[年报]粤华包Ｂ:2016年年度报告（英文版）
FOSHAN HUAXIN PACKAGING CO., LTD. ANNUAL REPORT 2016 March 2017 Section I Important Statements, Contents and Definitions The board of directors (the “Board”), the supervisory board (the “Supervisory Board ”), as well as the directors, supervisors and executive officers of Foshan Huaxin Packaging Co., Ltd. (the “Company”) hereby guarantee the factuality, accuracy and completeness of the contents of this Report, and shall be jointly and severally liable for any false representation, misleading statements or material omissions in this Report. Huang Xin , head of the Company, Ji Xiangdong , accounting head for this Report, and Yang Chenglin , head of the accounting department (head of accounting), hereby guarantee that the Financial Report carried in this Report is factu al, accurate and complete. Except for the fol lowing Directors, other Directors attended the board meeting to review the annual report in person Name Position Reason P roxy Zhang Wenjing Independent Director Absent owning to business Yang Zhenyu The Company has described in detail the risks it might face in “Performance Discussion and Analysis” in this Report, to which investors are kindly reminded t o pay attention . The Board has considered and approved the following proposal for profit distribution: Based on the total shares of 505,425,000 , a cash dividend of RMB 0. 32 (tax inclusive) per 10 shares will be distributed to all shareholders of the Company. No bonus shares will be granted, nor will any capital reserve be converted into share capital. This Report has been prepared in both Chinese and English. Should there be any discrepancies or misunderstandings between the two versions, the Chinese version shall prevail. Table of Contents Section I Important Statements, Contents and Definitions ................................ ............................ 2 Section II Corporate Profile and Financial Results ................................ ................................ ........ 5 Section III Business Profile ................................ ................................ ................................ ............... 9 Section IV Performance Discussion and Analysis ................................ ................................ ......... 13 Section V Significant Events ................................ ................................ ................................ ........... 29 Section VI Share Changes and Shareholders’ Profile ................................ ................................ ... 45 Section VII Preference Shares ................................ ................................ ................................ ......... 52 Section VIII Directors, Supervisors, Executive Officers and Staff ................................ .............. 53 Section IX Corporate Governance ................................ ................................ ................................ . 61 Section X Corporate Bonds ................................ ................................ ................................ ............. 69 Section XI Financial Report ................................ ................................ ................................ ............ 73 Section XII Documents Available for Reference ................................ ................................ ......... 216 Definitions Term Definition Company, the Company, our Company Foshan Huaxin Packaging Co., Ltd. China Paper China Paper Corporation (the a ctual controller of the Company ) China Chengtong China Chengtong Holdings Group Ltd. (the u ltimate controller of the Company ) Hongta Renheng Zhuhai Hongta Renheng Packaging Co., Ltd. Zhuhai Huafeng Zhuhai Huafeng Paper Co., Ltd. Golden Pheasant Chemical Zhuhai Golden Pheasant Chemical Co., Ltd. Huaxin Color Printing Huaxin (Foshan) Color Printing Co., Ltd. Kunshan Focai Kunshan Focai Packaging & Printing Co., Ltd. Zhejiang Hongta Zhejiang Hongta Renheng Packaging Technology Co., Ltd. (formerly known as Pinghu Huaxin Packaging Materials Science & Technology Co., Ltd. ) Section II Corporate Profile and Financial Results I Corporate information Stock name FSHXP B Stock code 200986 Stock exchange Shenzhen Stock Exchange Company name in Chinese 佛山华新包装股份有限公司 Abbr. 华新包装 Company name in English (if any) Foshan Huaxin Packaging Co.,Ltd Abbr. (if any) FSHXP Legal representative Huang Xin Registered address 19/F, Jinghua Building, No. 18, the 5 th Jihua Road, Foshan, Guangdong Province, P.R.C. Zip code 528000 Office address 19/F, Jinghua Building, No. 18, the 5 th Jihua Road, Foshan, Guangdong Province, P.R.C. Zip code 528000 Company website http://www.fshxp.com [email protected] II Contact information Board Secretary Securities Representative Name Liu Hanwen Shi Hui Address 20/F, Jinghua Building, No. 18, the 5 th Jihua Road, Foshan, Guangdong Province, P.R.C. 19/F, Jinghua Building, No. 18, the 5 th Jihua Road, Foshan, Guangdong Province, P.R.C. Tel. 0757 - 83992056 0757 - 83992056 Fax 0757 - 83992026 0757 - 83992026 E - Liu_HanWen@htrh - paper.com