| 证券代码：603165 | 证券简称：荣晟环保 | | 公告编号：2025-073 | | --- | --- | --- | --- | | 转债代码：113676 | 转债简称：荣 23 | 转债 | | 浙江荣晟环保纸业股份有限公司 关于 2025 年半年度利润分配方案的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 每股分配比例：A 股每股派放现金红利 0.60 元（含税）。 本次利润分配以实施权益分派股权登记日登记的总股本扣除公司回购专 用账户的股份余额为基数，具体日期将在权益分派实施公告中明确。 公司通过回购专用账户所持有的本公司股份将不参与本次利润分配。如在实 施权益分派的股权登记日前，因可转债转股、回购股份、股权激励授予股份回购 注销、重大资产重组股份回购注销等致使公司总股本发生变动，公司拟维持每股 分配比例不变，相应调整分配总额。如后续总股本发生变化，将另行公告具体调 整情况。 本次利润分配方案尚需提交公司 2025 年第四次临时股东会审议。 二、现金分红方案合理性的情况说明 在实施 ...

浙江荣晟环保纸业股份有限公司2025 年半年度报告 公司代码：603165 公司简称：荣晟环保 转债代码：113676 转债简称：荣 23 转债 浙江荣晟环保纸业股份有限公司 2025 年半年度报告 1 / 172 浙江荣晟环保纸业股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人冯晟宇、主管会计工作负责人沈卫英及会计机构负责人（会计主管人员）沈卫 英声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司拟以实施权益分派股权登记日的总股本扣除公司回购专用账户的股份余额为基数，向股 权登记日登记在册的全体股东每10股派发现金红利人民币6.00元（含税），剩余未分配利润结转 以后年度分配。本次不送红股，不进行资本公积转增股本。上述预案尚需提交2025年第四次临时 股东会审议通过后方可实施。在实施权益分派的股权登记日前公司总 ...

| 证券代码：603165 | 证券简称：荣晟环保 | | 公告编号：2025-072 | | --- | --- | --- | --- | | 转债代码：113676 | 转债简称：荣 23 | 转债 | | 浙江荣晟环保纸业股份有限公司 关于 2025 年半年度募集资金存放与实际使用情况的 专项报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 经中国证券监督管理委员会证监许可[2023]1376 号《关于同意浙江荣晟环保 纸业股份有限公司向不特定对象发行可转换公司债券注册的批复》同意注册，公 司向不特定对象发行面值总额为 57,600.00 万元的可转换公司债券，期限 6 年。 截至 2023 年 8 月 24 日止，公司实际已发行人民币可转换公司债券 576 万张， 每张面值 100 元人民币，募集资金总额为人民币 576,000,000.00 元，扣除尚未支 付的保荐承销费人民币 3,400,000.00 元（其中不含税金额为 3,207,547.17 元，增 值税款为人民币 192,452.83 元），实际收到 ...

| 证券代码：603165 | 证券简称：荣晟环保 | 公告编号：2025-074 | | --- | --- | --- | | 转债代码：113676 | 转债简称：荣 23 | 转债 | 浙江荣晟环保纸业股份有限公司 关于修订《公司章程》的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 浙江荣晟环保纸业股份有限公司（以下简称"公司"）于 2025 年 8 月 29 日召 开了第八届董事会第十九次会议，审议通过了《关于修订〈公司章程〉的议案》， 现将有关情况公告如下： 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《上市公司 章程指引》等法律、法规和规范性文件的相关规定，并结合公司实际情况，拟对 《浙江荣晟环保纸业股份有限公司章程》（以下简称"《公司章程》"）部分条 款进行修订，具体修订情况如下： | 序号 | 修改前 | 修改后 第八条 执行公司事务的董事为 | | --- | --- | --- | | | 第八条 董事长是代表公司执行 | 公司的法定代表人。法定代表人由董事 | | | 公司事务的董事 ...

