关 于 五洲特种纸业集团股份有限公司 2024 年年度股东大会法律意见书 致:五洲特种纸业集团股份有限公司 国浩律师(杭州)事务所(以下简称本所)接受贵公司的委托,指派律师出 席贵公司 2024年年度股东大会(以下简称"本次股东大会"),对本次股东大会进 行见证,并依据《中华人民共和国公司法》(以下简称"《公司法》")、《上市公 司股东大会规则》(以下简称"《规则》")及《五洲特种纸业集团股份有限公司 章程》(以下简称"《公司章程》")的有关规定,出具本法律意见书。 为出具本法律意见书,本所律师对贵公司本次股东大会所涉及的有关事项进 行了审查,查阅了本所律师认为出具本法律意见书所必须查阅的档案,并对有关 问题进行了必要的核查和验证。 国浩律师(杭州)事务所 法律意见书 国浩律师(杭州)事务所 贵公司已向本所保证和承诺,贵公司向本所律师所提供的档案和所作的陈述 和说明是完整的、真实的和有效的,有关原件及其上面的签字和印章是真实的, 且一切足以影响本法律意见书的事实和文件均已向本所披露,而无任何隐瞒、疏 漏之处。 在本法律意见书中,本所律师根据《规则》的要求,仅就本次股东大会的召 集、召开程序是否合法及是否符合《 ...

| 证券代码：605007 | 证券简称：五洲特纸 | 公告编号：2025-038 | | --- | --- | --- | | 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 2024年年度股东大会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 114 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 324,781,405 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 68.1025 | | 份总数的比例（%） | | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由公司董事会召集、董事长赵磊先生主持会议，会议采用现场 (一) 股东大会召开的时间：2025 年 5 月 6 日 (二) 股东大会召开的地点：浙江省衢州市东港四路 1 号二楼会议室 (三) 出席会议的普通股股 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 13.4 CNY per share [2][8]. Core Views - The company has shown a steady revenue growth of 17.4% year-on-year in 2024, with total revenue reaching 7.66 billion CNY. The net profit attributable to shareholders increased by 33.2% to 360 million CNY [2][4]. - In Q1 2025, the company reported a revenue of 1.99 billion CNY, reflecting a year-on-year growth of 15.2%, although the net profit decreased by 51.6% compared to the previous year [2][4]. - The company is expected to maintain a production capacity of approximately 2.3 million tons in 2025, with new production lines expected to enhance sales volume gradually [8]. Financial Performance Summary - **2024 Financials**: Total revenue was 7.66 billion CNY, with a gross margin of 9.9%. The net profit margin was 4.7% [4][8]. - **2025 Projections**: Expected revenue growth of 21.6% to 9.31 billion CNY, with net profit projected at 457 million CNY, reflecting a growth rate of 26.2% [4][9]. - **Earnings Per Share (EPS)**: Projected EPS for 2025 is 0.96 CNY, with a price-to-earnings (P/E) ratio of 12 [4][9]. Production and Capacity Expansion - The company is expanding its production capacity, with plans to reach 2.8 million tons by the end of 2025. This includes new production lines in Hubei and Jiangxi provinces [8][9]. - The company has successfully launched new production lines, contributing to significant sales growth in specific product categories, particularly in industrial packaging and publishing paper [8][9]. Market Position and Competitive Landscape - As a leader in the specialty paper industry, the company is well-positioned to capitalize on market growth opportunities despite increasing competition and rising costs [8][9]. - The report highlights the company's ability to manage costs effectively, with a focus on maintaining profitability amid fluctuating raw material prices [8].

| 证券代码：605007 | 证券简称：五洲特纸 | 公告编号：2025-037 | | --- | --- | --- | | 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 关于不向下修正"特纸转债"转股价格的公告 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： 自 2025 年 4 月 7 日至 2025 年 4 月 30 日，五洲特种纸业集团股份有限公 司（以下简称"公司"）股票存在连续 30 个交易日中至少有 15 个交易日的收盘 价格低于当期转股价格 85%（13.88 元/股×85%=11.80 元/股）的情形，已触发"特 纸转债"转股价格向下修正条款。 经公司第三届董事会第十四次会议审议通过，公司董事会决定本次不向 下修正"特纸转债"转股价格。同时在未来三个月内（即 2025 年 5 月 6 日至 2025 年 8 月 5 日），若再次触发"特纸转债"转股价格向下修正条款，亦不提出向下 修正方案。从 2025 年 8 月 6 日起重新计算，若再次触发"特纸 ...