shih@htrh - paper.com III Information disclosure and place where this Report is kept Newspapers designated by the Company for information disclosure Securities Times, Ta Kung Pao (HK) Website designated by the China Securities Regulatory Commission (CSRC) for the publication http://www.cninfo.com.cn of this Report Place where this Report is kept Office of the Board of Directors of the Company IV Company registration and alteration Credibility code 914406007076822793 Change s in main business activities of the Company after going public (if any) No change s Changes of controlling shareholder (if any) No change s V Other information The CPAs firm hired by the Company Name Da Hua Certified Public Accountants ( Special General Partnership) Office address 1101 of the No. 7 Building, No. 16 Yard, Mid of West 4 th Ring Road, Haidian District, Beijing Accountants writing signatures Chen Baohua, Zhou Lingzhi Sponsor engaged by the Company to continuously perform its supervisory function during this Reporting Period □ Applicable √ Not applicable Financial advisor engaged by the Company to continuously perform its supervisory function during this Reporting Peri od □ Applicable √ Not applicable VI Accounting and financial results Indicate by tick mark whether the Company performed any retroactive adjustments to or restatement of its accounting data due to changes of accounting policies or correction of accounti ng errors □ Yes √ No 2016 2015 +/ - % 2014 Operating revenues (RMB) 3,607,758,904.01 3,282,043,995.12 9.92% 3,552,698,716.17 Net profit attributable to shareholders of the Company (RMB) 61,324,088.11 133,094,696.66 - 53.92% 83,284,859.23 Net profit attributable to shareholders of the Company before exceptional profit and loss (RMB) 27,820,866.82 11,175,961.64 148.93% 56,027,427.75 Net cash flows from operating activities (RMB) 409,111,111.08 613,491,329.76 - 33.31% 479,890,329.98 Basic earnings per share (RMB/share) 0.12 0.26 - 53.85% 0.16 Diluted earnings per share 0.12 0.26 - 53.85% 0.16 (RMB/share) Weighted average return on equity (%) 3.13% 7.10% - 3.97% 4.70% December 31, 2016 December 31, 2015 +/ - % December 31, 2014 Total assets (RMB) 6,182,737,808.93 6,059,337,427.41 2.04% 6,434,127,025.51 Net assets attributable to shareholders of the Company (RMB) 1,980,395,170.24 1,938,277,232.13 2.17% 1,812,763,910.47 VII Differences in accounting data under domestic and foreign accounting standards 1. Differences in the net profit and the net assets disclosed in the financial reports prepared under Chinese and international accounting standards □ Applicable √ Not appl icable No such differences for this Reporting Period . 2. Differences in the net profit and the net assets disclosed in the financial reports prepared under Chinese and foreign accounting standards □ Applicable √ Not applicable No such differences for this Reporting Period . VIII Financial results by quarter Unit: RMB 1Q 2Q 3Q 4Q Operating revenues 723,227,621.79 769,629,805.93 950,329,815.06 1,164,571,661.23 Net profit attributable to shareholders of the Company 1,036,924.20 14,460,191.73 20,853,036.33 24,973,935.85 Net profit attributable to shareholders of the Company before exceptional profit and loss - 1,204,937.23 11,116,103.57 19,161,280.33 - 1,251,579.85 Net cash flows from operating activities - 409,574,834.54 71,211,365.99 241,820,211.03 505,654,368.60 Indicate by tick mark whether there are any material differences between the financial indicators above or their summations a nd those which have been disclosed in quarterly or semi - annual reports □ Yes √ No IX Exceptional profit/loss √ Applicable □ Not applicable Unit: RMB Item 2016 2015 2014 Note Profit/loss on disposal of non - current as sets (including offset asset impairment provisions) - 690,044.71 114,279,468.16 24,546,653.22 Government grants charged to the profit / loss for this Reporting Period (except for the government grants closely related to the business of the Company and given at a fixed quota or amount in accordance with the State’s uniform standards) 26,022,524.47 16 ,481,293.41 14,044,743.94 Capital occupation charges on non - financial enterprises that are charged to the profit / loss for this Reporting Period 22,334,467.56 Profit/loss on debt restructuring 2,288,256.01 Profit/loss on fair value changes of transactional financial assets and liabilities & investment income from disposal of transactional financial assets and liabilities as well as financial assets available for sale, except for effective hedges related to routine operations of the Company 5,536,398.42 - 5,985,459.17 Non - operating income and expense other than the above - 263,588.90 2,386,314.75 4,027,332.47 Less: Corporate income tax 2,645,887.81 1,604,695.65 7,172,671.53 Minority interests (after tax) 16,790,647.74 5,926,442.49 8,188,626.62 Total 33,503,221.29 121,918,735.02 27,257,431.48 -- Explanation of why the Company classified an item as exceptional profit/loss according to the definition in the Explanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the