中顺洁柔：2020年年度报告（英文版）.PDFVIP

CS Paper Co., Ltd. Annual Report 2020 CS Paper Co., Ltd. Annual Report 2020 April 2021 1 CS Paper Co., Ltd. Annual Report 2020 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. Deng Yinzhong, the legal representative 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. In the annual report, the decimal sum error is caused by rounding The forward-looking statements in this annual report, including future plans, do not constitute substantive commitments of the Company to investors. Investors should be aware of the investment risks. I. Risk of great fluctuations in pulp prices Pulp is an international bulk raw material and its price is obviously affected by the world economic cycle. Since 2019, pulp prices have tumbled sharply owing to weaker Chinese market demand, trade disputes across the world, exchange rate movement, and increased p