1、因公司实施 2021 年年度权益分派，"特纸转债"的转股价格自 2022 年 6 月 23 日起调整为 18.20 元/股。具体内容详见公司于 2022 年 6 月 17 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 于实施 2021 年年度权益分派调整"特纸转债"转股价格的公告》（公告编号： 2022-046）。 | 证券代码：605007 | 证券简称：五洲特纸 | 公告编号：2025-036 | | --- | --- | --- | | 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"特纸转债"预计满足转股价格修正条件的 提示性公告 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。 一、可转债发行上市情况 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 ...

| 证券代码：605007 | 证券简称：五洲特纸 | 公告编号：2025-035 | | --- | --- | --- | | 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 关于项目投资进展情况的公告 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。 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"）主要 从事特种纸的研发、生产和销售。经过二十余年的产业深耕，已发展成为国内领 军的食品包装纸、格拉辛纸、数码转印纸和描图纸生产企业。为不断增强企业实 力，夯实发展基础，公司在湖北省汉川市、江西省湖口县、湖北省武穴市进行了 相应的规划建设，现将所涉及的项目进展情况公告如下： 一、投资概述 （一）湖北省汉川市浆纸一体化项目 2022 年 1 月 26 日，公司与汉川市人民政府签订了《五洲特纸浆纸一体化项 目投资合同书》《项目投资合同书补充协议》及《项目投资合同书补充协议（二）》， 投资项目名称为"年产 449 万吨浆纸一体化项目"，预计项目总投资 173 亿元。 2022 年 3 ...

五洲特种纸业集团股份有限公司 2024年年度股东大会会议资料 五洲特种纸业集团股份有限公司 2024年年度股东大会会议资料 2025 年 5 月 | 2024 | | 年年度股东大会会议议程 1 | | --- | --- | --- | | 2024 | | 年年度股东大会会议须知 3 | | 议案一、关于 | 2024 | 年年度报告及其摘要的议案 4 | | 议案二、关于 | 2024 | 年度董事会工作报告的议案 5 | | 议案三、关于 | 2024 | 年度财务决算报告的议案 17 | | 议案四、关于 | 2024 | 年年度利润分配方案的议案 26 | | 议案五、关于预计 | 2025 | 年度担保额度的议案 27 | | 议案六、关于续聘 | 2025 | 年度会计师事务所的议案 35 | | 议案七、关于确认 | 2024 | 年度董事薪酬及制定 2025 年度董事薪酬方案的议案 38 | | 议案八、关于 | 2024 | 年度监事会工作报告的议案 39 | | 议案九、关于确认 | 2024 | 年度监事薪酬及制定 2025 年度监事薪酬方案的议案 44 | 五洲特种纸业集团股份有限 ...

Core Viewpoint - The company reported a revenue of 7.66 billion yuan for 2024, representing a year-on-year increase of 17%, and a net profit attributable to shareholders of 360 million yuan, up 33% year-on-year [1]. Group 1: Financial Performance - In Q4 2024, the company achieved a revenue of 2.19 billion yuan, an 18% increase year-on-year, but the net profit attributable to shareholders dropped to 30 million yuan, a 79% decline year-on-year [1]. - For Q1 2025, the company reported a revenue of 1.99 billion yuan, a 15% increase year-on-year but a 9% decrease quarter-on-quarter; the net profit attributable to shareholders was 60 million yuan, down 52% year-on-year but up 86% quarter-on-quarter [1]. Group 2: Revenue Breakdown by Product - In 2024, revenue from food packaging materials was 3.15 billion yuan, down 5% year-on-year, with a gross margin of 4%, up 0.7 percentage points [1]. - Revenue from daily consumer goods was 2.45 billion yuan, a 10% increase year-on-year, with a gross margin of 21%, up 1.2 percentage points [1]. - Revenue from publishing and printing materials was 1.01 billion yuan, a 22% increase year-on-year, with a gross margin of 4%, down 1.8 percentage points [1]. - Industrial packaging materials generated 750 million yuan in revenue, with a gross margin of 4%, being a new product for the period [1]. - Revenue from industrial supporting materials was 290 million yuan, a significant increase of 210% year-on-year, mainly due to the consolidation of data from the Longyou factory for only four months in 2023 [1]. Group 3: Cost and Capacity Expansion - In Q1 2025, the cost of pulp decreased quarter-on-quarter, leading to improved profitability, attributed to lower external prices and better self-produced pulp costs [2]. - The company has expanded its production capacity, with three packaging paper production lines in Hubei expected to be operational by Q3 2024, and additional lines in Jiangxi [2]. - By the end of 2024, the company’s paper product capacity reached 2.13 million tons, with projections to increase to 2.8 million tons by the end of 2025 [2]. Group 4: Future Outlook - The company is optimistic about its integrated pulp and paper layout, with continuous capacity release and collaborative development across its three major bases in Quzhou, Jiangxi, and Hubei [2]. - Expected net profits attributable to shareholders for 2025, 2026, and 2027 are projected to be 460 million yuan, 610 million yuan, and 740 million yuan, respectively [2].