Public — Exceptional Profit and Loss, or reclassified any exceptional profit/loss item given as an example in the said explanatory announcement to recurrent profit/loss □ Applicable √ Not applicable No such cases in this Reporting Period . Section III Business Profile I Main business scope for this Reporting Period Is the Company subject to any disclosure requirements for special industries? No. The Company specializes in the R&D, production and sales of high - end coated ivory board, chemicals for paper making and color printing busine ss. The businesses are described as follows: 1 . High - end coated ivory board The ivory board is a product of the Company’s main business, which is an important source of the Company's major business income. The R&D, production and sales of the ivory board is mainly undertaken by Zhuhai Hongta Renheng Packaging Co., Ltd. and Zhuhai Huafeng Paper Co., Ltd. The Company now has three coated ivory board p roduction lines, and the annual production capacity around 600,000 tons. The coated ivory board, as a category of ivory board, is widely applied in various fields such as tobacco packaging, food packaging, medicine packaging, cosmetic packaging and living supplies packaging. Hongta Renheng is the core high - end packaging board platform under Huaxin Packaging which is based in domestic and overseas high - end packaging markets of tobacco and food and provides "personalized" products and services for customers with "differentiation" business strategy. The Company's products can be divided into the following categories: (1) Dominant product — coated ivory board for tobacco packaging, is widely used in the high - end tobacco packaging market. The coated ivory board fo r tobacco packaging produced by Hongta Renheng takes up a dominant position in the domestic tobacco packaging field. It represents the highest level of coated ivory board quality in China. It has won the golden award of China’s international pape r & paper product brands , and the top award of the Chinese science and technology community — the first - class State Science and Technology Advancement Award. The anti - counterfeit coated ivory board with color fiber and true - color fiber etc. — a technology that is independently developed by the Company and has been granted the national invention patent of China — has been successfully applied in the packaging of a series of tobaccos in the “Hongta Group” and “Hongyun Honghe Group" brands to combat counterfeiting f rom the packaging materials, reaching the significant anti - counterfeit results of “easily identifiable but difficult to copy”. (2) The ivory boards for liquid food packaging is an important development direction of the Company. The Hongta Renheng is the fi rst to break the foreign technological monopoly, by independently developing the sterile paper for packaging of liquid milk, fruit juice, herbal tea and other drinks, effectively substituting imported products. The series of food packaging products such as anti - oil food grade coated board and high - end paper cup have been recognized by well - known catering groups such as McDonald’s after they are put into the market. (3) The high - end social ivory board papers aim to meet the personalized demands of customers. They are widely applied in the segmented packaging market fields like the high - end medicine, cosmetics, and daily necessities. The anti - counterfeit coated ivory paper with personalized identification code independently developed by the Company and for whi ch it has been granted the invention patent has been successfully applied in the anti - counterfeit packaging of the high - end products like high - end medicine and cosmetics, which does not only solve the difficulties posed by impact from counterfeit and shodd y products for customers at the source, but also effectively reduces the customer’s anti - counterfeit costs and fake product crackdown expanses and win high trust from the market. 2 . Chemicals for paper making Chemicals for paper making is business to exten d the paper - making industry chain by the Company, the R&D, production and sales of which are mainly undertaken by Zhuhai Jinji Chemical Co., Ltd., a subsidiary of the Company. Jinji Chemical mainly supplies the carboxylic butadiene - styrene latex, styrene - a crylic latex and calcium carbonate as well as chemical additives for domestic paper - making enterprises. Committed to become a leading domestic paper making chemical enterprise, especially supplier of latexes for paper making, Jinji Chemical shall further i ntensify efforts to develop domestic market of latexes for paper making in the future and improve the market share of the Company's latexes for paper making. 