| 证券代码：605007 | 证券简称：五洲特纸 | 公告编号：2024-102 | | --- | --- | --- | | 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 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（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 17,000 万元的最高额保证担保，为五洲特纸（江西）提供不超过 10,000 万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 85,364.77 万元，为五洲特纸（江西）提供的担保 余额为 163,832.33 万元。 本次担保是否有反担保：否。 ...

| 证券代码：605007 | 证券简称：五洲特纸 公告编号：2024-101 | | --- | --- | | 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 关于向特定对象发行股票申请获得中国证券监督管 理委员会同意注册批复的公告 2024 年 11 月 21 日 四、自同意注册之日起至本次发行结束前，你公司如发生重大事项，应及时 报告上海证券交易所并按有关规定处理。 公司董事会将根据上述批复文件和相关法律法规的要求以及股东大会的授 权，在规定期限内办理本次向特定对象发行股票的相关事宜，并及时履行信息披 露义务，敬请广大投资者谨慎决策，注意投资风险。 特此公告。 五洲特种纸业集团股份有限公司（以下简称"公司"）于 2024 年 11 月 20 日收到中国证券监督管理委员会出具的《关于同意五洲特种纸业集团股份有限公 司向特定对象发行股票注册的批复》（证监许可[2024]1607 号），批复主要内容 如下： 一、同意你公司向特定对象发行股票的注册申请。 二、你公司本次发行应严格按照报送上海证券交易所的申报文件和发行方 案实施。 三、本批复自同意注册之日起 12 个月内有效。 ...

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： 因本次回购注销的部分限制性股票占公司总股本比例较小，经计算并四 舍五入，本次回购注销实施完成后，"特纸转债"的转股价格不变。 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"。转股的起止日期为 2022 年 6 月 14 日 至 2027 年 12 月 7 日（如遇法定节假日或休息日，则顺延至下一个工作日，顺延 期间不另付息），初始转股价格为 18.50 元/股 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price set to achieve a relative return of over 20% within the next six months [5][13]. Core Insights - The company reported a revenue of 2.03 billion yuan in Q3 2024, representing a year-on-year increase of 11.6%, while the net profit attributable to shareholders was 90 million yuan, down 20.5% year-on-year [1]. - For the first three quarters of 2024, the company achieved a total revenue of 5.47 billion yuan, up 17.2% year-on-year, and a net profit of 330 million yuan, which is a significant increase of 205.9% year-on-year [1]. - The decline in Q3 profit is attributed to the gradual consumption of previously high-cost raw materials, but with the recent drop in wood pulp prices and the ongoing production of self-sufficient pulp lines, profitability is expected to improve in Q4 [1][3]. Summary by Sections Production Capacity and Integration - The company is in a phase of orderly capacity release, with total paper and pulp production capacity exceeding 2.39 million tons across three major bases in Quzhou, Jiangxi, and Hubei [2]. - Ongoing projects include new production lines for industrial packaging paper and specialty papers, which are expected to further enhance production scale [2]. - The company has successfully launched a 300,000-ton chemical pulp production line, achieving a balance in pulp and paper production, which will improve cost efficiency and support future product structure optimization [2]. Profitability and Cost Management - The gross margin for Q3 2024 was reported at 10.7%, with a slight year-on-year decrease of 0.03 percentage points [3]. - The company anticipates that the cost benefits from the consumption of high-cost inventory will become evident in Q4, leading to improved profitability [3]. Financial Forecasts - The profit forecasts for 2024-2026 have been adjusted, with expected net profits of 440 million yuan, 580 million yuan, and 760 million yuan respectively, reflecting a decrease from previous estimates due to ongoing raw material cost pressures [4]. - The projected price-to-earnings ratios for the same period are 12x, 9x, and 7x respectively [4]. Financial Data and Valuation - The company’s revenue is projected to grow from 6.52 billion yuan in 2023 to 7.70 billion yuan in 2024, with a growth rate of 18.1% [9]. - The net profit attributable to shareholders is expected to increase significantly from 273 million yuan in 2023 to 436 million yuan in 2024, marking a growth rate of 59.7% [9]. - The company’s current price-to-earnings ratio is 19.64, with a projected decrease to 12.30 in 2024 [9].

重要内容提示： 回购注销原因：根据《上市公司股权激励管理办法》《五洲特种纸业集 团股份有限公司 2023 年限制性股票激励计划（草案）》（以下简称"《激励计 划（草案）》"）等相关规定，鉴于公司 2023 年限制性股票激励计划（以下简 称"本激励计划"）中的 6 名激励对象个人绩效考核未达到 100%解除限售标准， 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"）董事会审 议决定对其持有的已获授但不符合解除限售标准的 6,240 股限制性股票予以回购 注销。 本次注销股份的有关情况 | 回购股份数量（股） | 注销股份数量（股） | 注销日期 | | | | | --- | --- | --- | --- | --- | --- | | 6,240 | 6,240 | 年 2024 | 11 | 月 | 日 5 | | 证券代码：605007 | 证券简称：五洲特纸 | 公告编号：2024-099 | | --- | --- | --- | | 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 股权激励部分限制性股票回购注销实施公告 本公司董事会及全体董事保证 ...

