Chenming Paper Enters The Jiang Yanshan Era! The New Management Team Is Refreshed, Accelerating The Resumption Of Work And Production!

On October 28, 2025, the morning of the first extraordinary general meeting of shareholders of Chenming Group in 2025 was grandly held in the company's location, Shouguang City, Shandong Province. The meeting was presided over by the company's 10th Board of Directors, attended by some directors, supervisors, senior management, and candidates for the 11th Board of Directors. Its purpose was to further optimize the company's governance structure and lay a solid foundation for subsequent strategic advancement.Throughout the meeting, professional legal and financial institutions-the Beijing Zhonglun (Qingdao) Law Firm and Grant Thornton Accounting Firm-were invited to witness the proceedings onsite, ensuring the rigor of the meeting process and the legality of the results. Focusing on the theme of optimizing corporate governance and advancing strategy, the meeting reviewed nine proposals item by item. Notably, all proposals were approved with high votes, reflecting shareholders' recognition and support for the company's future development direction and the new management layout.Among the nine approved proposals, two proposals were particularly noteworthy, as they concerned the simplification of the company's governance structure and the provision of funds for resuming work and production. Firstly, in response to the latest requirements of the China Securities Regulatory Commission, the meeting reviewed and approved the proposal to "abolish the Board of Supervisors and revise the governance system." This measure aims to streamline the company's decision-making process, increase management efficiency, and align corporate governance with the needs of modern enterprise systems.Secondly, the approval of the "Company and Subsidiaries Financing Guarantee" proposal provides necessary financial support for the company's critical stage of resuming work and production. The substantive content of the proposal is that the company and its affiliates plan to provide a series of mortgages and guarantee pledges for a state-owned wholly-owned platform set up by the local government to facilitate smooth financing, thereby introducing stable financial support into the company's production and operational activities.In fact, detailed information regarding these matters was made publicly available in advance on October 11 through the official information disclosure platform designated by the CSRC, ensuring transparency. Ultimately, the witnessing lawyers confirmed that all procedures and results of this general meeting of shareholders were legal and valid.Board of Directors Completes Smooth Transition, New Management Team Officially in PlaceOne of the core agendas of this extraordinary shareholders' meeting was the election of the 11th Board of Directors on an equal representation basis. This re-election marks a further upgrade of the company's governance structure and a smooth transition of management. The new board is reasonably structured, including four executive directors: Jiang Yanshan, Li Weixian, and others; two non-executive directors: Song Yuchen, Wang Ying; and four independent directors: Zhang Zhiyuan, Luo Xinhua, and others. This structured setup ensures the board's professionalism, independence, and decision-making rationality.Immediately following the shareholders' meeting, the new board held its first meeting on October 29. ST Chenming announced that the company had completed the board re-election and the appointment of senior management on October 28, formally establishing the new leadership team.During this crucial board meeting, Mr. Jiang Yanshan was elected as Chairman of the company's 11th Board of Directors. Additionally, considering that the company is currently in a special transitional phase of resuming work and production and mitigating risks, the management prudently decided not to appoint a new General Manager at this time. Accordingly, the board agreed that the newly appointed Chairman Jiang Yanshan will act as General Manager during the vacancy, ensuring continuity of company operations and decision-making efficiency. This arrangement effectively fills the vacancy left by the expiration of the former General Manager Li Weixian's term.Meanwhile, the board reviewed and approved the appointment of new senior management personnel. The specific list includes eight experienced professionals: Li Weixian, Liu Peiji, Meng Feng, Zhu Yanli, Dong Lianming, Guo Qinyan, Ge Guangming, and Yuan Xikun, who were appointed as Deputy General Managers of the company. Their terms will commence from the date of approval by this board meeting and continue until the expiration of the next board's term, providing strong talent support for the company's future strategic execution.The newly appointed Chairman shoulders significant responsibilities, with a clear path toward the company's revitalization.

According to the resume information disclosed in the announcement, the background and experience of the newly appointed Chairman Mr. Jiang Yanshan are noteworthy. Mr. Jiang Yanshan was born in January 1974, holds Chinese nationality, has no overseas permanent residency, is a member of the Communist Party of China, and possesses a bachelor's degree. His career began in local government and public service, having held several important positions, including Deputy Director and Director of the Shouguang Municipal Finance Bureau Office, Director of the Shouguang Municipal Fiscal and Tax Policy Research Center, member of the Party Committee of the Shouguang Municipal Finance Bureau, and Head of the Promotion Section of the National Vegetable Standard Quality Center. His extensive experience in administrative management and finance will undoubtedly bring valuable resources and managerial wisdom to ST Chenming, which is currently in the phase of risk resolution. Mr. Jiang Yanshan currently serves as the Deputy Secretary of the Party Committee of Chenming Holdings and Chairman of the company. The announcement also clearly stated that Mr. Jiang currently does not hold any company shares and has no affiliation with other company directors or senior management, ensuring independence and impartiality in fulfilling his duties.It is worth noting that this board reshuffle took place in the context of the departure of the company's former chairman, Chen Hongguo, and his wife at the end of last year. On November 8, 2024, Chen Hongguo, who had led Chenming Paper for 23 years, resigned as chairman, and his wife, Li Xueqin, then serving as Deputy General Manager, also announced her retirement. These changes in senior management mark the end of an era for Chenming Paper and signify that substantial adjustments to the company's governance structure and strategic direction are imperative. The new board and the management team led by Chairman Jiang Yanshan bear the critical responsibility of guiding the company out of the cyclical challenges of the industry and achieving breakthroughs and growth.Strong government support injects new impetus for the company's comprehensive revitalizationChenming Paper, a modern large-scale enterprise group focused on pulp and paper manufacturing, has an extensive range of paper products, covering seven major series including cultural paper, coated paper, cardboard, copy paper, industrial paper, specialty paper, and household paper, totaling over 200 varieties. However, facing the ongoing industry downturn in recent years and the company's heavy debt pressure, Chenming Paper's ability to continue operations has been severely tested.At this critical moment, the company previously issued an announcement clearly stating that to effectively promote the orderly resumption of work and production at its major production bases, ensure the company's sustainable operational capacity, and effectively and properly resolve its debt risks, the company received strong support from local governments. As a core measure of government support, the Weifang and Shouguang municipal governments established a wholly state-owned company, Weifang Xingchen. The fundamental goal of this platform is to assist ST Chenming in resolving its current financial difficulties and ensure the resources necessary for production operations, thereby laying a solid foundation for the company's comprehensive revitalization.Based on this government support, Chenming Paper and its subsidiaries have developed corresponding cooperation plans. They intend to provide a series of mortgages and guarantees to Weifang Xingchen and its wholly-owned subsidiary Jilin Xingchen to ensure that these state-owned platforms can successfully achieve market financing. Through this mechanism, stable financial support will be efficiently and promptly delivered to the company's production lines, ensuring timely procurement and supply of raw materials and facilitating the orderly resumption of production across the company's national production bases. Ultimately, all these efforts aim at one common goal: enhancing Chenming Paper's profitability and debt-servicing ability, thereby achieving sustainable and stable operations and laying a solid foundation for breakthroughs and growth amid the cyclical challenges of the industry.With the smooth transition of the 11th board of directors and the formal establishment of the new senior management team, Chenming Paper stands at a new historical starting point. With the strong support of local governments and the leadership of the new management team, the company will accelerate its strategy for resuming work and production. There is reason to believe that Chenming Paper will be able to find a breakthrough in the highly competitive market and embark on a more logical, clear, and rational path to revitalization.