3 . Color printing business Color printing business is an important industrial linkage supporting business of the Company, which covers designing and manufacturing packaging materials and providing packaging solutions for customers. This business is mainly undertaken by Huaxin (Foshan) Color Printing Co., Ltd. and Kunshan Focai Packaging & Printing Co ., Ltd. The Company now owns the offset, flexo and intaglio printing workshop. Main products include color boxes, various labels (paper label, in - mold label and sticker), barcode printing, brochure, books and periodicals involved in wide terminal consumpti on industry. II Significant changes in main assets 1. Significant changes in main assets Main assets Reason for any significant change 2. Main assets overseas □ Applicable √ Not applicable III Core competitiveness analysis Is the Company subject to any disclosure requirements for special industries? No. 1. Central government-owned enterprise background and financial advantage China Paper Investment Co., Ltd., the actual controller of the Company, is a large central government-owned enterprise which is approved by the State-owned Assets Supervision and Administration Commission of the State Council and takes the production, development and comprehensive utilization of forestry, pulp and paper as main business. Hongta Renheng, the subsidiary, is the core high-end packaging board platform under China Paper which is based in domestic and overseas high-end packaging markets of tobacco and food and provides "personalized" products and services for customers with "differentiation" business strategy. 2. Technological innovation advantage The Company persists in taking "scientific and technological innovation" as the core power that drives enterprise development, invests heavily in the construction of technology research and development centre, asserts prospectively mastering and studying market requirement and carries out scientific test on and strict control over toxic and harmful substances such as VOCS in raw materials and ivory board so as to ensure the safety and environmental protection and sanitation properties of the product. The Company has nearly 20 years of technical experience in the production of high-end coated ivory board. Over the years, the Company has developed anti-counterfeit products such as the coated ivory board with color fiber and true-color fiber and formed strong anti-counterfeit product innovation capability. Meanwhile, the Company has personalized product technique innovation capability and has developed the "anti-counterfeit coated ivory paper with personalized identification code" which can attain anti-counterfeiting according to the customer's personalized demand and solve the difficulties posed by impact from counterfeit and shoddy products for customers at the source. 3. Scientific research innovation advantage In 2016, the subsidiary Zhuhai Huafeng Paper Co., Ltd. successfully passed the recognition for "National High-tech Enterprise" with the certificate No. GR201644001293. The subsidiary Zhuhai Jinji Chemical Co., Ltd. passed the examination for "National High-tech Enterprise" with the certificate No. GR201644004219. So far, all main subsidiaries passed the recognition for "National High-tech Enterprise" and were granted the 10% relief from income tax in three successive years. In 2016, the "Nature Color Packaging Paper Project" of Hongta Renheng won second-class Science and Technology Advancement Award issued by China National Light Industry Council. Zhuhai Huafeng passed the recognition of Guangdong Zhuhai Huafeng Paper Engineering Technology Research Center for Guangdong Provincial Department of Science and Technology. Jinji Chemicals passed the recognition of Zhuhai Engineering Center. In 2016, the subsidiary Hongta Renheng newly dominated or participated in the formulation of the national standard Coated Paper and Board-Coated Ivory Board and the industrial standard Quality Requirements and Test Methods for Intaglio Printed Matter. In 2016, the Company (including Zhuhai Hongta Renheng, Zhuhai Huafeng Paper, Zhuhai Jinji Chemicals and Huaxin (Foshan) Color Printing) newly applied 7 invention patents; and acquired 7 authorized patents, which were "Directly Vacuum Aluminum Plated Base Ivory Board and Its Production Method", "An Adjustment Method for Coated Ivory Board Warping", "A Coated Ivory Board and Its Production Method", "A Liquid Packaging Paper with High Stiffness and Its Production Process", "A Oil Repellent Coated Ivory Board and Its Production Process", "A Ivory Board with Low Basis Weight and Its Production Process" and "A Ivory Board with High Basis Weight and Its Production Process" respectively. By December 31, 2016, the Company had acquired 51 patents, of which 22 invention patents and 29 patents utility models. There are 25 pending patents, of which 24 innovation patents and 1 utility model. 