENGTHEN INVESTOR’S RELATION MANAGEMENT (Cont’d) Reception of activities including research，000.00 2，225。

182。

000.00 4，129.33 2，749.99 1。

875.83 ) — 349。

532。

884.43 ) (2。

712.74 Chen Hongguo 陳洪國 Legal Representative 法定代表人 Wang Chunfang 王春方 Chief Financial Officer 主管會計事情負責人 Li Dong 李棟 Head of the Finance Section 會計機構負責人 104X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 母公司利潤表 2009年12月31日止年度 INCOME STATEMENTS OF THE COMPANY For the year ended 31 December 2009 RMB 人民幣元 Amount for the previous period 上期金額 Amount for the current period 本期金額 Items 項目 Note V 附註五 I. Operating Revenue Less: Cost of operations Tax and levies on operations Selling and distribution expenses General and administrative expenses Finance expenses Loss on impairment of assets Add: Gain on change in fair value (“-” denotes loss) Investment income (“-” denotes loss) 一、 營業收入 減：營業本钱 營業稅金及附加 銷售費用 打点費用 財務費用 資產減值損失 加：公允價值變動收益 （損失以 「－」號填列） 投資收益 37 38 39 13，593， 208X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 五、財務報表項目附註（續） 10. 投資性房地產 按本钱計量的投資性房地產 本集團及本公司 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 10. Investment Properties Investment properties measured at cost T he Group and the Company RMB 人民幣元 Closing balance 期末賬面餘額 Opening balance 期初賬面餘額 Increase for the current period 本期增加 Decrease for the current period 本期減少 Items 項目 I. Total original value Buildings 一、賬面原值合計 衡宇、 建築物 38，假如本集團已 經制定正式的解除勞動關係計劃或提出 自願裁減建議並即將實施，733.32 — 1，000，114.74 ) 1，730.36 14，000.00 21。

652，588.83 10，718.61 15，588， received a special fund of RMB2，509.81 — 8，340.80 12， clearly define insider information and scope of personnel with insider information of the Company。

144， which are recognized directly in owners’ equity。

603， accuracy and completeness of the annual report or disagree with the content of the annual report. 沒有董事、監事、高級打点人員聲明對本年度 報告內容的真實性、準確性和完整性無法保證 或存在異議， Guotai Junan， (2) The controlling shareholder of the Company，853，000.00 — — 1， Yanbian Chenming Paper Co.，734，219.04 298，539。

370，000.00 81，000 (in ten thousand) 2。

631.23 1，435.77 Adjustment items: Recognized the income on accrual basis (Note: adjusted for the total income only) Total operating revenue of statements 調節項目： 按權責發生制 確認收入 （註：僅需對收入 總額進行調整） 報表營業 收入合計 — — 14，476， 339X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 I. SUPPLEMENTARY INFORMATION (Cont’d) 一、 補充資料（續） 2. Differences in accounting data between domestic and overseas accounting standards (Cont’d) The above differences were all incurred in years prior to 2006; the management believes such differences in accounting principles will gradually be eliminated in future years. 境內外會計準則下會計數據差異 （續） 上述差異全部系 2006年以前年度產 生，並获得了認真、有 效執行， paperboard， Sales of steam Sales of steam are recorded based upon output delivered and capacity provided at rates specified under contract terms. 蒸汽銷售收入 蒸汽銷售根據輸出量和合約條款所約定 之費率入賬，997.10 936，484，889， CITIC Plaza， borrowings and bonds payables. Other financial liabilities are subsequently measured at amortized cost using the effective interest method. Gains or losses arising from derecognition or amortization is recognized in profit or loss for the current period. 其他金融負債 本集團的其他金融負債主要為應付款 項、借款及應付債券等其他金融負債。

with the approval issued by the Securities Committee of the State Council (Zheng Wei Fa [1997] Document No. 26)，895.71 — 101。

844，005。

860，一方面公司將堅持內培外 引， 壽光新源煤炭有限公司 本公司之控股子公司壽 光晨鳴現代物流 有限公司於2009年5月 31日與壽光新源 煤炭有限公司股東簽訂了股權轉讓協 議，058，941， 90IX Material Matters 第九節 重要事項 十、其它重大事項 公司獨立董事對報告期內發生的關聯方佔 用資金及對外擔保的獨立意見如下： X. OTHER MATERIAL MATTERS Independent Directors of the Company expressed the following opinions on the use of funds by rela ted parties and external guarantee provided during the repor ting period: Under the requirements of the listing rules of the Shenzhen Stock Exchange in relation to connected transactions，757，943.96 Impairment provisions Accrued salaries of senior management Unpaid payables Deferred income Change of fair value Unrealized profit 可抵扣暫時性差異和可抵扣虧損： 減值準備 預提的高管年薪 應付未付款項 遞延收益 公允價值變動 未實現利潤 Sub-total 小計 371，202，491。

786，787.81 1，明確規定了重要財 務決策措施與規則。

as Orient Securities， Ltd.) acquired 100% shareholding from the shareholder of 壽光虹宜包裝裝 飾有限公司 (Shouguang Hongyi Decorative Packaging Co.，154，031.38) (11，333，972.28 (3， except for the above guarantees provided to controlling subsidiaries，017，對 項目實行人、財、物全方位傾斜政 策，000; as at 31 December，480，353， Shandong 山東壽光 On-site research and investigation 實地調研 Research personnel and fund managers from institutions such as China International Capital Corporation Limited，867.12 1，000 H share H 股 B Share B 股 A Share A 股 B Share B 股 A Share A 股 A Share A 股 A Share A 股 B Share B 股 A Share A 股 B Share B 股 43，060， a decreased of RMB 39，345，794.82 69，884.6293 million，066.70 236， Ltd. and Nanchang Chenming Arboriculture Co.，079.13 ) Total 合計7，821，978，022，572.98) (5，086，731。

本 公司之 子公司延 邊 晨鳴紙業有限公司於2009年收到 專項資金人民幣550，226.54 100.00 (16，確認為遞延收 益，883.70 — 15，對於以公允價值 計量且其變動計入當期損益的金融負 債，724， (4) Achieve quality management in human resources The Company continues to enhance its management team in line with its emphasis on both ability and integrity; speed up the introduction of new advanced technology and management expertise to raise the management and technical know-how of its staf f members; improve training methods and approach to strengthen the education，000，186。

000.00 40，906.46 1，000，484，因該日的 即期匯率與初始確認時大概前一資產負 債表日即期匯率差异而產生的匯兌差 額， none of the short-term borrowings of the Group and the Company were overdue. 本集團及本公司2009年12月31日的 短期借款中無过时借款，780.07 0.8805 6.8282 9.7971 660.53 40，625，000.00) (6，696.15 Land use rights Software IV. Total impairment provision Land use rights Software V. Total intangible assets book value Land use rights Software 地皮使用權 軟件 四、減值準備合計 地皮使用權 軟件 五、無形資產賬面 價值合計 地皮使用權 軟件 — — — — — — — — — — — — 364，011.87 3，057，010，997，835，430.22 1，011， an amount of RMB 32，358，000.00 in 2009 for biogas desulfurization power generation. Pursuant to the “Notice Regarding Payment of Provincial Environmental Subsidy Fund”（《關 於 撥付省級生態補償資金的通知》） issued by the Financial Bureau of Shouguang City ，163.63 2.44 2， 主要審議了： 公司2008年度董 事會及監事會事情報告、公司獨立非執行 董事 2008年度事情述職報告、公司2008 年度財務決算報告、公司2008年度利潤 分派方案、公司關於為部门控股子公司綜 合授信提供擔保等 19項議案，262.50 ) 117， Ltd.) 100 100 Yes 是 — — — Limited liability company 有限責任公司 Shouguang， 成立 健全了會計電算化的內 部控制制度，390，本 集團與本公司已對該部门應收賬 款全額計提了壞賬準備，679，730.36 127， Ltd.) on 10 July 2009 to acquire 67% equity interest in 山東林盾木業股份 有限公司 (Shandong Lin Dun Wood Industry Co.， (6) Fixed assets decreased by 5% and projects under construction increased by 363% during the year，174.92元，000.00 23 March 2009 2009年3月 23日 8 Janury 2009 2009年1 月8日 28 September 2009 2009年9月 28日 14 December 2009 2009年12月 14日 3 December 2009 2009年12月3日 3 December 2009 2009年12月3日 3 December 2009 2009年12月3日 15 January 2009 2009年1月 15日 3 December 2009 2009年12月3日 22 April 2009 2009年4月 22日 11 May 2009 2009年 5月11日 16 December 2009 2009年12月 16日 22 March 2010 2010年 3月22日 7 January 2010 2010年1月7日 27 September 2010 2010年 9月27日 13 December 2010 2010年 12月13日 2 December 2010 2010年 12月2日 2 December 2010 2010年 12月2日 2 December 2010 2010年 12月2日 14 January 2010 2010年 1月14日 2 December 2010 2010年 12月2日 21 April 2010 2010年 4月21日 10 May 2012 2012年 5月10日 15 December 2010 2010年 12月15日 10， where an increased number of bills payable were used to settle purchases of raw materials and equipments. (11) 本年應付票據增加了48%，000.00 Bank III 銀行三 RMB 3.51 — 280， the creditor shall include the difference between the book balance of the debt to be restructured and the cash received in the current profits and losses. When a debt is liquidated by a non-cash asset，705，791.00 in original currency，607.25 Total 合計 168，700， Wang Xiangfei。

282，000.00 208，000.00 Entrusted loan 委托貸款 Wuhan Chenming Hanyang Paper Holdings Co.，000.00 500，585。

Ltd（. 山東 晨鳴板材有限責任公司） 。

Ltd.). Please refer to Note V.55 for details of the financial position and operating results of 壽光新源煤炭有限公司 (Shouguang Xinyuan Coal Co.。

144。

281.02 — — 73， Ltd. 咸寧晨鳴林業發展 有限責任公司 本钱法 X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 203V. NOTES TO THE FINANCIAL STATEMENTS (continued) 五、財務報表項目附註（續） 9. 9. Long-term equity investments (Cont’d) 長期股權投資（續） The Company (Cont’d) 本公司（續） (1) (1 The details of long-term equity investments are as follows:(Cont’d) 長期股權投資詳細情況如下：（續） RMB 人民幣元 Explanation of the inconsistent of shareholding percentage and voting right in the investee entity 在被投資 單位 持股 比例與 表 決權比例 纷歧 致的說明 Percentage of shareholding in the investee entity (%) 在被 投資單位 持股比例 (%) Percentage of voting right in the investee entity (%) 在被 投資單位 表決權比例 (%) Provision of impairment for the current period 本期計提 減值準備 Cash bonuses for the cur rent period 本期現金紅利 Accounting method 核算要领 Initial investment 初始投資本钱 Deduction of investment 減少投資 Impairment provision 減值準備 Name of investee entity 被投資單位名稱 Opening balance 期初餘額 Additions 新增投資 Equity adjustment 權益調整 Closing balance 期末餘額 20， please see Note V.11. 註 2：抵押借款的抵押資產 類別以及金額，537.62 29.30% 9.79% 29.43% 財務費用 資產減值損失 公允價值變動收益 投資收益 營業外收入 312，林木種 植、苗木培育、木材加工及銷售，657， 則按預計承擔的義務確認預計負債，297.05 (before tax)，579，在所有重 大方面公允反应了晨鳴集團2009年12月 31日的公司及合併財務狀況以及2009年 度的公司及合併經營成就和公司及合併 現金流量，412.11 ) (173。

512，000， an increase of RMB 90。

本集團無重大 關聯交易事項發生， ancillary costs incurred in connection with the arrangement of borrowings。

496，940.62 ) (583，268.33) III. Cash Flows from Financing Activities : Cash received from investment Cash received from borrowings Cash received from issuance of short-term debentures Cash received from issuance of medium-term debentures Cash received relating to other financing activities 三、 籌資活動產生的現金流量： 吸收投資收到的現金 取得借款收到的現金 發行短期融資券收到的現金 — 9，742.45 2， 139X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 II. SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES OF THE 二、公司主要會計政策和會計估計（續） COMPANY (Cont’d) Intangible assets (Cont’d) Research and development expenditure (Cont’d) Expenses incurred during the development stage that satisfy the following conditions are recognized as intangible assets，777，已考 慮投資企業和其他持有的被投資單位當 期可轉換公司債券、當期可執行認股權 證等潛在表決權因素， the Company received financial support funds of RMB35， the remaining other receivables had good subsequent collection condition and credit quality， who joined the Company in 1983，770.60 108，010.00 3，136.00 III. Total shares 三、 股份總數 2，888.90 (40，長等候攤費用在預計受益期 間分期平均攤銷， Shouguang City，091.22 42， Wuhan Chenming and Heze Chenming，354.05 4， confidential responsibility and recourse on personnel in breach of their duties. 6、外部信息使用人打点制度、內幕信 息知情人登記制度的成立情況 為了規範對公司外部單位報送信息 的打点，006。

559，339，依法 打点和監督經營活動，228，同時本集團計劃以淨額結算 或同時變現該金融資產和清償該金融負 債時。

the subsidiary was subject to the income tax rate of 10% in 2009. 稅收優惠及批文（續） 企業 所得稅（續） 本公司子公司武漢晨鳴漢陽紙業股 份有限公司於 2005年 4月份變更為 外商投資企業，764.90 1， comm unication and interviews (Cont’d) Time of reception 欢迎時間 Place of reception 欢迎地點 Manner of reception 欢迎方法 Main topics of discussion and information provided 談論的主要內容及提供的資料 Parties accommodated 欢迎對象 August 2009 2009 年 08 月 Shouguang，819.41 Unit III 單位三 13。

000，421。

478， the management of the Group believes the credit risk assumed by the Group has been significantly reduced. 本集團的流動資金存放在信用 評級較高的銀行，934，767.93 — — 778，754， Ltd. 阿爾諾維根斯晨鳴特 種紙有限公司 Shouguang Liben Paper Making Co.，412.64 Within 1 year，000.00 10 March 2009 2009年 3月10 日 9 March 2010 2010年 3月9 日 No 否 Shandong Chenming Paper Holdings Limited 山東晨鳴紙業集團股份有限公司 Wuhan Chenming Hanyang Paper Holdings Co.，750，744.88 TOTAL LIABILITIES 負債合計13。

在發生 時計入當期損益，原確認的減值損失予以轉回，公司為儘快建設 湛江70萬噸木漿項目。

542.15) III. Cash Flows from Financing Activities : Cash received from investment Cash received from borrowings Cash received from issuance of short-term debentures Cash received from issuance of medium-term debentures Cash received relating to other financing activities 三、 籌資活動產生的現金流量： 吸收投資收到的現金 取 得借款收到的現金 發行 短期融資券收到的現金 — 11，168.11 ) 254。

330.00 557。

盈利能力大幅度提 高， had held the positions of the chief of audit department，268，916.32) 9， nurturing and fair value change in timber assets of the （5） 其他非流動資產：主要 是由於公司林木資產購 買、繁育及公允價值變 動所致，故流動資金 的信用風險較低，508.19元，165.13 ) (716， Chen Hongguo，同時加大環保 項目建設力度，310.69 Less: Income tax expenses 45 219， (2) Consumable biological assets: an independent valuer assessed the price of timber harvest according to the active market quotations in Zhanjiang City and Fujian Province where the Company's biological assets were located. In estimating future cash flow， the Group had 16， 主要 是：a. 本公司氧脫木素項目及 一些小型技改項目， X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 224X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 五、財務報表項目附註（續） 13. 無形資產 本 集團 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 13. Intangible assets T he Group RMB 人民幣元 Opening book balance 期初賬面餘額 Additions for the cur rent period 本期增加 Deductions for the current period 本期減少 Closing book balance 期末賬面餘額 Items 項目 I. Total original book value: Land use rights Software II. Total accumulated amortization Land use rights Software III. Total intangible assets net book value Land use rights Software IV. Total impairment provision Land use rights Software V. Total intangible assets book value Land use rights Software 一、賬面 原值合計 地皮使用權 軟件 二、累計 攤銷合計 地皮使用權 軟件 三、無形 資產賬面 淨值合計 地皮使用權 軟 件 四、減值準 備 合計 地皮 使用權 軟件 五、無形資產 賬面價值 合計 地皮使用權 軟件 1，534.16 ) — (141，742，129，002。

Ltd（. 武漢晨鳴 漢陽紙 業股 份有限 公司）， Ltd.) as at the acquisition date and the period from the acquisition date to the end of the period respectively. 山東林盾木業股份有限公司 本公司之控股子公司山東晨鳴板材有限 責任公司於 2009年 7月 10日與山東林盾 木業股份有限公司股東簽訂了股權轉讓 協議，無賬齡超過三年的大額應付款 項， Ltd.，163.59 8.24 1，000.00 in 2009 for industrial treatment. (3) 根據吉 林省財政 廳《 關於下達 2008年三河三湖及松花江流域水 污染防治財政專項資金預算的通 知》， was transformed into an EFI in April 2005. Pursuant to the Income Tax Law of The People’s Republic of China for Enterprises with Foreign Investment and Foreign Enterprises and its implementation rules， VI. THE ACCOUNTING FIRM ENGAGED BY THE COMPANY DURING THE REPORTING PERIOD At the 2008 annual general meeting of the Company， the debtor shall include the difference between the book value of the debt to be restructured and the fair value of the non-cash asset transferred into the current profits and losses. The difference between fair value of the non-cash asset transferred and its book value shall be included in the current profits and losses. When a debt is converted into capital， Ltd. 吉林晨鳴紙業有限責任公司 Wuhan Chenming Hanyang Paper Holdings Co.，000， operation risk。

278，215， steam 原质料、電、汽 At prices negotiated between both parties 按雙方協商的價格 8， are subject to an immediate VAT refund policy. 根據國家稅務總局財稅字[1995]44 號《財政部、國家稅務總局關於對部 分資源綜合操作產品免徵增值稅問 題的通知》及財稅[2001]72號文件有 關規定，000。

689。

因購買子公司而增 加人民幣 593，268.62 2，000。

460.87元，916.01 (16，990.30 Subsidiaries of the Company 公司之子公司 188，263.57 元（期初數：人民 幣 24，799.49 2，000，319.26 663，壽光維 遠物流有限公司於購買日的財務狀況及 購買日至本期期末的經營成就詳見附註 五、 55，240.62 Total 合計 345。

411，經營現金流 穩定所致。

689。

along with substantially all the risk and return arising from the ownership of the financial asset，081.65) (23，452，443，671， Accounting Period The fiscal year of the Group is from 1 January to 31 December of each calendar year. 會計期間 本集團的會計年度為公曆年度，794.76元） 註3：賬面原值本期增加中， the consideration shall be recognized in full as fixed assets. 取得的地皮使用權凡是作為無形資產核 算，960.21 210，240.62 1，363.10 225， Ltd. 阿爾諾維根斯晨鳴特 種紙有限公司 Qingzhou Chenming Denaturation Amylum Co.， The financial statements denominated in foreign currency of a foreign operation are translated to RMB in comply with the following requirement: assets and liabilities on the balance sheet are translated at the spot exchange rate prevailing at the balance sheet date; all equity items except for inappropriate profits are translated at the spot exchange rates at the dates on which such items arose; income and expenses in the income statement are translated at the spot exchange rate at the date of transaction; the inappropriate profits brought forward are reported at the prior year ’s closing balance; the inappropriate profits carried forward are calculated，064，447。

575.03 13， the Company will stick to its existing strategy already made to operate in an orderly way towards the development。

588。

在需求萎縮和庫存積壓 的打擊下，147.43 ) (227，294，192，210，000-tonne high quality culture paper project。

As at 31 December 2009，828， other receivables of the Group and the Company classified as single item not significant in amount but with larger risk after assessment based on the credit risk characteristics of such group were not exceeding RMB1 million in single item; however，495，213，794.82 58，906.83 296X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 五、財務報表項目附註（續） 51. Cash paid relating to other operating activities T he Group 付出的其他與經營活動有關的現金 本集團 RMB 人民幣元 51. Incurred during the current period 本期發生額 Incurred during the previous period 上期發生額 Items 項目 Transportation expense Hospitality expense Rental expense Travel expense Office expense Waste disposal expense Insurance premium Water and electricity expense Repair expense Advertising expense Intermediary service expense Quality compensation Financial institutions charge Other s 運輸費 招待費 租賃費 差旅費 辦公費 排污費 保險費 水電費 修理費 廣告費 中介機構服務費 質量賠償金 金 融機構手續費 其他 580，334.87 2， 125X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 II. SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES OF THE 二、公司主要會計政策和會計估計（續） COMPANY (Cont’d) Financial instruments (Cont’d) Classification and measurement of financial liabilities At initial recognition，125.76 (34，000，141.06 ) (770， Ltd.)，現 擔任中青基業集團有限公司 （香港上市公司）的首席財務官 及公司秘書，882， Ltd.) on 31 May 2009。

424。

is as follows: Aging analysis 應收款項（續） 按賬齡阐明法計提壞賬的比例如下： 賬齡阐明法 Percentage of provision for accounts receivable 應收賬款 計提比例 (%) Percentage of provision for other accounts receivable 其他應收款 計提比例 (%) Aging 賬齡 Within 1 year (inclusive of 1 year) 1 to 2 years 2 to 3 years Over 3 years 1 年以內（含 1 年） 1-2 年 2-3 年 3 年以上 5 10 20 100 5 10 20 100 Inventory Classification of inventories Inventories of the Group mainly include raw materials，794，476， Note 2: For the category and amount of secured assets under secured borrowings，666，617.66 (11，經國務院證券委員會證委發 [1997]26號文核准，因處置而 減少人民幣29，000.00 in 2009 for silt treatment reform works. Pursuant to the “Implementation of “Replacing Remedies With Incentives” In Relation To the Industry Treatment Project on Songhuajiang River Water Pollution Control Planning (2006-2010)”（《＜ 松花 江流域 水污 染 防治規劃（2006-2010 年＞工業管理項目實行「以獎代補」》）issued by the planning department of the Finance Department of Heilongjiang Province，335， pulp and machine-made paper 粘膠纖維漿、木漿、機製紙等 延邊晨鳴紙業有限公司 4， the Group shall determine the recoverable amount of the asset group to which the asset belongs. If the recoverable amount of an asset is less than its carrying amount。

分攤到相關的 資產組組合。

180 萬美元 700 山東晨鳴新力熱電有限公司 (Shandong Chenming Xinli Power Co.。

(6) 壽光新源煤炭有限公司 (Shouguang Xinyuan Coal Co.。

542。

957.52 7。

892，並同時確認新金融負 債，700，869.49 14，000.00 Entrusted loan 委托貸款 Heze Chenming Panels Co.，目前國外、國 內設備預付款、進度款 共 支 付 人 民 幣 8.54億 元，487，694.88 1，582，357，因 出售而減少人民幣 181。

555， For business combination involving entities not under common control，613.34 10.26 (77， Ltd. 壽光麗奔製紙有限公司 Qingzhou Chenming Denaturation Amylum Co.。

400。

974.94 in fair value by Jones Lang LaSalle Sallmanns Limited. 2009年12月31日，465.81 (38，000.00 in 2009 for the construction of the Zhanjiang 700，000， Classification，695，獨立非執行董 事2009年度出席董事會會議情況如 下： Number of Board meetings requiring attendance 本年應參加 董事會次數 Name of independent non-executive Directors 獨立非執行董事姓名 Number of Attendance in person 親自出席 （ 次) Number of Attendance by proxy 委託出席（ 次 ) Number of Absence 缺席（次 ) Lau Ying Kit Wang Yumei Diao Yuntao Wang Zhihua Zhou Chengjuan 劉英傑 王玉玫 刁雲濤 王志華 周承娟 6 6 6 6 6 6 6 6 6 6 — — — — — — — — — — In the reporting period。

128.22 ) — — — — — — — — (1，395.70 二、累計折舊 和累計攤銷 合計 — 衡宇、 建築物 10。

357。

305，691.14 24。

412.29 23，738，304.91) — — — — — — 139，212.31 4， Ltd. is subject to income tax rate of 15%. Pursuant to Guo Fa [2007] Document No. 39 “Circular on Transitional Preferential Enterprise Income Tax Policy” issued by the State Counci（l 《國 務院關於實 施企業所 得稅 過渡 優惠 政策的 通知》），因購買少數股 權新增的長期股權投資本钱與凭据新增 持股比 例計算應享 有子公司自 購買日（或 合併日）開始持續 計算的淨資 產份額之間 的差額，767，直接計入當期損 益，274，270。

Ltd.) (4) 山東林盾木業有限公司 (a) Overview of the acquired entity : (a) 被合併方根基情況： During the reporting period， Zhanjiang Chenming Paper Pulp Co.，000.00 Entrusted loan 委托貸款 Wuhan Chenming Hanyang Paper Holdings Co.， Jilin Chenming Paper Co.，138，900.00 ) 8， historical loss experience for loans with credit risk characteristics similar to those in the Group。

208。

474.91 (1，沒有損害公司及公司股東尤其是中小 股東的好处，陳洪國先生 為本公司副總經理李雪芹女士 的配偶， market， 公司盈利能力與去年同期对比明顯 下降，301.98 — 2，000，967.54 1，823， the nomination committee held one meeting in total，集團打点層預計報 告期內。

533.96 84.64 (57。

535，112.00 — 分公司差异稅率差異影響18，846.52 1。

349.50 14，651.07 ) — (78。

744。

550，415，037，902.98 2，795.74 28，對公 司內部控制的總結比較全面。

852.86 10， 66VII Directors’ Report 第七節 董事會報告 三、報告期內投資情況（續） 2、 報告期內投資設立控股子公司情況 （續） 有關上述新增子公司2009年的經營 業績、資產等詳細情況請參見按企 業會計準則編製的財務報表及附注 部门「附註五 .55」， the requirement of management and the internal reporting system of the Group，952.68 71，700，510.18 14，808，215，482，790，633 名；按受教育水等分，884，167.27 7， 公司 2008年的利潤分派方案 為 ： 以 2008年 底 的 總 股 本 2，對被投資單位的淨利潤進行調整 後確認。

2007年 4月開始擔任本 公司獨立非執行董事，552，062，切合《公司法》和《公司章程》 的有關規定， a subsidiary of the Company，603.39 3，969.57 — 1，578.57 49， Ltd.) 壽光維遠物流有限公司 (Shouguang Wei Yuan Logistics Company Limited) 壽光新源煤炭有限公司 (Shouguang Xinyuan Coal Company Limited) 山東林盾木業股份有限公司 (Shandong Lin Dun Wood Industry Co.， the transaction price was objective and just and without prejudice to the interests of the Company and its shareholders (especially minority shareholders and non-related shareholders). 根據深交所《上市規則》有關關聯交易的規 定，700 — — 15.24 Han Chunlai 韓春來 M 男 46 April 2008 - April 2010 2008 年 04 月－ 2010 年 04 月 — — — — 24.05 Wang Chunfang 王春方 Poon Shiu Cheong 潘兆昌 M 男 M 男 34 April 2009 - April 2010 2009 年 04 月－ 2010 年 04 月 August 2007 – April 2010 2007 年 08 月－ 2010 年 04 月 — — — — 60 40 — — — — 10.57 Total 合計 — — — — 13。

000，993.05 37，531.86元，689，213，981.64 127，824， 達到 整個公司各項事情的高 度統一，847，286，000.00 發行中期票據收到的現金1，005.22 46， the remaining part of the investment which exceeds the tax credit shall be refundable against the newly increased tax of the next year over that of the year before the year of purchase. However，037.77元，837.75) 3，856.42 V. Net profit (“-” denotes loss) 五、 淨利潤 （淨虧損 以「－」號填列） 953，475.22 128，於1993年5月改組設立為定 向募集的股份有限公司， 2009年 度 擬 按 已 發 行 之 股 份 2。

454.96 was due to disposal. 註6：累計攤銷本期減少中，000。

Mr. Zhao Wei had held positions of director of Paper Manufacturing Department of Minister of Light Industry and deputy director of the paper making industry management office of China Light Industry Association （中 國輕工 總會造紙 工業管 理 辦公室）。

700，895.71 (415，035.94 Total 合計 5，440.78 ) (1，074.02 1， the creditor shall include the difference between the book balance of the debt to be restructured and the fair value of the non-cash asset received in the current profits and losses. When a debt is converted into capital，426.79 51，本集團以公允價值計量且其變動計 入當期損益的金融資產均為交易性金融 資產。

124X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 II. SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES OF THE 二、公司主要會計政策和會計估計（續） COMPANY (Cont’d) Financial instruments (Cont’d) Impairment of loans and accounts receivable The carrying amount of financial assets measured as costs or amortized costs are subsequently reduced to the present value discounted from its projected future cash flow. The reduced amount is recognized as impairment loss and recorded as profit or loss for the period. After recognition of the impairment loss from financial assets， the Company will distribute profit based on the after-tax profit realized according to the Accounting Standards for Business Enterprises for 2009. Based on the total share capital of 2，996，主 要審議通過了公司 2009年半 年度報告全文和摘要、關於向 子公司辦理委託貸款的議案2 項 議案，假如暫時性差異在可 預見的未來不是很可能轉回，000，456.62 Net increase in cash and cash equivalents 現金及現金等價物淨增加額(320，232.00 Within 1 year 1年以內 Within 1 year 1年以內 1 to 2 years 1至2年 Within 1 year 1年以內 Within 1 year 1年以內 6.89 67，包罗在具有類似信用風險特 徵的金融資產組合中進行減值測試，000.00 Entrusted loan 委托貸款 Shouguang Chenming Art Paper Co.，000.00元 的 短 期 融 資 券， Ltd. 湛江晨鳴漿紙有限公司 682， Ltd.) acquired 100% shareholding from the shareholder of 壽光虹宜包裝裝飾有限 公司 (Shouguang Wei Yuan Logistics Company Limited) at the consideration of RMB 4 million. Please refer to Note V.55 for details of the financial position and operating results of 壽光維遠物流有限公司 (Shouguang Wei Yuan Logistics Company Limited)as at the acquisition date and the period from the acquisition date to the end of the period respectively. 壽光維遠物流有限公司 本公司之控股子公司壽 光晨鳴現代物流 有限公司於2009年5月 31日與壽光維遠 物流有限公司股東簽訂了股權轉讓協 議，督促其在約 定的時間內提交審計報 告； (4) it reviewed the financial statements of the Company again upon the issue of draft opinion on the annual audit by the auditing certified public accountants，000，將所轉移金融資產的賬面價值及因 轉移而收到的對價與原計入其他綜合收 益的公允價值變動累計額之和的差額計 入當期損益，682， the Company has a good reputation in the financial market and extensive financing sources.The Company will adopt the following effective sources of funds based on its growth and future development strategies: (1) Reinforcement for market sales - the Company will increase its sales revenue and put greater efforts in the recovery of receivables to speed up capital turnover，128.22 ) 332X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 VII. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (Cont’d) 七、金融东西及風險打点（續） 2. Fair value The value of financial assets and financial liabilities are determined using the following method: 公允價值 金融資產和金融負債的公允價值按 照下述要领確定： 2. ?the fair values of financial assets and financial liabilities with standard terms and conditions and traded in an active market are determined by the prevailing bid price and prevailing ask price at the respective active market; 具有標準條款及條件並存在活 躍市場的金融資產及金融負債 的公允價值分別參照相應的活 躍市場現行出價及現行要價確 定； ?the fair values of other financial assets and financial liabilities (excluding derivative instruments) are determined based on a common pricing model using discounted future cash flow method or determined using the prevailing observable market trading price; 其他金融資產及金融負債（不 包罗衍生东西）的公允價值按 照未來現金流量折現法為基礎 的通用定價模型確定或採用可 觀察的現行市場交易價格確 認； ?the fair values of derivative instrument are determined based on the publicly quoted price in an active market. 衍生东西的公允價值採用活躍 市場的公開報價確定。

282.37 28，000，826， (4) Surplus reserves appropriated by subsidiaries (4) 子公司已提取的盈餘公積 On 31 December 2009，000.00 Total 合計 47， the item shall be measured at fair value. If fair value is not reliably determinable， During the reporting period，775，883，527.37 ) 1，305， Shandong 山東壽光 Arboriculture 林業 1，612.93 For the movements of the provision of the bad debts of other receivables please refer to notes V.18. 其他應收款壞賬準備的變動見附註 五、 18。

679.82) (2，000，586，219.04 — Sub-total 小計9，202.50 2，系經營期在十年以上的生產性 外商投資企業，在以後會 計期間不予轉回，876.96 603。

428，餘下其他應收款的期後 收款情況及其信用質量良好，869.49 Of which: housing subsidies for Chinese employees VII. Union operation costs and employee education costs 个中：中方 住房補助基金 18，180.20 19。

The Group adopts cost method for subsequent measurement of investment property。

459.88 Sub-total of financial assets 金融資產小計 544，116.47 34， when expenditures for the asset and borrowing costs are being incurred，計入當期損益，872，354.31 (4 ) (4 ) 29 (19 ) (20 ) — 銷售費用 打点費用 財務費用 資產減值損失 投資收益 營業外收入 774，120，196，000.00 in 2009 for energy conservation technical reform. Pursuant to “Notice Regarding Treasury Bond Investment Budget (Funding) for 2009 Key Industry Stimulus And Technical Reform (First Batch) Projects To Boost Domestic Demand by Provincial Financial Bureau”（《省 財政廳 關於 下達 2009 重點產業振興 和技術改革 （第 一批）項目建設擴大內需國債投資預算（撥 款）的通 知 》） of the Finance Department of Hubei Province，000。

884.43 5。

795，288，631.23 1。

湛江晨鳴漿紙 有限公司黨委書記，368。

333。

232， Intangible assets Intangible assets An intangible asset is an identifiable non-monetary asset without physical substance owned or controlled by the Group. 無形資產 無形資產 無形資產是指本集團擁有大概控制的沒 有實物形態的可辨認非貨幣性資產，212.60 13，822.60 355，060，071， a subsidiary of the Company，566， which set up strict procedures for authorization and approval of receipts and payments of monetary capital，135，商譽無需計提減值準備， 壽光順達報關有限責任公司 (Shouguang Shun Da Customs Declaration Co。

Nanchang Chenming Arboriculture Co.。

314，346.40 Total net assets 淨資產合計12，275，550.68 237。

000，672.62 302。

283，000 tonnes The high-end culture paper project of an annual production capacity of 450，693。

交易價格客觀公允。

Ltd.，614.37 — 15，792.08 ) 2，850.53 3，則估計其可收 回金額。

749.47 (61， the Group and the Company did not provide for impairment of such overdue other receivables on individual basis. 根據以往經驗，334，300，884， and had its independent and complete business operation capability. 1、業務獨立：公司在業務方面完 全獨立於控股股東。

095.73 — — — 524，260。

711.76 37，282.74 — 1，以取得投資時被投 資單位各項可辨認資產等的公允價值為 基礎。

443，959，決策措施正当。

009。

930.38 151， fair value shall be determined based on the bid price. If there is neither sale agreement nor active market for an asset，325，其餘當期 所得稅和遞延所得稅費用或收益計入當 期損益， 金融东西不存在活躍市場的。

Ltd.，本公 司於 2009年 收到國家科技支撐計劃課題經費 人民幣 1，586。

還通 過多種渠道積極開展了投資者關係打点工 作，867.80 II. Changes in the current year (I) Net profit (II) Other comprehensive income ——— ——— 81，105.17 — 19，694.88 788，000.00 ) (1。

813，350， 540 sales staff，010.93 — — 2，048，314，447.39 3，911.58 400。

500 — 51 51 Yes 是 武漢晨鳴乾能熱電 5，240.62 The Company 本公司 RMB 人民幣元 Items 項目 Closing balance 期末數 Opening balance 期初數 Credit loans 信用借款252， a subsidiary of the Company，634.40 289X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 五、財務報表項目附註（續） 49. Supplementary information on cash flow statements 現金流量表補充資料 (1) 現金流量表補充資料 本集團 49. (1) Supplementar y information on cash flow statements T he Group RMB 人民幣元 Incurred during the previous period 上期發生額 Incurred during the current period 本期發生額 Supplementary Information 補充資料 1. Reconciliation of net profits as cash flows from operating activities Net profits Add: Provision for impairment of assets Depreciation of fixed assets Depreciation of real estate held for investment Intangible assets amortized Amortisation of long-term expenses to be amortized Investment losses Net losses (gains) from disposal of fixed assets Financial expenses 1、 將淨利潤調節為經營 活動現金流量 淨利潤 加：計提的資產減值準備 牢固資產折舊 953，579，452，轉讓的非現金資產公允價值與其賬 面價值之間的差額，包 括能夠證明運用該無形資產生產的 產品存在市場或無形資產自身存在 市場。

Accounting Law， and the union committee of the Company elected Wang Ju and Yang Hongqin as supervisors representing the employees of the Company。

該公司註冊資 本為人民幣 2。

842，955.75 External transaction sales from other countries 來源於其他國家的 對交际易收入1，根據商品木漿價格較低 的實際情況，978.50) Total 合計35。

brokers，869，107.45 1，162.45 100.00 (134。

320.65 (62， (3) According to past experience，以及為企 業合併而發生的各項直接相關費用。

000.00 — Subtotal of cash outflows from investing activities 投資活動現金流出小計2，同時。

則計入投資性房地 產本钱，406。

Net realizable value refers to the amount of the estimated price of inventories less the estimated cost incurred upon completion，664.96 Item and amount adjusted per IFRS: 按國際會計準則調整的 項目及金額： 收到國債專項資金 及專項應付款 Special fund for treasury bond received and special accounts payable Capitalization of foreign exchange gains and losses on project loans 32。

024。

981.72 — 269，297.55 859。

funding and resources to create a favourable environment for project construction; raise service standards by creating a sense of urgency in and enhancing accountability of all business units of the Company， the website of CHINF () and the website of the Hong Kong Stock Exchange () on 9 July 2009. The 2008 profit appropriation plan was implemented with 15 July 2009 as the book closure date of A shares and B shares. 公司於 2009年 7月 9日 在《中 國 證券報》、《香港商 報》、巨潮 資 訊 網 （ 網 址 ： ）及香港 聯 交 所 網 站（ 網 址 ： ）刊 登 了 《2008年度 分紅 派息公 告》，261.56 (13，123，確保了募 集資金安详及依法使 用，648.43 21.15 21.15 — — — — X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 197V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 五、財務報表項目附註（續） 9. 9. Long-term equity investments (Cont’d) 長期股權投資（續） The Group (Cont’d) 本集團（續） (2) (2 The details of long-term equity investments are as follows: (Cont’d) 長期股權投資詳細情況如下：（續） RMB 人民幣元 Explanation of the inconsistent of shareholding percentage and voting right in the investee entity 在被投資 單位 持股 比例與 表 決權比例 纷歧 致的說明 Percentage of shareholding in the investee entity (%) 在被 投資單位 持股比例 (%) Percentage of voting right in the investee entity (%) 在被 投資單位 表決權比例(%) Provision of impairment for the current period 本期計提 減值準備 Cash bonuses for the cur rent period 本期現金紅利 Accounting method 核算要领 Initial investment 初始投資本钱 Deduction of investment 減少投資 Impairment provision 減值準備 Name of investee entity 被投資單位名稱 Opening balance 期初餘額 Additions 新增投資 Equity adjustment 權益調整 Closing balance 期末餘額 Weifang Venture Capital Co.，公允價值的變動計入 當期損益。

240.46 214X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 五、財務報表項目附註（續） 11. F ixed Assets (Cont’d) The Company (Cont’d) 牢固資產（續） 本公司（續） 11. RMB 人民幣元 Closing book balance 期末賬面餘額 Opening book balance 期初賬面餘額 Additions for the period 本期增加 Deductions for the period 本期減少 The Company 本公司 IV. Total impairment provision Of which: Buildings 四、減值準備合計— — — — 个中： 衡宇及 建築物 機器 設備 運輸东西 — — — — Machinery and equipment Vehicles —— —— —— —— Electronic equipment 電子設備 and others V. Total fixed assets - net book value Of which: Buildings 及其他 五、牢固資產 賬面 價值合計 个中： 衡宇及 建築物 機器 設備 運輸东西 — — — — 6，000.00 31，865， 沒有發生內幕交易及關聯交易，343，本集團對外簽 訂的不行撤銷的經營租賃合約情況 如下： RM B Closing balance 期末數 Opening balance 期初數 Minimum lease payments under irrevocable operating leases: The first year after balance sheet date The second year after balance sheet date The third year after balance sheet date In the years there after 不行撤銷經營租賃的 最低租賃付款額： 資產負債表日後第 1年43，313，1984年至1988年任壽 光市財政局企財科科長，210.00 Total 合計357， 265X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 五、財務報表項目附註（續） 34. 資本公積（續） 本公司 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 34. Capital reserves (Cont’d) The Company RMB 人民幣元 Closing balance 期末數 Opening balance 期初數 Increase for the period 本期增加 Decrease for the period 本期減少 2009: Capital premium Of which: Capital contribution from investors Exercise of conversion rights in convertible bonds of the Company Shares issued by way of capitalization of capital reserves Other capital reserves Of which: Transfer from capital reserves under the original system Others 2009年度 資本溢價 个中：投資者投入的資本4， fortified wooden floorboard and impregnated paper 人造板外貌裝飾板木製品人造板、 強化木地板、浸漬紙的生產、 加工、銷售等 山東晨鳴板材有限責任公司3，700，503， amortization of discounts or premiums related to borrowings，747，308.20 18， the grant shall be recognized immediately in profit or loss for the current period. 與資產相關的当局補助，這些信用風險凡是反应 債務人凭据該等資產的条约條款償還所 有到期金額的能力，200，902.24 The reason of such differences is as follows: 差異產生的原因如下： In years prior to 2006，943.28 1，630，導致國內外紙張需求出現了短 暫的下滑，353，同 時公 司制定 了《防 範控股 股東及關聯方佔有公司 資金 專項制 度》，629.22) 161。

205.60 13。

a controlled subsidiary of the Company，不予以抵銷，888。

即被購買方的淨資 產和生產經營決策的控 制權轉移給購買方的日 期，海拉 爾晨鳴紙業有限責任公司董事 長、總經理，430.22 1。

737。

which is depreciated or amortized using the same policy as that for buildings and land use rights. 本集團採用本钱模式對投資性房地產進 行後續計量，700， the Company called a halt to several of its pulp production lines and upgraded the same during the halt period. As for sales，000， 客戶多採用預付款的方法採 購，067.41 15， Ltd. 吉林晨鳴紙業 有限責任公司 山東晨鳴 板材有限 責任公司 14，140，此事項有關具體 情況詳見2009年7月7日刊登於 《中國證券報》、《香港商報》、 巨 潮 資 訊 網 ( )和 2009年 7月6日刊登於香港聯交所網站 (3) In August 2009，具 體金額參見附註六、 (3)e，627，005，074.20 ) (411， a controlling subsidiary of the Company，177.41 1。

76VIII Supervisory Committee’s Report 第八節 監事會報告 三、監事會獨立意見 1、 公司依法運作情況 （1） 報告期內，425.52 453，除已確認壞賬損失的應收賬款 外，843，339， Note 6: Accumulated depreciation for the period increased，因處置而減少人 民幣 7， Ltd is the largest shareholder of the Company. 本公司的第一大股東為壽光晨鳴控股有 限公司，524.08 3，240.14 7，並計入當期損益。

the fifth session of the Board held its fifthteenth meeting，389，573，053，900，别的。

Since the Group’s risk exposures are distributed among various contractual parties and various customers，883，201.01 295，787， Financial instruments Method of determination of the fair value for financial assets and financial liabilities The fair value refers to the amount， the Company had accounts receivable denominated in foreign currencies in the amount of USD 1，941， 304X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 五、財務報表項目附註（續） 55. Merger of entities (Cont’d) 55. 企業合併（續） (2) 壽光市新源煤炭有限公司 (Shouguang Xinyuan Coal Company Limited) (Cont’d) (2) 壽光市新源煤炭有限公司（續） (b) Important financial information of the acquired entity: (b) 被合併方主要財務信 息： RMB 人民幣元 31 December 2009 2009年 12月31日 Acquisition date 購買日 Book value 賬面價值 Fair value 公允價值 Book value 賬面價值 Fair value 公允價值 Identifiable assets: Current assets Non-current assets 可辨認資產： 流動資產 非流動資產 2。

was transformed into an EFI in 2004. It engaged in production with a period of operation of more than 10 years as a foreigninvestment enterprise. 2009 was the third year since it started to make profits. Pursuant to Guo Fa [2007] Document No. 39 “Circular on Transitional Preferential Enterprise Income Tax Policy” issued by the State Council （《國務院關於 實施企業所得稅過渡 優惠政策的通知》），000.00 Total number of non-restricted shares 無限售條件股份合計1，634.40 112合併所有者權益變動表 2009年12月 31日止年度 CONSOLIDATED STAtement of Change in Shareholders’ For the year ended 31 December 2009 EQUITY : RMB 人民幣元 Amount for the current period 本期金額 Attributable to the equity holders of the Company 歸屬於母公司所有者權益 Amount for the previous period 上年同期金額 Attributable to the equity holders of the Company 歸屬於母公司所有者權益 Translation Translation differences 外幣報表 折算差額 Minority interests 少數 股東權益 Total equity 所有者 權益合計 Minority interests 少數 股東權益 Total equity 所有者 權益合計 Share capital 股本 Capital reserve 資本公積 Surplus reserve 盈餘公積 Undistributed profit 未分派利潤 Share capital 股本 Capital reserve 資本公積 Surplus reserve 盈餘公積 Undistributed profit 未分派利潤 differences 外幣報表 折算差額Items 項目 I. Balance at the beginning of the year 一、本年年初餘額 2，806，915.63 1，如為 外購的衡宇及建築物。

as well as investment gains from disposal of financial assets held for trading and financial liabilities held for trading and available-for-sale financial assets 計入 當期損益 的当局 補助（與企業 業務 密切相關。

2009年度的公司及合併利潤表、公司及合併所 有者權益變動表和公司及合併現金流量表以及 財務報表附註，405.54) — Sub-total 小計12，637，427.41 107，115，179，062，包罗根基養老保險、 醫療保險、住房公積金及其他社會保障 制度，391萬美元 山東御景大酒店有限公司8，000 tonnes The high-end low weight coated paper project of an annual production capacity of 800。

347，499，500，且提供的勞務在同一年度內開 始並完成，860，762，565.95 561，441.40) (60。

049， 182X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 五、財務報表項目附註（續） 4. Advance to suppliers (continued) The Company (continued) 預付款項（續） 本公司（續） 4. Advance to suppliers comprised the following balances in foreign currencies: 預付款項中包括以下外幣餘額： At the end of the current period，340.80 12，362.48 164，依次以付出的現金、轉讓的非現 金資產的公允價值、債權人享有股份的 公允價值沖減重組債務的賬面價值，000，080， but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal controls. An audit also includes evaluating the appropriateness of the accounting polices used and the reasonableness of the accounting estimates made by management，803， construction or production of the asset that are necessary to prepare the asset for its intended use or sale have commenced，918.47 100.00 (64，318。

367.15美 元。

so as to capitalize on its competitive advantage in cost control. In addition， the Company received financial support funds of RMB20，389，200，如發生改變則作為會計估計變更處 理，本公司 於 2009年收到財政扶持金 人民幣35，412.11 173，019，099.62 4.06 Total 合計 1。

折 算匯率為 6.8346， which are the basis for calculating the current income tax expense。

Ltd. He is currently the executive Director and the sales director of the Company and a director of Shouguang Chenming Holdings Company Limited. Mr. Li Feng is the brother of Ms. Li Xueqin，268.62 Total 合計 711， mainly because market began to improve in the second half year of 2009，880.95 2，公司打点層根 據隨時變化的經濟環境，064，994， the Company made no external guarantees. Overall。

769.04 468， Ltd.) acquired 67% equity interest from the shareholder of 山東林盾木業股份有限公司 (Shandong Lin Dun Wood Industry Co.， During the reporting period，043， a deputy general manager of the Company. 李峰先生，896.30元，） Top 5 advance to suppliers are set out as 預付款項金額前五名單位情況 RMB 人民幣元 Relationship with the Company 與本公司關係 Name 單位名稱 Amount 金額 Period 時間 Reason of outstanding 未結算原因 Customer I 客戶一 Consolidated subsidiary 合併範圍內子公司 223，以及未作為資產和 負債確認但凭据稅法規定可以確定其計 稅基礎的項目的賬面價值與計稅基礎之 間的差額產生的暫時性差異，929.95 101， which was translated into RMB 301，626，215。

Shandong 山東壽光 Production and sales of cement 水泥產銷 Production and sales of panels 板材產銷 Utilization of ash in the production of cement and sales of cement 操作爐灰生產、銷售水泥 壽光市晨鳴水泥有限公司 (Shouguang Chenming Cement Co.，644， A17 of Hong Kong Commercial Daily 中國證券報D8版、香港商報A17版 2009-10-30 2009-12-03 Indicative Notice Regarding the Issue of the First Tranche of the 2009 Medium-term Notes 關於發行2009年第一期中期票據的提示性通告 2009-12-16 Announcement in respect of Resolutions of the Fourth Extraordinary Meeting of the Fifth Session of the Board of Directors Announcement in respect of Provision of Guarantee for a Bank Loan of a Controlling Subsidiary 第五屆董事會第四次臨時會議決議通告 關於為控股子公司向銀行貸款提供擔保的通告 95X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 De Shi Bao (Shen) Zi (10) No. P0644 德師 報（審）字(10)第 P0644號 山東晨鳴紙業集團股份有限公司全體股 東： 我們審計了後附的山東晨鳴紙業集團股份有限 公司（以下簡稱「晨鳴集團」）的財務報表。

781，以上 人員包罗控股子公司員工，076，892，獨立非執行董事對歷次董事 會審議的議案以及公司其它事項未 提出異議，148.00 Total number of restricted shares outstanding 有限售條件股份合計303，對於以公允價值計量且其變 動計入當期損益的金融資產，078，本集團目前並未 採取其他法子規避外匯 風險，629。

147X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 II. SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES OF THE 二、公司主要會計政策和會計估計（續） COMPANY (Cont’d) Debt restructuring (Cont’d) Obligations to record debt restructuring as creditor When a debt is liquidated by cash，367。

000.00 — 400，814，551.29 Net increase in cash and cash equivalents 現金及現金等價物淨增加額(493，476， 壽光晨鳴現代 物流有限公司 (Shouguang Chenming Modern Logistic Co.。

448.58) 8，273，962.34 Total 合計90，045.95 Total current assets 流動資產合計10， Revenue Revenue from sales of goods Revenue is recognized when the Company has transferred to the buyer the significant risks and rewards of ownership of the goods，000.00 Entrusted loan 委托貸款 Wuhan Chenming Hanyang Paper Holdings Co.，100 元，496，056，193，874， The Company 本公司 RMB 人民幣元 Type 種類 Closing balance 期末數 Opening balance 期初數 Bank acceptance 銀行承兌匯票456，215，051，收購完成後。

128.82 — — (312，000 tonnes compared with 2008。

按其差額計提資產減 值準備，832.03 (399，017，914，291，000， the Group shall determine the recoverable amount of the asset group to which the asset belongs. If the recoverable amount of an asset is less than its carrying amount，172.27 (48，081.65 ) (23，527 6。

637.22 6， the civil works of the project are being carried out and the advance payment for main equipment has commenced. It is expected that the project will formally commence operation by May 2011. 年產80萬噸高檔低定量銅版紙 項目 經公司 2009年第一次臨時股 東大會審議，特別是中小股東和非關聯 Upon validation，該等布置將能縮短經銷週 期，654.36) (4，083，579.61 345。

478.38 (1，523，829，包罗：該組金融資產的債務人 付出能力逐步惡化；債務人地址國家或 地區經濟出現了可能導致該組金融資產 無法付出的狀況； (7)債務人經營所處的 技術、市場、經濟或法令環境等發生重 大倒霉變化，443.37 Progressing as scheduled with estimated benefits 是否切合 預計收益 Progressing as scheduled 是否切合 計劃進度 Proposed investment Project change 是否 變更 項目 Actual investment 實際 投入 金額 Benefits realized 產生收益 情況 Project undertaken 承諾項目 擬投入金額 Zhanjiang 700，008，000.00 19.46 19.46 — — — — Cost method 本钱法 1，213，196.35 不重大但 按信用風險 特徵組合後 該組合的 風險較大 的應收賬款 2.04 (31，313。

651.60 -23， (86)-0536-2156488 (86)-0536-2158640 chenmmingpaper@163.com 郝筠 潘兆昌 范英傑 孫文科 山東省壽光市聖城街595號 (86)-0536-2158011、 (86)-0536-2156488 (86)-0536-2158640 3、 4. Registered Address and Office address of the Company: Postal Code: Website of the Company: 公司註冊地点和辦公地点： 郵政編碼： 公司國際互聯網網址： No. 595 Shengcheng Road。

745.48 17，894。

185.90 101。

452， the financial asset is included in a group of financial assets with similar credit risk characteristics and collectively assessed for impairment. Financial assets for which an impairment loss is individually recognized are not included in the collective assessment for impairment. 本集團對單項金額重大的金融資產單獨 進行減值測試；對單項金額不重大的金 融資產，子 公司當期淨 損益中屬於 少數股東權益的份額， the advance receipts of the Group and the Company were not received from any shareholders holding over 5% (5% inclusive) of the Company’s shares. 本集團及本公司本期末預收款項中 一年以上為零星款項， 56VII Directors’ Report 第七節 董事會報告 一在企業會計準則下的打点層討論與 阐明（續） （五）報告期公司經營活動產生的現金流 量情況（續） （3） 籌資活動產生的現金淨流量比 上年同期減少89.31%，475.56 814。

將凭据 招股說明書的計劃全部用於湛江木漿項目， relevant transaction costs are included in the amount initially recognized. 金融資產的分類、確認和計量 以常規方法買賣金融資產，182.90 967，431，612.25 165， Guotai Junan，093.26 Staff incentive fund 職工激勵基金 Dividends payable to its subsidiaries minority interests 應付子公司 少數股東股利 Current accounts 往來款 Dividends payable to its subsidiaries minority interests 應付子公司 少數股東股利 Unit I 單位一 22， the following non-exempt continuing connected transactions were subject to reporting requirements under the Hong Kong Listing Rules of the Stock Exchange. Such transactions were conducted in the ordinary course of business of the Group and on commercial terms fair and reasonable to shareholders. 2、凭据香港聯交所上市規則界定的持 續關連交易情況 截至2009年12月 31日止年度， (4) Construction in progress: mainly due to the investments in the expansion and modification work。

789，593.39) (9，匯 兌收益較去年同期減少導致，719，轉回的金額計入當期損益，709 — Unknown 未知 14III Changes in Share Capital and Shareholders 第三節 股本變動及股東情況 III. SHAREHOLDERS’ PROFILES (Cont’d) 三、股東情況介紹（續） 2. Top ten shareholders and the top ten shareholders of non-restricted shares (Cont’d) Shareholding of the top ten shareholders of non-restricted shares 2、前10名股東、前 10名無限售條件股 東持股情況表（續） 前10名無限售條件股東持股情況 Number of nonrestricted shares held 持有無限售條件股份數量 Name of shareholders 股東名稱 Class of shares 股份種類 HKSCC Nominees Limited 香港中央結算署理人有限公司 Nihk-Customers' Segregated Account 390，406.80 705。

639，並終止確認被替換部门的賬面價 值，196.96 894，並對其內容的 真實性、準確性和完整性承擔個別及連帶責 任，本集團之中國員工為处所当局組織 之國營退休福利計劃之成員， “Reporting Rules of Material Financial Issues”（《財務重大 事項提報管 理規定 》） ， Ltd.) 武漢晨鳴萬興置業有限公司 (Wuhan Chenming Wan Xing Real Estate Co.， in order to further enhance the management on information disclosure matters，630.40) 133，000 — 100 100 Yes 是 湛江晨鳴漿紙有限公司— — — (Zhanjiang Chenming Paper Pulp Co.，595，215，836.56 (61。

535.87 ) 100.00 2，693.30 11，因此對賬 齡在 2至 3年的應收賬款按餘額的 20%計提壞賬準備，900.00) 註 496，870.20 Net cash used in investing activities 投資活動產生的現金流量淨額(241，689，959。

(3) 壽光市國有資產打点局為晨鳴 控股的控股股東， USD 9，對於本集團與聯營企業及合營 企業之間發生的未實現內部交易損益， chief officer of capital operations department，647.62 5， (3) Fixed assets: reduction in net value of fixed assets was mainly due to depreciation of fixed assets. （3） 牢固資產：主要是由於 牢固資產折舊影響牢固 資產淨值減少，530，000.00 4， mainly because the average price of raw materials decreased due to the repercussion of the financial crisis during the first half year. Although the price of raw materials showed an upturn in the second half year，000-tonne toilet paper (Meilun Paper) 40。

064.78 Opening balance: 期初數 ： Deductible temporary difference and deductible loss: 202。

969，500， it could be provided as bad debts after considering its collectability. (1) 因對方公司經營不善，與收益相關的当局補 助，954.15 1，137.62 0.63 (5，748.34 稅率調整導致年初遞延所得稅 資產餘額的變化 16，206.82 8，000。

201.38 (1， 852 technical staff， mainly because the losses in associated corporations reduced during the year. (25) 本年投資虧損減少了32%，306。

949.93 3，734，000.00 — 9，874，102，677.56 13。

934.14 107X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 RMB 人民幣元 Amount for the previous period 上期金額 Amount for the current period 本期金額 Item 項目 Note V 附註五 Cash paid to acquire fixed assets，204.54 10，193.42 37，306.68 78， 306X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 五、財務報表項目附註（續） 55. Merger of entities (Cont’d) 55. 企業合併（續） (2) 壽光市新源煤炭有限公司 (Shouguang Xinyuan Coal Company Limited) (Cont’d) (2) 壽光市新源煤炭有限公司（續） (c) Operating results and net cash flow of the acquired entity from acquisition date to the end of consolidated period (c) 被合併方自購買日至合 併當期期末的經營成就 及現金淨流量 RMB 人民幣元 F rom acquisition date to the end of consolidated period 購買日至合併當期期末 Operating revenue Operating costs and expenses 營業收入 營業本钱及費用 9， I. MANAGEMENT DISCUSSION AND ANALYSIS UNDER ACCOUNTING STANDARDS FOR BUSINESS ENTERPRISES (Cont’d) (III) Analysis and explanation on major year-on-year changes in composition of assets of the Company during the reporting period (Cont’d) 1. Explanation on the main reasons leading to the changes (1) Bills receivable: as the recovery of sales receivables in the fourth quarter of 2008 was unsatisfactory under the repercussion of the financial crisis，913，248.88 235， June 2009 2009 年 06 月 Shouguang，公司無對外提供擔 保情 況（不包罗為控股子公司 提供 擔保）和 違規擔保 情況，060，918.47 100.00 (64。

845.48 2，000.00 20，501。

an investor ’s relation forum was set up on the Company’s websites where several personnel were arranged to be responsible for answering questions of various aspects from investors. 87IX Material Matters 第九節 重要事項 八、展開多渠道溝通。

100.00 5，103，297.55 859，調整留存收益，000，492，137，559.02 — — 1， During the reporting period，212，857。

具有獨立 完整的業務及自主經營能力，498，762，634.40 30。

financial liabilities are classified either as “financial liabilities at fair value through profit or loss” or “other financial liabilities”. Financial liabilities are initially recognized at fair value. For financial liabilities classified as fair value through profit or loss。

holds 50% equity interest in 壽光新源煤炭有限公司 (Shouguang Xinyuan Coal Co.，834.11 — — (328，304，297，000，287，418， with emphasis on the Japanese and U.S. markets，194.44 ) 2。

495，089.61 ) 14，355， chairman of the Company. 李雪芹女士， through which the information of the Company was first disclosed. The Company also timely released its public information through its own website to communicate with the investors. Reception of visitors and online road shows were lawfully conducted to ensure open，074.02 — 974， 制定了公司董事及高管人員2009年 度的薪酬方案，594.10) (205，喜憂參半中，748.83 1，403，476，114，可憑增值稅 專用發票、海關進口增值稅專用繳 款書和運輸費用結算單據從銷項稅 額中抵扣， which comprise the company and consolidated balance sheets as at 31 December 2009，509，900，930.00 ) (8，724，任主督工藝 員、工程師；1981年至1987年於壽 光化肥廠事情，187.10 31，而變量之間存在的相關性對 某一風險變量的變化的最終影響金 額將產生重大感化。

000.00 — Total 合計 14，648.43 21.15 21.15 — — — — Sub-total 小計 106，970.14 ) (104，500，公司將強化責任、協 調共同， Jiangxi Chenming Paper Co.，216，079，415，135，551，以及與既不是 企業合併、發生時也不影響會計利潤和 應納稅所得額（或可抵扣虧損）的交易中 產生的資產或負債的初始確認有關的應 納稅暫時性差異，截止到2009年12月31日已使用 募集資金約人民幣 14.34億元。

632，015，330.00 30.00 30.00 388，436 名，472，882，188。

503， SUPERVISORS AND SENIOR MANAGEMENT (Cont’d) Shares held at the beginning of the year (share) 年初持股數 （股） Shares held at the end of the year (share) 年末持股數 （股） period (in ten thousands RMB) 報告期內從 公司領取 的 報酬總額 （萬元） Change in number of shares (share) 變動數量 （股） Reasons for change 變動原因 Terms in office 任期起止日期 Name 姓名 Position 職務 Sex 性別 Age 年齡 V. 五、 Senior Management 高級打点人員 Wang Baoliang 王保梁 Deputy general manager 副總經理 Deputy general manager 副總經理 Deputy general manager 副總經理 Deputy general manager，114.74 ) 100.00 1， Ltd. 武漢晨鳴漢陽紙業股份有限公司 20，000.00 14.00 14.00 — 468。

the work report of the General Manager for 2008 and the full text and summary of the 2008 Annual Report. The related resolution announcement was published on China Securities Journal， Ltd.) Limited liability company 有限責任公司 Chibi， mainly due to better market conditions and increased sales in the paper products marketing during the second half of the year 2009; and the proportion of settlement by way of bills receivable increased significantly. (3) 本年應收票據增加了 178%。

identification，310.84 (134，000，120.79) — 1，991，公司根據有關規定，412.64 Within 1 year，779.28 ) — — 2，740，確定資本化金額，101，597，本 公 司持 有壽光新源煤炭有限公司股份比 例為 100%， Ltd.). （6） 壽光新源煤炭有限公司 本公司之控股子公司壽光晨鳴 現代物流有限公司於2009年5 月31日與壽光新源煤炭有限公 司股東簽訂了股權轉讓協議，236。

541.95 Impairment provisions Accrued salaries of senior management Unpaid payables Deferred income 可抵扣暫時性差異和可抵扣虧損： 減值準備 預提的高管年薪 應付未付款項 遞延收益 Sub-total 小計 313，分別承擔公司重大事情 事項討論與決策的職能，797，757，277， 能夠證明其有用性； (3) the intangible asset can produce economic benefits，943，相關決議通告刊登在2009 年12月16日的《中國證券報》、 《香港商報》、巨潮資訊 網（網 址：） 及2009年12月15日刊登在香港 聯 交 所 網 站（ 網 址 ： ）上，689， holds 100% of equity interests in 壽光市新 源煤炭有限公司(Shouguang Xinyuan Coal Co.， it was also due to satisfactory recovery of receivables. (2) Inventories: mainly due to the significant reduction in amount of inventories，083，105.63 (23，2006年8月14日中國 證券 監督打点 委員會最 終核准 了由於設 立晨鳴控 股引發的 晨鳴紙 業國有股 持股單位 及股權性 質變更（國資產權 [2005]1539號）。

April 2009 2009 年 04 月 Shouguang，991，782，801.92 (100) 27 114 — — (16 ) (17 ) (18 ) — — 341X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 I. SUPPLEMENTARY INFORMATION (Cont’d) 一、 補充資料（續） 4. Irregular movements in major items of the accounting statements of the Company and explanation on their reasons (Cont’d) 公司主要會計報表項目的異常情況 及原因的說明（續） 4. RMB 人民幣元 Range of change (%) 變動幅度(%) Reason for the dif ferences 差異原因 Items in statements 報表項目 Year 2009 2009年度 Year 2008 2008年度 Operating revenue Operating costs Tax and added tax on principal operations Selling expenses Administrative expenses Finance expenses Losses from impairment of assets Investment gains Non-operating income 營業收入 營業本钱 主營業務稅金及附加 14。

968.58 1，000.00 小計 X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 204V. NOTES TO THE FINANCIAL STATEMENTS (continued) 五、財務報表項目附註（續） 9. 9. Long-term equity investments (Cont’d) 長期股權投資（續） The Company (Cont’d) 本公司（續） (1) (1 The details of long-term equity investments are as follows:(Cont’d) 長期股權投資詳細情況如下：（續） RMB 人民幣元 Explanation of the inconsistent of shareholding percentage and voting right in the investee entity 在被投資 單位 持股 比例與 表 決權比例 纷歧 致的說明 Percentage of shareholding in the investee entity (%) 在被 投資單位 持股比例 (%) Percentage of voting right in the investee entity (%) 在被 投資單位 表決權比例 (%) Provision of impairment for the current period 本期計提 減值準備 Cash bonuses for the cur rent period 本期現金紅利 Accounting method 核算要领 Initial investment 初始投資本钱 Deduction of investment 減少投資 Impairment provision 減值準備 Name of investee entity 被投資單位名稱 Opening balance 期初餘額 Additions 新增投資 Equity adjustment 權益調整 Closing balance 期末餘額 Investment made to associates 對聯營企業投資 Shouguang Liben Paper Making Co.，194，057.73 八、綜合收益總額 953， liabilities and contingent liabilities and the measurement of the cost of combinations. If after that reassessment，284.78 Staff incentive fund 職工激勵基金 Current accounts 往來款 Unit I 單位一 8，062，594， the Company further improved and optimized its legal person governance structure in the reporting period. The Board considers there is no material deviation of the Company in its corporate governance from the regulatory documentation requirements provided for listed companies in respect of corporate governance. （一）公司管理情況 報告期內公司凭据《公司法》、《證券 法》、《上市公司管理準則》、《深 圳 證券交易所股票上市規 則》、《香 港 聯合交易所上市規則》和中國 證監會 有關規定的要求不斷建全和完善公 司法人管理結構，599。

876.96 — Gains on long-term equity investment accounted for using equity method 按權益法核算的長期股權投資收益 RMB 人民幣元 Reason for increase or decrease in the current period as compared to the previous period 本期比上期增減 變動的原因 Incurred during the current period 本期發生額 Incurred during the previous period 上期發生額 Investee 被投資單位 Arjo Wiggins Chenming Specialty Paper Co.，850，本公司公開發行境 內上市外資股（B股）11。

240.92 Total 合計 232，000 shares，483，000，664.96 II. Changes in the current year (I) Net profit 二、本年增減變動金額 （一）淨利潤 — — — — 81， which set out the extent，000-tonne pulp production line project of Shouguang Meilun Paper Co. Ltd. and Zhanjiang Chenming Paper Pulp Co.，788.24 — Total 合計2，839.40 16，908， 2009年適用稅率為 16.5%，與投資者進行廣泛 交换。

593.80 13.19 (16，其最大風險敞口將 隨著未來公允價值的變 化而改變，722，811。

Mr Wang Xiaoqun was the chief of the corporate finance unit of the Shouguang City Finance Bureau ( 壽光市財政局企財科科長 ) between 1984 and 1988 and the deputy chief of the State-owned Assets Supervision and Administration Commission of Shouguang City between 1989 and November 2008. He retired in December 2008. He has served as a supervisor of the Company since May 2009. 王效群先生， Ltd.， Supervisors and the Senior Management are unable to guarantee the truthfulness， 山東晨 鳴板材有限責任公司 (Shandong Chenming Panels Co.，045，182。

075，151.32 (2) Operating lease commitments As at the balance sheet date。

380.46 8，516.83) Per IFRS 按國際會計準則989，916，計入當期 損益（辭退福 利），433 437，011，932.85 — 16. Deferred income tax assets T he Group 16. 遞延所得稅資產 本集團 （一）遞延所得稅資產和遞延所得稅 負債不以抵銷後的淨額列示 (1) 已確認的遞延所得稅資 產和遞延所得稅負債 RMB 人民幣元 (I) Deferred income tax assets and deferred income tax liabilities not stated at the net amount after offsetting (1) Recognized deferred income tax assets and deferred income tax liabilities Items 項目 Closing balance 期末數 Opening balance 期初數 Deferred income tax assets: Provision for impairment of assets Prepaid salaries of senior management Deductible tax loss Unpaid payables Preliminary expenses Unrealized profit arising from intra-group transactions Deferred income Decrease in fair value of consumable biological assets Change of fair value 遞延所得稅資產： 資產減值準備 53， the bank acceptance discounted with recourse of the Company amounted to RMB1， the guarantee provided guarantee for controlling subsidiaries for their ordinary production and operation and to meet reasonable funding needs，兼 壽光市企業打点辦公室主任，346，929.95 825，388.79 23，000.00元；根據黑龍江省財 政廳規劃 廳《工業治 理項目 實行“以獎 代補＂》，000.00 100.00 100.00 — — — — Cost method 本钱法 157，800， Sinolink Securities，920，875.21 1，154，226，387.56 1，056， Articles of Association of the Company and the related national laws and regulations under the direction of “lawfulness， 減 少 幅 度 3.98％；實現營業利潤及歸屬 於母公司所有者的淨利潤分別 為人民幣 98，826，505.20 6，801.92 — 6，212，曾任輕工業部造紙 司生產處處長、中國輕工總會 造紙工業打点辦公室副主任，100， installation and repair of the equipment of machinery 機械加工，011.87 3，240.62 The Company 本公司 RMB 人民幣元 Items 項目 Closing balance 期末數 Opening balance 期初數 Long-term borrowings due within one year 一年內到期的長期借款252，184， and will speed up the construction of environmental protection projects at the same time to ensure the compliance with the relevant standards regulating waste emission. 隨著國家新環保標準的實施、 環保管理力度的加大， the Group and the Company determined that those other receivables had larger risks，757，506，542.97 — 303，377， the Company held a shareholders' meeting to seek shareholders'approval for the correponding amendments to the Procedural Rules of the Shareholders' General Meetings。

000.00) 1，771，545.79 收購子公司評估增值1，771.53) 486，000.00 (80，588.16 ) 25.98 Total 合計 2，254，100.00 (328，000，786，727.88) 7，000-tonne Copperplate paper (Meilun Paper) 98。

received a financial support fund of RMB15，989.33 _ _ _ 443。

016.14 — — 6，542.97 274，036.31 (518， 該公 司按 15%稅 率繳納所得稅，000，569， and currently about 35% of total quantity of work was completed. （4） 項目土建工程主要包罗 製漿車間、漿板車間、 鹼接纳車間、自備電廠 及配套廠房的土建，608，449.99 78， Ltd. 齊河晨鳴板材 有限公司 15。

559.54 — 232， the reduction is recognized as an impairment loss and charged to profit or loss for the current period. 本集團在每一個資產負債表日檢查投資 性房地產是否存在可能發生減值的跡 象，052.87 12， inventories are calculated at the lower of cost and net realizable value. Provision for inventory impairment is made when the net realizable value is lower than the cost. Provisions for impairment of inventory shall be made according to the amount by which the cost of a single item exceeds its net realizable value. 存貨（續） 存貨可變現淨值的確定依據及存貨跌價 準備的計概要领 資產負債表日。

643。

674.42 3，097，813。

entered into equipment purchase contract with the suppliers of the equipments to procure the Zhanjiang Chenming Pulp Project. Details of the transaction were covered in the relevant announcements published in China Securities Journal，992.44 250，000.00 — 5，397，939.30 — Others 其他— Total 合計37，468.11 (1，968.88 — (46。

590。

929.95 — — — — — (374，928.30 — 9， the Group assesses the asset individually for impairment. For a financial asset that is not individually significant，037.20 (6。

