Core Points - Wuzhou Special Paper (605007.SH) announced a reduction in shareholding by a significant shareholder, Lin Wanming, who reduced his stake by 616,200 shares from November 3 to November 17, 2025 [1] - Following this transaction, the combined shareholding of the company's controlling shareholders and their concerted actors decreased from 82.13% to 82.00%, reaching a 1% threshold [1] Summary by Category Shareholding Changes - Lin Wanming, a concerted actor of the controlling shareholder, reduced his shareholding by 616,200 shares through centralized bidding [1] - The overall shareholding percentage of the controlling shareholders and their concerted actors decreased from 82.13% to 82.00% [1]

| 证券代码：605007 | 证券简称：五洲特纸 | 公告编号：2025-075 | | --- | --- | --- | | 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 关于控股股东、实际控制人及其一致行动人权益变动 触及 1%刻度的提示性公告 公司控股股东、实际控制人及其一致行动人保证向本公司提供的信息真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 注：因五洲特种纸业集团股份有限公司（以下简称"公司"）于 2025 年 11 月 7 日收到中国证券登记结算有限责任公司上海分公司出具的《证券变更登记证 明》，公司 2023 年限制性股票激励计划中 1,173,900 股限制性股票已完成注销， 公司总股本由 476,901,414 股变更为 475,727,514 股，本次信息披露义务人及其一 致行动人合计持有公司的股份比例由 81.99%变更为 82.13%。具体内容详见公司 于 2025 年 11 月 4 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 ...

Group 1 - The core point of the article is that the controlling shareholder and actual controller of Wuzhou Special Paper have reduced their equity stake, but this does not trigger a mandatory tender offer or change in control [1] - On November 3-17, 2025, a concerted action party, Lin Wanming, reduced his holdings by 616,200 shares through centralized bidding [1] - Following this reduction, the total shareholding ratio of the concerted action party decreased from 82.13% to 82.00% [1] Group 2 - The reduction in shareholding is part of a planned divestment and does not require the disclosure of an equity change report [1] - The company will urge the concerted action party to comply with regulations regarding the reduction and to disclose information in a timely manner [1]

