Shandong Chenming Paper Holdings Limited (Chenming Paper, stock code: 1812) released its unaudited 2025 third quarter report. According to the financial data, revenue for the reporting period sank 79.10% year-on-year, reaching RMB1.24 billion, while the figure from the beginning of the year to the end of the reporting period was approximately RMB3.35 billion, reflecting an 83.11% year-on-year contraction.

Net profit attributable to shareholders of the Company declined significantly, posting a loss of RMB2.15 billion in the third quarter and a cumulative loss of around RMB6.01 billion from January to September. The Company explained that losses expanded mainly due to decreased sales amid shutdowns and maintenance at certain production bases, which in turn weighed on operating income and drove up impairment losses. Consequently, net cash flows from operating activities fell 70.53% year-on-year to roughly RMB702.59 million.

As at the end of September 2025, the Company’s total assets stood at RMB52.85 billion, down 16.78% from the end of the previous year, while owners’ equity attributable to shareholders slipped by 65.08% to RMB3.20 billion. The report is unaudited and indicates management’s ongoing focus on cost control, product structure optimization, and measures to mitigate debt risks.