4. Quality brand advantage The high-end coated ivory board produced by Hongta Renheng has excellent printing performance. It is widely applied in various fields such as tobacco packaging, food packaging, medicine packaging, cosmetic packaging and living supplies packaging. Dominant product—coated ivory board for tobacco packaging, is widely used in the high-end tobacco packaging market, takes up a dominant position in high-end tobacco packaging field, accounts for about one third of the market of ivory board for tobacco in China. It represents the highest level of coated ivory board quality in China. It has the top award of the Chinese science and technology community—the first-class State Science and Technology Advancement Award. "Hongta" coated ivory board takes up a leading position in domestic and overseas ivory board industry and leads the development of production and technology of domestic middle and top grade coated ivory board. "Hongta" coated ivory board represents the highest level of production, technology and product of coated ivory board in China and has becomes a world-famous brand. 5. Stable team advantage The Company possesses a large number of stable and professional production and technology teams and a lot of excellent talents in technological innovation and operation and management. The Company forms enterprise cultures which are suitable for company development and has own characteristics during production and management and gradually forms the team advantage of integration of enterprise culture and team. Section IV Performance Discussion and Analysis I Overview In 2016, due to the severe macroeconomic environment both at home and abroad and the depressed condition of the industry of China, consumption demand in the paper making industry was low, causing imbalance in supply and demand, which was shown by the low operating rate. Affected by many factors, domestic tobacco sales dropped off dramatically and the demand for tobacco packaging board decreased simultaneously which significantly affected the demand for ivory board market in 2016. Affected by the situation, the production and operation of the Company was greatly affected in the first half of 2016. In the face of the difficulties and challenges, under the guidance of China Paper, the actual controller, and the Board of Directors, the Company carried out lean production and strictly implemented the "improving quality and efficiency" and "reducing deposit reserve rate and interest" specific working measures based on the guiding ideology "reforming with new initiatives, managing with new methods, operating in new ideas and activating with new mechanisms" put forward by the chairman for operation management and based on the main line "increasing income and reducing expenditure" for operation management. The various work tasks in 2016 acquired remarkable effect. Through the efforts of the whole staff, the operation target of the Company was accomplished successfully. (I) Develop new customers and new orders and close production capacity gap of tobacco packaging board. In 2016, we implemented survey and follow-up on key customers and successfully developed many key new customers, new orders and new products so as to effectively close the production capacity gap of tobacco packaging board based on the requirements and general idea of "reforming with new initiatives, managing with new methods, operating in new ideas and activating with new mechanisms". (II) Intensify lean management and consolidate quality and efficiency improving In 2016, Hongta Renheng and Zhuhai Huafeng completed 13,131 proposals, which is that each person completed 11.79 proposals averagely. The plan was over fulfilled and the estimated benefit contribution reached RMB 18.867 million. In the year, total 11 "lean improvement weeks" and two result release conferences were held; 66 research topics, of which 49 settled topics, were carried out; the evaluated benefit reached RMB 26.6624 million. In 2016, problems that arise on the production site were analyzed and tracked with the 5-Why analysis tool, and the experience and method used to solve the problem were solidified. Product quality was improved through more normative, ordered and controllable production process. Total 81 analyses were completed throughout the year. 707 TPM modules were carried forward. 1,344 "six sources" (pollution source, difficulty source, breakdown source, wasting source, defect source and danger source) were found out and 1,204 sources were settled. 636 trouble spots were found out and 579 trouble spots were settled. (III) Implement technological innovation, strengthen purchasing control, improve quality and efficiency, and reduce cost In 2016, the process cost was reduced by using new low-cost raw and auxiliary materials instead of original high-cost raw materials without compromising quality based on technical innovation, with respect to which, a remarkable result was achieved. (IV) Strengthen controls over "deposit reserve rate and interest" and improve operation efficiency In 2016, according to the requirements of China Paper, the actual controller, the Company set up " deposit reserve rate and interest reduction" workgroup to comprehensively develop specific " deposit reserve rate and interest reduction" measures and examination index for spares, raw materials, semi-finished products and finished products as well as receivables. The " deposit reserve rate and interest reduction" action was led by the leadership of the Company and the responsibility was assigned to various departments and middle-level management so as to effectively reduce occupied funds and receivables. (V) Integrate product quality standards and reduce cutting and production change-related loss The integration shall focus on "personalized" standards and cutting, personalized inventory and the number of production changes shall be brought down so as to reduce production cost. II Analysis of main business 1. Overview See “I Overview ” in “ Performance Discussion and Analysis”. 