| 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 ...

五洲特纸（605007）公告，公司全资子公司九江诚宇物流有限公司投资4.24亿元建设九江港湖口港区银 砂湾作业区公用码头工程项目，并追加投资4.42亿元。项目合计投资8.66亿元。 ...

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].

Core Viewpoint - The company's performance in 2024 and Q1 2025 fell short of expectations due to weak demand and low paper prices [1][4] Financial Performance - In 2024, the company achieved revenue of 7.656 billion yuan and a net profit of 362 million yuan, representing a year-on-year increase of 33% [1] - Q4 2024 revenue was 2.19 billion yuan with a net profit of 35 million yuan, while Q1 2025 revenue was 1.989 billion yuan and net profit was 65 million yuan, showing a year-on-year decline of 52% [1] - Overall sales volume in 2024 reached 1.4655 million tons, a year-on-year increase of 38.72% [2] Production and Cost Analysis - New production capacity from the Hubei base contributed significantly, with three new industrial packaging paper lines achieving sales of 316,800 tons [2] - The average price per ton in 2024 was estimated at 5,224 yuan, a decrease of 473 yuan year-on-year, with Q4 2024 average price at 4,469 yuan per ton [2] - Estimated gross profit per ton for 2024 was 516 yuan, and net profit per ton was 265 yuan, both down by 77 yuan and 50 yuan year-on-year respectively [2] Capital Expenditure and Cash Flow - Capital expenditure remained high at 2.06 billion yuan in 2024, an increase of 474 million yuan year-on-year, primarily for new base project construction [2] - The company's net cash flow from operating activities was -96 million yuan by the end of 2024, with Q1 2025 capital expenditure at 566 million yuan [2] Development Trends - The company is accelerating the construction of new bases to create a full range of pulp and paper products [3] - Short-term outlook indicates weak demand and cost reductions in pulp prices, limiting price increases for paper [3] - By the end of 2024, the company achieved a production capacity of 2.134 million tons, with plans to exceed 2.8 million tons in 2025 [3] Profit Forecast and Valuation - Due to weak demand and low paper prices, the profit forecast for 2025 was reduced by 37% to 380 million yuan, with a new forecast for 2026 at 390 million yuan [4] - The target price was lowered by 13% to 13 yuan, with implied upside potential of 12% based on P/E ratios for 2025-2026 [4]

Group 1 - The US government has temporarily exempted certain electronic products from tariffs, but this exemption is not permanent and will last only until a new tariff plan for the semiconductor industry is established [2][21] - China's foreign trade in the first quarter of this year reached 10.3 trillion yuan, a year-on-year increase of 1.3%, with exports growing by 6.9% and imports declining by 6% [3] - The State Administration for Market Regulation in China has introduced 37 key measures to support the development of private enterprises, focusing on breaking down barriers and promoting fair competition [4][5] Group 2 - Hong Kong is preparing to attract Chinese concept stocks back to its market, emphasizing its stability and attractiveness amid global financial market volatility [6][7] - The China Securities Regulatory Commission has emphasized the importance of functionality in the fund industry, aiming for a balance between quality and scale [8] - Insurance funds are accelerating their entry into the stock market, with the scale of long-term stock investment trials increasing from 50 billion yuan to 162 billion yuan [9] Group 3 - The US is experiencing a significant drop in import orders, with a 64% decrease in overall import volume, indicating potential disruptions in trade due to tariff policies [10][11] - The total share of stock ETFs in A-shares has surpassed 2 trillion shares, marking a historical high, with substantial inflows of capital observed in April [12] - Global pension funds are pausing investments in US assets due to uncertainties stemming from aggressive tariff policies, indicating a shift in investment strategies [13] Group 4 - The AI industry is facing scrutiny over its energy consumption, with Elon Musk's AI company xAI being investigated for violating environmental regulations related to its power generation [14] - The UK government plans to take over the British Steel Company from a Chinese firm, raising concerns about foreign investments in critical industries [15] - The consumer electronics sector is seeing increased research interest, driven by strong domestic demand policies and a surge in M&A activities in the technology field [17]

