| 证券代码：605007 | 证券简称：五洲特纸 | 公告编号：2024-084 | | --- | --- | --- | | 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 2023 年限制性股票激励计划（草案）》等相 关公告。 2、2023 年 6 月 22 日，公司在上海证券交易所网站（www.sse.com.cn）披露 了《五洲特种纸业集团股份有限公司关于独立董事公开征集投票权的公告》（公 告编号：2023-065），根据公司其他独立董事的委托，独立董事王琰女士作为征 集人，就 2023 年第二次临时股东大会审议的 2023 年限制性股票激励计划相关议 五洲特种纸业集团股份有限公司 关于回购注销部分限制性股票的公告 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"）于 2024 年 9 月 3 日召开第三届董事会第六次会议和第三届监事会第四次会议，审 议通过了《关于回购注销部分限制性股票的议案》，同意公司回购注销部分 ...

五洲特种纸业集团股份有限公司 章程 二零二四年九月 1 | 第一章 | 总则 . | | --- | --- | | 第二章 | 经营宗旨和范围 | | 第三章 | 服 () . | | 股份发行 . | 第一节 | | 第二节 | 股份增减和回购 . | | 股份转让 . | 第三节 | | 第四章 股东和股东大会 . | | | 服な | 第一节 | | 股东大会的一般规定 | 第二节 | | 股东大会的召集 | 第三节 | | 股东大会的提案与通知 . | 第四节 | | 股东大会的召开 | 第五节 | | 股东大会的表决和决议 . | 第六节 | | 第五章 董事会 ………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 25 | | | 第一节 董事 . | | | 董事会 …………………………………………………………………………………………………………………………………………………………………………………………………………………………… ...

| 证券代码：605007 | 证券简称：五洲特纸 | 公告编号：2024-082 | | --- | --- | --- | | 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 第三届监事会第四次会议决议公告 本公司监事会及全体监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、监事会会议召开情况 五洲特种纸业集团股份有限公司（以下简称"公司"）第三届监事会第四次 会议于 2024 年 9 月 3 日（星期二）在公司会议室以现场结合电子通信的方式召 开，会议通知及会议资料已于 2024 年 8 月 29 日通过电子邮件的方式送达各位监 事。本次会议应出席监事 3 名，实际出席监事 3 名，其中 1 人以电子通信方式出 席本次会议。 会议由监事会主席王晓明先生主持，董事会秘书及证券事务代表列席本次会 议。会议召开符合有关法律、法规和《公司章程》的规定。 二、监事会会议审议情况 与会监事以记名投票表决方式，审议通过了如下决议： （一）审议通过《关于 2023 年限制性股票激励计划第一个解除限售期解锁 条件成就 ...

| 证券代码：605007 | 证券简称：五洲特纸 | 公告编号：2024-083 | | --- | --- | --- | | 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 2023 年限制性股票激励计划第一个解除限售期 解锁条件成就暨上市的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 990,960 股。 本次股票上市流通总数为 990,960 股。 本次股票上市流通日期为 2024 年 9 月 10 日。 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"）于 2024 年 9 月 3 日召开第三届董事会第六次会议、第三届监事会第四次会议，均审议通 过了《关于 2023 年限制性股票激励计划第一个解除限售期解锁条件成就的议案》。 现将相关事项公告如下： 一、本激励计划限制性股票批准及实施情况 （一）本激励计划方案及履行的程序 1、2023 年 6 月 21 日，公司召开第二 ...

五洲特种纸业集团股份有限公司 除上述条款修订外，《公司章程》其他条款内容不变。本次变更注册资本、 修订《公司章程》并办理工商变更登记事项尚需提交公司 2024 年第四次临时股 | 证券代码：605007 | 证券简称：五洲特纸 | 公告编号：2024-085 | | --- | --- | --- | | 债券代码：111002 | 债券简称：特纸转债 | | 关于变更注册资本、修订《公司章程》并办理工商变 更登记的公告 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"）于 2024 年 9 月 3 日召 开第三届董事会第六次会议，审议通过了《关于变更注册资本、修订<公司章程> 并办理工商变更登记的议案》。 因公司回购注销部分限制性股票，根据《中华人民共和国公司法》《中华人 民共和国证券法》《上市公司章程指引》及《上海证券交易所股票上市规则》等 相关法律、行政法规规定，以及公司实际情况，公司拟对《公司章程》相应条款 进行修订，具体如下： | 公司章程修订前后对照表 | | | | ...