会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 09 月 12 日(星期五)至 09 月 18 日(星期四)16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 rszyzhengquan@163.com 进行提问。公司将在说明会上对投资者普遍关注的问题 进行回答。 浙江荣晟环保纸业股份有限公司（以下简称"公司"）已于 2025 年 08 月 30 日发布公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半年度经营成果、财务状况，公司计划于 2025 年 09 月 19 日（星期五） 15:00-16:00 举行 2025 年半年度业绩说明会，就投资者关心的问题进行交流。 | 证券代码：603165 | 证券简称：荣晟环保 | 公告编号：2025-076 | | --- | --- | --- | | 转债代码：113676 | 转债简称：荣 转债 23 | | 浙江荣晟环保纸业股份有限 ...

Investment Rating - The report maintains a "Positive" investment rating for the industry [8] Core Insights - Recent guidance from the Ministry of Finance emphasizes the need for local governments to fulfill payment obligations for existing PPP projects, which is expected to improve cash flow for waste incineration and water services [4][14] - As of August 22, 2025, 95% of the 2 trillion yuan quota for replacing hidden debts has been implemented, accelerating the issuance of local government special bonds [5][19] - The National Development and Reform Commission has reiterated the importance of adjusting public utility prices, with water and waste disposal fees being gradually increased across various regions [30][29] Summary by Sections Government Payment Implementation - The recent guidance on existing PPP projects highlights the necessity for local governments to include related expenses in their budget management and ensure timely payments [4][14] - The funding sources for these projects can include local government special bonds, central transfer payments, and local self-owned funds, which may strengthen the repayment guarantees for future PPP projects [15][14] Debt Replacement and Special Bonds - The issuance of special refinancing bonds has significantly accelerated, with 1.91 trillion yuan issued from January to August 2025, primarily aimed at replacing hidden debts [5][19] - Local governments are actively addressing existing hidden debt issues, which is expected to enhance liquidity for affected parties [19][22] Public Utility Price Adjustments - The report notes that many regions have been slow to adjust water and waste disposal fees, leading to financial losses for water supply companies [30][29] - Recent adjustments in water prices have been observed in cities like Guangzhou and Shenzhen, with average increases of 15.8% for residential water rates [30][34] Investment Logic - The combination of government payment implementation, debt replacement, and price adjustments is expected to positively impact cash flow in the waste incineration and water sectors [36][38] - The industry is experiencing stable growth, with improved cash flow and increased dividends, driven by market reforms and a shift towards direct sales to industrial and commercial clients [38][39]

Core Viewpoint - The paper industry sector experienced a 0.5% increase on August 20, with Annie Co. leading the gains, while the overall market indices also showed positive performance [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 3766.21, up 1.04% [1]. - The Shenzhen Component Index closed at 11926.74, up 0.89% [1]. Group 2: Individual Stock Performance - Annie Co. (002235) closed at 9.04, with a rise of 4.15%, and a trading volume of 1.4162 million shares, totaling a transaction value of 1.258 billion [1]. - BoHui Paper (600966) closed at 5.31, up 3.31%, with a trading volume of 204,000 shares, totaling 106 million [1]. - QiFeng New Materials (002521) closed at 9.07, increasing by 2.14%, with a trading volume of 114,200 shares, totaling 104 million [1]. - Forest Packaging (605500) closed at 10.24, up 1.69%, with a trading volume of 147,300 shares, totaling 150 million [1]. - Hengfeng Paper (600356) closed at 9.28, increasing by 1.64%, with a trading volume of 49,900 shares, totaling 45.9795 million [1]. - Minfeng Special Paper (600235) closed at 6.63, up 1.38%, with a trading volume of 78,900 shares, totaling 52.0111 million [1]. - Yibin Paper (600793) closed at 25.59, increasing by 1.35%, with a trading volume of 69,800 shares, totaling 178 million [1]. - Qingshan Paper (600103) closed at 2.36, up 1.29%, with a trading volume of 489,200 shares, totaling 1.15 billion [1]. - Rongsheng Environmental Protection (603165) closed at 12.55, increasing by 1.13%, with a trading volume of 36,600 shares, totaling 45.8246 million [1]. - Guanmeng High-tech (600433) closed at 3.17, up 0.96%, with a trading volume of 185,600 shares, totaling 58.3962 million [1]. Group 3: Capital Flow - The paper sector saw a net inflow of 101 million from main funds, while retail funds experienced a net outflow of 11.7049 million [2].