Group 1 - Company Instech reported a net profit of 177 million yuan for 2024, a year-on-year increase of 28.15%, with a proposed cash dividend of 1.20 yuan per 10 shares [1] - Instech achieved an operating revenue of 1.185 billion yuan in 2024, representing a year-on-year growth of 24.45% [1] - The company specializes in the research, production, and sales of rare earth permanent magnet materials and applications [2] Group 2 - Company Junda reported a net loss of 106 million yuan for Q1 2025, transitioning from profit to loss, with a year-on-year revenue decline of 49.52% [3] - Junda's operating revenue for Q1 2025 was 1.875 billion yuan [3] - The company focuses on the research, production, and sales of photovoltaic cell products [4] Group 3 - Company Annada reported a net loss of 10.26 million yuan for Q1 2025, with a year-on-year revenue increase of 1.44% [5] - Annada's operating revenue for Q1 2025 was 473 million yuan [5] - The company specializes in titanium dioxide and iron phosphate products [6] Group 4 - Company Jiuzhou Pharmaceutical reported a net profit of 250 million yuan for Q1 2025, a year-on-year increase of 5.68% [7] - Jiuzhou's operating revenue for Q1 2025 was 1.49 billion yuan, reflecting a year-on-year growth of 0.98% [7] - The company provides custom research and production services for pharmaceutical companies and research institutions [8] Group 5 - Company Yitong Century won a 1.48 billion yuan contract for a 5G comprehensive maintenance project with Guangdong Unicom [9] - The project will enhance the company's business volume and expansion in Guangdong [9] - Yitong Century specializes in communication network technology services and solutions [10] Group 6 - Company Rijiu Optoelectronics reported a net profit of 67.47 million yuan for 2024, a year-on-year increase of 506.9%, with a proposed cash dividend of 2.00 yuan per 10 shares [10] - Rijiu's operating revenue for 2024 was 583 million yuan, representing a year-on-year growth of 22% [10] - The company focuses on the research, production, and sales of touch display application materials [11] Group 7 - Company Ruotong reported a net profit of 95.98 million yuan for 2024, a year-on-year increase of 0.91%, with a proposed cash dividend of 2.00 yuan per 10 shares [12] - Ruotong's operating revenue for 2024 was 408 million yuan, reflecting a year-on-year growth of 7.54% [12] - The company specializes in drilling and completion equipment for oil and gas [13] Group 8 - Company Shuangxiang reported a net profit of 472 million yuan for 2024, a year-on-year increase of 754.84%, with a proposed cash dividend of 1.50 yuan per 10 shares [14] - Shuangxiang's operating revenue for 2024 was 2.29 billion yuan, representing a year-on-year growth of 51.55% [14] - The company focuses on synthetic leather and optical-grade PMMA products [15] Group 9 - Company Xinfang Pharmaceutical reported a net profit of 101 million yuan for 2024, a year-on-year decrease of 64.70%, with a proposed cash dividend of 0.30 yuan per 10 shares [16] - Xinfang's operating revenue for 2024 was 6.032 billion yuan, reflecting a year-on-year decline of 6.63% [16] - The company is involved in medical services, pharmaceutical distribution, and manufacturing [17] Group 10 - Company Dongxing Medical reported a net profit of 97.42 million yuan for 2024, a year-on-year increase of 0.21%, with a proposed cash dividend of 6.00 yuan per 10 shares [18] - Dongxing's operating revenue for 2024 was 435 million yuan, reflecting a year-on-year growth of 0.40% [18] - The company specializes in surgical medical devices [19] Group 11 - Company Wuzhou Special Paper reported a net profit of 64.68 million yuan for Q1 2025, a year-on-year decrease of 51.56%, with an operating revenue of 1.989 billion yuan [20] - Wuzhou's operating revenue for Q1 2025 increased by 15.21% [20] - The company focuses on the research, production, and sales of mechanism paper and pulp [21] Group 12 - Company Jinrui Mining expects a net profit of 15.28 million yuan for Q1 2025, a year-on-year increase