Core Viewpoint - The company acknowledges the impact of macroeconomic conditions, industry cycles, and market sentiment on its stock price, emphasizing that market value maintenance is not merely about increasing stock prices but involves enhancing operational efficiency and investment value [1] Group 1 - The company has not engaged in market value maintenance in recent years, indicating a focus on operational performance rather than stock price manipulation [1] - The company expresses understanding of investors' concerns regarding stock prices but reiterates its commitment to improving operational efficiency as a core objective [1] - The company aims to optimize development quality and maintain competitive advantages in a challenging market environment [1]

Core Viewpoint - The paper industry is experiencing a significant shift with the introduction of the first "anti-involution" initiative, aimed at promoting high-quality development and addressing structural overcapacity issues in the sector [1][6]. Group 1: Anti-Involution Initiative - The Guangdong Paper Industry Association has issued the first "anti-involution" initiative in the domestic paper industry, emphasizing the need to resist low-price competition and maintain market order [1][6]. - The initiative encourages companies to set prices based on actual costs, reasonable profits, and market demand, aiming to protect the overall value of the industry [1][6]. Group 2: Market Conditions - Despite steady growth in consumption for certain paper types like corrugated paper and household paper, overall capacity expansion has outpaced demand growth, leading to low utilization rates, with some types below 55% [4]. - The industry is facing a prolonged supply-demand imbalance, characterized by declining operating rates and slow inventory reduction, indicating a typical cyclical bottom phase [6][9]. Group 3: Price Adjustments - Several paper companies, including Nine Dragons Paper and Jiangxi Lee & Man Paper, have announced price increases due to rising costs, marking the fourth round of price hikes in July alone [7]. - The overall paper industry has been under significant pricing pressure, with major paper types experiencing price declines since 2021, reflecting weak market demand and overcapacity [7][9]. Group 4: Institutional Focus - Institutions are focusing on companies like Sun Paper, which has integrated pulp and paper production, and others in the sector that are expected to benefit from the "anti-involution" initiative and potential market restructuring [10][13]. - Analysts suggest monitoring companies that are diversifying product lines and those with integrated operations, as the industry may see improvements in profitability due to reduced competition and optimized capacity [10][13].

| 证券代码：605007 | 证券简称：五洲特纸 | 公告编号：2025-049 | | --- | --- | --- | | 债券代码：111002 | 债券简称：特纸转债 | | 五洲特种纸业集团股份有限公司 可转债转股结果暨股份变动公告 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： 一、可转债发行上市概况 经中国证券监督管理委员会《关于核准衢州五洲特种纸业股份有限公司公开 发行可转换公司债券的批复》（证监许可〔2021〕3416 号）核准，五洲特种纸 业集团股份有限公司（以下简称"公司"）于 2021 年 12 月 8 日公开发行了 670.00 万张可转换公司债券（以下简称"可转债"），每张面值 100.00 元，发行总额 67,000.00 万元。经上海证券交易所自律监管决定书〔2021〕500 号文同意，公司 67,000.00 万元可转债于 2021 年 12 月 30 日起在上海证券交易所挂牌交易，债券 简称"特纸转债"，债券代码"111002"。 累计转股情况：截至 2025 年 6 月 ...

| 证券代码：605007 | 证券简称：五洲特纸 | 公告编号：2025-048 | | --- | --- | --- | | 债券代码：111002 | 债券简称：特纸转债 | | 五洲特种纸业集团股份有限公司 关于对外担保的进展公告 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： 被担保人名称：五洲特种纸业（湖北）有限公司（以下简称"五洲特纸（湖 北）"）、九江诚宇物流有限公司（以下简称"九江诚宇"）、浙江五星纸 业有限公司（以下简称"浙江五星"）。前述被担保人均为五洲特种纸业集 团股份有限公司（以下简称"公司"或"五洲特纸"）的全资子公司。 本次担保金额及已实际为其提供的担保余额：公司本次为五洲特纸（湖北） 提供不超过 0.5 亿元的最高额保证担保和 0.8273 亿元的不可撤销连带责任保 证担保，为九江诚宇提供不超过 6 亿元的最高额保证担保，为浙江五星提供 不超过 0.5 亿元的最高额保证担保。截至本公告披露日，公司及控股子公司 已实际为五洲特纸（湖北）提供的担保余额为 14.20 亿元，为浙江五 ...