国浩律师（杭州）事务所 补充法律意见书（四） 国浩律师（杭州）事务所 关 于 五洲特种纸业集团股份有限公司 向特定对象发行股票 之 补充法律意见书（四） 地址：杭州市上城区老复兴路白塔公园 B 区 2 号、15 号国浩律师楼 邮编：310008 Grandall Building, No.2＆No.15, Block B, Baita Park, Old Fuxing Road, Hangzhou, Zhejiang 310008, China 电话/Tel: (+86)(571) 8577 5888 传真/Fax: (+86)(571) 8577 5643 电子邮箱/Mail：grandallhz@grandall.com.cn 网址/Website：http://www.grandall.com.cn 二〇二四年八月 | 一、本次发行的批准和授权 | 4 | | --- | --- | | 二、发行人本次发行的主体资格 | 4 | | 三、本次发行的实质条件 | 5 | | 四、发行人的设立 | 8 | | 五、发行人的独立性 | 8 | | 六、发起人和股东 | 8 | | 七、发行人的股本及演变 | ...

五洲特种纸业集团股份有限公司 2024年第三次临时股东大会会议资料 五洲特种纸业集团股份有限公司 | 2024 年第三次临时股东大会会议议程 1 | | --- | | 2024 年第三次临时股东大会会议须知 3 | | 议案一、关于修订《公司章程》及《股东大会议事规则》的议案 4 | 五洲特种纸业集团股份有限公司 2024年第三次临时股东大会会议资料 五洲特种纸业集团股份有限公司 2024 年第三次临时股东大会会议议程 会议召开方式：现场会议和网络投票相结合 2024 年 9 月 五洲特种纸业集团股份有限公司 2024年第三次临时股东大会会议资料 五洲特种纸业集团股份有限公司 2024 年第三次临时股东大会会议资料目录 现场会议时间：2024年9月2日（星期一）14点00分 网络投票时间：2024年9月2日 2024年第三次临时股东大会会议资料 1、采用上海证券交易所网络投票系统（http://vote.sseinfo.com），通过交易 系统投票平台的投票时间为股东大会召开当日的交易时间段，即9:15-9:25， 9:30-11:30，13:00-15:00； 2、通过互联网投票平台的投票时间为股东大会召 ...

Group 1: Operational Performance - In the first half of 2024, the company's total sales reached 566,000 tons, an increase of approximately 140,000 tons or 33% compared to the same period last year [3] - Main business revenue for the first half of 2024 was 3.42 billion yuan, reflecting a year-on-year growth of 22% driven by increased sales [3] - The average cost per ton decreased by 13.7% year-on-year, leading to a significant improvement in gross profit margin and a turnaround from loss to profit [3] Group 2: Production and Cost Management - The company has successfully implemented cost reduction measures, with ongoing management of production and procurement to optimize costs [3] - As of now, two production lines in Hubei have commenced operations, with five additional paper production lines under construction expected to launch between Q3 2024 and Q4 2025 [3] - The focus for the second half of 2024 includes inventory management in response to wood pulp price changes and gradual realization of cost savings from the chemical pulp production line [4] Group 3: Market Outlook and Strategy - The company aims to achieve an annual sales target of 1.2 million tons, with current market conditions showing stability in food-grade paper prices and resilience in consumer paper prices [3][4] - The strategic focus includes horizontal product expansion and vertical integration in the pulp and paper sector, leveraging the capabilities of both Hubei and Jiangxi bases [5] - Future production lines include a 250,000-ton industrial packaging paper line and a 70,000-ton decorative paper line in Hubei, along with a 150,000-ton cultural paper line in Jiangxi [5] Group 4: Industry Trends and Competitive Landscape - The paper industry is currently undergoing a strategic transformation, with expectations of increased concentration and competitive pressure on smaller enterprises [5] - The company remains committed to its strategic direction amidst the entry of large enterprises into the specialty paper market, emphasizing its unique positioning [5]

