Group 1 - The paper sector experienced a decline of 0.35% on January 14, with Wuzhou Special Paper leading the drop [1] - The Shanghai Composite Index closed at 4126.09, down 0.31%, while the Shenzhen Component Index rose to 14248.6, up 0.56% [1] - Notable gainers in the paper sector included Minshida, which rose by 13.17% to a closing price of 57.42, and Annie Co., which increased by 9.97% to 11.47 [1] Group 2 - The paper sector saw a net inflow of 124 million yuan from institutional investors, while retail investors experienced a net outflow of 43.19 million yuan [2] - Major stocks with significant net inflows included Annie Co. with 224 million yuan and Minshida with 67.6 million yuan [3] - Conversely, retail investors showed a significant outflow from stocks like Sun Paper, which had a net outflow of 57.78 million yuan [3]

Core Insights - The surface sizing agents play a crucial role in enhancing the performance of paper products, with a nearly 100% retention rate, significantly reducing material loss and costs compared to internal sizing agents [1][7] - The market size for China's paper surface sizing agents is projected to reach 5.52 billion yuan in 2024, reflecting a 2% year-on-year increase, driven by rising demands for surface performance in cultural, packaging, and corrugated papers [1][6] - The global market for paper surface sizing agents is expected to grow from 1.09 billion USD in 2024 to 1.114 billion USD in 2025, influenced by the increasing standards for water resistance, oil resistance, and surface strength in packaging and specialty papers [6][10] Industry Overview - Paper surface sizing agents are additives used to enhance the surface strength of paper and prevent liquid penetration, primarily categorized into internal and surface sizing agents [3][4] - Surface sizing agents, mainly composed of styrene-ester copolymers, improve the cross-linking strength and hydrophobicity of paper coatings, offering advantages such as mechanical stability and reduced foaming [3][4] - The demand for surface sizing agents is expected to grow as consumer requirements for paper performance increase, with China being the largest producer and consumer of paper globally [4][6] Market Dynamics - The production and consumption of paper and paperboard in China are projected to reach 136.25 million tons and 136.34 million tons respectively in 2024, marking a year-on-year growth of 5.09% and 3.56% [4][5] - The highest market shares in paper and paperboard production in 2024 are held by corrugated base paper (23.08%) and boxboard (22.28%), while boxboard leads in consumption (26.27%) [5][6] Competitive Landscape - The paper surface sizing agent industry is characterized by a large number of small-scale enterprises, with major players dominating the market due to their technological and financial advantages [8][9] - Key companies in the industry include Huasoft Technology, ST Morning Paper, Bohui Paper, and others, with Huasoft Technology being a leading producer of paper chemicals [8][9] Future Trends - The demand for environmentally friendly and multifunctional surface sizing agents is expected to rise, prompting companies to invest in the development of new products such as water-based and bio-based agents [11][12] - The competitive landscape is anticipated to become more intense, with leading companies focusing on technological advancements and new entrants bringing fresh competition, leading to potential industry consolidation [12]

| 证券代码：605007 | 证券简称：五洲特纸 | 公告编号：2026-002 | | --- | --- | --- | | 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 关于为控股子公司提供担保的进展公告 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： 同日，公司与中信银行股份有限公司衢州分行（以下简称"中信银行"）签 署《最高额保证合同》，为五洲特纸（湖北）与中信银行发生的授信业务提供不 超过 15,000.00 万元的连带责任保证担保，为浙江五星与中信银行发生的授信业 务提供不超过 17,000.00 万元的连带责任保证担保。 上述担保额度及 2025 年度累计担保额度未超过股东大会批准的额度范围。 （二）内部决策程序 担保对象及基本情况 | | 被担保人名称 | 五洲特种纸业（江西）有限公司（以 下简称"五洲特纸（江西）"） | | --- | --- | --- | | | 本次担保金额 | 33,000.00 万元 | | 担保对象 一 | 实际为其提供 ...