of 617.40% [22] - The company specializes in the production and sales of strontium salt products [23] Group 13 - Company Youyan New Materials expects a net profit of 60 million to 75 million yuan for Q1 2025, a year-on-year increase of 13076% to 16370% [24] - The company focuses on electronic films, precious metal materials, and rare earth materials [25] Group 14 - Company Guoli expects a net profit of 11 million to 13 million yuan for Q1 2025, a year-on-year increase of 164.38% to 212.45% [26] - The company specializes in urban infrastructure design, construction, and investment [27] Group 15 - Company Shenzhen Airport reported a passenger throughput of 5.5422 million in March, a year-on-year increase of 8.70% [28] - The airport's cargo throughput was 171,900 tons, reflecting a year-on-year growth of 14.51% [28] - The company is involved in aviation and related non-aviation businesses [29] Group 16 - Company Shenghui Integration reported an order balance of 2.117 billion yuan as of March 31, 2025, a year-on-year increase of 11.89% [30] - The company provides cleanroom engineering and electromechanical engineering services [31] Group 17 - Company Chengyi Pharmaceutical received a drug registration certificate for Mercaptopurine tablets [32] - The drug is applicable for various diseases including choriocarcinoma and acute lymphoblastic leukemia [32] Group 18 - Company Enhua Pharmaceutical initiated Phase I clinical trials for NH280105 capsules, targeting Alzheimer's disease [33] - The trial aims to assess the safety and pharmacokinetics of the drug [33] Group 19 - Company Lingang Steel proposed a share buyback of 50 million to 100 million yuan [34] - The company specializes in the production and development of metallurgical products [35] Group 20 - Company Fujia plans to repurchase shares worth 15 million to 30 million yuan [36] - The company focuses on smart cleaning appliances and key components [37] Group 21 - Company Mould Technology received a project designation letter for exterior parts from a luxury car client, with an estimated total sales of 2.07 billion yuan [38] - The project is expected to start mass production in April 2027 [38] Group 22 - Company Longxin General expects a net profit of 4.55 billion to 5.30 billion yuan for Q1 2025, a year-on-year increase of 76.65% to 105.77% [39] - The company specializes in motorcycles, engines, and general machinery products [40] Group 23 - Company Dongfang Securities reported a net profit of 1.436 billion yuan for Q1 2025, a year-on-year increase of 62.08% [41] - The company focuses on investment management and securities trading [42] Group 24 - Company Yalian Machinery plans to use up to 800 million yuan of idle funds for low-risk financial products [43] - The company specializes in the production of engineered wood production lines and equipment [44] Group 25 - Company Guanghua Technology reported a net loss of 205 million yuan for 2024, with total revenue of 2.589 billion yuan [45] - The company focuses on PCB chemicals and lithium battery materials [46] Group 26 - Company Boya Biotechnology plans to publicly transfer 80% of its subsidiary's equity for 213 million yuan [47] - The transaction aims to optimize resource allocation focusing on blood products [48] Group 27 - Company Darui Electronics plans to repurchase shares worth 30 million to 50 million yuan [49] - The company specializes in customized components and automation equipment [50] Group 28 - Company Hongying Intelligent plans to repurchase shares worth 30 million to 40 million yuan [51] - The company focuses on smart control products and assemblies [52] Group 29 - Company Guangku Technology announced a change in the upper shareholding structure of its controlling shareholder [53] - The operational activities of the company will not be materially affected [54] Group 30 - Company Dingjie Smart's application for convertible bond issuance has been accepted by the Shenzhen Stock Exchange [55] - The company provides digital and intelligent solutions for various industries [56]