Investment Rating - The report maintains a rating of "Buy" for the company [4][10]. Core Views - The company's performance meets expectations, with cost reductions expected to be released in the second half of the year, and sufficient capacity reserves indicating a clear growth logic [2]. - The company is projected to achieve earnings per share (EPS) of 1.37, 1.75, and 2.09 CNY for 2024, 2025, and 2026 respectively, with a target price raised to 19.20 CNY based on a 14x price-to-earnings (PE) ratio for 2024 [2][4]. Financial Summary - **Revenue**: - 2022A: 5,962 million CNY - 2023A: 6,519 million CNY - 2024E: 7,888 million CNY (21.0% increase) - 2025E: 9,545 million CNY (21.0% increase) - 2026E: 11,263 million CNY (18.0% increase) [2][9] - **Net Profit (Attributable to Parent)**: - 2022A: 205 million CNY - 2023A: 273 million CNY (33.0% increase) - 2024E: 554 million CNY (102.9% increase) - 2025E: 707 million CNY (27.6% increase) - 2026E: 844 million CNY (19.4% increase) [2][9] - **Earnings Per Share (EPS)**: - 2022A: 0.51 CNY - 2023A: 0.68 CNY - 2024E: 1.37 CNY - 2025E: 1.75 CNY - 2026E: 2.09 CNY [2][9] - **Return on Equity (ROE)**: - 2022A: 9.3% - 2023A: 11.3% - 2024E: 19.6% - 2025E: 21.2% - 2026E: 21.4% [2][9] - **Price-to-Earnings Ratio (PE)**: - 2022A: 22.54 - 2023A: 16.95 - 2024E: 8.35 - 2025E: 6.54 - 2026E: 5.48 [2][9] Capacity and Production Insights - The company achieved a sales volume of 565,000 tons of mechanical paper in the first half of 2024, a year-on-year increase of 32.8%, with significant contributions from food packaging and cultural paper [2]. - The company has a total production capacity exceeding 2.39 million tons across its three major paper-making bases, which helps stabilize its operations against industry cyclicality [2][4]. Market Position and Expansion - The company is expanding its product matrix through acquisitions and self-built bases, enhancing its product diversification [2]. - The first phase of the northern base construction is nearly complete, marking the entry of industrial packaging paper products into the company's portfolio [2]. Target Price and Valuation - The target price has been adjusted to 19.20 CNY, reflecting the company's growth potential and valuation premium due to its multi-category expansion strategy [2][4].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 17.47 CNY per share, based on a 13x PE for 2024 [3][6]. Core Insights - The company reported a revenue of 3.431 billion CNY for the first half of 2024, representing a year-on-year increase of 20.76%, and a net profit attributable to shareholders of 232 million CNY, up 2013.39% year-on-year. In Q2 2024, revenue was 1.705 billion CNY, a 7.71% increase year-on-year, with a net profit of 99 million CNY, up 457.68% year-on-year, aligning with expectations [1][2]. - Profitability in Q2 2024 faced temporary pressure, with a gross margin of 11.24%, up 4.49 percentage points year-on-year but down 1.72 percentage points quarter-on-quarter. The net profit margin was 5.84%, up 4.72 percentage points year-on-year but down 1.98 percentage points quarter-on-quarter. The company anticipates price pressures on terminal food cardboard and the impact of high-priced pulp, but expects to improve profitability in H2 2024 through price increases, production of self-made pulp, and enhanced cost control [1][2]. - The company's core product output and sales showed stable growth, with a production volume of 580,800 tons of mechanical paper in H1 2024, a year-on-year increase of 20.57%, and sales of 566,100 tons, up 32.82% year-on-year. The company has diversified its product offerings, supporting future growth [1][2]. - The integration of pulp and paper production continues to advance, with 15 production lines established and a total designed capacity of 2.096 million tons. The company’s self-owned pulp line in Jiangxi has started production, aiding in cost reduction and smoothing out industry cycles [1][2]. Financial Summary - The company is projected to achieve net profits of 540 million CNY, 710 million CNY, and 840 million CNY for the years 2024, 2025, and 2026, respectively. The expected revenue growth rates are 21.6% for 2024, 26.8% for 2025, and 15.3% for 2026 [2][8]. - The report indicates an EBITDA of 541 million CNY for 2023, with projections of 621 million CNY for 2024, 1.032 billion CNY for 2025, and 1.516 billion CNY for 2026 [2][8].