Market Overview - The paper sector experienced a decline of 0.34% on November 17, with Songyang Resources leading the drop [1] - The Shanghai Composite Index closed at 3972.03, down 0.46%, while the Shenzhen Component Index closed at 13202.0, down 0.11% [1] Individual Stock Performance - Qing Shan Paper (600103) saw an increase of 2.39% in its closing price at 4.29, with a trading volume of 314.05 million shares [1] - Changxing Wanye (002067) rose by 2.01% to close at 6.10, with a trading volume of 141.35 million shares [1] - Songyang Resources (603863) experienced the largest decline, falling by 5.52% to 18.99, with a trading volume of 129,800 shares [2] Capital Flow Analysis - The paper sector had a net outflow of 131 million yuan from institutional investors, while retail investors saw a net inflow of 53.63 million yuan [2] - Institutional investors showed a net inflow of 77.70 million yuan from speculative funds [2] Detailed Capital Flow for Selected Stocks - Qing Shan Paper had a net inflow of 32.01 million yuan from institutional investors, while retail investors had a net outflow of 50.99 million yuan [3] - Yueyang Lin Paper (600963) recorded a net inflow of 14.03 million yuan from institutional investors, with retail investors also experiencing a net outflow of 6.29 million yuan [3] - Songyang Resources had a significant net outflow of 25.36 million yuan from institutional investors [3]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The report analyzes the supply, demand, cost, profit, price, and other aspects of offset printing paper. It shows that the production of offset printing paper is expected to increase slightly next week, with stable demand and inventory likely to accumulate. The cost of offset printing paper has risen due to raw material price increases, and production profit is expected to decline. If the price increase is successfully implemented, it may offset the cost increase. In the short - term, the fundamentals show no significant changes. If the price increase is implemented, appropriate long positions can be established at low prices, but risk control should be noted. 3. Summary by Directory Part 1: Offset Printing Paper Overview - **Supply - Demand - Inventory**: Domestic production in the week of 2025/11/7 was 20.80 million tons, a week - on - week increase of 0.20 million tons. The capacity utilization rate was 53.40%, a week - on - week decrease of 0.40%. The monthly import volume was 1.10 million tons, a month - on - month decrease of 0.79 million tons. The weekly apparent demand was 19.60 million tons, a week - on - week increase of 3.00 million tons. The monthly export volume was 5.60 million tons, a month - on - month decrease of 0.08 million tons. Domestic demand was 84.05 million tons, a month - on - month decrease of 3.84 million tons. Enterprise inventory, social inventory, and total spot inventory all increased, with the total inventory reaching 189.50 million tons. It is expected that the production of the double - offset paper industry will continue to increase, about 21.0 million tons next week, and the demand will remain stable, with inventory likely to accumulate [6]. - **Price**: The ex - factory delivery prices of major brands remained unchanged compared to the previous period, but were lower than the same period last year. It is reported that due to the increase in raw material prices, the intended price increase of double - offset paper is 100 yuan/ton, waiting for implementation. The market self - pick - up prices also remained unchanged compared to the previous period but were lower than the same period last year. The futures prices of OP2601 and OP2603 showed an upward trend compared to the previous period, and the futures market is expected to fluctuate or fluctuate strongly [8]. - **Spread and Basis**: The spread between ex - factory and self - pick - up prices remained stable, and the futures spread between 1 - 3 contracts was expected to remain stable. The basis of some brands was expected to weaken. Seasonally, January is a small peak season for spring teaching and auxiliary textbook tenders, and March is a traditional peak season [10]. - **Cost and Profit**: The raw material costs of major pulp types decreased compared to the same period last year but remained unchanged compared to the previous period. The total production cost decreased compared to the same period last year but remained unchanged compared to the previous period. The production profit decreased compared to the same period last year and is expected to decline mainly due to the increase in raw material prices and the difficulty in raising the price of finished products. If the price increase is successful, it may cover the cost increase [12]. - **Strategy Recommendation**: In the industrial chain, the spot price is stable, and transactions are based on rigid demand. In the short - term, the fundamentals show no significant changes. If the price increase is implemented, appropriate long positions can be established at low prices, but risk control should be noted [14]. Part 2: Offset Printing Paper Balance Sheet The balance sheet shows the monthly supply, demand, inventory, and other data of double - offset paper from 2024 to 2025. In 2025, the cumulative import volume, production, total supply, domestic demand, total demand, etc. showed different trends compared to 2024. For example, in January 2025, the cumulative import volume decreased by 18.05% year - on - year, and the production decreased by 10.87% year - on - year [16]. Part 3: Offset Printing Paper Supply - Demand Analysis - **Supply - Production Situation**: In 2025, a total of 140 million tons of cultural paper production capacity has been put into operation, and 225 million tons are yet to be put into operation, mostly in the third quarter. In 2026, the planned production capacity to be put into operation is 120 - 140 million tons. Major companies such as Nine Dragons Paper, Chenming Paper, and Sun Paper have new production capacity plans or capacity resumption plans [18]. Part 4: Offset Printing Paper Cost - Profit - **Raw Material Cost**: The raw material costs of major pulp types such as Ural Needle, Moon, and Goldfish decreased compared to the same period last year but remained unchanged compared to the previous period [12]. - **Profit**: The production profit decreased compared to the same period last year and is expected to decline mainly due to the increase in raw material prices and the difficulty in raising the price of finished products. If the price increase is successful, it may cover the cost increase [12]. Part 5: Offset Printing Paper Price and Spread Analysis - **Spot Quotation**: The ex - factory delivery prices and market self - pick - up prices of major brands remained unchanged compared to the previous period but were lower than the same period last year. It is reported that due to the increase in raw material prices, the intended price increase of double - offset paper is 100 yuan/ton, waiting for implementation [8]. - **Futures - Spot Basis**: The basis of some brands is expected to weaken [10]. - **OP Main Contract Seasonal Chart and Inter - Month Spread**: Seasonally, January is a small peak season for spring teaching and auxiliary textbook tenders, and March is a traditional peak season. The futures spread between 1 - 3 contracts is expected to remain stable [10].

