• Chenming Paper reported first-half 2026 revenue of RMB 6.87 billion, up 225.90% year-on-year, following the full restart of its five production bases.

• Net loss attributable to shareholders narrowed to RMB 0.79 billion from RMB 3.86 billion a year earlier; net loss after extraordinary items reduced 70.11% to RMB 1.09 billion.

• Gross margin remained negative at –9.49% for machine-made paper, reflecting continued pressure from industry overcapacity and weak paper prices, although cost-reduction measures lifted performance across all segments.

• Operating cash flow turned positive at RMB 0.32 billion (–58.95% YoY) despite higher raw-material purchases; net cash from investing activities swung to an inflow of RMB 0.46 billion after disposing of non-core assets.

• Finance expenses fell 30.31% to RMB 0.56 billion, aided by negotiations with lenders for lower rates; total interest-bearing debt stood at RMB 27.16 billion in short- and long-term borrowings.

• Total assets edged up 0.68% to RMB 50.97 billion, while equity attributable to shareholders declined 82.76% to RMB 0.16 billion due to accumulated losses; gearing ratio rose to 96.09%.

• No interim dividend was proposed.

• Management reiterated the “One-Two-Five” strategy, focusing on cost control, product upgrade, debt optimisation and disposal of non-core assets to restore profitability.