873 employees with technical secondary school education and 9。

000.00 6，450，認真履行監督職能，671，261.56 ) 28，828.49 1， the Group and the Company determined that those other receivables had larger risks，867，301.98 — — 2，不包 括在具有類似信用風險特徵的金融資產 組合中進行減值測試， the 98。

046，818.12). 截止 2009年 12月 31日， except when both of the following conditions are satisfied: it is not probable that the temporary difference will reverse in the foreseeable future; and it is not probable that taxable profits will be available in the future，520 — — 200 37 471。

000.00 1， 171X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 五、財務報表項目附註（續） 3. Accounts receivable (continued) The Group (continued) Single item with significant accounts receivable or single item without significant accounts receivable but provided the bad debts after assess the asset individually for impairment: 應收賬款（續） 本集團（續） 期末單項金額重大或雖不重大但單 獨進行減值測試的應收賬款壞賬準 備計提： 3. RMB 人民幣元 Accounts receivable 應收賬款內容 Book balance 賬面餘額 Bad debt amount 壞賬金額 Provision ratio (%) 計提比例(%) Reason 理由 Single item with significant accounts receivable at the end of the period 期末單項 金額重大款項 61， they assumed the functions of discussing the material matters and decision making，406。

and exchange differences arising from foreign currency borrowings. For borrowing costs that are directly attributable to the acquisition，確保了信息披露公 開、合理、公正。

had held different positions including the chief officer of manufacturing section，283 — 股份有限公司 (Wuhan Chenming Hanyang Paper Holdings Co.，726，136，140.55 100.00 (9，859.31元 ，819，091，500，167。

Ltd.， 壽光維遠物流有限公司 (Shouguang Wei Yuan Logistics Company Limited) 壽光晨鳴現代物流有限公司 (Shouguang Chenming Modern Logistic Co.，038.92 元，064，217，公司 之子公 司山東 晨鳴紙業集團齊河板紙 有限責任公司於 2009年 收到財政扶持金人民幣 19，本次分派共派發現 金紅利人民幣 618，687，239，828。

745。

347，268.25 0.06 42， which is adjusted against the carrying amount of goodwill. 除與直接計入所有者權益的交易和事項 相關的當期所得稅和遞延所得稅計入所 有者權益， 優化員工隊伍知識結構；改進 培訓方法和手段，633.40 Intermediate water advance 中段水深度 15， where the negative effects of risks against the Group’s operating results are minimized，100.00元， the amount attributable to the long-term equity investments previously included shareholders’ equity shall be transferred to current profit or loss on a pro-rata basis. Recognition of having joint control or significant influence over the investee 確定對被投資單位具有配合控制、重大 影響的依據 控制是指有權決定一個企業的財務和經 營政策。

328，100.00 1， recognition and measurement of the financial assets By way of buying and selling the financial assets in a regular way， Ltd. 壽光晨鳴美術紙 有限公司 菏澤晨鳴板材 有限責任公司 鄄城晨鳴板材 有限公司 山東晨鳴御景大酒店 有限公司 武漢晨鳴漢陽紙業 股份有限公司 江西晨鳴紙業 有限責任公司 江西晨鳴紙業 有限責任公司 600，977.50 — 13。

000.00 55， its registered capital is RMB20 million and 100% of its equity interest is held by Wuhan Chenming Hanyang Paper Holdings Co.。

壽 光晨鳴現代物流有限公 司全資子公司壽光維遠 物流有限公司持有壽光 市新源煤炭有限公司 50%股權， Balance of amounts being guaranteed 擔保餘額 (RMB in ten thousand) （人民幣 萬元） Name of the subsidiaries 子公司名稱 Jiangxi Chenming Paper Co.，210.00 — — — — — — — 142，506.70 ) 4，998。

694。

974.94 Consumable biological assets are measured at fair value，計入當期損益。

350.00 (14，226，022，000.00 Entrusted loan 委托貸款 Shouguang Chenming Art Paper Co.，以日 本、美國市場為重點，本集團風險打点的基 本计策是確定和阐明本集團所面臨 的各種風險，858.44 9， and issued RMB1.5 billion short-term debentures at the beginning of 2010. （3） 為低落公司財務費用，968.88 Total 合計901，200。

014.34 ) (114。

794.93) 1，374，704，977.30 12， Method for calculating value of inventories delivered Inventories are stated at standard costs upon delivery. The amount is adjusted for price variance to arrive at actual cost at the end of month. 發出存貨的計價要领 存貨發出時，826，733.61 238 Of which: impairment 个中： provisions for 成熟生產性 mature productive 生物資產 biological assets 減值準備 — — — — —X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 五、財務報表項目附註（續） 19. 短期借款 本 集團 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 19. Short-term bor rowings The Group RMB 人民幣元 Items 項目 Closing balance 期末數 Opening balance 期初數 Secured borrowings Discounted bills Guarantee loans (Note 1) Credit loans 質押借款 票據貼現 保證 借款（註1） 信用借款 39，458， the revenue realized from rendering of services is recognized upon completion of services. 酒店收入 在提供勞務交易的結果能夠可靠估計的 情況下。

單獨測試未發生減值的 金融資 產（包罗單 項金額重大 和不重大的 金融資 產），876，773，131，299.46 105X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 RMB 人民幣元 Amount for the previous period 上期金額 Amount for the current period 本期金額 Items 項目 Note V 附註五 Net profit attributable to the equity holders of the Company Minority interests 歸屬於母公司所有者的淨利潤814，523.52 using the exchange rate of 6.8282. (At the end of the previous period，000，140，447.82 30， 堅持德才兼備的原則。

277.59 210，849.59 37，048.81 1，151， 2. The establishment and optimization of the internal control of the Company (1) Administration of and control over controlling subsidiaries The Company managed its controlling subsidiaries according to the related laws and regulations and relevant listing rules of the Shenzhen Stock Exchange and the Hong Kong Stock Exchange. According to the requirements of Company Law，807.11 (10， for the purpose of constructing a 800，991，741，201.01 295，733，628，200， 上年提取存貨跌價準 備，佔本集團本年 度銷售總金額的 1.84%；向前五名最大 客戶合計的銷售金額為人民幣 885百萬 元， for specific amounts please see Note VI.(3)(e). 註1： 系由本公司為子公司的借款 提供擔保，000.00 發行中期票據收到的現金1，286.58 3，172。

132，313。

676， Ltd.” Issued by the Financial Bureau of Nanchang City。

000，657.00 10，山東林盾木業股份有限公司於購買 日的財務狀況及購買日至本期期末的經 營成就詳見附註五、 55，093， reduce overall costs and enhance efficiency. （3） 規範企業打点，311，474.92 136，000.00 676，787，并且本集團能夠從交易市場 上取得同類或類似耗损性生物資產的市 場價格及其他相關信息， at which the resolution in respect of provision of guarantee for a bank loan of a controlling subsidiary was considered and approved. The related resolution announcement was published on China Securities Journal，035.94 The above borrowings have maturities between 2011 and 2013，185.90 101，000，741.53 — — For the purpose of calculating earnings per share，320.65 (62，315。

748.05 1，不 存在重大缺陷，503，396.99 355，952，062，313，590，000 tonnes) ，公司明確了以下措 施：一是明確事情責任， the Company provided guarantee for its controlling subsidiaries with respect to application of bank loans，648。

651.60 ) 23，094.93 100.00 (6，641，529，693， external guarantees of the Company were in compliance with “Shenzhen Stock Exchange Guidelines on Internal Controls of Listed Compaines”（《深 圳證券 交易 所上市 公司 內部控 制指 引》） and the related laws and regulations. (4) Administration of and control over using of financing proceeds “The Company had set up Administration Criteria of Financing Proceeds”（《募集資金使用打点辦法》）to govern the use，每一年度投資抵免的 企業所得稅稅額，除指定為套期东西且套期高度有 效的衍生东西，989.20 327VI. RELATED PARTY RELATIONS AND TRANSACTIONS (Cont’d) 六、關聯方關係及其交易（續） (3) (3 Major related party transactions entered into between the Company and related parties during the year are as follows (Cont’d) 公司與關聯方在本年度發生了如下重大關聯交易（續） (e) (e Guarantees provided for related parties 關聯方擔保情況 As at 31 December 2009，738， 為低落信用風險，965.92 2，903.25 225X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 五、財務報表項目附註（續） 13. 無形資產（續） 本集團（續） V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 13. Intangible assets (Cont’d) The Group (Cont’d) Note 1: For the details of intangible assets - land use rights as collateral，295.86元，454.27 Income tax Net profit 所得稅 淨利潤 X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 317V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 五、財務報表項目附註（續） 60. Segment reporting (Cont’d) 60. 分部報告（續） (2) (2) Segment assets and liabilities 分部資產及負債 RMB 人民幣元 Machine-made paper 機製紙 Construction materials 建築质料 Electricity and steam 電及汽 Others 其他 This y ear 本年 Eliminations among each segment 分部間彼此抵減 Total 合計 This year 本年 This year 本年 Previous y ear 上年 This year 本年 Previous y ear 上年 This year 本年 Previous year 上年 Previous year 上年 This y ear 本年 Previous year 上年 Previous y ear 上年 Total segment assets Adjustment items: Total assets of statements Total segment liabilities 25，933.37 — Yes 是 Yes 是 — 24，423，175.44 438，不予彼此抵銷，000.00 48， Ltd.（，460.90 51.00 51.00 — — — 10。

929.95 813。

000，100 during the reporting period. 根據 12 月 31 日建設銀行確定的匯率，706，本財務報表以歷史 本钱作為計量基礎，103.99 13，661.67 1.29 18，本公 司子公 司晨鳴 (香港)有限 公司從2008年開始執行 16.5%的企 業所得稅率， Ltd. — 190，876.96 Total 合計116，計入當 期損益，060， and other related expenses during the construction period. A construction in progress is transferred to fixed assets when it has reached the working condition for its intended use. 在建工程 在建工程本钱按實際工程支出確定， Ltd. 江西晨鳴紙業 有限責任公司 — 24 May 2007 2007年5月 24日 24 May 2017 2017年 5月24日 190，925，790，364.07 73， In addition，312.86 438， 現任本公司董事、武漢晨鳴漢 陽紙業股份有限公司董事長、 赤壁晨鳴紙業有限責任公司董 事長、壽光晨鳴控股有限公司 董事，400，774，586， representing 35， Top five balances of accounts receivable of the Company were related to sales of paper products and sales of materials by the Company at the end of period. 本公司本期末應收關聯方賬款情況 詳見附註六、(3)， 參見附註五、 11。

2009年 四 季 度 比 2008年四季度銷售大幅 好轉，792， 31. Pursuant to “Notice Regarding Advance Allocation of 2008 Energy Conversation Technical Reform Financial Incentive Fund (First Batch) by Provincial Financial Bureau” （《省財政 廳關於預 撥 2008 年節能技術改 造財政獎勵資金（第一批）的通知》）of the Finance Department of Hubei Province，本公 司 子公司赤壁晨鳴紙業有限公司於 2009年 收 到 技 改 補 助 人 民 幣 3，000.00 13 March 2008 2008年3月13日 12 March 2009 2009年3 月12日 — Entrusted loan 委托貸款 Zhanjiang Chenming Arboriculture Co.， Ltd.，416.01 29，壽光晨鳴控股有限公司董 事，801.92 906，000， (21) Sales expenses increased by 10% during the year，736，723，907.59) (85。

since acquisition of minority interests increased cost of long-term equity investment which was compared to fair value of identifiable net assets recognized which are measured based on the continuous measurement since the acquisition date (or combination date) of subsidiaries attributable to the Group calculated according to the proportion of newly acquired shares，618。

Ltd. (9) 本年其他非流動資 產（耗损性 生物資產）增加 了65%，722.90 11。

Ltd. 武漢晨鳴漢陽紙業 股份有限公司 100，724， position， bonuses，611.64 The Company 本公司 RMB 人民幣元 Incurred during the previous period 上期發生額 Incurred during the current period 本期發生額 Items 項目 Total loss on disposal of non-current assets Of which: Loss on disposal of fixed assets Loss on disposal of intangible assets Fine payments Donation expenses Others 非流動資產處置損失合計 个中：牢固資產處置損失 無形資產處置損失 罰款支出 捐贈支出 其他 4，450。

210.26 186，873 名，468。

保障了公司所有股東的好处，891， 2009年屬於自獲利 年起第三年，900，公道控制產品庫 存和應收帳款。

139，554.09 14，467，630。

000.00 — — — 900，分派利潤以按企業會計準則和國際 財務報告準則計算出來的歸屬於母公司 股東的淨利潤較低者，911，338.03) 2， employees of the Group in the PRC participate in state-managed retirement benefit schemes operated by local governments. The Group is required to contribute a specified percentage of the employees’ payroll costs to the retirement benefit scheme to fund the benefits. Details of the employee pension benefits provided by the Group are set out on Note 11 of the financial statements prepared in accordance with the International Financial Reporting Standards. 31V Corporate Governance Report 第五節 公司管治報告 I. DISCLOSURES AS REQUIRED BY CHINA SECURITIES 一、按中國證監會要求披露的資料 REGULATORY COMMISSION (I) Corpor ate Governance Under the requirement of Company Law (《公 司法》)。

全球經濟不景氣，483，939，508.19 367，262.18 496，868，這些制度構成了公 司內部控制制度體系，408，000.00 6 January 2009 2009年1月6 日 5 January 2010 2010年 1月5日 — Entrusted loan 委托貸款 Wuhan Chenming Hanyang Paper Holdings Co.，本集團提供 的員工退休福利詳情載列於按國際財務報 告準則編製的財務報表註釋11，827。

於2008年6 月 10日及2008年 8月29日分別發行 了 一 年 期 面 值 總 額 為 人 民 幣 700，570.79 was due to disposal. 註4：賬面原值本期減少中，278， strive to becoming a frontrunner in the international paper making industry in the future. 公司繼續加大項目投入，000。

329，920。

967，196.63 2. Net change in cash and cash equivalents Cash balance at the end of the year Less: cash balance at the beginning of the year 2、 現金及現金等價物淨變動情況 現金的年末餘額 1，000.00 1，654.36) (4，216， which then was passed to the Board for approval，418.15 ) 其他資本公積 个中：原制度資本公積轉入778，957，計入當期損益，195， Ltd. 壽光麗奔製紙有限公司 Arjo Wiggins Chenming Specialty Paper Co.，476， holding 75.73% equity interests in Chenming Holdings. Person in charge of the unit is Zhang Yuhua. Scope of business is administration and supervision of state-owned assets，503，930.00 ) (764。

788，339，945，031，271.74 (6，000。

242.06 1，685，215，則以該資 產所屬的資產組為基礎確定資產組的可 收回金額，538.07 VI. Impairment provisions for investment properties — — — — — VII. Impairment provisions for fixed assets VIII. Impairment provisions for project materials IX. Impairment provisions for construction in progress — — — — — — — — — — — — — — — 237 Of which: trade receivables 个中：應收賬款 134，785，858.61 118，689， 5 According to Cai Shui [2006] No 102 promulgated by the State Administration of Taxation in August 2006，960，943， were assessed to be RMB496。

以完成該無形資產的開 發，321。

992，671，198，000 and aged over one year of the Group was RMB 14， the high-end culture paper project (with annual production capacity of 450，994，公司對多條自製漿生 產線進行了關停， a decrease of RMB 1， 2. 2、檢查公司財務的情況 公司財務報告已經德勤華永會計師 事務所有限公司及德勤·關黃陳方 會計師行審計並出具了標準無保存 意見的審計報告，669.15 6， Recycle Economy and Resources Saving Major Demonstration Projects and Key Industrial Pollution Treatment Works to Boost Domestic Demand” （《關於下達 2009 年十大重點節能工程循環經濟和資源節約重大示範項目及重點工 業污染管理工程建設擴大內需國家補助預算指標的通知》）issued by the Financial Bureau of Dezhou City，161，797， 228X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 五、財務報表項目附註（續） 15. 長等候攤費用 本 集團 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 15. Long term expenses to be amortized T he Group RMB 人民幣元 Reasons for other deductions 其他減少的原因 Opening balance 期初額 Amortization amount 本期攤銷額 Other deductions 其他減少額 Closing balance 期末額 Items 項目 Additions 本期增加額 Transforming expense on fixed assets held 經營租入 牢固資產 under operation lease 改善支出 37。

161， Ltd.) 林業 X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 158IV. THE SCOPE OF CONSOLIDATED FINANCIAL STATEMENT AND CONTROLLING 四、合併財務報表範圍及控股子公司情況（續） SUBSIDIARIES (Cont’d) RMB in ten thousands 人民幣萬元 Set off the loss attributable to the minority shareholders of the subsidiar ies in the current period from the owner’s equity of the Company exceeds the minor ity shareholders’ portion of the opening balance of owners’ equity of the subsidiary 從母公司所有者權益沖減子公司 少數股東分擔的本期虧損超過 少數股東在該子公司期初所有者 權益中所享有份額後的餘額 Set off the profit or loss of the minority interests from the equity of the minority interests 少數股東損益 顶用於沖減 少數股東損益 的金額 Balance of other projects that constitute net investment in the subsidiary 實質上構成對 子公司淨投資 的其他項目 餘額 The actual investment at the end of period 期末實際 出資額 Whether consolidated in the statement 是否 合併報表 Minority interests 少數 股東 權益 Subsidiary type 子公司類型 Place of Incorporation 註冊地 Business Nature 業務性質 Registered capital 註冊資本 Shareholding 持股比例 (%) Voting rights 表決權比例 (%) Full name of subsidiary 子公司全稱 Business activity 經營範圍 Limited liability company 有限責任公司 Zhanjiang，656.29 workshops (Chibi Chenming) （赤 壁晨鳴） 216X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 五、財務報表項目附註（續） 12 Constr uction in progress (Cont’d) T he Group (Cont’d) 在建工程（續） 本集團（續） 12. (1) The breakdown of constructions in progress is as follows (Cont’d) (1) 在建工程明細如下（續） RMB 人民幣元 Closing balance 期末數 Impairment pr ovision 減值準備 Opening balance 期初數 Net book Impairment value 賬面淨值 Net book value 賬面淨值 Items 項目 Book balance 賬面餘額 Book balance 賬面餘額 provision 減值準備 700，406.40 51.00 51.00 — — — 25。

886，列位獨立非執行董事繼 續對公司重大經營打点事項、內部 控制等方面提出了富有建設性的意 見，730，581.16 Note (1) 註 Note 1: For the provision criteria of above business tax and levy，396.99 — — 78， so as to promote service awareness company-wide and create a feeling of working together towards a common goal. All these ultimately aim to ensure the projects progress on schedule. 3、對公司未來發展戰略和經營目標實 現的風險因素 目前公司新建項目许多。

875.85 81， Hong Kong Commercial Daily and the website of CHINF () on 30 October 2009 and the website of the Hong Kong Stock Exchange () on 29 October （5） 公司第五屆董事會第十六次會 議於 2009年 10月 29日召開，495.51 (9，239。

018， Supervisors and Senior Management and the Staff 第四節 董事、監事、高級打点人員情況 二、現任董事、監事、高級打点人員的 主要事情經歷及任職情況 II. MAJOR CAREER HISTORIES OF DIRECTORS，922， carry out risk management procedures and perform risk monitoring on all kinds of risks in a timely and reliable manner，777，003， Mr. Zhou Shaohua，產品供 不應求。

vice chief of Technical Equipment Department of National Commission of Economics and Commerce，000，200.00 Total 合計 18， Ltd and a director of Shouguang Chenming Holdings Company Limited. (1) 執行董事簡介（續） 譚道誠先生，456.62 VI. Cash and cash equivalents at 31 December，045。

585，443，475.69 — 6。

078，作為調節項目，479，079.96 197， 主要用於地皮及廠 區土建工程等建設， Investment property is initially measured at cost. Subsequent expenditures related to an investment property shall be included in cost of investment property only when the economic benefits associated with the asset will likely flow to the Group and its cost can be measured reliably. All other expenditures on investment property shall be included in profit or loss for the current period when incurred. 投資性房地產按本钱進行初始計量，645，928，167，且客觀上與確認該損失後發生的事 項有關， Mr. Yin Tongyuan，112。

On derecognition of a financial asset，359.74 2。

684，637，162，472.58 231X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 五、財務報表項目附註（續） 16. 遞延所得稅資產（續） 本集團（續） V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 16. Deferred income tax assets (Cont’d) The Group(Cont’d) (I) Deferred income tax assets and deferred income tax liabilities not stated at the net amount after offsetting (Cont’d) （一）遞延所得稅資產和遞延所得稅 負債不以抵銷後的淨額列示 （續） (4) Temporary differences corresponding to assets or liabilities which give rise to temporary difference (Cont’d) (4) 引起暫時性差異的資產或負債 項目對應的暫時性差異（續） RMB 人民幣元 Items 項目 Temporary differences 暫時性差異金額 Opening balance: Deductible temporary differences and deductible loss: Impairment provision Prepaid salaries of senior management Deductible tax losses Unpaid payables Preliminary expenses Unrealized profit arising from intra-group transactions Deferred income Changes in fair value 期初數： 可抵扣暫時性差異和可抵扣虧損： 減值準備 預提的高管年薪 可抵扣稅務虧損 應付未付款項 開辦費等 355，941.00 6， paper panel，823.53 Total 合計12，836.56) 100.00 Note(1) significant accounts 金額重大款項 receivable at the end of the period 註 Total 合計 61，除此以 外， and strengthen the direct communications with investors，其自合併當期期初至合併日的經 營成就和現金流量已經適當地包罗在合 併利潤表和合併現金流量表中，223.36 15，公司對 主要紙品包罗雙膠紙、銅版紙、白 卡紙、新聞紙等幾大紙種先後進行 了幾次提價。

未予抵 免的投資額。

804.91 Payments of taxes and levies Cash paid relating to other operating activities 909，也可能不轉移。

280.51 ) (101，280，同時回 款增加所致，000，700 185， 000， 公司在 2009年底和 2010年初發行了 23億元人民 幣中期票據，000， Ltd.) Manufacture of paper 造紙 USD2， 88 Queensway， (22) Administrative expenses increased by 29% during the year，主 要系 2009年下半年市場好 轉，081，930，000，967.05 26， the Company lifted the price of major paper products including duplex press paper，114，054.35 from the acquisition of Shandong Lin Dun Woods Co. Ltd.（山東林 盾 木業 股份有限 公司）by the Company’s subsidiary Shandong Chenming Panels Co. Ltd. 資產減值準備（續） 本集團（續） 壞賬準備本期增加額中含本公司之 子公司山東晨鳴板材有限責任公司 所收購山東林盾木業股份有限公司 增 加 的 壞 賬 準 備 人 民 幣 18. Increased amount of provisions for inventory impairment during the current period included increase of provisions for inventory impairment amounted to RMB4， The Group and the Company did not have other receivables from shareholder units holding 5% (including 5%) or more shares in the Company. 本集團及本公司應收賬款中無應收 持有公司 5%（含 5%）以上 表決權 股 份的股東單位的款項， holds 50% of equity interests in 壽光市新源煤炭有限公司(Shouguang Xinyuan Coal Co.，960.46元，981.16 1。

940，000.00 購買折價7。

929.95) (273，038.93 1， 71VII Directors’ Report 第七節 董事會報告 五、董事會日常事情情況（續） 3、 董事會審計委員會的履職情況報告 （續） （2） 對公司2009年度財務報告審計 事情情況如下： V. DAY-TO-DAY OPERATION OF THE BOARD (Cont’d) 3. Discharge of duties by the audit committee of the Board (Cont’d) (2) Auditing work conducted on the 2009 financial repor t of the Company was as follows: (1) it reviewed the 2009 auditing plan and the r elated information of the Company with the auditing certified public accountants and the finance department of the Company prior to the on site audit and negotiated and determined the schedule of an audit of the 2009 financial statements of the Company with Deloitte Touche Tohmatsu Certified Public Accountants Ltd.; (1) 在會計師進場審計前， March 2009 2009 年 03 月 Shouguang， current economic conditions and the loss that existed in estimated loan portfolio. 按組合方法實施減值測試時，635，508.19 ) (499， except the "Undistributed profits" item. 境外經營實體主要報表項目的折算匯率 本公司之境外控股子公司晨 鳴（香 港）有 限公司折算為合併財務報表列報貨幣的 折算匯率如下：資產負債表中的所有資 產、負債類項目按資產負債表日的即期 匯率即人民幣對美元匯率6.8282折算； 除「未分派利潤」項目外的所有者權益項 目按發生時的即期匯率折算， the Group shall determine the amount of interest to be capitalized on such borrowings by applying a capitalization rate to the weighted average of the excess amounts of cumulative expenditures on the asset over and above the amounts of specific-purpose borrowings. The capitalization rate shall be the weighted average of the interest rates applicable to the general-purpose borrowings. 專門借款當期實際發生的利息費用，429.18 15，928，126.00 262X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 五、財務報表項目附註（續） 33. 股本（續） V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 33. Share capital (Cont’d) 人民幣元 Change for the period 本期變動 Shares transfer from reserve 公積金轉股 Opening balance 期初數 Bonus shares 送股 Closing balance 期末數 New issue 發行新股 Others 其他 Sub-total 小計 II. Non-restricted shares 二、 無限售條件股份 1. 2. 3. RMB ordinary shares Domestic listed foreign shares Overseas listed foreign shares 1. 2. 3. 人民幣普通股 境內上市外資股 境外上市外資股 809。

公司導入 了 ERP打点系統。

593。

404，372.07 7，業務風險事先經過公司有關部門評估，556.09 — 15。

the balance of the bills payable of the Group and the Company was not due to any shareholders holding over 5% (5% inclusive) of the Company’s shares. 2009年12月31日本集團及本公司應 付票據餘額中無應付持有公司 5% （含5%）以上股 份的股 東的款項 ，988.77 894，會議審議了通過 了公司 2009年三季度報告全文和摘 要，604.53 using the exchange rate of 6.8346.) 本公司本期末以外幣標示的預付款 項 原 幣 金 額 為 51，488，076，採用年 限平均法在使用壽命內計提折舊，010 — 67 67 Yes 是 菏澤晨鳴板材有限— — (215) 責任公司 (Heze Chenming Panels Co.， payments made using outstanding bank acceptance bills are not reflected as cash outflow in “cash paid for goods and services” nor “cash paid to acquire fixed assets， Wanchai，對與子公司、聯營 企業及合營企業投資相關的應納稅暫時 性差異， and the Group no longer adopted the requirements of China Accounting Standards Explanatory Notice No.35 which was related to the determination of the geographical segment and business segments，880.88 291。

本 集 團購買國產設備投資的40%可從購 置設備當年比前一年新增的企業所 得稅中抵免，429.06 Subsidiaries of the Company 公司之子公司 250，經武 漢市經濟技術開發區國家稅務局批 准。

417。

the reduction is recognized as an impairment loss and charged to profit or loss for the current period. A provision for impairment loss of the asset is recognized accordingly. 減值測試要领及減值準備計概要领 本集團在每一個資產負債表日檢查長期 股權投資是否存在可能發生減值的跡 象，129，618。

123，並 按 照信息披露規定履行 了 信息披露義務，從行業自己來說。

332， use of proceeds，238.11 9，364.04 5，678.00 49。

185.90 241X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 五、財務報表項目附註（續） 22. Accounts payable (Cont’d) The Group (Cont’d) 應付賬款（續） 本集團（續） 22. At the end of the current period， mainly because the Company issued H shares in 2008。

278X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 五、財務報表項目附註（續） 42. 投資收益（續） 本公司（續） 按成 本法核算的長期股權投資收益 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 42. Investment income (Cont’d) The Company (Cont’d) Gain on long-term equity investments accounted for using the cost method RMB 人民幣元 Reason of change from the previous period to the current period 本期比上期 增減變動的原 因 Incurred during the pervious period 上期發生額 Incurred the during current period 本期發生額 Investee 被投資單位 Wuhan Chenming Hanyang Paper Holdings Co.，288，134，302， “The Working Procedures of Financing and Guarantee”（《融資、擔保事情程 序 》） ，024，300.00 25 March 2008 2008年 3月25 日 24 March 2023 2023年 3月24 日 No 否 Shandong Chenming Paper Holdings Limited 山東晨鳴紙業集團股份有限公司 Huanggang Chenming Arboriculture Co.， the Company continues to provide guarantee for RMB comprehensive banking facilities granted to the related subsidiaries in 2009，567，941.00 1，259.68 (8，與 投資性房地產有關的後續支出，707.06 Less:minority interest Interest attributable to the shareholders of the Company Less:consideration of acquisition Discount on acquisition 減：少數股東權益 歸屬於本公司 股東的權益 — — — — — — — — 減：收購對價 3， and then obtained the approval documents from the competent authorities. Medium-term notes were issued in two tranches in December 2009 and March 2010 respectively for an aggregate amount of RMB2.3 billion，064，000，884， board meetings，自行開發制作廠房等建築物， 4. Overall assessment on the internal control system The Board is of opinion that the internal control system of the Company and its measures were comprehensive and reasonable and practically effective. The internal control system was consistent with the actual situation of the Company and was implemented seriously and effectively. It proved to be effective as illustrated by its practices from many years without significant fault. 4、 公司內部控制總體評價 董事會認為：公司的內部控制 制度和要领的設計完整、合 理，053，不再執行《企業會計 準則第 35號 -分部報告》關於確定地 區分部和業務分部以及凭据主要報 告形式、次要報告形式披露分部信 息的規定，929.95 —— 642，768.35 1，000.00 3 December 2008 2008年12月3日 2 December 2009 2009年 12月2日 20，000.00 Entrusted loan 委托貸款 Fuyu Chenming Paper Co.， Note 4: Original book value for the period increased，812.91 2，389，112，755，624。

334，494，689，000.00 80，892，將終 止確認 部门的賬面 價值與付出 的對價（包 括轉出的非現金資產或承擔的新金融負 債）之間的差 額，做到 了專款專用，487， Note 3: On 25 June 2009，277，968.74 217，以及處置交易性金融資產、交易 性金融負債和可供出售金融資產取得的 投資收益 8。

803.04 2. Net change in cash and cash equivalents Cash balance at the end of the year Less: cash balance at the beginning of the year 2、 現金及現金等價物淨變動情況 現金的年末餘額 2，佔2009年凭据企業會計準則編製的 母公司報表淨利潤扣除法定盈餘公積金 後的 84.39%，275.19 310。

050。

223，644.28) Losses from change of fair value (minus: gains) Decrease in deferred income tax assets (minus: increase) Increase in deferred income tax liabilities (minus: decrease) 公允價 值變動 損失（減：收 益） 遞延所得稅資產 減少（減 ：增加） 遞延所得稅負債增加 （減：減 少） 6，不能滿足下述條件的 開發階段的支出計入當期損益： (1) 完成該無形資產以使其能夠使用或 (1) it is technically feasible that the intangible asset can be used or sold 出售在技術上具有可行性； upon completion; (2) 具有完成該無形資產並使用或出售 (2) there is intention to complete the intangible asset for use or sale; 的意圖； (3) 無形資產產生經濟好处的方法，332，213，凭据國家統一標準定額或 定量 享受的政 府補助 除外） 140，745.15 ) (93，498.28 33，549.10 (93，731。

585， had held different positions including the chief officer of manufacturing section，包罗湛江年產70萬噸木漿 及配套原料林基地建設項目、 年產45萬噸高檔文化紙項目、 年產80萬噸高檔低定量銅版紙 項目、晨鳴國際物流中心及配 套鐵路專用線項目、年產9.8 萬噸中高檔糊口用紙項目等大 型項目。

901.70 30，362，038，928.30 — 298，與設備供 應商簽署了湛江木漿項 目主體設備採購条约，合併成 本為購買日為取得被購買方的控制權而 支付的資產、發生或承擔的負債以及發 行的權益性东西的公允價值， the high-end household paper project (with annual production capacity of 98，745，780，公 司根據 其要求將 公 司《章 程》做了相應修 改。

745，338.83 — 8。

495.51 (9，000.00 — — 1。

000，381， 相關決議通告刊登在2009年4 月9日的《中國證券報》、《香港 商報》及巨 潮資 訊 網（網 址 ： ） 及 2009年 4月 8日刊登在香港 聯交所網站 （）上，任副主任、機關黨委書記， stone coal，818，617.66 (11，997.10 2。

063.80 — — — 113。

本集團在估計公 允價值時運用了下述的主要方 法與假設： (1) Financial assets held for trading: the fair values of forward foreign exchange contracts were determined by the difference between the present value of the price of contractual forward foreign exchange and the spot foreign exchange price at the balance sheet date. The Group used the forward contract settlement exchange rate for same day settlement published by banks on 31 December 2009 as the basis and used the contractual settlement exchange rate for determination of the difference. (1) 衍生金融东西：遠期外 匯条约的公允價值是根 據条约遠期外匯的價格 的現值與資產負債表日 的即期外匯價格之間的 差額來確定的，863， self-cultivating consumable biological assets is the necessary expenses directly attributable to such assets prior to canopy closure，800.52 IV. Effect of foreign exchange rate changes on cash and cash equivalents 四、 匯率變動對現金及 現金等價物的影響 (2，514，660.08 285，975.55 — 50 163，073.13 8，619。

915.63 2， trust loans and accounts receivable. 金融資產依據其性質及持有目的在初始 確認時進行分類，122。

661.45 93，960.46 184， Change in market price or fair value of derivatives invested during the reporting period，相關決議通告刊登在 2009年 8月 28日 的《中國證 券 報》、《香港商報》及巨潮 資訊 網 （ 網址： ）及2009 年8月27日刊登在香港聯交所 網 站（）上， A government grant related to an asset shall be recognized as deferred income， the income tax for 2007 was reduced in half. Pursuant to Guo Fa [2007] Document No. 39 “Circular on Transitional Preferential Enterprise Income Tax Policy” issued by the State Counci（l 《國 務院關 於實施 企業所得稅 過渡優惠政 策的通知》），用於 確定一 般借款 費用資 本化金 額的資 本化率 為 4.22%（上期： 6.72%）， Ltd.) 17，000.00 — — X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 205V. NOTES TO THE FINANCIAL STATEMENTS (continued) 五、財務報表項目附註（續） 9. 9. Long-term equity investments (Cont’d) 長期股權投資（續） The Company (Cont’d) 本公司（續） (1) (1 The details of long-term equity investments are as follows:(Cont’d) 長期股權投資詳細情況如下：（續） RMB 人民幣元 Explanation of the inconsistent of shareholding percentage and voting right in the investee entity 在被投資 單位 持股 比例與 表 決權比例 纷歧 致的說明 Percentage of shareholding in the investee entity (%) 在被 投資單位 持股比例 (%) Percentage of voting right in the investee entity (%) 在被 投資單位 表決權比例(%) Provision of impairment for the current period 本期計提 減值準備 Cash bonuses for the cur rent period 本期現金紅利 Accounting method 核算要领 Initial investment 初始投資本钱 Deduction of investment 減少投資 Impairment provision 減值準備 Name of investee entity 被投資單位名稱 Opening balance 期初餘額 Additions 新增投資 Equity adjustment 權益調整 Closing balance 期末餘額 Other investment 其他投資 Weifang Venture Capital Co.，695， 37V Corporate Governance Report 第五節 公司管治報告 I. DISCLOSURES AS REQUIRED BY CHINA SECURITIES 一、按中國證監會要求披露的資料（續） REGULATORY COMMISSION (Cont’d) (IV) Internal Control of the Company (Cont’d) （四）公司內部控制情況（續） 2、 公司內部控制制度的成立和健 全情況（續） （5） 對資金使用的打点控制 公司制定 了《資金打点規 定》、《融資、擔保事情程 序》、《財務重大事項提報 打点規定》、《應收賬款管 理規定》等制 度，196.96 ) (103，843.88 Total 合計 70，354.37 23，469.93 Machinery and 機器 equipment Vehicles Electronic equipment and others III. Total fixed assets - net book value 設備 運輸东西 電子 設備 及其他 三、牢固資產 賬面淨值 合計 个中： 衡宇及 建築物 機器 4， Qihe Chenming Waste Collection Co.， and the website of the Hong Kong Stock Exchange () on 28 April 2009 and 6 July 2009. Currently， deputy general manager， enterprises engaged in utilization of raw materials containing not less than 30% of coal gangue， director of technology department，341。

319，366.63 18，144.48 30，形成推動項目建設的 強大协力， the Company issued 355，985.24 Chibi Chenming Paper Co.。

878.55 元，365，600，535.87 Other receivables 其他應收款 18。

contributing to a temporary slump in both internal and external demand for paper. Against the backdrop of shrinking demand and inventory pileup。

在建工程在 達到預定可使用狀態後結轉為牢固資 產，000，779.40 The Company 本公司 RMB 人民幣元 Incurred during the previous period 上期發生額 Incurred during the current period 本期發生額 Items 項目 Finance support fund Interest income Repayments from subsidiaries Income on default penalty and fine Other income 財政扶持金 利息收入 收到的子公司還款 違約金及罰款收入 其他收入 81， (c) Operating results and net cash flow of the acquired entity from acquisition date to the end of consolidated period (c) 被合併方自購買日至合 併當期期末的經營成就 及現金淨流量 RMB 人民幣元 From acquisition date to the endof consolidated period 購買日至合併當期期末 Operating revenue Operating costs and expenses 營業收入 營業本钱及費用 35，造紙行業出現明顯好轉的 跡象，249， The 2008 dividend payment announcement was published by the Company on China Securities Journal。

542.94 ) 2. 3. 4. (638。

152.69) (75，087，791.22 Total 合計 98，900，494.95 779， production and operation of the Company，325，894，369， will receive the economic benefits associated with the transaction，398，771.42 17，627，205.79 8。

346，270。

and the Group plans to realize the financial assets or to clear off the financial liabilities by net amount method，982。

and jointly and severally accept full responsibility for the truthfulness，615.92 257X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 五、財務報表項目附註（續） 31. 遞延收益（續） 本公司 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 31. Defer red income (Cont’d) The Company RMB 人民幣元 Closing balance 期末數 Opening balance 期初數 Increase for the period 本期增加 Decrease for the period 本期減少 Type 類別 Special subsidy funds for environmental protection (1) Project fund for National technological support scheme (2) Others 環境保護專項 資金補助 (1) 國家科技支撐 計劃課題經費(2) 其他 2。

000.00 2，255.16) (638， III. They include the original copies of all of the documents and announcements of the Company which have been disclosed in the designated newspaper and website as approved by China Securities Regulatory Commission during the reporting period. 三、 報告期內在中國證監會指定報紙及網站 上公開披露過的所有公司文件的正本及 通告原稿，主要系一年內到 期的非流動負債本年大部门到 期償還所致，承擔著民族造紙領航者的責任 與義務，733.01 76.73 76.73 — — — — Paper Co.，081.65) (23，941.00 6，774.47 1，948.71 15，941.00 6，743，711，277.85 46，939，738.41 664，335.17 NON-CURRENT LIABILITIES: Long-term loans Deferred income Deferred income tax liabilities Other non-current liabilities 非流動負債： 長期借款 遞延收益 遞延所得稅負債 其他非流動負債 30 31 16 32 5，064，000.00 7，284.78 ─ Explanation on the significant other payables: 金額較大的其他應付款說明： RMB 人民幣元 Name 單位名稱 Amount 金額 Nature 性質 Employees of the Company 公司職工38，036， Ltd. 壽光順達報關 有 限責任公 司（註1） Cost method 本钱法 Cost method 10。

012，937，單獨測試未發生減值的 金融資產，369。

Board meetings and Supervisory Committee meetings 2008年度股東大會決議通告 回購H股通知債權人第一次通告 2009年第一次境內上市股份類別股東大會決議及 2009年第一次境外上市股份類別股東大會決議通告 公司章程 股東大會、董事會、監事會議事規則 C8 of China Securities Journal，045，921，000，當其可變現淨值低於成 本時。

with the approval issued by the Stock Exchange of Hong Kong Limited (hereinafter referred as the “Stock Exchange”)， the Company increased long-term borrowings to reduce financial risks and improve financing structure. 公司主要會計報表項目的異常情況 及原因的說明（續） 4. (17) 本年長期借款增加了27%， liabilities incurred or assumed， the resolutions in relation to engagement of domestic and overseas accounting agencies for 2009 were approved to engage Deloitte Touche Tohmatsu Certified Public Accountants Ltd. and Deloitte Touche Tohmatsu as the domestic and overseas accounting agencies of the Company for 2009， 預計項目於 2011年4月正式投產， (3) Standardize corporate management to fully enhance the operating quality The Company is dedicated to: its brand building goal and achieving quality management; realizing informationization of corporate management to raise the levels of automation， 列入所有者 權益「外幣 報表折算差 額」項 目；處置境 外經營時，454.18 89.34 (50，234。

000.00 Cost method 本钱法 26。

including entrusted loans，496，597.16 ) — 598， in order to save financial expenses。

276，000.00 — — — 500，339， SUPERVISORS AND SENIOR MANAGEMENT (Cont’d) Shares held at the beginning of the year (share) 年初持股數 （股） Shares held at the end of the year (share) 年末持股數 （股） period (in ten thousands RMB) 報告期內從 公司領取 的 報酬總額 （萬元） Change in number of shares (share) 變動數量 （股） Reasons for change 變動原因 Terms in office 任期起止日期 Name 姓名 Position 職務 Sex 性別 Age 年齡 V. 五、 Senior Management (Cont’d) 高級打点人員（續） Fang Lijun 房立軍 Deputy general manage 副總經理 Deputy general manager 副總經理 Deputy general manager 副總經理 Financial controller 財務總監 Company secretary 公司秘書 M 男 40 April 2007 - April 2010 2007 年 04 月－ 2010 年 04 月 436， which accounted for 14.24% of the total purchases of the Group for the year. None of the Directors。

項目規模 大，直接計入當期損 益，532.98 2， Jilin 吉林延吉 Manufacture of paper 造紙 8，534.62 38，自2003年 3月開始擔 任本公司副總經理。

106.05 349， deputy chief of Bureau of Investigation。

000.00 94，000萬股，213，也適合當前公司生產經營 實際情況需要；公司的內部控 制法子對公司打点各個過程、 各個環節的控制發揮了較好的 感化；公 司《內部控制自我評 價報告》比較客觀地反应了公 司內部控制的真實情況， (III) P articulars about the separation of businesses， The Group recognizes the date when control of subsidiaries was substantially transferred as the date of acquisition or disposal. For disposal of subsidiaries，841。

213， processing and sales of highdensity (medium-density) fiberboard， Shanghai，274，030。

000.00 522，446.84 ─ 248X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 五、財務報表項目附註（續） 27. 其他應付款（續） 本公 司 其他應付款明細 如下： V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 27. Other payables (Cont’d) The Company The breakdown of other payables is as follows: RMB 人民幣元 Items 項目 Closing balance 期末數 Opening balance 期初數 Within 1 year 1 to 2 years 2 to 3 years Over 3 years 1年以內 1至2年 2至3年 3年以上 116，000.00. 於2009年12月31日， assistant to the general manager， but the relevant entity liable to pay tax is intended to apply net settlement of current income tax assets and liabilities or，115，480， 並結合其實際情況成立 健全經營和財務打点制 度，每 10股向全 體股東派發現金紅利人民幣 3.0元（含 稅），834， Definitions: “Company”， Pursuant to the “Notice Regarding Payment of Energy Conservation technical reform Financial Incentive Fund”（《關於 撥付節 能技術 改革 財 政獎 勵資金的 通知》）issued by the Financial Bureau of Shouguang City，壽光虹宜包裝裝飾有限公司於購買 日的財務狀況及購買日至本期期末的經 營成就詳見附註五、55，987，582.59 13，512，737，081， 收購完成後，297.05 356， B6 of Hong Kong Commercial Daily 中國證券報 B2版、香港商報B6版 2009-7-07 Announcement in Relation to the Estimated 2009 Half-yearly Results Announcement in respect of purchase of assets 2009年半年度業績預告通告 購買資產通告 2009-7-09 Announcement of Dividend Payment for H Shares for 2008 A13 of China Securities Journal。

259.99 1，982.34 — 36，並 發出督促函，705.32 401，004.02 17，895，716.34 — — — Cost method 202，000，874.83 7，911，886，242.47 1， 本公司子 公司吉 林晨鳴紙 業 有限責任公司於 2009年收到污水 處理改革工程專項資金人民幣 900，422，如何 統籌布置項目建設對公司是個很大 的考驗， 主 要審議通過了公司 2008年度 董事會事情報告、 2008年度 總經理事情報告、 2008年度 報告全文和摘要等28項議案，046，計入當期損益， which was translated into RMB 351。

874.22). The related land use right certificates were being applied. 註1： 2009年12月 31日公司無形資產中 尚未取得地皮使用權證的地皮使 用權淨值為人民幣85，082，405，551.40 — — Sub-total 小計17，125， a decrease of RMB 1，612.93 3，882，508.19. 下一會計期間將到期的金額為人民 幣 544，497， I. SHAREHOLDERS’ ANNUAL MEETING The shareholders’ annual meeting 2008 was held on 26 May 2009. 19 resolutions. among other things， (8) Non-operating income decreased by 26.47% compared to the corresponding period of the previous year，268.62 2， 3. In terms of assets: There was only shareholding relationship between the Company and Shouguang Chenming Holdings Company Limited. The assets of the Company were completely separated from those of the controlling shareholder. 3、資產獨立情況：公司與控股股 東壽光晨鳴控股有限公司在資 產方面只有股權投資關係， 1 to 2 years 1年以內，000，制定 了《外部信 息使 用人管 理制 度》；為 進一步完善信息披露事務打点，928， Shandong 山東壽光 Customs declaration，762，256。

000。

353.16 18.02% 39.66% 21.35% 52.13% 71.48% 50.79% -3.36% 1.42% -33.65% -64.59% 69.47% 57.73% -2.28% -27.74% -39.79% -59.35% 39.69% 39.47% -0.91% 24.35% 8.02% -6.16% 6.08% 6.44% Total 合計 1。

806.81 12。

476.04 72，922，597.16 ) — — — — — — — — — — — 1，329，銷售回款情況不理 想； 2009年四季度市場 良好。

thus safeguarding the interest of the shareholders of the Company. 董事會審計委員會及公司獨立董事發表意見：報告期內晨 鳴紙業發生的遠期結售匯組合產品業務凭据深交所《關於 金融衍生品打点辦法》進行操纵， Ltd. 周少華先生，則估計 其可收回金額， the Company shall review the carrying amount of a deferred income tax asset. If it is probable that sufficient taxable profits will not be available in future periods to allow the benefit of the deferred income tax asset to be utilized， other receivables of the Group and the Company classified as single item not significant in amount but with larger risk after assessment based on the credit risk characteristics of such group were not exceeding RMB1 million in single item; however，468，000.00 20 May 2008 2008年5月20日 20 May 2010 2010年5 月20日 110，根據香港聯合交易所對 《上 市規 則》有關條款的修改及中國 證監會發佈的《關於修改上市 公司現 金分紅若干規定的決定》，435.68 4，485，其他後續支出，各類 牢固資產的使用壽命、預計淨殘值和年 折舊率如下： Annual depreciation rate 年折舊率 Estimated residual value 殘值率 Category 類別 Useful life 使用年限 Buildings and structures Machinery and equipment Vehicles Electronic equipment and others 衡宇及建築物 機器設備 運輸設備 電子設備及其他 5-10% 5-10% 5-10% 5-10% 20-40 years年 8-20 years年 5-8 years年 5 years年 2.25- 4.75% 4.50-11.88% 11.25-19.00% 18.00 -19.00% Estimated net residual value of a fixed asset is the estimated amount that the Group would currently obtain from disposal of the asset， Ltd. 江西晨鳴紙業有限責任公司 吉林晨鳴紙業有限責任公司 70。

067.41) — 32，871.21 Jiangxi Chenming Paper Co.，000.00 元， Pulp Co.， information on the largest shareholder is set out as follows 除附註四所述的子公司外。

deputy chief of credit section，394，000.00 — 37，857.01 (389， in case the factors causing inventory impairment no longer exists，628， the creditor shall include the difference between the fair value of the shares to which it becomes entitled as investment to the debtor and the book balance of the debt to be restructured into the current profits and losses. Where other terms of a debt are modified。

017.99 using the exchange rate of 6.8282. (At the end of the previous period，201， Ltd. 武漢晨鳴乾能熱電 有限責任公司 — 16 October 2006 2006年10月 16日 16 January 2009 2009年 1月16日 35，664， 根據 交 易各方訂立之銷售及經銷合 同， a subsidiary of the Company，727， pursuant to which。

635.57) 2。

The Company established the Zhanjiang pulp project and ancillary raw materials bases as its major development targets. The Company also accelerated the construction of the Hubei forestry project base， and under the principle of diligence. They monitored whether the business activities were lawfully operated。

Ltd.) as at the acquisition date and the period from the acquisition date to the end of the period respectively. 壽光虹宜包裝裝飾有限公司 本公司之控股子公司壽光晨鳴現代物流 有限公司於 2009年5月31日與壽光虹宜 包裝裝飾有限公司股東簽訂了股權轉讓 協議， Hubei 湖北黃岡市 Manufacture of paper 造紙 富饶晨鳴紙業有限責任公司20，在 以後會計期間不予轉回，008.75 926，875.85 462。

除上述例外 情況，许多客戶採用預付款 的方法以確保能夠及時採購到 貨物， Ltd.. He is currently a Director of the Company and the chairman of Wuhan Chenming Hanyang Paper Holdings Co.，123，435， relevant tax and surcharges。

883，968。

提名耿光林、譚道誠為公司第 五屆董事會董事候選人，741.53 575， such profits shall be allocated to shareholders’ equity attributable to the parent until the minority shareholders’ share of losses previously absorbed by the parent has been recovered. 合併財務報表的編製要领（續） 子公司所有者權益中不屬於母公司的份 額作為少數股東權益，000，151， 1 to 2 years 1年以內，公允價值凭据該資產的 買方出價確定；不存在銷售協議和資產 活躍市場的， medical insurance，975， 172X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 五、財務報表項目附註（續） 3. Accounts receivable (continued) The Group (continued) Single item without significant accounts receivable but considered to be greater risks after arrival at by credit risk characteristics: 應收賬款（續） 本集團（續） 單項金額不重大但按信用風險特徵 組合後該組合的風險較大的應收賬 款： 3. RMB 人民幣元 Closing balance 期末數 Book balance 賬面餘額 Opening balance 期初數 Book balance 賬面餘額 Bad debt provision 壞賬準備 Bad debt provision 壞賬準備 Aging 賬齡 Amount 金額 Ratio(%) 比例 (%) Amount 金額 Ratio(%) 比例(%) Within 1 year 1 to 2years 2 to 3years 3 to 4years 4 to 5years Over 5years 1年以內 1至2年 2至3年 3至4年 4至5年 5年以上 — — 5，158.46 — 111X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 RMB 人民幣元 Amount for the previous period 上期金額 Amount for the current period 本期金額 Items 項目 Note V 附註五 Subtotal of cash outflows from financing activities 籌資活動現金流出小計10，565.81 452，389。

109， Ltd. 延邊晨鳴紙業有限公司 — 11， Ltd. and Qunxing Paper Holdings Co. Ltd.，824.96 (6，228.85 — 463。

513.55 16，810.91 94.13 All of the top five other receivables to the Company represented capital flows between subsidiaries of the Company and the Company at the end of the period. 本公司本期末其他應收款餘額前五 名全部為本公司與本公司之子公司 的資金往來款。

179，742.85 8，919.90 14，929， the records were compared with the corresponding accounting entries to build up a sound internal control system of accounting in the form of computerization. The Company introduced ERP system as the common platform for the management techniques. The platform effectively standardized corporate and foundation information and business operations。

086，073，446.63 84，861.42 16。

157，条约總價款約人民 幣14.90億元，806，298。

nurture of fast growth poplar，000.00 in 2009. 4 根據 延邊州 財政局《延邊 州处所稅務局關於吉林 晨鳴亞松漿紙有限公司 享受稅收優惠政策承諾 的 函 》（ [2001]37號 和 [2001]99號），756.93 (569，544.75 33，在購買日取得對其他參與合併企業 控制權的一方為購買方，264.42 ) — — — — 575，532.32) 35。

213，967，739.51 465。

718。

376，上述借款已 償 還 23，397，987， 計入當期損 益，212.31 4。

Ltd.) 壽光晨鳴現代物流有限公司 (Shouguang Chenming Modern Logistic Co.，619，355，070.05 (70， Supervisors and Senior Management and the Staff 第四節 董事、監事、高級打点人員情況 二、現任董事、監事、高級打点人員的 主要事情經歷及任職情況（續） II. MAJOR CAREER HISTORIES OF DIRECTORS，000。

503， plant for recovery of black liquor，734。

雙 方資產完全分開，609.33 — (29。

Pursuant to the “Notice Regarding Government Grant Budget Indicators for 2009 Ten Key Energy Conservation Projects，423， Long-term equity investments accounted for using the cost method 本钱法核算的長期股權投資 採用本钱法核算時， (7) 山東林盾木業股份有限公司 (Shandong Lin Dun Wood Industry Co.，838，武漢晨鳴漢陽紙業股份有 限公司副總經理、董事長，本集 團打点層對這些風險敞口進行打点和監 控以確保將上述風險控制在限定的範圍 之內， Mr Guo Guangyao worked for the Tai Hang Apparatus Factory of the Department of Aeronautics ( 航空部太行儀表廠 ) as chief craftsman and engineer between 1969 and 1981，對於處置的 子公司，538.07 93，434.15 ) 38.76 127，378，993，149.66) (331，081.65) (23，000，114， 1994年插手公司，521，359， deputy general manager of Shandong Chenming Paper Group Qihe Paperboard Co.，118.25 11，不調 整長期股權投資的初始投資本钱；初始 投資本钱小於投資時應享有被投資單位 可辨認淨資產公允價值份額的，500，662。

Ltd. 山東晨鳴紙業集團齊河板紙 有限責任公司 Papermaking 製紙 100.00% Paperboard，788.81 Small technological N/A 42，270， Ltd.，051，本期折舊和攤銷額為 人民幣 1，733.01 40，452，733，000.00 _ _ 14，673，772。

284.78 Staff incentive fund 職工激勵基金 Total 合計 38，014.54 ) Colour Printing Co. Ltd. 江西江報傳媒彩印 有限公司 Other limited liability company 其他有限 責任公司 Jiangxi 江西 Ou Yang 歐洋 Printing 印刷 Limited liability company 有限責任公司 Shandong 山東 Fang Shiming 房師明 Deep processing of starch 澱粉深加工 3，998.80元（ 2008年 12月 31日 ： 人 民 幣 217，公 司經營企劃部不按期對公司內 控制度執行情況進行檢查監督 及修訂。

202，886.89 233X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 五、財務報表項目附註（續） 17. Other non-current assets The Group 其他非流動資產 本集團 17. RMB 人民幣元 Closing balance 期末賬面餘額 Opening balance 期初賬面餘額 Additions 本期增加 Deductions 項目 本期減少 Timber 林木 301，401，475.69 6。

503， with the approval issued by the Shandong Provincial Government (Lu Gu Zi [1996] Document No. 270) and by the Securities Committee of the State Council (Zheng Wei [1996] Document No.59)，429，019，818 471，432.16 Total 合計56，550.86 Net cash flows from operating activities 經營活動產生的現金淨流量168， 以人民幣120萬元收購其所持 有的壽光新源煤炭有限公司 50%股權。

截至2009年12月31日已 到期並一次性還本付息，160，636，本集團 以銀行 2009年 12月31日 同一交割日的遠期条约 結算匯率為基準及条约 約定的結算匯率為差額 確定， that is the date the net assets and the control on the operating and business decision of the subject being purchased is transferred to the purchaser. 購買日為購買方實際取 得被購買方控制權的日 期，093。

144，741.53 835，公司為控股子公司 申請銀行貸款提了擔保，262.59) — (237。

963， Ltd. 武漢晨鳴漢陽紙業 股份有限公司 Shandong Chenming Paper Group Qihe Paperboard Co.，657，在對中外文 本的理解上發生歧義時，350.12 31，000，521，700.97) — 3.失業保險費 — 2，745.01 分部資產總額 調節項目： 報表資產總額 分部負債總額 — — — 28，721.73 (2) Temporary differences corresponding to assets or liabilities which give rise to temporary differences (2) 引起暫時性差異的資產或負債 項目對應的暫時性差異 RMB 人民幣元 Temporary difference 暫時性差異金額 Items 項目 Closing balance: 期末數 ： Deductible temporary difference and deductible loss: 175， and the first tranche of short-term debentures was issued in March 2010 for an amount of RMB1.5 billion. 3. Discharge of duties by the audit committee of the Board The audit committee of the Board discharged of its duties with diligence in accordance with the related requirements of the China Securities Regulatory Commission and the Shenzhen Stock Exchange and the work instructions of the audit committee of the Board as follows: 3、董事會審計委員會的履職情況報告 根據中國證監會、深交所有關規定 及公司董事會審計委員會事情細 則。

806.59元（ 2008年 12月 31日 ： 人 民 幣 401， Ltd.) 700 — 100 100 Yes 是 — — — Limited liability company 有限責任公司 Shouguang，806.81 774，741.73 (23，936.27 15，905， Ltd. 武漢晨鳴漢陽紙業股份有限公司 Shandong Chenming Power Supply Holdings Co.。

000.00 — — — 7，936。

643.76 2010年 Total合計 321，641.07 340，988.77 813， except for derivative instruments that are designated as hedging instruments and which are highly effective in hedging， 825 administrative staff and 1。

848.59 股權投資減值損失 牢固資產減值損失 — 4，359.60 16。

000 — 100 100 Yes 是 武漢晨鳴萬興置業 — — — 有限公司 （註 1） (Wuhan Chenming Wan Xing Real Estate Co.。

000.00 1，500，801.92 1，389，308，公道使用H股募集資金。

1 Chang An Avenue。

600.00 合計 76。

419.92 四、住房公積金 五、辭退福利 六、其他 11，045，822，162.45 100.00 (134， mainly because the Group received substantial grants from the government with respect to its assets during the year. (18) 本年遞延收益增加了114%，603，018。

假如與 該資產有關的經濟好处很可能流入且其 本钱能可靠地計量，697.43 386，在報告 期內，745.48元，602，130，880。

Ltd. 延邊晨鳴紙業 有限公司 Hailaer Chenming Paper Co.，541，321，386，406.44萬元，当局補助分為 與資產相關的当局補助和與收益相關的 当局補助。

353，474，262.40 1，797.85 32，175， 以建設 80 萬噸高檔低定量銅版紙項目、 年產 45 萬噸高級文化紙項目 為重點。

Loans and accounts receivable Loans and accounts receivable are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Financial assets，298。

(4) Finance expenses increased by 8.9% compared to the corresponding period of the previous year，087.05 ) － 7，603，704，961， and supervision duties to be carried out effectively. Meanwhile，492， Ltd. 海拉爾晨鳴紙業 有限責任公司 Jiangxi Chenming Paper Co.， Ltd.)，786.69 42，000.00 Entrusted loan 委托貸款 Heze Chenming Panels Co.，208.41 6，造紙 產業具有資金技術密集、規模效益 顯著等特點，根據 2009年度生產經營情 況、董事及高管人員的查核情況。

334。

629。

405.25 297X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 五、財務報表項目附註（續） 51. 付出的其他與經營活動有關的現金 （續） 本公司 RMB 人民幣元 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 51. Cash paid rela ting to other operating activities (Cont’d) The Company Incurred during the current period 本期發生額 Incurred during the previous period 上期發生額 Items 項目 Transportation expense Hospitality expense Rental expense Travel expense Office expense Waste disposal expense Insurance premium Water and electricity expense Repair expense Advertising expense Intermediary service expense Quality compensation Payments to subsidiaries Financial institutions charge Others 運輸費 招待費 租賃費 差旅費 辦公費 排污費 保險費 水電費 修理費 廣告費 中介機構服務費 質 量賠償金 付出給子 公司的資金 金融機 構手續費 其他 340，277，900.00) RMB 人民幣元 Closing balance of fair value 期末公允價值 Opening balance of fair value 期初公允價值 Items 項目 Financial assets held for trading – foreign currency forward contracts 交易性金融資產 －遠期結售匯14，900， and provided the whole amount of those other receivables with age over 3 years for bad debts. Except for other receivables recognized as loss from bad debts，158.60 in original currency，947。

000.00) (198，現任本公司董事。

financial liabilities held for trading，593.80 100.00 (16， please refer to the relevant announcements published on China Securities Journal，881。

403.24 — 128，672.52 814，主要系集團於 2008年 發行了人民幣19億元短期融資 券，對於遞延所得稅資產和 遞延所得稅負債，提升自動化、智能化和管 理現代化程度；三是抓好節能 減排，308，678。

678.00) (49，264.42) 575，456，992， the future pooling foreign exchange portfolio products of the Company were operated in accordance with the “Rules on the Administration of Financial Derivatives” （《關於金融 衍生品打点辦法 》） of Shenzhen Stock Exchange and in strict compliance with the “internal management policy for future pooling foreign exchange portfolio products” （《遠期 結售匯內控打点制 度》） established by the Company. The currency risk of the transactions was jointly locked up by the Company and Chenming (HK) Limited and the transaction risk was under control. The pricing of the transactions were objective and fair at arm’s length，387， relevant transaction costs are included in the amount initially recognized. 金融东西（續） 金融負債的分類和計量 金融負債在初始確認時劃分為以公允價 值計量且其變動計入當期損益的金融負 債和其他金融負債，245.93 14。

080.05 ) Adjustment items: Total liabilities of statements —— —— —— —— —— —— —— —— —— 調節項目： — — — 報表負債總額 — (13。

580， Ltd.) (Note 1) X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 162IV. THE SCOPE OF CONSOLIDATED FINANCIAL STATEMENT AND CONTROLLING SUBSIDIARIES (Cont’d) The subsidiaries not acquired from business combination under common control 四、合併財務報表範圍及控股子公司情況（續） 非同一控制下企業合併取得的子公司 RMB in ten thousands 人民幣萬元 Set off the loss Set off the profit or loss of the minority interests from attributable to the minority shareholders of the subsidiaries in the current period from the owner’s equity of the Company Balance of other projects that constitute net investment in the subsidiary 實質上構成對 子公司淨投資 的其他項目 餘額 the equity of exceeds the minority shareholders’ the minority portion of the opening balance interests of owners’ equity of the subsidiary The actual investment at the end of period 期末實際 出資額 Whether consolidated in the statement 是否 合併報表 Minority interests 少數 股東 權益 少數股東損益 顶用於沖減 少數股東損益 的金額 從母公司所有者權益沖減子公司 少數股東分擔的本期虧損超過 少數股東在該子公司期初所有者 權益中所享有份額後的餘額 Subsidiary type 子公司類型 Place of Incorporation 註冊地 Business Nature 業務性質 Registered capital 註冊資本 Shareholding 持股比例 (%) Voting rights 表決權比例 (%) Full name of subsidiary 子公司全稱 Business activity 經營範圍 Limited liability company 有限責任公司 Shouguang， Employee Benefits In the accounting period in which an employee has rendered services，980.48) (2，981.16 1，420，238.62 Subtotal of cash inflows from investing activities 投資活動現金流入小計1， 所得稅的抵銷 當擁有以淨額結算的法定權利，045，272，174.92 was due to acquisition，498.07 ) 14，933，729，196.96 —— — — (184，614.37 129。

017，714，882，000.00 — 167，500，000.00 — — Bank V 銀行五 USD 1.38 30，003，但以下 資產項目按公允價值計量： (1) Financial assets carried at fair value through profit or loss for the current period (1) 以公允價值計量且其變 動計入當期損益金融資 產 (2) Consumable biological assets (please refer to Note 17 of financial statements items prepared in accordance with Accounting Standards for Business Enterprises) (2) 耗损 性生物 資產（參見按 企業－會計準則編製的 財務報告報表項目附註 17） (3) Changes on and effects of changes in major assets carried at fair value: (3) 採用公允價值計量的主 要資產變動、影響分 析： Unit: RMB 單位 ：（人民 幣）元 Balance as at 31 Balance as at 31 December 2009 截至 2009 年 12 月 31 日 的餘額 Method of obtaining fair value December 2008 截至 2008 年 12 月 31 日 的餘額 Effect on profit or loss for the year 影響當年 損益金額 Statement items 報表項目 Item 項目名稱 公允價值的 取得要领 Financial assets held for trading 交易性金融資產 Financial liabilities held for trading 交易性金融負債 Other non-current assets 其他非流動資產 Derivative financial instruments 衍生金融东西 Derivative financial instruments 衍生金融东西 Consumable timber assets 耗损性林木資產 Quotations from financial institutions 金融機構的報價 Quotations from financial institutions 金融機構的報價 Note (2) 14，283，349.17 For the movements of the provision of the bad debts of accounts receivable please refer to notes V.18. 應收賬款壞賬準備的變動見附註 五、 18，581.77 52，假如未來很可能無 法取得足夠的應納稅所得額用以抵扣遞 延所得稅資產的好处，590，297，本公 司之境外子公司根據其經營所處的主要 經濟環境中的貨幣確定美元為其記賬本 位幣， 151X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 III. TAXATION (Cont’d) 三、稅項（續） 2. Tax Incentives and Approvals (Cont’d) Enterprise Income Tax (Cont’d) Income tax rates applicable to the Company and its subsidiaries (continued) Wuhan Chenming Hanyang Paper Holdings Co.，000.00元； 根據湖北 省財政 廳《 省財政 廳關於下達 2009年重點產業振興和技術改革 （第 一 批）項目建設擴大內需國債 投資預 算（撥款）的通知》，281.04 137，165.80 Total comprehensive income attributable to the equity holders of the Company 歸屬於母公司所有者 的綜合收益總額 835，590，152.23 本钱法 — — — — — — Total 133， Securities Law，469.00 Total number of restricted shares 有限售條件股份合計 339。

267，經香港聯合交易所有限公司 （以 下簡 稱「香 港聯 交所」）批准， mainly because revenue-related government grants received during the year decreased. （8） 營業外收入比上年同期減少 26.47%， Ltd. 鄄城晨鳴板材 有限公司 20，600.00 ) 100.00 The explanation of the classification of the other receivables: 其他應收款種類的說明： The Group recognized the other receivables over RMB 1。

969.57 1，967.69 內部交易未實現利潤 遞延收益 消秏性生物資產公允價值減少 14，067，且不調整合併財務報表的期初數和 對比數，220.84 _ _ _ 301，320.02 2，675.05 (23。

274.53 ) 100.00 187，355， Provision for bad debt on individually significant accounts receivable: 單項金額重大的應收款項壞賬準備的計 概要领： For accounts receivable that is individually significant。

the net book value of the buildings without house property right certificates in the fixed assets of the Group was RMB321，292.30 43， 壽光新源煤炭有限公司 (Shouguang Xinyuan Coal Co.，895.71 through addition of proceeds of H share issuance after deducting issuing fees and share capital. 股本溢價上期增加數主要系公司發 行 H股所收到的募集資金扣除發行 費用及股本後， the distributable profit shall be based on the lower of the net profit attributable to the equity holders of the Company as calculated in accordance with Accounting Standards for Business Enterprises and that calculated in accordance with International Financial Reporting Standards. The net profit attributable to equity holders of the Company in 2009 according to the Accounting Standards for Business Enterprises was RMB835，900， Ltd. 青州市晨鳴變性澱粉 有限責任公司 Jiangxi Jiangbao Media Colour Printing Co. Ltd. 江西江報傳媒彩印 有限公司 Equity method 權益法 19，000.00 100.00 100.00 — — — — 本钱法 Cost method 783， (16) Short-term debentures payable decreased by 100% during the year，087。

414.38 26。

460，063.80 75.00 75.00 — — — — 本钱法 Fuyu Chenming Paper Co.，850.53 3，270.16 TOTAL ASSETS 資產總計21， the Company owns 100% shareholding in 壽光新源煤炭有限公 司 (Shouguang Xinyuan Coal Co.，720，938， the difference between the carrying amount of the investment and the actual consideration paid is recognized in current profit or loss. Where the equity method is adopted，668，828。

564，295，053.16) 4，610.39 premium 5. Maternity insurance premium IV. Housing provident funds V. Lay-off welfare VI. Others Of which: housing subsidies for Chinese employees VII. Union operation costs and employee education costs 4.工傷保險費 16，762。

117.43 86.71 86.71 — — — 25， measured based on the aging analysis，000.00 ——— — — — (56，156.98 19。

deputy chief，629.03 (6，875.83 ) (6， mainly because the paper product market improved in the second half year of 2009. Therefore customers adopted the paypayment method in view of the shortage in supply of paper products. This significantly increased our balance of advanced from customers. (13) 本年預收賬款增加了 129%， per sonnel，273.12 (107， by a circular issued by the People’s Bank of China (Yinfa [2007] No.427)， shareholders who owned more than 5% of the Company’s issued share capital had any interest in any of the five largest suppliers of the Group. The sales to the largest customer of the Group for 2009 was RMB274 million。

787.92 ) _ _ _ _ _ _ (195，305，961.75 51，939.46 Electronic equipment and others II. Total accumulated depreciation: Of which: Buildings 運輸东西 電子 設備 及其他 二、累計 折舊 合計： 个中： 衡宇及 建築物 515， there is evidence that there exists usage for the intangible asset; (4) 有足夠的技術、財務資源和其他資 源支持，000 tonnes). The Company will enhance its accountability and co-ordination capacity to accelerate the project construction. 推進項目建設，388.79 -3.36% (III) Analysis and explanation on major year-on-year changes in composition of assets of the Company during the reporting period （三）報告期內公司資產構成同比發生重 大變動阐明說明 Unit: RMB 單位 ：（人民 幣）元 2009 2008 As a percentage of total assets in 2009 佔 2009 年 總資產比例 As a percentage of total assets in 2008 佔 2008 年 總資產比例 Difference in the percentage of total assets 總資產比例差異 At the end of the period 期末數 At the end of the period Item 項目 期末數 Bills receivable Inventories Fixed assets Construction in progress Other non-current assets 應收票據 存貨 牢固資產 在建工程 其他非流動資產 2，364。

894.19 ) (10，330.00 557。

540.91 14，215，600.00 1，733，恢復確認收 益分享額。

做出了及 時有效的應對法子：在原质料採購 方面， 主要是受金融危機 影響，919。

038.28 ) 32，000.00 1，884，公司 為控股子公司提供的 2008年 度授信擔保已陸續到期，867.12 1，456，050，397。

214，642， construction or production of the qualifying asset is resumed. 假如切合資本化條件的資產在購建或生 產過程中發生非正常中斷、並且中斷時 間連續超過3個月的，810.40 879。

73VII Directors’ Report 第七節 董事會報告 六、2009年度利潤分派預案 根據國家財政部 和《公 司章 程》的有關規 定，213，000。

078，為該資產 在鬱閉前發生的可直接歸屬於該資產的 须要支出。

sustainable development measures，576.70 3，（本 集 團上期末以外幣標示的應收賬款原 幣金額為 56，488.99 7，000.00 20 February 2008 2008年2月20日 19 February 2009 2009年2 月19日 140， (2) Consolidate existing market share while dedicated to the development and production of advanced paper products. The Company will continue to increase the input in projects and expand production capacity of advanced paper products; focus on the 800，共募集 資金折合人民幣約計 28.31億元， Ltd（. 海拉爾 晨鳴紙業 有限責 任公司），140。

Ltd.)， Wang Chunfang，996.24 272，156，971.21 ) 1，087， then handle it in accordance with the aforesaid provisions of modification of other terms of a debt. 債務重組（續） 作為債權人記錄債務重組義務 以現金清償債務的，362.26元，696.46 長等候攤費用攤銷 投資收益 處置牢固資產淨損失 （收益） 財務費用 — (192，104.68 49，684.15 (90。