Group 1 - The company, Wuzhou Special Paper Group Co., Ltd., has issued convertible bonds totaling 670 million yuan, approved by the board and shareholders in 2021 [1][9][10] - The bonds have a maturity of six years, with an interest rate that increases annually from 0.30% in the first year to 2.00% in the sixth year [1][9] - The initial conversion price for the bonds was set at 18.50 yuan per share, which has been adjusted multiple times due to various corporate actions [2][16][17] Group 2 - In 2024, the company reported a revenue of 765.56 million yuan, a 17.43% increase from 2023, and a net profit of 36.18 million yuan, up 33.20% year-on-year [11][12] - The company's total assets reached 1.15 billion yuan, reflecting a 48.49% increase compared to the previous year [11][12] - The company has undergone a significant merger, acquiring 100% of the subsidiary Jiujiang Chengyu, which contributed to the financial adjustments in the 2023 reports [12] Group 3 - The company has maintained a strong credit rating of AA, with a stable outlook, as confirmed by multiple credit rating reports [9][10] - The company has effectively utilized the funds raised from the convertible bonds, with 78.29% of the funds allocated to projects as planned [12][13] - The company has implemented a robust internal and external credit enhancement mechanism to ensure the security of bondholders' interests [12][13]

（2024 年度） 受托管理人 证券代码：605007 证券简称：五洲特纸 债券代码：111002 债券简称：特纸转债 五洲特种纸业集团股份有限公司 公开发行可转换公司债券受托管理事务报告 | 重要声明 | | 2 | | --- | --- | --- | | 目录 | | 3 | | 第一节 | 本期债券情况 | 4 | | | 一、核准文件及核准规模 | 4 | | | 二、本期债券的主要条款 | 4 | | | 三、债券评级情况 | 10 | | 第二节 | 债券受托管理人履行职责情况 | 11 | | 第三节 | 公司年度经营情况和财务情况 | 12 | | | 一、公司基本情况 | 12 | | | 二、公司 2023 年度经营情况及财务状况 | 12 | | 第四节 | 公司募集资金使用及专项账户运作情况与核查情况 | 14 | | | 一、本期可转换公司债券募集资金基本情况 | 14 | | | 二、本期可转换公司债券募集资金实际使用情况 | 14 | | 第五节 | 内外部增信机制、偿债保障措施的有效性分析 | 17 | | 第六节 | 债券持有人会议召开情况 | 18 | | 第七节 | ...

重要内容提示： 被担保人名称：浙江五星纸业有限公司（以下简称"浙江五星"）、五洲特 种纸业（湖北）有限公司（以下简称"五洲特纸（湖北）"）、五洲特种纸 业（江西）有限公司（以下简称"五洲特纸（江西）"）。前述被担保人均 为五洲特种纸业集团股份有限公司（以下简称"公司"或"五洲特纸"）的 全资子公司。 本次担保金额及已实际为其提供的担保余额：公司本次为浙江五星提供不超 过 1 亿元的最高额保证担保，为五洲特纸（湖北）提供不超过 0.77 亿元的最 高额保证担保，为五洲特纸（江西）提供不超过 1 亿元的最高额保证担保。 截至本公告披露日，公司及控股子公司已实际为浙江五星提供的担保余额为 8.73 亿元，为五洲特纸（湖北）提供的担保余额为 14.70 亿元，为五洲特纸 （江西）提供的担保余额为 18.12 亿元。 本次担保是否有反担保：否。 对外担保逾期的累计数量：无逾期担保。 特别风险提示：截至本公告披露日，公司及控股子公司对外担保总额为 65.41 亿元，占公司最近一期经审计归属于上市公司股东净资产的 185.22%，对外 担保余额为 43.27 亿元，占公司最近一期经审计归属于上市公司股东净资产 的 122. ...