2. Revenues and costs (1) Breakdown of operating revenues Unit: RMB 2016 2015 +/ - % Amount As a percentage of operating revenues (%) Amount As a percentage of operating revenues (%) Operating revenues 3,607,758,904.01 100% 3,282,043,995.12 100% 9.92% By business segment Manufacture 3,063,791,535.10 84.92% 3,203,045,668.83 97.59% - 4.35% Other 543,967,368.91 15.08% 78,998,326.29 2.41% 588.58% By product White cardboard 2,622,125,437.41 72.68% 2,820,881,163.79 85.95% - 7.05% Presswork 262,692,818.33 7.28% 245,352,660.29 7.48% 7.07% Latex 178,973,279.36 4.96% 136,811,844.75 4.17% 30.82% Other 543,967,368.91 15.08% 78,998,326.29 2.41% 588.58% By geographical segment China 3,036,805,755.82 84.17% 2,922,728,178.70 89.05% 3.90% Overseas 570,953,148.19 15.83% 359,315,816.42 10.95% 58.90% (2) Business segments, products or geographical segments contributing over 10% of the operating revenues or profit √ Applicable □ Not applicable Is the Company subject to any disclosure requirements for special industries? No. Unit: RMB Operating revenue Operating cost Gross profit margin Operating revenue: YoY +/ - % Operating cost: YoY +/ - % Gross profit margin: YoY +/ - % By business segment Manufacture 3,063,791,535.10 2,565,346,640.38 16.27% - 4.35% - 3.83% - 0.45% By product White cardboard 2,622,125,437.41 2,187,372,839.10 16.58% - 7.05% - 7.06% 0.01% Presswork 262,692,818.33 218,370,022.14 16.87% 7.07% 8.78% - 1.31% Latex 178,973,279.36 159,603,779.14 10.82% 30.82% 40.77% - 6.31% By geographical segment China 2,593,974,435.92 2,147,307,785.27 17.22% - 8.78% - 7.76% - 0.92% Overseas 469,817,099.18 418,038,855.11 11.02% 30.75% 23.05% 5.57% Main business data of the prior year restated according to the changed statistical caliber for this Reporting Period □ Applicable √ Not applicable (3) Whether revenue from physical sales is higher than service revenue √ Yes □ No Business segment Item Unit 2016 2015 +/ - % Paper - making Sales volume 0,000 tons 46.3 46.54 - 0.52% Output volume 0,000 tons 45.91 47.63 - 3.61% Inventory 0,000 tons 6.71 7.17 - 6.42% Reason for any over 30% YoY movements in the data above □ Applicable √ Not applicable (4) Execution progress of major signed sales contracts in this Reporting Period □ Applicable √ Not applicable (5) Breakdown of operating costs By business segment and product Unit: RMB Business segment Item 2016 2015 +/ - % Amount As a percentage of operating costs (%) Amount As a percentage of operating costs (%) Manufacture 2,565,346,640.38 100.00% 2,667,631,646.77 100.00% - 3.83% Unit: RMB Product Item 2016 2015 +/ - % Amount As a percentage of operating costs (%) Amount As a percentage of operating costs (%) White cardboard 2,187,372,839.10 85.27% 2,353,512,145.87 88.22% - 7.06% Presswork 218,370,022.14 8.51% 200,741,759.66 7.53% 8.78% Latex 159,603,779.14 6.22% 113,377,741.24 4.25% 40.77% Notes: (6) Changes in the scope of the consolidated financial statements for this Reporting Period □ Yes √ No (7) Major changes in the business, products or services in this Reporting Period □ Applicable √ Not applicable (8) Main customers and suppliers Main customers Total sales to top five customers (RMB) 563,429,701.00 Total sales to top five customers as a percentage of the total sales for this Reporting Period (%) 15.62% Total sales to related parties among top five customers as a percentage of the total sales for this Reporting Period (%) 3.73% Information about top five customers No. Customer Sales amount (RMB) As a percentage of the total sales for this Reporting Period (%) 1 Customer A 158,436,629.36 4.39% 2 China Paper Corporation 134,681,889.58 3.73% 3 Customer C 98,312,256.21 2.73% 4 Customer D 86,841,917.97 2.41% 5 Customer E 85,157,007.88 2.36% Total -- 563,429,701.00 15.62% Other information about the main customers □ Applicable √ Not applicable Main suppliers Total purchases from top five suppliers (RMB) 1,258,976,287.17 Total purchases from top five suppliers as a percentage of the total purchases for this Reporting Period (%) 47.29% Total purchases from related parties among top five suppliers as a percentage of the total purchases for this Reporting Period (%) 0.00% I nformation about top five suppliers No. Supplier Purchase amount (RMB) As a percentage of the total purchases for this Reporting Period (%) 1 Supplier A 438,888,667.03 16.49% 2 Supplier B 263,288,475.58 9.89% 3 Supplier C 231,557,068.18 8.70% 4 Supplier D 169,410,827.46 6.36% 5 Supplier E 155,831,248.92 5.85% Total -- （未完）  |