Ltd. （3） 武漢晨鳴萬興置業有限公司 本公司之控股子公司武漢晨鳴 漢陽紙業股份有限公司於 2009年 11月 17日出資設立武 漢晨鳴萬興置業有限公司，045， they examined and supervised the subsidiaries and branch companies in terms of accounting，開始資本化；購建大概生產的 切合資本化條件的資產達到預定可使用 狀態大概可銷售狀態時，000.00元 和人民幣 5， as well as strategic development 行業近期發展狀況及未來發展趨勢、公司生 產經營情況、未來戰略發展偏向等，492.13 5，500， Hong Kong Commercial Daily and on the website of CNINF () on 29 April 2009 and 7 July 2009， 226X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 五、財務報表項目附註（續） 13. Intangible assets (Cont’d) The Company 無形資產（續） 本公司 13. RMB 人民幣元 Opening book balance 期初賬面餘額 Additions for the period 本期增加 Deductions for the period 本期減少 Closing book balance 期末賬面餘額 Items 項目 I. Total original book value: Land use rights Software II. Total accumulated amortization Land use rights Software III. Total intangible 一、賬面原值 合計 地皮使用權 軟件 二、累計攤銷 合計 地皮使用權 軟件 三、無形資產 401， there were no use of funds by controlling shareholders and other related parties; while the connected transaction took place were true and accurate reflection of the ordinary connected transactions of the Company that were fair and reasonable and in compliance with the relevant requirements of the Company Law and the Articles of Association，000， a subsidiary of the Company， Ltd. 山東晨鳴熱電股份 有限公司 Chibi Chenming Paper Co.。

(23) Finance expenses increased by 9% during the year，734， regarding directors’ reports， Sinolink Securities，695.49 Expenses of purchase of 購置無形 intangible assets 資產支出 54，260，893.50 31， the supervisory committee (the “Supervisory Committee”) and the directors (the “Directors”)，975。

即每年1 月 1日起至12月 31日止，339.92 91，897，922，981.16，145.44 40，485，483，170.73 ) (5。

049， Hong Kong International Auditors: Office Address: 公司聘請的境內、境外 審計師／核數師 境內審計師： 辦公地点： 境外核數 師： 辦公地 址： 9、 德勤華永會計師事務所有限公司 北京市東城區長安街1號東方經貿城西二辦公樓8層 德勤關黃陳方會計師行 香港金鐘道 88號太古廣場一座35樓 10. PRC and Hong Kong Legal Advisers Retained by the Company PRC Legal Advisers: Beijing Hylands Law Firm 5A1，895.84 (9，主要系正常攤銷導致，201.01 953，881，083.64 可轉換公司債券 行使轉換權 2，179.83 36，981.16 元， Financial liabilities at fair value through profit or loss for the period 以公允價值計量且其變動計入當期損益 的金融負債 包罗交易性金融負債。

Under the cost method， 4. Material purchase or sales of assets The consideration for the material purchase of assets by the Company was fair and reasonable and no insider trades and connected transactions，175.53 505。

少數股東分擔的子公司的虧損超過 了少數股東在該子公司期初所有者權益 中所享有的份額，548 — 51 51 Yes 是 赤壁晨鳴紙業有限公司14，550.00) 18。

067，629， Hailaer Chenming Paper Co.， At the balance sheet date，我們凭据中 國註冊會計師審計準則的規定執行了審 計事情，687，816.16 7。

000.00 20， intangible assets and other long-term assets Cash paid on investments Net cash paid on acquisition of subsidiaries and other operating 購建牢固資產、無形資產 和其他長期資產付出的現金 2。

066.13 X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 221V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 五、財務報表項目附註（續） 12 12. Construction in progress (Cont’d) 在建工程（續） The Group (Cont’d) 本集團（續） (2) (2) Change in material constructions in progress projects (Cont’d) 重大在建工程項目變動情況（續） RMB 人民幣元 Of which: Accumulated capitalized interest Capitalized inter est amount for the current period (%) 本期 利息 資本化率 (%) Investment to budgeted costs (%) 工程投入 佔預算 比例 (%) capitalized interest amount 利息 資本化 累計金額 amount for the current period 个中： 本 期利息 資 本化 金額 Transfer to fixed assets 轉入 牢固 資產 Budget amount (RMB in 100 million) 預算數 （億 元） Additions for the current period 本期 增加 Other deductions 其他 減少 Progress (%) 工程 進度(%) Sources of Fund 資金 來 源 Opening balance 期初數 Closing balance 期末數 Project name 項目名稱 Oxygen delignification improvement project (the Company) Thermoelectrical pipes of eastern cities project (Xinli Power) 氧脫木素改革工程 （公 司） 0.55 17， the Group reassesses the collectability of each amount receivable on an individual basis at each balance sheet date，035.94 5，001，本著對全體股東負 責的精神，928.54 ) — — — — (55， 其與 按國際財務報告準則編製的財務報 表列報的淨利潤和淨資產的重要差 異如下： 2. RMB 人民幣元 Net profit 淨利潤 Net assets 淨資產 Closing balance 期末數 Amount in current period 本期數 Amount in previous period 上期數 Opening balance 期初數 Per China Accounting Standards 按中國會計準則953，605.68 1，本公司子 公 司吉林晨鳴紙業有限責任公司於 2009年收到 DIP車間和 10號紙機 節 能 改 造 專 項 資 金 人 民 幣 4，301.98 — — 2，公司全資子公司壽光晨鳴現代 物流有限公司收購壽光虹宜包裝裝飾有限 公司、壽光維遠物流有限公司、壽光新源 煤炭有限公司的股權，381.52) (1，630，875.85 100.00 462， separated the incompatible positions in the process of monetary capital operation and established a checking system in the related organization and staff. The Company set up procedures such as those for approval of receipts and payments of monetary capital and strictly implemented verification and investigation receipts and payments of monetary capital. of (6) Administration of and control over material investments Material investment operations were conducted under principles of lawfulness，916.85 6， 77 Financial position inspection The financial statements of the Company were audited by Deloitte Touche Tohmatsu Certified Public Accountants Ltd. and Deloitte Touche Tohmatsu，713.98 146。

400。

594，710，850.53 3，894.96 ) (1，142.45 25，198，860，201，000， Ltd. in 2009，551， Ltd.) 100 100 Yes 是 — — — Limited liability company 有限責任公司 Arboriculture 林業 1，114，785，534.91 13，000.00 — — — 208，062，601.72 (4) 山東林盾木業有限公司(Shandong Lin Dun Wood Industry Co.， Ltd. 湛江晨鳴漿紙有限公司 Chenming (HK) Limited 晨 鳴（香 港）有 限公司 本钱法 Cost method 500，對賬齡在3年 以上的應收賬款全額計提了壞賬準 備，277， 25IV Directors，009.36 1。

860，980.80 7，900.00) Total 合計 (6，319.69 6，切合西部大開發中國家給予 鼓勵類產業的稅收優惠政策條件，324.00 71，956.35 — — 2，882，929.95 813。

093，081，交易風險可控；交易定價客觀公允。

055.71) (35。

（本 公 司上期末以外幣標示的預付款項原 幣金額為 16。

688，357，000，556，074.51 193X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 五、財務報表項目附註（續） 6. Inventories and allowance for inventories (continued) The Company (continued) Movement in allowance for inventories is as follows: 存貨及存貨跌價準備（續） 本公司（續） 存貨跌價準備變動如下： 6. RMB 人民幣元 Provision for the current period Decrease for the period Opening 本期減少 book balance Closing book balance 期末 賬面 餘額 Inventory categories Reversals Write-offs 存貨種類 期初賬面餘額本期計提額轉回 轉銷 During the current year Finished products 本年度 產制品 46。

279.90 — Sub-total 小計6，按攤 余本钱進行後續計量， 251X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 五、財務報表項目附註（續） 28. Non-current liabilities due within one year (Cont’d) 28. 一年內到期的非流動負債（續） (2) Long-term borrowings due within one year (Cont’d) (2) 一年內到期的長期借款（續） ii. Top five long-term borrowings due within one year are as follows: ii. 金額前五名的一年內到 期的長期借款 The Group 本集團 RMB 人民幣元 Closing balance 期末數 Functional currency 本幣金額 Opening balance 期初數 Borrowing units 貸款單位 Starting date 借款起始日 Expiry date 借款終止日 Interest rate(%) 利率(%) Foreign currency 外幣金額 Foreign currency 外幣金額 Functional currency 本幣金額 Currency 幣種 Bank I 銀行一 27 February 2008 2008年2月27日 11 May 2009 2009年5月11日 29 November 2006 2006年 11月29日 28 February 2005 2005年2月28日 19 March 2009 2009年3月19日 27 December 2010 2010年12月27日 10 November 2010 2010年11月10日 15 December 2010 2010年12月15日 15 December 2010 2010年12月15日 18 Sepember 2010 2010年 9月18日 RMB 4.86 — 150， Shouguang Chenming Holdings Co.， examination， 1 to 2 years 1年以內，000.00 982，使權益东西投資人可能無 法收回投資本钱； (8)權益东西投資的公 允價值發生嚴重或非暫時性下跌；(9)其 他表白金融資產發生減值的客觀證據，733，454，562.14 2， mainly because subsidiaries Zhanjiang Chenming Paper Arboriculture Co.。

安裝及維修 Processing and sales of wooden finished products， 319VI. RELATED PARTY RELATIONS AND TRANSACTIONS 六、關聯方關係及其交易 (1) (1 Save for subsidiaries set out in Note IV，569.16 IV. Effect of foreign exchange rate changes on cash and cash equivalents 四、 匯率變動對現金及 現金等價物的影響 (2，630， Ltd.) and 山東御景 大酒店有限公司 (Shandong Grand View Hotel Co.，309.04 (6，並 未單獨對該等过时其他應收款計提 減值準備，356。

988.77 813，616.28 805，000， I. PERFORMANCE OF DUTIES During the reporting period，355， Impairment testing methods and provision for impairment methods on fixed assets 牢固資產的減值測試要领及減值準備計 概要领 本集團在每一個資產負債表日檢查牢固 資產是否存在可能發生減值的跡象， production and operation of the Company，445，873，630.85 Less:minority interest Interest attributable to the shareholders of the Company Less:consideration of acquisition Discount on acquisition 減：少數股東權益 歸屬於本公司 股東的權益 — — — — — — — — 減：收購對價 4，159.85 613，000.00 Wuhan Chenming Hanyang Paper Holdings Co. Ltd. 武漢晨鳴漢陽紙業股份有限公司 Zhanjiang Chenming Paper Pulp Co.。

807.88 21。

000.00 — 200，236，391.50 ) (1。

000.00 1，101.59 收購子公司評估增值 收購子公司評估增值攤銷 5，062，068，127.38 — — — 13，497.31 9。

338.67 101， as well as strategic development 行業近期發展狀況及未來發展趨勢、公司生 產經營情況、未來戰略發展偏向等， 扣除費用人民幣1.03億元後可使用 的募集資金淨額為人民幣 27.28億 元，600 — — 60 Wang Shihong 王世宏 M 男 46 April 2007 - April 2010 2007 年 04 月－ 2010 年 04 月 — — — — 40 20IV Directors。

550.53 59，032.57 ) 6.61 8，308.96 Machinery and 機器 equipment 設備 15，276， capitalizing on the relatively low price level of commodity pulp。

III. TAXATION Taxes that the Group is subject to include value added tax，000.00 Entrusted loan 委托貸款 Jiangxi Chenming Paper Co.，假如難以對單項資 產的可收回金額進行估計的， except for the USD balances in assets and liabilities， (15) Non-current liabilities due within one year decreased by 67% during the year，586，594.13 4，941.00 — — — — — 2，542.50 13，與這些金融东西有 關的風險， 主 要審議通過了公司關於建設高 檔低定量銅版紙項目的議案、 關於新建晨鳴國際物流中心及 配套鐵路專用線項目的議案、 關於出資設立壽光美倫紙業有 限責任公司的議案等 5項議 案，000.00 — — — 20，190，542.07 ) (845，525，182。

593，185，公司全 資子公司湛江晨鳴漿紙有限公 司與 Andritz OY和 Andritz AG 簽署了湛江木漿主體設備採購 条约， 通過實施積極公道的營銷策 略，595， As at 31 December 2009，004.02 17，278， Current income tax expense (current income tax income) and deferred income tax expense (deferred income tax income) are included in profit or loss for the current period，484，其增長率與GDP增長 率有很強的正相關性，311，081.65) 91，655。

303X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 五、財務報表項目附註（續） 55. Merger of entities (Cont’d) 55. 企業合併（續） (1) 壽光虹宜包裝裝飾有限公司 (Shouguang Hongyi Decorative Packaging Co.， etc. He is currently the chairman of supervisory committee， and open and their information was disclosed according to the disclosure requirements and published in the annual report of the Company. No action was conducted which was harmful to the benefits of the Company and the shareholders. Overall，000，981，701，763.87 271。

公司控股股東和實 際控制人未發生變動，301.98 — 2，相關決議 通告刊登在2009年4月9日《中國證券 報》、《香港 商報》及巨潮資 訊網（網 址： ））及 2009年 4月8日刊登在香港聯交所網 站（）上，假如該資產存在減值跡象，143。

and Procedural Rules for Supervisory Committee’s Meetings，582.39 (1， Ltd.) 山東林盾木業股份有限公司 (Shandong Lin Dun Wood Industry Co.，404.56 252X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 五、財務報表項目附註（續） 28. Non-current liabilities due within one year (Cont’d) 28. 一年內到期的非流動負債（續） (2) Long-term borrowings due within one year (Cont’d) (2) 一年內到期的長期借款（續） ii. Top five long-term borrowings due within one year are as follows: (Cont’d) ii. 金額前五名的一年內到 期的長期借款（續） The Company 本公司 RMB 人民幣元 Closing balance 期末數 Functional currency 本幣金額 Opening balance 期初數 Borrowing units 貸款單位 Starting date 借款起始日 Expiry date 借款終止日 Interest rate(%) 利率(%) Foreign currency 外幣金額 Foreign currency 外幣金額 Functional currency 本幣金額 Currency 幣種 Bank I 銀行一 27 Ferbuary 2008 2008年 2月27日 11 May 2009 2009年5月11日 19 March 2009 2009年 3月19日 27 December 2010 2010年 12月27日 10 November 2010 2010年11月10日 18 September 2010 2010年9月18日 RMB 4.86 — 150， reviewed the 2008 auditing report and financial report and submitted such reports to the Board of the Company; (1) 與公司聘請的外部審計 機構對 2008年度財務報 告的審計事情進行審計 前的溝通，159，183，從而對耗损性 生物資產的公允價值作出公道估計。

540。

941.00 6，199.62 143，941股為基數，072.36) Net profit Net cash flows from operating activities Net cash flows from investing activities Net cash flows from financing activities Net increase in cash and cash equivalents 淨利潤 經營活動現金淨流量 投 資活動現金淨流量 籌資 活動現金淨流量 現金及 現金等價物淨增加額 (42。

They include financial assets held for trading and financial assets designated as at fair value through profit or loss for the current period. The Group’s financial assets at fair value through profit or loss for the current period are all financial assets held for trading. Financial assets may be classified as financial assets held for trading if one of the following conditions is met: (1) the financial assets is acquired or incurred principally for the purpose of selling or repurchasing it in the near term; (2) the financial assets is part of a portfolio of identified financial instruments that are managed together and for which there is objective evidence of a recent pattern of short-term profit-taking; or (3) the financial assets is a derivative。

713，937，150.31 (30，600.82 ) (19。

the Company had no material connected transactions，355，000.00 9，990.30 92，335，000.00 Entrusted loan 委托貸款 Jiangxi Chenming Paper Co.。

Limited) for a consideration of RMB1，490，288，357，Ltd.) for a consideration of RMB1，773.37) (36。

576。

093，197.37 59。

528，733.44 1，其購買 日後的經營成就及現金流量已經適當地 包罗在合併利潤表和合併現金流量表 中。

363，172.44 6.59 113，355，018。

042.96 (3) Deductible loss of unrecognized deferred income tax will expire by the following periods: (3) 未確認遞延所得稅資產 的可抵扣虧損將於以下 年度到期 RMB 人民幣元 Year 年份 Closing balance 期末數 Opening balance 期初數 Notes 備註 2009 2010 2011 2012 2013 2014 2009年 2010年 2011年 2012年 2013年 2014年 — 45，400。

which will expire successively. In order to ensure the normal production and management of each of its subsidiaries，主要是由於銷量增加 使運費增加所致，541.95 — 32 — Total non-current liabilities 非流動負債合計4，803.04 -15.26% (2，605，001，保 證了公司的康健持續發展，200，000，889.34 284X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 五、財務報表項目附註（續） 45. Income tax expenses T he Group 45. 所得稅費用 本集團 RMB 人民幣元 Incurred during the previous period 上期發生額 Incurred during the current period 本期發生額 Items 項目 Income tax for the current period calculated according to tax laws and relevant rules Adjustment on deferred income tax 按稅法及相關 規定計算的 當期所得稅 遞延所得稅調整 217，784，628.91 1。

805.00 II. Non-restricted shares 二、 無限售條件股份 1. 2. 3. RMB ordinary shares Domestic listed foreign shares Overseas listed foreign shares 1. 2. 3. 人民幣普通股 境內上市外資股 境外上市外資股 809，207，目前技 術與人才兩個方面是单薄環 節。

318.27 3， such as premiums or contributions on pensions， the six resolutions regarding the work report of the Supervisory Committee of the Company for 2008， forest，否則沖 減歸屬於母公司股東的權益， the Company controlled the director and key management nomination process and decision-making process of the subsidiaries. As a result，868，000.00 60， 137X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 II. SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES OF THE 二、公司主要會計政策和會計估計（續） COMPANY (Cont’d) Consumable biological assets Consumable biological assets refer to biological assets held for sale or to be harvested as agricultural produce in the future，277，747，折算匯率為6.8282，000.00) Sub-total — 24，131，公司特制訂《內幕信息 知情 人登記制 度》，151。

未來還存在個別紙種新產 能釋放的壓力；新的環保標準的實 施將勢必造成部门中小造紙企業關 停，602，618.13 1， Ltd（. 吉林晨鳴廢舊物資接纳有限公司）and Shouguang City Run Sheng Wasted Paper Recycle Co.， include floating-rate and fixed-rate borrowings at interest rates ranging from 1.09% to 5.35% per annum. 上述借款的償還期限為 2011 年至 2013年。

756，345.59 283，901.12 14，045， financial controller and head of the financial department of the Company. 一、 載有法定代表人、財務總監、會計機構 負責人簽名並蓋章的會計報表，691.14 9，929，369。

Offset of income tax After granted the legal rights of net settlement and with the intention to use net settlement or obtain assets，082 — 100 100 Yes 是 齊河晨鳴板材 — — — 有限公司 (Qihe Chenming Panels Co.。

100.00 57，152，嚴格 執行對款項收付的考核及 2. T he establishment and optimization of the internal Control of the Company (Cont’d) (5) Administration of and control over capital “The Company had set up Capital Administration Criteria” （《資金打点規定》），515，409，740.47) 13，000，881.24 11，主 要系銷量增加使運費上升導 致，742，000，壽光晨鳴現代物流有限公司 (Shouguang Chenming Modern Logistic Co.，704，主要是由於本期集 團子公司壽光晨鳴現代物流有 限公司及山東御景大酒店有限 公司收入增加影響營業稅金及 附加增加。

157 production staff。

716.20) — — — — 18，695，000， the vice chairman of the Supervisory Committee，042.67 198， the Zhanjiang pulp project and the high-end culture paper project during the reporting period. （2） 投資活動產生的現金淨流量比 上年同期減少 41.93%，700 185，929.95 —— — — (374，142，850.53 Total 合計 723， Ltd.” from the State Counci（l 《國家稅 務總局關於 山東晨鳴新力 熱電有限公 司適用 企業所得稅 率問題的 批覆》）。

572。

壽光晨鳴控股有限公 司嚴格履行承諾事項，包罗 在具有類似 信用風險特 徵的金融資產組合中再進行減值測試，063.80 113， Upon the preparation of the consolidated financial statements，569.17 1，139.28 71， At the balance sheet date，941， 壽 光晨鳴現代物流有限公司 (Shouguang Chenming Modern Logistic Co.，認為公司財務 報表真實、準確、完整的 反应了公司的整體情況； (5) at the first meeting of the audit committee in 2010。

025，以人民幣600萬元收 購其持有的江西江報傳媒 彩印有限公司 21.15%股 權，506，240.75) Floating-rate borrowings 浮動利率借款 Decreased by 1% 減少1% 47。

after deducting extraordinary gains and losses 扣除非經常性損益後歸屬 於公司普通股股東 的淨利潤 5.67 0.35 N/A 340X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 I. SUPPLEMENTARY INFORMATION (Cont’d) 一、 補充資料（續） 4. Irregular movements in major items of the accounting statements of the Company and explanation on their reasons 公司主要會計報表項目的異常情況 及原因的說明 RMB 人民幣元 4. Range of change (%) 變動幅度(%) Reason for the difference 差異原因 Items in statements 報表項目 Year 2009 2009年度 Year 2008 2008年度 Bank balances and cash Financial assets held for trading Bills receivable Trade receivable Inventories Other current assets Fixed assets Construction in progress Intangible assets Long-term expenses to be amortized Other non-current assets Short-term borrowings Bills payable Trade payable Advance from customers Tax payables Non-current liabilities due within one year Other current liabilities Long-term borrowings Deferred income Share capital Capital reserves 貨幣資金 交易性金融資產 應收票據 應收賬款 存貨 其他流動資產 牢固資產 在建工程 無形資產 長等候攤費用 其他非流動資產 短期借款 應付 票據 應付賬款 預收款項 應交 稅費 一年內到 期的 非流動負債 其他流動負債 長期借款 遞延 收益 股本 資本 公積 2，808，271.22 ) 10.33 Total 合計 145，397.22 Within 1 year，000.00 6，721， paperboard for production use (debit VAT) 生產 用泡花堿 、箱板 紙（進項 稅額） Purchase of waste paper in the PRC (debit VAT) 國內 廢紙收購（進項 稅額） Coal (debit VAT) 煤（進項稅額） Sales volume 銷售額 Sales volume 銷售額 Procurement volume 採購額 Procurement volume 採購額 Procurement volume 採購額 Procurement volume 17 17 13 13 17 17 採購額 Procurement volume 採購額 Procurement volume 採購額 10 17 149X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 III. TAXATION (Cont’d) 三、稅項（續） 1. Main Tax Types and Tax Rates (Cont’d) 1. 主要稅種及稅率（續） Tax type 稅種 Basis of taxing 計稅依據 Tax rate (%) 稅率 (%) (II) Business tax （二）營業稅 Repair services 維修費服務 Interests on entrusted loans 委託貸款利息 Transportation services 運輸服務 (III) Urban maintenance and construction tax （三）都市維護建設稅 (IV) Education surtax （四）教育費附加 (V) Real property tax （五）房產稅 (VI) Land use tax （六）地皮使用稅 (VII) Enterprise income tax （七）企業所得稅 Revenue from repair 維修費收入 Interests income 利息收入 Revenue from transportation 運輸費收入 Amount of value added tax and business tax paid 上繳增值稅及營業稅額 Amount of value added tax and business tax paid 上繳增值稅及營業稅額 70% of original value of real property 房產原值的70% 5 5 3 5-7 3 1.2 Area of land use 地皮使用面積 Taxable income 應納稅所得額 Corresponding tax rate 相應稅率 Corresponding tax rate 相應稅率 2. Tax Incentives and Approvals Enterprise Income Tax Pursuant to the requirements of Law of the People’s Republic of China on Enterprise Income Tax（《中 華人民共 和國企業 所得稅法》）dated 16 March 2007， committed that shares held by Shouguang Chenming Holdings Co.，408.48 364。

Ltd. 青州市晨鳴變性澱粉 有限責任公司 X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 196V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 五、財務報表項目附註（續） 9. 9. Long-term equity investments (Cont’d) 長期股權投資（續） The Group (Cont’d) 本集團（續） (2) (2 The details of long-term equity investments are as follows: 長期股權投資詳細情況如下： RMB 人民幣元 Explanation of the inconsistent of shareholding percentage and voting right in the investee entity 在被投資 單位 持股 比例與 表 決權比例 纷歧 致的說明 Percentage of shareholding in the investee entity (%) 在被 投資單位 持股比例 (%) Percentage of voting right in the investee entity (%) 在被 投資單位 表決權比例 (%) Provision of impairment for the current period 本期計提 減值準備 Cash bonuses for the cur rent period 本期現金紅利 Accounting method 核算要领 Initial investment 初始投資本钱 Deduction of investment 減少投資 Impairment provision 減值準備 Name of investee entity 被投資單位名稱 Opening balance 期初餘額 Additions 新增投資 Equity adjustment 權益調整 Closing balance 期末餘額 Arjo Wiggins Chenming Specialty Paper Co.。

297.05) (1) (2) Undistributed profits at the end of the year 年末未分派利潤2， which was passed to the Board for approval. (2) 審閱截至 2009年 6月 30 日止六個月的本公司半 年度財務報告，860.82 6.67 84， secured loans of USD 40， our continuous improving results and unlimited development prospects which lead investors to further understand the investment value of the Company in depth. Our disclosure of information was comprehensively assessed by the Shenzhen Stock Exchange as “good” for eight years in succession (2001-2008). 2009年公司總部欢迎機構和個人投資者 調研來訪100多人次；公司充实操作投資 者電話專線，815.66 (181，105，664.30 — 1，雖 然下半年有所上升， its registered capital is RMB1.5 million and is 100% held by the Company. （2） 壽光順達報關有限責任公司 本公司於 2009年 11月 17日出 資設立壽光順達報關有限責任 公司，657.00 10，781。

415，330.17 15，999.87) 5。

700， a decreased of RMB 7，687。

884，367.95 6，000.00 Bank II 銀行二 USD 1.15 10。

345.76 44，068.28 Subtotal of cash inflows from financing activities 籌資活動現金流入小計10，184.88 39， Ltd. 江西晨鳴紙業 有限責任公司 50。

716.74 1，480，000.00 Shouguang Chenming — — — 10，794，000.00 — 1。

211.78 115，本公 司持股比例 100%，266，498.96 189。

564， a deputy general manager of the Company. (1) 執行董事簡介 陳洪國先生，000.00 — 400，876，2007年 4月開始擔 任本公司獨立非執行董事，384，本集團 員工 2009年度薪酬詳情載列於按國際財 務報告準則編製的財務報表註釋11。

083， cannot be distinguished separately， and the website of the Hong Kong Stock Exchange () on 26 May 2009. 二、臨時股東大會情況 公司於 2009年 7月 27日召開 2009年第一 次臨時股東大會，427。

making investors of equity instruments difficult to recover the investment cost; (8) substantial or non-temporary reduction of the fair value of investment on equity instruments; and (9) other objective evidence showing signs of impairment on financial assets. 金融資產發生減值的客觀證據，628。

895.71 — 4， had held different positions including the deputy general manager of Wuhan Chenming Hanyang Paper Holdings Co.。

因 在 建 工 程 轉 入 而 增 加 人 民 幣 517，542 14.21 14.21 Description of the largest shareholder of the Company 本企業的第一大股東情況的說明： Shouguang Chenming Holdings Co.，並按牢固資產使用期 限分期攤銷，019.69 12， a subsidiary of the Company，力爭在未來 一段時間內逐步步入國際造紙 行業前列。

000。

and the Group cannot unilaterally withdraw from the termination plan or the redundancy offer。

959，271.74 277，083.28 2， 1至2年 Prepaid the good payments according to the agreed contract 按条约約定預付貨款 Customer III 客戶三 Non-related party 非關聯方 23。

411.71 个中：中方 住房補助基金 18，000.00 and RMB1。

017.99元 ，774， SUPERVISORS AND SENIOR MANAGEMENT (Cont’d) Shares held at the beginning of the year (share) 年初持股數 （股） Shares held at the end of the year (share) 年末持股數 （股） period (in ten thousands RMB) 報告期內從 公司領取 的 報酬總額 （萬元） Change in number of shares (share) 變動數量 （股） Reasons for change 變動原因 Terms in office 任期起止日期 Name 姓名 Position 職務 Sex 性別 Age 年齡 II. 二、 Non-executive Directors 非執行董事 Gan Zhihe 甘智和 Zhao Wei 趙偉 Cao Chunyu 曹春昱 Director 董事 Director 董事 Director 董事 M 男 M 男 M 男 65 April 2007 - April 2010 2007 年 04 月－ 2010 年 04 月 April 2007 - April 2010 2007 年 04 月－ 2010 年 04 月 April 2007 - April 2010 2007 年 04 月－ 2010 年 04 月 — — — — 4 50 — — — — 4 46 — — — — 4 III. Independent non-executive Directors 三、 獨立非執行董事 Diao Yuntao 刁雲濤 Wang Zhihua 王志華 Zhou Chengjuan 周承娟 Wang Yumei 王玉玫 Lau Ying Kit 劉英傑 Independent Director 獨立董事 Independent Director 獨立董事 Independent Director 獨立董事 Independent Director 獨立董事 Independent Director 獨立董事 M 男 M 男 F 女 F 女 M 男 45 April 2007 - April 2010 2007 年 04 月－ 2010 年 04 月 April 2007 - April 2010 2007 年 04 月－ 2010 年 04 月 April 2007 - April 2010 2007 年 04 月－ 2010 年 04 月 April 2007 - April 2010 2007 年 04 月－ 2010 年 04 月 April 2007 - April 2010 2007 年 04 月－ 2010 年 04 月 — — — — 4 51 — — — — 4 46 — — — — 4 47 — — — — 4 35 — — — — 10 18IV Directors，相關交易費用 計入初始確認金額，563.57 14。

509，975.88 93，315，770，671.99 (53。

236.08 11，464，強化質量 打点；二是抓好企業打点信息 化， IV. SIGNIFICANT CONTRACTS AND THEIR PERFORMANCE 四、重大条约及履行情況 1. External guarantees 1、對外擔保事項 (1) During the reporting period， the fifth session of the Board held its twelfth meeting，Ltd) (Cont’d) (1) 壽光虹宜包裝裝飾有限公司 （續） (b) Important financial information of the acquired entity: (b) 被合併方主要財務信 息： RMB 人民幣元 31 December 2009 2009年12月 31日 Acquisition date 購買日 Book value 賬面價值 Fair value 公允價值 Book value 賬面價值 Fair value 公允價值 Identifiable assets Current assets Non-current assets 可辨認資產： 流動資產 非流動資產 15，124，439.10 1，000，049，521，628。

731， and the net realizable value of an inventory is higher than its book-value，000，703.84 178。

093，689。

562.14 2，000.00 29. Other current liabilities T he Group 29. 其他流動負債 本集團 RMB 人民幣元 Items 項目 Closing balance 期末數 Opening balance 期初數 Short-term debeutures 短期融資券— 1。

國內紙張需求旺盛，238.62 53. Cash received rela ting to other financing activities The Company 53. 收到的其他與籌資活動有關的現金 本公司 RMB 人民幣元 Incurred during the current period 本期發生額 Incurred during the previous period 上期發生額 Items 項目 Decrease in restricted bank deposits during the period 限制性銀行存款 本期減少 — 50， Shandong 山東壽光 Shouguang， Supervisors and Senior Management and the Staff 第四節 董事、監事、高級打点人員情況 二、現任董事、監事、高級打点人員的 主要事情經歷及任職情況（續） II. MAJOR CAREER HISTORIES OF DIRECTORS。

000.00 — — — 10，非同一 控制下企業合併增加的子公司。

904，688， 本公 司於 2009年 12月 2日發行了三年期面值 總額為人民幣 1，453.00 — — — (35。

123，643，986。

As at 31 December 2009，000，615，237。

608，878，175，695.71 — (28， Shandong Province 262700 om 山東省壽光市聖城街595號 262700 4、 5. Designated Newspapers for Information Disclosure: Designated Domestic Website for the Publication of the Annual Report as approved by China Securities Regulatory Commission: Designated Overseas Website for the Publication of the Annual Report: Places for Inspection of the Company’s Annual Report: China Securities Journal and Hong Kong Commercial Daily Capital operation department of the Company 2I Company Information 第一節 公司根基情況簡介 5、公司選定的信息披露報紙： 境內登載年度報告的中國證券監督 打点委員會指定網站的網址： 境外登載年度報告的指定網站的網址： 公司年度報告備置地點： 《中國證 券報》和《香港商 報》 公司資本運營部 6. Stock Information A shares Shenzhen Stock Exchange Stock Abbreviation: Stock Code: 晨鳴紙業 000488 B shares Shenzhen Stock Exchange Stock Abbreviation: Stock Code: 晨鳴 B 200488 H shares The Stock Exchange of Hong Kong Limited Stock Abbreviation: Stock Code: A股 Chenming Paper 1812 6、公司股票信息 深圳證券交易所 股票簡稱： 股票代碼： 晨鳴紙業 000488 B股 深圳證券交易所 股票簡稱： 股票代碼： 晨鳴B 200488 H股 香港聯合交易所有限公司 股票簡稱： 股票代碼： 晨鳴紙業 1812 7. Share Registrar A Share and B Share Registrar: China Securities Depository and Clearing Corporation Limited Shenzhen Branch 18th Floor，600.00 Note 1: Guarantee loans were guarantees provided by the Company to its subsidiaries. For specific amount please see Note VI. (3)e. 註 1：系由本公司為子公司 提供的擔保借款，304.91 was due to construction in progress transferred to fixed assets. Original book value for the period decreased。

the balance of the accounts payable of the Group and the Company was not due to any shareholders holding over 5% (5% inclusive) of the Company’s shares. 本集團及本公司本期末應付賬款餘 額中無應付持有公司5%（含5%）以 上股份的股東的款項，900，823.86 56， New Century Fund，000.00 in 2009 for papermaking waste water advanced treatment and recycling 根據 壽光市財 政局《關 於撥付節 能 技術 改革財政 獎勵資金 的通知》，根據現有 的資料，064.57 197。

209，自購買日起將商譽的賬面價值凭据 公道的要领分攤到相關的資產組，741.94 54，913。

曾任兩家上市公 司的財務總監、公司秘書。

166X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS 五、財務報表項目附註 1. Cash cash equivalents (Cont’d) 1. 貨幣資金（續） The Company 本公司 RMB 人民幣元 Closing balance 期末數 Opening balance 期初數 Foreign currency amount 外幣金額 Foreign currency amount 外幣金額 Exchange Rate 折算率 Amount in RMB 人民幣金額 Exchange Rate 折算率 Amount in RMB 人民幣金額 Items 項目 Cash: RMB USD 現金： 人民幣 美元 — 25。

064，762。

939，000.00 35， received a special fund of RMB2。

657 state-owned legal person shares，721。

同時本集團 不能單方面撤回解除勞動關係計劃或裁 減建議的， 3. OPINION In our opinion，項目總投資額人民幣52 億元，658，932， Ltd.)，631.23 219，042.96 Total 合計213， wooden products，553萬元； 截止 2009年 12月 31日，287， 以取得的確鑿證據為基礎，869。

execution。

491，335，000萬元。

125。

564.79 — 595，782，254， Repor ting currency The currency of the primary economic environment in which the Company and its domestic subsidiaries operate is Renminbi (“RMB”). The Company and its domestic subsidiaries regard RMB as their reporting currency. Overseas subsidiaries of the Company recognize U.S. dollar as their reporting currency according to the primary economic environment in which these subsidiaries operate. The Group prepares its financial statement based on RMB. 記賬本位幣 人民幣為本公司及境內子公司經營所處 的主要經濟環境中的貨幣， 同時未到期應收票據增加所 致，738， Positions in future pooling foreign exchange portfolio products at the end of the reporting period 報告期末遠期結售匯組合產品投資的持 倉情況 Unit: RMB 單位：元 Closing contract amount as a percentage of the net assets of the Company as at the end of the reporting Opening contract amount 期初合約 金額 Closing contract amount 期末合約 金額 Gain or loss in the re porting period 報告期損益 情況 period(%) 期末合約 金 額佔公司 報 告期末淨 資 Type of contract 產比例(%) 合約種類 Buy USD 50.00 million Buy USD 100.00 million Sell USD 50.00 million Sell USD 100.00 million Sell USD 3.00 million Total 買入 5，889.26 34， Ltd.)， 其它人員 1。

764.27 536，253.56 14，214，000.00 Entrusted loan 委托貸款 Wuhan Chenming Hanyang Paper Holdings Co.，000， pursuant to which。

000.00 6，797。

957.35) 2， Ltd. 黃岡晨鳴林業發展 有限責任公司 Shouguang Meilun Paper Co. Ltd. (Note 1) 壽光美倫紙業有限 責 任公司（註1） Shouguang Shun Da Customs Declaration Co，282.10 826， refining the corporate structure of overseas subsidiaries; formulating effective sales plans for new projects。

968.52 ) － － 90 － － － 20，067.32 1。

795，947，900，000.00 元，676.89 2010年 Being applied 正在辦理中 Being applied 正在辦理中 Year 2010 2010年 Year 2010 2010年 32，187.97 ) (6，000.00元，936，431。

主要 是由於2008年度發行H股增加 現金淨流量所致。

605，114，456， received a special fund of RMB4，738，045，162， transferred， mainly because: a. the successive completion of projects under construction， 自 2008年 1月 1日 起， In September 2000，單筆金額均未超過人民 幣 100萬元，752.26) 276X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 五、財務報表項目附註（續） 42. Investment income (Cont’d) T he Group (Cont’d) 投資收益（續） 本集團（續） 42. Gains on long-term equity investment accounted for using cost method 按本钱法核算的長期股權投資收益 RMB 人民幣元 Reason for increase or decrease in the current period as compared to the previous period 本期比上期增減 變動的原因 Incurred during the current period 本期發生額 Incurred during the previous period 上期發生額 Investee 被投資單位 Weifang Venture Capital Co.，熟悉情況 的交易雙方自願進行資產交換或債務清 償的金額， and property tax and land use tax. 1. Main Tax Types and Tax Rates 1. 主要稅種及稅率 Tax type 稅種 Basis of taxing 計稅依據 Tax rate (%) 稅率(%) (I) Value added tax （一）增值稅 Product sold in the domestic market (credit VAT) 內銷 產品銷售（銷項 稅額） Paper core sales，476，454， relevant transaction costs are directly recognized in profit or loss for the period. For financial liabilities classified as other categories，443，782。

568.78 Note: None of the Directors。

主體設備的預付款已 經開始付出， the entity recognizes it as a related financial asset and recognizes the relevant liability accordingly. The extent of the continuous involvement is the extent to which the entity exposes to changes in the value of such financial assets. 若企業既沒有轉移也沒有保存金融資產 所有權上幾乎所有的風險和報酬，385， including that the repayment capability of the debtor of the group of financial assets gradually deteriorates，除本報告第十節、三. 發生事項外，706.18 561， the Company adopts different standards of remuneration for different employees，然後再按 照前述修改其他債務條件的方法進行處 理。

Ltd. 武漢晨鳴漢陽紙業 股份有限公司 Papermaking 製紙 50.93% Writing paper，365.66 7， that is the date the net assets and the control on the operating and business decision of the subject being purchased is transferred to the purchaser. 購買日為購買方實際取 得被購買方控制權的日 期， received a special fund of RMB1，全面落 實股東大會和董事會的決議，477.87 1。

472，000. 註： 公司所有董事、監事、高級打点人員不曾在股 東單位或其它關聯單位領取薪酬， and sales of the product which produced by the Company 機製紙等的生產、銷售 Purchase and sales of wastes and old materials 廢舊物資收購與銷售 11，728，281.70元），876.58元，本公司於2008年6月公開發 行 355。

Recognition and provision for bad debt on individually insignificant accounts receivable but with higher risk based on groups of credit risk characteristics 單項金額不重大但按信用風險特徵組合 後該組合的風險較大的應收款項壞賬準 備的確定依據、計概要领 Recognition of groups of credit risk characteristics: 信用風險特徵組合的確定依據： For individually insignificant accounts receivable and those significant individually assessed accounts receivable but with no objective evidence of impairment， 2. Jiangxi Chenming Paper Co.，125， 345X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 I. SUPPLEMENTARY INFORMATION (Cont’d) 一、 補充資料（續） 4. Irregular movements in major items of the accounting statements of the Company and explanation on their reasons (Cont’d) (26) Non-operating income decreased by 26% during the year，506.70 Total 合計6，334.00 336， mainly due to the change in fair value of derivative financial instruments(including future pooling foreign exchange contracts) and timber assets. （6） 公允價值變動收益比上年同期 增加589.28%，公允價值 變動形成的利得或損失計入當期損益，982 — 51 51 Yes 是 7。

366.12 Deferred income tax liablilities: Increase in fair value of consumable biological assets Valuation gain on acquisition of subsidiaries Amortization of valuation gain on acquisition of subsidiaries 遞延所得稅負債： 耗损性生物資產公允價值增加11，195.03) (15，891.26 225，215，287.38 476，為2009年下半年的強勁反 彈打好了堅實的基礎，738，000，800 — (Fuyu Chenming Paper Co.， Ltd.) 4， 轉回上期計提的紙製品存貨跌價 準備；由於本期已將上期計提存 貨跌價準備的存貨售出，088，442.78 58。

重大影響是指對一個企業的財 務和經營政策有參與決策的權力， Ltd.，打造「林漿紙一體化」的產 業鏈。

072.36) (1，234， Juancheng Chenming Panels Co.， based on the fair values of the respective parts. The difference between the following amounts is recognized in profit or loss for the period: the sum of the consideration received and the carrying amount of the part that qualifies for derecognition and the aforementioned carrying amount. 金融資產部门轉移滿足終止確認條件 的。

計劃和實施審 計事情以對財務報表是否不存在重大錯 報獲取公道保證，057，483，295，834，828。

the Company，公允價值的變動形成的利得或損失 以及與該等金融負債相關的股利和利息 支出計入當期損益，533。

Ltd.)，705。

000，被指定且 為有效套期东西的衍生东西、屬於財務 擔保条约的衍生东西、與在活躍市場中 沒有報價且其公允價值不能可靠計量的 權益东西投資掛漖並須通過交付該權益 东西結算的衍生东西除外， selfdiscipline and regulation” applied in a consistent manner. Information disclosures were conducted under the principles of truthfulness，959，689， accuracy，本公司之銷售分公司仍執 行 25%的企業所得稅率， at which，841.87 329，現任公司監事會主席、 總經理助理、資本運營部部長、壽 光晨鳴控股有限公司監事、壽光市 恆聯企業投資有限公司監事，169， Ltd.) Limited liability company 有限責任公司 Hailaer City 海拉爾市 Manufacture of paper 造紙 1， Penghua Fund，000.00 (2，491，600.00 Total 合計 345，公司最大限度的抓住了2009年 下半年行業轉暖帶來的發展機遇，本公司持股比例 為100%，000.00 14.00 14.00 468。

822.15 14， upon the conversion。

從而減 低分銷 本钱， 公司於 2008年 6月發行 H股 35，000萬美元 賣出 5，341， the chairman of the Company，323。

Keywise Greater China Opportunities Master Fund and Keywise Greater China Master Fund are the sub-funds of KEYWISE Fund Company. Save for the above，449.59 58，612.43 100.00 (190， voluntary， 現時公 司不存在被控股股東 及 其關聯方佔用、轉移 公 司資金、資產及其它 資 源的情況，733，164，128.07 — 974，444.43 253X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 五、財務報表項目附註（續） 29. Other current liabilities (Cont’d) The Group (Cont’d) The Company was approved，446，727，959。

019.61 using the exchange rate of 6.8282. (At the end of the previous period， a subsidiary of the Company， a subsidiary of the Company，172，681，678.83 ) (344，318.77 550，441.71 — — 483，450，722，132，191.27元（2008年12月 31日：人民幣 147，724，305，386，117.43 157，746， Ltd. 黃岡晨鳴林業發展有限公司 50，000股，941.37 ) (1，120.75元。

2. T he establishment and optimization of the internal Control of the Company (Cont’d) (2) Administration of and control over connected transactions The Articles of Association of the Company has provided clear rules for the authorities of the Board and Shareholders’ Meeting to examine connected transactions， and were focused on appraisals of two fixed indicators，831.23 28， after acquisition，562，對使用壽命有限的無形資產的使 用壽命和攤銷要领進行覆核，明確 了重大信息的範圍，920，934。

011.81) 9。

159.85 613，355.98元（2008年12 月 31日 ： 人 民 幣 310， assistant to the general manager and deputy general manager of Chenming Holdings and deputy general manager of Shouguang Chenming Pulp Manufacturing Factory (壽光晨鳴製漿工廠). She is currently a Supervisor of the Company. 王菊女士，795.17 242X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 五、財務報表項目附註（續） 23. 預收款項 本集團 預收 款項明細如下： V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 23. Advance receipts T he Group Breakdown of advance reaccepts is set out as follows: RMB 人民幣元 Items 項目 Closing balance 期末數 Opening balance 期初數 Within 1 year Over 1 year 1年以內 1年以上 226，953，718， 挖潛力、降成 本、增效益，881.91) (5。

Ltd.) 壽光維遠物流有限公司 (Shouguang Wei Yuan Logistics Company Limited) 壽光新源煤炭有限公司 (Shouguang Xinyuan Coal Co.，500， 包罗浮動利率 借款及牢固利率借款，102，465。

不 再包罗在具有類似信用風險特徵的應收 款項組合中進行減值測試。

953.55 94.13 4.65 0.28 0.94 (68，538.07 小計 Total ─ 4， a subsidiary of the Company， activities relating to the acquisition。

483，907.78 238，本期由於產品價格回升及 原料降價轉回存貨跌價準備所 致，708。

923.91 4，721，000.00 4，擔保決策措施合 法。

在發生時計入 當期損益，主 要系子公司湛江晨鳴林業發展 有限公司、黃岡晨鳴林業發展 有限責任公司、南昌晨鳴林業 發展有限公司增加林木種植面 積，545，379。

an increase o f RMB 517， An internal retirement plan is accounted for using the same principles as described above. Salaries and social insurance contributions to be paid to the internally retired employees by the Group during the period from the date when the employee ceases to provide services to the normal retirement date are recognized in profit or loss for the period when the recognition criteria for provisions are met (termination benefits). 職工內部退休計劃採用上述辭退福利相 同的原則處理。

During the reporting period，000，837，計算過程 如下： Incurred during the current period 本期發生額 Incurred during the previous period 上期發生額 Number of outstanding ordinary shares at the beginning of the year Add: number of weighted ordinary shares issued during the period Less: number of weighted ordinary shares repurchased during the period Number of outstanding weighted ordinary shares at the end of the year 年初發行在外 的普通股股數 加：本期發行的普通股 加權數 減：本期回購的普通股 加權數 年末發行在外的普通股 加權數 2，000.00 (2，減少幅度為4.15%；主營 業務本钱人民幣1， Ltd.， Ltd， 包罗浮動利率借 款及牢固利率借款，不 調整合併資產負債表的期初數， the Group had outstanding bank facilities of RMB19， entered into a Zhanjiang Pulp Project Master Equipment Purchase Contract with Andritz OY and Andritz AG for a total contractual amount of RMB1.490 billion. Please refer to the relevant announcements published on China Securities Journal，685，233.15 (693，657.00 10，465.58 2008: 2008年度： Statutory surplus reserve 法定盈餘公積金711，至此公 司第一大 股東由壽 光市國有資產打点局變更為晨鳴控股，612，646，937.34 14，110.94 ) 930，813，629，751.90 (37， Director of the Company and the chairman of Wuhan Chenming Hanyang Paper Holdings Co.，945.32) — 2.根基養老保險費— 24，122，630，671，可能引起 本集團財務損失的最大信用風 險敞口主要來自於条约另一方 未能履行義務而導致本集團金 融資產產生的損失以及本集團 承擔的財務擔保， On disposal of a long-term investment，130.47 (72。

791，824，775， 65VII Directors’ Report 第七節 董事會報告 三、報告期內投資情況（續） 2、 報告期內投資設立控股子公司情況 （續） （4） 壽光虹宜包裝裝飾有限公司 III. INVESTMENTS DURING THE REPORTING PERIOD (Cont’d) 2. Establishment of controlling subsidiaries during the reporting period (Cont’d) (4) 壽光虹宜包裝裝飾有限公司 (Shouguang Hong yi Decorative Packaging Co.。

227，694.46) 202，657。

主要系本年集團獲得大量與資 產相關的当局補助， shall be transferred to profit or loss in whole or in proportionate share in the period in which the disposal took place. 處置境外經營時，257，180.51 246X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 五、財務報表項目附註（續） 26. 應付股利 本集團 及本公司 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 26. Dividends payable T he Group and The Company RMB 人民幣元 Name 單位名稱 Closing balance 期末數 Opening balance 期初數 Legel person shares 法人股 78，762，454.96 ) (1，720，390，落實項目 建設責任；二是優化資源配置，現任公司副總經理，094.79 16，847.95 52，395.70 II. Accumulated depreciation and accumulated amortization in total Buildings — — — 1，581.17 11，237.01 5，395，467.21 94.39 5.61 Total 合計 826，折算後為 人民幣 446，這 樣可以保證對控股子公 司的控制權安稳把握，358， and only when the related criteria are met. 当局補助 当局補助是指本集團從当局無償取得貨 幣性資產和非貨幣性資產，428.82 18，797，以中文文本為準，370，791，312.86 For the movements of the provision of the bad debts of accounts receivable please refer to notes V.18. 應收賬款壞賬準備的變動見附註 五、 18，895，834.68 240，456.77 19，對 募集資 金投向、募集資金使用 的審批、未使用的募集 資金的存放、變更、募 集資金使用情況的報告 和監督以及責任追究等 作了明確的規定，000.00 932，412.74 1，725.01 45，427，334.87 (23，785.94 1，203，配合製作了申報质料 並申報相關部門，增加地皮使用權所致，264，為保 障各子公司正常生產經營，412.29 Identifiable liabilities Current liabilities Non-current liabilities 可辨認負債： 流動負債 非流動負 債 17，574.20 2，739.49) A turnaround made by the investee 被投資方 虧損轉盈利 Total 合計 (15，441.05 23，619，181.53 Cash paid for goods and services Cash paid to and on behalf of employees 購買商品、接受勞務付出的現金 付出給職工以及 為職工付出的現金 付出的各項稅費 支 付其他與經營活動 有關的現金 10，000 2，128.84 39， while pursuing to accelerate the Company’s development by strengthening its own innovation capacity. 與國際造紙企業比較，除此以外的 其他無形項目的支出。

545。

500，333，527 — — 298 52 3， including 12。

260，522.17 1，007 123，177，102，636，將計劃 本钱調整為實際本钱，本 集團共征原料林地245萬 畝。

927.28 13， Note 1: Guarantee loans were guarantees provided by the Company to its subsidiaries。

raw materials purchase， Hubei 湖北武漢 2，868，948，925， estimated residual value and annual depreciation rate of each category of fixed assets are as follows: 各類牢固資產的折舊要领 牢固資產按本钱進行初始計量。

057，000 as single item with significant other receivables. 本集團將金額為人民幣 100萬元以 上的其他應收款確認為單項金額重 大的其他應收款， and the Directors of the Company are of the opinion that those amounts could be collected. As such， reinforcing market research and analysis，339， (3) General and administrative expenses increased by 29.43% compared to the corresponding period of the previous year。

272.50 42，799， Ltd.) X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 156IV. THE SCOPE OF CONSOLIDATED FINANCIAL STATEMENT AND CONTROLLING 四、合併財務報表範圍及控股子公司情況（續） SUBSIDIARIES (Cont’d) RMB in ten thousands 人民幣萬元 Set off the loss attributable to the minority shareholders of the subsidiar ies in the current period from the owner’s equity of the Company exceeds the minor ity shareholders’ portion of the opening balance of owners’ equity of the subsidiary 從母公司所有者權益沖減子公司 少數股東分擔的本期虧損超過 少數股東在該子公司期初所有者 權益中所享有份額後的餘額 Set off the profit or loss of the minority interests from the equity of the minority interests 少數股東損益 顶用於沖減 少數股東損益 的金額 Balance of other projects that constitute net investment in the subsidiary 實質上構成對 子公司淨投資 的其他項目 餘額 The actual investment at the end of period 期末實際 出資額 Whether consolidated in the statement 是否 合併報表 Minority interests 少數 股東 權益 Subsidiary type 子公司類型 Place of Incorporation 註冊地 Business Nature 業務性質 Registered capital 註冊資本 Shareholding 持股比例 (%) Voting rights 表決權比例 (%) Full name of subsidiary 子公司全稱 Business activity 經營範圍 Limited liability company 有限責任公司 Wuhan City 武漢市 Wall materials 牆體 1。

468.11 13，722，848，487，572。

941.00 一、本年年初餘額 6，021。

268.62 2，102，平穩渡過了最困 難時期。

Hong Kong Commercial Daily and on the website of CNINF () on 7 July 2009，597.16 (6，但由於該其他應收款 的賬齡均在2年以上，060， received a special fund of RMB35，228，000.00 — — 35。

Shandong 山東壽光 On-site research and investigation 實地調研 Research personnel from Global Broker Services 中金證券研究員 Matters including recent development of the industry and development trend in the future，433，745， South Korea and overseas markets respectively to reduce distribution costs. Such arrangements will shorten the distribution cycle and assist Jiangxi Chenming in more efficient and effective distribution work in its expansion into overseas markets， Ltd. 菏澤晨鳴板材 有限責任公司 10，811.98 3， Ltd 上海林嘉紙電子商務 有限公司 Cost method 本钱法 — — — — — — — Cost method 1，會議審議通過了 公司 2009年半年度報告全文和摘 要， 83 In July 2009，178.63 Vehicles 87。

自行栽培、營 造的耗损性生物資產的本钱，192， reporting。

130，745，996，991。

168.67 88，000，000，819，062，確認相應的遞延所得稅資產，858.05 1，現任本公司董 事長。

741，428， the 800，704，112.41) (2，959.11 Total 合計2， advance for raw materials and auxiliary items and parts as stipulated in contract. 本集團本期末賬齡超過一年且金額 重大的預付賬款為按条约約定的預 付林木款、預付质料款和備品備件 款。

661.67 12，527.87 2， V. PERSONNEL OF THE COMPANY At the end of the reporting period，370，000.00 — Jilin Chenming Paper — — 1，452，按其差額計提資產減值準備，941.00 3，629.22 Total profit 利潤總額 1，200，226。

695，353，006.65) 275，299.46 (101， processing cost and other expenses that help deliver the inventories to the current location and situation. 存貨 存貨的分類 本集團的存貨主要包罗原质料、在產 品、產制品。

000 tonnes; further improve the Company’s production scale。

785，215。

116X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 II. SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES OF THE 二、公司主要會計政策和會計估計（續） COMPANY (Cont’d) The accounting treatment of business combination under common control and not under common control (Cont’d) Business combinations and goodwill involving entities not under common control A business combination involving entities not under common control is a business combination in which all of the combining entities are not ultimately controlled by the same party or parties both before and after the business combination. For business combination involving entities not under common control，160.98 Total 合計 225，201，按月進 行；年度考評由公司薪酬委員會結 合高管人員月度考評情況及年度整 體情況包罗高管綜合素質及內部人 才培養情況做出評定。

528.59 Less: minority interest Interest attributable to the shareholders of the company Less: consideration of acquisition Discount on acquisition 減：少數股東權益 歸屬於本公司 股東的權益 — — — — — — — — 減： 收購對價 購買折價 1， Ltd.) 無錫松嶺紙業有限公司 (Wuxie Song Ling Paper Co.，480，計入當期 損益， strengthened the telephone communication with shareholders，800，903.13 in original currency，492，842.45 17，000.00 and RMB5，523.52元 ， Shandong Chenming Paper Group Qihe Paperboard Co.，《公司章程》中 對董事會及股東大會在重 大投資的審批權限方面均 有明確規定。

123，799.36 (1，901.70 — 35，000.00 ) (15，025.30 55。

542.15) -41.93% 177，073.86 — — (310，914。

488，452，000， 138X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 II. SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES OF THE 二、公司主要會計政策和會計估計（續） COMPANY (Cont’d) Intangible assets (Cont’d) Intangible assets (Cont’d) An intangible asset with an infinite useful life shall be stated at cost less estimated net residual value and any accumulated impairment loss provision and amortized using the straight-line method over its useful life when the asset is available for use. 無形資產（續） 無形資產（續） 使用壽命有限的無形資產自可供使用時 起，877，551.40 Inter-segment transactions are measured based on the actual transaction price. Segment income and segment expenses are determined based on the actual income and expenses of each segment. 分部間轉移交易以實際交易價 格為基礎計量，522， (2) Net cash flow generated from investment activities decreased by 41.93% compared with the corresponding period of the previous year，338.87 100.00 Explanation on the age of advance to suppliers: 預付賬款賬齡的說明： At the end of the current period，015， Ltd. 武漢晨鳴漢陽紙業股份 有限公司 — 20 October 2006 2006年10月 20日 20 January 2009 2009年 1月20日 130，260。

Ltd.) — 100 100 Yes 是 — — — Limited liability company 有限責任公司 Fuyu County，406.85 67，嚴格遵守公司制定的《遠 期結售匯內控打点制度》， a decreased of RMB 7，586.57 (509，528.59 8，000 1，053，679。

047.49 3，230.17 4，000.00 Entrusted loan 委托貸款 (c) Receivables and payables of related parties (c) 關聯方應收應付款項 RMB 人民幣元 Name of items 項目名稱 Related party 關聯方 Closing balance 期末金額 Opening balance 期初金額 Trade receivables 應收賬款 Trade receivables 應收賬款 Total 合計 Subsidiaries of the Company 公司之子公司 Associated corporations of the Company 公司之聯營企業 189。

the subsidiary was subject to the income tax rate of 20% in 2009. 本公司子公司山東晨鳴新力熱電有 限公司系於2001年创立的中外合資 經營企業，066。

168.68 3，528，本集 團劃分為貸款和應收款的金融資產包罗 委託貸款、應收票據、應收賬款及其他 應收款等，） Maturity analysis of financial assets and financial liabilities of the Group at undiscounted remaining contractual obligations are set out as follows: 本集團持有的金融資產和金融 負債按未折現剩餘条约義務的 到期期限阐明如下： RMB 人民幣元 1 to 3 months 1-3個月 3 to 12 months 3-12個月 1 to 5 years 1-5年 Over 5 years 5 年以上 Bank balances and cash Financial assets held for trading Bills receivable Accounts receivable Other receivables Debts Financial liabilities held for trading Bills payable Accounts payable Other payables Medium-term debentures payable Dividends payable Intenests payable Employee benefits payable 貨幣資金 交易性金融資產 應收票據 應收賬款 其他應收款 借款 交易性金融負債 應付票據 應付賬款 其他應付款 應付中期票據 應付股利 應付利息 應付職工薪酬 2， production and operation of the Company，553，407，000.00 — 付出其他與籌資活動 有關的現金 54 460，841.92 210X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 五、財務報表項目附註（續） 11. Fixed Assets (Cont’d) The Group (Cont’d) 牢固資產（續） 本集團（續） 11. (1) Overview of fixed assets (Cont’d) (1) 牢固資產情況（續） RMB 人民幣元 Closing book balance 期末賬面餘額 Opening book balance 期初賬面餘額 Additions for the current period 本期增加 Deductions for the current period 本期減少 Items 項目 IV. Total impairment provision Of which: Buildings 四、減值 準備 合計 个中： 衡宇及 建築物 機器 1，936，131.70 記入資本公積的利息收入— 770，278，440.78 1，043，103.92 68，199，464.42 was due to disposal and a decrease of RMB15，000.00 14 February 2008 2008年2月 14日 14 February 2010 2010年 2月14日 80，本 次增發的 H股股票於2008年 6月18日在香 港聯交所掛牌上市交易，169， Ltd. 陽江晨鳴林業發展 有限公司 42， utilizes raw materials containing above 30% of coal ash in its production. It is thus qualified as an enterprise engaged in the utilization of waste in production and is exempted from VAT in 2009. 稅收優惠及批文（續） 增值稅 根據《國家稅務總局對部门資源綜合 操作 產品 免徵增 值稅的 通知》（財 稅 [1995]44號），543.74 (30，215。

814， The supplementary information provided by the management was signed by the responsible personnel of Shandong Chenming Paper Holdings Limited as shown below on 12 April 2010: 打点層提供的補充信息 2010 年 4月 12日由山東晨鳴紙業集 團股份有限公司下列負責人簽 署： Legal Representative: 法定代表人： Chief Financial Officer: 主管會計事情負責人： Head of finance section: 會計機構負責人： 12 April 2010 2010年 4月 12日 346XI Documents Available for Inspection 第十一節 備查文件 I. They include the financial statements which is signed and sealed by the legal representative，000.00 4 September 2008 2008年9月4 日 3 September 2010 2010年 9月3日 40，368.16 2，712.74 3。

458。

859，870.20 投資付出的現金 取得子公司及其他營業單位 付出的現金淨額 1，以非現金資產清償債務的，000.00 — 20。

152X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 III. TAXATION (Cont’d) 三、稅項（續） 2. Tax Incentives and Approvals (Cont’d) Crediting Payment on Purchase of Domestically-Made Equipment as Investments Pursuant to the Circular on Several Issues concerning Crediting Payment on Purchase of Domestically-Made Equipment as Investments against Enterprise Income Tax by Foreign-invested Enterprises and Foreign Enterprise（s 《關於外商投資企業和外國企業購買國產設備投資抵免企 業所 得稅有 關問題 的通知》）issued by the Ministry of Finance and the State Administration of Taxation (Cai Shui [2000] No. 49) and the Provisional Measures concerning Crediting Payment on Purchase of Technologically Improved Domestically-Made Equipment as Investments against Enterprise Income Tax（《技術改革國產設備投資抵免企業所得稅暫行辦法》）(Cai Shui Zi [1999] No. 290)，016.14 — — — 6。

investment gain or loss represents the Group’s share of the net profits or losses made by the investee for the current period. The Group shall recognize its share of the investee’s net profits or losses based on the fair values of the investee’s individual separately identifiable assets at the time of acquisition，617.31 ) 47.58 Total 合計 1。

213， 274X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 五、財務報表項目附註（續） 40. Loss on impairment of assets T he Group 資產減值損失 本集團 40. RMB 人民幣元 Incurred during the previous period 上期發生額 Incurred during the current period 本期發生額 Items 項目 Provision of bad debt Provision of allowance for inventory Provision of impairment on equity investment Provision of impairment on fixed assets 壞賬損失35。

762，132，073，856.61 10，100。

771.23 耗损性生物資產公允 價值變動產生的損益 除上述各項之外的其他 營業外收入和支出 所得稅影響額 少數 股東權益 影響額（稅 後） 9，376，400，530。

655.34 ) — (21，928.30 298， 1987年插手本公司，000.00 500，357， the related personnel co-operated and prepared reporting materials for filing with the relevant authorities，142.89 — 37， (25) Investment losses decreased by 32% during the year，159.28 in original currency。

067.32 — Total 合計1，546.29 ) (5，682.82 資產負債表日後第 3年 以後年度 30， and the operating results and cash flows of the Company and the Group for the year of 2009. 遵循企業會計準則的聲明 本公司編製的財務報表切合企業會計準 則的要求，130.84 — 7，173。

000.00 — — Bank IV 銀行四 USD 1.20 30，704， 5 resolutions were considered and approved， 75VIII Supervisory Committee’s Report 第八節 監事會報告 一、監事會事情情況 報告期 內，580.85 67.92 (30。

主要包罗以下方面： Based the above viewpoints about papermaking industry，067，321.00) — (688， Matters including recent development of the industry and development trend in the future，542， 對公司的生產經營目標、持續 發展法子、依法經營、規範運 作等重大事項認真論證、及時 審議。

480。

258，314，969.57 814。

963.87 8，選擇恰當的折現率對其進行折 現後的金額加以確定，193。

after deducting the estimated costs of disposal，500.47 14，451.85 6，1987年插手本公司， 53VII Directors’ Report 第七節 董事會報告 一在企業會計準則下的打点層討論與 阐明（續） （四）報告期損益指標同比發生重大變動 阐明說明 I. MANAGEMENT DISCUSSION AND ANALYSIS UNDER ACCOUNTING STANDARDS FOR BUSINESS ENTERPRISES (Cont’d) (IV) Analysis and explanation on major year-on-year changes in profit and loss indicators during the reporting period Unit: RMB 單位 ：（人民 幣）元 Accrued during this year 本年累計數 Accrued during the previous year 上年累計數 Increase (+) Decrease (-) Item 項目增（+) 減（ -) Tax and levies on operations Selling and distribution expenses General and administrative expenses Finance expenses Losses on impairment of assets Gain on change in fair value Investment income Non-operating income 營業稅金及附加 銷售費用 打点費用 16，641.36 償還短期融資券付出的現金1， the credit risk with respect to liquid funds is low. 由於本集團的風險敞口分佈在 多個条约方和多個客戶， The Group recognizes assets and liabilities obtained arising from business combination recognized on the date of merger or acquisition. The date of merger or acquisition means the date on which the controlling right of the entity being merged or of the acquiree is obtained，529。

本公司子公 司 湛江晨鳴漿紙有限公司於2009年 收到人民幣35，221名，000，961，107， if there is objective evidence showing recovery in value of such financial assets impaired and which is related to any event occurring after such recognition。

000.00 — (2，691.14 3.70% 12.92% 54.04% 1.64% 1.15% 5.89% -5.03% -6.08% 5.44% 0.61% 50VII Directors’ Report 第七節 董事會報告 一在企業會計準則下的打点層討論與 阐明（續） （三）報告期內公司資產構成同比發生重 大變動阐明說明（續） 1、 主要變化因素變動說明 （1） 應收票據：主要是 2008 年四季度受經濟危機影 響， Ltd.，985。

000.00 18，在以後會計期間不予轉回，215，000.00 70.00 70.00 — — — — Hotel Co.， Ltd.” (Qi Zheng Zi [2010] No. 4) issued by the Qihe County People’s government。

000.00 3 December 2009 2009年12月3 日 2 December 2010 2010年12月2日 380，163.30 33，299.46 11，705.81) 3，142，188，400， which then was passed to the Board for approval，這種責任包 括： (1)設計、實施和維護與財務報表編 製相關的內部控制， which are enforceable currently，747.97 301，754.74 0.36 (6， and deferred income tax arising from a business combination，698，做出準確 判斷，000，687， Accounts receivable comprised the following balances in foreign currencies: 應收賬款中包括以下外幣餘額： At the end of the current period。

916.01 2，449.06 184，497，605.60 其他1。

282。

acquired equity interests in 壽光虹宜包裝裝飾有限公司 (Shouguang Hongyi Decorative Packaging Co.， Supervisors and Senior Management of the Company had received any remunerations from shareholder or other related entities. The remuneration for Poon Shiu Cheong，564。

同一控制下企業合併增加的子 公司，000.00 204，700，392.38 2， the reduction is recognized as an impairment loss and charged to profit or loss for the current period. 上述資產減值損失一經確認，152.69) (49，700，470.59 636。

其他金融負債採用實際利率法， 註6：累計折舊本期減少中，389.27 II. Provisions for inventory impairment III. Impairment provisions for 二、存貨跌價 準備 三、可 供出售 134，668.98 4，監事會認為該審 計報告真實、客觀、合理的反应了 公司的財務狀況和經營成就，727， the Group had accounts receivable denominated in foreign currencies in the amount of USD 44，656，1996年 12月，930.38 151，302.18 36， allowance and subsidies II. Staff welfare III. Social insurance premiums Of which: 1. Medical insurance premium 2. Pension insurance premium 3. Unemployment insurance premium 4. Work-related injury insurance premium 5. Maternity insurance premium IV. Housing provident funds V. Lay-off welfare VI. Others 一、工資、獎金、 津貼和補貼 二、職工福利費 70，080.05 ) Supplementary information: Depreciation and amortization expenses Impairment losses recognized during this period Capital expenditure Of which: constructions in progress expenses Expenses of purchase of 補充信息： 折舊和 攤銷費用 當期確認的資產 減值損失 資天性支出 个中：在建 工程支出 購置牢固 1。

affected by the global financial crisis and the resulting economic downturn and substantial drop in price index worldwide。

該公 司註冊資本為人民幣 2，334，866 — — 1， The risk that changes in interest rate lead to changes in cash flow of the financial instruments of the Group is mainly associated with floating-rate bank borrowings (details set out in Note V.19， the provision for bad debts are determined on the basis of the structure of the loan portfolio (debtors’ ability to pay amounts due according to the contractual terms)。

745.12 IV. Net profit (“-” denotes loss) 四、 淨利潤 （淨虧損 以「－」號填列） 814，156，962.99 牢固資產技術 改革 （吉 林晨鳴） 堿爐擴容及 蒸發站改革 （武 漢晨鳴） 漿板機項目 （江 西晨鳴） 排水車間中段水 深度處理 （齊 河板紙） 動力車間改革 12。

280.51 ) (101，516，532。

江西晨鳴 紙業有限責任公司（「江西 晨鳴」）、 本公司、韓國新茂林製紙公 司（「茂 林製紙」）及塞佩中國控股有限公司 （「塞 佩中 國」）訂立了銷售及經銷合 同。

497.69 1，311。

38V Corporate Governance Report 第五節 公司管治報告 I. DISCLOSURES AS REQUIRED BY CHINA SECURITIES 一、按中國證監會要求披露的資料（續） REGULATORY COMMISSION (Cont’d) (IV) Internal Control of the Company (Cont’d) （四）公司內部控制情況（續） 2、 公司內部控制制度的成立和健 全情況（續） （7） 對財務的打点控制 公司 已按《公司 法》、《會 計法》、《企業會 計準則》 等法令法規及其補充規 定的 要求制 定了《財務會 計制 度》等有 關財務制 度，351，209，161.72 3，487，無賬齡超過 一年的大額預收款項，202.05 fixed assets expense 資產支出 82。

449.06 184，306，351.39 2，222，000，613，411，011。

Ltd. 江西晨鳴紙業 有限責任公司 Cost method 本钱法 Cost method 12， and saw the regain of momentum in the industry in the second half of the year. Amid the challenging operating environment，229。

345，321.00 —— 809，904， 115X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 II. SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES OF THE 二、公司主要會計政策和會計估計 COMPANY Basis of preparation and principle of measurement The Group’s financial statements have been prepared on an accrual basis. Except for consumable biological assets and certain financial instruments which are measured at fair value，468.11 Investment represent part of the buildings of 北京數碼大廈 (Beijing Digital Building) (for lease out) as held by the Company，重 點發展高端紙品的生產，在以後會 計期間不予轉回，388， 3. Sensitivity analysis The Group adopts sensitivity analysis techniques to analyze the possible effects of rational and probable changes in risk variables to profit and loss for the current period or to the beneficial interests. Since risk variables seldom change on a stand-alone basis，公司制定了收付款審 批權限等系列措施。

who joined the Company in 1987，291，則以該資產所屬的資產組為基礎確 定資產組的可收回金額，000.00元，560.51) 10， entered into a share transfer agreement with the shareholder of 壽光新源煤炭有限公司 (Shouguang Xinyuan Coal Co.，184。

874，000，該等美元餘額 的資產和負債產生的外 匯風險可能對本集團的 經營業績產生影響， who joined the Company in 1994，000，主要完成了以下 事情： (1) Implementation of the profit appropriation plan for 2008 The 2008 annual general meeting resolved the 2008 profit appropriation plan of the Company: based on the total share capital of 2，797，045，125，884，745.48 — — 511，並在關停期間，富饶晨鳴 紙業有限責任公司文化紙改革 項目等在建工程項目相繼完工 轉固， B5 of Hong Kong Commercial Daily 中國證券報 B8版、香港商報B5版 2009-8-17 H share announcement H股通告 94IX Material Matters 第九節 重要事項 十一、2009年度信息披露索引（續） Media for publication 通告媒體 XI. INDEX OF INFORMATION DISCLOSURE IN 2009 (Cont’d) Date of announcement 通告日期 Subject matter 通告事項 2009-8-19 Announcement certification as enterprise in respect of a new and high obtaining technology D55 of China Securities Journal。

567.06 21， Ltd. 江西晨鳴紙業有限責任公司 450，000 Production， chief engineer，758.08 431， 大成基金、鵬華基金等機構研究員 及投資經理 Matters including recent development of the industry and development trend in the future，418， cash flow discounting method and option pricing models. 金融东西 金融資產和金融負債的公允價值確定方 法 公允價值，084，394。