五洲特种纸业集团股份有限公司（以下简称"公司"）于 2025 年 6 月 6 日（星 期 五 ） 下 午 15:00-17:00 ， 通 过 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/）以视频直播结合网络文字互动的方式召开 2024 年 度业绩说明会。关于召开本次业绩说明会的通知，具体内容详见公司于 2025 年 5 月 24 日在上海证券交易所网站（www.sse.com.cn）披露的《五洲特种纸业集团 股份有限公司关于召开 2024 年度业绩说明会的公告》（公告编号：2025-043）。 | 证券代码：605007 | 证券简称：五洲特纸 | 公告编号：2025-046 | | --- | --- | --- | | 债券代码：111002 | 债券简称：特纸转债 | | 五洲特种纸业集团股份有限公司 关于 2024 年度业绩说明会召开情况的公告 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。 回复：您好，目前公司已建成一条年产 30 万吨 ...

Investment Rating - The report maintains a "Positive" investment rating for the paper and light industry sector [6]. Core Insights - The light manufacturing industry index increased by 2.18%, outperforming the market by 1.30 percentage points, with the paper sub-sector rising by 1.78%, also surpassing the market by 0.90 percentage points [2][12]. - The report highlights that the cultural paper sector is entering an off-peak season, leading to a decline in pulp prices, while recommending leading companies in the integrated pulp and paper industry [4]. Summary by Sections Market Overview - The light manufacturing industry index rose by 2.18%, ranking 8th among 28 first-level industries, with the paper sub-sector increasing by 1.78% [2][12]. - The four major sub-sectors of light manufacturing, ranked by growth, are entertainment products, furniture, paper, and packaging printing, with respective increases of 5.51%, 2.03%, 1.78%, and 1.21% [12][18]. Industry Data Tracking - The report notes that the national waste paper price increased slightly by 4 CNY/ton, while the prices of various pulp types remained stable or decreased [9][24]. - The average market price for finished paper remained stable, with specific increases noted for white cardboard, which rose by 16 CNY/ton to 4095 CNY/ton [37][41]. Profitability Analysis - Profitability levels for finished paper products showed differentiation, with small paper companies experiencing increases in profitability, while larger companies faced declines [46][49]. - For instance, small enterprises in double glue paper saw an increase of 17 CNY/ton, while large enterprises experienced a decrease of 10 CNY/ton [46][51]. Production and Trade Data - The cumulative production of mechanical paper and paperboard from January to April 2025 reached 51.57 million tons, reflecting a year-on-year growth of 3.3% [55][56]. - Import volumes for paper and paperboard decreased by 10.5% year-on-year, while export volumes increased by 11.1% during the same period [55][58].

| 证券代码：605007 | 证券简称：五洲特纸 | 公告编号：2025-045 | | --- | --- | --- | | 债券代码：111002 | 债券简称：特纸转债 | | 五洲特种纸业集团股份有限公司 关于对外担保的进展公告 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： 一、担保情况概述 （一）担保履行的内部决策程序 公司于 2025 年 4 月 10 日召开第三届董事会第十二次会议和第三届监事会第 十次会议，2025 年 5 月 6 日召开 2024 年年度股东大会，分别审议通过了《关于 预计 2025 年度担保额度的议案》。同意公司及合并报表范围内控股子公司为控 被担保人名称：江西泽川供应链管理有限公司（以下简称"江西泽川"）， 为五洲特种纸业集团股份有限公司（以下简称"公司"或"五洲特纸"）的 控股孙公司。 本次担保金额及已实际为其提供的担保余额：公司本次为江西泽川提供不超 过 0.0936 亿元的连带责任保证担保。截至本公告披露日，公司及控股子公司 已实际为江西泽川提供的担保余额为 0 ...