公司公布业绩：2024 实现收入76.56 亿元，归母净利润3.62 亿元，同比+33%，其中4Q24 实现收入21.9 亿元，归母净利润0.35 亿元；1Q25 实现收入19.89 亿元，归母净利润0.65 亿元，同比-52%，业绩均低 于我们及市场预期，主要系需求弱、纸价低迷。 点评： 1）湖北基地新产能放量，但纸价压制利润表现：2024 年公司整体销量为146.55 万吨，同比 +38.72%，主要系2024 年新增湖北三条工业包装纸（PM11、PM15、PM16，设计产能68 万吨），公司 公告该产线实现销量31.68万吨，是2024 年公司收入重要增量；我们估算2024 年整体均价为5,224 元/ 吨，同比-473 元（部分由于新增工业纸产品结构拖累），其中我们估算4Q24吨纸均价为4,469 元/吨。 2）吨净利偏低运行：我们估算2024 年吨纸毛利、吨纸净利分别为516 元/吨、265 元同比-77 元/-50 元， 其中我们估算4Q24吨纸毛利、吨纸净利分别为251 元/吨、71 元/吨，考虑到一季度库存成本下滑，我们 判断一季度吨纸利润环季度有修复。3）资本开支仍在高位：截至2024 年末 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of 11.84 CNY [5] Core Views - The company is steadily advancing its pulp and paper integration strategy, with significant revenue growth driven by the production lines in Hubei and cost management initiatives [1][10] - The company expects to see continued revenue growth due to the ramp-up of new production capacities and ongoing optimization of production costs [1][10] Financial Performance Summary - In Q4 2024, the company achieved revenue of 2.19 billion CNY, a year-on-year increase of 18.1%, while net profit attributable to shareholders was 30 million CNY, down 78.8% year-on-year [1] - For the full year 2024, the company reported revenue of 7.66 billion CNY, up 17.4% year-on-year, and net profit attributable to shareholders of 360 million CNY, an increase of 33.2% year-on-year [1] - The gross margin for 2024 was 9.9%, an increase of 0.28 percentage points year-on-year, and the net profit margin was 4.7%, up 0.54 percentage points year-on-year [1] Product Segment Performance - The food packaging materials segment generated revenue of 3.15 billion CNY in 2024, a decrease of 5.2% year-on-year, with a gross margin of 4.1% [2] - The daily consumer materials segment saw revenue of 2.45 billion CNY, an increase of 9.8% year-on-year, with a gross margin of 21.2% [2] - The publishing and printing materials segment reported revenue of 1.01 billion CNY, up 22.0% year-on-year, with a gross margin of 3.8% [3] - The industrial packaging materials segment achieved revenue of 750 million CNY, with a gross margin of 4.2%, reflecting a significant increase in production capacity [3] Capacity Expansion and Future Outlook - By the end of 2024, the company had established 16 production lines with a total designed capacity of 2.134 million tons, with additional lines expected to come online in 2025 [5] - The company anticipates that by the end of 2025, total capacity will exceed 2.8 million tons, enhancing its competitive position in the market [5][10]