銷量比 2008年四 季度大幅增加，在以後會計期 間不予轉回，277.59元， as well as strategic development 行業近期發展狀況及未來發展趨勢、公司生 產經營情況、未來戰略發展偏向等，799.72 109，000.00 購買折價2。

523，570.79元，285，288.99 181X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 五、財務報表項目附註（續） 4. Advance to suppliers (continued) The Group (continued) 預付款項（續） 本集團（續） 4. The breakdown of advance to suppliers according to customer's classification is as follows: 預付款項按客戶類別披露如下： RMB 人民幣元 Category 類別 Closing balance 期末數 Opening balance 期初數 Single item with significant advance to suppliers 單項金額重大的預付賬款783，426，588.53 1，主 要是 2009年上半年受到金融 危機的影響，258，014.73) 12，303.81) Note: The Group did not recognize the goodwill as its amount was relatively small。

238.62 The Company 本公司 RMB 人民幣元 Incurred during the 上期發生額 previous period Incurred during the 本期發生額 current period 項目 Items Special subsidy funds received 收到專項資金6，052.31 — 2，806.59 (at 31 December 2008: RMB401，於2001至2010年期間適用 15%優惠稅率。

345，957，公司完成機製紙產 量 304萬噸， etc. 高華證券、南方基金、博時基金，189，220.41). The related house property right certificates were being applied. 註3： 2009年12月 31日本集團牢固資產 中尚未取得衡宇產權證的衡宇建 築 物 淨 值 為 人 民 幣 321，115，公司增加長期借款，045，130，953.51 136，268.62 81，000，折算後為人民 幣 10， 明確了年報信息披露出現 40V Corporate Governance Report 第五節 公司管治報告 I. DISCLOSURES AS REQUIRED BY CHINA SECURITIES 一、按中國證監會要求披露的資料（續） REGULATORY COMMISSION (Cont’d) (IV) Internal Control of the Company (Cont’d) （四）公司內部控制情況（續） 2、 公司內部控制制度的成立和健 全情況（續） （10）公司控股子公司控制結 構圖 2. The establishment and optimization of the internal Control of the Company (Cont’d) (10) Shareholding structure of the subsidiaries of the Company 41V Corporate Governance Report 第五節 公司管治報告 I. DISCLOSURES AS REQUIRED BY CHINA 一、按中國證監會要求披露的資料（續） REGULATORY COMMISSION (Cont’d) (IV) Internal Control of the Company (Cont’d) SECURITIES （四）公司內部控制情況（續） 3. Implementation of internal control system The Company performed inspection and monitoring operation on implementation of internal control system. The operation and planning department was in charge of inspecting and monitoring the internal control system and made amendments from time to time to ensure effective implementation of the internal control system and normal production and operating activities. The Company took a top-down approach in the annual inspection of its subsidiaries to assess the compliance of the financial system and financial audit of the subsidiaries. The audit department of the Company performed random audit on the financial position the Company and its subsidiaries. 3、 內部控制實施監督情況 公司已成立對內部控制制度執 行情況的放哨和監督制度，227，349.50 15，217。

996.64 — Total 合計 2， processing and sales of forests 林木種植、加工、銷售 2，259，529。

684.15 (90，988， Ltd.) (Note 1) 山東林盾木業股份 有限公司 （註 1） (Shandong Lin Dun Wood Industry Co.，884.60 ) (11，927，200， on which independent non-executive Directors of the Company had expressed their independent opinion， who joined the Company in 1984， (18) Deferred income increased by 114% during the year，388.95 ) 1， Ltd. 江西晨鳴紙業 有限責任公司 95，719， please refer to PRC Auditors’ Report and Financial Statements and Note VI thereto Prepared in Accordance with Accounting Standards for Business Enterprises)，767.79) (157。

V. DAY-TO-DAY OPERATION OF THE BOARD (Cont’d) 1. Board meetings and their resolutions (Cont’d) (3) On 8 June 2009，998.85 — 4，310.69 295，196.96 906，對金額 較大的初始直接費用於發生時予以資本 化。

960.46 was due to acquisition。

924.10 1。

173。

600.37 512，216。

500.00 26，000，773， and the applicable tax rate for 2009 was 16.5%. 根據香港特別行政區立法會2008年 6月 26日通 過 的《2008收入條例草 案》， for such portion of receivables，810.81 594，605.23 4，574，440.78 ) (1，522， 84IX Material Matters 第九節 重要事項 四、重大条约及履行情況（續） 4、 報告期內公司遠期結售匯組合產品 業務情況 IV. SIGNIFICANT CONTRACTS AND THEIR PERFORMANCE (Cont’d) 4. Future pooling foreign exchange portfolio products during the reporting period (Cont’d) Specific opinions of independent directors， and this led to a decrease in accounts payable. (12) 本年應付賬款減少了20%，987.79 100.00 (141，934.62 70。

681.36 2，744，000 (Shandong Chenming Panels Co.，928.30 9，955.16 3，685，104， 行政人員 825名，491，411.33 2， bearing interest rate of 5.20% per annum. As at 31 December 2009，873.03) 331，292.23 8，630，661.67 312， Dongcheng District，268，195，174，212。

000，416.86 80， receivables，844。

主 要系聯營公司本年虧損減少所 致，733，494.95 779， Ltd.，575。

An impairment loss recognized on long-term equity investments shall not be reversed in a subsequent period. 長期股權投資的減值損失一經確認， 7.5% by Moorim Paper and 7.5% by IFC. The principal businesses of Sappi and Moorim Paper are making and sales of various paper products. According to Rule 14A.11 of the Hong Kong Listing Rules。

694。

391 (in ten thousand) 1。

X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 321X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 VI. RELATED PARTY RELATIONS AND TRANSACTIONS (Cont’d) 六、關聯方關係及其交易（續） (3) Major related party transactions entered into between the Company and related parties during the year are as follows (Cont’d) (3) 公司與關聯方在本年度發生了如下 重大關聯交易（續） (b) Lending and borrowing (b) 關聯方資金拆借 Current year: 本年度： RMB 人民幣元 Amount of lending and borrowing 拆借金額 拆出金額 Balance at the end of the current period 本期末餘額 Related party 關聯方 Starting 起始日 Ending 到期日 Remarks 說明 Heze Chenming Panels Co.，125， Ltd.，或 有租金於實際發生時計入當期損益，445。

586.84) 3，299.46 1，董事會認為公司 管理的實際情況與《上市公司 管理準 則》等規範性文件的規定和要 求根基 相符。

000.00 78。

998，527.37 5，806.59 40，827.22 30.00 30.00 — — — — Equity method 權益法 19，上述各家金融機構分別 為江西晨鳴紙業有限責任公司提 供40，直至資產的購建或生產活動从头 開始。

508.19 2，487，334.87 1，000.00 —— 2。

045。

624，377，114.74 other receivables 其他應收款 51，511，824.96 Total 合計79， bills receivables，273.44 Sub-total 小計2，501，552，884.96 1，518。

我們獲取的審計證據是充 分、適當的，243.68 非凡稅收宽免影響(10，假如本集團能夠控制暫時性差 異轉回的時間，297.55 2008: 2008年度： Undistributed profits at the beginning of the year Add: Net profits of the year Less: Appropriation of statutory surplus reserves Ordinary shares dividend payable 年初未分派利潤 加：本年淨利潤 減：提取法定盈餘公積 應付普通股股利 2， the Company and its remaining subsidiaries are subject to enterprise income tax rate of 25%. 除上述優惠政策外，065.64 94，000.00 — 1，941。

997，357.47 377，980，891.91 10，887， inter alia，291。

975.04 726，000.00 10 December 2009 2009年 12月10 日 10 December 2012 2012年 12月10 日 No 否 Shandong Chenming Paper Holdings Limited 山東晨鳴紙業集團股份有限公司 Jilin Chenming Paper Co.，736，331.71 5，057.28) 257， Limited) (3) 壽光維遠物流有限公司 (a) Overview of the acquired entity : (a) 被合併方根基情況： During the reporting period， East Zone，485。

the acquirer is the entity that obtains control of the other entities participating in the combination at the acquisition date，998.80 (at 31 December 2008: RMB217，941.00 355， and therefore provided 20% of the outstanding balance of those other receivables with age between 2 and 3 years for bad debts，742.57 10，711.67 — 12，222，000.00 in 2009. 根據南昌市環保局和南 昌市 財政 局《 關於下達 2008年度第二批市級環 保專項資金項目計劃的 通知》，502.70 1，256.04) — 26，在多年的實踐中充实 获得驗證並反应行之有效。

159，700.00 65。

864.21 1，213，557，334.00 36，成立適當的風險蒙受 底線和進行風險打点，443.37 — — — 64VII Directors’ Report 第七節 董事會報告 三、報告期內投資情況（續） 1、 報告期內募集資金的使用情況說 明，492.59 90， Ltd.) Limited liability company 有限責任公司 Wuhan City 武漢市 Electricity 電力 8， The business scope of the Company and its subsidiaries (hereinafter referred as the “Group”) covers: processing and sale of paper products (including machine made paper and paperboard)，918.99 10，620，784.09 4，114.72 100.00 (18。

364。

492.47 3。

在完成勞務時。

公司內部控制體系越发 完善。

492.59 90，774， 現任中國造紙協會副理事長兼 秘書長，758.08 431，474，700。

620 — 板紙有限責任公司 (Shandong Chenming Paper Group Qihe Paperboard Co.，884，975.88 18，234，027.94 51，900，862，315，對其原值減去預計淨殘值和已計提 的減值準備累計金額在其預計使用壽命 內採用直線法分期平均攤銷，017，421，700.77 (Previous period: RMB24， the property shall be stated at the carrying amount prior to the conversion. 自用房地產轉換為投資性房地產或投資 性房地產轉換為自用房地產時， processing and sales of highdensity (medium-density) fiberboard。

並以公允價值進行後續 計量，按本钱進行初始計量，367，200，418，000.00 15， (4) Accounts receivable for the year decreased by 13%，418。

883.70 15。

000.00 24 September 2008 2008年9月 24日 24 September 2010 2010年 9月24日 20，856.42 1，531.06 9，971，辦 理貨幣資金業務的不相容 崗位已作分離，870，104.32 19， (1) 壽光美倫紙業有限責任公司 (Shouguang Meilun Paper Co.， Mr. Lau Ying Kit was the chief financial officer and company secretary of two listed companies，433，733，相關機構 和人員存在彼此制約關 係，516， On the balance sheet date，823。

565.15 5，553，774，755 — 51 51 Yes 是 江西晨鳴紙業有限責任公司84， (4) Reasonable use of proceeds from H shares issue - the Company will contribute capital into the Zhanjiang pulp project on schedule as set out in the prospectus. （4） 根據湛江木漿項目的進度情 況， Ltd.)，967.65 131，697.51 Add: Non-operating income Less: Non-operating expenses Including: Loss on disposal of non-current assets 43 44 201，公司財務報表採用本钱法核算能 夠被投資單位實施控制的長期股權投 資，441.05 19，839.40 16，487.95 Total profit 利潤總額(42，870，411.26 12， Hong Kong Commercial Daily and the website of CHINF ( ) on 7 August 2009 and the website of Hong Kong Stock Exchange () on 6 August 2009 for details in relation to this matter. (3) 2009年 8月， who joined the Company in 1987，550.00 3。

遏制資本化，013，697.43 340，938， a controlling subsidiary of the Company 。

930.38 14。

200.00 Bank IV 銀行四 USD 2.20 5。

各項金融东西的詳細 情況說明見附註五，126。

公司同時通 過公司網站及時公佈相關 信息，000.00 1，062， A5 of Hong Kong Commercial Daily 中國證券報 A13版、香港商報A5版 2009-7-15 Further Notice of 2009 General Meeting First Extraordinary C8 of China Securities Journal，722，639.41 114，865.50 — — (15，888。

417.99 1，338.62 1，100.00 57，358，510.41 326X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 VI. RELATED PARTY RELATIONS AND TRANSACTIONS (Cont’d) 六、關聯方關係及其交易（續） (3) Major related party transactions entered into between the Company and related parties during the year are as follows (Cont’d) (3) 公司與關聯方在本年度發生了如下 重大關聯交易（續） (c) Receivables and payables of related parties (Cont’d) (c) 關聯方應收應付款項（續） RMB 人民幣元 Name of items 項目名稱 Related party 關聯方 Closing balance 期末金額 Opening balance 期初金額 Other receivables 其他應收款 Other receivables 其他應收款 Total 合計 Prepayments 預付款項 Total 合計 Trade payables 應付賬款 Total 合計 Other payables 其他應付款 Total 合計 Dividends receivable 應收股利 Total 合計 Bills payable 應付票據 Total Subsidiaries of the Company 公司之子公司 Associated corporations of the Company 公司之聯營企業 2。

the full text and summary of Third Quarterly Report 2009 were considered and approved. The related resolution announcement was published on China Securities Journal，151，204.98 195V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 五、財務報表項目附註（續） 9. 9. Long-term equity investments 長期股權投資 The Group 本集團 (1) (1 Investments in associates RMB 人民幣元 Percentage of the voting right in the investee entity (%) 本企業在 被 投資單位 表 決權 比例 (%) Percenta ge of the shareholding of the investee entity (%) 本企業 持 股比例 (%) Total assets at the end of period 期末 資產 總額 Total liabilities at the end of period 期末 負債 總額 Total net asset value at the end of period 期末 淨資產總額 Operating income for the current period 本期營業 收入總額 Net profit from the current period 本期 淨利潤 Legal Repr esentative 法人代表 Registered capital 註冊資本 Name of investee entity 被投資單位名稱 Enterpr ise type 企業類型 Registration place 註冊地 Business nature 業務性質 267。

611。

741.59 18.99% -4.15% -3.98% -0.15% Principal activities by product 主營業務分產品情況 Light weight coated paper Duplex press paper Writing paper Copperplate paper News press paper Paperboard White paper board 輕塗紙 雙膠紙 書寫紙 銅版紙 新聞紙 箱板紙 白卡紙 159，081.65 ) 58，103.35 (7，220。

and material investment of the Company and its subsidiaries. 公司成立了一套完整的涵蓋公 司及子公司生產經營、財務管 理、關聯交易、對外擔保、募 集資金使用、重大投資等內部 控制制度，相關交易費用計入初始 確認金額，623，936，430.22元及淨資產為人 民幣 14，主 要審議通過了公司關於為控股子 公司向銀行貸款提供擔保的議 案。

根據《中華人民共和國外商 投資企業和外國企業所得稅法實施 細則》第七 十三 條和《國務院 關於 擴 大外商投資企業從事能源交通 基礎 設施項目稅收優惠規定使用範 圍的 通知》（國發[1999]13號）的規 定，773.97元 ，因 固 定 資 產 改 造 而 減 少 人 民 幣 19，910，557，542。

277。

具有比較廣泛的 融資渠道，232，000，349.38 303，266.30) Accounts receivable from non-related parties with an amount below RMB1 million and aged over two years are recognized by the Group as single item without significant amount but considered to be of greater risks after arrived at by credit risk characteristics. 本集團將金額為人民幣 100萬元以 下且賬齡在2年以上的對非關聯方的 應收賬款確認為單項金額不重大但 按信用風險特徵組合後該組合的風 險較大的應收賬款，991，629.22) Total 合計 (15。

667，本 公司子公司山東晨鳴紙業集團齊 河板紙有限責任公司於 2009年收 到 4400節能減排改革專項資金人 民幣6，205，038。

the sponsor or financial advisor on the investment in derivatives and risk control of the Company 獨立董事、保薦人或財務顧問對公司衍生品投資及 風險控制情況的專項意見 Opinion from the Audit Committee of the Board and the independent Directors of the Company: During the reporting period，937，000.00 — 40，394.42 44， the Chenming Group’s financial statements have been prepared in accordance with Accounting Standards for Business Enterprises and present fairly， Guangdong 廣東陽江 Arboriculture 100 100 — 100 100 Yes 是 陽江晨鳴林業發展 — — — 有限公司 (Yangjiang Chenming Arboriculture Co.，504.05 93。

599。

945，140.88 15，346，323，443， 能夠為公司打点層和董 事會及時提供相關信 息，452，969.57 21， the Board held six meetings. (1) On 8 April 2009，556，605，348 429，根 據國發[2007]39 號文《國務院關於 實施企業所得稅過 渡優惠政策的通 知》，075，500。

其差額 計入當期損益，831.91 4，928，068，843.00 — 32。

894.07 183X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 五、財務報表項目附註（續） 4. Advance to suppliers (continued) The Company (continued) 預付款項（續） 本公司（續） 4. The breakdown of advance to suppliers according to customer's classification is as follows: 預付款項按客戶類別披露如下： RMB 人民幣元 Category 類別 Closing balance 期末數 Opening balance 期初數 Single item with significant advance to suppliers Single item without significant advance to suppliers but considered to be greater risks after arrival at by credit risk characteristics Other items without significant advance to suppliers 單項金額重大的預付賬款806，207.10 96.88 (8，333。

983， the financial statements are prepared under the historical cost convention. In the event that depreciation of assets occurs，採取靈活的銷售计策。

941，且新金融負債與現存金融 負債的条约條款實質上差异的，556。

570，切實加強幹 部員工隊伍教育、培訓、激勵 和打点，098，351.57) — 壽光麗奔製紙有限公司483，000。

Hong Kong Commercia l D a i l y ，297.05 ) — — — — — — — — — — — (141，062.37 using the exchange rate of 6.8346.) 本集團本期末以外幣標示的預付款 項 原 幣 金 額 為 65，881， 133X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 II. SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES OF THE 二、公司主要會計政策和會計估計（續） COMPANY (Cont’d) Investment Proper ty Investment property refer to real estate held to earn rentals or for capital appreciation，000股 H股，112。

associated corporation and joint-venture by the corporation being less than its share of fair value of identifiable net assets of the invested entity on acquisition Net gains and losses from debt restructuring Except for effective hedging business conducted over the course of ordinary operation of the Company，965，380，000.00 — 300，如償付利息或本金發生違 約或过时等； (3)本集團出於經濟或法令 等方面因素的考慮， organizations，銷售人員 540名，000，紙品產量與銷量將會 不斷增加；隨著部门在建項目的陸 續完工，耗损性生物資產在鬱閉後發生的 管護等後續支出，724.15 6。

669，819，459 — Unknown 未知 China Construction Bank - 華 寶興業行業精選股票型 證 券投資基金 中國建設銀行 －華寶 興業行業精選股票 型 證券投資基金 Domestic non-state-owned legal person 境內非國有法人 0.76% 15。

665， rendering of services”; similarly。

339.96 ) (14，000.00元。

000.00. 報告期內本公司子公司 壽光晨鳴現代物流有限 公 司 以 人 民 幣 4。

000.00 — 收到其他與籌資 活動有關的現金 — — Subtotal of cash inflows from financing activities 籌資活動現金流入小計12，歷任車間主任、分廠廠 長、副總經理、公司董事、武 漢晨鳴漢陽紙業股份有限公司 董事長等職務，按 信用風險特徵的相似性和相關性對金融 資產進行分組， Piper Jaffray Asia Securities，853，因匯率變動而產生的匯兌 差額，470.61 49。

101.83) (3。

which will be implemented immediately，037.77 was due to improvement of fixed assets. Note 4: Note 5: Accumulated depreciation for the period increased，175。

Hong Kong Commercial Daily and the website of CHINF ( www.cninfo.com.cn) on 7 July 2009 and the website of Hong Kong Stock Exchange () on 6 July 2009 for details in relation to this matter.IX Material Matters 第九節 重要事項 四、重大条约及履行情況（續） 4、 報告期內公司遠期結售匯組合產品 業務情況 IV. SIGNIFICANT CONTRACTS AND THEIR PERFORMANCE (Cont’d) 4. Future pooling foreign exchange portfolio products during the reporting period Risk analysis of positions in derivatives during the reporting period and explanation on risk control measures (including but not limited to market risk。

Ltd.) and old material 廢舊購銷 X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 160IV. THE SCOPE OF CONSOLIDATED FINANCIAL STATEMENT AND CONTROLLING SUBSIDIARIES (Cont’d) 四、合併財務報表範圍及控股子公司情況（續） RMB in ten thousands 人民幣萬元 Set off the loss attributable to the minority shareholders of the subsidiaries in the current period from the owner’s equity of the Company Set off the profit or loss of the minority interests from Balance of other projects that constitute net investment in the subsidiary 實質上構成對 子公司淨投資 的其他項目 餘額 the equity of exceeds the minority shareholders’ the minority portion of the opening balance interests of owners’ equity of the subsidiary The actual investment at the end of period 期末實際 出資額 Whether consolidated in the statement 是否 合併報表 Minority interests 少數 股東 權益 少數股東損益 顶用於沖減 少數股東損益 的金額 從母公司所有者權益沖減子公司 少數股東分擔的本期虧損超過 少數股東在該子公司期初所有者 權益中所享有份額後的餘額 Subsidiary type 子公司類型 Place of Incorporation 註冊地 Business Nature 業務性質 Registered capital 註冊資本 Shareholding 持股比例 (%) Voting rights 表決權比例 (%) Full name of subsidiary 子公司全稱 Business activity 經營範圍 Limited liability company 有限責任公司 Jilin Purchase and sales of waste and old material 廢舊購銷 Processing of machinery 機械加工 100 Purchase and sales of wastes and old materials 廢舊物資收購與銷售 吉林晨鳴廢舊物資接纳 有限公司 (Jilin Chenming Waste Collection Co.，000.00 — 300。

548， the Group can get the power to obtain benefits from its operating activities. Joint control is the contractually agreed sharing of control over an economic activity， Supervisors and Senior Management and the Staff 第四節董事、監事、高級打点人員情況 二、現任董事、監事、高級打点人員的 主要事情經歷及任職情況（續） II. MAJOR CAREER HISTORIES OF DIRECTORS，092.75 Sub-total 小計37，估計資產的 可收回金額以單項資產為基礎，733， against the book value of the debt to be restructured。

Cash flow dominated in foreign currency or from foreign subsidiaries shall be translated at the spot exchange rate when it incurs. Effects arising from changes of exchange rate of cash and cash equivalents shall be presented separately as “Effect of changes in exchange rates on cash and cash equivalents” in the cash flow statement. 外幣現金流量以及境外子公司的現金流 量，182.43 当局補助 其他 Total 合計201， 2. In terms of personnel: The labour，659，045，062，801.92 825， semi- finished products and by-products of timber 木材制品、半制品、林副產品的加工、銷售 Production and sales of machine-made paper and paperboard 機製紙、紙版等的生產、銷售 吉林市晨鳴機械製造有限公司 (Jilin Chenming Machinery Manufacturing Co.，以使財務報表不存 在由於舞弊或錯誤而導致的重大錯報； (2)選擇和運用恰當的會計政策；(3)作出 公道的會計估計，067.13 49，093， 232X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 五、財務報表項目附註（續） 16. 遞延所得稅資產（續） 本公司 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 16. Deferred income tax assets (Cont’d) The Company (1) Recognized deferred income tax assets and deferred income tax liabilities (1) 已確認的遞延所得稅資產和遞 延所得稅負債 RMB 人民幣元 Opening balance 期初數 Items 項目 Closing balance 期末數 Deferred income tax assets: Provision for impairment Prepaid salaries of senior management Unpaid payables Deferred income Change of fair value Unrealized profit 遞延所得稅 資產： 減值準備 預提的 高管年薪 應付未付款項 遞延收益 公允價值變動 未實現利潤 39，2003 年 12月退休，846，700.29 ) (57，570，權益东西，062。

Three Lakes and Songhuajiang River Water Pollution Control”（《關於下達 2008 年三河三湖及松花江流域水污染防治財政專 項資金預算的通知》）issued by the Finance Department of Jilin Province，已辦理林權證面積 206萬畝。

277.59. 下一會計期間將到期的金額為人民 幣 456， 2009，346， the company secretary of the Company。

647，228，佔本集團本年度採購總金額的 14.24%；本公司董事、監事或其它聯繫 人或任何本公司股東(即就本公司董事所 知擁有本公司股本5%以上的人士)概無擁 有本集團任何五名最大供應商的任何權 益。

762，435.77 (1) The following table sets forth the breakdown of the revenue from principal operations of paper products by geographical segments: (1) 主營業務收入中紙製品分地區 情況如下： RMB 人民幣元 Incurred during the previous period 上期發生額 Incurred during the current period 本期發生額 Regions 地區名稱 PRC United States Hong Kong Japan South Africa Other overseas countries 中國大陸 美國 中國香港 日本 南非 境外其他 12， Ltd. Jilin Chenming Paper Co.，457.93 308。

480.98) 6，773.97 using the exchange rate of 6.8282. (At the end of the previous period，538.07 — — — 1， 2 resolutions were considered and approved。

055.79 168。

894.21) — 16，600 195。

a decrease of RMB 18，564， For details of the amounts due from associates of the Company at the end of the current period，本報告期內，810.40 835，項目 的主體設備採購条约已經簽 署，096.77 172，風險 可 控，228.85 長期股權投資準備237， and “Chenming Paper”，899，084， the effects of probable and rational changes in exchange rate to the profit and loss for the current period and after-tax consequences of interests are set out below: 3.1.2在上述假設的基礎上，663。

524， recoverable amount shall be estimated for the individual asset. If it is not possible to estimate the recoverable amount of the individual asset，215， (1) (2) Accelerate market exploration to facilitate future development Through application of active and reasonable marketing strategies。

才气終止確認該金融負債或其一 部门， Jiangxi Chenming engaged three sole distributors in China。

主要系 2009年下半年紙製品 市場好轉，842.19 433， the Group has no significant concentration risk. 331X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 VII. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (Cont’d) 七、金融东西及風險打点（續） 1. Objective and measures of risk management (Cont’d) 1. 風險打点目標和政策（續） 1.3 Liquidity risk In managing liquidity risk，824.47 (505。

102。

本公司未發生 或以前期間發生延續到本報告期的 委託理財情況，590.11) 22，266.63) (1，以及湛江漿紙70 萬噸漿線項目等， and the derivatives linked to an equity instrument investment which has no quoted price in an active market nor a reliably measured fair value and are required to be settled through that equity instrument. 交易性金融資產是指滿足下列條件之一 的金融資產： (1)取得該金融資產的目 的，900.00) — — (6。

670，582。

162，現任 本公司副總經理、壽光晨鳴控股有 限公司董事。

465.58 2， Hong Kong Commercial Daily and the website of CHINF () on 9 April 2009 and the website of the Hong Kong Stock Exchange () on 8 April 2009. （1） 公司第五屆董事會第十二次會 議於 2009年 4月 8日召開， and the Directors of the Company are of the opinion that those amounts could be collected. As such，475， mainly because the subsidiaries of the Group，896， since those other receivables had age over 2 years，777，主要是由於公 司遠期結售.等衍生金融东西 及林木資產公允價值變動所 致， the auditors’ report gave a true and fair view of the financial conditions and operating results of the Company. The Board undertook all of the rights and responsibilities set out by Company Law， the bank acceptance discounted with recourse of the Group amounted to RMB2，983，000，747.30 49，007.19 長等候攤費用攤銷 投資損失 處置牢固資產 淨損 失（收益） 財務費用 19，135，151， 全部作為歸屬於母公司股東的權益，920， II. SHAREHOLDERS’ EXTRAORDINARY MEETINGS The shareholders’ first extraordinary meeting was held on 27 July 2009. Three resolutions regarding the construction of a high-end low weight coated paper project，100， Principal of China Construction Material Institute， standardized the procedures for accounting evidence，故該等款項尚 未付出，464.94 347。

082，116.36 232，675.72 7，248，081.65 ) 201， Supervisors and Senior Management and the Staff 四、董事、監事、高級打点 人員和員工情況 17 V. Corporate Governance Report 五、公司管治報告 32 VI. Particulars about the Shareholders’ Meeting 六、股東大會情況簡介 44 VII. Directors’ Report 七、董事會報告45 VIII. Supervisory Committee’s Report 八、監事會報告76 IX. Material Matters 九、重要事項79 X. PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 十、境內審計師報告及凭据 企業會計準則編製的財 務報表及附註 96 XI. Documents Available for Inspection 十二、 備查文件347 1I Company Information 第一節 公司根基情況簡介 1. Legal Chinese name of the Company: Legal English name of the Company: Abbreviation of the English name: 公司法定中文名稱： 公司法定英文名稱： 英文名稱縮寫： 山東晨鳴紙業集團股份有限公司 SHANDONG CHENMING PAPER HOLDINGS LIMITED SCPH 山東晨鳴紙業集團股份有限公司 SHANDONG CHENMING PAPER HOLDINGS LIMITED SCPH 1、 2. 2、 Legal Representative of the Company: Chen Hongguo 陳洪國 3. Secretary to the Board of the Company: Company Secretary: Securities Affairs Representatives: Correspondence Address: Telephone: Facsimile: Email address: 公司董事會秘書： 公司秘書： 證券事務代表： 聯繫地点： 電話： 傳真： 電子信箱： Hao Yun Poon Shiu Cheong Fan Yingjie，389.34 (5。

so as to eliminate fair value risks arising from changes in interest rate. 330X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 VII. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (Cont’d) 七、金融东西及風險打点（續） 1. Objective and measures of risk mana gement (Cont’d) 1. 風險打点目標和政策（續） 1.2 Credit risk On 31 December 2009，本集團須向 退休福利計劃按彼等薪金本钱之若干百分 比供款， final financial budget of the Company for 2008，720，控 股股東不过问干与公司的財務活 動，946千元，526.99 ) (3，按交易日會 計進行確認和終止確認。

075， processing and sales of timber and processing and sales of by-products of timber 林木種植、苗木培育、銷售木材加工、 銷售、林副產品加工、銷售 Processing and sales of machine-made paper。

807.11 (10，538.07 — — — — — 1。

687，934.62 245X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 五、財務報表項目附註（續） 25. 應交稅費 本集團 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 25. Tax payables The Group RMB 人民幣元 Items 項目 Closing balance 期末數 Opening balance 期初數 Value added tax Business tax Urban maintenance and construction tax Enterprise income tax Individual income tax Property tax Stamp duty Land use tax Educational surcharges and others 增值稅 營業稅 66。

187，759，842.00 11。

083.11 235，571， Ltd. 菏澤晨鳴板材 有限責任公司 — 29 March 2007 2007年3月 29日 29 March 2009 2009年 3月29日 10。

528，349，638.95 13，以人民幣400萬元收購其所持有的壽 光維遠物流有限公司100%股權，並能據以從該企業的經營活動 中獲取好处，482.93 88.45 (109， Ltd. Heze Chenming Panels Co.，926.78 50 237，並且切合本公司股東的 整體好处。

佔公司總股本的14.21%，853，利潤分派後的餘額滾存以 後年度分派，694。

629，459， First-Trust Fund，000.00 Entrusted loan 委托貸款 Heze Chenming Panels Co.，261，972，240.14元，另外在 銷售與生產法子上也隨之做出了變 化，280， 綜合累計折舊的影響 後，公司董事會除嚴格凭据有關規 定進行了及時、充实的信息披露外，423。

249，191.88 — 87，273.44 2， Ltd. 阿爾諾維根斯晨鳴特 種 紙有限公司 Sino-foreign joint venture 中外合資公司 Shandong 山東 Tong Chong 佟翀 Manufacture of paper 造紙 Shouguang Liben Paper 74，或 有租金於實際發生時計入當期損益，520.02 NON-CURRENT LIABILITIES: Long-term loans Deferred income Deferred income tax liabilities Other non-current liabilities 非流動負債： 長期借款 遞延收益 遞延所得稅負債 其他非流動負債 30 31 3， The recoverable amount of an asset is the higher of its fair value less costs of disposal and the present value of the future cash flows expected to be derived from the asset. 可收回金額為資產的公允價值減去處置 費用後的淨額與資產預計未來現金流量 的現值兩者之中的較高者，061.40 Net cash flows from operating activities 經營活動產生的現金淨流量1，752.26 274，580.93 中期票據發行費 償還往來款 10，066。

895， at which both willing parties to a fair transaction who are familiar with the condition exchange their assets or clear off their debts under fair conditions. Financial instruments exist in an active market. Fair value is determined based on the quoted price in such market. An active market refers to where pricing is easily and regularly obtained from exchanges， received a financial support fund of RMB4，876.96 權益法核算的 長期股權投資收益(15， 依次以收到的現金、接受的非現金資產 的公允價值、債權人享有股份的公允價 值沖減重組債權的賬面餘額，462.93 1。

897， since those other receivables had age over 2 years， 該 等 款 項 已 支 付 人 民 幣 1，346，355，478。

172，979，813.60 706，518，000，529，公司信息披露工 作連續八年（2001-2008年度）被深圳 證券 交易 所綜合考 評為「良好」，000.00) 56，192.19 ) (33，454.27 14，156.10 6，978，083，除對 控股子 公司的 擔保外， Ltd.) — 70 70 Yes 是 1，469， 壽光 晨鳴現代物流有限公司 (Shouguang Chenming Modern Logistic Co.，938.91 8，554，在銀行單獨開立帳戶。

688， and accounted for as profit or loss for the current period on the same basis as recognition of rental income over the entire lease period. Contingent rental is accounted for as profit or loss for the period in which it is incurred. 本集團作為出租人記錄經營租賃業務 經營租賃的租金收入在租賃期內的各個 期間按直線法確認為當期損益，787。

including employees of subsidiaries. The remuneration of the employees of the Company includes their salaries，作為國內最大的造紙企業。

582， Ltd.) was established by 武漢晨鳴漢陽紙業股份有限 公司 (Wuhan Chenming Hanyang Paper Holdings Co.。

635.36 6，736，739，李峰先生為本公司副總經 理李雪芹女士的弟弟，000-tonne per annum pulp project Supplement to working capital 年產 70 萬噸的湛江 木漿項目 補充流動資金 248， please refer to Note VI.(3). 本公司本期末應收關聯方款項情況 詳見附註六、(3)，929.95 — 700， the below analysis is based on the assumption that the changes in each variable occurred separately. 敏感性阐明 本集團採用敏感性阐明技術阐明風 險變量的公道、可能變化對當期損 益或所有者權益可能產生的影響。

497.69 1，000，393.00 ) 64，506.70 ) 1，000.00 ) 14， Ltd.) 100 — 100 100 Yes 是 — — — 吉林 Limited liability company 有限責任公司 Jilin 60 Processing of machinery， a standing director of the Labor Science Education Branch of the China Association for Labor Studies and a committee member of the Beijing City Economic Committee of the China National Democratic Construction Association，597.16 — — (46，000.00元，927，在整個租賃期間內凭据與確認租金 收入沟通的基礎分期計入當期損益， I. MANAGEMENT DISCUSSION AND ANALYSIS UNDER ACCOUNTING STANDARDS FOR BUSINESS ENTERPRISES (Cont’d) (V) Cash flow generated from operating activities of the Company during the reporting period (Cont’d) (3) Net cash flow generated from financing activities decreased by 89.31% compared with the corresponding period of the previous year，737，866.60 Adjustment items: Administrative expenses Finance expences Profit or loss from change in fair value Investment income 調節項目： 打点費用 財務費用 公允價值 變動損益 投資收益 265，687。

045，779.80 19，205，868。

362。

155.40 22，126， 主要是本年收到的 與收益相關的当局補助減少所 致， Construction in progress Construction in progress is recognized based on the actual construction cost，801.92 825， accounting system，479，510.00 — — Total 合計 272，415。

000， Ltd.) 150。

500，549.10 2。

045.59 Amount to be due in the next account period amounted to RMB 456，833， Ltd. 鄄城晨鳴板材有限公司20，210.26 ) (103。

of which， independent non-executive director of Guangdong Guanhao High-Tech Co.。

為發表審計意見提供了基 礎，797， thus containing risk exposures within a prescribed scope. 風險打点目標和政策 本集團從事風險打点的目標是在風 險和收益之間取得適當的平衡。

184.17 using the exchange rate of 6.8346.) 本集團本期末以外幣標示的應收賬 款 原 幣 金 額 為 44，2009年7月，905。

411，576，062，698.03 306，208，798，998.83 2， was established in 2001 as a Sino-foreign joint venture and engaged in the business of electric power and thermal power generation. Pursuant to Rule No. 73 of “Detailed Rules on the Implementation of the Income Tax Law of The People’s Republic of China for Enterprises with Foreign Investment and Foreign Enterprises”（《中 華人民共和國外商投資企業和外國企業所得稅法實施細則》）and rules under the State Council’s Circular on Expanding Application Scope of Income Tax Preferential Treatment on Enterprises with Foreign Investment Engaged in Energy or Traffic Infrastructure Projects （《國務 院關於擴大 外商投資企業從事能源交通基礎設施項目稅收優惠規定使用範 圍的通知》）(Guo Fa [1999] No. 13)，並執行其 他監控措施以確保採取须要的 法子接纳過期債權，406.60 was due to acquisition of subsidiaries. 註3：賬面原值本期增加中， based on the translated amounts of profits and other profit appropriation items; and all exchange differences resulting from the translation are recognized separately as “translation reserve” in the shareholders’ equity on the balance sheet. 境外經營的外幣財務報表按以下要领折 算為人民幣報表：資產負債表中的所有 資產、負債類項目按資產負債表日的即 期匯率折算； 除「未分派利潤」項目外的 股東權益項目按發生時的即期匯率折 算；利潤表中的所有項目及反应利潤分 配發生額的項目按交易發生日的即期匯 率折算；年初未分派利潤為上一年折算 後的年末未分派利潤；年末未分派利潤 按折算後的利潤分派各項目計算列示； 折算後資產類項目與負債類項目和股東 權益類項目合計數的差額，未發現違 反國家法令、法規 、《公司章 程》及損害公 司好处的 行為，196.96 894。

618.44 6.14 3，343，採用 本钱法核算；對被投資單位具有配合控 制或重大影響的長期股權投資， for Shouguang Chemical Fertilizer Factory ( 壽光化肥廠 ) as deputy factory chief and party committee secretary between 1981 and 1987。

441。

Ltd.) 山東晨鳴板材有限責任公司 (Shandong Chenming Panels Co.， the Company suffered from the trough experienced by the whole paper making industry in the first half of the year，089.31 283。

062。

628.91 Special subsidy fund for Songhuajiang environmental protection project (3) Modification of alkaline recycling system Atmospheric pollution prevention and treatment subsidy fund Sewage treatment and water conservation reconfiguration project Financial grants for technological modification project Zhejiang pulp project and construction project of eucalyptus forest (4) 30。

845.48 15，現任本 公司監事，000 Development of real estate and sales of commodity house 房地產開發、商品房銷 2，286，250，734.28 26，127， assets，032.78 (III) Shareholders’ contributions and decrease in capital 1. Shareholders’ contributions in capital 2. Others (IV) Profit distribution 1. Transfer to surplus reserves 2. Distribution to shareholders (V) Others （三）所有者投入和減少資本— — — — — 355，該公司確認會議。

503，366， 130X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 II. SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES OF THE 二、公司主要會計政策和會計估計（續） COMPANY (Cont’d) Long-term equity investments Determination of initial investment cost For a long-term equity investment acquired through a business combination involving enterprises under common control，因此根據香港上市規則， according to the principles of the PRC Accounting Standards of Business Enterprises (ASBEs) ， Ltd. 吉林晨鳴紙業有限責任公司 Papermaking 製紙 100.00% News press paper。

019。

The Company 本公司 RMB 人民幣元 Incurred during the current period 本期發生額 Incurred during the previous period 上期發生額 Items 項目 Standard 計繳標準 Business tax 營業稅 452， just and fair information disclosure. (9) Establishment of the Responsibility System for Major Errors in Information Disclosure in Annual Reports of the Company The Company has established the Accountability System for Major Errors in Information Disclosure in Annual Reports （《年報信 息披露重 大差錯責任 追究制度 》）pursuant to the requirements set out in CSRC Document [2009] No. 34，有關具體情況請 參見 2009年 6月 9日、 2009年 8月7日刊登於《中國證券報》、 《 香港商 報 》、巨潮資訊網 （ ） 和 2009年 6月 7日、 2009年 8 月6日刊登於香港聯交所網站 ()的 相 關 公 告，125.76 was provided for during the period. Accumulated depreciation for the period decreased，787.17 — Goodwill of the Group arose from the acquisition of minority interests in prior year by a subsidiary of the Company. 本集團商譽系本公司子公司於以前 年度收購少數股東所持股權而形 成，573， Deferred income tax assets and deferred income tax liabilities Temporary differences arising from the difference between the carrying amount of an asset or liability and its tax base，984.44 100.00 438，490，除取得投資時實際支 付的價款大概對價中包括的已宣告但尚 未發放的現金股利大概利潤外。

469，000，205.42 (231， the initial investment cost of the long-term equity investment acquired shall be the cost of acquisition. The long-term equity investment acquired through means other than a business combination shall be initially measured at its cost. 長期股權投資 初始投資本钱的確定 對於企業合併形成的長期股權投資， and finance from the controlling shareholder （三）公司與控股股東在業務、人員、資 產、機構、財務等方面的分開情況 1. In terms of business: The Company was completely independent from the controlling shareholder，737.65) 800。

512，651.60) (3，968，409，000，434，377，87 ) (12，428，431， Ltd. Pulp 76.73% Pulp and chemical product 漿、化工產品 8， Fuyu Chenming Paper Co.。

503，408，350.56 ) — (273，189，369，028，223，966.63 16，462.93萬元，本集團發生非同一控制 的企業合併的根基情況如下： (1) 壽光虹宜包裝裝飾有限公司 (Shouguang Hongyi Decorative Packaging Co.。

582，452.03元， a whollyowned subsidiary of the Company，假如該資產存在減值跡象，769.14 28，365， 無形資產 之 土 地 使 用 權 人 民 幣 73。

971.54 Other operations Including: Raw materials and semi-finished products Others 其他業務 个中：原质料、 半制品 其他 480，738， 174X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 五、財務報表項目附註（續） 3. Accounts receivable (continued) The Group (continued) Top 5 accounts receivable are set out as follows 應收賬款（續） 本集團（續） 應收賬款金額前五名單位情況 3. RMB 人民幣元 Percentage of the total balance of accounts receivable 佔應收賬款總額的比例 (%) Relationship with the Company 與本公司關係 Amount 金額 Aging 年限 Name 單位名稱 Customer I 客戶一 Customer II 客戶二 Customer III 客戶三 Customer IV 客戶四 Customer V 客戶五 Non-related party 非關聯方 Non-related party 非關聯方 Non-related party 非關聯方 Non-related party 非關聯方 Non-related party 非關聯方 73，997，574.07) 4 4． 47。

152，採用現金流量發生日的即期匯率折 算，單 項測試已確認減值損失的應收款項， An asset’s fair value is the price in a sale agreement in an arm’s length transaction. If there is no sale agreement but the asset is traded in an active market，033，072，527.00 50，397，133。

878。

686，158.60美元，550.53 (481，300.00 205，通過這些有效法子的實施，228.85 — 463，152， The Group reviews the useful life and estimated net residual value of a fixed asset and the depreciation method applied at least at each financial year-end. A change in the useful life or estimated net residual value of a fixed asset or the depreciation method used shall be accounted for as a change in accounting estimate. 本集團至少於年度終了對牢固資產的使 用壽命、預計淨殘值和折舊要领進行覆 核， a subsidiary of the Company。

283， which led to shortage in supply of paper products as there was not enough supply to meet the demands; therefore，220.48 20， the Group records the net amount after offsetting its current income tax assets and current income tax liabilities. Lease Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. Title may or may not eventually be transferred. All other leases are classified as operating leases. 租賃 融資租賃為實質上轉移了與資產所有權 有關的全部風險和報酬的租賃。

864， Ltd. 赤壁晨鳴紙業有限公司 10，624， Bosera Funds，267。

379，本集團 的資產及負債均為人民 幣餘額，117.78 企業取得子公司的投資本钱 小於取得投資時應享有 被投資單位可辨認淨資產 公允價值產生的損益 （附註 五、55） 10。

045，通過銀行以委託貸款 的形式將人民幣18.26億元的資金放 給江西晨鳴、武漢晨鳴、菏澤晨鳴 等控股子公司使用截止2009年12月 31日公司向控股子公司委托貸款餘 額為人民幣20.83億元，公司第一大股東相關情況 RMB in ten thousands 人民幣萬元 The largest shareholder’s Voting rights of shareholding in the largest the Company shareholder in the (%) 第一大股東對 本企業的 持股 比例(%) Company (%) 第一大股東 對 本企業的 表決 權比例(%) Ultimate controller of the Company 本企業最終 控制 方 The largest shareholder 第一大股東名稱 Type of corporation 企業類型 Place of registration 註冊地 Legal representative 法人代表 Type of business 業務性質 Registered capital 註冊資本 Organization code 組織機構代碼 Relationship 關聯關係 Shouguang Chenming Holdings Co.，並凭据與衡宇建築物或土 地使用權一致的政策進行折舊或攤銷，高俊 傑、郭灿烂、尹啟祥為公司第六屆 監事會股東代表監事，064，716.97 5， 89IX Material Matters 第九節 重要事項 八、展開多渠道溝通，925。

55VII Directors’ Report 第七節 董事會報告 一在企業會計準則下的打点層討論與 阐明（續） （五）報告期公司經營活動產生的現金流 量情況 I. MANAGEMENT DISCUSSION AND ANALYSIS UNDER ACCOUNTING STANDARDS FOR BUSINESS ENTERPRISES (Cont’d) (V) Cash flow generated from operating activities of the Company during the reporting period Unit: RMB 單位 ：（人民 幣）元 Amount for the corresponding period of last year 上年同期數 Amount for the current period 本期數 Increase (+) Decrease (-) Item 項目增（+) 減（- ) Net cash flow generated from operating activities Net cash generated from investment activities Net cash flow generated 經營活動產生的 現金淨流量 投資活動產生的 現金淨流量 籌資活動產生的 現金淨流量 1， which was translated into RMB 125。

Limited). Therefore，963，900.00 ) _ _ (2，308.20 (523，035.94 11，838 — — 有限責任公司 (Wuhan Chenming Qianneng Electric Power Co.，年底應交的增值稅及 所得稅餘額較大， For a financial asset that is individually significant，700，900，954.52 2，380.46 8，並按規定向註冊會計師如實提供公司 全部對外擔保事項，707.56 (45， payments of housing funds and other social welfare contributions shall be included in the cost of related assets or profit or loss for the period in which they are incurred. 本集團按規定參加由当局機構設立的職 工社會保障體系， inspection declaration 報關報檢 Real estate 房地產 150 Business agency of professional customs declaration and inspection declaration 專業報關、報檢業務署理 150 — 100 100 Yes 是 壽光順達報關有限 — — — 責任公司 （註 1） (Shouguang Shun Da Customs Declaration Co，673.00 (35， allowance and subsidies II. Staff welfare III. Social insurance premiums Of which: 1. Medical insurance premium 2. Pension insurance premium 3. Unemployment 一、工資、獎金、 津貼和補貼 二、職工福利費 116。

185，496.27) 37，201 — — (Chibi Chenming Paper Co.，617，997， 3.1.2 Based on the above basis，839.66 Total 合計14，900.00 ) _ _ _ _ _ _ _ _ (6。

043.87 155，233.72 2，526，以凭据 稅法規定計算的預期應交納（或返 還）的 所得稅金額計量，831.63 5，448.44 354。

982.34 The Company 本公司 RMB 人民幣元 Items 項目 Closing balance 期末數 Opening balance 期初數 Value added tax Business tax Enterprise income tax Individual income tax Property tax Stamp duty Land use tax 增值稅 營業稅 企業所得稅 個人所得稅 房產稅 印花稅 地皮使用稅 39，415.60 According to the “Notice of Receiving Registration” issued by National Association of Financial Market Institutional Investors ([2009] No. MTN 102（中 市協註[2009]MTN 102號）)，000，包罗切合資本化條件的借款 費用。

與股東代表監事配合組 成公司第六屆監事會， 根據國家稅務總局國稅發(2002)47 號文件，745.12 Reconciliation between income tax expenses and accounting profits is set out as follows: 所得稅費用與會計利潤的調節表如 下： RMB 人民幣元 Incurred during the previous period 上期發生額 Incurred during the current period 本期發生額 Accounting profit Income tax calculated at tax rate of 15% (last year: 25%) on the Company Tax deductions from purchase of domesticmanufactured equipment Effect of non-taxable income Effect of non-deductible expenses Changes on balance of deferred income tax assets at the beginning of the year caused by adjustment of tax rate Effect of different tax rates of branch companies 會計利潤 按本公司15%稅率計算的 所 得稅（上年度 ：25%） 986。

355。

044.58 Less: Income tax expenses 45 171，196.96) (103，618。

037， Where the cost of a business combination exceeds the acquirer ’s interest in the fair value of the acquiree’s identifiable net assets，819，並在相關資產的使用壽命內平均分 配計入當期損益，歷任壽光市工商銀行信 貸員、信貸科副科長、國際業務部 副經理、營業部主任、行長助理、 副行長、行長等職務，973， the Company granted entrusted loans from banks of RMB1.826 billion to controlling subsidiaries of the Company， entered into a share transfer agreement with the shareholder of 壽光維遠物流有限公司 (Shouguang Wei Yuan Logistics Company Limited) on 31 May 2009，962.99 — 13，880，126，221， the purchase consideration shall be allocated among the land use right and the buildings on a reasonable basis. In case there is difficulty in making a reasonable allocation，000.00. 報告期內本公司子公司 壽光晨鳴現代物流有限 公 司 以 人 民 幣 1，導致公司預收賬款餘額大 幅增加， all development expenses incurred are accounted for in the profit or loss for the current period. 無形資產的減值測試要领及減值準備計 概要领 本集團在每一個資產負債表日檢查使用 壽命確定的無形資產是否存在可能發生 減值的跡象， Shouguang Beer Factory ( 壽光市啤酒廠 ) as party committee secretary and chief engineer between 1987 and 1989 and for Shouguang Economic and Trade Committee as deputy chief and secretary of CPC Working Committee and chief of Shouguang Enterprise Management Office in March 1990. He retired in December 2003. He has served as a supervisor of the Company since May 2009. 郭灿烂先生，616.41 98，976.46 (14。

utilize capital potential and take full advantage of its own funds. （1） 加大市場銷售力度， communication and interviews Time of reception 欢迎時間 Place of reception 欢迎地點 Manner of reception 欢迎方法 Main topics of discussion and information provided 談論的主要內容及提供的資料 Parties accommodated 欢迎對象 January 2009 2009 年 01 月 Shouguang，861，630.85 2，016.14 548，816.99 107， melamine impregnated paper and composite floor 高（中）密 度纖維 板、飾面 板、 三聚氰胺浸漬紙、複合地板、 木製品的生產、加工、銷售 Production，325，757.40 35，111.46 ) 54， are determined after adjusting the accounting profits before tax for the period in accordance with relevant requirements of tax laws. 遞延所得稅資產／遞延所得稅負債 當期所得稅 資產負債表日，在合併利潤表中 淨利潤項目下 以「少數股東損 益」項目列 示，196.63 II. Cash Flows from Investing Activities : Cash received from investments Cash received from returns on investments Cash received from disposal of fixed assets，057.73 (III) Shareholders’ contributions and decrease in capital （三）所有者投入和減少資本 — — — — — — — 355。

297.05 ) — (103，927， the original provision for inventory impairment shall be transferred back and incorporated into the profit or loss for the current period. 計提存貨跌價準備後，有關通告刊登於 2009 年5月27日 的《中 國證 券報》、 《 香港商 報 》和巨潮資訊網 () 及2009年 5月26日刊登在香港 聯交所網站 () 上，105，097.91 OWNERS’ EQUITY: Share capital Capital reserve Surplus reserve Undistributed profits 所有者權益： 股本 資本公積 盈餘公積 未分派利潤 33 34 35 36 2，691.14 1，128.07 — 974，335，071，004.02 287，000.00 Total number of non-restricted shares 無限售條件股份合計1， which accounted for 84.39% of the net profit as set out in the financial statements of the Company prepared in accordance with Accounting Standards for Business Enterprises in 2009 after deducting appropriation to statutory reserves. The undistributed profit would be rolled over for distribution in subsequent years. 以2009年底的總股本2，215，造成 其價格滯後於紙品的價格逐漸上 升。

(3) 武漢晨鳴萬興置業有限公司 (Wuhan Chenming Wan Xing Real Estate Co.， entered into an equity transfer agreement with the shareholder of 山東林盾木業 股份有限公司 (Shandong Lin Dun Wood Industry Co.，牢固資產從 達到預定可使用狀態的次月起，358.18) V. Net increase in cash and cash equivalents Add: Cash and cash equivalents at 1 January 五、 現金及現金等價物淨 增加額 加：期初現金及 現金等價物餘額 48 (320，打点層認為該等準則差異將在 未來年度內逐步消除，876.67) (49，355， a controlling subsidiary of the Company ，396， Chibi Chenming Paper Co.，現任本公司監事、山東晨鳴熱 電股份有限公司總經理助理。

according to the requirements of tax laws. 資產負債表日，567.06 32， etc. of the above new subsidiaries in 2009。

534，財務人員 284 名。

880， payables， paperboard。

000.00 — 256X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 五、財務報表項目附註（續） 31. 遞延收益 本集團 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 31. Deferred income The Group RMB 人民幣元 Closing balance 期末數 Opening balance 期初數 Increase for the period 本期增加 Decrease for the period 本期減少 Type 類別 Funds for three projects in connection with technology allocated by the local financial authority Special subsidy funds for environmental protection (1) Project fund for National technological support scheme (2) 財政局 科技 三項費用 環境保護專項 資金補助 (1) 國家科技支撐 計劃課題 經費 (2) 松花江環保項目 專項經費 (3) 80。

895.71 1. Shareholders’ contributions in capital 1. 所有者投入資本 — — — — — — — — — — — — — — — — 81，199， Ltd.) 1， Sales of electricity Sales of electricity are recognised when electricity are generated and transmitted to the power grid operated by the local electric power company. 電力銷售收入 電力銷售收入於電力產出並輸送到當地 電力公司之電網時確認。

938.26 81。

698.01 4。

354.76 134，或為鼓勵職工自願接受裁減 而提出給予補償的建議，技術人員 852名，424。

700.77 5.30 4.22 19，616，693，802.48 544。

672。

except when both of the following conditions are satisfied: the Group able to control the timing of the reversal of the temporary difference; and it is probable that the temporary difference will not reverse in the foreseeable future. 與商譽的初始確認有關。

Zhanjiang Chenming Arboriculture Co.，789.83 12。

Ltd.). As a result，378，205.18 4，000.00 24 December 2008 2008年12月 24日 23 December 2009 2009年 12月23日 31，080.05 99X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 RMB 人民幣元 Opening balance 期初餘額 Closing balance 期末餘額 Item 項目 Note V 附註五 OWNERS’ EQUITY: Share capital Capital reserve Surplus reserve Undistributed profits Translation difference 所有者權益： 股本 資本公積 盈餘公積 未分派利潤 外幣報表折算差額 33 34 35 36 2，803。

087。

810， Zhanjiang Chenming Paper Pulp Co.，724.38 ) 31.11 其他不重大 其他應收款 54，月末將本钱差異予以分攤，797，613，085， Ltd. 武漢晨鳴漢陽紙業 股份有限公司 130， Ltd.) (Cont’d) (4) 山東林盾木業有限公司（續） (b) Important financial information about the acquired entity: (Cont’d) (b) 被合併方主要財務信 息：（續） RMB 人民幣元 Amount 金額 Cash and cash equivalents used as consideration of merge Less: Cash and cash equivalents held by the merged subsidiary and other operating units Cash and cash equivalents paid on acquiring the subsidiary and other operating units 作為合併對價的現金和 現金等價物 減：被合併子公司及其他 營業單位持有的現金和 現金等價物 取得子公司及其他營業 單位付出的現金和現金等價物 3， 2. The establishment and optimization of the internal Control of the Company (Cont’d) (3) Administration of and control over external guarantee The authority of external guarantee was stipulated by the Articles of Association and the Company had implemented the requirements relating to aggregate amount of external guarantees according to the Rules Governing Listing of Stocks on Shenzhen Stock Exchange. Meanwhile the Company had set up “The Working Procedures of Financing and Guarantee”（《融資、擔保事情措施 》） . Except for guarantees provided to the subsidiaries，661.45 92，501，733。

600.00 Bank II 銀行二 RMB 3.81 — 450，420.02) (47。

the 40 percent of the Group’s payments on domestically-made equipment is creditable against the increased amount in its enterprise income taxes in the year of purchase over that of the year before. The allowable tax credit of an enterprise shall not exceed its newly increased enterprise income tax for the year of purchase over that of the year before. If the amount of newly increased enterprise income tax is not sufficient for tax credit， and the chairman of Jiangxi Chenming Paper Co.， Foreign currency and translation of statements denominated in foreign currency Foreign currency On initial recognition，219，781 — 86.71 (Shandong Chenming Power Supply Holdings Co.，034.74) 6，492，383，董事會審計委員會本著勤勉盡 責的原則，000-tonne tissue paper project and the 700，000， b.壽光美倫紙業有限責任公司 和湛江晨鳴漿紙有限公司的80 萬噸銅版紙項目、9.8萬噸生 活用紙項目、70萬噸木漿生產 線等項目開始開工建設導致在 建工程增加，994，774。

582，722.90 2008: 2008年度： Undistributed profits at the beginning of the year Add: Net profits of the year Less: Appropriation of statutory surplus reserves Ordinary shares dividend payable 年初未分派利潤 加：本年淨利潤 減：提取法定盈餘公積 應付普通股股利 1。

公司之子 公司延邊晨鳴紙業有限 公司收到財政扶持金人 民幣 4，454，285.68 For the year ended 31 December 2009，998.85 4。

reduced emission and harmonious development” （3） 高度重視環保建設，264，000萬美元 50 Production of art paper，000.00元 作 為 對 價收購壽光虹宜包裝裝 飾有限公司100%股權。

000.00 Sub-total 小計 605，859.31 121， Major accounting policies and accounting periods adopted by the subsidiaries are defined according to the standardized accounting policies and accounting periods stipulated by the Company. 公司與子公司及子公司彼此之間的所有 All significant intra-group accounts and transactions between the parent 重大賬目及交易於合併時抵銷，也不予確 認有關的遞延所得稅負債， or，998，000.00 Entrusted loan 委托貸款 Juancheng Chenming Panels Co.， Ltd.) on 17 November 2009. It is wholly owned by the Company with a registered capital of RMB20 million. 武漢晨鳴萬興置業有限公司 本公司之控股子公司武漢晨鳴漢陽紙業 股份有限公司於 2009年 11月 17日出資 設立武漢晨鳴萬興置業有限公司。

6. Establishment of a management policy on external information users and a registration policy on personnel with insider information In order to regulate the management on communication of information to units outside the Company，000，739，737，977，300.00 1， which resulted in less exchange gains compared to last year. （4） 財務費用比上年同期增加 8.9%。

633，045，215，164，579。

611.75 245，609 Industrial and Commercial Bank of China - 諾安股票證券投資基金 中國工商銀行－諾安股票證券投資基金 Bank of China - 華夏行業精選股票型證券投資基金 (LOF) 中國銀行－華夏行業精選股票型證券投資基金 (LOF) Bill among which，000.00 Entrusted loan 委托貸款 Qihe Chenming Panels Co.，915，900，557.91 Single item without significant advance to suppliers but considered to be greater risks after arrival at by credit risk characteristics 單項金額不重大但按信用 風險特徵組合後該組合的 風險較大的預付賬款 — — Other items without significant advance to suppliers 其他不重大的預付賬款217，076，231.63) — 4.工傷保險費 — 1，000.00 — 1。

688，236，941股（每股面值 人民幣 1元）計算 。

764.27 525，163.30 Mucilage glue fiber pulp。

783，754.27 27。

中國註冊會計師審計準則要求 我們遵守職業道德規範，527.86 — Cash in Bank: RMB HKD USD EURO 銀行存款： 人民幣 港幣 美元 歐元 — 750.19 5，沒有 變更。

650.36 2， at which，000.00元，567.66 46，714.00 41，628。

907.59 — 384， the Company issued 115 million B Shares in connection with its international offering. B-shares from this issuance were listed on the Shenzhen Stock Exchange on 26 May 1997. 1997年5月，923，714.79 8，444.43 TOTAL CURRENT LIABILITIES 流動負債合計7，161， advance to suppliers of the Company with age over 1 year and in significant amount were advance for raw materials and auxiliary items and parts as stipulated in contract. 本公司本期末賬齡超過一年且金額 重大的預付賬款為按条约約定的預 付质料款和備品備件款， where the initial investment cost of a long-term equity investment exceeds the investor ’s interest in the fair value of the investee’s identifiable net assets at the acquisition date，年利率為 5.05%，000.00) (198，733，930，在 建工程增加了 363%，000.00 5 December 2008 2008年12月5 日 4 December 2009 2009年12月4日 80， the deputy general manager of Chibi Chenming Paper Co.，374.63 13，550，048，189，536.13 66，154， capital surplus insufficient to set off impairment and adjusted retained earnings. Disposal of long-term equity investments 處置長期股權投資 處置長期股權投資時， 145X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 II. SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES OF THE 二、公司主要會計政策和會計估計（續） COMPANY (Cont’d) Operating lease business with the Group recorded as lessor Rental income is recognized in profit or loss for the current period using the straight-line method over the lease term. The initial direct cost where the amount is larger is capitalized when incurred，將修改其他債務條件後債權的 公允價值作為重組後債權的賬面價值， and supervised the financial management and connected transactions of the Company. During the reporting period，053，066.79 (18，514.34) 290X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 五、財務報表項目附註（續） 49. Supplementary information on cash flow statements (Cont’d) 現金流量表補充資料（續） (1) 現金流量表補充資料（續） 本集團（續） RMB 人民幣元 49. (1) Supplementary information on cash flow statements (Cont’d) The Group (Cont’d) Incurred during the current period 本期發生額 Incurred during the previous period 上期發生額 Supplementary Informa tion 補充資料 Increase in deferred income tax debt (minus: decrease) The shortfall of the consideration for the acquisition of minority interests in comparison with the attributable book value of the identifiable net assets of the acquire The shortfall of the consideration for the acquisition of subsidiaries in comparison with the attributable book value of the identifiable net assets of the acquire Decrease in operating receivables (minus: increase) Increase in operating payables (minus: decrease) 遞延所得稅負債增加 （減：減少） 購買少數股權 付出的對價 小於應享有 被購買方可辨認 淨資產賬面價值 4，現 任本公司執行董事、銷售總 監，歷 任公司法令事務科科長、審計部部 長等職務，000.00 (7，可用以後年度比設備 購置的前一年新增的企業所得稅稅 額延續抵免，945.32 (7，709。

508.19 367， (5) On 29 October 2009，551.13 ) (58， Galaxy Securities，201.01 295，存在相 關遞延收益餘額的，082.73 5，852，350.56 103，晨鳴集團的財務報表已經按 照企業會計準則的規定編製。

097。

Ltd. 山東晨鳴熱電股份有限公司 81，457.87 本集團及本公司本期末預收款項中 無預收持有公司5%（含5%）以上 股 份的股東的款項，被投資單位以後期間 實現淨利潤的，058。

699.37 18， no adjustment shall be made to the opening balance of the consolidated balance sheet. For those subsidiaries acquired through business combination not under common control，200.00 1.45 1，257，734， Pursuant to Cai Shui Zi [1995] No. 44 “Circular on VAT Exemption for Certain Products Applying Integrated Use of Resources issued by the Ministry of Finance and the State Administration of Taxation”（《財政 部、國家稅務總局關於對部门資源綜合操作產品免徵增值稅問題的 通知》）and the relevant requirements of Cai Shui [2001] Document No. 72。

733.32 (6，970.93) (5， with the approval issued by China Securities Regulatory Committee (hereinafter referred as the “CSRC”) (Zheng Jian Gong Si Zi [2000] Document No. 151)，779.40 Subtotal of cash inflows from operating activities 經營活動現金流入小計14，605.60 — 237， the Group shall resume recognizing its share of profits after setting off against the share of unrecognized losses. 在確認應分擔被投資單位發生的淨虧損 時。

110，287，615.92 2，965.92 2，973，541.74 61， as well as establish reporting procedures，602，000，444.43 The Company 本公司 RMB 人民幣元 Items 項目 Closing balance 期末數 Opening balance 期初數 Short-term debeutures 短期融資券— 1，733，441，988，864.98 — Total 合計 145，用於補償以後期間的相關費用和損 失的，225.56 — — — 900，661，321.00) (688。

172，089.31 Total 合計 78，376.32 1，433，167， all the balances of assets and liabilities of the Group were denominated in RMB. The foreign exchange risk arising from assets and liabilities in such USD balances may affect the operating results of the Group. 1.1 市場風險 1.1.1外匯風險 外匯風險指因匯率變動 產生損失的風險， director of Investment and Planning Department of National Commission of Economics and Commerce，601.42 512。

Ltd.)，000。

296.93 Total 合計 2，409，除此之外，359.60 266，345，503， retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold， etc.. Ms. Li has been a deputy general manager of the Company and a director of Shouguang Chenming Holdings Company Limited since March 2003. Ms. Li Xueqin is the spouse of Mr. Chen Hongguo，588.53 37， Ltd.) (Note 1) 100 100 Yes 是 — — — X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 161IV. THE SCOPE OF CONSOLIDATED FINANCIAL STATEMENT AND CONTROLLING SUBSIDIARIES (Cont’d) 四、合併財務報表範圍及控股子公司情況（續） RMB in ten thousands 人民幣萬元 Set off the loss attributable to the minority shareholders of the subsidiaries in the current period from the owner’s equity of the Company Set off the profit or loss of the minority interests from Balance of other projects that constitute net investment in the subsidiary 實質上構成對 子公司淨投資 的其他項目 餘額 the equity of exceeds the minority shareholders’ the minority portion of the opening balance interests of owners’ equity of the subsidiary The actual investment at the end of period 期末實際 出資額 Whether consolidated in the statement 是否 合併報表 Minority interests 少數 股東 權益 少數股東損益 顶用於沖減 少數股東損益 的金額 從母公司所有者權益沖減子公司 少數股東分擔的本期虧損超過 少數股東在該子公司期初所有者 權益中所享有份額後的餘額 Subsidiary type 子公司類型 Place of Incorporation 註冊地 Business Nature 業務性質 Registered capital 註冊資本 Shareholding 持股比例 (%) Voting rights 表決權比例 (%) Full name of subsidiary 子公司全稱 Business activity 經營範圍 Limited liability company 有限責任公司 Limited liability company 有限責任公司 Limited liability company 有限責任公司 Huanggang city，487，045，661.67 312，000.00 Investment properties Consumable biological assets Other 投資性房地產 耗损性生物資產 其他 — 301，處置日前的經營成就和現金流 量已經適當地包罗在合併利潤表和合併 現金流量表中；當期處置的子公司。

955.68 26， 32V Corporate Governance Report 第五節 公司管治報告 I. DISCLOSURES AS REQUIRED BY CHINA SECURITIES 一、按中國證監會要求披露的資料（續） REGULATORY COMMISSION (Cont’d) (II) Performance of the independent non-executive Directors In the reporting period，210。

mainly because sales revenue and profit dropped compared with the correspond period of the previous year as affected by the sales price， a compensation liability arising from the termination of employment relationship with employees should be charged to the profit or loss for the current period. 在職工勞動条约到期之前解除與職工的 勞動關係，280.36 6，469.39 596，166.60 70，365，075，461。

016.73元，308，017， mainly because of the allowance for drop in inventory price provided in the previous year in view of the financial crisis was reversed in the current period。

779.28 — — 10.63 35.75 3.23 50.39 — — (217， establish appropriate risk tolerance thresholds，短期融資券於2010年3月 發行了第一期人民幣15億元，852，083.11 293X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 五、財務報表項目附註（續） 49. Supplementary information on cash flow statements (Cont’d) 49. 現金流量表補充資料（續） (2) Relevant information with respect to acquisition or disposal of subsidiaries and other operating units during the current period T he Group 本期取得或處置子公司及其他 營業單位的相關信息 本集團 (2) RMB 人民幣元 Incurred during the Incurred during the Items 項目 current period previous period 本期發生額 上期發生額 I. Relevant information with respect to acquisition of subsidiaries and other operating units: Consideration for acquisition of subsidiaries and other operating units Cash and cash equivalents paid on acquisition of subsidiaries and other operating units Less: cash and cash equivalents held by subsidiaries and other operating units Net cash paid on acquisition of subsidiaries and other operating units Net assets of subsidiaries acquired Current assets Non-current assets Current liabilities Non-current liabilities 一、取得子公司及 其他營業單位 的有關信息： 1 1． 取得子公司及 其他營業單位 的價格 取得子公司及 其他營業單位 付出的現金和 現金等價物 減：子公司及其他 營業單位持有的 現金和現金等價物 取得子公司及 其他營業單位付出 的現金淨額 取得子公司的 淨資產 流動資產 非流動資產 流動負債 非流動負債 10，074.02 2，規範與控股子公司之間 的資金往來，516，822.60 — — (244。

707，351。

減少所有者 權益。

327.00 391，250，本科以上學歷761 名。

914。

788.24 3，682，441 — — 60 Wang Zaiguo 王在國 M 男 47 April 2007 - April 2010 2007 年 04 月－ 2010 年 04 月 195。

as well as our advantages over other players，076， and this incurred production interruption losses. (22) 本年打点費用增加了29%，包罗對由於舞弊或錯誤導致的財務 報表重大錯報風險的評估，594， consumable biological assets，凭据收到或 應收的金額計量，509，842，公司 2010年第一 次臨時股東大會審議了公司董事 會、監事會換屆選舉的議案，可 不再提取，215.51 14，770，625.93 — — (354，064，277，050，526， and directly accounted for in profit or loss in this period. 註： 由於該商譽金額較 小，580.93 108X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 RMB 人民幣元 Amount for the previous period 上期金額 Amount for the current period 本期金額 Item 項目 Note V 附註五 Subtotal of cash outflows from financing activities 籌資活動現金流出小計12，500，601.67 Note 1: Newly acquired subsidiaries which were consolidated this 註1：本年度新納入合併範圍子公司： 壽光美倫紙業有限責任公司 (Shouguang Meilun Paper Co. Ltd. ) The Company contributed capital to set up 壽光美倫紙業有限責任公司 (Shouguang Meilun Paper Co. Ltd.) on 30 June 2009. It is wholly owned by the Company with a registered capital of RMB20 million. 壽光美倫紙業有限責任公司 本公司於2009年6月30日出資設立壽光 美倫紙業有限責任公司， processing and sale of timber; manufacturing，000，323.91 2。

000.00 — Entrusted loan 委托貸款 Jiangxi Chenming Paper Co.，723。

304，000， information security measures， 附 註 五 、 30）有關，593，500，2009 年 5月開始任本公司監事，000.00 本钱法 Shouguang Chenming Tianyuan Cost method 7，375.23 6， subject to a cap of accumulated statutory surplus reserves not exceeding 50% of the registered capital of the Company. 根據公司章程規定，622.85 ) (824，032.57 ) 8，984。

350.56 ) — 1. 所有者投入資本 2. 其他 （四）利潤分派 1. 提取盈餘公積 2. 對股東的分派 （五）其他 III. Balance at the end of the current year 三、本年年末餘額 2。

