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]

| 证券代码：605007 | 证券简称：五洲特纸 | 公告编号：2025-073 | | --- | --- | --- | | 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 重要内容提示： 因五洲特种纸业集团股份有限公司（以下简称"公司"或"本公司"）回购注销 2023 年限制性股票激励计划部分限制性股票，需调整"特纸转债"转股价格,本公司的 相关证券停复牌情况如下： | 证券代码 | 证券简称 | 停复牌类型 | 停牌起始日 | 停牌 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | | | | | 期间 | | | | 111002 | 特纸转债 | 可转债转股停牌 | 2025/11/10 | 全天 | 2025/11/10 | 2025/11/11 | 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 ...

Group 1: Industry Overview - The number of enterprises in the paper and paper products industry reached 8,131 as of January to September 2025, an increase of 182 compared to the same period last year, representing a year-on-year growth of 2.29% [1] - The proportion of the paper and paper products industry enterprises in the total industrial enterprises is 1.56% [1] Group 2: Company Listings - Listed companies in the paper industry include: Chenming Paper (000488), Kane Co. (002012), Jingxing Paper (002067), Sun Paper (002078), Annie Co. (002235), Qifeng New Materials (002521), Qingshan Paper (600103), Minfeng Special Paper (600235), Huatai Co. (600308), Yueyang Forest Paper (600963), Bohui Paper (600966), Rongsheng Environmental Protection (603165), Xianhe Co. (603733), Songyang Resources (603863), Wuzhou Special Paper (605007), Huawang Technology (605377), and Forest Packaging (605500) [1] Group 3: Research Report - The report titled "Analysis of Development Models and Market Operation Potential of China's Paper Industry from 2026 to 2032" was published by Zhiyan Consulting [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research reports, business plans, feasibility studies, and customized services [2]

Group 1 - The paper sector experienced a slight increase of 0.02% on November 7, with Sun Paper leading the gains [1] - The Shanghai Composite Index closed at 3997.56, down 0.25%, while the Shenzhen Component Index closed at 13404.06, down 0.36% [1] - Key stocks in the paper sector showed varied performance, with Sun Paper closing at 14.71, up 2.22%, and other notable stocks like Xianhe Co. and Guanmeng High-tech also showing positive gains [1] Group 2 - The paper sector saw a net outflow of 156 million yuan from institutional investors, while retail investors contributed a net inflow of 215 million yuan [2] - The trading volume and turnover for various stocks in the paper sector varied significantly, with Sun Paper leading in both volume and turnover [2] - Specific stocks like Songyang Resources and Laifeng Co. experienced significant declines, with Songyang Resources down 5.01% [2] Group 3 - Sun Paper had a net inflow of 82.83 million yuan from institutional investors, while it faced outflows from retail and speculative investors [3] - Other stocks like Bohui Paper and Guanmeng High-tech also showed mixed net inflows and outflows from different investor categories [3] - The overall sentiment in the paper sector appears to be cautious, with significant net outflows from institutional and speculative investors [3]

Core Viewpoint - The company has decided to repurchase and cancel 1,173,900 shares of restricted stock due to the termination of employment of three incentive targets and the failure of 107 incentive targets to meet performance assessment criteria for the year 2024 [2][3][6]. Group 1: Reasons for Repurchase and Cancellation - The repurchase and cancellation of restricted stock is based on the company's 2023 Restricted Stock Incentive Plan, which stipulates that if incentive targets lose their eligibility due to termination of employment or fail to meet performance targets, their unvested shares will be repurchased [2][6][7]. - Specifically, three incentive targets have left the company, and 107 others did not meet the performance criteria, leading to the decision to cancel their unvested shares [2][3][8]. Group 2: Details of the Repurchase - The decision to repurchase was approved in meetings held on August 19, 2025, by the company's board and supervisory board [3][4]. - The repurchase will result in a reduction of the company's registered capital, and creditors have a 30-day period to request debt repayment or guarantees after being notified [4][5]. - The repurchase involves 110 individuals, including senior management and key personnel, totaling 1,173,900 shares, leaving 1,152,900 shares remaining under the incentive plan [8][9]. Group 3: Impact on Share Structure - Following the repurchase, the company's share capital structure will change, with the total number of shares decreasing from 476,901,414 to 475,727,514 [10][12]. - The repurchase will also affect the shareholding ratios of major shareholders, with specific changes to be detailed post-repurchase [11][12]. Group 4: Legal Compliance and Commitments - The company has confirmed that the decision-making process and information disclosure comply with relevant laws and regulations, ensuring no harm to the rights of incentive targets or creditors [12][13][14]. - A legal opinion has been obtained confirming that all necessary procedures have been followed for the repurchase and cancellation of shares [14].

Group 1 - The core point of the article is that Wuzhou Special Paper announced the repurchase and cancellation of 1,173,900 shares of restricted stock due to the disqualification of 110 incentive targets from the 2023 restricted stock incentive plan [1] Group 2 - Three incentive targets have had their labor contracts terminated and are no longer eligible for the incentive plan [1] - 107 incentive targets failed to meet the performance assessment for the 2024 fiscal year, resulting in the second release condition not being fulfilled [1] - The cancellation date for the repurchased shares is set for November 6, 2025 [1]

| 证券代码：605007 | 证券简称：五洲特纸 | 公告编号：2025-072 | | --- | --- | --- | | 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： 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，因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"）2023 年限制性股票激励计划（以下简称"本激励计划"） 的 3 名激励对象与公司已解除劳动关系，不再具备激励资格；以及 107 名激励对 象因公司 2024 年度业绩考核未达标，第二个解除限售期条件未成就，公司董事 会审议决定对上述涉及的 110 名激励对象已获授但尚未解除限售的 1,173,900 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） ...

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 2023 年限制性股票激励计划 调整回购价格及回购注销部分限制性股票 之 法律意见书 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 二〇二五年八月 国浩律师（杭州）事务所 法律意见书 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 2023 年限制性股票激励计划 调整回购价格及回购注销部分限制性股票之 法律意见书 致： 根据五洲特种纸业集团股份有限公司（以下简称"五洲特纸"、"公司"）与 国浩律师（杭州）事务所（以下简称"本所" ...