Market Overview - The paper sector increased by 0.57% on August 18, with Hengda New Materials leading the gains [1] - The Shanghai Composite Index closed at 3728.03, up 0.85%, while the Shenzhen Component Index closed at 11835.57, up 1.73% [1] Individual Stock Performance - Hengda New Materials (301469) closed at 31.69, up 5.95% with a trading volume of 50,600 and a turnover of 158 million [1] - ST Morning (000488) closed at 2.30, up 3.60% with a trading volume of 477,500 and a turnover of 109 million [1] - BoHui Paper (600966) closed at 5.17, up 2.78% with a trading volume of 315,500 and a turnover of 164 million [1] - Other notable performers include Minshida (833394) up 2.67%, Huawang Technology (605377) up 2.58%, and Hengfeng Paper (600356) up 2.46% [1] Capital Flow Analysis - The paper sector experienced a net outflow of 57.59 million from institutional investors and 13.46 million from speculative funds, while retail investors saw a net inflow of 71.05 million [2] - Notable net inflows from retail investors were observed in Sun Paper (002078) with 49.32 million, and Hengfeng Paper (600356) with 14.96 million [3] - Conversely, significant net outflows from institutional investors were noted in Sun Paper (-36.67 million) and Hengda New Materials (-28.62 million) [3]

Core Points - The company, Zhejiang Rongsheng Environmental Paper Co., Ltd., announced the interest payment for its convertible bonds "Rong 23 Convertible Bonds" on August 18, 2025 [2][11] - The total issuance of the convertible bonds was 576,000 units, with a total value of 576 million yuan, and the bonds have a maturity of six years from the issuance date [2][3] - The coupon rates for the bonds increase progressively from 0.20% in the first year to 2.00% in the sixth year [2][3] Summary by Sections Convertible Bond Issuance Overview - The company received approval from the China Securities Regulatory Commission to issue convertible bonds, which were listed on the Shanghai Stock Exchange on September 13, 2023 [3] - The initial conversion price was set at 15.74 yuan per share but has been adjusted down to 11.11 yuan due to various corporate actions [3] Interest Payment Plan - The interest payment for the second year will be based on a coupon rate of 0.40%, resulting in a payment of 0.40 yuan per bond (before tax) [10][14] - The interest payment will be made annually, with the payment date set for August 18 each year, and the record date for interest payment is August 15, 2025 [6][11] Tax Implications - Individual investors are subject to a 20% tax on interest income, resulting in a net payment of 0.32 yuan per bond after tax [14] - Non-resident enterprises are exempt from corporate income tax on bond interest income until December 31, 2025, under specific regulations [15] Contact Information - The company and its underwriters have provided contact details for investor inquiries regarding the bonds [16]

Summary of Key Points Core Viewpoint The announcement details the interest payment schedule and terms for the convertible bonds issued by Zhejiang Rongsheng Environmental Paper Co., Ltd., highlighting the bond's issuance, interest rates, and payment procedures. Group 1: Bond Issuance Overview - The company issued 5.76 million convertible bonds on August 18, 2023, with a total value of 576 million yuan [2] - The bonds have a maturity period of 6 years, from August 18, 2023, to August 17, 2029 [2] - The coupon rates for the bonds are structured to increase over the years, starting from 0.20% in the first year to 2.00% in the sixth year [2] Group 2: Interest Payment Details - The interest payment for the second year will be calculated for the period from August 18, 2024, to August 17, 2025, at a rate of 0.40% [4] - The interest payment will be made annually, with the payment date set for August 18 each year [4][5] - The interest amount for each bond with a face value of 100 yuan will be 0.40 yuan (including tax) [6] Group 3: Conversion and Pricing Adjustments - The convertible bonds can be converted into shares starting from February 26, 2024, with an initial conversion price of 15.74 yuan per share [3] - The conversion price has been adjusted multiple times, with the latest price set at 11.11 yuan per share due to various corporate actions [3] Group 4: Tax Implications - Individual investors are subject to a 20% tax on interest income, resulting in a net interest payment of 0.32 yuan per bond after tax [6][7] - Non-resident enterprises are exempt from corporate income tax on bond interest income until December 31, 2025 [7] Group 5: Contact Information - The company’s contact details for inquiries regarding the bond are provided, including the address and phone number for the securities department [8]