000.00 Huanggang Chenming — — — 20，687.49 26，654，945， Ltd (hereafter referred to as “Shouguang Chenming Holdings”) was established on 30 December 2005 by State-owned Assets Supervision and Administration Commission of Shouguang City which contributed its state-owned shares to set up the Company. The China Securities Regulatory Commission finally approved the change in the holder of state-owned Shares of Chenming Paper and the change in nature of its equity interests arising from the establishment of Shouguang Chenming Holdings on 14 August 2006 (Guo Zi Chan Quan [2005] No. 1539) . Since then，754.06 14，300 — — X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 155IV. THE SCOPE OF CONSOLIDATED FINANCIAL STATEMENT AND CONTROLLING 四、合併財務報表範圍及控股子公司情況（續） SUBSIDIARIES (Cont’d) RMB in ten thousands 人民幣萬元 Set off the loss attributable to the minority shareholders of the subsidiar ies in the current period from the owner’s equity of the Company exceeds the minority shareholders’ portion of the opening balance of owners’ equity of the subsidiary 從母公司所有者權益沖減子公司 少數股東分擔的本期虧損超過 少數股東在該子公司期初所有者 權益中所享有份額後的餘額 Set off the profit or loss of the minority interests from the equity of the minority interests 少數股東損益 顶用於沖減 少數股東損益 的金額 Balance of other projects that constitute net investment in the subsidiary 實質上構成對 子公司淨投資 的其他項目 餘額 The actual investment at the end of period 期末實際 出資額 Whether consolidated in the statement 是否 合併報表 Minority interests 少數 股東 權益 Subsidiary type 子公司類型 Place of Incorporation 註冊地 Business Nature 業務性質 Registered capital 註冊資本 Shareholding 持股比例 (%) Voting rights 表決權比例 (%) Full name of subsidiary 子公司全稱 Business activity 經營範圍 Sino-foreign joint venture 中外合資企業 Nanchang city 南昌市 Manufacture of paper 造紙 USD172.00 million Production and processing， records the net amount after offsetting its current income tax assets and current income tax liabilities. 當擁有以淨額結算當期所得稅資產及當 期所得稅負債的法定權利，999.87) 5，733，匯率可能發生的合 理變動對當期損益和權 益的稅後影響如下： RMB 人民幣元 Cur rent year 本年度 Effects on Previous year 上年度 Effects on Change in exchange rate 匯率變動 Effects on net profit 對淨利潤 的影響 owner’s equity 對所有者 權益的影響 Effects on net profit 對淨利潤 的影響 owner’s equity 對所有者 權益的影響Item 項目 USD 美元 Appreciate 5% relative to RMB 對人民幣升值5% (75。

680，是指該金 融資產價值變動使企業面臨的風險水 平，290，592.58 33，000.00. 壽光維遠物流有 限公司(Shouguang Wei Yuan Logistics Co.，報告期末持有 293，529，我們考慮與財務報表編製相關 的內部控制，245.89 ) 專項借款匯兌損益資本化 2， motivation and management of its management team. 3. The risk factors in the course of realization of the future development strategies and operating targets of the Company In view of the numerous new projects undertaken by the Company and their substantial scale，983， July 2009 2009 年 07 月 Shouguang，為公司管理狀況的持續改 善奠基了基礎，000.00 — — Equity method 權益法 6，967，將重組債務的賬面 價值與實際付出金額之間的差額計入當 期損益，假如相關的經濟好处 很可能流入本集團且其本钱能可靠地計 量，582， 1至2年 Prepaid the good payments according to the agreed contract 按条约約定預付貨款 Customer IV 客戶四 Non-related party 非關聯方 23，股份種類及其結構如下： RMB 人民幣元 Change for the period 本期變動 Shares transfer from reserve 公積金轉股 Opening balance 期初數 Bonus shares 送股 Closing balance 期末數 New issue 發行新股 Others 其他 Sub-total 小計 2009: I. 2009 年度： Restricted shares outstanding 一、 有限售條件股份 1. 2. State-owned legal person shares Other domestic shares 1. 2. 國有法人持股 其他內資持股 293，000.00 — — — 12， 2009年度公司 將以按企業會計準則實現的稅後利潤為 基礎進行利潤分派。

278。

並 出具了同意審計的意見； (3) it kept in close contact with the auditors upon the annual on site audit and issued a letter to the auditors to urge the submission of the auditors’ report on schedule; (3) 公司年度審計註冊會計師 進場後。

374。

intangible assets and other long-term assets Cash received relating to other investing activities 二、 投資活動產生的現金流量： 收回投資收到的現金 取得投資收益收到的現金 處置牢固資產、無形資產和 其他長期資產收回 的現金淨額 收到其他與投資活動 有關的現金 1，946， management of the Group assesses the recoverable amount of cash-generating unit which results goodwill，以人民幣 170萬元收購其 所持有的壽光虹宜包裝裝飾有 限公司100%股權，605.59 559，647，276，並向 董事會提交了該報告； (6) it reviewed the report on internal audit and internal control of the Company for the year ended 31 December 2009. (6) 審閱截至 2009年 12月 31 日止年度的本公司內部審 計及內部控制情況的報 告，500.00 1，772.59 20.63 (5，765，359.74 711。

460， Ltd. 武漢晨鳴漢陽紙業股份有限公司 20， who joined the Company in 1997，478，564.77 (43，284， Hong Kong Commercial Daily，607.21 Net cash flows from financing activities 籌資活動產生的現金流量淨額177，545，658。

as well as smooth implementation of these projects thus poses great challenges to the Company. As such， when the interruption is for a continuous period of more than 3 months。

000.00 Total 合計 2， the chairman of Shandong Chenming Paper Group Qihe Paperboard Co.。

retired or damaged，金融資產在確認減值損失後， 17/F， who joined the Company in 1992，890。

000.00 元 和人民幣 3，099， 子公司採用的主要會計政策和會計期間 凭据公司統一規定的會計政策和會計期 間釐定，585.56 306，將資產負債表中股東 權益項目下列示的、與該境外經營相關 的外幣報表折算差額，1989年至 2008年 11月任壽光市國有資產打点 局副局長，321，502.03 21，494.01 ) (81，900，094，787.81 1，以非現金資產清償債務時，430.22 355，762.97 14，032。

455。

111，483，733。

172， 143X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 II. SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES OF THE 二、公司主要會計政策和會計估計（續） COMPANY (Cont’d) Deferred income tax assets / deferred income tax liabilities(Cont’d) Deferred income tax assets and defer red income tax liabilities(Cont’d) Deferred income tax assets are not recognized for deductible temporary differences related to the initial recognition of an asset or liability in a transaction which is neither a business combination nor affects accounting profit or taxable profit (or deductible loss) at the time of the transaction. In addition，452，739.51 At the end of the above period，000.00 10，386，741，771.15 3，873。

340， ltd.) 510 — 51 51 Yes 是 2，534.16 ) 5，834， a subsidiary of the Company。

則估計其可收回金額。

240.75) (38，以 每 10股 向全體股東派發現金紅利人民 幣0.5元（含稅），發行價格為港幣9元，423，532，本 集團遞延所得稅資產及遞延所得稅負債 以抵銷後的淨額列報。

866 13，826，091.22 42， 認 真貫 徹落 實“ 法 制、監督、自律、規 範＂的方 針；真實、完整、準確、及時 的披露公司的各種信息，914，529.86 9。

000.00 — — — 15，故本集團與本 公司除按比例計提外並未單獨對該 等过时應收賬款計提減值準備，000.00 — 200，869.49 七、工會經費和 職工教育經費 20， standing deputy factory chief and general manager. He is currently the vice-chairman of the Company and a director of Shouguang Chenming Holdings Company Limited. 尹同遠先生，491，258，045。

Sappi China Holdings BV (“Sappi China”) is an associate of Sappi and therefore the sales of products by Jiangxi Chenming to either Sappi or Sappi China (the “Sappi Sales”) in its ordinary and usual course of business will constitute continuing connected transactions under the Hong Kong Listing Rules. Pursuant to the Sales and Distribution Agreement entered into by the parties，000，869.49 七、工會經費和 職工教育經費 7，上述中期票據 應付利息為人民幣 5，895.71 6， using the steady annual growth rate in the industry of 5% (2008: 5%) expected by the market。

388，305，969.57 — 355，861.42 12，739，378。

400.53 單項金額不重大但 按信用風險特徵 組合後該組合的風險 較大的預付賬款 — — 其他不重大的預付賬款19，法定盈餘 公積金按淨利潤之10%提取， the Company did not provide any guarantee to external parties (excluding the guarantees provided to its subsidiaries) and did not provide any guarantees against the rules and regulations. (1) 報告期內，506，424。

732.55 — — 14.66 16.74 14.13 54.47 — — (1， construction materials and plumbing parts 零售煤炭、汽油、建築质料、水暖配件等 400 — 100 100 Yes 是 — — — 壽光新源煤炭有限公司（註 1） (Shouguang Xinyuan Coal Co.。

it held 293， Ltd.)，545， 並 按 照 5.33% （2008年： 5.47%）的折現 率評估貨 幣之時間價值， the Group had unutilized bank facilities of RMB 13，884，000.) 集團將銀行借款作為主要資金 來源，629.03 — 1。

724， and Guo Shui Han [2002] Document No. 1032 “Written Reply on issues regarding the application of preferential enterprise income tax rate to Shandong Chenming Xinli Power Co.，本公司 於 2009年收到財政扶持金 人民幣12，751.90 (37，000.00 47。

向公司董事會 提交了該報告； (2) it reviewed the 2009 interim financial statements for the six months ended 30 June 2009，000-tonne tissue paper project. （4） 在建工程：主要是由於 湛江木漿項目、 80萬噸 銅版紙項目、 9.8萬噸生 活用紙項目及其他擴建 改革工程等投入所致，811.54 81， had held dif ferent positions including chief officer of manufacturing section，835， down by RMB644.9641 million or 4.15% over 2008. Costs of principal operations were RMB12，其所有 權最終可能轉移。

291.93 (622，941股，公司對控 股子公司的擔保屬於公司正常生產經營和 資金公道操作的需要，且未 放棄對該金融資產的控制的。

at the same time，000- tonne of 壽光美倫紙業有限責任公司 (Shouguang Meilun Paper Co.，738.28 17，導致應付賬 款減少， pursuant to which， and equity instruments issued by the acquirer，164，172，045.59 1。

634.48 — (7。

the average procurement price of raw materials dropped compared to last year; this drop in cost per unit resulted in decreased operating costs. (20) 本年營業本钱減少了4%， Equity instruments Equity instruments are any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. For equity instruments。

a long-term equity investment is measured at its initial investment cost. Except receiving the actual consideration paid for the investment or the declared but not yet distributed cash dividends or profits which is included in the consideration， (3) State-owned Assets Supervision and Administration Commission of Shouguang City is the controlling shareholder of Chenming Holdings，095。

240.46 Note 1: As at 31 December 2009，498， Ltd. 湛江晨鳴林業發展 有限公司 100，881.91 （損失 以「－」號填列） 个中：對聯營企業和合營 企業的投資收益 Including: Investment income from associates and joint ventures (15，218.42 — — — — — — — — — — (882。

193，968.52) — — 90 — — 20， 主要審議通過了公司2009年三 季度報告全文和摘要，998，000-tonne high quality low weight coated paper project，000。

but to fail to control or joint control the formulation of such policies together with other parties. In determining whether there is control or significance influence over the investee，498.14 1，287，209，936，本 公司於 2009年收到 造紙廢水深度處理回用項目專用 資金人民幣3，603.86 16。

798，110，426，528.00 Arjo Wiggins Chenming 280，922，436 employees with high school，537。

089，115.41 26，513， implementing and maintaining internal controls relevant to the preparation of the financial statements that are free from material misstatement whether due to fraud or error; (2) selecting and applying appropriate accounting policies; and (3) making accounting estimates that are reasonable in the circumstances. 凭据企業會計準則的規定編製財務報表 是晨鳴集團打点層的責任，539，長期股權投資的初 始投資本钱大於投資時應享有被投資單 位可辨認淨資產公允價值份額的，595.86 Machinery and equipment Vehicles Electronic equipment and others II. Total accumulated depreciation: Of which: Buildings 8，該業務由山東晨鳴和香港晨鳴 配合鎖定匯率風險。

720，在彌補了母公司 股東承擔的屬於少數股東的損失之前， a the wholly-owned subsidiary of the Company。

且公司獨立非執行董事已對 該事項發表獨立意見；公司沒有重大關聯 交易事項；根據企業會計準則的規定，970.39 Total 合計 190，601.42 239，996，以消除利率變動的公 允價值風險，使用壽命超 過一個會計年度的有形資產。

銷售 收入及利潤比上年同期低落。

256.04) — 26，362.04 15。

754.74 100.00 (6，663.46 — 901，000.00 — (304，（本 集 團上期末以外幣標示的預付款項原 幣金額為 18。

822.15 2。

(20) Operating costs decreased by 4% during the year， Ltd. 武漢晨鳴漢陽紙業股份有限公司 Being applied 正在辦理中 Year 2010 47，並提交了董事會，000，481.89 — Total 合計171。

733。

983， One Pacific Place，829，000.00 372，327.00) 303，007，000.00 Entrusted loan 委托貸款 Heze Chenming Panels Co.，525，810.40 879。

351，651.60 37 38 39 營業稅金及附加 銷售費用 打点費用 財務費用 資產減值損失 加：公允價值變動收益 （損 失以「－」號填列） 投資收益 （損 失以「－」號填列） 个中：對聯營企業和合營 58 40 41 42 (15， Ltd.) at the consideration of RMB 3.7 million. Please refer to Note V.55 for details of the financial position and operating results of 山東林盾木業股份有限公司 (Shandong Lin Dun Wood Industry Co.，000.00 90，054.35 (46， received a special fund of RMB6，099.70 1，981.64 496，227，000.00 68，537， Ltd. 江西晨鳴紙業有限責任公司 163，876.58 8，783，184.17元， which was translated into RMB 383。

202.50 2。

961， On 31 December 2009，000，335，167.80 ) 子分公司稅率纷歧致的影響 操作以前年度未確認可抵扣 虧損和可抵扣暫時性差異 的納稅影響 36，385.49 — — Sub-total 小計 73，985.61) 15，154。

develop recycling economy and maximize resource utilization; attaining management excellence to fully explore potentials corporate-wide， a subsidiary of the Company，488，有關上述收購 資產的詳細情況請參見凭据企業會計準則 編製 的財務 報表及 附註中「附註四」及「附 註五 .55」，603.46 184。

738， 60. According to the internal organization structure，326， while a period-onperiod improvement was noted. Facing such critical circumstances。

222.81 17.68 本公司本期末應收賬款餘額前五名 為本公司之紙品銷售款和质料銷售 款，000.00 7。

000.00 _ _ 760，000。

102，997.10 Subsidiaries of the Company 公司之子公司 50，現 任本公司董事。

公司獨立非執行董事依 據相關法令法規規定。

profit or loss arising from fair value change in financial assets held for trading and financial liabilities held for trading。

657.00 10，091，706，178.34 3，926.62 175， repay debt，807.88 — 93，000.00元，266.63) (1，本集團當期所得稅資產及當期 所得稅負債以抵銷後的淨額列報，074。

527.15 Total 合計13，930，880.88 291，005.22 31， 5. 78 Connected transactions The connected transactions of the Company were entered into at arm’s length and were not detrimental to the interests of the Company and the shareholders.IX Material Matters 第九節 重要事項 I. THERE WAS NO MATERIAL LITIGATION OR ARBITRATION OF 一、本年度公司無重大訴訟、仲裁事項 THE COMPANY DURING THE REPORTING PERIOD 二、報告期內公司重大收購及出售資 產、吸收合併事項 報告期內， 1987年插手本公司，630，136。

916.71 712，565.81 11， entered into an equity transfer agreement with the shareholder of 壽光維遠物流有限公司 (Shouguang Wei Yuan Logistics Company Limited) on 31 May 2009 to acquire 100% equity interest in 壽光 維遠物流有限公司 (Shouguang Wei Yuan Logistics Company Limited) held by such shareholder with a consideration of RMB4.00 million. （5） 壽光維遠物流有限公司 本公司之控股子公司壽光晨鳴 現代物流有限公司於2009年5 月31日與壽光維遠物流有限公 司股東簽訂了股權轉讓協議，301.98 資本公積轉增股本(737， Beijing Deloitte Touche Tohmatsu 35/F.，443， 客戶回款越发及 時，凭据名義金額計量的当局補助，經中國證券監督打点委員會 （以 下 簡 稱「中 國 證監會」）證監公 司字 [2000]151號文核准，000.00 84， 該專項資金主要用於循環經濟和 資源節約重大示範項目建設。

同 時加速湖北林業項目基地建 設，570，891，012，198，807.71 36，該項目正在進行土 建工程。

288，722。

has been transferred to the transferee; and (3) the financial asset has been transferred to the transferee， According to the “Notice Regarding Chenming Paper Financial Support Fund” (Shou Cai Yu Zhi Zi [2009] No.535 and 118) issued by the Financial Bureau of Shouguang City， and any excess shall be recognized in profit or loss for the current period; if there is no related deferred income，209，340.00 151，498.28 — 收購子公司評估增值攤銷(15， (24) Losses from impairment of assets decreased by 81% during the year，514.72 1，712.66 1，470，796.51 39，484，物價指數大 幅下降，994.68 1，231.42 ) (307，364.04 — 5， cash dividends of RMB0.5 (before tax) for every 10 shares was distributed to all shareholders in 2008. 2008年度公司按已發行之股 份2。

109，530，211，主 要系 2009年下半年原质料價 格上漲迅猛， Supervisors and Senior Management and the Staff 第四節董事、監事、高級打点人員情況 一、董事、監事和高級打点人員持股變 動及報酬情況（續） Total remuneration received from the Company during the reporting I. CHANGES IN SHAREHOLDINGS AND REMUNERATIONS OF THE DIRECTORS。

449， the Company has adopted the following measures: provide clarity on job responsibility and confirm project construction responsibility; upgrade resource allocation by adoption of a project-oriented approach in terms of human resources，661.67 1.45 Total 合計 270，424， the effect of possible occurrence of rational changes in interest rate to the profit and loss for the period and aftertax consequences of interests are set out below: 3.2.2在上述假設的基礎上，297.05 ) — 355，557.81 19。

553.66 60.73 12.29 3.81 23.17 (28，947，644。

at the same time，在處置 時將原計入所有者權益的部门按相應的 比例轉入當期損益，700，338.83 III. Total profit (“-” denotes loss) 三、 利潤總額 （虧損總 額以「－」號填列） 減：所得稅費用 986，957。

105.11元），394。

提高隊伍素質；另一方面 堅持科技興企， Shandong Chenming Paper Holdings Limited 12 April 2010 山東晨鳴紙業集團股份有限公司 二○一○年四月十二日 Full text of the 2009 Annual Report of Chenming Paper 晨鳴紙業2009年年度報告全文 347 ，本公司 之子公司以三剩物和次 小薪材作為主要原料繳 納的增值稅享受即徵即 退人民幣 19，302。

the Company is not aware that any other shareholders of outstanding shares as aforesaid are connected with others. 公司前 10 名股東中，主要系 2009年下半年紙製品市場好 轉， financial assets and financial liabilities are presented separately in the balance sheet without offsetting. 金融資產與金融負債的抵銷 當本集團具有抵銷已確認金融資產和金 融負債的法定權利， as well as the increase in unmatured bills receivable. 主要變動原因說明： （1） 經營活動產生的現金淨流量比 上年同期減少 15.26%，532。

449.67 ) 100.00 955，無形資產將在內部使用的，692。

975.88 1。

Shandong Province (86)-0536-2158011，016.14 — 6，） Aging analysis of accounts receivable is as follows: 應收賬款賬齡如下： RMB 人民幣元 Closing balance 期末數 Bad debt Opening balance 期初數 Bad debt Aging 賬齡 Amount 金額 Ratio (%) 比例(%) provision 壞賬準備 Book value 賬面價值 Amount 金額 Ratio (%) 比例(%) provision 壞賬準備 Book value 賬面價值 Within 1 year 1 to 2 years 2 to 3 years Over 3 years 1年以內 1至2年 2至3年 3年以上 1， Ltd.) on 31 May 2009 to acquire 100% equity interest in 壽光虹宜包裝裝飾有限公司 (Shouguang Hongyi Decorative Packaging Co.。

估計資產的可收回金額以單項 資產為基礎，782， the fair value is determined using valuation techniques. Valuation technologies include reference to be familiar with situation and prices reached in recent market transactions entered into by both willing parties。

527.87 1，955 Manufacture and supply of electricity and heat 電力、熱力生產和供應 山東晨鳴熱電股份有限公司15， Ltd. 湛江晨鳴漿紙有限公司 黃崗晨鳴林業發展有限公司 Total 合計147，並納 入公司合併財務報表範圍，152.23 — — 26。

159.26 2，017， Huanggang Chenming Arboriculture Co.，423，000.00 22 April 2009 2009年 4月22 日 21 April 2012 2012年 4月21 日 No 否 Shandong Chenming Paper Holdings Limited 山東晨鳴紙業集團股份有限公司 Jiangxi Chenming Paper Co.，955，191，009 — 76.73 (Yanbian Chenming Paper Co.，911， mainly because the allowance for inventories reduced as a result of the rally in product prices of the Group in the second half year. (24) 本年資產減值損失減少了 81%，未損害 公司及其股東，425，321.68 12， pulp sheet manufacturing plant，415，000， which then were passed to the seventh meeting of the fifth session of the Board for consideration and approval. 4、董事會提名委員會履職情況報告 報告期內，153，000，880.10 1， A9 of Hong Kong Commercial Daily 中國證券報C8版、香港商報A9版 2009-5-27 D24 of China Securities Journal，450，433， increase incomes，748，業務交易由中 國建設銀 行股份有限公司壽光支行與中國建設銀行股份有 限公司 香港分行同時辦理，048.41 — 172， Shandong 山東齊河 4， confidence of paper product purchasers hit new low，000.00 本钱法 Cost method 本钱法 376，673，500，441，895.27 24，947，159.28美元，062，519.78 ) 經營性應收項目的減少 （減：增加） 經營性應付項目的增加 （減：減少） (1，940.62) (583，500.67 ) (397，260， 挖掘潛 力，333，240.75 38，716，816， 實際 利率為5.38%， subsidiaries of the Company，044.58 147，646， VIII. MAJOR SUPPLIERS AND CUSTOMERS The purchase from the largest supplier of the Group for 2009 was RMB6.20 million， 2003年4月開始任公司獨 立非執行董事， 22IV Directors。

控制投資風險、注重 投資效益，809.46 65， the debtor shall regard the post-modification fair value of the debt as the entry value of the restructured debt，200，500 公司 (Juancheng Chenming Panels Co.。

045，679， and the fair value of the shares to which the creditor becomes entitled to offset against the book balance of the debt to be restructured。

334.21 3，671.55 — — 38，544.09 ) — (200，576， the Senior Management，078，839.03 Machinery and equipment 設備 11， 42V Corporate Governance Report 第五節 公司管治報告 I. DISCLOSURES AS REQUIRED BY CHINA SECURITIES 一、按中國證監會要求披露的資料（續） REGULATORY COMMISSION (Cont’d) (IV) Internal Control of the Company (Cont’d) （四）公司內部控制情況（續） 5、公司監事會和獨立非執行董事就 公司內部控制自我評價發表如 下意見： 公司內部控制制度切合我國有 關法規和證券監管部門的要 求，446，將 應付的職工薪酬確認為負債，810，711.04 ) (4，198。

814，263， 公 司召開股東大會對《股東大會 議事規 則》、《董事會議事規則》、《監事 會 議事規則》的內容同時進行了 相應修 改。

471，包 括在建期間發生的各項工程支出、工程 達到預定可使用狀態前的資本化的借款 費用以及其他相關費用等， the Group recognizes the corresponding deferred income tax liability for taxable temporary differences associated with investments in subsidiaries，500，354.31 — Note 1: For the provision criteria of above business tax and levy， which only exists when relevant and important financial affairs and management decisions related to such economic activity require sharing of control by investors who unanimously agree upon. Significant influence is the power to participate in the financial and operating policy decisions of an enterprise，102，097，509.04 — 15，263，397。

the interests component of which was included in capital reserves. 其他資本公積其他上期減少數系本 公司之子公司襄樊晨鳴銅版紙有限 責任公司已於上年註銷，在金融市場上 擁有良好的信譽。

462，881.91 There are no significant restrictions on remittance of investment gains back to the Company. 公司的投資收益匯回不存在重大限 制，741.53 117， 4. The twelfth meeting of the fifth session of the Supervisory Committee was held on 29 October 2009. The full text and the summary of the third quarterly report 2009 of the Company were considered at the meeting. 4、2009年10月29日召開了第五屆監事 會第十二次會議， (3) Distribution of profits resolved after the reporting date (3) 資本負債表日後決議的利潤分 配情況 Pursuant to the proposal of the Board，896.30 was provided for during the period，792.08 99.02 0.41 0.14 0.43 (23。

Note 5: Accumulated amortization for the period decreased，000，491， (IV) Internal Control of the Company （四）公司內部控制情況 1. Internal control overview The Company established the procedural rules for shareholders’ meetings。

465，491，具體事項參見附 註四、註1，按 照股東大會授權， Ltd. 江西晨鳴紙業有限責任公司 25，752，322.49 ) 69.69 1，425，233.72 1， it is expected that price of raw materials for paper making will continue its upward trend. 1、公司地址行業的發展趨勢及公司未 來發展戰略規劃 公司所處的行業為輕工造紙業。

主要原因系已貼現未到期應收 票據造成短期借款增加導致，335，650.00 764，公司 董事認為該等款項可以收回， a provision for impairment is made accordingly in accordance with the relevant regulations. 記賬基礎和計價原則 本集團會計核算以權責發生制為記賬基 礎，542， recorded higher revenue during the current period，009.51 (1，045.59 Total 合計 456，077，076， an oversea controlling subsidiary of the Company as follows : all asset and liability items of the balance sheet is translated according to the spot exchange rate(i.e. translated according to RMB6.8282 : USD1) prevailing at the reporting date; all the owner’s equity items are translated according to the spot exchange rate when occurrence，083， construction materials， Shandong 山東壽光 Electricity 電力 9，249， 2， Ltd.) 50.93 50.93 Yes 是 41，270.90 10，257.66 1， Shandong 山東壽光 Arboriculture 林業 2，000.00 168。

截止目前沒有 非主營業務的重大投資行 為。

200.95 — 28，325，000，000- tonne copperplate paper project，673，589。

On disposal of foreign operations，355，692，322，178，007.38 个中：牢固資產處置利得12。

024， transferred，915，單獨進行減值測試或包罗在具 有類似信用風險特徵的金融資產組合中 進行減值測試， construction or production of a qualifying asset。

945，000， Ms. Wang Yumei had held the positions of committee member of the 6th and 7th People’s Political Consultative Committee of Haidian District，302，231， Shandong Chenming Panels Co.，733.01 Yanbian Chenming — — — 40，000.00 Entrusted loan 委托貸款 Wuhan Chenming Hanyang Paper Holdings Co.，584.87 7， 金融資產轉回減值損失後的賬面價值不 超過假定不計提減值準備情況下該金融 資產在轉回日的攤餘本钱，724.15 四、投資性 房地產減值 準備 累計金額 (1，在確定存貨的可變現淨值時， copperplate paper。

062。

492.59 3。

118.25 2， 本公司 The Company RMB 人民幣元 Deductions 本期減少 Reversals 轉回 Items 項目 Opening balance 期初賬面餘額 Additions 本期增加 Write-offs 轉銷 Closing balance 期末賬面餘額 I. Provisions for bad debts 一、壞賬準備 153。

430.50 40，000，491， Wuhan Chenming Hanyang Paper Holdings Co. Ltd.，165，693，393，689，採 用權益法核算的長期股權投資，對與子公 司、聯營企業及合營企業投資相關的可 抵扣暫時性差異，562.62 — 37，807.71 36，115.83 ) — 1。

251。

Ltd（. 壽光市 潤 生廢紙接纳有限責任有限公司）。

200。

537.62 287。

988.77 894，020，508.25 896。

加強投資者關係 打点（續） 公司欢迎調研及採訪等相關情況 VIII. LAUNCH OF VARIOUS CHANNELS T O COMMUNICATE AND STRENGTHEN INVESTOR’S RELATION MANAGEMENT (Cont’d) Reception of activities including research。

644，500.00 — Sub-total 小計 131，895.71 4， the difference between the following amounts is recognized in profit or loss for the current period: the carrying amount and the sum of the consideration received and any accumulated gain or loss that had been recognized directly in equity. 金融資產整體轉移滿足終止確認條件 的，也經歷了下 半年的迅速回暖，440.91 ) (10，000.00 544，602。

007 — — 110 17IV Directors，並計入當期 損益，491。

953.55 ) 1，156。

738，191，在壽光本埠建設 年產80萬噸高檔低定量銅版紙 項目，估計資產的可收回金額 以單項資產為基礎。

193.66 Within 1 year 1年以內 Prepaid the good payments according to the agreed contract 按条约約定預付貨款 Customer II 客戶二 Non-related party 非關聯方 25，205，507，公司秘書潘 兆昌領取的薪酬為12萬港元，349.50 12，229， while those that do not satisfy the following conditions are accounted for in the profit or loss for the current period: 無形資產（續） 研究與開發支出（續） 開發階段的支出同時滿足下列條件的。

908，669， 154IV. THE SCOPE OF CONSOLIDATED FINANCIAL STATEMENT AND CONTROLLING 四、合併財務報表範圍及控股子公司情況 SUBSIDIARIES Subsidiaries established by way of investment 投資创立的子公司 RMB in ten thousands 人民幣萬元 Set off the loss Set off the profit or loss of the minority interests from attributable to the minority shareholders of the subsidiaries in the current period from the owner’s equity of the Company Balance of other projects that constitute net investment in the subsidiary 實質上構成對 子公司淨投資 的其他項目 餘額 the equity of exceeds the minority shareholders’ the minority portion of the opening balance interests of owners’ equity of the subsidiary The actual investment at the end of period 期末實際 出資額 Whether consolidated in the statement 是否 合併報表 Minority interests 少數 股東 權益 少數股東損益 顶用於沖減 少數股東損益 的金額 從母公司所有者權益沖減子公司 少數股東分擔的本期虧損超過 少數股東在該子公司期初所有者 權益中所享有份額後的餘額 Subsidiary type 子公司類型 Place of Incorporation 註冊地 Business Nature 業務性質 Registered capital 註冊資本 Shareholding 持股比例 (%) Voting rights 表決權比例 (%) Full name of subsidiary 子公司全稱 Business activity 經營範圍 Sino-foreign joint venture 中外合資企業 Wuhan City Manufacture of paper 造紙 21，592.92 ) 57.73 Total 合計 1，772.50 23，000，465.58 Total 合計 813， the acquirer shall include the amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably. 對於非同一控制下的企業合併，集團打点層評估產 生商譽的現金產出單元的可收回金 額， declare that they guarantee the truthfulness and completeness of the financial statements of the 2009 Annual Report. 公司董事長陳洪國、財務總監王春方、財務機 構負責人李棟聲明：保證2009年年度報告中財 務報告的真實、完整，000，941.35 18，083.64 可轉換公司債券 行使轉換權 2，000.00 75.00 75.00 — — — — 本钱法 Cost method 697，456。

711.25 (519，799.36 ) (6，966，770.79 ) (7，550.53 (481，000。

973.04 available-for-sale financial assets 減值準備 金融資產 — — — — — IV. Impairment provisions for held- fo- maturity investments V. Impairment provisions for long-term equity investments VI. Impairment provisions for investment properties VII. Impairment provisions for fixed assets VIII. Impairment provisions for project materials IX. Impairment provisions for construction in progress 四、持有至 到期投資 減值準備 五、長期 股權投資 減值準備 六、 投資性房地 產減值準備 七、牢固資 產減值準備 八、工程物資 減值準備 九、在建工程 減值準備 — — — — — 1，212，161.71 514， Shouguang Meilun Paper Co. Ltd.，275，907.78 14， B3 of Hong Kong Commercial Daily 中國證券報D6版、香港商報B3版 93IX Material Matters 第九節 重要事項 十一、2009年度信息披露索引（續） Media for publication 通告媒體 XI. INDEX OF INFORMATION DISCLOSURE IN 2009 (Cont’d) Date of announcement 通告日期 Subject matter 通告事項 2009-6-10 The Second Announcement of Notice to Creditors In Relation to Repurchase of H shares of the Company 回購H股通知債權人第二次通告 B8 of China Securities Journal，799.72 109， 每股面值 1 元，684.33 3，343，將修改其他債務條件後 債務的公允價值作為重組後債務的入賬 價值，529，000.00 in 2009 for DIP workshop and No. 10 paper machine energy conservation reform. 根據財 政 部《 財 政 部關於預撥 2008年節能技術改革財政獎勵資 金（第一 批）的通知》，822.15 14， paper pulp，045。

471，充实操作公司自有資金； (2) Taking advantage of the credibility and reputation of the Company - the Company will secure bank loans and syndicated loans and strengthen its internal financial control and enhance its capital utilization. （2） 操作公司良好的信用和知名 度，926，785.21 58。

產生停工損 失所致，205.60 2，969.57 — 711， 2. The tenth meeting of the fifth session of the Supervisory Committee was held on 28 April 2009. The full text and the summary of the first quarterly report 2009 of the Company were considered at the meeting. 2、2009年 4月28日召開了第五屆監事 會第十次會議， entered into a share transfer agreement with the shareholder of 壽光虹宜包裝裝飾有限公司 (Shouguang Hongyi Decorative Packaging Co.，941.00 6。

and the Supervisory Committee meetings to ensure their decision-making，514.72 The movements of the provision of the bad debts of other receivables see notes V.18. 其他應收款壞賬準備的變動見附註 五、 18。

120.75 using the exchange rate of 6.8346.) 本公司本期末以外幣標示的應收賬 款原幣金額為 1，027.94 329，000-tone pulp production line project of Zhanjiang Chenming，000.00元； 根據吉林省財 政 廳《關 於 下 達 2007年和 2008年 節能技術改革財政獎勵資金清算 指標 的通知》，605，070， There was no provision for impairment of investment properties. 投資性房地產本期無減值準備， 以 及國家稅務總局國稅函 [2002]1032 號文《國家稅務總局關於 山東晨鳴新 力熱電有限公司適用企 業所得稅稅 率問題的批覆》，531.87 ) — 134，396， VI. THE PROPOSED PROFIT DISTRIBUTION PLAN OF 2009 According to the relevant requirements imposed by the State Ministry of Finance and Articles of Association，799。

824.96 Net profit Net cash flows from operating activities Net cash flows from investing activities Net cash flows from financing activities Net increase in cash and cash equivalents 淨利潤 經營活動現金淨流量 投資活動現金淨流量 籌資活動現金淨流量 現金及現金等價物淨增加額 2，受此影響，506，000.00 ) (344，713，339.18 (20，038，263.57 — — 62，754.27 (23， Hong Kong Commercial Daily and the website of CHINF () on 28 July 2009， in order to allocate the resources and evaluate its result. The primary products or services provided by each reporting segments of the Group are machine-made paper，193.38 (8，000.00 — 6，857.37 Taxable temporary differences: Increase in fair value of consumable biological assets Valuation gain on revaluation arising from acquisition of subsidiaries Amortization of valuation gain on revaluation arising from acquisition of subsidiaries 應納稅暫時性差異： 耗损性生物資產公允價值增加 44，227.37 1，502，586.57 ) —— 631，379。

000， 141X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 II. SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES OF THE 二、公司主要會計政策和會計估計（續） COMPANY (Cont’d) Government grant Government grants are transfer of monetary assets or non-monetary assets from the government to the Group at no consideration。

418，主 要審議通過了公司 2009年第 一季度報告全文和正文、關於 湛江晨鳴建設高級文化紙項目 的議案等 5項議案，083，600，869.21 -2.66% 216.40% 80.79% 110.20% -45.82% -37.08% Total 合計1，834，597.16 — — (46。

450，238.27 14，676.32) (15，耗损性生物資產 凭据本钱進行初始計量，724，786，822.15 respectively. These figures are different from those reported in the financial statements prepared in accordance with the International Financial Reporting Standards in the following material aspects: 境內外會計準則下會計數據差異 （續） 本集團按中國企業會計準則編製的 2009年度財務報表的淨利潤為人民 幣 953。

Ltd.) as at the acquisition date and the period from the acquisition date to the end of the period respectively. 165X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 四、合併財務報表範圍及控股子公司情 況（續） 註1：本年度新納入合併範圍子公司：（續） IV. THE SCOPE OF CONSOLIDATED FINANCIAL STATEMENT AND CONTROLLING SUBSIDIARIES (Cont’d) Note 1: Newly acquired subsidiaries which were consolidated in this year: (Cont’d) 山東林盾木業股份有限公司 (Shandong Lin Dun Wood Industry Co.，452，397， profit or loss arising from impairment or amortization is carried at profit or loss for the current period. 貸款和應收款項採用實際利率法，207.95 — — 33.25 3.99 31.47 31.29 — — (536，000，262.18 42。

523，295.64 1.10 Total 合計 190，導致金融資產無法在 活躍市場繼續交易；(6)無法辨認一組金 融資產中的某項資產的現金流量是否已 經減少， Objective evidence of impairment on financial asset includes those observable matters listed as follows: (1) issuers or debtors encounter severe financial difficulties; (2) debtors violate terms of contract，579，681， As at 31 December 2009，487.15 835，829.85 12，超出部门計入當期損益；不 存在相關遞延收益的， (5) 壽光維遠物流有限公司 (Shouguang Wei Yuan Logistics Company Limited) 壽光晨鳴現代物流有限公司 (Shouguang Chenming Modern Logistic Co.，256.04) — 26，重組前債務的賬面價值與重組後 債務的賬面價值之間的差額，852， one by one，102，700，433 — — 100 Tan Daocheng 譚道誠 Hou Huancai 侯煥才 Zhou Shaohua 周少華 M 男 M 男 M 男 43 April 2009 - April 2010 2009 年 04 月－ 2010 年 04 月 April 2007 - April 2010 2007 年 04 月－ 2010 年 04 月 April 2007 - April 2010 2007 年 04 月－ 2010 年 04 月 185，山東晨鳴紙業集團齊 河板紙有限責任公司副總經 理， the Company had no fixed assets held under operation lease. As at 31 December 2009，161.72 3，970，890，453，900。

Ltd. strictly performed its commitments. 在報告期內，公 司之子 公司江西晨鳴紙業有限 責任公司 2009年收到財 政 扶 持 金 人 民 幣 15。

981.90 2。

882， Note 2: Note 3: Original book value for the period increased，680。

000.00 in 2009 for the construction of Zhanjiang 750，不予確認有 關的遞延所得稅資產。

920.58 101，000 萬元，債權人凭据其與債務人達成的 協議大概法院的裁定作出讓步的事項，671.14 1， Ltd. Cost method 208， B7 of Hong Kong Commercial Daily 中國證券報 D045版、香港商報B7版 passed at the twelfth meeting of the fifth session of the Board Announcement in respect of the resolutions passed at the ninth meeting of the fifth session of the Supervisory Committee 2008 annual report Notice of the 2008 Annual General Meeting Independent opinion of independent directors on the self-evaluation report of internal control of the Company Announcement in respect of Provision of Guarantee for a Bank Facility of a Controlling Subsidiary 2008 social responsibility report 2008 audited report 第五屆董事會第 十二次會議決議通告 第五屆監事會第 九次會議決議通告 2008年年度報告 關於召開二○○八年度股 東大會的通知 獨立董事對公司內部控制自 我評價報告的獨立意見 對控股子公司銀行 授信額度提供擔保通告 2008年度社會責任報告 2008年度審計報告 2009-4-18 H share announcement H股通告 2009-4-29 First quarterly report 2009 Announcement in respect of external investment Supplemental notice of 2008 Annual General Meeting Announcement in respect of the resolutions passed at the thirteenth meeting of the fifth session of the Board 2009年第一季度報告 對外投資通告 關於2008年度股東大會增加提案的通知 第五屆董事會第十三次會議決議通告 D31 of China Securities Journal，076，623.05 95。

Ltd.) held by such shareholder with a consideration of RMB3.70 million. （7） 山東林盾木業股份有限公司 本公司之控股子公司山東晨鳴 板材有限責任公司於2009年7 月10日與山東林盾木業股份有 限公司股東簽訂了股權轉讓協 議，135 — 100 100 Yes 是 — — — Limited liability company 有限責任公司 Juancheng。

853.42 分派股利、利潤或償付 利息付出的現金 償還短期融資券付出的現金 476， Ltd.) (Cont’d) (4) 山東林盾木業有限公司（續） (b) Important financial information about the acquired entity: (b) 被合併方主要財務信 息： RMB 人民幣元 31 December 2009 2009年 12月31日 Acquisition date 購買日 Book value 賬面價值 Fair value 公允價值 Book value 賬面價值 Fair value 公允價值 Identifiable assets: Current assets Non-current assets 可辨認資產： 流動資產 非流動資產 26，314，000.00元，000.00 — 110。

578.47 — 45，380.46 ) 3，253.37 Total 合計 3。

000.00元； 根據壽光市財 政局《關於撥付 省級生 態補償資 金 的通 知》。

104.68 5。

900.00) — — (6， 由於任何風險變量很少伶仃的發生 變化， Ltd.) — 100 100 Yes 是 — — — X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 157IV. THE SCOPE OF CONSOLIDATED FINANCIAL STATEMENT AND CONTROLLING SUBSIDIARIES (Cont’d) 四、合併財務報表範圍及控股子公司情況（續） RMB in ten thousands 人民幣萬元 Set off the loss attributable to the minority shareholders of the subsidiar ies in the current period from the owner’s equity of the Company exceeds the minority shareholders’ portion of the opening balance of owners’ equity of the subsidiary 從母公司所有者權益沖減子公司 少數股東分擔的本期虧損超過 少數股東在該子公司期初所有者 權益中所享有份額後的餘額 Set off the profit or loss of the minority interests from the equity of the minority interests 少數股東損益 顶用於沖減 少數股東損益 的金額 Balance of other projects that constitute net investment in the subsidiary 實質上構成對 子公司淨投資 的其他項目 餘額 The actual investment at the end of period 期末實際 出資額 Whether consolidated in the statement 是否 合併報表 Minority interests 少數 股東 權益 Subsidiary type 子公司類型 Place of Incorporation 註冊地 Business Nature 業務性質 Registered capital 註冊資本 Shareholding 持股比例 (%) Voting rights 表決權比例 (%) Full name of subsidiary 子公司全稱 Business activity 經營範圍 Limited liability company 有限責任公司 Shouguang， Jilin province 吉林省吉林市 Manufacture of paper 造紙 吉林晨鳴紙業150。

101，171.67 投資性房地產折舊 無形資產攤銷 1，357， 本期資本化的借款費用利息合計人民幣 8，189 million was injected into the project while the rest of the amount was deposited in a bank account for the project to ensure safety of the funds. (2) As at the end of 2009，上述股利分派 方案尚待股東大會核准，904，000，215，738.60元。

The Company entered into an equity transfer agreement with the shareholders of 江西江報傳媒彩印 有限公司 (Jiangxi Jiangbao Media Colour Printing Co. Ltd.)， IMPORTANT: The board of directors (the “Board”)。

512.02 1， Qiqihar City 齊齊哈爾市 富饶縣 Huanggang city， its registered capital is RMB20 million and is 100% held by the Company. (2) 壽光順達報關有限責任公司 (Shouguang Shun Da Customs Declaration Co.，663.73 Net profit Net cash flows from operating activities Net cash flows from investing activities Net cash flows from financing activities Net increase in cash and cash equivalents 淨利潤 經營活動現金淨流量 投 資活動現金淨流量 籌資 活動現金淨流量 現金及 現金等價物淨增加額 6，本公 司在遵循中國有關法令及法規的情況下。

120.83 ) 509，該業務由山東晨鳴在境內辦理遠期結匯 業務，968.26 — 13， and the website of the Hong Kong Stock Exchange () on 6 July 2009. At present，857，885，本集團及本公司 應付賬款中三年以上的為結算尾 款，675， 1992年插手本公 司， white paper board and news press paper successively。

II. They include the original copy of the auditors’ report which is sealed by the accounting firm and signed by the certified public accountant. 二、 載有會計師事務所蓋章、註冊會計師簽 名並蓋章的審計報告原件，100.00 -2.53 -5.16 2.56 5.21 0 0.08 85IX Material Matters 第九節 重要事項 五、股權分置改良中非畅通股股東的承 諾事項 V. COMMITMENTS BY HOLDERS OF NON-TRADABLE SHARES DURING THE REFORM OF CONVERSION 1. Commitments during the reform of conversion and its performance Shouguang Chenming Holdings Co.，本集團採 用估值技術確定其公允價值，435，961，914.39 1.24 Total 合計 29，餘下應收賬款的期後收款情況 及其信用質量良好，750， Ltd. 阿爾諾維根斯晨鳴 特種紙有限公司 (15，023。

與負責公司年度審計 事情的德勤華永會計師事 務所註冊會計師協商確定 了公司 2009年度財務審 計報告的時間布置計劃； (2) it reviewed the draft of financial statements of the Company prior to an annual on site audit performed by the auditing certified public accountants and issued its approval to audit; (2) 在年度審計註冊會計師進 場前認真審閱了公司开端 編製的財務會計報表，339，並有能力使用或出售該無形資 產； (4) there is sufficient support in terms of technology。

205.18 (4， the full text and summary of the 2008 annual report of the Company，2008年12月退休。

538.07 Total 合計 21，902.98 — 39， Ltd. and the chairman of the 1st and 2nd Supervisory Committee of the Company. He is currently a Director of the Company. 侯煥才先生， so far as the Directors were aware，483，000.00 元。

752， as a number of projects under construction are near completion，702，975.55 163，930，944。

429，911， November 2009 2009 年 11 月 Shouguang。

520 3，452，115.83 ) (6。

381 — — Limited liability company 有限責任公司 Shouguang，941.00 6，452.88 ) (155， shall be recognized as deferred income tax assets and deferred income tax liabilities using the balance sheet liability method. 遞延所得稅資產及遞延所得稅負債 某些資產、負債項目的賬面價值與其計 稅基礎之間的差額， Supervisors and their respective associates，036.31 (518，000.00 Entrusted loan 委托貸款 Juancheng Chenming Panels Co.，247.34 814，778.45) 337，974.94 — Total amount of above items 上述合計 301，資產假如發生減 值， the difference is recognized as goodwill. Where the cost of a business combination is less than the acquirer ’s interest in the fair value of the acquiree’s identifiable net assets，200。

221.45) 19， (4) The scope of civil engineering work of the pulp project covers civil works for pulping plant， Note 5: Accumulated amortization for the period increased，000 — 責任公司（註 1） (Huanggang Chenming Arboriculture Co.，542.97 10， the Group shall recognize the amount of any proceeds on disposal of the asset net of the carrying amount and related taxes in profit or loss for the current period. 牢固資產出售、轉讓、報廢或毀損的處 置收入扣除其賬面價值和相關稅費後的 差額計入當期損益，800，698.01 4，846.63 4，602。

註4：賬面原值本期減少中，000.00 — — 80，318.92 216，且代表了在公 平交易中實際發生的市場交易的價格， Shandong 山東壽光 On-site research and investigation 實地調研 Individual investors 個人投資者 Matters including recent development of the industry and development trend in the future，083。

311X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 五、財務報表項目附註（續） 55. Merger of entities (Cont’d) 55. 企業合併（續） (4) 山東林盾木業有限公司 (Shandong Lin Dun Wood Industry Co.，集團尚未使用的 銀 行 借 款 額 度 為 人 民 幣 1。

公司已形成 了與公司實際情況相符的內部 控制體系，160，000，182.26 121，大專學歷 2，529， Ltd.) at the consideration of RMB 1.7 million. Please refer to Note V.55 for details of the financial position and operating results of 壽光虹宜包裝裝飾有限公司 (Shouguang Hongyi Decorative Packaging Co.，738，耐 心解答每位股東的問詢；通過網絡交换。

169X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 五、財務報表項目附註（續） 3. Accounts receivable The Group 應收賬款 本集團 3. The breakdown of accounts receivable according to classification is as follows: 應收賬款按種類披露： RMB 人民幣元 Closing balance 期末數 Opening balance 期初數 Book balance 賬面餘額 Bad debt provision 壞賬準備 Book balance 賬面餘額 Bad debt provision 壞賬準備 Category 種類 Amount 金額 Ratio(%) 比例(%) Amount 金額 Ratio(%) 比例(%) Amount 金額 Ratio(%) 比例(%) Amount 金額 Ratio(%) 比例(%) Single item with significant accounts receivable Single item without significant accounts receivable but considered to be greater risks after arrival at by credit risk characteristics Other items without significant accounts receivable 單項金額 重大的應收 賬款 1，000.00 13 March 2008 2008年3月13日 12 March 2009 2009年3 月12日 — Entrusted loan 委托貸款 325X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 VI. RELATED PARTY RELATIONS AND TRANSACTIONS (Cont’d) 六、關聯方關係及其交易（續） (3) Major related party transactions entered into between the Company and related parties during the year are as follows (Cont’d) (3) 公司與關聯方在本年度發生了如下 重大關聯交易（續） (b) Lending and borrowing (Cont’d) (b) 關聯方資金拆借（續） Previous year: (Cont’d) 上年度：（續） RMB 人民幣元 Amount of lending and borrowing 拆借金額 拆出金額 Balance at the end of the previous period 上期末餘額 Related party 關聯方 Starting 起始日 Ending 到期日 Remarks 說明 Wuhan Chenming Hanyang Paper Holdings Co.，870，475.35 19，527.87 1，987.88 1，585.36 — — (16，992.71 (35，356.68 36，000.00 Entrusted loan 委托貸款 Jiangxi Chenming Paper Co.， the underlying strategy of the Group’s risk management is to ascertain and analyze all types of risks exposures of the Group。

並成立了業務風險防範制 度，174.38 6，518.61 (15， a controlled subsidiary of the Company，000 as single item with significant other receivables. 本公司將金額為人民幣 100萬元以 上的其他應收款確認為單項金額重 大的其他應收款， Shandong 山東壽光 3，公 司打点層均能夠認真履 行《公 司章程》賦予的各項職權，122，062， Supervisors and their respective associates。

968.26 89，000.00 7， investments in such entity in prior years in the form of license rights which caused increase of RMB6，主體設備的預付款已 經開始付出，599，772.08 16.56 Shandong Chenming Power Supply Holdings Co.，257，110，212，400，339，657，632.17 —— 23，370，922，941.00 6，產生停工損失所致，025，452，直 接計入當期損益。

366，020.33 5。

206.93 ) 465，191，499， a subsidiary of the Company。

319.31 股權投資減值損失— 548，724，187.97 ) (6， Guangdong 廣東湛江 Arboriculture 林業 50，利潤 分派後餘額滾存以後年度分 配， be allocated on a reasonable basis to each of the related asset groups; when it is difficult to be allocated to the related asset groups，努力降 低庫存，773，660.30) (5， represented by 六、 期末現金及現金等價物餘額48 1，943， Jiangxi 江西南昌 Production and sales of panels 板材產銷 南昌晨鳴林業發展有限公司1，000，245.93 14。

500，364.04 IV. Total profit (“-” denotes loss) 四、 利潤總額 （虧損總 額以「－」號填列） 減：所得稅費用 1，205，209.92 60，000。

745.12 286X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 五、財務報表項目附註（續） 46. 每股收益 計算根基每股收益 時，720.25 — — 15.77 7.06 8.54 68.63 — — (395，687，336.44 Within 1 year，274.40 11， Internal administration departments were established to monitor the set-up， one by one，816.00) Decrease in consumable biological assets (minus: increase) Losses from change in fair value (minus: gains) Decrease in deferred income tax assets (minus: increase) 耗损性生物資產減少 （減：增 加） 公允價值變動損失 （減：收 益） 遞延所得稅資產減少 （減：增 加） (168，966.97 23， 並審閱了 2008年度審計報告和財 務報告，892.58 233，658，184，009， Ltd.，520.05 7，以及本集團為低落這些風險 所採取的風險打点政策如下所述，277，268.70 Total 合計14， Chibi Chenming Paper Co.，389.13 955。

471，370.59 17， 比 2008年減少人民幣 49，413，200， resulting in a larger balance in the value-added tax and income tax at the end of the year. Other current assets are mainly attributable to certain subsidiaries of the Company which paid income tax in advance and thus created income tax credit balance. (14) 本年應交稅費增加了 175%，100.00 37。

774， Shandong 山東壽光 Electricity 電力 USD 1，000.00 — — Bank III 銀行三 USD 1.45 7。

Ltd. 5。

Provision based on groups of credit risk characteristics: 根據信用風險特徵組合確定的計提方 法： If impairment is evaluated collectively，本公司子公司陽 江晨鳴林業發展有限公司、湛江晨 鳴林業發展有限公司、黃岡晨鳴林 業發展有限責任公司及南昌晨鳴林 業發展有限公司耗损性生物資產經 仲量聯行西門有限公司評估，金融資產和金融負債在資產負債表 內分別列示，000.00 — — Bank III 銀行三 RMB 4.86 — 400，460.87 (31。

the Group and the Company had provided in full for bad debts. (3) 根據以前的經驗， Oriental Plaza，600.00 Total 合計 252，597.16 ) 1，424，449.14 187，項目的主體設備採購合 同已經簽署。

102， Galaxy Securities，248，810，574.02 91。

509，215。

688。

and technology consultation of forestry 林木種植、開發、林業科技諮詢 50 — 100 100 Yes 是 壽光晨鳴地板有限責任公司— — — (Shouguang Chenming Floor Board Co.，271 No 否 No 否 118，730.36 301。

062，215，976.21 3。

618，187， leading to a concentration of production capacity in large papermaking enterprises. With the increased production volume and new production capacity，053.45 due to acquisition，656.69 8，332，000.00元 作 為 對 價收購壽光市新源煤炭 有限公司 50%股權，490，000萬元，162，750.13 31，876.58. The capitalized borrowing interest costs for the period amounted to RMB 8， 134X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 II. SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES OF THE 二、公司主要會計政策和會計估計（續） COMPANY (Cont’d) Fixed assets Conditions for recognition of fixed assets Fixed assets are tangible assets that are held for use in the production or supply of goods or services，384.90 4，000，863，416，588， an increase o f RMB 146。

000.00 with effective interest rate of 5.38%. 根據中國銀行間市場交易商協會《接 受 註 冊 通 知 書 》（ 中 市 協 註 [2009]MTN102 號 ）， GF Fund，125，822.53 20.49 188X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 五、財務報表項目附註（續） 5. Other receivables (continued) The Company 其他應收款（續） 本公司 5. The breakdown of other receivables according to categories is as follows: 其他應收款按種類披露： RMB 人民幣元 Closing balance 期末數 Opening balance 期初數 Book balance 賬面餘額 Bad debt provision 壞賬準備 Book balance 賬面餘額 Bad debt provision 壞賬準備 Category 種類 Amount 金額 Ratio(%) 比例(%) Amount 金額 Ratio(%) 比例(%) Amount 金額 Ratio(%) 比例(%) Amount 金額 Ratio(%) 比例(%) Single item with significant other receivables Single item without other receivables but considered to 單項金額重大的 2。

購買日假如估計未來 事項很可能發生並且對合併本钱的影響 金額能夠可靠計量的，公司的會計核算體 系健全、制度完善， decreased by RMB499.3465 million or 3.98% over 2008. Realized operating profit and net profit attributable to equity holders of the Company were RMB982.5658 million and RMB835.948 million respectively，429.18 19，100，160.60 — Shandong Chenming decorating materials Panels Co.。

525.27 73，對木漿進行了戰略採購；在 生產方面， a wholly-owned subsidiary of 晨鳴現代物流有限公司 (Shouguang Chenming Modern Logistic Co.， 67VII Directors’ Report 第七節 董事會報告 四、本年度，104.68 345。

146， Hua An Funds， the auditors’ report on the annual audit issued by the certified public accountants was approved and then was passed to the Board; (5) 審計委員會 2010年第一 次會議審議了公司年度審 計會計師事務所出具的本 年度審計事情總結，以很可能獲得用來抵扣可抵 扣虧損和稅款抵減的未來應納稅所得額 為限。

871.68 ) (329，287.10 11，657，000.00元 及 人 民 幣 1，726，276，305， Mr. Hou Huancai，該 公司註冊資本為人民幣2，914，797，987.88 465。

132.70 Total 合計11，093， increasing points of sales， Ltd. 鄄城晨鳴板材有限公司 Cost method 本钱法 Cost method 15。

698。

If a government grant is in the form of a transfer of monetary asset。

007。

現任山 東財政學院財稅研究所副所 長。

825 Use of total proceeds during the reporting period 本報告期已使用募集資金總額 Accumulated use of total proceeds 已累計使用募集資金總額 68，003，730，調整資本公積。

the principal matters considered included discussions about appointment of Wang Chunfang as financial controller of the Company and nomination of Geng Guanglin and Tan Daocheng as candidates for the fifth session of the Board of the Company， please refer to note V.11. 註1：無形資產之地皮使用權抵押情況參見附 註五、 11，185.91 97。

佔集團當 年總銷售之百分比為0.25%， an amount of RMB 1。

836.56 (61，884.43 ) (5，018.12 248。

020.69 840。

72VII Directors’ Report 第七節 董事會報告 V. DAY-TO-DAY OPERATION OF THE BOARD (Cont’d) 五、董事會日常事情情況（續） 4. Discharge of duties by the nomination committee of the Board In the reporting period，156，775.11 ) 190，955.58 ) (6。

539.98 458，228.39 1。

000.00 Entrusted loan 委托貸款 Yangjiang Chenming Arboriculture Co.，536，目前，810.40 879， In order to mitigate credit risk，062，941，000 tonnes pulp and ancillary raw materials)。

057， (2) (2 Details of other related parties without control relations are set out in Note V.9. 不存在控制關係的其他關聯方情況詳見附註五、9，932.85 496，增加本公司資本公 積人民幣2， the item shall be measured at a nominal amount and recognized immediately in profit or loss for the current period. 当局補助為貨幣性資產的。

521，656， a controlled subsidiary of the Company，967，對於當期和以前期間形 成的當期所得稅負債（或資 產），紙製品供不應求， completeness，578.57 190。

the price received during the issue shall be added to shareholder’s equity after reducing the transaction fees. 權益东西 權益东西是指能證明擁有本集團在扣除 所有負債後的資產中的剩餘權益的合 同。

top five balances of accounts receivable of the Group were related to sales of paper products. 本集團本期末應收賬款餘額前五名 為紙品銷售款，761。

本集團创立 了一個小組負責確定信用額 度、進行信用審批，620.87 48， acquired 100% of equity interests in壽光維 遠物流有限公司(Shouguang Wei Yuan Logistics Co.，774， receipt of outstanding bank acceptance bills are not reflected as cash inflow in “cash received from sales of goods，247，除上述例外情況，000。

502，372，減值 損失金額首先抵減分攤到該資產組或資 產組組合的商譽的賬面價值，541，000，258，259，178，106.54 Balance of cash and cash equivalents 現金及現金等價物餘額1，998.80 866，在以後會 An impairment loss recognized on the assets mentioned above shall not be 計期間不予轉回，998，454.96元，369，035，對衍生品公允價值的阐明應披露具 體使用的要领及相關假設與參數的設定 Based on the exchange rate on 31 December 2009 as confirmed by China Construction Bank。

主要系本年收到收益相關的政 府補助減少所致，441.40 159。

276，修改其 他債務條件的，000.00元，865.11 The acquisition date refers to the date the purchaser obtained actual control of the subject being purchased，659。

Ltd.)，543，974.94 92，720.30 ) (631，207.36 ) 23.77 925。

000.00 2 December 2009 2009 年 12 月 2 日 3 years 三年期 1，274.53 ) 81，000.00 in 2009. 1 根據 壽光市 財政局《關於 撥付 專項資金 的通知 》 （壽財預指字 [2009]595 號和 596號）。

相關的已發生或將發生的本钱能夠 可靠地計量時，504.05 93，000.00 — — — — — 2. 14，2009年適用稅率為10%，854。

985.54 105， The Company Inventory categories: 本公司 存貨分類： RMB 人民幣元 Closing balance 期末數 Allowance for inventories 跌價準備 Opening balance 期初數 Provision of impairment 跌價準備 Book balance 賬面餘額 Book balance 賬面餘額 Items 項目 Book value 賬面價值 Book value 賬面價值 Raw materials Goods-in stock Work-in-progress 原质料 庫存商品 在產品 524。

029。

274.53X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 五、財務報表項目附註（續） 18. Provision for impairment of assets The Group (Cont’d) 資產減值準備（續） 本集團（續） 18. RMB 人民幣元 Increase in provision for impairment of assets due to acquisition of subsidiaries during the current period 本期收購 子公司 增加資產 減值準備 Deductions 本期減少 Items Write-offs 項目 Opening balance 期初賬面餘額 Additions 本期增加 Reversals Closing balance 期末賬面餘額 轉回 轉銷 X. Impairment provisions for productive biological assets 十、生產性 生物資產 減值準備 — — — — — XI. Impairment provisions for oil gas assets XII. Impairment provisions for intangible assets XIII. Impairment provisions for goodwill XIV. Others 十一、油氣資產 減值準備 十 二、無形資產 減值準備 十三、商譽 減值準備 十四、其他 — — — — — — — — — — — 142， the creditor shall regard the post-modification fair value of the debt as the book value of the restructured debt，666，707.06 2， financial assets held for trading，637.71元（ 2008年 12月 31日 ： 人 民 幣 290。

000.00 883， 122X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 II. SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES OF THE 二、公司主要會計政策和會計估計（續） COMPANY (Cont’d) Financial instruments (Cont’d) Financial assets carried at fair value through profit or loss for the current period 金融东西（續） 以公允價值計量且其變動計入當期損益 的金融資產 包罗交易性金融資產和指定為以公允價 值計量且其變動計入當期損益的金融資 產，133.31 157，公司機構與控股股 東完全分開，493，961，782.30 of profit distribution. 2010年 4月 12日，654，381， Hailaer Chenming Paper Co.，062。

the remuneration and assessment committee formulated the 2008 remuneration package of the Directors and the Senior Management of the Company，280.31 7，323.68 — (622，876，583.36 7。

996.24 元。

522，357，197， except the following asset items carried at fair value: 2、 公司主要資產採用的計量的屬 性： 本公司編製財務報表時一般採 用歷史本钱進行計量，500，643，320，更多使用 應付票據付出原料採購款和設 備款，321， as product price went up and the price of raw materials dropped. (6) Gain on change in fair value increased by 589.28% compared to the corresponding period of the previous year， creating favourable operating conditions for China’s paper making industry. It is expected that production and sales volume of paper products will continue to rise as the industry is at the upturn of cycle. Meanwhile。

077.89 (31，478， had held the positions of the chief officer of the legal section and chief officer of auditing department，217，937.25 1，570.79 ) — 1， were found. 5、關聯交易情況 公司發生的關聯交易均體現了市場 公正原則。

including packaging materials， 高中、技校及中專以下學歷 9，595，852.58 5，573，436，247.34 Total owners’ equity 所有者權益合計11， Mr. Hao Yun，033，878， Supervisors and Senior Management and the Staff 第四節 董事、監事、高級打点人員情況 一、董事、監事和高級打点人員持股變 動及報酬情況（續） Total remuneration received from the Company during the reporting I. CHANGES IN SHAREHOLDINGS AND REMUNERATIONS OF THE DIRECTORS，275.97元，長期股權投資按初 始投資本钱計價，783，021， Ltd 壽光晨鳴控股有限公司 The largest shareholder 第一大股東 Limited liability company 有限責任公司 Shouguang City 壽光市 Chen Hongguo 陳洪國 Investments in papermaking，670， to the extent that it is probable that future taxable profits will be available against which the deductible losses and tax credits can be utilized. 對於能夠結轉以後年度的可抵扣虧損和 稅款抵減。

415， the Company completed machinemade paper production of 3.04 million tonnes，對於其他金融負債， in all material aspects。

094.59 Sub-total 小計11。

accounting for 0.25% of the total sales of the Group for the year. 2、凭据香港聯交所上市規則界定的持 續關連交易情況（續） 江西晨鳴向塞佩公司及／或其聯繫 人銷售紙張產品（續） 江西晨鳴由本公司、塞佩公司（其實 益擁有人均為本公司之獨立第三 方 ）、 茂 林 製 紙 及 IFC分別擁有 51%、 34%、 7.5%及 7.5%之 權 益， product specifications，005， the Group had accounts receivable denominated in foreign currencies in the amount of USD 56，634，273， during the reporting period; according to the requirements of the Accounting Standards for Business Enterprises，198，同時加強財 務內部控制打点，000.00 Entrusted loan 委托貸款 Jiangxi Chenming Paper Co.，491，062，390.51 11，047.49 3，553，000， (2) Top five long-term borrowings (2) 金額前五名的長期借款 The Group 本集團 RMB 人民幣元 Closing balance 期末數 Functional currency 本幣金額 Opening balance 期初數 Borrowing units 貸款單位 Starting date 借款起始日 Expiry date 借款終止日 Interest rate(%) 利率(%) Foreign currency 外幣金額 Foreign currency 外幣金額 Functional currency 本幣金額 Currency 幣種 Bank I 銀行一 25 March 2008 2008年 3月25日 10 December 2009 2009年12月10日 23 December 2008 2008年12月23日 23 December 2008 2008年12月23日 28 September 2009 2009年 9月28日 24 March 2023 2023年3月24日 10 December 2012 2012年 12月10日 22 December 2011 2011年 12月22日 22 November 2011 2011年11月22日 27 September 2012 2012年9月27日 USD 2.96 76，502，965，000.00 3 December 2009 2009年12月3 日 4 September 2008 2008年9月4 日 24 September 2008 2008年9月24日 20 May 2008 2008年5月20日 4 September 2008 2008年9月4 日 25 May 2007 2007年5月25日 24 May 2007 2007年5月24日 2 December 2010 2010年12月2日 3 September 2010 2010年 9月3日 24 September 2010 2010年9 月24日 20 May 2010 2010年5 月20日 3 September 2010 2010年 9月3日 25 May 2017 2017年5 月25日 24 May 2017 2017年5 月24日 600，332， the Company received financial support funds of RMB12，883，假如難 以對單項資產的可收回金額進行估計 的，782，535.87 ) 1，面 臨這種嚴峻的考驗，018，045， At the end of the current period，418，000.00 255X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 五、財務報表項目附註（續） 30. Long-term borrowings (Cont’d) 30. 長期借款（續） (2) Top five long-term borrowings (Cont’d) (2) 金額前五名的長期借款（續） The Company 本公司 RMB 人民幣元 Closing balance 期末數 Functional currency 本幣金額 Opening balance 期初數 Bor rowing units 貸款單位 Starting date 借款起始日 Expiry date 借款終止日 Interest rate(%) 利率(%) Foreign currency 外幣金額 Foreign currency 外幣金額 Functional currency 本幣金額 Currency 幣種 Bank I 銀行一 23 December 2008 2008年12月23日 23 December 2008 2008年12月23日 28 September 2009 2009年9月28日 28 December 2009 2009年12月28日 20 October 2009 2009年10月20日 22 December 2011 2011年12月22日 22 November 2011 2011年11月22日 27 September 2012 2012年 9月27日 28 December 2011 2011年12月28日 19 October 2011 2011年10月19日 RMB 4.86 — 400，900， promptly and consistently implemented within its subsidiaries. So all the tasks within the Company and its subsidiaries were consistently dealt with. 35V Corporate Governance Report 第五節 公司管治報告 I. DISCLOSURES AS REQUIRED BY CHINA SECURITIES 一、按中國證監會要求披露的資料（續） REGULATORY COMMISSION (Cont’d) (IV) Internal Control of the Company (Cont’d) （四）公司內部控制情況（續） 2、 公司內部控制制度的成立和健 全情況（續） （2） 對關聯交易的打点控制 《公司章程》對公司 股東 大會、董事會審議關聯 交易事項的權限、審計 措施、關聯董事回避、 關聯股東回避等均作了 明確 的規定 ，328，639。

is covered by the preferential tax policies on development of the Western Region and thus enjoys preferential tax rate of 15% from 2001 to 2010. 稅收優惠及批文（續） 企業 所得稅（續） 根據國務院西部地區開發領導小組 辦公室國西辦綜[2001]10號文《國務 院西部開發辦關於延邊朝鮮族自治 州參照執行國家西部大開發優惠政 策的覆函》以及延邊朝鮮族自治州地 方稅務局延州地稅函 [2001]99號文 《延邊州处所稅務局關於吉林晨鳴亞 松漿紙有限公司享受稅收優惠政策 承諾的函》，050，346。

the denominator is the weighted average of outstanding ordinary shares. The calculation is as follows: 計算根基每股收益時，021.18 1，146.34 — — 13.45 10.29 2.34 73.92 — — (199，151，凭据企業會計準 則編製的 2009年度實現的歸屬於母公司 股東的淨利潤為人民幣 835，076， 註2： 2009年12月 31日本公司牢固資產 中無尚未取得衡宇產權證的衡宇 建築物 ，080， Shandong Chenming Paper Holdings Limited holds 100% interests in 壽光新源煤炭有限公司 (Shouguang Xinyuan Coal Co.，282.10 826，729，752.43 — 273，歷任中共壽光市委辦 公室秘書、科長、機要局副局長、 辦公室副主任、市委副秘書長等職 務，174， in order to maximize the benefits of shareholders and other stakeholders. Based on such objective in risk management，516.00 78，624.07 投資性房地產折舊 無形資產攤銷 1，歷 任車間副主任、主任、晨鳴控股總 經理助理、晨鳴控股副總經理、壽 光晨鳴製漿工廠副總經理， mainly due to the investments made in the construction of the 800， i.e. the date the net assets and the control on the operating and business decision of the subject being purchased is transferred to the purchaser. 購買日為購買方實際取 得被購買方控制權的日 期， the Group had acquired 2.45 million mu of woodlands for raw materials and obtained legal forestry rights certificates for 2.06 million mu of woodlands; among which，對企業生產的原料中 摻有不少於30%的煤矸石、石煤、 粉煤灰、燒煤鍋爐的爐底渣（不包罗 高爐水渣）的建材產品免徵增值稅，454.96 ) — 127。

063，704.32 160， an increase of RMB 13。

the repayment shall be off set against the carrying amount of the deferred income， it could be provided as bad debts after considering its collectability. (1) 因對方公司經營不善，349.50 15，356，公允價值變動形成的利得或損失 以及與該金融資產相關的股利和利息收 入計入當期損益， our staff members continued to fulfill their duties with unwavering dedication and loyalty， the cash paid，284.84 12，000，假如當年新增的企 業所得稅稅額不敷抵免時，050.00 252，711.67 18。

即被購買方的淨資 產和生產經營決策的控 制權轉移給購買方的日 期，556.09 17，590.68 51 788， defined the responsibilities of accounting staff and set up the evidence flow. Transactions were implemented with evidence timely prepared and delivered to the accounting department and filing department for record and filing. Meanwhile，929。

615.52) (24，320，656，408， who joined the Company in 1987。

mainly because certain pulp and panel production lines suspended production in the first half year of 2009 due to the financial crisis，597.73 Total 合計 1，620，736 百萬元，438，080，691.14 13 14 15 16 17 Total non-current assets 非流動資產合計17，460.90 — — — 26， 234X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 五、財務報表項目附註（續） 18. Provision for impairment of assets T he Group 資產減值準備 本集團 18. RMB 人民幣元 Increase in provision for impairment of assets due to acquisition of subsidiaries during the current period 本期收購 子公司 增 加資產 減 值準備 Deductions 本期減少 Items 項目 Opening balance 期初賬面餘額 Additions 本期增加 Reversals 轉回 Write-offs 轉銷 Closing balance 期末賬面餘額 I. Provisions for bad debts 一、壞賬準備 218。

recoverable amount shall be estimated for the individual asset. If it is not possible to estimate the recoverable amount of the individual asset，000.00 — — Total 700，584，848，456，000萬美元 賣出 300萬美元 合計 ———— 20，000.00 8 September 2008 2008年9 月8日 7 September 2010 2010年9月7日 250， the Group recognizes the corresponding deferred income tax asset for deductible temporary differences associated with investments in subsidiaries，770.79元，報告期內。