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]

Financial Performance - The company's operating revenue for Q1 2025 was CNY 1,988,768,063.79, representing a year-on-year increase of 15.21% compared to CNY 1,726,179,428.72 in the same period last year[3] - Net profit attributable to shareholders decreased by 51.56% to CNY 64,675,904.51 from CNY 133,822,619.86 in the previous year[3] - Basic earnings per share fell by 57.58% to CNY 0.14 from CNY 0.33 in the previous year[4] - The company reported a significant decline in net profit due to a decrease in selling prices that outpaced the reduction in costs[8] - Net profit for Q1 2025 was ¥66,887,986.67, a decrease of 50.3% from ¥134,689,115.02 in Q1 2024[18] - Earnings per share for Q1 2025 were ¥0.14, down from ¥0.33 in Q1 2024[19] - The company reported a total comprehensive income of ¥66,887,986.67 for Q1 2025, down from ¥134,689,115.02 in Q1 2024[19] Cash Flow - The net cash flow from operating activities was negative at CNY -57,318,141.44, a decline of 133.18% compared to CNY 172,818,967.54 in the same period last year[4] - Cash flow from operating activities for Q1 2025 was negative at -¥57,318,141.44, compared to positive cash flow of ¥172,735,672.22 in Q1 2024[22] - Cash inflow from financing activities in Q1 2025 was ¥2,008,730,000.00, an increase from ¥1,581,509,430.00 in Q1 2024[22] - Cash paid for debt repayment was approximately $1.53 billion, up from $952.1 million, indicating a higher commitment to debt servicing[23] - Cash paid for dividends, profits, or interest was approximately $33.8 million, compared to $29.6 million, reflecting an increase in shareholder returns[23] - Cash outflows related to other financing activities amounted to approximately $81.0 million, significantly higher than $6.6 million in the previous period, suggesting increased operational financing needs[23] - The company experienced a net decrease in cash and cash equivalents of approximately $275.5 million, contrasting with an increase of $22.1 million in the prior period[23] - The ending balance of cash and cash equivalents stood at approximately $403.7 million, compared to $207.3 million at the end of the previous period, showing a substantial increase[23] Assets and Liabilities - Total assets at the end of the reporting period increased by 1.85% to CNY 11,683,787,407.86 from CNY 11,472,099,997.94 at the end of the previous year[4] - Total current assets as of March 31, 2025, amount to ¥3,807,936,454.47, a decrease from ¥4,092,189,396.87 on December 31, 2024[13] - Total non-current assets increased to ¥7,875,850,953.39 from ¥7,379,910,601.07[14] - Total liabilities increased to ¥8,060,924,014.53 from ¥7,916,864,704.94[14] - Short-term borrowings rose to ¥3,084,000,970.44 from ¥2,852,884,796.06[14] - Long-term borrowings increased to ¥1,812,472,700.00 from ¥1,562,391,000.00[14] - Accounts receivable decreased to ¥982,782,098.34 from ¥1,140,263,040.78[13] - Inventory increased to ¥1,028,988,062.43 from ¥985,691,814.51[13] Shareholder Information - Total number of common shareholders at the end of the reporting period is 13,649[10] - The largest shareholder, Zhao Lei, holds 32.28% of shares, amounting to 153,950,845 shares, with 43,300,000 shares pledged[10] Strategic Focus - The company plans to continue focusing on cost management and operational efficiency to mitigate the impact of declining prices on profitability[8] - The company completed the acquisition of 100% equity in Jiujiang Chengyu, which required retrospective adjustments to the consolidated financial statements for Q1 2024[4] Other Financial Metrics - Non-recurring gains and losses amounted to CNY 3,369,616.78, primarily influenced by government subsidies and other non-operating income[6] - Research and development expenses for Q1 2025 were ¥19,596,187.47, down from ¥27,369,545.47 in Q1 2024, indicating a reduction in investment in R&D[18] - The company’s cash and cash equivalents at the beginning of the period were approximately $679.2 million, compared to $185.3 million in the previous period, indicating a strong liquidity position[23] - The company will not apply new accounting standards starting from 2025, which may affect future financial reporting[23]

编号：2025041101 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 投资者关系活动记录表 投资者关系活动 类别 特定对象调研 分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 现场参观 电话会议 □其他（请文字说明其他活动内容） 参与单位名称 （排名不分先后） 信达证券、中加基金、银华基金、天治基金、西部利得基金、中 信建投、东方证券、方正证券、浙商证券、天弘基金、财通证券、 汇安基金、恒越基金、东北证券、睿郡资产、国华兴益、国寿安 保、华福证券、前海开源、海富通、国泰基金、同犇投资、华夏 久盈、中信建投、泰信基金、万家基金、中金资管、百年保险、 度势投资、融通基金、鑫元基金、广发基金、汇丰晋信 会议时间 2025 年 4 月 11 日 会议地点 电话会议 上市公司接待人 员姓名 董事会秘书：张海峡先生 | | 经营情况： | | --- | --- | | | 公司 2024 年度产量 149.90 万吨，销量 146.55 万吨，同比增 | | | 40.82%和 38.72%；销售收入为 76.56 17.43% ...