Market Overview - The paper sector experienced a decline of 0.27% on November 12, with Jingxing Paper leading the drop [1] - The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1] Individual Stock Performance - Notable gainers included Bohui Paper, which rose by 3.32% to a closing price of 5.92, with a trading volume of 419,400 shares and a transaction value of 244 million yuan [1] - Other gainers included Sun Paper with a 0.72% increase, closing at 15.42, and Kain Co. with a 0.50% increase, closing at 6.02 [1] - Decliners included Zhi Xing Paper, which fell by 3.28% to 5.89, and Yibin Paper, down 1.90% to 23.18 [2] Capital Flow Analysis - The paper sector saw a net outflow of 241 million yuan from institutional investors, while retail investors contributed a net inflow of 261 million yuan [2][3] - The data indicates that while institutional investors withdrew funds, retail investors were actively buying into the sector [2][3] Detailed Capital Flow for Selected Stocks - Bohui Paper had a net inflow of 31.14 million yuan from institutional investors, while it faced a net outflow of 33.86 million yuan from retail investors [3] - Hengfeng Paper experienced a small net inflow of 1.52 million yuan from institutional investors, with retail investors contributing a net inflow of 273,600 yuan [3] - Other stocks like Kain Co. and Huawang Technology saw significant net outflows from institutional investors, indicating a cautious sentiment among larger players [3]

Core Points - The company has provided guarantees for its subsidiaries, specifically for import business and credit facilities, totaling up to 278.90 million yuan [1][2][12] - The guarantees are within the approved limit set by the shareholders' meeting, which allows for a maximum guarantee amount of 7 billion yuan for the year 2025 [2][3] Group 1: Guarantee Details - The company signed an irrevocable joint guarantee for 78.90 million yuan for its subsidiary, Wuzhou Special Paper (Hubei), in an import contract with Sumida International Trade Co., Ltd [1][11] - A joint liability guarantee of up to 200 million yuan was provided for Wuzhou Special Paper (Jiangxi) in a credit agreement with China Everbright Bank [1][12] Group 2: Internal Decision-Making Process - The company held board and supervisory meetings in April and May 2025 to approve the guarantee limits for the year, ensuring compliance with internal governance [3] Group 3: Necessity and Reasonableness of Guarantees - The guarantees are deemed necessary to support the normal operations of the subsidiaries and enhance overall financing efficiency, aligning with the company's strategic interests [8] Group 4: Cumulative Guarantee Situation - As of the announcement date, the total external guarantees provided by the company and its subsidiaries amounted to 7752.26 million yuan, which is 219.54% of the latest audited net assets attributable to shareholders [9]

Core Viewpoint - The paper industry sector experienced a slight increase of 0.32% on November 11, with Yibin Paper leading the gains, while the overall market indices showed declines [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 4002.76, down 0.39%, and the Shenzhen Component Index closed at 13289.0, down 1.03% [1]. - Yibin Paper's stock price rose by 1.94% to 23.63, with a trading volume of 54,200 shares and a transaction value of 128 million yuan [1]. Group 2: Individual Stock Performance - Other notable performers included Minfeng Special Paper, which increased by 1.26% to 7.25, and Huatai Co., which rose by 1.19% to 4.25 [1]. - Qing Shan Paper and Rongsheng Environmental saw increases of 0.98% and 0.82%, respectively, with transaction values of 20.23 billion yuan and 44.36 million yuan [1]. Group 3: Capital Flow - The paper sector saw a net outflow of 354 million yuan from institutional investors, while retail investors contributed a net inflow of 353 million yuan [2]. - The capital flow data indicates that Yibin Paper had a net inflow of 11.48 million yuan from retail investors, despite a net outflow from institutional investors [3].

| 证券代码：605007 | 证券简称：五洲特纸 | 公告编号：2025-074 | | --- | --- | --- | | 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： 担保对象及基本情况 | | 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）"） | | --- | --- | --- | | | 本次担保金额 | 7,890.12 万元 | | 担保对象 | 实际为其提供的担保余额 | 万元 148,400.00 | | 一 | | | | | 是否在前期预计额度内 | □否 ☑是 □不适用：_________ | | | 本次担保是否有反担保 | 是 ☑否 □不适用：_________ | | 担保对象 | 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 | 20,000.00 万元 ...

Core Points - Wuzhou Special Paper announced the repurchase and cancellation of part of the restricted stock incentive plan for 2023, necessitating an adjustment to the conversion price of "Special Paper Convertible Bonds" [2] - The conversion price was adjusted from 13.63 yuan per share to 13.65 yuan per share, effective from November 11, 2025 [2]