Group 1: Sales and Production Performance - The sales volume of specialty paper in Q3 approached 290,000 tons, showing a slight increase compared to Q2 [2] - The Hubei base contributed approximately 110,000 tons, with positive gross profit contributions, and production and sales are expected to continue to improve in Q4 [2] - The monthly production capacity of the Hubei base's three paper machines is approximately 45,000 tons for corrugated paper, 15,000 tons for T paper, and 5,000 tons for tube paper, reaching expected design capacity [3] Group 2: Market Conditions and Pricing - The overall market demand is expected to remain stable in Q4, with a potential decrease in costs [2] - The price of needle pulp remains firm, while chemical broadleaf pulp is in a downward trend [2] - The price of packaging paper increased by around 30 RMB per ton recently, while other white paper prices have not changed [4] Group 3: Capacity Expansion Plans - By the end of 2024, the original paper production capacity is expected to exceed 2 million tons, and by the end of 2025, it could reach nearly 3 million tons [2] - New production lines in Jiangxi and Hubei bases are expected to be operational by mid-2025 and Q1 2025, respectively [3] Group 4: Cost Management and Competitive Position - The cost of self-produced pulp is currently comparable to purchased pulp, with no significant price advantage, but strict production control provides indirect advantages [2] - The company maintains a competitive edge by securing high-end clients and optimizing production costs [4] - The company is prepared for the upcoming 1 million tons of new capacity, ensuring sufficient client matching [4] Group 5: Inventory and Financial Management - Inventory levels have increased due to the stable production status of the Hubei production line, leading to higher waste paper and finished goods inventory [3] - Capital expenditures for new production lines will primarily come from the construction of chemical pulp and supporting logistics terminals [3]

重要内容提示： 投资者可于 2024 年 11 月 6 日前访问网址 https://eseb.cn/1iT9RRdWcE0 或 使用微信扫描下方小程序码进行会前提问，公司将通过本次业绩说明会，在信息 披露允许范围内就投资者普遍关注的问题进行回答。 五洲特种纸业集团股份有限公司（以下简称"公司"）已于 2024 年 10 月 25 日披露公司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年第三季度经营成果、财务状况，公司计划于 2024 年 11 月 6 日上午 10:00-11:00 举行 2024 年第三季度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 | 证券代码：605007 | 证券简称：五洲特纸 | 公告编号：2024-098 | | --- | --- | --- | | 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 关于召开 2024 年第三季度业绩说明会的公告 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。 独立董事：汪志锋先生 ...

| 证券代码：605007 | 证券简称：五洲特纸 | 公告编号：2024-097 | | --- | --- | --- | | 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 2024 年 4 月 8 日召开第二届董事会第二十四次会议、第二届监事会 第二十次会议，2024 年 4 月 29 日召开 2023 年年度股东大会，分别审议通过了 《关于预计 2024 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 被担保人名称：湖北祉星热力能源有限公司（以下简称"湖北祉星热力"）， 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：公司本次为湖北祉星热力提供 不超过 10,000 万元的连带责任保证担保。截至本公告披露日，公司及控股子 公司已实际为湖北祉星热力提供的担保余 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 5.47 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 17.2%. The net profit attributable to shareholders reached 330 million yuan, up 205.9% year-on-year [1] - The new production capacity launched in August 2024, including a 350,000-ton corrugated paper capacity in Hubei, is driving rapid revenue growth. Continuous capacity release is expected to further enhance revenue [1] - The integrated pulp and paper project is progressing steadily, with a long-term goal of producing 800,000 tons of pulp and paper, which is anticipated to significantly enhance profitability and market share by 2025 [1][3] Summary by Relevant Sections Financial Performance - In Q3 2024, the company reported a revenue of 2.03 billion yuan, with a net profit of 94.59 million yuan, reflecting a year-on-year decrease of 20.5% [1] - The gross margin for the first three quarters of 2024 was 11.6%, an increase of 4.2 percentage points year-on-year, although Q3 saw a slight decline in gross margin to 10.7% [1] - The company’s operating expenses ratio for the first three quarters was 4.7%, up 0.4 percentage points year-on-year [1] Revenue Forecast - Revenue projections for 2024-2026 are adjusted to 8.21 billion yuan, 11.59 billion yuan, and 13.59 billion yuan, with growth rates of 25.79%, 41.26%, and 17.29% respectively [2] - Net profit forecasts for the same period are revised to 435 million yuan, 577 million yuan, and 724 million yuan, with growth rates of 59.55%, 32.57%, and 25.50% respectively [2] Valuation Metrics - The current price-to-earnings (P/E) ratio is projected to be 12, 9, and 7 for the years 2024, 2025, and 2026 respectively, indicating a favorable valuation as the company expands its market share [2][3] - The price-to-book (P/B) ratio is expected to decrease from 2.0 in 2024 to 1.4 by 2026, reflecting improved asset efficiency [2][3]

五洲特种纸业集团股份有限公司 舆情管理制度 第一章 总则 第一条 为了提高五洲特种纸业集团股份有限公司（以下简称"公司"）应 对各类舆情的能力，建立快速反应和应急处置机制，及时、妥善处理各类舆情对 公司股价、公司商业信誉及正常生产经营活动等方面造成的影响，切实保护投资 者合法权益，根据《上海证券交易所股票上市规则》等法律、法规和规范性文件 及《公司章程》的相关规定，结合公司实际情况，制定本制度。 第二条 本制度所称舆情包括： （一）报刊、电视、网络等媒体对公司进行的负面报道、不实报道； （二）社会上存在的已经或将给公司造成不良影响的传言或信息； （三）可能或者已经影响社会公众投资者投资取向，造成股价异常波动的信 息； （四）其他涉及公司信息披露且可能对公司股票及其衍生品交易价格产生较 大影响的事件信息。 第二章 舆情管理的组织体系及其工作职责 第三条 公司应对各类舆情实行统一领导、统一组织、快速反应、协同应对。 第四条 公司成立应对舆情管理工作领导小组（以下简称"舆情工作组"）， 由公司董事长任组长，董事会秘书任副组长，成员由公司其他高级管理人员及相 关职能部门负责人组成。 第五条 舆情工作组是公司应对各类舆 ...