Section I Important Notice, Contents and Definitions
The Board of Directors and the Board of Supervisors of the Company and its directors,
supervisors and senior management warrant that the information contained in this annual
report is true, accurate and complete without any false and misleading statements or material
omissions, and severally and jointly accept legal liability thereof.
Liu Peng, the person in charge of the Company, Dong Ye, the person in charge of accounting
of the Company, and Xu Xianjing, the person in charge of the accounting department of the
Company, have declared that they warrant the truthfulness, accuracy and completeness of the
financial statements set out in this annual report.
All directors of the Company attended the Board meeting on which this report was reviewed.
Discrepancies in the sum of decimals in this report are caused by rounding.
The forward-looking statements in this annual report, including future plans and
development strategies, do not constitute substantive commitments of the Company to
investors. Investors should be aware of the investment risks.
The Company has described potential risk factors and countermeasures that may exist in its
operations in Section III Discussion and Analysis of the Management and Section XI Future
Development Prospects of the Company. Investors are advised to pay attention to the relevant
contents.
The Board meeting has deliberated and approved the following profit distribution proposal:
distribute a cash dividend of RMB 1.0 (tax included) for every 10 shares to all shareholders
and issue 0 bonus shares (tax included) based on the Company’s total share capital minus the
number of repurchased shares as of the equity registration date of the Company’s
implementation of the profit distribution plan; meanwhile, no capital reserve will be
converted into share capital.
Contents
Section I Important Notice, Contents and Definitions...... 1
Section II Company Profile and Key Financial Indicators...... 6
Section III Discussion andAnalysis of the Management ......11
Section IV Corporate Governance...... 47
Section V Environmental and Social Responsibilities...... 89
Section VI Significant Events...... 97
Section VII Changes in Shareholding and Information of Shareholders...... 123
Section VIII Particulars of Preference Shares ...... 135
Section IX Corporate Bonds...... 136
Section X Financial Report...... 137
DocumentsAvailable for Inspection
1. The 2021Annual Report affixed with the signature of the Company’s Legal Representative
2. Financial statements affixed with official stamps and the signatures of the Company’s Legal Representative, the
person in charge of accounting, and the person in charge of accounting department of the Company
3. Original of the audit report affixed with the stamp of the accounting firm as well as stamps and signatures of the
certified public accountants
4.All original copies of the Company’s documents and the original drafts of the Company’s announcements as
disclosed in the newspaper designated by the CSRC during the reporting period
5. Place for document inspection: Office of the Board of Directors
Terms and Definitions
Term Definition
The Company, Company, C&S C&S Paper Co., Ltd.
Zhongshun Group Guangdong Zhongshun Paper Group Co., Ltd.
Chung Shun Co. Chung Shun Co., a Hong Kong-based company
Zhongshan Trading Zhongshan Zhongshun Trading Co., Ltd.
Zhong Shun International Zhong Shun International Co., Ltd., a Hong Kong-based company
C&S Hong Kong C&S Hong Kong Co., Ltd., a Hong Kong-based company
Beijing Trading Beijing C&S Paper Co., Ltd.
Xiaogan Trading Xiaogan C&S Trading Co., Ltd.
Chengdu Trading Chengdu Zhongshun Paper Co., Ltd.
Hangzhou Trading Hangzhou Jie Rou Trading Co., Ltd.
Shanghai Trading Shanghai Huicong Paper Co., Ltd.
C&S (Sichuan) Paper Co., Ltd., formerly known as Chengdu Tiantian
Sichuan C&S Paper Co., Ltd.
Jiangmen C&S Jiangmen Zhongshun Paper Co., Ltd.
Zhejiang C&S Zhejiang Zhongshun Paper Co., Ltd.
C&S (Hubei) Paper Co., Ltd., formerly known as Hubei Zhongshun
Hubei C&S
Hongchang Paper Co., Ltd.
Yunfu C&S C&S (Yunfu) Paper Co., Ltd.
Yunfu Hengtai Trading Co., Ltd., formerly known as C&S (Yunfu)
Yunfu T
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