Offset of Financial Assets and Financial Liabilities If the Group owns the legitimate rights of offsetting the recognized financial assets and financial liabilities，000.00元和人民 幣5，050，418.15 ) 其他資本公積 个中：原制度下資本公積轉入463，045，156，包罗包裝物、低值易耗品 和其他周轉质料等， which was translated into RMB 115，443.49 IX. NON-ADJUSTMENT MATTERS SHEET EVENTS INCLUDED IN POST BALANCE 九、資產負債表日後事項中非調整事項 On 12 April 2010，553， bonuses and other fringe benefits. Subject to the relevant laws and regulations of the PRC，87 ) (12，247.34 269X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 五、財務報表項目附註（續） 36. Undistributed profits (Cont’d) 36. 未分派利潤（續） (1) Appropriation of statutory surplus reserves (1) 提取法定盈餘公積 Pursuant to the Articles。

主要系集團下半年產品 價格回升。

196.96) (103，236.08 除同公司正常經營業務相關的有效套期 保值業務外，219.34 ) Total 合計 1， Ltd.)，460.87 from the acquisition of Shandong Lin Dun Woods Co. Ltd. by the Company’s subsidiary Shandong Chenming Panels Co. Ltd. 存貨跌價準備本期增加額中含本公 司之子公司山東晨鳴板材有限責任 公司所收購山東林盾木業股份有限 公司增加的存貨跌價準備人民幣 4，913，512.92 273，590，620.00 134，主要 是由於報告期內公司之子公司 壽光美倫紙業有限責任公司新 上年產 80萬噸銅版紙及 9.8萬 噸糊口用紙項目、湛江木漿項 目及高檔文化紙業項目投入所 致， liquidity risk，525，532。

receivables aged over three years are generally non-recoverable，810.40 The Company 本公司 RMB 人民幣元 Proportion of appropriation or allocation 提取或分派比例 Amount 金額 2009: 2009年度： Undistributed profits at the beginning of the year Add: Net profits of the year Less: Appropriation of statutory surplus reserves Ordinary shares dividend payable 年初未分派利潤 加：本年淨利潤 減：提取法定盈餘公積 應付普通股股利 2，因此 本集團沒有重大的信用会合風 險。

Accounts receivable comprised the following balances in foreign currencies: 應收賬款中包括以下外幣餘額： At the end of the current period，168， 現金等價物是指本集 團持有的期限短、流動性強、易於轉換 為已知金額現金、價值變動風險很小的 投資，685， in exchange for control of the acquiree plus any costs directly attributable to the business combination. When the business combination is achieved in stage，503，256.04 32，687。

290.70 143，208，773，單位負責 人張玉華，146。

採用 輪伐期年限法按賬面價值結轉本钱，中期票據 分別於2009年 12月和 2010年 3月分兩期發行人民幣 23億 元。

which is the date on which the control over the net assets or production and management decision is assigned to the Group. 本集團在合併日或購買日確認因企業合 併取得的資產、負債，196.96 —— 629，892。

金融东西存在活躍市場的。

136，000.00 1。

Guangdong was considered and approved by the 2008 Annual General Meeting of the Company. The total investment amount for this project was RMB1.668 billion. The Company had entered into the main equipment purchase contract in respect to this project. Details of the transaction were covered in the relevant announcements published in China Securities Journal。

819.04 — — 27.11 9.72 15.60 47.57 — — (392，278，922，並提交了董 事會，156.10 8。

813，。

349.50 15，000.00 — The Company 本公司 RMB 人民幣元 Closing balance of fair value 期末公允價值 Opening balance of fair value 期初公允價值 Items 項目 Financial liabilities held for trading – foreign currency forward contracts 交易性金融負債 －遠期結售匯(6，本 集團以很可能取得用來抵扣可抵扣暫時 性差異的應納稅所得額為限，000-tonne pulp project in Zhanjiang as soon as possible，418.15 ) 其他資本公積 个中：原制度資本公積轉入778， 283X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 五、財務報表項目附註（續） 44. Non-operating expenses The Group 營業外支出 本集團 44. RMB 人民幣元 Incurred during the previous period 上期發生額 Incurred during the current period 本期發生額 Items 項目 Total loss on disposal of non-current assets Of which: Loss on disposal of fixed assets Loss on disposal of intangible assets Donation expenses Fine payments Others 非流動資產處置損失合計 个中：牢固資產處置損失 無形資產處置損失 捐贈支出 罰款支出 其他 10，中國經濟環境逐 步改进， 5. Discharge of duties by the remuneration committee of the Board The remuneration and assessment committee of the Company were primarily responsible for formulating the remuneration and assessment for the Directors and the Senior Management of the Company and formulating and examining the remuneration package of the Directors and the Senior Management of the Company， Ltd. 菏澤晨鳴板材 有限責任公司 31，418.12 25，765.00 and USD 17。

and the Company and its subsidiaries are collectively referred to as “the Group” in this report， a controlling subsidiary of the Company ，822.15元，440。

Ltd. 山東晨鳴紙業集團齊河 板紙有限責任公司 Shandong Chenming Power Supply Holdings Co.，719。

379，691.14 195，989，023，890， flexible sales strategies were adopted to lower inventory level and risk-prevention system was established for the Company’s operations. The implementation of these ef fective measures helped the Company get through the most difficult period，000.00 1，凭据國際財務報告準則編製的2009 年度實現的歸屬於母公司股東的淨利潤 為人民幣 862，579， 採用多種方法的組合進行債務重組的，971.21 ) 100.00 170X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 五、財務報表項目附註（續） 3. Accounts receivable (continued) The Group (continued) The explanation of the classification of the accounts receivable: 應收賬款（續） 本集團（續） 應收賬款種類的說明： 3. The Group recognized the accounts receivable over RMB 1，在終止確認、發 生減值或攤銷時產生的利得或損失，收入的金額能夠可靠 地計量。

390，142，921.65 207， and the other entities participating in the combination are the acquirees. 同一控制下和非同一控制下企業合併的 會計處理要领（續） 非同一控制下的企業合併及商譽 參與合併的企業在合併前後不受同一方 或沟通的多方最終控制，此事項有關具體 情況詳見 2009年 7月 7日刊登 於《中國證券 報》、《 香港商 報 》、 巨 潮 資 訊 網 ( )和 2009 年7月6日刊登於香港聯交所網 站 ()的相關公 82IX Material Matters 第九節 重要事項 IV. SIGNIFICANT CONTRACTS AND THEIR PERFORMANCE (Cont’d) 四、重大条约及履行情況（續） 3. Other significant contracts (Cont’d) 3、其他重大条约（續） (2) (2) 2009年 7月，087，資本化 率根據一般借款的加權平均利率計算確 定，062，390， Ltd. 山東御景大酒店有限公司 Zhanjiang Chenming Paper Pulp Co.。

700。

based on the production and operation conditions of 2008 and assessment of the Directors and the Senior Management of the Company; and formulated the 2009 remuneration package of the Directors and the Senior Management of the Company，184，310.00 783。

815.66 (181，000.00 297，032，850，031，450， Pursuant to the “Notice Regarding 2009 Autonomous Prefecture Level Environmental Pollution Treatment Fund”（《關於 2009 年州本級環境污 染管理資金的通知》） issued by Financial Bureau of Yanbian Korean Autonomous Prefecture，831 million. The net proceeds less the expenses of RMB 103 million were RMB2。

545，606 39，836.56 (61，000， Ltd. 菏澤晨鳴板材 有限責任公司 31。

818.63 ) Total 合計219，579，854.04 270，733，191，092，055.71) (35，確認商品銷售收入的實 現，693，050，904，000.00 ) — — — — Total 合計1，301，具體情 況詳見2009年 7月28日刊登 於《中 國證 券 報 》、《 香 港 商 報 》、 巨 潮 資 訊 網 （ ）和 2009年 7月 27日 刊 登 於 香 港 聯 交 所 網 站 （）的相 關公 告。

474.08 31，083，678.00 The possible occurrence of rational changes in exchange rates of Hong Kong dollar and Euro has relatively small influence on profit and loss for the current period and after-tax consequences of interests. 港元以及歐元匯率可能 發生的公道變動對當期 損益和權益的稅後影響 較小，944.43 15，093，496，645，966，並考慮 預計棄置費用因素的影響，322，179，900，491，601， the debtor shall include the difference between the book value of the debt to be restructured and the actual payment into the current profits and losses. When a debt is liquidated by a non-cash asset，457，000.00 0 14， 7 Others are the financial incentive fund and other support fund granted by the local governments to support the development of the Company and its subsidiaries. 7 其他系當地人民当局為 支持本公司及子公司發 展而給予的財政獎勵資 金及其他扶持金，535.07 4.38 47，932.76 Total 合計 17，490， (1) Tax and levies on operations increased by 29.3% compared to the corresponding period of the previous year，000.00 — — Total 合計430，559.68 215，826，089，153.79 642。

167，043。

209X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 五、財務報表項目附註（續） 11. Fixed Assets The Group 牢固資產 本集團 11. (1) Overview of fixed assets (1) 牢固資產情況 RMB 人民幣元 Closing book balance 期末賬面餘額 Opening book balance 期初賬面餘額 Additions for the current period 本期增加 Deductions for the current period 本期減少 Items 項目 I. Total original book value: Of which: Buildings 一、賬面原 值合計： 个中： 衡宇及 建築物 19。

1至2年 Prepaid the good payments according to the agreed contract 按条约約定預付貨款 Customer V 客戶五 Non-related party 非關聯方 18。

215，291 employees in aggregate，048.96) 252， Recognition and measurement of transfers of financial asset Financial asset that satisfied any of the following 金融資產轉移的確認依據和計量要领 滿足下列條件之一的金融資產， 在切合預計負債確認條件時， which is a light industry. The paper making industry is an important basic raw materials industry which is closely related to the national economy and social matter development. The paper making industry features capital and skills intensive characteristics with prominent economy of scale. Its growth rate is strongly and positively correlated to that of GDP. The gradual economic pickup on both the international and domestic fronts， etc. He is currently the Chairman of the Company and the chairman and general manager of Shouguang Chenming Holdings Company Limited. Mr. Chen Hongguo is the spouse of Ms. Li Xueqin，公司打点層根據實際情況。

Ltd. increased the planting area of forestry and the increase in land use rights. (7) 本年無形資產增加了3%，298 — — (Jiangxi Chenming Paper Co.，429.42 94.10 5.90 414，285.82) 11， 折 算 後 為 人 民 幣 194， based on the production and operation conditions of 2009 and assessment of the Directors and the Senior Management of the Company. 5、董事會薪酬與查核委員會的履職情 況報告 公司董事會下設薪酬與查核委員 會，734.2 9) 151， 現任公司董事、副總經 理、壽光晨鳴控股有限公司董 事，460.90 26，440.52 (1，597.16 Allowance for inventories: 存貨跌價準備情況： Percentage of write-off in the current period to the closing balance (%) of such inventory 本期轉銷 金額 佔該項存貨 期 末餘額的比例 (%) Reason of write-off of allowance for inventories for the current period 本期轉銷存貨 跌 價準備的原因 Basis of allowance for inventories 計提存貨跌價 準備的依據 Items 項目 Goods-in-stock 庫存商品 N/A Note 1 註1 12.33 Note 1: Allowance for inventories in the previous period was written off because inventories with such allowance were sold in the current period. 註 1：由於本期已將上期計提存貨跌價 準備的存貨售出，914， 註5：累計折舊本期增加中，033，933.59 13， 334X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 VII. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (Cont’d) 七、金融东西及風險打点（續） 3. Sensitivity analysis (Cont’d) 3. 敏感性阐明（續） 3.2 Sensitivity analysis of interest rate risk 3.2.1 Sensitivity analysis of interest rate risk is based on the below assumptions: 3.2 利率風險敏感性阐明 3.2.1利率風險敏感性阐明基 於下述假設： ?Changes in market rate affects the interest income or expense of floating-rate financial instruments; 市場利率變化影響 可變利率金融东西 的 利 息 收 入 或 費 用； ?Change in fair value of financial assets held for trading and other financial assets and liabilities are calculated using discounted cash flow method at market rate at reporting date. 以資產負債表日市 場利率採用現金流 量折現法計算衍生 金融东西及其他金 融資產和負債的公 允價值變化，110.20) 671，014.99 Vehicles — Electronic equipment and others V. Total fixed assets - net book value Of which: Buildings 運輸东西 電子 設備及 其他 五、牢固資產 賬面價值 合計 个中： 衡宇及 建築物 機器 — — — — 14， and the land-use fees paid for the site for the pulp project totaled RMB361 million. （3） 項目建設用地的征地工 作已經完成， Deferred income tax liabilities are not recognized for taxable temporary differences related to: the initial recognition of goodwill; and the initial recognition of an asset or liability in a transaction which is neither a business combination nor affects accounting profit or taxable profit (or deductible loss) at the time of the transaction. In addition，529，200 — — 30 Li Xueqin F 女 44 April 2007 - April 2010 2007 年 04 月－ 2010 年 04 月 429。

000。

969.57 1， production and operation of the Company，並凭据有關規定對相關事項發 表了獨立意見，656，929.95) (273，736 million。

806，590，000.00 Bank IV 銀行四 RMB 4.86 — 300，673，包罗下 列可觀察到的各項事項： (1)發行方或債 務人發生嚴重財務困難； (2)債務人違反 了条约條款，或兩者兼有而持有的房地產。

the excess amount shall be allocated against minority interest; otherwise the excess amount shall be allocated against equity attributable to the shareholders of the parent. If the subsidiary subsequently reports profits，974.94 Total 合計 301， An intangible asset shall be initially measured at cost. The expenditures incurred on an intangible asset shall be recognized as cost of the intangible asset only if it is probable that economic benefits associated with the asset will flow to the Group and the cost of the asset can be measured reliably. Other expenditures on an intangible asset shall be charged to profit or loss when incurred. 無形資產按本钱進行初始計量，000， etc. Details of the remuneration of employees of the Group in 2009 are set out in Note 11 to the financial statements prepared in accordance with the International Financial Reporting Standards. 同時，502， Ltd. and Huanggang Chenming Arboriculture Co.，235.73 5，壽光晨鳴控股有限公司 董事長兼總經理，630.40 272，483，則凭据相關規定計提相應的減值準 備，000.00 ) 6， then handle it in accordance with the aforesaid provisions of modification of other terms of a debt. 作為債務人記錄債務重組義務 以現金清償債務的，883。

Shandong 山東壽光 Production and sales of floor board 地板產銷 Production and sales of panels 板材產銷 50 Production，545.79 — Total non-current liabilities 非流動負債合計6，053，000萬美元 買入 10。

and the website of the Hong Kong Stock Exchange () on 27 July 44VII Directors’ Report 第七節 董事會報告 一在企業會計準則下的打点層討論與 阐明 （一）報告期內總體經營情況 2009年是21世紀以來公司發展很是 困難的一年，671，550.00 298， Ltd. (“Jiangxi Chenming”)，計入當期損益，000.00 Total 合計 6，306，207.57 ) 56.52 23。

配合控制是指凭据条约約 定對某項經濟活動所共有的控制。

000，223.70 27。

Ltd.， 316V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 五、財務報表項目附註（續） 60. Segment reporting (Cont’d) 60. 分部報告（續） (1) (1) Segment revenue 分部收益 RMB 人民幣元 Machine-made paper 機製紙 Construction materials 建築质料 Electricity and steam 電及汽 Others 其他 This y ear 本年 Eliminations among each segment 分部間彼此抵減 Total 合計 This year 本年 This year 本年 Previous y ear 上年 This year 本年 Previous year 上年 This year 本年 Previous year 上年 Previous year 上年 This year 本年 Previous y ear 上年 Previous y ear 上年 Operating revenue: External transaction sales Inter-segment sales Total segment operating revenue 營業收入： 對交际易收入 分部間交易收入 分部營業 收入合計 14。

231.63 (2， had held different positions including the standing deputy general manager。

The independent non-executive Directors of the Company reviewed the connected transactions of the Group and confirmed that: 本公司獨立非執行董事已審閱本集 團關連交易並確認： ?the transactions were conducted in the ordinary course of business 該等交易屬本集團的日常業 務； ?the transactions were carried out on normal commercial terms; 該等交易是凭据一般商務條款 進行； ?the transactions were carried out on the terms of the related agreements and the terms were fair and reasonable and in the interests of the shareholders as a whole. 該等交易是根據有關交易的協 議條款進行，020.17 Gain on long-term equity investments of the Company accounted for using equity method is consistent with the Group. 本公司按權益法核算的長期股權投 資收益與本集團一致，562.14 Amount to be due in the next account period amounted to RMB 544，172.88) 25，984.44 188，公司其他子公 司的所得稅稅率為 25%， 計入當期損 益，893，480.89美 元， Merger of companies not under common control during the current period 本期發生的非同一控制下企業合併 Method for calculation of goodwill 商譽計算要领 Amount of goodwill 商譽金額 Acquired company 被合併方 壽光虹宜包裝裝飾有限公司 (Shouguang Hongyi Decorative Packaging Co.，700， 183 Queen’s Road East， II. SIGNIFICANT PURCHASE OR SALES OF ASSETS AND MERGER AND ACQUISITION DURING THE REPORTING PERIOD During the reporting period，724.15 (1。

290，327.00) (35。

則減記遞延所得 稅資產的賬面價值， Note 7: Accumulated depreciation for the period decreased，083。

based on their extensive professional experience and in-depth analysis， 折算匯率為 6.8282。

which represented 10.59% of the net profit attributable to the shareholders of the Company after deducting statutory reserves as set out in the 2008 consolidated financial statements of the Company prepared in accordance with the Accounting Standards for Business Enterprises. The remaining amount after profit appropriation was retained for distribution in future years. （1） 2008年度利潤分派方案的實施 經 2008年度股東大會決議， Pursuant to the ”Revenue Bill 2008” passed by The Legislative Council of the Hong Kong Special Administrative Region on 26 June 2008，000， Ltd.， 259X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 五、財務報表項目附註（續） 31. Defer red income (Cont’d) The Company (Cont’d) 遞延收益（續） 本公司（續） 31. (3) Pursuant to the “Notice Regarding Financial Project Fund Budget for 2008 Three Rivers，830，000.00 100.00 100.00 — — — — Paper Co.，901.48 9，525，如 果該資產存在減值跡象， (1) (2) T he high-end culture paper project of an annual production capacity of 450， they raised no objection opinion on the proposals of Board meetings or other issues. 報告期內，608.42 40，264.42 ) — (20，896.58— — (242，407，繼續 涉入所轉移金融資產的水平，002，以人民幣120萬元收購其所持有的壽 光新源煤炭有限公司50%股權，500。

electricity，950，600.00 Total 合計 252， except for providing allowance proportionally，876.96 — Total 合計 — 85，767.51 ) — — 17，056.05 Electronic equipment and others 運輸东西 電子 設備及 其他 291， Hong Kong Commercial Daily and the website of CHINF () 7 July 2009 and the website of Hong Kong Stock Exchange () on 6 July 2009 on for details in relation to this matter. 3、其他重大条约 (1) 2009年 7月，對幹部 隊伍不斷進行優化；加大高新 技術和打点人才的引進力度，000.00 168，672.62 302，確認相應的減值損失，565.95 561，263.26 ) 13，050，548， books and reports，000.00 2。

（2008年 12月 31日：人 民幣4。

086.43 (158，911。

000.00 2，100，036.67 (451，752，111.46 Total 合計134。

941股（每股面值 人 民幣 1元）計算 ，對公司依法運作、財務打点、關聯 交易事項行使了監督檢查職能，869.49 — — 18， vegetable and fruit 速生楊及林果蔬菜開發、培育 69，192。

193，692，439，564.03 68， the Group shall determine the recoverable amount of the asset group to which the asset belongs. If the recoverable amount of an asset is less than its carrying amount，105.11). 本公司上述期末其他貨幣資金中包 括銀行承兌匯票保證金人民幣 451，175，841.87 ) (329。

包 括生長中的用材林等。

838.80 100.00 (33， Ltd. 武漢晨鳴漢陽紙業 股份有限公司 380，全部或按處置該 境外經營的比例轉入處置當期損益，550.68 33， mainly because (19) 本年營業收入減少了4%，497.54 9，250，033.29 个中：牢固資產處置利得10，456， Ltd.) (Note 1) 壽光維遠物流有限公司 （註 1） (Shouguang Wei Yuan Logistics Company Limited) (Note 1) 100 — 100 100 Yes 是 — — — Limited liability company 有限責任公司 Limited liability company 有限責任公司 Wuxi city 無錫市 Manufacture of paper 造紙 Packaging 包裝 501 Sales，減記的金額予 以轉回，相關 部門事情人員與承銷商多次溝 通協商， contract execution and disclosure of connected transactions. The Company also set up the “Special System to Take Precautions against Controlling Shareholders and Related Parties from Embezzling the Company’s Fund”（《防 範控 股股東 及關 聯 方佔用公司資金專項制度 》）. None of capital。

such reporting segments is based on its primary product categories. The management of the Group evaluates the financial results of such reporting segments in regular basis。

462.15) 19，819， 1984年插手本 公司，350.56) (1) (2) Undistributed profits at the end of the year 年末未分派利潤2，997.10 188，979，687。

763.87 271， the grant shall be recognized as deferred income，進一步提高公司生產 規模、產品檔次， 2. The establishment and optimization of the internal Control of the Company (Cont’d) (7) Administration of and control over finance In accordance with the laws and regulations such as Company Law，200。

414.25 4，折算後為 人民幣 351，948，000.00 1。

045， I. MANAGEMENT DISCUSSION AND ANALYSIS UNDER ACCOUNTING STANDARDS FOR BUSINESS ENTERPRISES (Cont’d) (I) Overall operations during the reporting period (Cont’d) In the second half of 2009，808，500，www.beatit.cn，融資 租賃以外的其他租賃為經營租賃。

decorative panel， 在公 司 年度報告中作了詳細 披 露，491，008， the Company conducted its businesses according to Company Law， 2009年適用稅 率為 12.5%，604，749， Nomination Committee，485.00 391，910，執行交易時 能及時編制有關憑證，000，738。

The Towers，000.00 30.00 30.00 — 900， the chairman and general manager of Hailaer Chenming Paper Co.。

868，066，253.37 Total 合計 6，859.31 is detailed in Note V.31. 6 當期遞延收益攤銷人民 幣 3。

605.23 4，000股H股， until the acquisition， the Company formulated the “registration policy on personnel with insider information” （《內幕信息知情人登記制度 》） ， Inventory taking system The inventory taking system shall use permanent inventory 存貨的盤存制度 存貨盤存制度為永續盤存制，244，048，142，850，000。

941 shares of RMB1 each issued in 2009，291，515.22 (77，002，除 下表所述資產及負債的 美元餘額和零星的歐元 及港幣餘額外， for the purpose of constructing a 450，在預計很可能獲得 足夠的應納稅所得額時， training，003，498.07 ) 13，772，878.55 was due to disposal and a decrease of RMB30，歷任國家建材局 技術發展司司長、中國建築材 料科學研究院院長、國家經貿 委技術裝備司副司長、國家經 貿委投資與規劃司司長、國家 經貿委副秘書長、國家發展和 改良委員會副秘書長等職務， 123X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 II. SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES OF THE 二、公司主要會計政策和會計估計（續） COMPANY (Cont’d) Financial instruments (Cont’d) Impairment of financial assets In addition to financial assets at fair value through profit or loss for the current period，000.00 2，434.73 6， approval，500.47 1， entered into an equity transfer agreement with the shareholder of 壽光新源煤炭有限公司 (Shouguang Xinyuan Coal Co.，393.66 5， Ltd.)， economic or legal environments in which the debtor operates， B shares and H shares， estimated sales expenses and other amounts after tax and levies in daily operation. The realizable value of inventories shall be determined on the basis of definite evidence，公司對報告期內衍 生品的公允價值變動情況進行了確認，159.85 109X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 母公司現金流量表 2009年12月 31日止年度 CASH FLOW STATEMENTS OF THE COMPANY For the year ended 31 December 2009 RMB 人民幣元 Amount for the previous period 上期金額 Amount for the current period 本期金額 Items 項目 Note V 附註五 I. Cash Flows from Operating Activities : Cash received from sales of goods。

the task of ensuring effective human resources allocation and resource utilization，295，425，605。

500， and is now deputy head of Institute of Public Finance and Taxation of Shandong University of Finance. She has served as an independent non-executive Director of the Company since April 2003. 周承娟女士。

Intangible assets impairment test method and their impairment provision The Group assesses at each balance sheet date whether there is any indication that any intangible assets with a finite useful life may be impaired. If there is any evidence indicating that an asset may be impaired，174.92 483， The distribution (excluding the dividends) to the equity instrument holders by the Group shall reduce the shareholder ’s equity. The Group shall not recognize the changes of the equity instruments’ fair value. 本集團 對權益东西 持有方的各 種分派（不 包罗股 票股利）， 2007年4月開 始任本公司非執行董事。

本報告分別以中、英文編製。

000 H shares in June 2008. 註1： 經香港聯合交易所有限公司核 准。

cautiousness， Shandong 山東壽光 Coal 煤炭 200 200 — 100 100 Yes 是 — — — Limited liability company 有限責任公司 Shouguang，888.00) 1，788.81 － 42，350.56) (1) (2) Undistributed profits at the end of the year 年末未分派利潤3。

044.91) 1。

168.67 46。

which set out the procedures and rules for major financial decisions，844，186。

301.98 資本公積轉增股本(737，093， The above proposals are pending for approval at the general meeting of the Company. 以上預案尚需本公司股東大會核准，946。

000.00 Entrusted loan 委托貸款 Shouguang Chenming Art Paper Co.，538.07 合計 — — — — — X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 199V. NOTES TO THE FINANCIAL STATEMENTS (continued) 五、財務報表項目附註（續） 9. 9. Long-term equity investments (Cont’d) 長期股權投資（續） The Company 本公司 (1) (1 The details of long-term equity investments are as follows: 長期股權投資詳細情況如下： RMB 人民幣元 Explanation of the inconsistent of shareholding percentage and voting right in the investee entity 在被投資 單位 持股 比例與 表 決權比例 纷歧 致的說明 Percentage of shareholding in the investee entity (%) 在被 投資單位 持股比例 (%) Percentage of voting right in the investee entity (%) 在被 投資單位 表決權比例 (%) Provision of impairment for the current period 本期計提 減值準備 Cash bonuses for the cur rent period 本期現金紅利 Accounting method 核算要领 Initial investment 初始投資本钱 Deduction of investment 減少投資 Impairment provision 減值準備 Name of investee entity 被投資單位名稱 Opening balance 期初餘額 Additions 新增投資 Equity adjustment 權益調整 Closing balance 期末餘額 Investment made to subsidiaries 對子公司的投資 Wuhan Chenming Hanyang Paper Holdings Co.，854，973.04 In the prior year Raw materials Goods-in stock Work-in-progress 上年度 原质料 庫存商品 在產品 — 6， 歷任本公司審計部部長、監事會副 主席等職務， Ltd. 壽光晨鳴美術紙 有限公司 150，349.50 15，767.93 — — 778，035.62 9，將 關停的自製漿生產.恢復生產。

and time value of currency was estimated using the discount rate of 5.33% (2008: 5.47%). Management of the Group expects no provision for impairment loss is necessary to be made for goodwill during the reporting period. 資產負債表日，公司對外欢迎、網 上路演等投資者關係活動 規範，347， etc. She became an independent nonexecutive Director of the Company in April 2007. 王玉玫女士，663.46 1， misleading statements or material omissions contained in this report (the “Report”)。

656.71) (5， Ltd. 吉林晨鳴紙業 有限責任公司 180， the Company received a special fund of RMB1，500，048，報 告期內本公司除與下屬控股子公司及公司 參股 公司 存在日 常關聯 交易 外（詳 情請 參 見境內審計師報告及凭据企業會計準則編 製的 財務 報表及 附註中 第六 部门）， the carrying amount of goodwill shall，008.16美元，007.38 無形資產處置利得 保險賠款 違約金及罰款收入 債務重組收益 無法付出的債務 企業取得少數股權的 投資本钱小於取得投資時 應享有被投資單位可辨認 淨資產公允價值產生的損益 — 4。

959，685， deputy factory chief， are covered by the preferential policy of VAT exemption. 根據《國家稅務總局關於廢舊物資回 收經營業務有關增值稅政策的通知》 （財稅[2001]78號）， the Company had advance to suppliers denominated in foreign currencies in the amount of USD 51，075.21 39。

545， and laid a solid foundation for the strong rebound in the second half of 2009年上半年，系壽光市國資局以其所持有的本公司國家股作為出資組建， financial management，018， 對 貨 幣 資金的出入業務等成立了 嚴格的授權核准措施， pursuant to which，539.06 Identifiable liabilities: Current liabilities Non-current liabilities 可辨認負債： 流動負債 非流動負 債 9，000 1000 — 100 100 Yes 是 咸寧晨鳴林業發展有限責任公司— — — (Xianning Chenming Arboriculture Co.，941 shares as at the end of 2009， (11) Bills payable increased by 48% during the year，武漢晨鳴漢陽紙業股份 有限公司持有其100%股權，大力大举支持項目建設，894.96 was due to disposal. 註5：累計攤銷本期減少中， 45VII Directors’ Report 第七節 董事會報告 一在企業會計準則下的打点層討論與 阐明（續） （一）報告期內總體經營情況（續） 2009年下半年，471， October 2009 2009 年 10 月 Shouguang， and “Administrative Rules of Accounts Receivable”（《應收賬款打点規定 》） ，827，000.00 ————— — 2，892.58 2，301.98 資本公積轉增股本(737，為建設年產45萬 噸高級文化紙項目，843，741.59 萬元， which was affected by the economic crisis. （2） 存貨：主要是由於 2008 年四季度受經濟危機影 響 ，586，967， 200， In June 2008， Ltd.)，771。

180.51 — 36， report and supervision of financing proceeds and liabilities. Financing proceeds were used according to their intended usage. The Company disclosed the information about the use of financing proceeds in compliance with related requirements. （4） 對募集資金使用的打点 控制 公司 制訂了《募集 資金使 用管 理辦法》，485.00 391， repay debt whenever every deferred income tax assets and liabilities with importance would be reversed in the future，724。

021。

031。

德 勤華永會計師 事務所自 2004年度 起已連續 6年擔任公司審計 機構，261，570， relevant transaction costs are directly recognized in profit or loss for the period. For financial assets classified as other categories。

000.00 Entrusted loan 委托貸款 Entrusted loan 委托貸款 Entrusted loan 委托貸款 Entrusted loan 委托貸款 Entrusted loan 委托貸款 Entrusted loan 委托貸款 Entrusted loan 委托貸款 — 15，045，000，160，435.77 15， industrial organizations and price-fixing service organizations。

acquired 50% of equity interests in 壽光市 新源煤炭有限公司 (Shouguang Xinyuan Coal Co.。

210.00 Total 合計 202，954，656.11 4，684，000 Production and sales of machine-made paper and paperboard 機製紙、紙版等的生產、銷售 2。

122，616.45 Total 合計 272，526， VIII. LAUNCH OF VARIOUS CHANNELS TO COMMUNICATE AND STRENGTHEN INVESTOR’S RELATION MANAGEMENT During the reporting period，400.00 7，提高服 務意識，因 固 定 資 產 改 造 而 減 少 人 民 幣 97，000，158.46 — 中期票據發行費 償還往來款 10，277.59 1，897，687.80 7。

808.00 — 19，807.88 4，297.28 資產負債表日後第 2年31，109，568，000.00 — — 權益法 Equity method 權益法 6， 177X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 五、財務報表項目附註（續） 3. Accounts receivable (continued) The Company (continued) Single item with significant accounts receivable or single item without significant accounts receivable but provided the bad debts after assess the asset individually for impairment at the end of the reporting period: 應收賬款（續） 本公司（續） 期末單項金額重大或雖不重大但單 獨進行減值測試的應收賬款壞賬準 備計提： 3. RMB 人民幣元 Bad debt amount 壞賬金額 Provision ratio (%) 計提比例(%) Accounts receivable 應收賬款內容 Book balance 賬面餘額 Reason 理由 Single item with 期末單項 61。

913，057。

000 tonne pulp project (Chenming Paper Pulp) 70萬噸木漿項目 959， a subsidiary of the Company，721.73 — 13 16 17 Total non-current assets 非流動資產合計10，020， The Company 本公司 RMB 人民幣元 Items 項目 Closing balance 期末數 Opening balance 期初數 Discounted bills Credit loans 票據貼現 信用借款 1， a decreased of RMB 61，733.32 101，179， Ltd.) (Note 1) Limited liability company 有限責任公司 Wuhan，136。

722，332.92 262，184，311， Ltd。

140，機械設備製造，假如以前減記存 貨價值的影響因素已經消失，724.15 衡宇、 建築物 28，724.38 ) 186X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 五、財務報表項目附註（續） 5. Other receivables (continued) T he Group (continued) 其他應收款（續） 本集團（續） 5. Description of accounts receivable classified as single item with insignificant amount of money but considered to be of greater risks after arrived at by credit risk characteristics: 單項金額不重大但按信用風險特徵 組合後該組合的風險較大的其他應 收款的說明： Pursuant to the past experience，000，351.57 ) 5， no adjustment shall be made to the initial investment cost. Where the initial investment cost is less than the investor’s interest in the fair value of the investee’s identifiable net assets at the acquisition date，本集團保持 打点層認為充实的現金及現金 等價物並對其進行監控，426。

039。

1至2年 Prepaid the good payments according to the agreed contract 按条约約定預付貨款 Customer V 客戶五 Non-related party 非關聯方 15。

053.46 Identifiable liabilities: Current liabilities Non-current liabilities 可辨認負債： 流動負債 非流動負 債 37。

444.43 Total 合計 — 1， which provides clarity on the accountability mechanism in respect of major errors in information disclosure in annual reports. （9） 公司年報信息披露重大差 錯責任追究制度的成立 根據 中國證監 會【2009】 34號文件的要求。

297.05 ) — — — (103。

506.70 457，624.07 Subsidiaries of the Company 公司之子公司 92，000.00 100，000.00 and interest rate at 5.05% per annum for a term of 3 years on 2 December 2009. The note paid interest on 2 December once a year and repaid principle at maturity. The Company received net subscription amount of approximately RMB 1，452， 5. In terms of finance: The Company had its own accounting department， true planting and soil，真實、完整地反应了本公司 於 2009年12月 31日的公司及合併財務狀 況以及 2009年度的公司及合併經營成就 和公司及合併現金流量， and then reduce the carrying amount of other assets (other than goodwill) within the asset group or set of asset groups，226.54 11.45 (16，227，722， 專門從事廢舊物資經營的一般納稅 人銷售廢舊物資免徵增值稅；本公 司所屬齊河晨鳴廢舊物資收購有限 公司、吉林晨鳴廢舊物資接纳有限 公司及壽光市潤生廢紙接纳有限責 任公司享受免徵增值稅的優惠政 策，927.79 3，在確定能否對被投資 單位實施控制或施加重大影響時，657股國有法人股， Fortune Fund，406.80 274，707.53元），存貨跌價準備減少 所致，提高能 源資源操作程度；四是抓好企 業基礎打点，663.78 ) (114，234.11 ) 120，896。

706， 遵循了公正公道的原則，799.36 ) (6，629，588，724.15 14，531.86) 496，844， A18 of Hong Kong Commercial Daily 中國證券報 D20版、香港商報A18版 B4 of China Securities Journal。

078， (13) Advance from customers for the year increased by 129%，927，本集 團打点層認為本集團所承擔的 信用風險已經大為低落，故本 集團與本公司除按比例計提外，報告期內， and the interest rate ranges from 4.779% to 6.723%. 本公司委託銀行機構向子公司提供 資金，538.07 8。

081.65 10，700，819，594，000.00) Sub-total of financial liabilities 金融負債小計 (198，449.48 1.84 (30，折算後為人民幣 115，327，727，137，332，000.00 X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 200V. NOTES TO THE FINANCIAL STATEMENTS (continued) 五、財務報表項目附註（續） 9. 9. Long-term equity investments (Cont’d) 長期股權投資（續） The Company (Cont’d) 本公司（續） (1) (1 The details of long-term equity investments are as follows:(Cont’d) 長期股權投資詳細情況如下：（續） RMB 人民幣元 Explanation of the inconsistent of shareholding percentage and voting right in the investee entity 在被投資 單位 持股 比例與 表 決權比例 纷歧 致的說明 Percentage of shareholding in the investee entity (%) 在被 投資單位 持股比例 (%) Percentage of voting right in the investee entity (%) 在被 投資單位 表決權比例(%) Provision of impairment for the current period 本期計提 減值準備 Cash bonuses for the cur rent period 本期現金紅利 Accounting method 核算要领 Initial investment 初始投資本钱 Deduction of investment 減少投資 Impairment provision 減值準備 Name of investee entity 被投資單位名稱 Opening balance 期初餘額 Additions 新增投資 Equity adjustment 權益調整 Closing balance 期末餘額 40，411，602， 切 實貫徹董事會決議。

導致存貨 的可變現淨值高於其賬面價值的，083.61 27。

745.48 due to change of fair value. 以公允價值計量耗损性生物資產，321.00 — — 688。

606 — — 20 Wang Ju 王菊 Yang Hongqin 楊洪芹 Wang Xiaoqun 王效群 Guo Guangyao 郭灿烂 F 女 F 女 M 男 M 男 44 April 2007 - April 2010 2007 年 04 月－ 2010 年 04 月 April 2007 - April 2010 2007 年 04 月－ 2010 年 04 月 April 2009 - April 2010 2009 年 04 月－ 2010 年 04 月 April 2009 - April 2010 2009 年 04 月－ 2010 年 04 月 — — — — 8.21 42 — — — — 5.63 54 — — — — 2 67 — — — — 2 19IV Directors。

133，370，461。

Bosera Funds. Research personnel and investment managers from Dacheng Fund， bonuses，055.61) 527，615，022，115.83 ) — 1。

358.17 142，992.33 11，原质料價格大幅下降，300.00 1，632，151.48 (62，745.48 — — — — — — — — 496，並且同 時調整合併財務報表的對比數，其 中補充流動資金約人民幣 2.45億 元，771，299.46 少數股東損益— — V. Earnings per share : (I) Basic (II) Diluted 五、 每股收益： （一） 根基每股收益 （二） 稀釋每股收益 六、 其他綜合收益 0.40 N/A — 0.54 N/A VI. Other comprehensive income 47 — VII. Total comprehensive income 七、 綜合收益總額814， processing and sales of paper pulp 育種、育林土壤改善、林業研究生產、 加工、銷售紙漿等 Export and import trade of paper products and market research 有關紙業產品的進出口貿易 及市場調研等 Transportation of goods 貨物運輸 50， Securities Law，因處置而 減少人民幣1，334.97 2，031，021。

238.27 14，000萬美元 賣出 10。

450，400， deposit。

000.00 Total 合計 3，797，300.00 42，232，936，山東晨鳴紙業集 團股份有限公司持壽光新源煤 炭有限公司股份比例100%。

000.00 15，699.33 (146，300， the above terms of entrusted loan ranges from 1 to 10 years，634，593， such borrowing costs shall be capitalized as part of the cost of that asset; and capitalization shall discontinue when the qualifying asset is ready for its intended use or sale. Other borrowing costs shall be recognized as expense in the period in which they are incurred. 借款費用 借款費用包罗借款利息、折價或溢價的 攤銷、輔助費用以及因外幣借款而發生 的匯兌差額等，856.42 Reconciliation between income tax expenses and accounting profits is set out as follows: 所得稅費用與會計利潤的調節表如 下： RMB 人民幣元 Incurred during the current period 本期發生額 Incurred during the previous period 上期發生額 Accounting profit Income tax calculated at tax rate of 15% (Last year: 25%) on the Company Tax deductions from purchase of domesticmanufactured equipment Effect of non-taxable income Effect of non-deductible expenses Effect of unrecognized deductible loss and deductible temporary differences Effect of waiver on extraordinary taxation items Effect of non-consistent tax rates among branch companies of subsidiaries Effect of utilization of unrecognized deductible loss and deductible temporary differences from previous year Under-provision of income tax during the previous year Changes on balance of deferred income tax assets at the beginning of the year caused by adjustment of tax rate 會計利潤 按本公司15%稅率計算的 所 得稅（上年度 ：25%） 1，在廣東湛江建設年產45萬 噸高級文化紙項目。

669， shareholders who owned more than 5% of the Company’s issued share capital had any interest in any of the five largest customers of the Group. 本集團在 2009年度內向最大客戶的銷售 金額為人民幣274百萬元， 127X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 II. SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES OF THE 二、公司主要會計政策和會計估計（續） COMPANY (Cont’d) Accounts receivable Recognition and provision for bad debt on individually significant accounts receivable 應收款項 單項金額重大的應收款項壞賬準備的確 認標準、計概要领 單項金額重大的應收款項壞賬準備的確 認標準： Recognition significant: of bad debt on accounts receivable that is individually Accounts receivable of more than RMB1 million is recognized individually significant accounts receivable by the Group. as 本集團將金額為人民幣100萬元以上的應 收款項確認為單項金額重大的應收款 項，335.57 ) － － － － 1，000，071，045，671.67 (46， 相關的交易費用直接計入當期損 益。

凭据招股章程的有關計 劃，275.91) (3) 壽光維遠物流有限公司(Shouguang Wei Yuan Logistics Co.，527.87) (1，000，961。

and committed to the goal of “energy saving，497.69 2，325.57 4，218.25 974，343，259.99 1，033，421.44 1，192， the relevant state shareholders of the Company performed the reduction of state-owned shares， the effects of which could lead to losses in financial assets of the Group and financial guarantee undertaken by the Group，借款年 利率為1.09%到 5.35%。

a subsidiary of the Company，196。

646，主要是由於 2009年 上半年受金融危機影響， please refer to “Note VI to the Financial Statements” in the financial report prepared in accordance with Accounting Standards for Business Enterprises. 2、委託貸款事項 報告期內，000.00 18，828.18 1，000.00 67，888，129，083。

055， because sales in the fourth quarter of 2009 greatly improved as compared to the fourth quarter of 2008。

190.59 — 196，優化融 資結構， in order to ensure sufficient provision is allocated for amounts that are not recoverable. As such，895， The acquiree’s identifiable assets，114，998.83 2， 對其進行了升級改革； 在銷售方 面，520.46 12， Shandong 山東壽光 On-site research and investigation 實地調研 Institution research personnel and relationship managers from Guosen Securities 國信證券機構研究員及客戶經理 Matters including recent development of the industry and development trend in the future，570，964.82) 8，209。

126，823，與無形 資產有關的支出，000.00 and RMB3，976.32 379，100.00 5，555。

277.60 ) 45.93 單項金額 不重大但按 信用風險特徵 7，947。

000.00 50。

189 million was used in the Zhanjiang project primarily for land and plants areas construction. As of the end of the reporting period。

221 employees with college degree， as well as strategic development 行業近期發展狀況及未來發展趨勢、公司生 產經營情況、未來戰略發展偏向等，321.00) 293，732，529，197，741.53 (101，963.50 Note (1) 註 (1) Note (1) 註 (1) Educational surcharges 教育費附加 3，193，493， namely 壽光晨鳴現代物流有限公司 (Shouguang Chenming Modern Logistic Co.。

432，303.09 2。

641.59 858。

983.19 2，151， research of forestry 。

849.25 205，資產預計未來現 金流量的現值，582.39 (1，103，452。

495，273，000，191，740.06 12.89 (26，790，333，形成 齊抓共管的场面， 132X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 II. SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES OF THE 二、公司主要會計政策和會計估計（續） COMPANY (Cont’d) Long-term equity investments (Cont’d) Method for subsequent measurement and profit or loss recognition (Cont’d) Acquisition of minority interests 長期股權投資（續） 後續計量及損益確認要领（續） 收購少數股權 在編製合併財務報表時，484，並及時可靠 地對各種風險進行監督。

計算當期所得稅費用 所依據的應納稅所得額系根據有關稅法 規定對本期間稅前會計利潤作相應調整 後計算得出，000.00 11 March 2009 2009年 3月 11 日 10 March 2010 2010年 3月10 日 No 否 Shandong Chenming Paper Holdings Limited 山東晨鳴紙業集團股份有限公司 Zhanjiang Chenming Paper Pulp Co.，1969年至1981年於航 空部太行儀錶廠事情，733.32 二、本年增減變動金額 （一）淨利潤 （二）其他綜合收益 Sub-total of (I) and (II) 上述（一）和（二）小計 — — — 814。

Financial Guarantee Contracts Financial guarantee contracts other than those designated as financial liabilities at fair value through profit or loss are initially recognized at fair value， Method for depreciation of different fixed assets Fixed assets shall be initially measured at cost and the effect of any expected costs of abandoning the asset at the end of its use. Depreciation is provided over their estimated useful lives from the month after they have reached the working condition for their intended use using the straight-line method. The useful life，036，805，424，013，000.00 68.00 68.00 — — — — Arboriculture Co.。

depreciation and amortization for the current period amounted to RMB1，016.73 due to breeding，941.00 6，200， entered into a Culture Paper Project Equipment Purchase Contract with Metso Paper，015，000，081.65) (23。

208。

801.92 825，為項目建設創造有利的環境條 件；三是提高服務程度。

414，698。

795.17 66，941.00 2008: I. 2008 年度： Restricted shares 一、 有限售條件股份 1. 2. State-owned legal person shares Other domestic shares 1. 2. 國有法人持股 其他內資持股 328，201， A5 of Hong Kong Commercial Daily 中國證券報 B8版、香港商報A5版 2009-6-20 The Third Announcement of Notice to Creditors In Relation to Repurchase of H shares of the Company 回購H股通知債權人第三次通告 C4 of China Securities Journal B8 of Hong Kong Commercial Daily 中國證券報 C4版、香港商報B8版 B2 of China Securities Journal，本集團各 個報告分部提供的主要產品及勞務 分別為機製紙、建築质料、電及汽 及其他，278，110，136 Manufacture and sales of paper products，629.01 8。

personnel and salary management were completely separated from the controlling shareholder. 2、人員分開情況：公司在勞動、 人事及工資打点方面與控股股 東完全分開， Ltd during the year; therefore，265.62 118，000，156， indoor and outdoor decorations 加工、銷售包裝製品、室內外裝飾 170 — 100 100 Yes 是 — — — Limited liability company 有限責任公司 Shouguang， Note 4: Original book value for the period decreased， supervision， approving credit applications and carrying out other monitoring procedures to ensure necessary actions are taken to collect overdue debts. Besides，967.05 ) 135，000.00 95，203.33 1，將重 組債權的賬面餘額與收到的非現金資產 公允價值之間的差額， Ltd. 壽光晨鳴美術紙 有限公司 140，834，661。

895.71 — — — — 2， according to IAS，478.38) — 四、住房公積金 五、辭退福利 六、其他 1，000.00 Entrusted loan 委托貸款 Qihe Chenming Paper Co.， etc. He is also an independent director of Xinjiang Tianshan Cement Co.，903.25 — — — — — — — — — — — — 1， a subsidiary of the Company，000.00 Entrusted loan 委托貸款 Wuhan Chenming Qianneng Electric Power Co.，641，849，277。

news media and the public，142.57 ) 25，589.86 35， received a financial support fund of RMB19， Ltd. 山東晨鳴板材 有限責任公司 37，406.80 287。

699.37 Total 合計312，164， Shandong 山東齊河 Manufacture of paper 造紙 山東晨鳴紙業集團齊河 37，000.00 on 10 June 2008 and 29 August 2008 respectively. The debentures are unsecured， 146X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 II. SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES OF THE 二、公司主要會計政策和會計估計（續） COMPANY (Cont’d) Debt restructuring The term “debt restructuring” refers to an event in which the settlement of a debt is arrived in as a result of a mutual agreement between a debtor and a creditor or a judgment of a court when the debtor gets into a financial problem. 債務重組 債務重組是指在債務人發生財務困難的 情況下。

110.01 19，313，758.08 431，212， a wholly-owned subsidiary of the Company，007。

268， received a special fund of RMB550，299.65 5.94 The Company 本公司 RMB 人民幣元 Incurred during the previous period 上期發生額 Incurred during the current period 本期發生額 Items 項目 Principal operating revenue Including: machine-made paper Electricity and steam supply Other operations revenue Including: Sales of raw materials and semi-finished products Others 主營業務收入 个中：機製紙 電及汽 其他業務收入 个中：原质料、 半制品銷售 其他 12，415.59 9，051，075，因購置而 增加人民幣90，735，將應收賬款賬齡控制在 60天阁下， mainly due to the investments in the copperplate paper project with annual production capacity of 800，以承擔新金融負債方法替換現 存金融負債， 282X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 五、財務報表項目附註（續） 43. Non-operating income (Cont’d) 43. 營業外收入（續） (2) The breakdown of government grants (Cont’d) (2) 当局補助明細（續） 3 According to “Written Reply on Consent to Financial Support Fund Payment to Jiangxi Chenming Paper Co.。

018。

444.92 312X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 五、財務報表項目附註（續） 56. 以公允價值計量的資產和負債 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 56. Asset and liabilities measured at fair value RMB 人民幣元 Profit or loss from change of fair value 本期公允價值 變動損益 Accumulated change of fair value accounted for equity 計入權益的累計 公允價值變動 Provision of impairment in this period 本期計提的 減值 Opening balance 期初金額 Closing balance 期末金額 Items 項目 Financial assets 金融資產 1. Financial liabilities measured at fair value and its change accounted for profit or loss in the current period (excluding derivative financial assets) Derivative financial assets Available-for-sale financial assets 1. 以公允價值 計量且其 變動計入 當期損益 的金融資產 （不含衍 生 金 融資產） —— — 14，282 — — Sino-foreign joint venture 中外合資企業 Shouguang， etc. of the Zhanjiang pulp project。

918， there were 761 employees with bachelor’s degree or above，049，047.49 2008: 2008年度： Statutory surplus reserve 法定盈餘公積金723，000.00 8 September 2008 2008年9 月8日 7 September 2010 2010年9月7日 50。

555.02 48，962.96 Machinery and equipment Vehicles Electronic equipment and others 5，034，884，626.57 — Total 合計 20。

843.94 15，224.82 11，396。

617，679，259， mainly because the increase in sales led to higher transportation costs. （2） 銷售費用比上年同期增加 9.79%。

042 — — 有限責任公司 (Hailaer Chenming Paper Co.，580，www.hnbwcw.com，391，534，以公允價值進行初始確認，380，758，079， a subsidiary of the Company。

資本公積不敷 沖減的，減 去尚未動用的借款資金存入銀行取得的 利息收入或進行暫時性投資取得的投資 收益後的金額予以資本化；一般借款根 據累計資產支出超過專門借款部门的資 產支出加權平均數乘以所佔用一般借款 的資本化率，確認 為商譽，332，221.67 1。

110.00) Total 合計120，050，100.84 ) (420，110，000.00 48，134，941 shares of RMB1 each in issued capital of the Company。

066.13 improvement projects Oxygen delignification improvement project 小型技改項目 氧脫木素改革工程 0.55 17。

255， thus laying a foundation for continuous improvement on corporate governance. 同時經過近幾年公司管理專項 活動，975.04 726，043。

752.26) Including: Investment income from associates and joint ventures (15， if there is any related deferred income，903.37 — 17，從事電能、熱能生產經 營業務，256.28 444，421， and the fair value of the shares to which the creditor becomes entitled， February 2009 2009 年 02 月 Shouguang，375.23 — Sub-total 小計606。

根據稅法規定，減記金額確認為減值損失，076，105.20 ) 25.82 21， which accounted for 5.94% of the total sales of the Group for the year. None of the Directors，770.00 2.49 (4，950，716，191，891，714.29 4。

按其差額計提資產減值準 備。

Ltd.)，782.30 (before tax)，546.27 1，557.81) (19， disclosure。

554 24， Ltd.) held by such shareholder with a consideration of RMB1.20 million. Since 壽光 維遠物流有限公司 (Shouguang Wei Yuan Logistics Company Limited)， 164X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 四、合併財務報表範圍及控股子公司情 況（續） 註 1： 本年度新納入合併範圍子公司：（續） IV. THE SCOPE OF CONSOLIDATED FINANCIAL STATEMENT AND CONTROLLING SUBSIDIARIES (Cont’d) Note 1: Newly acquired subsidiaries which were consolidated in this year: (Cont’d) 壽光虹宜包裝裝飾有限公司 (Shouguang Hongyi Decorative Packaging Co.，100.00 20，101.98) (109，320.68 2。

394.42 44。

853，864。

050，240.75 335X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 八、承諾事項 (1) 資本承諾 VIII. COMMITMENTS (1) Capital commitments RM B Closing balance 期末數 Opening balance 期初數 Contracted but not yet recognized in the financial statements – Commitments in relation to acquisition and construction of long-term assets 已簽約但尚未 於財務報表中確認的 －購建長期資產承諾 5，塞佩中國是塞佩公司之聯 繫人，000.00 — — 20，605，000.00 The Company entrusted banks to provide funds for its subsidiaries，010，409。

481，164，401，908， Ltd.) 壽光美倫紙業有限責任公司 (Shouguang Meilun Paper Co.，074，115.09 27。

91IX Material Matters 第九節 重要事項 十一、2009年度信息披露索引 Media for publication 通告媒體 XI. INDEX OF INFORMATION DISCLOSURE IN 2009 Date of announcement 通告日期 Subject matter 通告事項 2009-3-26 H share announcement H 股通告 Announcement in respect 2009-4-09 of the resolutions D045 of China Securities Journal， long-term equity investments with control on the investee are accounted for using cost method and record in the Company’s financial statements. 别的，2009年凭据規 定免徵增值稅，796.00 —— —— — — (35，增強公司的可持續 發展能力，不得超過該企業 當年比設備購置的前一年新增的企 業所得稅稅額，但是，1 18.72 was due to disposal and a decrease of RMB19，597，502，353，123，當期投 資收益凭据享有被投資單位宣告發放的 現金股利或利潤確認。

327.67 企業取得子公司、聯營企業及合營企業 的投資本钱小於取得投資時應享有被投資 單位可辨認淨資產公允價值產生的收益 10，572，截止本財務報表核准日， 5 resolutions were considered and approved，045，415， processing and sales of fortified wooden floorboard and impregnated paper 強化木地板、浸漬紙生產、加工、銷售 Production，814.50) 7， 1 to 2 years 1年以內，196.18 The acquisition date refers to the date the purchaser obtained actual control of the subject being purchased，272.50 2，426，441，305.68 As at 31 December 2009，項目總投 資額人民幣 16.68億元，527.43 Balance of cash and cash equivalents 現金及現金等價物餘額2， Ltd.，678.00) USD 美元 Depreciate 5% relative to RMB 對人民幣貶值5% 75，718。

238.62 Subtotal of cash inflows from investing activities 投資活動現金流入小計111，企業合併分為同一控制下企業合併 和非同一控制下企業合併，000，盡職盡 責，本集團目前從該項資產處置中獲 得的扣除預計處置費用後的金額， China Southern Fund。

158.46 — 300X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 五、財務報表項目附註（續） 55. Merger of entities 55. 企業合併 The Group as a party in merger of non-jointly controlled entities: 本集團作為非同一控制下的企業合 併的合併方： In 2009。

associates and joint ventures， China has witnessed a gradual improvement in its economy. The paper making industry also saw a significant rebound. In line with the robust domestic demand for paper，500萬股股票，102， 700。

gains or losses arising from changes in their fair value are taken to the profit or loss for the period in accordance with the hedge accounting requirement based on the nature of hedging relationships. 衍生东西 衍生东西於相關条约簽署日以公允價值 進行初始計量，660。

首先對取得的被購買方各項可辨認資 產、負債及或有負債的公允價值以及合 併本钱的計量進行覆核， at the time of harvest or disposal，997.10 164，539.06 2，217，本公司於2009年收 到財政扶持金人民幣 20。

6 Current deferred income amortization of RMB 3，000.00 Entrusted loan 委托貸款 Heze Chenming Panels Co.，756，982.34 1，664.66 10，960，504.05 93， if the grant is a compensation for related expenses or losses to be incurred in subsequent periods。

600.00 250X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 五、財務報表項目附註（續） 28. Non-current liabilities due within one year (Cont’d) 28. 一年內到期的非流動負債（續） (2) Long-term borrowings due within one year (2) 一年內到期的長期借款 i. Long-term borrowings due within one year i. 一年內到期的長期借款 The Group 本集團 RMB 人民幣元 Items 項目 Closing balance 期末數 Opening balance 期初數 Secured borrowings (Note 2) Guarantee loans (Note 1) Credit loans 抵押 借款（註2） 保證 借款（註1） 信用借款 91，450，成立了 較為完善的內部控制制度。

註 冊資本人民幣 16.85億元，680.73 72，946.02 6，125.76 1。

900.00 ) (6，000.00 Bank II 銀行二 RMB 4.86 — 300，相關的交 易費用直接計入當期損益，湛江晨鳴漿紙有限 公司與Andritz OY和Andritz AG 簽署了湛江木漿項目主體設備 採購条约，818.56 52 68，134.89 Acquired cash and cash equivalents paid by the subsidiary and other operating units 取得子公司及其他 營業單位付出的 現金和現金等價物769，897， the Company had provided RMB0 of external guarantee for the period of and accrued up to 2009. The Company strictly followed the relevant requirements of the Notice on Regulation of External Guarantee Provided by Listed Companies (Zheng Jian Fa [2005] No.120)《關 於規範上 市公司對 外 擔保行為的通知》（證監發） [2005]120 號 and the Articles of Association to earnestly perform its information disclosure obligations in respect of external guarantees and honestly provided information concerning all external guarantee matters to the public accountant. During the reporting period，354。

711.98 383，本公司 相關國有股東為進行國有股減持而劃撥 給全國社會保障基金理事會並轉為境外 上市外資股（H股）的股票 3，945。

Ltd.) (Note 1) Limited liability company 有限責任公司 Shouguang，932.41 (554， 壽光維遠物流有限公司 (Shouguang Wei Yuan Logistics Company Limited) and 壽光新源煤炭有限公司 (Shouguang Xinyuan Coal Co.，988.77 266X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 五、財務報表項目附註（續） 34. 資本公積（續） 本公司（續） V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 34. Capital reserves (Cont’d) The Company (Cont’d) RMB 人民幣元 Closing balance 期末數 Opening balance 期初數 Increase for the period 本期增加 Decrease for the period 本期減少 2008 Capital premium Of which: Capital contribution from investors Exercise of conversion rights in convertible bonds of the Company Shares issued by way of capitalization of capital reserves Other capital reserves Of which: Transfer from capital reserves under the original system Others 2008年度 資本溢價 个中：投資者投入的資本1。

105.11 Total 合計 2。

456。

389，785.90 280， 因 在 建 工 程 轉 入 而 增 加 人 民 幣 146，566，215。

673.27 Shandong Chenming Paper Group Qihe Paperboard Co.， 2008 financial statements， X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 320VI. RELATED PARTY RELATIONS AND TRANSACTIONS (Cont’d) (3) (3 Major transactions entered into between the Company and related parties during the year are as follows 公司與關聯方在本年度發生了如下重大關聯交易 (a) (a Related party transactions involving purchase and sales of goods and provision and receipt of services 購銷商品、提供和接受勞務的關聯交易 RMB 人民幣元 During the current period 本期發生額 As a percentage of the amount of similar transactions (%) 佔同類 During the previous period 上期發生額 As a percentage of the amount of similar transactions (%) 佔同類 Pricing method and decision process of related transaction 關聯交易定價 方法及決策措施 Type of related transaction 關聯交易類型 Details of related transaction 關聯交易內容 Related party 關聯方 Amount 金額 交易金額 的比例(%) Amount 金額 交易金額 的比例(%) Subsidiaries of the Company 公司之子公司 Sale 銷售 Raw materials，178.34 ) (3，貸款利率為4.779%-6.723%，557，946，295， and waiving of voting by related Directors and shareholders. According to “Shenzhen Stock Exchange Guidelines on Internal Controls of Listed Compaines”（《深 圳證券交易所上市公司內部控制指引》） ，經營範圍為壽光市 屬國有資產、財務和產權代表 的打点、監督，429，200 — 75 75 Yes 是 海拉爾晨鳴紙業3，605，702， most paper products in China saw a significant drop in price. The above factors have contributed to a drop in the Company’s profitability compared with the corresponding period of last year，923，521，591.22 329，331。

received an incentive grant of RMB2， The accounting treatment of business combination under common control and not under common control Business combination refers the transaction or event to combine two or more independent entities into one reporting subject. Business combination is classified into business combination under common control and not under common control. 同一控制下和非同一控制下企業合併的 會計處理要领 企業合併指將兩個或兩個以上單獨的企 業合併形成一個報告主體的交易或事 項。

000。

989， Ltd. 楊洪芹女士，849.95 － － － 80 1，286.24 886，000.00 198，209， 310X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 五、財務報表項目附註（續） 55. Merger of entities (Cont’d) 55. 企業合併（續） (4) 山東林盾木業有限公司 (Shandong Lin Dun Wood Industry Co.，322，955.09 (116，088.56 27，140，但 本集團與被投資單位發生的未實現內部 交易損失，843， “Internal Reporting of Material Information”（《重大信息內部報告制度 》） ，048，543.64 101X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 RMB 人民幣元 Opening balance 期初餘額 Closing balance 期末餘額 Item 項目 Note V 附註五 CURRENT LIABILITIES: Short-term loans Financial liabilities held for trading Bills payable Accounts payable Advances from customers Employee benefits payable Tax payable Interests payable Dividends payable Other payables Non-current liabilities due within one year Other current liabilities 流動負債： 短期借款 交易性金融負債 應付票據 應付賬款 預收款項 應付職工薪酬 應交稅費 應付利息 應付股利 其他應付款 一年內到期的非流動負債 其他流動負債 19 20 21 22 23 24 25 32 26 27 28 29 2。

639.31 8，735，079.13 — — 15.30 6.96 35.49 42.25 — — (185，862，895， the cost of a business combination is the aggregate of the fair values，如何分派大好人力、物力，074， 本公司實際收到的認購款淨額約為 人民幣 1，尤其是國內 的宏觀經濟形勢寬鬆、穩定，722，342.41 967，651.00 557，908.91 14.92% 17.80% 14.45% 20.40% 18.65% 13.23% 18.65% -9.04% 1.98% 3.92% 18.22% -16.45% -28.67% -12.93% -7.16% 9.02% 12.47% 24.31% -15.98% -35.37% -12.56% -1.73% -5.30% -6.51% -3.90% -0.45% 8.99% -0.34% 49VII Directors’ Report 第七節 董事會報告 一在企業會計準則下的打点層討論與 阐明（續） （二）公 司主營業務 及其經營狀 況阐明 （續） 2 主營業務中紙製品分地區情況 I. MANAGEMENT DISCUSSION AND ANALYSIS UNDER ACCOUNTING STANDARDS FOR BUSINESS ENTERPRISES (Cont’d) (II) Principal operations of the Company and analysis on their operations (Cont’d) 2 Breakdown of revenue from paper products of principal operations by geographical segment Unit: RMB in ten thousands Year-on-year increase / decrease in revenue from operations 營業收入比 上年增減 (%) Revenue from operations Geographical segment 地區營業收入 PRC United States Hong Kong Japan South Africa Other overseas areas 中國大陸 美國 中國香港 日本 南非 境 外其他 1， recognition and derecognition are carried out according to the accounts on the transaction day. Financial assets are divided into financial assets at fair value through profit or loss，579.98 100.00 (51， 34V Corporate Governance Report 第五節 公司管治報告 I. DISCLOSURES AS REQUIRED BY CHINA SECURITIES 一、按中國證監會要求披露的資料（續） REGULATORY COMMISSION (Cont’d) (IV) Internal Control of the Company (Cont’d) （四）公司內部控制情況（續） 2、 公司內部控制制度的成立和健 全情況 （1） 對控股子公司的打点控 制 公司嚴格依照有關法令 法規和深交所及香港聯 交所對上市公司的有關 規定對控股子公司進行 打点，045， representing a drop of 130，021，421.44 38。

the cost of combination is still less than the acquirer ’s interest in the fair value of the acquiree’s identifiable net assets，016.14 208，个中生產人員 12， electricity。

and the difference between the tax base and the carrying amount of those items that are not recognized as assets or liabilities but have a tax base that can be determined according to tax laws，292.08) Total 合計171，795，本集團編製本財務報表時所採用 的貨幣為人民幣，800.00 — 294X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 五、財務報表項目附註（續） 49. Supplementary information on cash flow statements (Cont’d) 現金流量表補充資料（續） (2) 本期取得或處置子公司及其他 營業單位的相關信息（續） 49. (2) Relevant information with respect to acquisition or disposal of subsidiaries and other operating units during the current period (Cont’d) The Group (Cont’d) 本集團（續） RMB 人民幣元 Incurred during the Incurred during the Items 項目 current period previous period 本期發生額 上期發生額 II. Relevant information with respect to disposal of subsidiaries and other operating units: Consideration for disposal of subsidiaries and other operating units Cash and cash equivalents received on disposal of subsidiaries and other operating units Less: cash and cash equivalents held by subsidiaries and other operating units Net cash received on disposal of subsidiaries and other operating units Net assets of subsidiaries disposed of Current assets Non-current assets Current liabilities Non-current liabilities 二、處置子公司及 其他營業單位 的有關信息： — — 1 1． 處置子公司 及其他營業 單位的價格 處置子公司及 其他營業單位收到 的現金和現金等價物 — — 2 2． — — 減：子公司及其他 營業單位持有的現金 和現金等價物 處置子公司及 其他營業單位收到 的現金淨額 處置子公司 的淨資產 流動資產 非流動資產 流動負債 非流動負債 — — 3 3． — — 4 4． — — — — — — — — — — 295X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 五、財務報表項目附註（續） 50 Cash received relating to other operating activities The Group 收到的其他與經營活動有關的現金 本集團 RMB 人民幣元 50. Incurred during the current period 本期發生額 Incurred during the previous period 上期發生額 Items 項目 Finance support fund Interest income Income on default penalty and fine Other income 財政扶持金 利息收入 違約金及罰款收入 其他收入 136，096.83 120。

本集團在收益分享額彌 補未確認的虧損分擔額後，915。

不存 在與控股股東及其他關聯方佔用資金情 況，167， production and operation of the Company，603.46 Sub-total of (I) and (II) 上述（一）和（二）小計 — — — 835，045，779，399.31 8，689，200，875.02 26，379， The Company Breakdown of accounts payable is set out as follows: 本公司 應付賬款明細如下： RMB 人民幣元 Closing balance 期末數 Opening balance 項目 期初數 Within 1 year 1-2 years 2-3 years Over 3 years 1年以內 1至 2年 2至 3年 3年以上 1，489，018。

当局補助為非貨幣性 資產的。

611.64 5，000.00 2， 213X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 五、財務報表項目附註（續） 11. Fixed Assets (Cont’d) The Company 牢固資產（續） 本公司 11. RMB 人民幣元 Closing book balance 期末賬面餘額 Opening book balance 期初賬面餘額 Additions for the period 本期增加 Deductions for the period 本期減少 Items 項目 I. Total original book value: Of which: Buildings 一、賬面原值 合計： 个中： 衡宇及 建築物 機器 設備 運輸东西 電子 設備及 其他 二、累計 折舊 合計： 个中： 衡宇及 建築物 機器 設備 運輸东西 電子 設備及 其他 三、牢固資產 賬面淨值 合計 个中： 衡宇及 建築物 機器 設備 運輸东西 電子 設備及 其他 9。

whose predecessor was Shandong Shouguang Paper Mill Corporation， the advance receipts of the Group and the Company aged over one year were insignificant. There were no significant advance receipts aged over one year. 243X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 五、財務報表項目附註（續） 24. Employee benefits payable The Group 應付職工薪酬 本集團 24. RMB 人民幣元 Closing balance 期末賬面餘額 Opening balance 期初賬面餘額 Accrued during the period 本期增加 Paid during the period 本期減少 Items 項目 I. Salaries。

increased by RMB153，525，000.00 合計 X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 207X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 五、財務報表項目附註（續） 9. Long-term equity investment (Cont’d) The Company (Cont’d) 長期股權投資 本公司（續） 9. (1) The details of long-term equity investments are as follows: (Cont’d) (1) 長期股權投資詳細情況如下： （續） Note 1: The Company made investments to set up Shouguang Meilun Paper Co. Ltd. and Shouguang Shun Da Customs Declaration Co.，000 as single item with significant accounts receivable. 本集團將金額為人民幣 100萬元以 上的應收賬款確認為單項金額重大 的應收賬款， and currently serves as deputy general manager of the Company and a director of Shouguang Chenming Holdings Company Limited. 3、公司高級打点人員簡介 王保梁先生， approximately RMB1，034， the increase in sales volume resulted in a drop in inventories. (5) 本年存貨減少了34%。

066，742.52 Note (1) 註 (1) Urban maintenances and construction tax 都市維護建設稅5，但由於該應收賬款的賬 齡均在2年以上，941 shares as at the end of 2008。

763.87 271， which truly and fully reflect the financial positions of the Company and the Group as at 31 December 2009，893.50 31。

凭据 聯交所香港上市規則，889，045，867， 一是抓好品牌建設，則計入牢固資產 本钱， a subsidiary of the Group. (2) 本年交易性金融資產增加了人 民幣14，521，000.00 10，618，594，並向公司董事會確認該等關連 交易： ?the transactions were approved by the Board; 經由公司董事會核准； ?the transactions were carried out based on the pricing policy of the Company; 乃凭据本公司的定價政策而進 行； ?the transactions were carried out on the terms of the related agreements; and 乃根據有關交易的協議條款進 行；及 ?the amounts of the transactions were not more than the annual cap amounts as approved by Hong Kong Stock Exchange. 不超過與香港聯交所同意的有 關年度上限，849， as well as strategic development 行業近期發展狀況及未來發展趨勢、公司生 產經營情況、未來戰略發展偏向等，236，231.12 ) (65。

939.10 ) 355，265.62 118，308，498.07 ) — — 14，976，504.05 59. Borrowing expenses 59. 借款費用 RMB 人民幣元 Capitalized borrowing expenses during the current period 當期資本化的 借款費用金額 Capitalized ratio (%) 資本化率(%) Items 項目 Consumable biological assets Construction in progress Sub-total of capitalized borrowing expenses during the current period Borrowing expenses accounted for the profit or loss during the current period Total borrowing expenses during the current period 耗损性生物資產 在建工程 當期資本化借款 費用小計 計入當期損益的 借款費用 當期借款費用 合計 10， RMB 人民幣元 Amount 金額 Cash and cash equivalents used as consideration of merger Less: cash and cash equivalents held by the merged subsidiary and other operating units 作為合併對價的現金 和現金等價物 減：被合併子公司及 其他營業單位持有的 現金和現金等價物 1，000-tonne tissue paper project of Meilun Paper and the 700，686，349.17 3， foreign currency transactions are translated into the reporting currency using the spot exchange rate prevailing at the date of transaction. 外幣業務和外幣報表折算 外幣業務 外幣交易在初始確認時採用交易發生日 的即期匯率折算，988.10 22， ISSUED STANDARD AUDITors’ REPORTS FOR THE YEAR WITHOUT QUALIFIED OPINION COMPANY ON THE 五、董事會日常事情情況 1、董事會的會議情況及決議內容 報告期 內。

889。

642，738，239，321， Ltd.) 壽光晨鳴現代物流有限公司 (Shouguang Chenming Modern Logistic Co.， specific details are set out as follows: 1.2 信用風險 2009年 12月 31日，000.00 68，263.57 (opening banance: RMB24，340.90 15。

661.45 92，691.11 101，文 中「公 司」、「本 公 司」、「晨鳴紙 業」指山東 晨鳴 紙業集 團股 份 有 限公司，534，000，同時，則計入無形資產本钱。

296.99 138。

256.04 9，240.14 ) (7。

679，000。

063，143，523。

919， including the assessment of the risks of material misstatement of the financial statements，860，895，313，764.77 1。

078。

959，365，564。

本公司 在建工程 期末餘 額中無利 息資本 化金額（上期亦 無資本 化借款費 用），369， the unrealized gain or loss from internal transactions entered into between the Group and its investee is not set up if belonging to impairment loss from assets transferred according to regulations such as “Accounting Standards for Business Enterprises No. 8 “Assets impairment”. 採用權益法核算時，067.13 639，066，本公 司 子公司赤壁晨鳴紙業有限公司於 2009年收到節能技改獎勵補助人 民幣 2。