Core Viewpoint - The announcement details the conversion results of the company's convertible bonds, indicating a low conversion rate and adjustments to the conversion price over time [2][3][10]. Group 1: Conversion Status - As of December 31, 2025, a total of RMB 8,118,000 of "Te Paper Convertible Bonds" has been converted into company shares, accounting for 1.2116% of the total issued convertible bonds [2][10]. - The total number of shares converted is 552,090, representing 0.1380% of the company's total shares before the conversion [2][10]. - The amount of unconverted convertible bonds as of December 31, 2025, is RMB 661,882,000, which constitutes 98.7884% of the total issued convertible bonds [2][10]. Group 2: Convertible Bond Issuance Overview - The company issued 6.7 million convertible bonds on December 8, 2021, with a total value of RMB 67 million, and these bonds began trading on December 30, 2021 [3]. - The initial conversion price was set at RMB 18.50 per share, which was later adjusted to RMB 18.20 on June 23, 2022, and further reduced to RMB 14.70 on October 19, 2022 [4][5]. - The conversion price was adjusted again to RMB 14.54 on June 15, 2023, and is set to change to RMB 14.32 on May 30, 2024 [5][8]. Group 3: Stock Repurchase and Cancellation - The company has conducted stock repurchases and cancellations due to certain employees losing their eligibility under the incentive plan, affecting a small percentage of the total shares [6][7][9]. - Following the cancellation of 15,000 shares in August 2024 and 6,240 shares in November 2024, the conversion price remained unchanged at RMB 14.32 [6][7]. - A further cancellation of 1,173,900 shares occurred in November 2025, leading to an adjustment of the conversion price to RMB 13.65 starting November 11, 2025 [9].

| 证券代码：605007 | 证券简称：五洲特纸 | 公告编号：2026-001 | | --- | --- | --- | | 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"。 根据公司《公开发行可转换公司债券募集说明 ...

Group 1 - The paper sector experienced a slight decline of 0.17% on December 30, with the forest packaging segment leading the drop [1] - The Shanghai Composite Index closed at 3965.12, showing no change, while the Shenzhen Component Index rose by 0.49% to 13604.07 [1] - Key stocks in the paper sector showed varied performance, with Zhi Xing Paper Industry rising by 3.97% to 5.76 and Forest Packaging falling by 2.29% to 9.40 [1][2] Group 2 - The paper sector saw a net inflow of 262 million yuan from main funds, while retail investors experienced a net outflow of 200 million yuan [2] - The main funds showed significant interest in stocks like Annie Co. and Zhi Xing Paper Industry, with net inflows of 89.98 million yuan and 81.28 million yuan respectively [3] - Conversely, retail investors withdrew from several stocks, including Zhi Xing Paper Industry and Solar Paper, with outflows of 51.26 million yuan and 53.48 million yuan respectively [3]

| 证券代码：605007 | 证券简称：五洲特纸 | 公告编号：2025-085 | | --- | --- | --- | | 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 关于为控股子公司提供担保的进展公告 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： 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 股子公司提供担保的额度不超过 70.00 亿元（不包括 2024 年年度股东大会召开 前已执行，仍在有效期内的担保），提供担保的形式包括但不限于信用担保（含 一般保证、连带责任保证等）、抵押担保、质押担保、履约担保、融资租赁或多 种担保方式相结合等形式。具体内容详见公司于 2025 年 4 月 11 日和 2025 年 5 月 7 日在上海证券交易所网站（www.s ...

