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].

Summary of Conference Call for Wuzhou Special Paper Company Overview - **Company**: Wuzhou Special Paper - **Date of Call**: August 17, 2024 Key Points Industry and Market Dynamics - The paper industry is currently experiencing a strategic transformation, with companies focusing on expanding product boundaries and increasing market share across various categories [doc id='30'][doc id='31'] - The overall market for white card paper has been under pressure due to increased supply, leading to a decline in sales prices [doc id='17'][doc id='18'] - The company anticipates a rebound in prices for white card paper as supply stabilizes and demand improves [doc id='18'][doc id='21'] Financial Performance - The gross profit decreased by approximately 31 million due to rising costs and a reduction in production volume by 4,000 tons [doc id='1'] - The average cost of wood pulp increased by 7.4% from the previous quarter, impacting overall profitability [doc id='1'] - The company reported a sales target of 1.2 million tons for the year, with expectations to sell 163,000 tons in the second half [doc id='15'] Cost Management Strategies - The company is implementing cost reduction and efficiency improvement measures, focusing on production efficiency and procurement strategies [doc id='2'][doc id='5'] - Efforts are being made to reduce the proportion of high-cost chemical pulp in favor of lower-cost mechanical pulp [doc id='3'] - The company has controlled procurement volumes, particularly for high-priced long-term contracts, in anticipation of further price declines [doc id='5'] New Production Capacity - New production lines in Hubei are expected to contribute over 200,000 tons in sales this year, with several lines already in trial production [doc id='6'][doc id='10'] - The company is also optimizing its chemical pulp production line, aiming for cost parity with imported pulp [doc id='7][doc id='8'] Future Outlook - The company expects to see a rebound in profitability in the fourth quarter, following a projected low in the third quarter due to high costs [doc id='25'][doc id='26'] - The overall industry is expected to see increased concentration as smaller players exit the market, leading to improved pricing power for larger companies [doc id='34'][doc id='36'] Export and Market Expansion - The company has seen a significant increase in exports, with approximately 14% of total sales coming from international markets [doc id='62'][doc id='63'] - The export of specialty papers, particularly to Europe, is expected to grow due to shifts in demand following geopolitical events [doc id='48'] Capital Expenditure and Funding - The company has invested over 2 billion in new production capacity and plans to continue capital expenditures into the next year [doc id='60'] - Funding sources include bank loans and a directed issuance of shares amounting to 850 million, which is nearing completion [doc id='60'] Additional Insights - The company is focusing on maintaining a balance between production costs and sales prices, with a keen eye on market trends and consumer demand [doc id='27'][doc id='24'] - The management emphasizes the importance of strategic planning and operational efficiency to navigate the current market challenges [doc id='30'][doc id='31'] This summary encapsulates the key insights and strategic directions discussed during the conference call, highlighting the company's performance, market conditions, and future outlook.

五洲特种纸业集团股份有限公司 | 证券代码：605007 | 证券简称：五洲特纸 | 公告编号：2024-076 | | --- | --- | --- | | 债券代码：111002 | 债券简称：特纸转债 | | 关于召开 2024 年第三次临时股东大会的通知 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、 召开会议的基本情况 召开的日期时间：2024 年 9 月 2 日 14 点 00 分 召开地点：浙江省衢州市东港四路 1 号二楼会议室 股东大会召开日期：2024年9月2日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (一) 股东大会类型和届次 2024 年第三次临时股东大会 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 二、 会议审议事项 本次股东大会审议议案及投票股东 ...

| 证券代码：605007 | 证券简称：五洲特纸 | 公告编号：2024-071 | | --- | --- | --- | | 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 第三届董事会第四次会议决议公告 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。 一、董事会会议召开情况 五洲特种纸业集团股份有限公司（以下简称"公司"）第三届董事会第四次 会议于 2024 年 8 月 15 日（星期四）在公司会议室以现场结合电子通信的方式召 开。会议通知和会议补充通知、会议资料分别于 2024 年 8 月 5 日和 2024 年 8 月 10 日通过电子邮件的方式送达各位董事。本次会议应出席董事 7 人，实际出席 董事 7 人，其中 5 人以电子通信方式出席本次会议。 会议由董事长赵磊先生主持，公司全体监事、高级管理人员列席本次会议。 会议召开符合有关法律、法规和《公司章程》的规定。 二、董事会会议审议情况 与会董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 2024 年半年 ...

五洲特种纸业集团股份有限公司 关于选举第三届董事会副董事长的公告 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 8 月 15 日 召开第三届董事会第四次会议，审议通过了《关于选举第三届董事会副董事长的 议案》。 为进一步完善公司治理结构，加强公司规范运作，提高公司董事会运作水平， 根据《中华人民共和国公司法》《上海证券交易所股票上市规则》等法律法规、 规范性文件和《公司章程》的规定，选举董事赵晨佳女士（个人简历详见附件） 为公司第三届董事会副董事长。任期自公司 2024 年第三次临时股东大会审议通 过《关于修订<公司章程>及<股东大会议事规则>的议案》之日起至第三届董事 会届满为止。 特此公告。 五洲特种纸业集团股份有限公司董事会 2024 年 8 月 16 日 | 证券代码：605007 | 证券简称：五洲特纸 | 公告编号：2024-075 | | --- | --- | --- | | 债券代码：111002 | 债券简称：特纸转债 | | 1 附件： ...

| 证券代码：605007 | 证券简称：五洲特纸 | 公告编号：2024-078 | | --- | --- | --- | | 债券代码：111002 | 债券简称：特纸转债 | | 经公司第三届董事会第五次会议审议通过，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 2024 年 8 月 16 日至 2024 年 11 月 15 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 2024 年 11 月 16 日起重新计算，若再次触发"特纸转债"转股 价格向下修正条款，届时公司董事会将再次召开会议决定是否行使"特纸转债" 转股价格向下修正权利。 一、可转换公司债券基本情况 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，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 67,0 ...

公司在上述期限内不能召开股东大会的，将报告中国证券监督管理委员会 （以下简称"中国证监会"）浙江证监局和上海证券交易所，说明原因并公告。 五洲特种纸业集团股份有限公司 股东大会议事规则 第一章 总则 第一条 为规范公司行为，保证股东大会依法行使职权，根据《中华人民共 和国公司法》（以下简称"《公司法》"）《中华人民共和国证券法》（以下简 称"《证券法》"）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》"）的规定，制定本规则。 第二条 公司应当严格按照法律、行政法规、本规则及《公司章程》的相关 规定召开股东大会，保证股东能够依法行使权利。 公司董事会应当切实履行职责，认真、按时组织股东大会。公司全体董事应 当勤勉尽责，确保股东大会正常召开和依法行使职权。 第三条 股东大会应当在《公司法》和《公司章程》规定的范围内行使职权。 第四条 股东大会分为年度股东大会和临时股东大会。年度股东大会每年召 开一次，应当于上一会计年度结束后的6个月内举行。临时股东大会不定期召开， 出现《公司法》第一百条规定的应当召开临时股东大会的情形时，临时股东大会 应当在2个月内召开。 第五条 公司召开股东大会，应当聘请律师 ...

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 …………………………………………………………………………………………………………………………………………………………………………………………………………………………… ...