805，418.15 ) — — (737，000.00美元、 9，605.60 — 237，187.93 2，452，260，409，366， 壽光晨鳴現代物流有限公司 (Shouguang Chenming Modern Logistic Co.， 28 resolutions were considered and approved。

501， was reorganized to become a joint stock limited company by way of private placement in May 1993. In December 1996，015。

沖減相關遞延收益 賬面餘額， The Group places its bank balances and cash in banks with relatively higher credit ratings; therefore，345，407， Jiangxi Chenming Paper Co.， Shouguang City Branch etc. He joined the Company in July 2004 and currently serves as a deputy general manager of the Company. 任偉先生，953，921.81 854，695.30 38，如發生變 更則作為會計估計變更處理。

998.83 247，不予確認有關的 遞延所得稅資產， no shareholders who held 5% (including 5%) or more of the shares in the Company made additional commitments on share lock-up. 2、報告期內公司未發生持有公司股份 5%（含 5%）的以上股東追加股份限 售承諾的情況，450， rendering of services Refund of taxes and levies Cash received relating to other operating activities 一、 經營活動產生的現金流量： 銷售商品、提供勞務 收到的現金 收到的稅費返還 收到其他與經營活動 有關的現金 11。

612.37 19。

042.67 367。

081，000，698，則繼續在延續期內抵免，983。

781.49 945， Note V.30). The Group’s policy is to maintain these borrowings in floating rates，721.52 (8。

675.50元，045.52 ) (77，296，293，000，334.00 284，803.82 Acquired cash and cash equivalents paid by the subsidiary and other operating units 取得子公司及其他營業 單位付出的現金和 現金等價物 665， a subsidiary of the Company， the Company amended the Articles of Association of the Company in accordance with the amendments to the Listing Rules of the Stock Exchange of Hong Kong and《關 於修改 上 市公司現金分紅若干規定的決定》 (Decision on Amending Provisions for Cash Divided of Listed Companies) published by CSRC. 報告期內，244，603， The Company 本公司 RMB 人民幣元 Opening balance 期初數 Closing balance 期末數 Category 種類 Bank acceptance Commercial acceptance 銀行承兌匯票 商業承兌匯票 1，985.54 II. Provisions for inventory impairment III. Impairment provisions for available-for-sale financial assets IV. Impairment provisions for held- fo- maturity investments V. Impairment provisions for long-term equity investments 二、存貨 跌價準備 三、可供出售 金融資產 減值準備 四、持有至 到期投資 減值準備 五、長期股權 投資減值 準備 六、投資性房 地產減值 準備 七、牢固資產 減值準備 八、工程物資 減值準備 九、在建工程 減值準備 46，310.28 (577，635.57) 1，227，096，538.27 10，523.52 4. 4. 3， processing and sales of paperboard and packaging paper 製造、加工、銷售箱板紙、包裝紙等 武漢晨鳴漢陽紙業 20，416，000.00 — 4，000.00 — 200， there is room for enhancement in the Company’s technology and talent pool. The Company will continue its emphasis on internal training and external recruitment to enhance overall staff quality， 47VII Directors’ Report 第七節 董事會報告 一在企業會計準則下的打点層討論與 阐明（續） （一）報告期內總體經營情況（續） 2、湛江木漿項目的進展情況（續） （5） 關於主體設備的採購情 況。

本 集團的政 策 是保持這些借款的浮動利 率，000.00 元，806.81 774，475.69 — 4，曾任北京市海澱 區政協第六、七屆委員會委 員、社會法制委員會委員。

545，塞佩銷售的總 金額為人民幣37百萬元， Ltd. 赤壁晨鳴紙業有限責任公司 Papermaking 製紙 35.79% Duplex press paper 雙膠紙 17，939.10 ) 2. Others (IV) Profit distribution 1. Transfer to surplus reserves 2. Distribution to shareholders (V) Others 1. Others 2. 其他 （四）利潤分派 1. 提取盈餘公積 2. 對股東的分派 （五）其他 1. 其他 III. Balance at the end of the current year 三、本年年末餘額 2，155.22 152，196.96 — — — — — (184，532，相關的經濟好处很可能流入企 業，256.58萬元、人 民幣83，000.00元，184，000.00 100.00 100.00 — — — — 本钱法 Cost method 20。

169，000.00 20，369，277，604.06 10，062，340.34 10，假如難以對單項資產的可 收回金額進行估計的， 公司在 2009年度當期及累計對外擔保金 額為0元。

Shandong. An enterprise income tax rate of 15% is applicable to the Company since 1 January 2009 for three years. The sales branches of the Company were still subject to an enterprise income tax rate of 25%. 2. 稅收優惠及批文 企業所得稅 根據2007年3月16日發佈的《中華人 民共和國企業所得稅法》規定，000，因購置而增加人 民幣 62。

644.23 374， Ltd. 武漢晨鳴漢陽紙業 股份有限公司 100，192，758.08 (574，與 Metso Paper、 Metso Paper China、Andritz HK 、安德里茲技術和 Voith Paper簽署設備採購条约，512， 折 算匯率為 6.8346，189.97 — 8。

291。

000 有限責任公司 (Jilin Chenming Paper Co.， 267X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 五、財務報表項目附註（續） 35. Surplus reserve The Group 盈餘公積 本集團 35. RMB 人民幣元 Opening balance 期初餘額 Accruals of the period 本期計提 Closing balance 期末餘額 Items 項目 2009: 2009年度： Statutory surplus reserve 法定盈餘公積金825，446。

in order to satisfy the operating needs of the Group and lower the effects of fluctuations in cash flows. The management of the Group monitors the utilization of bank borrowings and makes sure the related borrowing agreements are complied with. 1.3 流動風險 打点流動風險時，352.99 of the balance of payables with aging of between two to three years. 本期山東晨鳴板材有限責任公司收 購山東林盾木業股份有限公司，424。

937，983， 增強了規範運作意 識，375.39 ) 4.49 其他不重大 應收賬款 166，308.20 18。

審計事情還包罗評價打点層選用會 計政策的恰當性和作出會計估計的公道 性，於本報告期內，941，339，556.09 — 17， 1 to 2 years 1年以內，000.00 930，801.92 906，042，919，067.32 As at 31 December 2009，691.14 195，632，369。

510.02 322。

1982年插手本 公司，747，768.28 446，305.68 — 210，594，004.02 17，301，758.04 insurance premium 3.失業保險費 4. Work-related injury insurance 241，083.64 可轉換公司債券行使轉換權2，兼任廣東冠豪高新技 術股份有限公司和群星紙業控 股有 限公司（香 港上市公 司）獨 立非執行董事，170，341.12 55，822。

the item shall be measured at the amount received or receivable. If a government grant is in the form of a transfer of non-monetary asset， 247X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 五、財務報表項目附註（續） 27. Other payables (Cont’d) The Group (Cont’d) 其他應付款（續） 本集團（續） 27. The other payables of the Group and the Company at the end of the year were not due to any shareholders who holding over 5% (5% inclusive) of the Company’s shares. 本集團及本公司本期末其他應付款 中無應付持有公司5%（含5%）以上 股份的股東的款項。

Aegon-Industrial Fund，381.77). 2009年12月31日本集團已貼現附追 索 權 的 銀 行 承 兌 匯 票 人 民 幣 2，272.50 301，379，567.06 26。

supervisors (the “Supervisors”) and senior management (the “Senior Management”) of the Company hereby warrant that there are no false representations，214，履行了以下事情職責： (1) The following major tasks were completed during 2009: （1） 2009年度主要做了以下工 作： (1) it conducted pre-audit communication with external auditing institution engaged by the Company in respect of the 2008 financial report auditing on pre-auditing work，605.03) 127，837， the Company held 2，431.37 ) 276，999.13 1，865.36 9。

The Company paid cash as consideration of the merger. RMB 人民幣元 Amount 金額 Cash and cash equivalents used as consideration of merger Less: cash and cash equivalents held by the merged subsidiary and other operating units 作為合併對價的 現金和現金等價物 減：被合併子公司及 其他營業單位持有的 現金和現金等價物 1。

and bank accounts. The controlling shareholder never interfered in the financial activities of the Company. 5、財務分開情況：公司擁有獨立 的財務部門，306.91 — — (397， Qualifying assets are assets (fixed assets，579，涉及的納稅主 體意圖以淨額結算當期所得稅資產和負 債或是同時取得資產、清償負債時，143.40 32，455，334.87 2，969.57 1。

200 109。

000.00. 報告期內本公司子公司 山東晨鳴板材有限責任 公 司 以 人 民 幣 3，773， 壽光晨鳴現代物流有限公司 (Shouguang Chenming Modern Logistic Co.。

435，806。

166.18 1，254，000。

1987年分派到 山東財政學院稅收系， Ltd. 濰坊創業投資有限公司 Taishan Insurance and Brokerage Company Limited 泰山保險經紀有限公司 Shandong Paper Making Paper E-Commerce Co.，096，866.60 Adjustment items: Recognized the income on accrual basis (Note: adjusted for the total income only) Operating profit (loss) of statements 調節項目： 按權責發生制 確認本钱 （註：僅需對本钱 總額進行調整） 報表營業 利潤（虧損） — 1，943。

including borrowing costs eligible for capitalization. Subsequent expenses incurred after canopy closure shall be included in profit or loss for the current period. 耗损性生物資產 耗损性生物資產是指為出售而持有的、 或在將來收穫為農產品的生物資產，974.94 3，762.97 Total owners’ equity 所有者權益合計14。

482，001， reuse and recycle so as to maximize the resources utilization ratios，主要 系子公司湛江晨鳴林業發展有 限公司、陽江晨鳴林業發展有 限公司、南昌晨鳴林業發展有 限公司及黃岡晨鳴林業發展有 限責任公司的林木購買、繁育 及公允價值變動所致，281.02 341，580.31 8，933，也沒有對已售商 品實施有效控制，609.33 (6，993.13 (61，937，019， electricity and steam supply and others. 根據本集團的內部組織結構、打点 要求及內部報告制度，649，878，348 — — 60 李雪芹 Hao Yun 郝筠 M 男 47 April 2007 - April 2010 2007 年 04 月－ 2010 年 04 月 708， whether due to fraud or error. In making those risk assessments。

095，988.77 — — 6， statutory surplus reserves are appropriated as 10% of net profits，875.02 (13，021，018.95 1，730.36 — 209，以設計恰當的審計措施，670。

076.73 1，019.84 11，631，422，634.94 408， the operating results and cash flows from the opening of the consolidation period to the consolidation date are also presented in the consolidated income statement and the consolidated cash flow statements. The comparative consolidated financial statements amount is also adjusted respectively. 本集團將取得或失去對子公司控制權的 日期作為購買日和處置日。

壽光晨鳴現代物流有限公司 (Shouguang Chenming Modern Logistic Co.，974。

please refer to Note VI.(3). 179X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 五、財務報表項目附註（續） 4. Advance to suppliers The Group 預付款項 本集團 4. Advance to suppliers stated according to aging 預付款項按賬齡列示 RMB 人民幣元 Closing balance 期末數 Opening balance 期初數 Aging 賬齡 Amount 金額 Ratio (%) 比 例 Amount 金額 Ratio (%) 比 例(%) Within 1 year 1 to 2 years 1年以內 1至2年 869，609.11 3，500，488， external guarantee，616。

則估計其可收 回金額， while are also appropriate taking into account of the prevailing practical needs of the Company. The internal control measures of the Company provided better results in controlling of all the processes and integral parts of company management. The “Self-evaluation Report on Internal Controls” adopted by the Company objectively reflected the actual circumstances of internal control within the Company and formed a comprehensive overview on the internal controls of the Company. (v) Assessment and incentive mechanism for the Senior Management in the reporting period The Senior Management of the Company is assessed monthly and annually. Monthly assessments were conducted in line with the direction of the annual major tasks。

然 後再凭据前述修改其他債務條件的方法 進行處理，000.00 Entrusted loan 委托貸款 Heze Chenming Panels Co.。

600.37 238，200，787.17 32，919.72 33，750， a subsidiary of the Company，000.00 1，並將因轉移而收 到的對價與應分攤至終止確認部门的原 計入其他綜合收益的公允價值變動累計 額之和與分攤的前述賬面金額之差額計 入當期損益， the Group reviews the book value of other financial assets at each balance sheet date and provide for impairment where there is objective evidence that financial assets are impaired. 金融东西（續） 金融資產減值 除了以公允價值計量且其變動計入當期 損益的金融資產外，228.85 長期股權投資準備 其他 237，417， 2004年 7月 插手本公司，288，香港 晨鳴在香港辦理遠期售匯業務， loans and the accounts receivable and available for-sale financial assets when they are initially recognized. Financial assets and financial liabilities are initially recognized at fair value. For financial assets and financial liabilities classified as fair value through profit or loss，993.55 9。

000 Production，852，081，266.30 ) 18.18 其他不重大 應收賬款 221，540，270， the independent valuers considered the following factors: 1) the expected nominal market price of the timber harvest; 2) expected timber gains was dependent on the opinion and judgment of biological assets by considering the expected timber reserve level and timber production rate formulated by experts for a limited scope; 3) the expected costs for maintaining and nurturing existing biological assets; 4) the expected costs of sales (including our estimated harvest costs and transportation costs). (2) 耗损性生物資產：獨立 評估師根據公司生物資 產之地址地，165，529，但是放棄了對該金融資產控制，978，318.23 of the above borrowed amount has been already repaid. On 31 December 2009，091，069，152.69 49，826，839.40 16，200，471。

227X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 五、財務報表項目附註（續） 14. Goodwill The Group 商譽 本集團 14. RMB 人民幣元 Impairment pr ovision at the end of the period 期末減值準備 Name of investee units or matters generating goodwill 被投資單位名稱或 形成商譽的事項 Opening balance 期初餘額 Closing balance 期末餘額 Additions 本期增加 Deductions 本期減少 Jilin Chenming Paper Co.，066.79 105，013。

663.46 1， When an investment property is sold，000，213，000.00 Jiangxi Chenming Paper Co.，212。

613.74 (161，017，222，636， 1. 1.1 Market risks 1.1.1 Foreign exchange risk Foreign exchange risk represents risks of loss incurred as a result of changes in exchange rate. The Group is mainly exposed to foreign exchange risks in connection with USD; except for certain subsidiaries of the Company which effect purchases and sales in USD，152.69 75，590。

Ltd，289，096.34 895.49 Other cash and cash equivalents: RMB 其他 貨幣資金： 人民幣 — — 451。

因 此本集團對耗损性生物資產採用公允價 值進行後續計量，929，984，689， of assets given，767.93 其他14。

479，389.13 901，272.50 1，347.92 (1， mainly because the paper product market improved in the second half year of 2009，340.80 The Company 本公司 RMB 人民幣元 Incurred during the previous period 上期發生額 Incurred during the current period 本期發生額 Items 項目 Principal operations Including: machine-made paper Electricity and steam supply 主營業務 个中：機製紙 電及汽 11， intelligentization and modernization of management; striving to achieve energy saving and reduced emission，550。

896.38 133，000.00 25 December 2008 2008年12月25日 24 December 2009 2009年12月24日 100。

Supervisors and Senior Management and the Staff 第四節董事、監事、高級打点人員情況 一、董事、監事和高級打点人員持股變 動及報酬情況（續） Total remuneration received from the Company during the reporting I. CHANGES IN SHAREHOLDINGS AND REMUNERATIONS OF THE DIRECTORS，843，106，548，（2008 年12月31日，536。

(2) Pursuant to the “Notice Regarding Budget Indicators for Distribution of 2007 National Technological Support Scheme Project Funds (Second Batch)” 《關於下達 2007 年度國家科技支撐計劃課題（第二批）預算指 標的通知》 issued by the Finance Department of Shandong Province and the Science and Technology Department of Shandong Province，496.91 — — — — — — 13， In line with the new Articles of Association adopted by the Company subsequent to the issue of H shares and the amendments to the Articles of Association of the Company as mentioned above， Hong Kong Commercial Daily and the website of CHINF ( ) on 16 December 2009 and the website of the Hong Kong Stock Exchange () on 15 December 2009. 2. Implementation of resolutions of general meetings by the Board The Board discharged its duties diligently as authorized by general meetings and the Articles of Association. It completed the principal tasks under the authorization of general meetings as follows: 2、董事會對股東大會決議的執行情況 公司董事會凭据股東大會 決議及《公 司章程》賦予的職權，以對股東而言公正公道之正常 商業條款交易及進行，446。

though it does not assign maintain substantially all the risk and return arising from the ownership of the financial asset. When the enitity does not either assign or maintain substantially all the risk and return arising from the ownership of the financial asset and does not give up the control on such financial asset，假如資產的可收回金額低於其賬面 價值，689。

151.48) (1) Due to poor management of the counterparty，093，012，261，007， entered into an equity transfer agreement with the shareholders of 山東林盾木業股份有限公司 (Shandong Lin Dun Wood Industry Co.。

189X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 五、財務報表項目附註（續） 5. Other receivables (continued) The Company (continued) 其他應收款（續） 本公司（續） 5. Aging of other receivables is as follows: 其他應收款賬齡如下： RMB 人民幣元 Closing balance 期末數 Bad debt Opening balance 期初數 Bad debt Aging 賬齡 Amount 金額 Ratio (%) 比例(%) provision 壞賬準備 Book value 賬面價值 Amount 金額 Ratio (%) 比例(%) provision 壞賬準備 Book value 賬面價值 Within 1 year 1 to 2 years 2 to 3 years Over 3 years 1年以內 1至2年 2至3年 3年以上 2。

本公 司 子公司海拉爾晨鳴紙業有限責任 公司於 2009年收到環境保護專項 工 程 專 項 資 金 人 民 幣 1，010.97 6。

824 4，058，043。

215，974.94 Financial liabilities Derivative financial liabilities 金融負債 衍生金融負債 (198， Shandong 山東壽光 Transportation 運輸 1，636，698，主要 是由於受銷售價格影響。

468.11 IV. Accumulated value of provision of depreciation of investment properties Buildings 合計 衡宇、 建築物 五、投資性 房地產賬面 — — — — — — — — V. Total book value of investment properties Buildings 價值合計 28，296，154，000.00 — — — 10， When the Group terminates the employment relationship with employees before the expiry of the employment contracts or provides compensation as an offer to encourage employees to accept voluntary redundancy，476，000，該融資券不設立擔保， the controlling shareholders of the Company， it shall first offset the aforesaid difference against the impairment provision，038.28 ) (22，500，500。

998，733.96 29， the fair value of the non-cash asset transferred， etc. 中國國際金融有限公司、 國泰君 安華安基金等機構研究員 及基金 經理 Matters including recent development of the industry and development trend in the future。

435.77 — — (397， 用 於建設湛江 75萬畝按樹速生豐產 林，343.81 — 公允價值變動967，440.41 108，500.65 16，338.67 101，850.53 The Company 本公司 RMB 人民幣元 Opening balance 期初餘額 Accruals of the period 本期計提 Closing balance 期末餘額 Items 項目 2009: 2009年度： Statutory surplus reserve 法定盈餘公積金813。

確認其他 可抵扣暫時性差異產生的遞延所得稅資 The Company recognizes a deferred income tax asset for the carry forward of deductible losses and tax credits to subsequent periods，015.68 19。

or a drop of 4.1%; revenue realized from principal operations amounted to RMB14，102，147，571。

915 628， 先凭据計劃本钱進行核 算，699.47 Cash paid to and on behalf of employees 231， Ltd. Manufacture of paper 造紙 2，558.95) (18， communication and interviews (Cont’d) Time of reception 欢迎時間 Place of reception 欢迎地點 Manner of reception 欢迎方法 Main topics of discussion and information provided 談論的主要內容及提供的資料 Parties accommodated 欢迎對象 May 2009 2009 年 05 月 Shouguang，000。

891.26 1，281.10) (65，851，021，117，部门 自製漿線和板材生產線暫時停 產。

693，849.59 ) 1， Ltd（. 江西晨鳴紙業有限責任公司），468，932.85 131。

000.00 付出其他與籌資 活動有關的現金 54 430，公司董事、監事、高管 人員提高了對公司管理重要性 的認識， Shandong 山東壽光 On-site research and investigation 實地調研 Research personnel and fund managers from institutions such as Industrial Securities， 構築競爭優 勢，245，498.23 9，118.72元， a subsidiary of the Company，574，801.92 264X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 五、財務報表項目附註（續） 34. Capital reserves (Cont’d) T he Group (Cont’d) 資本公積（續） 本集團（續） 34. RMB 人民幣元 Closing balance 期末數 Increase for the period 本期增加 Opening balance 期初數 2008: Capital premium Of which: Capital contribution from investors Exercise of conversion rights in convertible bonds of the Company Shares issued by way of capitalization of capital reserves Other capital reserves Of which: Transfer from capital reserves under the original system Long-term equity investments provision Others 2008年度： 資本溢價 个中：投資者投入的資本1，000。

approximately RMB1，636， the Company formulated the “management policy on external information users”（《外 部信 息使 用 人 打点制 度》） based on the relevant rules. Meanwhile，152，本公司持股比 例為100%，000.00元，689， Note 2: For the category and amount of secured assets under secured borrowings。

589。

553，209，915.63 1， Mr. Ren Wei held the positions of credit teller，557，以前年 度已經核准的國產設備投資抵免所 得稅，915.63 1，859，115， independent non-executive Directors of the Company issued their independent opinions on the connected transactions pursuant to the related laws and regulations，本期計提 人民幣9，890。

344.99 Total comprehensive income attributable to the minority interests 歸屬於少數股東 的綜合收益總額 117。

978， consumable biological assets held by Yangjiang Chenming Forestry Development Co.，566，537，491，308，901.99 少數股東權益1， Note 3: Original book value for the period increased。

939.03) (5，085。

以未分派利潤 向全體股東每10股派發人民幣3.0元現金 紅 利（ 含 稅 ），457，732.91 (622，045， 將債務轉為資本的，自2001年起，為非同一控制 下的企業合併，226。

the financial asset is included in a group of financial assets with similar credit risk characteristics and collectively assessed for impairment. Accounts receivable for which an impairment loss is individually recognized are not included in a group of accounts receivable with similar credit risk characteristics and collectively assessed for impairment. 本集團對單項金額重大的應收款項單獨 進行減值測試，672。

Shandong 山東壽光 On-site research and investigation 實地調研 Morgan Stanley Fidelity Funds managers 摩根士丹利富達基金經理 Matters including recent development of the industry and development trend in the future，291， which was included in the scope of the Company’s consolidated financial statements. For details of the above assets acquired， The cost of consumable biological assets shall，299，984.55) 存貨跌價損失(22，000.00 100.00 100.00 — — — — 本钱法 Cost method 1，734.24 ) 190X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 五、財務報表項目附註（續） 5. Other receivables (continued) The Company (continued) 其他應收款（續） 本公司（續） 5. Top five other receivables are set out as follows: 其他應收款金額前五名單位情況 RMB 人民幣元 Percentage of the total balance of other receivables (%) 佔其他應收款總額的比例 (%) Relationship with the Company 與本公司關係 Name 單位名稱 Amount 金額 Aging 年限 Customer I 客戶一 Customer II 客戶二 Customer III 客戶三 Customer IV 客戶四 Customer V 客戶五 Consolidated subsidiary 合併範圍內子公司 Consolidated subsidiary 合併範圍內子公司 Consolidated subsidiary 合併範圍內子公司 Consolidated subsidiary 合併範圍內子公司 Consolidated subsidiary 合併範圍內子公司 793，581.52 75，292，428。

126，047.49 Total 合計 825，620.86 154， 91% of the proceeds from H share offering were used in the Zhanjiang Chenming pulp project in Guangdong Province. As at 31 December 2009， 經山東省人民当局魯改字[1996]270號文 及國務院證券委員會證委 [1996]59號文 核准，075， 預計項目於 2011年5月正式投產。

（本公司上期 末以外幣標示的應收賬款原幣金 額 為28，441 708， 191X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 五、財務報表項目附註（續） 6. Inventories and allowance for inventories The Group Inventory categories: 存貨及存貨跌價準備 本集團 存貨分類： 6. RMB 人民幣元 Closing balance 期末數 Allowance for inventories 跌價準備 Opening balance 期初數 Allowance for inventories 跌價準備 Book balance 賬面餘額 Book balance 賬面餘額 Items 項目 Book value 賬面價值 Book value 賬面價值 Raw materials Goods-in stock Work-in-progress 原质料 庫存商品 在產品 1， Shandong Chenming Paper Group Qihe Paperboard Co.。

Amortization of low-value consumable and packaging materials Turnover materials are materials that can be reused many times and still be remained in original condition after gradual transfer of their value but are not 低值易耗品和包裝物的攤銷要领 周轉质料為能夠多次使用、逐漸轉移其 價值但仍保持原有形態但未確認為牢固 資產的质料，381， Zhanjiang Chenming Paper Pulp Co.。

000，345，553.66 ) 59，535.24 10， 兼任新疆天山水泥股份有限公 司獨立董事，393，285， Note 5: Original book value for the period decreased，861，268.62 81，004，350，000。

844 — Unknown 未知 Platinum Asia Fund Foreign legal person 境外法人 0.79% 16，045.95 14，003，685.04 2，000，712.74 VI. Earnings per share : (I) Basic (II) Diluted 六、 每股收益： （一） 根基每股收益 （二） 稀釋每股收益 七、 其他綜合收益 46 46 47 0.41 N/A (20， B7 of Hong Kong Commercial Daily 中國證券報 B8版、香港商報B7版 2009-8-07 Announcement in respect of purchase of assets 購買資產通告 B8 of China Securities Journal， the impairment loss originally recognized shall be reversed to the extent that the carrying value of the financial assets upon reversal will not exceed the amortized cost as at the reversal date assuming there is no provision for impairment. 金融东西（續） 貸款和應收款項減值 以本钱或攤余本钱計量的金融資產將其 賬面價值減記至預計未來現金流量現 值，225.56 1，062，670。

939， operation and sales of aerated fly ash concrete blocks 粉煤灰加氣混凝土砌塊的生產、 經營、銷售 Generation and supply of electricity and heat 電力、熱力生產和供應 武漢晨建新型牆體质料 有限公司 (Wuhan Chenjian New-style Wall Materials Co.， at which，085.84) (109。

443.32 ) 17，792，805，356， to issue short-term debentures maturing in one year with aggregated par values of RMB700， 及時送交會計部門及公 司檔案室記錄及歸檔，577.02 28，912， 共計分派利潤人民幣 618，000.00 ——— ——— — — — 688， 佔歸屬於母公司股東淨資產的 11.35%，010.76 383。

paper product。

Shouguang City，結合與 其相關的資產組大概資產組組合進行， supervisory committee’s report of the Company for 2008 and independent non-executive directors’ report of the Company for 2008，000，按其差額計提資產減值準備， SUPERVISORS AND SENIOR MANAGEMENT AND THEIR POSITIONS 1. Brief Biographies of Directors 1、公司董事簡介 (1) Brief biographies of executive Directors Mr. Chen Hongguo，281.02 341，454.27 (II) Other comprehensive income （二）其他綜合收益 — — — — (20，對商譽進行減值測試時，063，284.78 ─ 249X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 五、財務報表項目附註（續） 28. 一年內到期的非流動負債 (1) 一年內到期的非流動負債明細 如下： V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 28. Non-current liabilities due within one year (1) Non-current liabilities due within one year is as follows T he Group 本集團 RMB 人民幣元 Items 項目 Closing balance 期末數 Opening balance 期初數 Long-term borrowings due within one year 一年內到期的長期借款345，612， enterprise income tax，000，以人民幣 370萬元收購其所持有 的山東林盾木業股份有限公司 67%股 權，212，299.46 Total comprehensive income attributable to the minority interests 歸屬於少數股東 的綜合收益總額 — — 106X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 合併現金流量表 2009年12月31日止年度 CONSOLIDATED CASH FLOW STATEMENTS For the year ended 31 December 2009 RMB 人民幣元 Amount for the previous period 上期金額 Amount for the current period 本期金額 Item 項目 Note V 附註五 I. Cash Flows from Operating Activities : Cash received from sales of goods， Sappi is a connected person of us. Based on information currently available， A6 of Hong Kong Commercial Daily 中國證券報B4版、香港商報A6版 D8 of China Securities Journal， 繼而強化其於造紙業內之市場地 位，本期計提 人民幣 1，928，000.00 was due to acquisition. 註2：賬面原值本期增加中， Ltd.，285.68 6， Explanation on the significant trade payables aged over one year: 賬齡超過1年的大額應付賬款情況的 說明： A single trade payable over RMB5，302.58 1.63 22，屬於操作污染 物進行生產的企業， RMB1，362.48 The Group and the Company had no outstanding amount within the advance to suppliers due from shareholders holding 5% or more (including 5%) in the shares of the Company at the end of the year. 本集團及本公司預付款項中無持有 公司 5%（含5%）以上 股份的 股東單 位的款項，894.19 10，000; accordingly，208.39 Total 合計192， connected transactions，擴大 高端紙品的產能，900.00 (6，252.49 Being applied 正在辦理中 Year 2010 44，142.57) (46，651.12 92.71 — 2，406，632， Jilin Chenming Paper Co.， production and operation of the Company，707.53). The related land use right certificates were being applied. 註2：2009年 12月 31日集團無形資產中尚未 取得地皮使用權證的地皮使用權淨值為 人民幣152，912，541， the Group and the Company did not provide for impairment of such overdue other receivables on individual basis. 根據以往經驗，800.52 -89.31% Note: In the cash flow statements prepared by the Company，443.62 8，522， 即被購買方的淨資 產和生產經營決策的控 制權轉移給購買方的日 期，904，186，000.00 729，900，642。

432.65 ) (1， Ltd（. 延邊晨 鳴紙業 有限公 司），518。

671，071，572，539萬元，965，344，755.70 (2， the operating businesses of the Group is categorized into 4 reporting segments，000.00 13 March 2008 2008年3月13日 12 March 2009 2009年3 月12日 — Entrusted loan 委托貸款 Zhanjiang Chenming Paper Pulp Co.，411， etc. 興業證券、東 方證券、銀河基金、 中郵基金、廣 發基金、泰信基金等 機構研究員及 基金經理 行業近期發展狀況及未來發展趨勢、公司生 產經營情況、未來戰略發展偏向等，367，479，258，762， 2. AUDITORS’ RESPONSIBILITY (Cont’d) An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors’ judgment，444.43 4，分母為發行 在外普通股加權平均數，存貨本钱包罗採購本钱、加工本钱 和其他使存貨達到目前場所和狀態所發 生的支出，033.29 無形資產處置利得 違約金及罰款收入 無法付出的債務 債務重組收益 当局補助 其他 — 9，675.50 and that with regard 註1： 根 據國際金融公司(IFC)， and chairman of Wuhan Chenming Hanyang Paper Holdings Co.，430，110。

將 債務轉為資本的，金 額總計 2 億美 元，000.00 12。

改 善融資結構。

laminated board，025.79 預提的高管年薪 可抵扣稅務虧損 應付未付款頸 開辦費等 27，951.33 10，965，104，311。

384.07 33，000.00 — — Total 合計 27，643.94 187。

除此以外的其他後續支出，相 關房 產證 正在 辦理 中，故根據 可接纳性全額計提壞賬準備，200，所披 露的信息均首先在上述指 定媒體披露，262.18 For the year ended 31 December 2009，829，000.00 in 2009 for environmental protection projects. 遞延收益（續） 根據 呼倫貝爾 市財政局《關於下 達 2009年中央和自治區環境保護專 項資 金項目預 算的通知》， the initial investment cost of the long-term equity investment shall be the absorbing party’s share of the carrying amount of the owner ’s equity of the party being absorbed at the date of combination. For a long-term equity investment acquired through business combination not involving enterprises under common control，894.96元。

121X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 II. SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES OF THE 二、公司主要會計政策和會計估計（續） COMPANY (Cont’d) Foreign currency and translation of statements denominated in foreign currency (Cont’d) Translation of Financial Statements Denominated in Foreign Currency(Cont’d) The opening balances and prior year ’s figures are presented according to the translated amounts of the prior year. 外幣業務和外幣報表折算（續） 外幣財務報表折算（續） 年初數和上年實際數凭据上年財務報表 折算後的數額列示， Ltd. 菏澤晨鳴板材 有限責任公司 15， nutrition and sales of seedling， pursuant to which，439，602，450，000.10 41，790，407，減少幅度4.1％；實 現主營業務收入達人民幣 1，481.95 978，016， in particular the favourable and stable macro-economic environment in China，791.00美 元，940，846，081.65 ) 4，707，142，822.60 5，790，000.00 — 40，000，752，194.07 26。

終止確 認現存金融負債，100.00 3， Ltd（. 山東晨鳴新力熱電有限公司） ，237。

019， 擬以 2009年底的總股份 2，000.00 had been repaid. 本集團賬齡超過1年、單筆金額超過 人民幣 500萬元的大額應付賬款金 額為人民幣 14，932.41 (550。

334.87 2，指在公正交易中，064.55 172，333， respectively. Domestic and overseas auditor ’s fees aggregated to RMB4，本公司之子公司山東晨鳴 板材有限責任公司、齊河晨鳴板材 有限公司、鄄城晨鳴板材有限公司 和菏澤晨鳴板材有限責任公司生產 的資源綜合操作產品享受增值稅即 徵即退的優惠政策。

075，168.46 (1， the Group maintains cash and cash equivalent at a level deemed sufficient by the management and carry out monitoring，168，896.57 12，588。

implementation of new environmental protection standards is likely to trigger withdrawal of certain small and mediumsized paper making enterprises from the market，985.99 17，130，748.81) 173，500.00 10， (19) Operating revenue decreased by 4% during the year，348，885.32 61， Ltd.)， raising the science and professionalism of Board decisions. 1、 公司內部控制的概況 公司已成立健全股東大會、董 事會、監事會各項規章制度，947，别的，相關 地皮使 用權證正在辦理中，759，670，253.65 — 33。

other customers of the Group are generally given credit periods within 90 days. (2) 除了對於某些特定客戶給予90天 以上的信用期外， chief of branch factory，313，140.56 7.38 Associated corporations of the Company 公司之聯營企業 Sale 銷售 Raw materials，895.71 — — 2， 本公司子公 司壽光晨鳴現代物流有 限公司合計持有100%股 權。

278，762。

394.68 388，105.20 ) 21。

162，415.60 3，021，691，控股子公司根據 《公司法》的要求建 立了 董事會、監事會，按攤余 本钱進行後續計量，527.87 1，386。

220.41 元）。

對公 司關聯 交易協 議類別、判斷標準、合 同簽訂、信息披露等內 容進行了具體規定，以長期股權投資的賬面價值和其他 實質上構成對被投資單位淨投資的長期 權益減記至零為限，919.27 ) 1，304.58 2.根基養老保險費4，449.51 5，湛江市及 福建省之活躍市場報價 來厘訂收成木材之市場 價格，003。

830。

259.99 1。

667.20) 上年度少提所得稅(6，為公司審計的財務審計機 構德勤華永會計師事務所有限公司 及德勤·關黃陳方會計師行均出具 了標準無保存意見的審計報告，650.36 ) (2，906.46 3， Shenzhen Computershare Hong Kong Investor Services Limited Shops 1712-16。

Ltd.) 100 — 100 100 Yes 是 — — — Limited liability company 有限責任公司 Jilin City，500， the Company had no other entrusted financial management matters or those incurred in prior periods extending into the reporting period. 報告期內， B3 of Hong Kong Commercial Daily 中國證券報 C8版、香港商報B3版 關於召開2009年第一次臨時股東大會的再次通知 2009-7-28 Announcement on Resolution of the 2009 First Extraordinary General Meeting Legal opinions as witnessed by lawyers on the Announcement on Resolution of the 2009 First Extraordinary General Meeting 2009年第一次臨時股東大會決議通告 2009年第一次臨時股東大會的律師見證法令意見書 B8 of China Securities Journal。

099，000.00 — 3， 308X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 五、財務報表項目附註（續） 55. Merger of entities (Cont’d) 55. 企業合併（續） (3) 壽光維遠物流有限公司(Shouguang Wei Yuan Logistics Company Limited) (Cont’d) (3) 壽光維遠物流有限公司（續） (b) Important financial information about the acquired entity: (Cont’d) (b) 被合併方主要財務信 息：（續） RMB 人民幣元 Amount 金額 Cash and cash equivalents used as considerationf merge Less: Cash and cash equivalents held by the merged subsidiary and other operating entities Cash and cash equivalents paid on acquiring the subsidiary and other operating units 作為合併對價的現金和 現金等價物 減：被合併子公司及其他 營業單位持有的現金和 現金等價物 取得子公司及其他營業單位 付出的現金和現金等價物 4，500，449.48 100.00 (30，000，450，665，577.89 TOTAL LIABILITIES 負債合計9，971， 69VII Directors’ Report 第七節 董事會報告 五、董事會日常事情情況（續） 1、董事會的會議情況及決議內容（續） （6） 公司第五屆董事會第四次臨時會 議於2009年 12月15日召開，如本集團對 被投資單位負有承擔額外損失的義務。

820。

000.00 Entrusted loan 委托貸款 Shandong Chenming Panels Co.。

VII. THE CASH BONUS OF THE COMPANY IN THE LAST THREE YEARS 七、公司前三年現金分紅情況 Unit: RMB 單位：人民幣元 Net profit attributable to equity holders of the Company for the cash bonus year 分紅年度歸屬 於母公司股東 淨利潤 Ratio of cash bonus to net profit attributable to equity holders of the Company 現金分紅與歸屬 於母公司股東 淨利潤比率 Amount for profit for cash bonus 現金分紅金額 Distributable profit of the year 年度可分派利潤 Cash bonus year 分紅年度 2006 2007 2008 204，371，645，101.83) (3，581.16 340， 五、公司員工情況 報告期末，848，270。

645.55 55 — Subtotal of cash outflows from investing activities 投資活動現金流出小計2，991，800，574.06 327，281.70). The capitalization rate which was used to determinate the general capitalized borrowing costs was 4.22% (Previous period: 6.72%). 截止 2009年 12月 31日，494.95 139，449.67 ) 2。

the chairman of Jilin Chenming Paper Co.。

武漢晨鳴萬興置業有限公司 (Wuhan Chenming Wan Xing Real Estate Co.， The Group assesses at each balance sheet date whether there is any indication that any construction in progress may be impaired. If there is any evidence indicating that an asset may be impaired，167。

241.86 883， and the requirements of disclosure of segment information of the primary reporting format and the secondary reporting format. 分部報告 本集團於 2009年 按《企業會計準則 解釋第3號》的規定 確定 報告分 部並 披露分部信息，不存 在誤導及虛假信息。

838.80 100.00 (33。

本期計提人民幣 32，967.05 ) 100.00 The explanation of the classification of the other receivables: 其他應收款種類的說明： The Group recognized the other receivables over RMB 1， except for the matter set out in III of Section X of the Report。

153。

102。

and “we” refer to Shandong Chenming Paper Holdings Limited，則以該資產所屬 的資產組為基礎確定資產組的可收回金 額， 344X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 I. SUPPLEMENTARY INFORMATION (Cont’d) 一、 補充資料（續） 4. Irregular movements in major items of the accounting statements of the Company and explanation on their reasons (Cont’d) (17) Long-term borrowings increased by 27% during the year，369，839.03 Machinery and equipment 設備 11， 因 固 定 資 產 改 造 而 減 少 人 民 幣 30， The Company had obligations for 0 ex-employees or retired employees， a subsidiary of the Company established in the Inner Mongolia Autonomous Region and covered by the preferential tax policy for industries encouraged by the State Government， VII. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT Major financial instruments of the Group include borrowings， Note 2: The provided impairment of inventories of paper product of the previous period was reversed as the market price of the paper product improved; the provided impairment of inventories was written off as inventories for which allowance was provided in the previous period were sold in the current period. 註2：由於本期紙製品市場價格回升，420.02) (38，186， which increased net cash flow. (VI) Operation and results of major controlling subsidiaries of the Company （六）公司主要控股子公司的經營情況及 業績 Unit: RMB in ten thousands Principal products manufactured 主要 生產產品 Name of controlling subsidiary 控股子公司名稱 Nature of activities 業務性質 Shareholding percentage 股權比例 Registered capital 註冊資本 Asset size 資產規模 Net profit 淨利潤 Wuhan Chenming Hanyang Paper Holdings Co.，975.88 18， If the creditor has made provision for the impairment of the debt to be restructured，基於該風 險打点目標。

000，765.00美元和 17，以公允 價值計量，687，938.32 2. Differences in accounting data between domestic and overseas accounting standards This reconditioning of differences between the financial statements prepared domestically and overseas was prepared by Shandong Chenming Paper Holdings Limited in accordance with the relevant requirements of the “Compilation Rules for Information Disclosures by Companies that Offer Securities to the Public (No. 15) - General Requirements for Financial Reports” (as amended in 2007) issued by the China Securities Regulatory Commission. 2. 境內外會計準則下會計數據差異 本境內外財務報表差異調節表是山 東晨鳴紙業集團股份有限公司凭据 中國證券監督打点委員會頒佈的《公 開發行證券公司信息披露編報規則 第 15號 -財 務 報 告 的 一 般 規 定 》 （2007年修 訂）的有 關規 定而 編製 的， 29. 30. Long-term bor rowings 30. 長期借款 (1) Types of long-term borrowings (1) 長期借款分類 T he Group 本集團 RMB 人民幣元 Items 項目 Closing balance 期末數 Opening balance 期初數 Guarantee loans (Note 1) Secured borrowings (Note 2) Credit loans 保證 借款（註1） 抵押 借款（註2） 信用借款 1，009.36 — — 219，234， acquired 67% of equity interests in 山東林盾木業 有限公司(Shandong Lin Dun Wood Industry Co.，009.36 4，該公司註冊資本為人民幣 2， and regulate funds exchanged between the Company and its subsidiaries，299.46 1， Ltd（. 齊河晨鳴廢舊物資收購有限公司）， intangible assets and other long-term assets” with respect to bills paid in the course of investment activities. 註： 公司編製的現金流量表中，588.86 8，132，367.15 in original currency。

000，053，000.00 456，749，112， I. GENERAL INFORMATION Shandong Chenming Paper Holdings Limited (hereinafter referred as the “Company”)。

974.94 元，為公司規範運 作和康健發展提供了有力的保障，318.23美 元 ，對遞延所得稅資產的 賬面價值進行覆核，907，356，605.42 298X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 五、財務報表項目附註（續） 52. Cash received rela ting to other investment activities The Group 收到的其他與投資活動有關的現金 本集團 RMB 人民幣元 52. Incurred during the current period 本期發生額 Incurred during the previous period 上期發生額 Items 項目 Special subsidy funds received 收到專項資金68， 79IX Material Matters 第九節 重要事項 III. MAJOR CONNECTED TRANSACTIONS (Cont’d) 三、重大關聯交易事項（續） 2. Continuing connected transactions as defined under the listing rules of the Hong Kong Stock Exchange (Cont’d) Sale of paper products b y Jiangxi Chenming to Sappi and/or its associates (Cont’d) Jiangxi Chenming is owned as to 51% by us，408。

865.50 — — (15，016，250。

(2) On 28 April 2009，相 關地皮使用權證正在辦理中，201，978， the construction of a high-end white coated linerboard project and the construction of the project of Chenming International Logistics Center and the ancillary railway special line by the Company were passed at the meeting. For specific details，折算後為 人民幣 301， including legal fee，356。

Ltd 青州市晨鳴變性澱粉 有限責任公司 Jiangxi Jiangbao Media Colour Printing Co. Ltd. 江西江報傳媒彩印有限公司 Equity method 權益法 80。

718。

故根據可 接纳性全額計提壞賬準備， manufacture，333。

531.83 33，目 前，本集團與本公司分 類為單項金額不重大但按信用風險 特徵組合後該組合的風險較大的應 收賬款，080，722，000，本集 團不確認權益东西的公允價值變動額，056.05 Electronic equipment and others 運輸东西 電子 設備 及其他 291，355，234，866.19 ) 77.39 1， 切合《深圳 證券交 易 所上 市公 司內部 控制指 引》及 相關法令法規 的規定。

086， 1093 Shennan Zhong Road，計入當期損益，143.13 — 937，293，165.80 — — — 1， the balance of undistributed profits of the Group comprised surplus reserves appropriated by subsidiaries amounting to RMB337。

870.79 24。

023。

418.15 ) — (737，302， The Company transferred 4% equity interests in aggregate of 泰山保險經紀有限公司 (Taishan Insurance and Brokerage Company Limited) to 泛海實業股份有限公司 (China Fanhai Holding Co.，900.00 ) (6，470.59 — 58 40 41 42 192， which affected tax and levies on operations. (2) Selling and distribution expenses increased by 9.79% compared to the corresponding period of the previous year， the subsidiary was subject to the income tax of 12.5% in 2009. 本公司子公司江西晨鳴紙業有限責 任公司於2004年變更為外商投資企 業， according to which。

141，000。

941股為基數，528.59 6，341，151.32 Total 合計 5，299.46 — 3，889.73) Decrease in the loss of the investee 被投資方 虧損減少 Incurring a loss 新增虧損 Jiangxi Jiangbao Media Colour Printing Co. Ltd. Shouguang Liben Paper Making Co.， (7) Intangible assets increased by 3% during the year，139.01 4，144，103.61 — 28，021。

619， The primary source of funding for the Group is bank borrowings. On 31 December 2009，本 集團的其他主要業務活 動以人民幣計價結算，275，605.60 1，將發生的研發支出全部計入當期損 If the expenses incurred during the research stage and the development stage 益。

655，702.72 3，732。

700，000，485.00 — —— 355，098.71 14，增強自主創新 能力，199， approximately RMB245 million was used to fund the working capital and approximately RMB1， and Articles of Association of the Company，000，008.75) 2009年12月31日本公司已貼現附追 索 權 的 銀 行 承 兌 匯 票 人 民 幣 1， mainly because discounted but not matured bills resulted in an increase in short-term borrowings. 公司主要會計報表項目的異常情況 及原因的說明（續） 4. (10) 本年短期借款增加了 105%， mainly because the reduction in revenue-related government grants received. 公司主要會計報表項目的異常情況 及原因的說明（續） 4. (26) 本年營業外收入減少了26%，322。

242.06 The acquisition of Shandong Lin Dun Woods Co. Ltd. by Shandong Chenming Panels. Co. Ltd. resulted in an increase of RMB 3， processing and sales of forests 林木種植、加工、銷售 黃岡晨鳴林業發展有限1，043.08 207，033，350.63 延邊晨鳴紙業有限公司 紙漿 57VII Directors’ Report 第七節 董事會報告 一在企業會計準則下的打点層討論與 阐明（續） （七）單個 子公 司淨利 潤（或 投資 收益）超 過公司淨利潤5%的說明 I. MANAGEMENT DISCUSSION AND ANALYSIS UNDER ACCOUNTING STANDARDS FOR BUSINESS ENTERPRISES (Cont’d) (VII) Explanation on single subsidiaries with net profit (or investment gains) accounting for over 5% of the net profit of the Company Unit: RMB in ten thousands 單位: 人民幣）萬元 Net profit attributable to the Company according to As a percentage Revenue of net from principal operations 主營 業務收入 Profit from principal operations 主營 業務利潤 shareholding profit of the percentage 公司按持股 比例應得 淨 利潤 Company 佔公司 淨利潤的 Name of company 比例％ 公司名稱 Net profit 淨利潤 Jiangxi Chenming Paper Co.。

900，215，266，000.00元，參與合併的其 他企業為被購買方， Ltd. 濰坊創業投資有限公司 — 85，700。

需大量項目 配套長期資金。

and shall include the difference between the book value of the debt to be restructured and the book value of the restructured debt in the current profits and losses. Where a debt restructuring is made by a combination of several methods，本公 司 子公司富饶晨鳴紙業有限責任公 司於2009年收到工業管理項目專 項資金人民幣2， Ltd. 山東晨鳴御景大酒店 有限公司 110，本公司及其附屬企業統稱「本集Contents 目錄 I. Company Information 一、公司根基情況簡介 2 II. Summary of Financial and Operating Results 二、會計數據和業務數據摘 要 5 III. Changes in Share Capital and Shareholders 三、股本變動及股東情況 9 IV. Directors，993，792， China 中國香港 Trade of paper 紙品貿易 USD10 (in ten thousand) 10萬美元 1，無其它對外擔 保事 項， Ltd.) The Company contributed capital to set up 壽光順達報關有限責任公司 (Shouguang Shun Da Customs Declaration Co，123。

778。

498.28) 20，701.85 4，432.16 Total 合計5， against which the temporary difference can be utilized. 遞延所得稅資產／遞延所得稅負債（續） 遞延 所得稅資 產及遞 延所得稅 負債（續） 與既不是企業合併、發生時也不影響會 計利潤和應納稅所得 額（或可抵扣虧 損） 的交易中產生的資產或負債的初始確認 有關的可抵扣暫時性差異， Andritz Technologies and Voith Paper for a total contractual of RMB2.0 billion. Please refer to the relevant announcements published on China Securities Journal。

其賬面價值與實 際取得價款的差額，664.96 1，321，854， the Group shall determine the recoverable amount of the asset group to which the asset belongs. If the recoverable amount of an asset is less than its carrying amount。

486.82 Total 合計 2，160， the debtor shall offset，775，338.67 1，000，526，930， it is probable that there will be suf ficient taxable profits against which the deductible temporary differences can be utilized and the related deferred income tax assets will be recognized to the extent deductible loss is available. 根據公司對未來的盈利預測結 果，656，000.00 Shandong Grand View Hotel Co.。

000.00 — — — — — — — 2，593，884，441.40 債務重組損益329，673， Ltd.) was established by the Company on 17 November 2009 by way of capital contribution， Meanwhile，342，242，496.05 387， a decrease of RMB 29，395， 報 告、審核措施和披露辦法 以及保密規定。

079，892， 制定了公司董事及高管人員 2008年度的薪酬方案。

Invesco Greatwall，074.02 1，000。

公司選擇 《中國證券報》、《香港 商 報》、巨潮資訊網站和香 港聯合交易所網站作為公 開信息披露的渠道，000.00 60，091，034，加強市場調研，公司能夠認真凭据 《公司 法》、《證券法》、《公司 章程》和國家有關法令法規依 法經 營。

775，334.21 ) 707。

033，941.97 176， 並且將記錄同相應的會 計分錄獨立比較， entered into a Equipment Purchase Contract with Metso Paper，321.00 688，457.87 98，444.12 67，398.40 7。

000， Pursuant to the “Notice Regarding Advance Allocation of 2008 Energy Conversation Technical Reform Financial Incentive Fund (First Batch) by the Ministry of Finance” （《財政部關於預撥 2008 年節能技術改革財 政獎勵資金（第一批） 的通知》）issued by the Ministry of Finance， Interest income Interest income is measured based on the length of time for which the Group’s cash is used by others and the effective interest rate. 利息收入 凭据他人使用本集團貨幣資金的時間和 實際利率計算確定，433.24 6.59 Self-raised and borrowings 自籌及借款 Self-raised and borrowings 自籌及借款 22。

423，000.00 Entrusted loan 委托貸款 Wuhan Chenming Qianneng Electric Power Co.。

922， including the work report of the Board for 2008，480.89 in original currency，441.25 32。

818。

069，747， Explanation on the significant other payables aged over one year: 賬齡超過1年的大額其他應付款情況 的說明： RMB 人民幣元 Name 單位名稱 Amount 金額 Nature 性質 Employees of the Group 集團職工59，998，塞佩公司與茂林製紙之主營業 務為生產及銷售多種紙產品。

258.74 2，448.20 Jilin Chenming Paper Co.， advance to suppliers of the Group with age over 1 year and in significant amount were advance for timber，包罗 2009年 12月31日的公司及合併資產負債表，153，714.00 41，080，686， experience，公司領導層憑藉多年的事情 經驗與詳細的論證阐明， 六、報告期內公司聘任會計師事務所情 況 公司2008年度股東大會審議通過了關於 聘任 2009年度境內及境外審計機構的議 案。

363，996，818.12元）， gasoline，570 萬股，290.96 9， T O THE SHAREHOLDERS OF SHANDONG CHENMING PAPER HOLDINGS LIMITED We have audited the accompanying financial statements of Shandong Chenming Paper Holdings Limited (collectively referred to as the “Chenming Group”) ，塞佩公 司是本公司之關連人士， an increase of RMB 62，314，721，975，現 任中央財經大學保險學院副院 長、中國勞動學會勞動科學教 育分會常務理事、中國民主建 國會北京市經濟委員會委員等 職務，000.00 10。

199.81 2，045，419， Hong Kong Commercial Daily and the website of CHINF ( ) on 28 August 2009 and the website of the Hong Kong Stock Exchange () on 27 August 2009. （4） 公司第五屆董事會第十五次會 議於2009年 8月27日召開， 抵押物為江西晨鳴紙業有限責任 公司的牢固資產及地皮使用權，417.73 782，093， An impairment loss recognized on investment properties shall not be reversed in a subsequent accounting period. 投資性房地產的資產減值損失一經確 認，618。

該子公司 以後期間實現的利潤，668.98) (4， technical school education and levels below technical secondary school education. 公司需承擔費用的離退休職工0名，初始確認金融負 債，000.00 28 April 2008 2008年4月28日 27 April 2009 2009年4 月27日 150，737，932，經選 舉：陳洪國、尹同遠、李峰、耿光 林、譚道誠、侯煥才、周少華為公 司第六屆董事會執行董事； 王愛 國、張志元、王翔飛、王玉玫、張 宏為公司第六屆董事會獨立非執行 董事；崔友平、王鳳榮、王效群為 第六屆董事會非執行董事， 70VII Directors’ Report 第七節 董事會報告 五、董事會日常事情情況（續） 2、 董事會對股東大會決議的執行情況 （續） （2） 經 2008年度股東大會決議， 有效規範了公司和 基礎信息、業務流程，978， Ltd.) Limited liability company 有限責任公司 Yangjiang，527.86 1，木製 品的生產、加工及銷售。

479.30 2，074.51 982，765.78 97.90 (113，但 在未來每一具有重要性的遞延所得稅資 產及負債轉回的期間內，323.39) 11，953.22 1，000.00 Bank V 銀行五 RMB 3.51 — 280，920.58 101，610。

mainly because the Group issued RMB1.9 billion short term debentures in 2008 and repaid them in 2009 as they matured. (16) 本年應付短期融資券減少了 100%，298.79 1，將所轉移金融資產的賬面價值在終 止確認及未終止確認部门之間按其相對 的公允價值進行分攤，579，714.01) The Group closely monitors changes in foreign exchange rates as to their effects to the Group’s exposure in foreign exchange risk. Currently， representing 14.21% of the total share capital of the Company. (2) 公司控股股東為壽光晨鳴控股 有限公司（簡稱「晨鳴控股」）， owns a 50% shareholding in 壽光新源煤炭有限公司 (Shouguang Xinyuan Coal Co.， 261X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 五、財務報表項目附註（續） 33. Share capital 33. 股本 The registered and paid-in share capital of the Company of RMB1 each amounted to RMB2，131。

415，963.95 1，338.83 1， 主要是由於聯營公 司本期虧損減少所致，在資產支出已經發生、借款費用已 經發生、為使資產達到預定可使用或可 銷售狀態所须要的購建或生產活動已經 開始時， the Company was assured that its subsidiaries were under firm control and the decisions and systems of the Company were effectively，159.85 1。

the Group had no fixed assets held under operation lease. 註2： 2009年12月 31日本集團無經營租 賃租出的牢固資產。

342X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 I. SUPPLEMENTARY INFORMATION (Cont’d) 一、 補充資料（續） 4. Irregular movements in major items of the accounting statements of the Company and explanation on their reasons (Cont’d) 公司主要會計報表項目的異常情況 及原因的說明（續） 4. (5) Inventories for the year decreased by 34%， Audit Committee and Remuneration and Assessment Committee of the Board. In accordance with their respective working criteria， which are determined based on their performance， melamine impregnated paper and composite floor 高（中）密 度纖維 板、飾面 板、三聚 氰胺浸漬紙、複合地板的生產和銷售 Plantation and development of orest。

858。

壽光晨鳴現代物流有限公司 (Shouguang Chenming Modern Logistic Co.， a subsidiary of the Company，825 — 143， The Group assesses at each balance sheet date whether there is any indication that any fixed assets may be impaired. If there is any evidence indicating that an asset may be impaired，718，但延續抵免的期限最 2. Pursuant to Guo Shui Fa [2008] Document No. 52 “Circular on Policy Question about Postponement to Implement to Set Off Enterprise Income Tax with Investment To Acquire Domestic Equipment by Enterprise” issued by State General Tax Bureau（《關於停 止執行 企業購 買國產 設備投 資 抵免企業 所得稅政策問題 的通知》）。

741，000，771，133.80 80，143.40 — 46， Ms. Wang Ju，107.59 Total profit 利潤總額2，000。

Note 2: Original book value for the period increased，784.64 50，000.00 1 December 2008 2008年12月1 日 30 November 2009 2009年11月30日 37， 142X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 II. SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES OF THE 二、公司主要會計政策和會計估計（續） COMPANY (Cont’d) Deferred income tax assets / deferred income tax liabilities Current income tax At the balance sheet date， cutting and processing of paper 紙張銷售、裁切加工 — — 100 100 Yes 是 — — — Shouguang，289.65 Dividend unallocated in this year 本年未分派股利 Dividend decreased in this year 本年分派股利減少 Dividend unallocated in this year 本年未分派股利 Dividend unallocated in this year 上年未分派股利 — Chibi Chenming Paper Co.，258.59 (38， An impairment loss recognized on the assets mentioned above shall not be reversed in a subsequent period. 上述資產減值損失一經確認。

heat and forestry projects. At the end of the reporting period。

在初始 確認後 凭据《企業 會計準則 第13號 - 或有 事項》確定的金額 和初始確認 金額扣除按 照《企業會計準則第 14號 - 收 入》的原則 確定的累計攤銷額後的餘額之中的較高 者進行後續計量， the internal control system became more comprehensive. Directors， Ltd. 濰坊創業投資有限公司— 85，000， Hubei 湖北黃岡市 Xianning，000.00元， 2009年適用 稅率為20%。

there were no buildings without house property right certificates in the fixed assets of the Company (31 December 2008: RMB4， Ltd.) for a consideration of RMB3， 309X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 五、財務報表項目附註（續） 55. Merger of entities (Cont’d) 55. 企業合併（續） (3) 壽光維遠物流有限公司(Shouguang Wei Yuan Logistics Company Limited) (Cont’d) (3) 壽光維遠物流有限公司（續） (c) Operating results and net cash flow of the acquired entity from acquisition date to the end of consolidated period (c) 被合併方自購買日至合 併當期期末的經營成就 及現金淨流量 RMB 人民幣元 From acquisition date to the end of consolidated period 購買日至合併當期期末 Operating revenue Operating costs and expenses 營業收入 營業本钱及費用 11，887，062.75 (583，828.18 544，851，253.65 1，027，870，000，按其差額計 提資產減值準備， 本公司 子公司湛 江 晨鳴林業發展有限公司於2009年 收到人民幣 2。

021，850.83 Decrease in stock (minus: increase) 存貨 的減少（減 ：增加） (1， the Company had advance to suppliers denominated in foreign currencies in the amount of USD 16，929.95 101，629，規 範了會計憑證、會計帳 簿和會計報告的處理程 序，742，239， 2. Pursuant to Cai Shui [2001] No. 78 “Circular on the VAT Policy concerning Waste Collection Business” issued by the State Administration of Taxation （《國家稅務總局關於廢舊物資接纳經營業務有關增值稅政策的通 知》）。

542，851.91 收購子公司評估增值— Sub-total 小計25，768。

400， a subsidiary of the Company。

800 20， in total amounting to RMB 618。

the Group shall recognize an impairment loss. The amount of impairment loss shall first reduce the carrying amount of any goodwill allocated to the asset group or set of asset groups。

100，397，主要系集團 2009年下半 年市場情況良好，868，150，從國際國內 的經濟發展環境來看，000.00 100.00 100.00 — — — — Co.， chief officer of branch factory， 187X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 五、財務報表項目附註（續） 5. Other receivables (continued) The Group (continued) 其他應收款（續） 本集團（續） 5. Top five other receivables are set out as 其他應收款金額前五名單位情況 RMB 人民幣元 Percentage of the total balance of other receivables (%) 佔其他應收款總額的比例 (%) Relationship with the Company 與本公司關係 Name 單位名稱 Amount 金額 Aging 年限 Customer I 客戶一 Customer II 客戶二 Customer III 客戶三 Customer IV 客戶四 Customer V 客戶五 Non-related party 非關聯方 Non-related party 非關聯方 Non-related party 非關聯方 Non-related party 非關聯方 Non-related party 非關聯方 13，172.39 1， deputy general manager， credit risk， 150X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 III. TAXATION (Cont’d) 三、稅項（續） 2. Tax Incentives and Approvals (Cont’d) Enterprise Income Tax (Cont’d) Pursuant to the Guo Xi Ban Zong [2001] Document No. 10 “Written Reply concerning the Application of the Preferential Tax Policies on Development of the Western Region in Yanbian Korean Autonomous Prefecture ” issued by the Office of the Leading Group for Western Region Development of the State Counci（l 《國 家稅西 部開發 辦關於 延邊朝 鮮 族自治州參照報行國家西部大開發優惠政策的覆函》）and Yanzhou local tax notice [2001] Document No. 99 “Letter confirming the entitlement of 吉林晨鳴亞松漿紙有限公司to preferential tax policy” issued by the local tax bureau of Yanbian Korean Autonomous Prefecture（《延 邊州地 方稅務局關於吉林晨鳴亞松紙有限公司享受稅收優惠政策承諾的 函》），174.92 483。

000，計入當期損益。

310.96 — — 87， 26IV Directors。

641.07 229，929.95 ) (273，527.87 ) 5. 5. (1，277。

Ltd. 江西晨鳴紙業 有限責任公司 250，281.04 244X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 五、財務報表項目附註（續） 24. Employee benefits payable (Cont’d) The Company 24. 應付職工薪酬（續） 本公司 RMB 人民幣元 Opening balance 期初賬面餘額 Accrued during the period 本期增加 Paid during the period 本期減少 Closing balance 期末賬面餘額 Items 項目 I. Salaries，000， 1至2年 Prepaid the good payments according to the agreed contract 按条约約定預付貨款 Customer IV 客戶四 Non-related party 非關聯方 18，474.91) — 5 .生育保險費 — 1，955.31 69， Ltd. 壽光晨鳴現代物流 有限公司 Shouguang Chenming Art Paper Co.，781.04 ) (6，000， general payers of VAT may have the input amount incurred from acquiring (including acceptance of donation and investment in kind) or manufacturing (including rebuilding，963.87 8， Ltd. 菏澤晨鳴板材 有限責任公司 20，998.83 2， maintaining product inventory and accounts receivable at reasonable levels to minimize capital locked up; strengthening global marketing and sales network， by way of transferring to the Social Security Fund Council (the “NSSF Council”) such number of shares held by it，048，142，636.95 1 to 2years 1至2年 1 to 2years 1至2年 Within 1year 1年以內 Within 1year 1年以內 Within 1year 1年以內 4.28 47。

335。

Ltd. Wuhan Chenming Hanyang Paper Holdings Co.，302.28 3，772，256.04. 投資性房地產 系本公司所擁有的北 京數 碼大 廈部 分辦 公 樓（ 對 外 出 租）。

702，612.65 95.31 (118，363， the Company is recognized as a high or new technology enterprise which needs the major support of the state as approved by State Taxation Administration of Shouguang，741.53 57.37% 28.21% 9.59% 295，757，604.20 1，973，278。

000.00 145，021，541，194，000，860， 2007年減半繳納企業所得稅，159，385.92 1， According to “Notice Regarding the Plan for the Second Batch of 2008 City Level Environmental Protection Special Fund Project” issued by the Environmental Protection Bureau of Nanchang City and the Financial Bureau of Nanchang City， etc. 中信證券、國泰君安、國金證券、 派傑亞洲證券、長城基金、 景順長城等機構研究員及基金經理 Matters including recent development of the industry and development trend in the future。

084，362。

612.43 100.00 (190，有客觀證據表白金融資產發生 減值的，643， Cash and cash equivalents Cash represent the Group’s treasury cash and deposit withdrawn on demand. Cash equivalents held by the Group represent short-term and highly liquid investments that are readily convertible to known amounts of cash and which are subject to insignificant risk of value change. 現金及現金等價物的確定標準 現金是指本集團庫存現金以及可以隨時 用於付出的存款，為項目建 設用地共付出征地款 人民幣3.61億元，857.11 2，075，126.00 — — — (688， a controlling subsidiary of the Company ，440，不敷沖 減的部门。

007， 329X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 VII. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (Cont’d) 七、金融东西及風險打点（續） 1. Objective and measures of risk management (Cont’d) 風險打点目標和政策（續） 1.1 市場風險（續） 1.1.1外匯 風險（續） 1. 1.1 Market r isks (Cont’d) 1.1.1 Foreign exchange risk (Cont’d) RMB 人民幣元 Item 項目 Closing balance 期末數 Opening balance 期初數 Cash and cash equivalents Other bank balances and cash Accounts receivable Other receivables Accounts payable Short-term borrowings Long-term borrowings due within one year Long-term borrowings 現金及現金等價物 其他貨幣資金 應收賬款 其他應收款 應付賬款 短期借款 434，200， economy difficulties of the country or region where the debtor is staying appear a situation where this group of financial assets cannot be paid; (7) significant and adverse changes have taken place in the technological。

184.17 2，151。

102， 61VII Directors’ Report 第七節 董事會報告 II. PROSPECT OF THE FUTURE DEVELOPMENTS OF THE COMPANY 二、對公司未來發展的展望（續） (Cont’d) 2. In line with its strategic plans，519.78 211，498， Ltd.) 山東晨鳴板材有限責任公司 (Shandong Chenming Panels Co.，015。

excluding capital considerations from the government as an owner of the Group. Government grants are classified into government grants related to assets and government grants related to income. Government grant shall be recognized when， Zhanjiang Chenming Forestry Development Co.，914，000.00) — Total 合計 (6，660，583，822.60 5，000.00 — 收到其他與籌資活動 有關的現金 53 — 50，000.00) 56，004.90 Total 合計 1。

911，400，本集 團蒙受外匯風險主要與 美元有關， fund managers of Gartmore Investment Management 海通證券研究員、 Gartmore Investment Management 基金經理 Matters including recent development of the industry and development trend in the future，276，513。

579。

281.04 ) (6，000，並且與被檢查資產 的未來現金流量測算相關，並取得了主 管部門的核准文件，888，298.44 9， Hong Kong Commercial Daily and the website of CHINF () on 27 May 2009，767.79 8，506.70 — — — — (7，087，000.00 Entrusted loan 委托貸款 Wuhan Chenming Hanyang Paper Holdings Co.，公司全 體監事嚴格 凭据《公司 法》、《公司章 程》、《監事會議事規則》及 個人事情職責分工，824，087.05 was due to construction in progress transferred to fixed assets and an increase of RMB 59，864， 173X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 五、財務報表項目附註（續） 3. Accounts receivable (continued) The Group (continued) Description of accounts receivable classified as single item with insignificant amount of money but considered to be of greater risks after arrived at by credit risk characteristics: 應收賬款（續） 本集團（續） 單項金額不重大但按信用風險特徵 組合後該組合的風險較大的應收賬 款的說明： 3. Pursuant to the past experience。

315.89 ) (1， 造紙原质料價格可能會繼續走高，624.07 731，047，685.21 — 85。

884.96 302X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 五、財務報表項目附註（續） 55. Merger of entities (Cont’d) 55. 企業合併（續） (1) 壽光虹宜包裝裝飾有限公司 (Shouguang Hongyi Decorative Packaging Co.。

375.39 ) 178X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 五、財務報表項目附註（續） 3. Accounts receivable (continued) The Company (continued) Top 5 accounts receivable are set out as follows 應收賬款（續） 本公司（續） 應收賬款金額前五名單位情況 3. RMB 人民幣元 Percentage of the total balance of accounts receivable(%) 佔應收賬款總額的比例 (%) Relationship with the Company 與本公司關係 Amount 金額 Aging 年限 Name 單位名稱 Customer I 客戶一 Customer II 客戶二 Customer III 客戶三 Customer IV 客戶四 Customer V 客戶五 Consolidated subsidiary 合併範圍內子公司 Consolidated subsidiary 合併範圍內子公司 Non-related party 非關聯方 Non-related party 非關聯方 Non-related party 非關聯方 105。

000.00 in 2009 for energy conservation and technical reform. (1) 根據武漢市財政局及武漢市經濟 委員 會《市財政 局、市 經委關於 撥 付 2009年市工業節能專項資金的 通知》。

845.48 -15，114，808.00 80， Ltd. 濰坊創業投資有限公司 Taishan Insurance and Brokerage Company Limited 泰山保險經紀有限公司 Shandong Paper Making Paper E-Commerce Co.， 338X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 I. SUPPLEMENTARY INFORMATION (Cont’d) 一、 補充資料（續） 2. Differences in accounting data between domestic and overseas accounting standards (Cont’d) The financial statements of the Group for 2009 ware prepared in accordance with the PRC Accounting Standards of Business Enterprises (ASBEs) which set out net profit and net assets of RMB953，公司全資子公司 壽光美倫紙業有限責任公司為 建設年產80萬噸高檔低定量銅 版紙項目，000.00 20，453， During the capitalization period， pursuant to which。

413，272，656， the Group will account for special fund for treasury bond received and special accounts payable under deferred income and be amortized by installments over the useful lives of fixed assets. 集團在 2006年以前年度，068.28 299X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 五、財務報表項目附註（續） 54. Cash paid relating to other financing activities The Group 付出的其他與籌資活動有關的現金 本集團 RMB 人民幣元 54. Incurred during the current period 本期發生額 Incurred during the previous period 上期發生額 Items 項目 Increase in restricted bank deposits during the period Issuance expenses of medium-term debentures Payments of bank balances 限制性銀行存款 本期增加 359， rendering of services Refund of taxes and levies Cash received relating to other operating activities 一、經營活動產生的現金流量： 銷售商品、提供勞務 收到的現金 收到的 稅費返還 收到其他與 經營活動 有關的現金 14，695.20 544。

228.32 91，存貨按單個 存貨項目的本钱高於其可變現淨值的差 額提取存貨跌價準備，歷任車間主任、技術處 長、副廠長、常務副廠長、總 經理等職務， operation according to the law and standardization operation. A more comprehensive internal control system was established to ensure healthy and continued development of the Company. The management of the Company was able to perform their duties as stipulated in the Articles of Association of the Company and executed the resolutions of the Board. No contravention of laws or regulations or the Articles of Association nor acts detrimental to the interests of the Company were identified.VIII Supervisory Committee’s Report 第八節 監事會報告 III. INDEPENDENT OPINION OF THE SUPERVISORY COMMITTEE 三、監事會獨立意見（續） (Cont’d) 4、公司重大收購、出售資產的情況 公司重大收購資產交易價格公道，618.13 6。

到期還本， 於 2009年12月 31日。

101， Ltd. 山東晨鳴板材 有限責任公司 40。

Shouguang Chenming Holdings Company Limited (hereinafter referred to as “Chenming Holdings”)，本集團對於其 他客戶的平均信用期一般為90天 以內，057.43 5。

歷任公司質檢科副科長、科長、售 後服務處處長、物業打点公司經 理。

378.49 Net cash flows from operating activities 經營活動產生的現金流量淨額1， the Company prepared its “Financial Management Rules”（《財務會 計制度》），明確了會計人員的 崗位職責， Ltd.) Arboriculture 林業 1，遏制執行企業購買國產設備投 資抵免企業所得稅的政策，187.97 (1。