Core Viewpoint - The company has signed a maximum guarantee contract with Bank of China, providing joint liability guarantee for its subsidiaries, with a total guarantee amount not exceeding 85 million yuan [1] Group 1: Guarantee Details - The actual guarantee amounts for Wuzhou Special Paper (Hubei) and Wuzhou Special Paper (Hanchuan) are 1.516 billion yuan and 70 million yuan, respectively [1] - As of the announcement date, the total external guarantees provided by the company and its subsidiaries amount to 8.777 billion yuan, which represents 248.57% of the most recent audited net assets [1] - There are no overdue guarantees, and the current guarantee amount and the cumulative guarantee amount for 2025 do not exceed the limits approved by the shareholders' meeting [1]

（原标题：五洲特纸龙虎榜数据（12月29日）） 五洲特纸(605007)今日跌停，全天换手率4.04%，成交额2.31亿元，振幅6.19%。龙虎榜数据显示，营业部席位合计净卖出406.47万元。 上交所公开信息显示，当日该股因日跌幅偏离值达-10.04%上榜，营业部席位合计净卖出406.47万元。 证券时报•数据宝统计显示，上榜的前五大买卖营业部合计成交3633.67万元，其中，买入成交额为1613.60万元，卖出成交额为2020.07万元，合计 净卖出406.47万元。 具体来看，今日上榜营业部中，第一大买入营业部为广发证券股份有限公司长春解放大路证券营业部，买入金额为631.42万元，第一大卖出营业 部为中信建投证券股份有限公司东营东三路证券营业部，卖出金额为521.41万元。 资金流向方面，今日该股主力资金净流出1241.71万元，其中，特大单净流出1838.43万元，大单资金净流入596.72万元。近5日主力资金净流出 9748.92万元。 10月25日公司发布的三季报数据显示，前三季度公司共实现营业收入64.57亿元，同比增长18.13%，实现净利润1.81亿元，同比下降44.66%。（数 据宝） ...

Investment Rating - The industry investment rating is maintained at "Overweight" [3] Core Views - The report highlights the opportunity in the paper sector due to the recent appreciation of the RMB against the USD, which enhances domestic purchasing power and reduces costs for imported raw materials like wood pulp [5][6] - The report suggests focusing on companies with high wood pulp procurement costs, such as Zhongshun Jierou, and recommends Sun Paper for its integrated advantages in cultural paper production [5][6] - The report also emphasizes the potential for improved profitability in Q4 due to stabilized and rising pulp prices, alongside the release of new production capacity [5][6] Summary by Relevant Sections Industry Overview - The light industry sector includes 167 listed companies with a total market value of 1,204.38 billion CNY and a circulating market value of 954.25 billion CNY [1] Market Performance - For the week of December 22-26, 2025, the Shanghai Composite Index rose by 1.88%, while the Shenzhen Component Index increased by 3.53%. The light industry index gained 1.69%, ranking 16th among 28 Shenwan industries [10] - The paper sector saw a weekly increase of 4.47%, while the textile and apparel index rose by 2.86% [10] Key Company Recommendations - Sun Paper: Buy rating with projected EPS growth from 1.10 CNY in 2023 to 1.48 CNY in 2027, with a PE ratio decreasing from 14.25 to 10.60 [3] - Baiya Co.: Buy rating with projected EPS growth from 0.54 CNY in 2023 to 1.28 CNY in 2027, with a PE ratio decreasing from 38.94 to 16.49 [3] - Huali Group: Buy rating with projected EPS growth from 2.74 CNY in 2023 to 3.97 CNY in 2027, with a PE ratio decreasing from 19.24 to 13.27 [3] Raw Material Price Trends - The report notes fluctuations in raw material prices, with MDI and TDI prices decreasing, while cotton prices have shown an upward trend [18][22] - The average price of wood pulp and various paper products is tracked, indicating a mixed performance with some prices stabilizing and others showing slight increases [42] Housing Market Data - The report highlights a significant decline in property sales, with a 39.1% year-on-year decrease in transactions among major cities [31] - Cumulative property sales area from January to November 2025 shows a 7.8% decline year-on-year [59] Consumer Goods and AI Applications - The report discusses the potential of AI applications in consumer goods, particularly in the context of new product launches and market expansion opportunities [6] Conclusion - The report emphasizes the importance of monitoring the paper sector due to favorable currency movements and suggests specific companies for investment based on their cost structures and market positions [5][6]