SUPERVISORS AND SENIOR MANAGEMENT AND THEIR POSITIONS (Cont’d) 2. Brief biographies of Supervisors of the Company Mr. Gao Junjie，000.00 — Weifang Venture Capital Co.，516， Hubei 湖北赤壁 Manufacture of paper 造紙 17，這些計量基礎與編製財務報 表時的會計與計量基礎保持一致，016。

460.92 ) Specialty Paper Co.。

543.10 1， Hong Kong Commercial Daily and the website of CHINF ( ) on 9 April 2009 and the website of the Hong Kong Stock Exchange () on 8 April 2009. 1、2009年 4月8日召開了第五屆監事會 第九次會議，081.65 ) 82。

349.33 104， 合併本钱為每一單項交易本钱之和，255， 2. During the reporting period，勤免盡 責，629.22) II. Operating profit (“-” denotes loss) 二、 營業利潤 （虧損以 「－」號填列） 加：營業外收入 減：營業外支出 个中：非流動資產 處置損失 892，目前，866.56 1.39 0.20 0.51 (9，082 4，042.67 Note 1: Guarantee loans were mainly guarantees provided by the Company to its subsidiaries for their long-term and short-term borrowings. For details please see Note VI.(3)(e). 註1： 主要系本公司為子公司提供的擔 保借款， potential voting right factors (such as the convertible corporate bonds for the period and the exercisable stock warrants for the period of the investee and other invested units held) were taken into account. Impairment test method and impairment provision The Group assesses at each balance sheet date whether there is any indication that any long-term equity investments may be impaired. If there is any evidence indicating that an asset may be impaired，541.95 6，450.14 Total 合計11，844.88 (481，則凭据繼 續涉入所轉移金融資產的水平確認有關 金融資產，876.48 三、社會保險費 个中： 19，050，將 重組債務的賬面價值與轉讓的非現金資 產公允價值之間的差額，474，498，凭据公允價值計量；公允價值 不能夠可靠取得的，407.73 Cash repayments of amounts borrowed Cash payments for interest expenses，030.68 1。

380.46 192X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 五、財務報表項目附註（續） 6. Inventories and allowance for inventories (continued) T he Group (continued) Allowance for inventories: 存貨及存貨跌價準備（續） 本集團（續） 存貨跌價準備情況： 6. Reason of reversal and write-off of allowance for inventories for the current period 本期轉回和轉銷 存貨 跌價準備 的原因 Percentage of the reversal and write-off in the current period to the closing balance of such inventory (%) 本期轉回和轉銷 金額佔該項存貨 期末餘額的比例 (%) Basis of allowance for inventories 計提存貨跌價 準備的依據 Items 項目 Raw materials 原质料 Goods-in-stock 庫存商品 Work-in-progress 在產品 Note1 註1 Note1 註1 Note1 註1 Note 2 註 2 Note 2 註 2 Note 2 註 2 2.54 13.09 7.17 Note 1: Allowance for inventories was provided as the net realisable value of panel product is lower than the cost of storage cost at the end of the period. 註1：由於板材產品的可變現淨值低於 期末庫存本钱，349.50 13，擔保 總額為人民幣 111。

966，公司股本總額 變為2，430.22 17，535.78 ) (406。

981.16 (81。

“us”，934，000.00 — — — 80，530，000.00 2 2． 11，691.11 137。

266，564。

033.95 5，020.67) (13，具體包罗： ?The carrying amount of financial assets recognized in the combined balance sheet: in respect of financial instruments carried at fair value，911，783。

078，因處置而減少人 民幣 1， Ltd.) 晨鳴 ( 香港 ) 有限公司 (Chenming (HK) Limited) Limited liability company 有限責任公司 Hong Kong，500， 1983年插手本 公司，603.46 — (72，900。

and the capital contribution for the establishment of 壽光美倫紙業有限責任公司 (Shouguang Meilun Paper Co.，284，896.38 66，832.81 ) (2，737.58 77，725.01 — 30，291，932，300，419，347。

427 — — (Shouguang Chenming Art Paper Co.，849， and shall be subsequently measured at the higher of the following: the amount determined in accordance with Accounting Standard for Business Enterprises No. 13 “Contingencies” and the amount initially recognized less cumulative amortization recognized in accordance with the principles set out in Accounting Standard for Business Enterprises No. 14 “Revenue”. 財務擔保条约 不屬於指定為以公允價值計量且其變動 計入當期損益的金融負債的財務擔保合 同，562.14 Total 合計 544，721，914，410.72 （晨 鳴漿紙） — 959，639， The term “control” means that the Group has the power to decide an enterprise’s financial and operating policy， Ltd.) — Note V.55 附註五、 55 Note V.55 附註五、 55 Note V.55 附註五、 55 Note V.55 附註五、 55 — — — The exchange rate of translation of the major statement items of the oversea operating entities The reporting currency of the consolidated financial statement of exchange rate of translation translated from 晨鳴 (香港 )有限公司 (Chenming (HK) Limited)， an amount of RMB 註4：累計攤銷本期增加中，279.90 4。

356，927，692，535， 263X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 五、財務報表項目附註（續） 34. Capital reserves The Group 資本公積 本集團 34. RMB 人民幣元 Closing balance 期末數 Increase for the period 本期增加 Opening balance 期初數 2009: Capital premium Of which: Capital contribution from investors Exercise of conversion rights in convertible bonds of the Company Shares issued by way of capitalization of capital reserves Other capital reserves Of which: Transfer from capital reserves under the original system Long-term equity investments provision Others 2009年度： 資本溢價 个中：投資者投入的資本4，176，095.73 598。

716.13 144。

991，198， obtain assets， news press paper 書寫紙、新聞紙 21，438，950，加強投資者關係 打点 報告期內，558，613，197，本公司增發人民幣 普通股股票（A股）7。

749.91 26.40 26.40 — — — — Equity method 權益法 900，498，432.67) (8， Ltd. entered into a Zhanjiang Pulp Master Equipment Purchase Contract with Andritz OY and Andritz AG for a total contractual amount of RMB1.490 billion. Please refer to the relevant announcements published on China Securities Journal。

000。

209，000，737，000 — 100 100 Yes 是 黃岡晨鳴漿紙有限公司— — — (Huanggang Chenming Paper Co.，219， A6 of Hong Kong Commercial Daily 中國證券報D134版、香港商報A6版 關於獲得高新技術企業認定的通告 2009-8-28 2009 Interim Report Announcement in respect of the resolutions passed at the fifthteenth meeting of the fifth session of the Board 2009 Interim Report Summary Announcement in respect of Provision of Entrusted Loans to Relevant Controlling Subsidiaries Announcement in Relation to the Estimated Results for the First Three Quarters of 2009 2009 half year financial statements and notes 2009年半年度報告 第五屆董事會第十五次會議決議通告 2009年半年度報告摘要 關於向相關控股子公司辦理委託貸款的通告 2009年前三季度業績預告通告 2009年半年度財務報表及附註 H share announcement H股通告 Third quarterly report 2009 2009年第三季度報告 2009-10-28 D20 of China Securities Journal，500，763.63 — 13，354.31 705，772。

903.91 2。

the “Company prepared its Administration on Connected Transactions” （《關聯交易打点制度》）， the operating results and cash flows after the acquisition date have been properly included in the consolidated income statements and consolidated cash flow statements. No adjustments shall be made to the opening balance of the consolidated balance sheet and the comparative consolidated financial statements amount. For those subsidiaries acquired through business combination under common control，519.03 13。

297.54 Vehicles 155，807.71 225，外幣貨幣性項目採用 該日即期匯率折算為人民幣，236，770，227.89 (121，803.09 17， intangible assets and other long-term assets Cash received relating to other investing activities 二、 投資活動產生的現金流量 ： 收回投資收到的現金 取 得投資收益收到的現金 處置牢固資產、無形資產 和 其他長期資產收回 的現金淨額 收到其 他與投資活動 2，827.52 439， In the event that an owner-occupied property is converted to an investment property (or vice versa)，211，470.59 275X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 五、財務報表項目附註（續） 41. Profit or loss on changes in fair value The Group 公允價值變動損益 本集團 41. RMB 人民幣元 Incurred during the previous period 上期發生額 Incurred during the current period 本期發生額 Source of profit and loss on changes in fair value 產生公允價值變動損益的來源 Biological assets measured at fair value Derivative financial instruments at fair value 按公允價值計量的生物資產 按公允價值計量的 衍生金融东西 9，878。

762.97 14， and increased by 9， as well as strategic development 行業近期發展狀況及未來發展趨勢、公司生 產經營情況、未來戰略發展偏向等，故轉銷已計提 的存貨跌價準備，015， a subsidiary of the Company， 51VII Directors’ Report 第七節 董事會報告 一在企業會計準則下的打点層討論與 阐明（續） （三）報告期內公司資產構成同比發生重 大變動阐明說明（續） I. MANAGEMENT DISCUSSION AND ANALYSIS UNDER ACCOUNTING STANDARDS FOR BUSINESS ENTERPRISES (Cont’d) (III) Analysis and explanation on major year-on-year changes in composition of assets of the Company during the reporting period (Cont’d) 2. Na ture of measurement adopted for the major assets of the Company: Historical cost method is normally used for measurement in preparing the financial statements of the Company，714。

829.79 21，998.85 4， and “Investor Reception and Promotion Criteria” （《接 待和推 廣制度 》），922.15 14， Ltd.) 武漢晨鳴萬興置業有限公司 (Wuhan Chenming Wan Xing Real Estate Co.， a wholly-owned subsidiary of 壽光晨鳴現代物流有限公司 (Shouguang Chenming Modern Logistic Co.，523.52 — (674，歸屬於普通 股股東的當期 淨利潤為： V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 46. Earnings per share Net profits for the period attributable to ordinary shareholders for the purpose of calculating earnings per share are as follows: RMB 人民幣元 Incurred during the previous period 上期發生額 Incurred during the current period 本期發生額 Net profits for the period attributable to ordinary shareholders Of which: net profits attributable to going concern net profits attributable to discontinued operation 歸屬於普通股股東的 當期淨利潤 个中：歸屬於持續經營 的淨利潤 歸屬於終止經營 的淨利潤 835，338。

582， etc. of machine-made paper。

419，480.78 — — — — 8，通 過多次交換交易分步實現的企業合併， the company and consolidated financial position of Chenming Group as at 31 December 2009 and the results of their operations and their cash flows for 2009. Deloitte Touche Tohmatsu CPA Ltd.， the Company received a special fund of RMB3，平均單位本钱有所下降導 致營業本钱減少，735.12 81，提高 了公司董事會決策的科學性和 專業性，435.77 12，114.72 100.00 (18， and is currently vice president and general secretary of the China Paper Association，主要是為了近期內出售或回購；(2) 屬於進行会合打点的可辨認金融东西組 合的一部门，196.96 81，080，643，456，000，411，凭据中國 企業會計準則，110.94 98.16 0.38 0.26 1.20 (6，210，545， the financial controller of the Company and Li Dong，254.54 2，因處置而 減少人民幣7，000.00 4，主 要系集團在 2009年加大了應 付票據东西的操作，金融資產和金融負債以彼此抵銷 後的金額在資產負債表內列示。

估計資產的可收回金額以單項 資產為基礎，622.39 Total 合計35，738， 尚未使用的募集 資金用途及去向 2. Establishment of controlling subsidiaries during the reporting period 2、 報告期內投資設立控股子公司情況 （1） 壽光美倫紙業有限責任公司 本公司於2009年6月 30日出資 設立壽光美倫紙業有限責任公 司。

372，136，513。

496.01 12，414.25 — 30，845， 公司 制訂了《年報 信息 披 露重 大差錯責任追究制 度》， Ltd. shall not be listed and traded within 48 months from the date of reform of Conversion. 1、股權分置改良承諾事項及履行情況 公司控股股東壽光晨鳴控股有限公 司承諾其持有的股份自股權分置改 革方案實施之日起 48個月內不上市 交易，000.00 26.40 26.40 80。

在此基礎上確認投資損益，895.71 —————— —————— —— 81，000.00 1， the overview mer gers of non-jointly controlled entities of the Group are set out below: 2009年度，172，807.88 3，643.63 9，862， the above three companies became wholly-owned subsidiaries of 壽光晨鳴現代物流有限公司 (Shouguang Chenming Modern Logistic Co.，045，799， the carrying amount reflects the risk exposure; however，258.16 967，354.31 705， 因 購 買 子 公 司 而 增 加 人 民 幣 32，346，200，799，歷任武漢晨鳴漢陽紙業 股份有限公司副總經理， decreased by RMB 181，788，573，253.37 — — 14， reference to present fair values of similar other financial instruments， accounts receivable and other receivables。

認真履行對外擔保情況的信息披露義 務，486.40 Sub-total 小計49，656，378。

如包括分攤的商譽的資產 組或資產組組合的可收回金額低於其賬 面價值的， the reduction is recognized as an impairment loss and charged to profit or loss for the current period. A provision for impairment loss of the asset is recognized accordingly. 本集團在每一個資產負債表日檢查在建 工程是否存在可能發生減值的跡象，916.45) 3，627，835，000.00 — — 14。

381.77 元），797，194，712.74 1，634，672.62) — (302，528，978.50 — — 25.26 13.21 16.74 44.79 — — (3，823。

857，544.09 ) (882，220，922， deputy president and president of Industrial and Commercial Bank。

079.96 — 403，000 tonnes in Zhanjiang， (2) Cash dividends for the year approved on the general shareholders’ meeting (2) 本年度股東大會已核准的現金 股利 Based on 2，307.79 11，122，540，123，957，219.34 1.95 1.02 1.72 (10，141。

426， III. INDEPENDENT OPINION OF THE SUPERVISORY COMMITTEE 1. Oper ation According to the law (1) During the reporting period，077。

為有關福利供資金，767，擔保總額 為人民幣 20.59億元，000.00 900，799，136.70 232，633 other staff. By level of education。

016.90元， Ltd. 鄄城晨鳴板材有限公司20，810，904， with a view to fully capture the market opportunities brought about by the rebound in the second half of 2009. 1. Overview of production and operation During the reporting period， Ltd.)，中專學歷 3，242。

公司對資金的需求也會不斷增 長，456。

制定了憑證 流轉措施， odd monies in EUR and balances in HKD as set out below，假如資產的可收回金額 低於其賬面價值，900， expansion of building and installation) fixed assets deducted from the output amount upon the proof of the VATspecific invoice。

SUPERVISORS AND SENIOR MANAGEMENT (Cont’d) Shares held at the beginning of the year (share) 年初持股數 （股） Shares held at the end of the year (share) 年末持股數 （股） period (in ten thousands RMB) 報告期內從 公司領取 的 報酬總額 （萬元） Change in number of shares (share) 變動數量 （股） Reasons for change 變動原因 Terms in office 任期起止日期 Name 姓名 Position 職務 Sex 性別 Age 年齡 IV. 四、 Supervisors 監事 Gao Junjie 高俊傑 Chairman of Supervisory Committee 監事會主席 Supervisor 監事 Supervisor 監事 Supervisor 監事 Supervisor 監事 M 男 39 April 2007 - April 2010 2007 年 04 月－ 2010 年 04 月 39， 2. Entrusted loans During the reporting period，962.96 Machinery and equipment Vehicles 5，903.13美元，000.00 187， to the extent of its continuous involvement in the financial asset，497，000.00 合計 60，277，603.46 288X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 五、財務報表項目附註（續） 48. 現金及現金等價物 本 集團 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 48. Cash and cash equivalents T he Group RMB 人民幣元 Opening balance 期初數 Closing balance 期末數 Cash Of which: Treasury cash Bank deposits repayable on demand 現金 个中：庫存現金 可隨時用於付出 的銀行存款 2。

429，513，631，對收 到的未到期的銀行承兌票據。

876.05 510， Ltd. 齊河晨鳴板材有限公司 15，851， who joined the Company in 1992， had made strategic purchase of wood pulp which was proved to be a precise judgment. On the front of production，700，296.90 assets net book value 賬面淨值合計 364，576.02 12，773，057.69 14， 凭据名義金額計 量，345。

933，672，259，291，112，159.85 減：現金的年初餘額2，021。

336.39 ) － － Completed 已完工 － － － Self-raised 自籌 － 東城熱管網建設 項目 （新 力熱電） － 1， Explanation on any significant changes in the Company’s accounting policies and specific accounting principles on derivatives between the reporting period and the last reporting period 報告期公司衍生品的會計政策及會計核算具體原 則與上一報告期对比是否發生重大變化的說明 The investment in derivatives was subsequently measured at fair value by the Company. The gain or loss on change in fair value was recognized through profit or loss for the current period. 公司對衍生品投資凭据公允價值進行後續計量。

182.26 121，533， Ltd.) on 17 November 2009. It is wholly owned by the Company with a registered capital of RMB1.5 壽光順達報關有限責任公司 本公司於 2009年 11月 17日出資設立壽 光順達報關有限責任公司，公司全資 子公司湛江晨鳴漿紙有限公司 與Metso Paper、Metso Paper China、Andritz HK和安德 况茲 技術簽署了文化紙項目設備採 購条约， Obligations to record debt restructuring as debtor When a debt is liquidated by cash，691.33 (31 December 2008: RMB87，565。

maintenance of vehicles，436，持有晨鳴控 股 75.73%的股權，000.00 244，064，601.59 (6，125.64 40，075，881.28 ) 37.78 單項金額不重大 10。

847.12 75， monetary items denominated in foreign currencies are translated to RMB using the spot exchange rate at that date. Exchange differences arising from the difference between the spot exchange rate on the balance sheet date on which foreign currency monetary items are translated at the spot exchange rate and the spot exchange rate at the time of initial recognition or on the last balance sheet date shall be recorded into the profit or loss for the period. 於資產負債表日， Ltd. 菏澤晨鳴板材 有限責任公司 15，000.00 ) (669。

000.00 — — — 376。

817，846.51 19，430.47 1，843，059 720 — 68 68 Yes 是 壽光市晨鳴天園林業— — (68) 有限公司 (Shouguang Chenming Tianyuan Arboriculture Co.。

000.00 2 June 2009 2009年 6月2 日 1 June 2012 2012年 6月1 日 No 否 X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 328X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 七、金融东西及風險打点 本集團的主要金融东西包罗借款、應收 款項、應付 款項、交易性金融資產、交 易性金融負債等，454.27 93，403。

845.48) (2， Shandong 山東壽光 Purchase and sales of waste and obsolete 廢舊購銷 100 Purchase and sales of waste and obsolete materials 廢舊物資收購與銷售 壽光市潤生廢紙 接纳有限責任公司 (Shouguang City Run Sheng Wasted Paper Recycle Co.，896.30 1，計入 當期損 益。

deputy manager of international business department，621，000.00 204， 3. The eleventh meeting of the fifth session of the Supervisory Committee was held on 27 August 2009. The full text and the summary of the 2009 interim report of the Company were considered and passed at the meeting. 3、2009年 8月27日召開了第五屆監事 會第十一次會議， which was translated into RMB 194，公司將 凭据制定的發展戰略有條不紊的運 行下去， 2009年已到期償還，488，142。

who are accountable to the shareholders，假如資產的可收回金額低於其賬面 價值，196.96 906，240.62 1 100 178 (13 ) (34 ) (40 ) (5 ) 363 3 (13 ) 65 105 48 (20 ) 129 175 (67 ) (1 ) (2 ) (3 ) (4 ) (5 ) (14 ) (6 ) (6 ) (7 ) (8 ) (9 ) (10 ) (11 ) (12 ) (13 ) (14 ) (15 ) — 5，172， the carrying amount of the deferred income tax asset shall be reduced. Any such reduction in amount shall be reversed when it becomes probable that sufficient taxable profits will be available. 於資產負債表日，421.44 — 37， 126X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 II. SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES OF THE 二、公司主要會計政策和會計估計（續） COMPANY (Cont’d) Financial instruments (Cont’d) Derecognition of financial liabilities Financial liabilities are derecognized in full or in part only when the present obligation is discharged in full or in part. An agreement is entered between the Group (debtor) and a creditor to replace the original financial liabilities with new financial liabilities with substantially different terms，727，051，584.87 7，740.47) 13， 4 According to “Letter confirming the entitlement of 吉林晨鳴 亞松漿紙有限公司 to preferential tax policy by Yanbian Korean Autonomous Prefecture Local Tax Bureau” ([2001] No. 37 and [2001] No. 99) issued by the Financial Bureau of Yanbian Korean Autonomous Prefecture，988.77 Other reductions during the prevoius period in other capital reserves were attributable to the cancellation of subsidiary of the Company Xiangfan Chenming Copperplate Pater Co.，133，999.39 12，782， printing (credit VAT) 紙芯 銷售、印 刷（銷 項稅額） Purchase of barley grass，000，未 作為 現金流入 反应在「銷售商品 提 供勞 務收到的 現金」； 相應對用 背 書未到期的銀行承兌匯票付出未 作為 現金流出 反应在「購買商品 、 接受 勞務付出 的現金」及投資活 動 中以 票據付出 的「購建 牢固資產 、 無形資產和其他長期資產所付出 的現金」中。

Financial assets are classified at initial recognition with reference to the nature and the purpose of holding. The Group’s financial assets are mainly financial assets held for trading，321.00 1，336.44 Within 1 year， the debtor shall include the difference between the book value of the debt to be restructured and the fair value of shares to which the creditor becomes entitled for waiver of the credit into the current profits and losses. Where other terms of a debt are modified，183.45 ) (11，034，232，相關 的地皮使用權支出和建築物制作整天职 別作為無形資產和牢固資產核算， new production capacity released by different production lines will exert pressure on the industry. Also。

牢固資產淨值減少5%，082，376， Ltd.) on 10 July 2009，000，192。

435，230.54 12，並行之有效。

Shandong Chenming Xinli Power Co.， Ltd（. 武漢晨 建新 型牆體 质料有限 公司）。

350，781，初始確認金融資產，695，626.60 — Total 合計5。

decorative panel。

966， such measurement basis is consistent with accounting and measurement basis of the preparation of the financial statements. 分部報告信息根據各分部向打点層 報告時採用的會計政策及計量標準 披露，580。

695.81 0.8819 6.8346 9.6590 525，並能據以 從該企業的經營活動中獲取好处的權 力，000，425.10) 5， machinery and equipment of manufacture of paper 機製紙、紙板、紙製品、紙漿、 造紙機械設備加工和銷售等 Production and sales of particle board decorative particle board and melamine impregnated paper 刨花板、飾面刨花板、三聚氰胺浸漬紙 生產、銷售 Restaurant and beverage services 餐飲服務 湛江晨鳴林業發展有限公司 (Zhanjiang Chenming Arboriculture Co.，451，737，并且該暫時性差異在可 預見的未來很可能不會轉回，274.40 272X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 五、財務報表項目附註（續） 38. Cost of operations The Group 營業本钱 本集團 38. RMB 人民幣元 Incurred during the previous period 上期發生額 Incurred during the current period 本期發生額 Items 項目 Principal operations Including: Machine-made paper Electricity and steam supply Construction materials Papermaking chemicals Hotel costs Others 主營業務 个中：機製紙 電及汽 建築质料 造紙化工用品 酒店本钱 其他 11， 任黨委書記、總工程 師； 1990年 3月在壽光市經貿委工 作，549.10 Net profit Net cash flows from operating activities Net cash flows from investing activities Net cash flows from financing activities Net increase in cash and cash equivalents 淨利潤 經營活動現金淨流量 投 資活動現金淨流量 籌資 活動現金淨流量 現金及 現金等價物淨增加額 2。

an increase of RMB 87， please refer to the relevant announcements published on China Securities Journal，819，銷售量增加，226。

003，656，069，000 tonnes high-end low weight coated paper project and high-end culture paper project with an annual production capacity of 450，958.54 319，573.46 11，112.41 17，112.91 13，以人民幣 370萬元收購其 所持有的山東林盾木業股份有 限公司67%股權，510，集團在職員工總數為 16， such amount does not represent the maximum credit exposure which changes in line with future changes in fair value. 合併資產負債表中已確 認的金融資產的賬面金 額；對於以公允價值計 量的金融东西而言，816，291，998，893.90 Total 合計 885，869，878。

559。

083.64 — 4，774。

651.60 The Company 本公司 RMB 人民幣元 Incurred during the previous period 上期發生額 Incurred during the current period 本期發生額 Source of profit or loss on changes in fair value 產生公允價值變動損益的來源 Derivative financial instruments at fair value 按公允價值計量的 衍生金融东西(6，697，446.00 1，620，926， the chief of the offset paper factory and the white paper board factory of the Company，941 shares in total (refer to note V.33). 截至 2009年12月 31日止，000-tonne pulp project.，465.63 (13，278，495.37 26，555，187.93 2。

926.62 141，409，817.90 157，873，折算.率為 6.8346，643.48 4， (7) Investment loss decreased by 32.03% compared to the corresponding period of the previous year。

950.63 235。

700.77 1。

723.97 2，220，064，038， 耗损性生物資產在收穫或出售時， the net book value of the collateral with regard to fixed assets was RMB 1，023， 3. 333X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 VII. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (Cont’d) 七、金融东西及風險打点（續） 3. Sensitivity analysis (Cont’d) 3. 敏感性阐明（續） 3.1 Foreign exchange r isk 3.1.1 Assumption of foreign exchange risk sensitivity analysis: all overseas operating net investment hedging and cash flow hedging are highly efficient. 3.1 外匯風險 3.1.1外匯風險敏感性阐明假 設：所有境外經營淨投 資套期及現金流量套期 均高度有效，567.79 27，629.22) 企業的投資收益 III. Operating profit (“-” denotes loss) 三、 營業利潤 （虧損以 「－」號填列） 加：營業外收入 減：營業外支出 个中：非流動資產 處置損失 982，189.34 ) (33， the fifth session of the Board held its thirteenth meeting，388.23 6.45% 58VII Directors’ Report 第七節 董事會報告 II. PROSPECT OF THE FUTURE DEVELOPMENTS OF THE COMPANY 二、對公司未來發展的展望 1. T he development trend of the industry to which the Company belongs and the strategic plans for the Company’s future de velopment The industry to which the Company belongs is the paper making industry，874，600， the website of CHINF () and Hong Kong Stock Exchange’s website were the designated information disclosure media of the Company，475.69 4， Ltd.) 19， Guo Guangyao and Yin Qixiang were appointed as Supervisors representing shareholders，227，000。

Ltd. On 31 December 2009，987.55 — 315X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 五、財務報表項目附註（續） 60. Segment reporting The Group determined the reporting segments and disclosed the segments information according to the requirements of China Accounting Standards Explanatory Notice No.3 in 2009，618。

351.57 ) 5， a whollyowned subsidiary of 壽光晨鳴現代物流有限公司 (Shouguang Chenming Modern Logistic Co.，000，難 以公道分派的，000.00 元。

並提交本 公司第五屆董事會第七次會議審議 通過，278。

450，折算匯率為6.8282，760.11 267，111.85 1， 確保其行使決策權、執行權和 監督權，483。

本集團金融資產主要 為交易性金融資產、委託貸款和應收款 項， Ltd. 武漢晨鳴漢陽紙業 股份有限公司 80，及金達控股有限 公司（香港上市公司）的獨立非 執行董事，000 intermediate water improvement (the Company) Power plant phase III expansion and improvement (the Company) Group R D centre (the Company) Small technological improvement projects (the Company) （公 司） 集團研發中心 （公 司） 小 型技改項目 （公 司） 1.20 － 22。

189，公 司繼續為有關控股子公司申請 的 2009年度人民幣綜合授信 額度提供保證擔保。

787.17 37。

532， 33V Corporate Governance Report 第五節 公司管治報告 I. DISCLOSURES AS REQUIRED BY CHINA SECURITIES 一、按中國證監會要求披露的資料（續） REGULATORY COMMISSION (Cont’d) (III) Particulars about the separation of businesses，125。

佔本集團本年度銷售總金額的 5.94%；本公司董事、監事或其他聯繫 人或任何本公司股東(即就本公司董事所 知擁有本公司股本5%以上的人士)概無擁 有本集團任何五名最大客戶的任何權 益，公 司制訂 了《 關 聯 交 易 管 理 制 度》，439，298.75) 8。

581.52 170，735，050 (Shandong Grand View Hotel Co.，062。

906.83 Subtotal of cash inflows from operating activities 經營活動現金流入小計12，067，733，586，516，導 致其他應付款2至3年賬齡的餘額增 加人民幣 3，770.79 was due to disposal. 註3：賬面原值本期減少中，787，476，754，並 計入當期損益，112，566，674.26 (200，075.21 39，别的，199，369。

814.02 21， the amount of interest to be capitalized shall be the actual interest expense incurred on that borrowing for the period less any bank interest earned from depositing the borrowed funds before being used into banks or any investment income on the temporary investment of those funds. Where funds are borrowed for general purpose。

279.90 Total net assets 淨資產合計5，632.42 2。

554。

同時調整長期股權投資 的本钱，114， Beijing City and a committee member of the Committee for Social and Legal Affairs. Ms. Wang is currently the vice president of the department of insurance of the Central University of Finance and Economics，339，320.02 Less:minority interest Interest attributable to the shareholders of the Company Less:consideration of acquisition Goodwill 減：少數股東權益 歸屬於本公司 股東的權益 — — — — — — — — 減：收購對價 商譽 1，000.00 19。

除了切合資本化條件的外幣專門借 款的匯兌差額在資本化期間予以資本化 計入相關資產的本钱，000 mu fast growing and high yield plantation. (4) 根據湛江市財政局《關於下達2009 年重 點產業振 興和技術 改革（第 一 批）項 目建設擴 大內需 國債投資 預 算（撥款）的通知》，406.60元，468，793，082.73 16，覆核後合併成 本仍小於合併中取得的被購買方可辨認 淨資產公允價值份額的。

the carrying amount of the financial asset is allocated between the part that continues to be recognized and the part that qualifies for derecognition。

905， 3. Other significant contracts (1) In July 2009， and there is capability to use or sell the intangible asset; (5) 歸屬於該無形資產開發階段的支出 能夠可靠地計量， please refer to Note III. 註 1：上述營業稅金及附加的計提標準 參見附註三。

277.85 — 38，280，執行《深圳 證券交 易所 股票上 市規則》關於 對外擔保累計計算的相 關規定，827，929。

737， accuracy and completeness of its contents. This Report has been prepared in both Chinese and English. For any discrepancies， 88IX Material Matters 第九節 重要事項 八、展開多渠道溝通， 260X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 五、財務報表項目附註（續） 32. 其他非流動負債 本 集團及本公司 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 32. Other non-current liabilities T he Group and the Company 人民幣元 Interest payable at the beginning of the period 期初 應付利息 Interest payable at the end of the period 期末 應付 利息 Accrued interest during the period 本期 應計 利息 Interest paid during the period 本期 已付 利息 Issue amount 發行金額 Closing balance 期末餘額 Name of debentures 債券名稱 Face value 面值 Issue date 發行日期 Term 期限 Medium-term debentures 中期票據 1， the Group assess the asset individually for impairment or include the asset in a group of financial assets with similar credit risk characteristics and collectively assess them for impairment. If it is determined that no objective evidence of impairment exists for an individually assessed financial asset，231，806.81 15，公司為節約財務費用、 增加收益，821.51 (2) 壽光市新源煤炭有限公司 (Shouguang Xinyuan Coal Company Limited) (a) Overview of the acquired entity: (2) 壽光市新源煤炭有限公司 (a) 被合併方根基情況： During the reporting period，854，965，268.62 268X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 五、財務報表項目附註（續） 36. 未分派利潤 本 集團 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 36. Undistr ibuted profits T he Group RMB 人民幣元 Proportion of appropriation or allocation 提取或分派比例 Amount 金額 2009: 2009年度： Undistributed profits at the beginning of the year Add: Net profits of the year Less: Appropriation of statutory surplus reserves Ordinary shares dividend payable 年初未分派利潤 加：本年淨利潤 減：提取法定盈餘公積 應付普通股股利 3，816， For the repayment of a government grant already recognized，089.31 27. Other payables T he Group Breakdown of other payables is set out as follows: 27. 其他應付款 本集團 其他應付款明細如下： RMB 人民幣元 Items 項目 Closing balance 期末數 Opening balance 期初數 Within 1 year 1-2 years 2-3years Over 3 years 1年以內 1至2年 2至3年 3年以上 122，579。

125.30 2， 168X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 五、財務報表項目附註（續） 2. Bills receivable Classification of bills receivable The Group 應收票據 應收票據分類 本集團 2. RMB 人民幣元 Opening balance 期初數 Closing balance 期末數 Category 種類 Bank acceptance Commercial acceptance 銀行承兌匯票 商業承兌匯票 2， and as approved by State Taxation Administration of Economic and Technological Development Zone of Wuhan City。

000.00元 作 為 對 價收購壽光維遠物流有 限公司100%股權，002， Ltd. 赤壁晨鳴紙業有限公司 202。

449.99 — 965，採取銀行貸款和國際金融 財團相助的方法， reversed in a subsequent period. 140X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 II. SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES OF THE 二、公司主要會計政策和會計估計（續） COMPANY (Cont’d) Long-term deferred expenses Long-term deferred expenses are expenditures and other expenses which have incurred but that shall be amortized over the current period and subsequent periods of more than one year. Long-term deferred expenses are amortized evenly over the estimated benefit period. 長等候攤費用 長等候攤費用為已經發生但應由本期和 以後各期負擔的分攤期限在一年以上的 各項費用，426，510，122.98 Others 其他－ 199，210.00 — — — — — — — 142。

向 全體股東每 10股派發人民幣 0.50元 (含稅 )現金紅利，080，195， 153X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 III. TAXATION (Cont’d) 三、稅項（續） 2. Tax Incentives and Approvals (Cont’d) Value-added Tax (“VAT”) Pursuant to Cai Shui [1995] No. 44 “Circular on VAT Exemption for Certain Products Applying Integrated Use of Resources” issued by the State Administration of Taxation（《國家稅 務總局對部 分資源綜合利 用 產品免徵增值稅的通 知》），824.86 2，916，103，034，923， the Procedural Rules of the Board Meetings and the Procedural Rules of the Supervisory Committee Meetings. 根據公司發行H股後的新《公司章程》 及上述 對《公司章程》的修 訂案 。

於 2009年 12月 31日， please refer to Financial Statements and Note IV and Note V.55 thereto prepared in accordance with Accounting Standards for Business Enterprises. III. MAJOR CONNECTED TRANSACTIONS 三、重大關聯交易事項 1. In accordance with the relevant requirements in the listing rules of the Shenzhen Stock Exchange，000， the derivatives classified as financial guarantee contract。

000.00 252，000， mainly including the following aspects: （1） 解決制約公司發展的原质料瓶 (1) Solving the bottleneck of the raw materials which restricts the 頸， and therefore strengthen its market position within the paper making industry. During the reporting period，該項目正在進行土 建工程，初始直接費用計入當期損益，900， 加速資金周轉。

408萬元。

同時考慮持 有存貨的目的以及資產負債表日後事項 的影響， Ltd.) 壽光晨鳴現代物流有限公司 (Shouguang Chenming Modern Logistic Co.，並在確認相關 費用的期間計入當期損益；用於補償已 經發生的相關費用和損失的，856.42 285X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 五、財務報表項目附註（續） 45. Income tax expenses (Cont’d) The Company 所得稅費用（續） 本公司 45. RMB 人民幣元 Incurred during the previous period 上期發生額 Incurred during the current period 本期發生額 Items 項目 Income tax for the current period calculated according to tax laws and relevant rules Adjustment on deferred income tax 按稅法及相關規定計算 的當期所得稅 遞延所得稅調整 166， 如有客觀證據表白該金融資產價值已恢 復，486，007，037，456，000.00 Entrusted loan 委托貸款 Shandong Chenming Paper Group Qihe Paperboard Co.，並低落現 金流量波動的影響，本集團與本公司分 類為單項金額不重大但按信用風險 特徵組合後該組合的風險較大的其 他應收款，546， representing 11.35% of the net assets attributable the equity holders of the Company. 報告期內，519，256.04元，631，874，706.18 561，部门漿線和板材 生產線暫時停產，511.15 購買國產設備減稅 免稅收入的納稅影響 不行抵扣費用的納稅影響 — (15，911.30 44，420，000.00 376，確認為遞延收益，並提交 董事會審議通過，歷任武漢晨鳴漢陽紙業股 份有限公司常務副總經理、總 工程師、副董事長， Ltd.，062.37元。

811.58 The accumulated amounts for cash bonus in the last three years as a percentage of distributable profit (%) 最近三年累計現金分紅金額佔年均可分派利潤的比例（％） 80.85% 74VII Directors’ Report 第七節 董事會報告 八、主要供應商、客戶 本集團在 2009年度內向最大供應商的採 購金額為人民幣620百萬元。

which accounted for 5.09% of the total purchase of the Group for the year and the total purchase from the five largest suppliers was RMB1， the Group assesses such accounts receivable individually for impairment. If it is determined that no objective evidence of impairment exists for an individually assessed financial asset，647，計入當期損益，785.94 1，733.44 1。

450， 集 團尚未使用的銀行借款額度為 人民幣1，000.00 170.71 4， while the correlation between variables has significant influence to the ultimate amount of change effected by the change in a single risk variable; therefore，000.00 Entrusted loan 委托貸款 322X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 VI. RELATED PARTY RELATIONS AND TRANSACTIONS (Cont’d) 六、關聯方關係及其交易（續） (3) Major related party transactions entered into between the Company and related parties during the year are as follows (Cont’d) (3) 公司與關聯方在本年度發生了如下 重大關聯交易（續） (b) Lending and borrowing (Cont’d) (b) 關聯方資金拆借（續） Current year: (Cont’d) 本年度：（續） RMB 人民幣元 Amount of lending and borrowing 拆借金額 拆出金額 Balance at the end of the current period 本期末餘額 Related party 關聯方 Starting 起始日 Ending 到期日 Remarks 說明 Wuhan Chenming Hanyang Paper Holdings Co.，550， X. APPROVAL OF THE FINANCIAL STATEMENTS These financial statements were approved by the Board of Directors of the Company on 12 April 2010. 2009年度 打点層提供的補充信息 SUPPLEMENTARY INFORMATION PROVIDED BY THE MANAGEMENT FOR 2009 I. SUPPLEMENTARY INFORMATION 一、 補充資料 1. Breakdown of extraordinary gains and losses 1. 非經常性損益明細表 RM B Item 項目 Amount 金額 Remarks 說明 Profit or loss from disposal of non-current assets 非流動資產處置損益1，000 (traveling expenses， A 股、 B股以 2009年 7月 15日為 股權登記日，273.03 20，259，044.71 Within 1 year 1年以內 Prepaid the good payments according to the agreed contract 按条约約定預付貨款 Customer II 客戶二 Non-related party 非關聯方 159， the construction of the project of Chenming International Logistics Center and the ancillary railway special line，448。

381。

852 — — 武漢市 Limited liability company 有限責任公司 Qihe，集團將收到的與固 定資產構建相關的國債專項資金及 專項應付款計入資本公積中；而按 照國際會計準則，279.90 — 4，確認因解除與職工勞動關係 給予補償產生的預計負債，828，452， For details of the accounts receivable of the related parties of the Company at the end of the current period，943， 63VII Directors’ Report 第七節 董事會報告 III. INVESTMENTS DURING THE REPORTING PERIOD 三、報告期內投資情況 1. Use of proceeds during the reporting period 1、報告期內募集資金的使用情況說 明。

80IX Material Matters 第九節 重要事項 III. MAJOR CONNECTED TRANSACTIONS (Cont’d) 三、重大關聯交易事項（續） 2. Contin uing connected transactions as defined under the listing rules of the Hong Kong Stock Exchange (Cont’d) Sale of pa per products by Jiangxi Chenming to Sappi and/or its associates (Cont’d) The auditors of the Company reviewed the connected transactions and confirmed to the Board that: 2、凭据香港聯交所上市規則界定的持 續關連交易情況（續） 江西晨鳴向塞佩公司及／或其聯繫 人銷售紙張產品（續） 本公司核數師已審查該等關連交 易，637。

117.63) (1，843.00 improvement project (Qihe Panels) Sheet machine ultra pressure improvement (Jiangxi Chenming) 工程 （齊河 板紙） 抄紙機超壓改革 （江 西晨鳴） 13。

306，869， thereby significantly raising its profitability. The heightened demand for raw materials for paper making， processing and sale of wood products; and manufacturing and sale of laminated boards and fortified wooden floorboards. 本公司及 其子公司（以下簡 稱「本集團」或 「集團」）經營範圍 為：機製紙及紙 板等紙 製品和造紙原料、造紙機械的加工、銷 售，041.62 26， Ltd. 吉林晨鳴紙業有限責任公司 1， the acquirer reassesses the measurement of the fair values of the acquiree’s identifiable net assets，728 million. As of 31 December 2009，874.22元），以廢物交 換、循環操作， which were detrimental to the interests of any shareholders or resulted in loss of assets of the Company。

as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. 我們相信，該公司註冊資本為人民 幣150萬元，000萬元，613， as a result of the gradual rise in the production capacity of domestic paper making enterprises， Ltd.). The related resolution announcement was published on China Securities Journal，345。

B9 of Hong Kong Commercial Daily 中國證券報 D31版、香港商報B9版 92IX Material Matters 第九節 重要事項 十一、2009年度信息披露索引（續） Media for publication 通告媒體 XI. INDEX OF INFORMATION DISCLOSURE IN 2009 (Cont’d) Date of announcement 通告日期 Subject matter 通告事項 2009-5-09 Indicative Announcement on the Convening of the 2008 Annual General Meeting and the 2009 First Class Meeting for Holders of Domestic Listed Shares (A Shares and B Shares) 關於召開2008年度股東大會和2009年第一次境內 上市股份（A股、B股）類別 股東大會的提示 性通告 2008 Annual General Meeting resolutions announcement The First Announcement of Notice to Creditors In Relation to Repurchase of H shares of the Company Announcement on Resolution of the 2009 First Class Meeting for Holders of Domestic Listed Shares and Resolution of the 2009 First Class Meeting for Holders of Overseas Listed Shares Articles of Association Procedural rules of the general meeting。

982， please refer to Financial Statements and Note V.55 thereto prepared in accordance with Accounting Standards for Business Enterprises. 3. Other investments during the reporting period 3、報告期內非募集資金項目情況 (1) T he high-end low weight coated pa per project of an annual production capacity of 800，066， and Accounting Standards for Business Enterprises and their supplementary requirements，000.00 8 September 2008 2008年9 月8日 7 September 2010 2010年9月7日 100。

592.85 3，816，846.52 1。

302.58 1.84 22，存貨按本钱進行初始計 量，939.10 ) (114，321.00) 303，703.23 48 2，估值技術 包罗參考熟悉情況並自願交易的各方最 近進行的市場交易中使用的價格、參照 實質上沟通的其他金融东西當前的公允 價值、現金流量折現法和期權定價模型 等，不包罗当局 作為所有者投入的資本，906.21 2。

440，565，673.00 293，464.42 元， Hong Kong Commercial Daily and the website of CHINF () on 9 June 2009 and the website of the Hong Kong Stock Exchange () on 8 June 2009. (4) On 27 August 2009，398，392.38 2。

分別對所屬子公司、分公司的財 務核算、原质料採購、產品銷售、關聯 交易等進行檢查和監督，945，折算匯率為6.8282，196，主要負責制定公司董事及高管 人員的薪酬查核、制定、審查董事 及高管人員的薪酬方案，017， Ltd.) Limited liability company 有限責任公司 Qihe，439。

Ltd. 富饶晨鳴紙業有限責任公司 Wuhan Chenming Qianneng Electric Power Co.， Ltd.) acquired 50% shareholding from the shareholder of 壽光新源煤炭有限公司 (Shouguang Xinyuan Coal Co.，390.65 ) 25， a subsidiary of the Company， Ltd. 富饶晨鳴紙業有限責任公司100，042，083，355， it is allocated to the relevant asset group portfolio. If the recoverable amount is less than the carrying amount，579，532，461.02 1， Ltd. 武漢晨鳴乾能熱電有限責任公司 Jilin Chenming Paper Co.， had held the positions of deputy chief officer and chief officer of manufacturing section，682.47 53。

000.00 — 129，664，073.48 103， and timeliness. No false or misleading information was released. (2) （2） 公 司 董事會 能夠 履 行《 公 司 法》、《證 券法》、《公司章程》 所賦予的權力和義務。

125.37 236 Of which: impairment 个中：成熟生產性 provisions for mature 生物資產 productive biological assets 減值準備 — — — — —X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 五、財務報表項目附註（續） 18. Provision for impairment of assets (Cont’d) T he Group (Cont’d) Increased amount of provisions for bad debts during the current period included increase of provisions for bad debts amounted to RMB1，504.89 Taxable temporary differences: Changes in fair value of consumable biological assets Gains on revaluation arising from acquisition of subsidiaries 應納稅暫時性差異： 耗损性生物資產公允價值變動25，本公 司為切合條件的國家需要重點扶持 的高新技術企業，930.87 — Total 合計219，355。

641.01 15，854.04 270，694，採取以下有效 的資金供應： The demand for capital of the Company is ever increasing as the Company and its operating scale continuously grows. As the largest paper making company and a company listed with A shares，000.00 ) (1，374.67 266，664.96 X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 113母公司所有者權益變動表 2009年12月 31日止年度 STAtement of Change in Shareholders’ For the year ended 31 December 2009 EQUITY OF THE COMPANY : RMB 人民幣元 Amount for the current period 本期金額 Amount for the previous period 上年同期金額 Share capital 股本 Capital reserve 資本公積 Surplus reserve 盈餘公積 Undistributed profit 未分派利潤 Total equity 所有者權益合計 Share capital 股本 Capital reserve 資本公積 Surplus reserve 盈餘公積 Undistributed profit 未分派利潤 Total equity 所有者權益合計 Items 項目 I. Balance at the beginning of the year 2， Shandong 山東壽光 On-site research and investigation 實地調研 Research personnel and fund managers from institutions such as CITIC Securities，045.95 The Company 本公司 RMB 人民幣元 Items 項目 Closing balance 期末數 Opening balance 期初數 Non-credited VAT proceeds Prepaid income tax 尚未抵扣的增值稅進項稅額 預繳企業所得稅 35，公司經歷 了上半年的行業低靡。

681， mainly because the exchange rate of the USD was relatively stable and therefore less exchange gains were recorded compared to the corresponding period of last year. (23) 本年財務費用增加了9%，000，050.00 23 February 2007 2007年 2月23 日 23 March 2010 2010年 3月23 日 No 否 Shandong Chenming Paper Holdings Limited 山東晨鳴紙業集團股份有限公司 Wuhan Chenming Hanyang Paper Holdings Co.。

340.09 ) 453，以決定是否對其計提相應的減 值準備，185。

except for the ordinary connected transactions between the Company and its controlling subsidiaries and interested companies of the Company (for details，894，479。

476.64) 2，163.98 124， Derivative Instruments Derivative instruments are initially recognized at fair value on the date on which a derivative contract is entered into and are subsequently measured at fair value. Any gains or losses arising from changes in fair value of derivatives are taken directly to profit or loss for the period，745.48 52VII Directors’ Report 第七節 董事會報告 一在企業會計準則下的打点層討論與 阐明（續） （三）報告期內公司資產構成同比發生重 大變動阐明說明（續） I. MANAGEMENT DISCUSSION AND ANALYSIS UNDER ACCOUNTING STANDARDS FOR BUSINESS ENTERPRISES (Cont’d) (III) Analysis and explanation on major year-on-year changes in composition of assets of the Company during the reporting period (Cont’d) 2. Na ture of measurement adopted for the major assets of the Company: (Cont’d) The Group adopted the following critical methodology and assumptions when estimating the fair value of financial assets held for trading and consumable biological assets carried at fair value at the balance sheet date: 2、 公司主要資產採用的計量的屬 性：（續） 對在資產負債表日以公允價值 計量的交易性金融資產與耗损 性生物資產，對公司關聯 交易等事項發表了獨立意見；報告 期內， 因 繁 殖（育）而 增加人民幣 153。

the high-end low weight coated paper project (with annual production capacity of 800，900。

035， Ltd. — 20。

3.2.2 Based on the above assumptions。

the Company issued 70 million A Shares. Ashares from this issuance were listed on the Shenzhen Stock Exchange on 20 November 2000. 2000年9月，歷任本公司車間主任、 赤壁晨鳴紙業有限責任公司副 總經理、武漢晨鳴漢陽紙業股 份有限公司董事長、吉林晨鳴 紙業有限責任公司董事長等職 務，750。

191，287， The Group and the Company had no outstanding amount within the bills receivable due from shareholders holding 5% or more in the shares of the company at the end of the year. 本集團及本公司本期末應收票據中 無應收持有公司5%（含 5%）以上股 份的股東單位的款項， received a technical reform grant of RMB3，073.05 22。

採用權 益法核算；對被投資單位不具有控制、 配合控制或重大影響並且公允價值能夠 可靠計量的長期股權投資， 258X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 五、財務報表項目附註（續） 31. Deferred income (Cont’d) Pursuant to the “Notice Regarding Central Government and Autonomous Region Budget on Environmental Protection Project Fund” （《關 於下達 2009 年中 央和 自治 區環 境保護 專項 資金 項目預 算的 通知 》） issued by the Financial Bureau of Hulun Buir，000 Operation and acquisition of forest; establishment of paper projects 林木經營、收購；紙漿項目籌建 Plantation，099 — — X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 159IV. THE SCOPE OF CONSOLIDATED FINANCIAL STATEMENT AND CONTROLLING SUBSIDIARIES (Cont’d) 四、合併財務報表範圍及控股子公司情況（續） RMB in ten thousands 人民幣萬元 Set off the loss attributable to the minority shareholders of the subsidiaries in the current period from the owner’s equity of the Company Set off the profit or loss of the minority interests from Balance of other projects that constitute net investment in the subsidiary 實質上構成對 子公司淨投資 的其他項目 餘額 the equity of exceeds the minority shareholders’ the minority portion of the opening balance interests of owners’ equity of the subsidiary The actual investment at the end of period 期末實際 出資額 Whether consolidated in the statement 是否 合併報表 Minority interests 少數 股東 權益 少數股東損益 顶用於沖減 少數股東損益 的金額 從母公司所有者權益沖減子公司 少數股東分擔的本期虧損超過 少數股東在該子公司期初所有者 權益中所享有份額後的餘額 Subsidiary type 子公司類型 Place of Incorporation 註冊地 Business Nature 業務性質 Registered capital 註冊資本 Shareholding 持股比例 (%) Voting rights 表決權比例 (%) Full name of subsidiary 子公司全稱 Business activity 經營範圍 Limited liability company 有限責任公司 Zhanjiang。

000.00 30.00 30.00 Allowance for impairment provided in full 已全額計提減值準備 Qingzhou Chenming Denaturation Amylum Co.，734.28 3，915 — — 110 48 123。

難以 分攤到相關的資產組的， 並布置多名人員專門負責解答投資者提出 的各方面的問題，000.00 — 1，874， held the positions of the deputy chief and chief officer of quality control section and the chief of after sale services department of the Company and manager of property management company. She is currently a Supervisor of the Company and assistant to general manager of Shandong Chenming Power Supply Holdings. Co.，406.40 697。

and provided the whole amount of those other receivables with age over 3 years for bad debts. Except for other receivables recognized as loss from bad debts，940，在合併日凭据取得被合併方所 有者權益賬面價值的份額作為初始投資 本钱；通過非同一控制下的企業合併取 得的長期股權投資， and an increase of RMB 593，273.70 16，565.95 561，154， 自 2009年1月1日起，010，747，962.27 1，009，941.00元， 175X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 五、財務報表項目附註（續） 3. Accounts receivable (continued) The Company 應收賬款（續） 本公司 3. The breakdown of accounts receivable according to classification is as follows: 應收賬款按種類披露： RMB 人民幣元 Closing balance 期末數 Opening balance 期初數 Book balance 賬面餘額 Bad debt provision 壞賬準備 Book balance 賬面餘額 Amount 金額 Bad debt provision 壞賬準備 Category 種類 Amount 金額 Ratio(%) 比例(%) Amount 金額 Ratio(%) 比例(%) Ratio(%) 比例(%) Amount 金額 Ratio(%) 比例(%) Single item with significant accounts receivable Single item without significant accounts receivable but considered to be greater risks after arrived at by credit risk characteristics Other items without significant amount of money 單項金額 重大的應收賬款 1，810.53 69， processing and sales of the decorative board of the layer of laminated board，680，734.07 — 125， and evenly amortized to profit or loss over the useful life of the asset. For a government grant related to income，669，671。

758，210，076，180 (in ten thousand) 1， deferred income tax assets and deferred income tax liabilities are measured at the tax rates that are expected to apply to the period when the asset is realized or the liability is settled。

the fifth session of the Board held its fourth extraordinary meeting，凭据合併本钱作為 長期股權投資的初始投資本钱，495。

主 要由於上半年受經濟危機影 響，772.50 23，968，因處置而 減少人民幣61，191， the connected transactions of the Company were in compliance with “Shenzhen Stock Exchange Guidelines on Internal Controls of Listed Compaines”（《深圳 證券交 易所 上市 公司內 部控制 指引 》） and the related laws and regulations. 36V Corporate Governance Report 第五節 公司管治報告 I. DISCLOSURES AS REQUIRED BY CHINA SECURITIES 一、按中國證監會要求披露的資料（續） REGULATORY COMMISSION (Cont’d) (IV) Internal Control of the Company (Cont’d) （四）公司內部控制情況（續） 2、 公司內部控制制度的成立和健 全情況（續） （3） 對對外擔保的打点控制 《公司章程》對對外 擔保 的權限作了具體明確的 規定 。

289。

1 to 2 years 1年以內，081， (4) Pursuant to the “Notice Regarding Treasury Bond Investment Budget (Funding) for 2009 Key Industry Stimulus And Technical Reform (First Batch) Projects To Boost Domestic Demand”（《關於下達 2009 年重點 產業振興和技術改革（第 一批） 項目建設擴大內需國債投資預算（撥 款）的通知》）issued by the Financial Bureau of Zhanjiang City。

因處置而 減少人民幣18， which were then capitalized; after accounting for the aggregate effect of accumulated depreciation，000 — 100 100 Yes 是 壽光晨鳴現代物流有限公司— — — (Shouguang Chenming Modern Logistic Co.。

738.60 was due to disposal and a decrease of RMB97，260，975.88 93， the Group entered into irrevocable operating lease contracts with non-group companies as follows: (2) 經營租賃承諾 至資產負債表日止。

其餘衍生东西的公允價值變動計入 當期損益，301.98 資本公積轉增股本(737，截至 2009年 12月 31日止已投 入約 11.89億元人民幣。

988，借款年利 率為 1.09%到 5.47%，588.83 8，按轉換 前的賬面價值作為轉換後的入賬價值，849， (2) Save for designated customers who were given credit periods of over 90 days，以及企業合併產生的遞延所 得稅調整商譽的賬面價值外，304.91元，則以該資產所屬 的資產組為基礎確定資產組的可收回金 額，045，310.69 175，000 78 — 100 100 Yes 是 — — — Limited liability company 有限責任公司 Sino-foreign joint venture 中外合資企業 Shouguang。

000.00 — — 4。

941.00 6， Ltd. Huanggang Chemical Arboriculture Co.。

077，941.00 — 191， the estimated obligation assumed shall be provided for and charged to the profit or loss as investment loss for the period. Where the investee is making profits in subsequent periods。

353，627，同時公司制定 了《融 資、擔 保事情程 序》。

for their use; as at 31 December 2009，634.40 1，700，826， financial management system，823.86 The above borrowings have maturities between 2011 and 2023， thus raising the science and objectiveness of Board decisions. Attendance of independent nonexecutive Directors at Board meetings in 2009 is as follows: （二）獨立非執行董事履行職責情況 報告期內，422.22 — 2，731.69 34，280.31 The Company paid cash as consideration of the merger. 本公司以付出現金為合 併對價，000.00) 13， and recognized in profit or loss over the periods in which the related costs are recognized; if the grant is a compensation for related expenses or losses already incurred，555，949。

480.02 Sub-total 小計14， the Group will receive special fund for treasury bond received and special accounts payable related to construction of relevant fixed assets which are included in capital reserve. However。

本公司第五屆董事會 第十八次會議決議通過了2009年度的利 潤分派預案，255.88 1，公司在預計未來期間很可 能獲得足夠的應納稅所得額用 來抵扣可抵扣暫時性差異和可 抵扣虧損的限度內確認相關遞 延所得稅資產，092，637.11 ) 16.00 212，426.61 ) 購買子公司付出的 對價小於應享有 被購買方 可辨認淨資產 賬面價值 (10， the cost of the combination is the aggregate cost of the individual transactions. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events。

075.23 8，且能夠收到時確認，766.04 (996，463.26 230， the fair value of timber increased by RMB32， Ltd. 富饶晨鳴紙業有限責任公司30，根據國發 [2007]39號 文《國務院關於實施企業所得稅過渡 優惠政策的通知》， Ltd.。

附 註 五 、 28，672，452。

823.86 56，358，434， and proposal on provision of guarantee for the general credit facility of some controlling subsidiaries were passed at the meeting.. For specific details， international freight agency service 貨物運輸、汽車維護、貨物倉儲、裝卸、 國際貨運署理服務 Retail of coal， therefore，043。

254.87 2，269.74 Net cash flows from operating activities 經營活動產生的現金流量淨額168，000.00 100.00 100.00 — — — — Co.。

storage and loading of goods。

196.96 ) (103，000.00) 313X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 五、財務報表項目附註（續） 57. 外幣金融資產和外幣金融負債 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 57. Financial assets and financial liabilities denominated in foreign currency RMB 人民幣元 Accumulated change of fair value accounted for equity 計入權益的累計 公允價值變動 Profit or loss from change of fair value 本期公允價值 變動損益 Provision of impairment in this period 本期計提的 減值 Opening balance 期初金額 Closing balance 期末金額 Items 項目 Financial assets 金融資產 1. Cash and cash equivalents Derivative financial assets Loans and trade receivables Other bank balances and cash 1. 現金及 現金等價物 衍生 金融資產 貸款和 應收款 其他貨幣 資金 155，944，282.74 6，004， Ltd.) Limited liability company 有限責任公司 Qihe，122，577.93 1， Ltd. 江西江報傳媒彩印有限公司(304， postponement to implement to the policy to set off enterprise income tax with investment to acquire domestic equipment by an enterprise has been carried out since 1 January 2008. Income tax credits in respect of investments in domestic-manufactured equipment as approved in prior years will continue to be credited within the extended period. 根據國家稅務總局《關於遏制執行企 業購買國產設備投資抵免企業所得 稅 政 策 問 題 的 通 知 》（ 國 稅 發 [2008]52號 ），189， 由 於債權人未予催收，200，686，193.62 Vehicles 87，000， mainly because the subsidiaries reduced their extent of losses during the current period. （7） 投資虧損比上年同期減少 32.03%，503，875.02 26，327.00 1，有關委託貸 款的詳細情況請參見凭据企業會計 準則編製的財務報告中「財務報表附 註六」，222，927，622.14) Sub-total 小計 49，633.46 (121，212， 未發生損害公司 和 其它股東好处的情 形， DELOITTE TOUCHE TOHMATSU CERTIFIED PUBLIC ACCOUNTANTS LTD. AND DELOITTE TOUCHE TOHMATSU，899.02 Financial liabilities 金融負債 1. Derivative financial liabilities Trade payable Short-term loan Long-term loan due within 1 year Long-term loan 1. 2. 3. 4. 衍生金融負債 應付賬款 短期借款 一年內到期的 長期借款 長期借款 (198。

000.00 Entrusted loan 委托貸款 Jiangxi Chenming Paper Co.。

506，611。

Ltd. Jiangxi Chenming Paper Co.，045，801。

575，613.74) 106，800，對 差异的員工執行差异的薪酬標準。

323，840， 1至2年 Prepaid the good payments according to the agreed contract 按条约約定預付貨款 Total 合計 449，分部收入和分 部費用按各分部的實際收入和 費用確定，290，582。

000，可直接歸屬於切合資本 化條件的資產的購建大概生產的借款費 用，000.00 ) — (5。

fairness。

900，340.35 1。

） Aging analysis of accounts receivable is as follows: 應收賬款賬齡如下： RMB 人民幣元 Closing balance 期末數 Bad debt Opening balance 期初數 Bad debt Aging 賬齡 Amount 金額 Ratio (%) 比例(%) provision 壞賬準備 Book value 賬面價值 Amount 金額 Ratio (%) 比例(%) provision 壞賬準備 Book value 賬面價值 Within 1 year 1 to 2 years 2 to 3 years Over 3 years 1年以內 1至2年 2至3年 3年以上 1，000.00 100.00 100.00 — — — — 本钱法 Sub-total 4，952.19 都市建設維護稅 企業所得稅 個人所得稅 房產稅 印花稅 地皮使用稅 教育費附加及其他 1，788，000，444.43 Total 合計 — 1，349.50 15。

主要系 2009年下半年開始市 場好轉，沖減少數股東權益， Limited) for a consideration of RMB4，656.71 in original currency，943.99 — — — — 30，本集團將自職工遏制提 供服務日至正常退休日的期間擬付出的 內退人員工資和繳納的社會保險費等， Shandong 山東齊河 Purchase and sales of waste 50 — 98 98 Yes 是 齊河晨鳴廢舊物資 2 — — 收購有限公司 (Qihe Chenming Waste Collection Co.，386。

439，086， Ltd. 江西晨鳴紙業 有限責任公司 — 25 May 2007 2007年5月 25日 25 May 2017 2017年 5月25日 110， the Group had no major connected transactions during the reporting period. 1、凭据深圳證券交易所上市規則的有 關規定。

078.23) 2，021，517，500.67 ) — 14。

075.21 39，450。

940， 相關決議通告刊登在 2009年 6月 9日 的《中 國 證 券 報》、《香港商報》及巨潮資訊 網 （ 網 址 ： ）及2009 年6月8日刊登在香港聯交所網 站（）上，集團的打点層按期評價這些 報告分部的經營成就， Moorim Paper Co.，697.18 492， Ltd.) on 31 May 2009，法 定代表人陳洪國。

本集團和本公 司認為該其他應收款風險較大，480，831.63 142，364.31 10.88 (22，000.00 — 335，483， Note 2: As at 31 December 2009。

030，198，077，904，708，334.64 18， Ltd. 武漢晨鳴漢陽紙業 股份有限公司 130，審計委 員會對重大關聯交易等進行審 查、監督。

685，人造板、強化 木地板等的生產及銷售。

it was proposed to distribute cash bonus of RMB3.0 (before tax) for every 10 share to all shareholders. The above proposal of bonus distribution is pending approval of the general shareholders’ meeting. 根據董事會的提議， I. MANAGEMENT DISCUSSION AND ANALYSIS UNDER ACCOUNTING STANDARDS FOR BUSINESS ENTERPRISES (Cont’d) (I) Overall operations during the reporting period (Cont’d) 2. Progress of the Zhanjiang Chenming Pulp Project (1) As undertaken in the offering prospectus，000。

324.65 1。

light weight coated paper 新聞紙、輕塗紙 150，014.34 ) — (415，021，848，對於其他類 別的金融資產，334，240.14 ) (7，450.00 — — 62，883.70 — Sub-total 小計17，659，889.34 4，362 — 75 75 Yes 是 壽光晨鳴美術紙有限公司4，613，000。

153.72 1，000。

555，000.00元 作 為 對 價收購山東林盾木業股 份有限公司67%股權，359.21 11。

000.00 68，960，因購買子公 司而增加人民幣 59，829，650，合 同總價款約人民幣20億元， and distribution of dividends or profits Cash repayments for conversion of short-term debentures Cash payments relating to other financing activities 償還債務付出的現金9，本公司 發行355。

Ltd.) (Cont’d) (1) 壽光虹宜包裝裝飾有限公司 （續） (c) Operating results and net cash flow of the acquired entity from acquisition date to the end of consolidated period (c) 被合併方自購買日至合 併當期期末的經營成就 及現金淨流量 RMB 人民幣元 From acquisition date to the end of consolidated period 購買日至合併當期期末 Operating revenue Operating costs and expenses 營業收入 營業本钱及費用 32。

868，256.04 — 11，000，347，426，416.73 2。

且目前可執行該種 法定權利。

499， 本公司於2009年收到沼氣脫硫發 電 項 目 專 用 資 金 人 民 幣 1，554.92 ) (15，320， which was translated into RMB 10，081.65 (2。

396.99 355， 因 固 定 資 產 改 造 而 減 少 人 民 幣 15。

418。

李雪芹女士為 本公司董事長陳洪國先生的配偶，913.29 1。

合併本钱小於合併中取得的被 購買方可辨認淨資產公允價值份額的，031，276.13 The Company paid cash as consideration of the merger. 本公司以付出現金為合 併對價，238， and therefore provided 20% of the outstanding balance of those other receivables with age between 2 and 3 years for bad debts，由山東晨鳴和香港晨鳴配合鎖 定匯 率風險，916，隨著國內造紙企業產量逐漸增 加，065，予以終 止確認： (1)收取該金融資產現金流量的 条约權利終止； (2)該金融資產已轉移， whether the financial asset is individually significant or not，選 擇的審計措施取決於註冊會計師的判 斷。

mainly because the Company was required to prepay for raw materials as the price of raw materials surged rapidly in the second half year of 2009，558，192。

368，846。

490.85 37.62 6，118， Ltd.) at a consideration of RMB 2 million. 註3： 本 公司於 2009年 6月 25日 以人民幣 200萬元將所持 有的泰山保險經紀有限公 司合計 4%股權轉讓給泛 海實業股份有限公司，000.00 — — — 900。

297.05) (1) (2) Undistributed profits at the end of the year 年末未分派利潤3，410.70) — — 23，151.58 ) (258，605，950，308。

本次增發 的 A股股票於 2000年 11月 20日起在深圳 證券交易所掛牌交易，則估計 其可收回金額， in order to determine whether to make provision for impairment loss accordingly. The recoverable amount of cash-generating unit is determined based on the estimated cash flow in financial budget of five years in the future by management，905，406.40 — — — 697。

805， 本集團在建工程期末餘額包括的利息資本化金額為人民幣 7。

929.95 825，647， When a fixed asset is sold， 重要提示： 本公司董事會、監事會及董事、監事、高級管 理人員保證本報告所載資料不存在任何虛假記 載、誤導性陳述大概重大遺漏， exchange differences related to the principal and interest on a specific purpose borrowing denominated in foreign currency shall be capitalized as part of the cost of the qualifying asset. Exchange differences related to general-purpose borrowings denominated in foreign currency shall be included in profit or loss for the current period. 資本化期間內，103。

000.00) — 42. Investment income The Group Breakdown of investment income 42. 投資收益 本集團 投資收益明細情況 RMB 人民幣元 Incurred during the previous period 上期發生額 Incurred during this period 本期發生額 Items 項目 Gain from long-term equity investments accounted for using the cost method Gain from long-term equity investments accounted for using the equity method 本钱法核算的 長期股權投資收益— 85。

418.15) 其他資本公積 个中：原制度資本公積轉入463， a subsidiary of the Company。

496.91 — 18，339，153.99 91.42 8.58 Total 合計 1， The Group was granted the legal rights of net settlement of current income tax assets and current income tax liabilities. Deferred income tax assets and deferred income tax liabilities are related to income tax to be paid by the same entity liable to pay tax to the same tax collection and management authority or related to different entities liable to pay tax。

Note 2: The shares transferred to the NSSF Council in connection with the reduction of holdings in state owned shares by the relevant holders of state-owned shares of the Company were converted into 35，646.90 199，297.05元（ 含 稅 ），521，作為外幣報 表折算差額在資產負債表中所有者權益 項目下單獨列示，287，249，449.67X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 五、財務報表項目附註（續） 18. 資產減值準備（續） 本公司（續） 18. Provision for impairment of assets The Company (Cont’d) (Cont’d) RMB 人民幣元 Deductions 本期減少 Reversals 轉回 Items 項目 Opening balance 期初賬面餘額 Additions 本期增加 Write-offs 轉銷 Closing balance 期末賬面餘額 X. Impairment provisions for productive biological assets 十、生產性 生物資產 減值準備 — — — — — XI. Impairment provisions for oil gas assets XII. Impairment provisions for intangible assets XIII. Impairment provisions for goodwill XIV. Others 十一、油氣資產 減值準備 十二、無形資產 減值準備 十三、商譽 減值準備 十四、其他 — — — — — — — — — — — 142，339， 118X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 II. SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES OF THE 二、公司主要會計政策和會計估計（續） COMPANY (Cont’d) Basis for Preparation of Consolidated Financial Statements The scope of consolidated financial statements is determined on the basis of control. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its operating activities. 合併財務報表的編製要领 合併財務報表的合併範圍以控制為基礎 予以確定，930.78 Non-cash costs other than depreciation and amortization 折舊和 攤銷以外 的非現金費用 — — — — — — — — — — — — X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 318X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 V. NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 五、財務報表項目附註（續） 60. Segment reporting (Cont’d) 分部報告（續） (3) 按收入來源地劃分的對交际易 收入和資產地址地劃分的非流 動資產 60. (3) Breakdown of external transaction sales by source of revenue and non-current assets by location of non-current assets RMB 人民幣元 Incurred during the previous period 上期發生額 Incurred during the current period 本期發生額 Items 項目 External transaction sales from PRC 來源於本國的對交际易收入 13，900， unless otherwise specified. 釋義 ：如未 特別說 明，重組債務的賬面價值 與債權人放棄債權而享有股份的公允價 值之間的差額，532，617，504.20 公允價值變動6，235，291。

328.05 885，961.95 Total 合計 826，賬 面價值反应了其風險敞 口， which was translated into RMB 446，兼任壽光晨鳴 控股有限公司董事，717.43) (15， Deutsche Bank AG (“DEG”) and China Construction Bank Nanchang Changbei Branch entered into an loan agreement with Jiangxi Chenming Paper Co.， Wang Fengrong and Wang Xiaoqun were appointed as nonexecutive Directors of the sixth session of the Board of the Company. Gao Junjie， 336X PRC Auditors’ Report and Financial Statements and Notes thereto Prepared in Accordance with Accounting Standards for Business Enterprises 第十節 境內審計師報告及凭据企業會計準則編製的財務報表及附註 十、財務報表之核准 本財務報表於 2010年 4月 12日經公司董 事會核准報出，482.85 was due to improvement of fixed assets. 註5：賬面原值本期減少中，但是環比卻是逐漸向好，751.92) 33，000.00 2。

匯率變動對現金及現金等價物的影 響額，452， 1.1.2 Interest rate risk - risk in change in cash flow 1.1.2利率風險－現金流量變 動風險 本集團因利率變動引起金 融东西現金流量變動的風 險主要與浮動利率銀行借 款（詳 見附註五、19，532.32 ) 16.28 35， 此事項有關具體情況詳 見 2009年 7月 7日刊登於 《中國證券 報》、《香 港商 報》、巨潮資訊網（ ）和 2009年 7月 6日刊登於香 港 聯 交 所 網 站 （ ）的 相 關通告。

273.48 NON-CURRENT ASSETS: Entrusted loans Long-term equity investments Investment properties Fixed assets Construction in progress Construction materials Intangible assets Goodwill Long-term expenses to be amortized Deferred income tax assets Other non-current assets 非流動資產： 委託貸款 長期股權投資 投資性房地產 牢固資產 在建工程 工程物資 無形資產 商譽 長等候攤費用 遞延所得稅資產 其他非流動資產 7 9 10 11 12 395，600.00 21，314.92) 100.00 Note(1) 註(1) Total 合計 62。

523， listing rules of Shenzhen Stock Exchange ( 《深圳 證券交易 所股票上市 規則》)，201，切實保證公司 廢棄物的達標排放， Shandong 山東鄄城 Production and sales of panels 板材產銷 鄄城晨鳴板材有限1。

729， after making appropriate adjustments thereto in conformity with the accounting policies and accounting periods of the Group. The unrealized gain or loss from internal transactions entered into between the Group and its associated enterprises and joint ventures is set off according to the shareholding attributable to the Group and accounted for as investment income and loss based such basis. However，000.00 900。