Group 1 - The core viewpoint of the article highlights the growth in the number of enterprises in the paper and paper products industry in China, with a total of 8,107 enterprises reported from January to July 2025, marking an increase of 190 enterprises or 2.4% year-on-year [1] - The proportion of the paper and paper products industry enterprises in relation to the total number of industrial enterprises stands at 1.56% [1] - The data indicates a shift in the criteria for scale enterprises, with the threshold for annual main business income raised from 5 million yuan to 20 million yuan since 2011 [1] Group 2 - The report referenced is the "2025-2031 China Paper Industry Market Survey Research and Development Prospects Report" 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] - The firm emphasizes its commitment to providing comprehensive industry solutions to empower investment decisions through professional insights and market acumen [2]

东方证券股份有限公司关于仙鹤股份有限公司 不提前赎回"鹤 21 转债"的核查意见 东方证券股份有限公司（以下简称"保荐机构"） 作为仙鹤股份有限公司 （以下简称"仙鹤股份"或"公司"） 2021 年公开发行可转换公司债券的保荐 机构，根据《证券发行上市保荐业务管理办法》《上海证券交易所股票上市规则》 《可转换公司债券管理办法》和《上海证券交易所上市公司自律监管指引第 12 号——可转换公司债券》 等有关规定，对仙鹤股份本次不提前赎回"鹤 21 转 债"事项进行了审慎核查，并发表如下核查意见： 一、可转债发行上市概况 （一）可转债发行情况 经中国证券监督管理委员会《关于核准仙鹤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]3200 号）核准，仙鹤股份有限公司（以下简 称"公司"）于 2021 年 11 月 17 日公开发行了 2,050 万张可转换公司债券，每张 面值为人民币 100 元，发行总额为人民币 20.50 亿元，期限 6 年。票面利率为第 一年 0.3%、第二年 0.5%、第三年 1.0%、第四年 1.5%、第五年 1.8%、第六年 （二）可转债上市情况 经上海证券交易所自律监管 ...

Core Viewpoint - The company has decided not to exercise the early redemption rights for the "He 21 Convertible Bonds" despite triggering the conditional redemption clause due to stock price performance [1][5][6]. Summary by Sections 1. Convertible Bond Issuance Overview - The company issued "He 21 Convertible Bonds" amounting to 2.05 billion yuan on November 17, 2021, with a maturity of 6 years and a tiered interest rate starting from 0.3% in the first year [2]. - The bonds were listed on the Shanghai Stock Exchange on December 9, 2021 [2]. 2. Redemption Clause and Triggering Conditions - The redemption clause allows the company to redeem the bonds if the stock price exceeds 130% of the conversion price for at least 15 out of 30 consecutive trading days or if the remaining unconverted bonds are less than 30 million yuan [5]. - From August 11, 2025, to September 2, 2025, the stock price met the criteria for triggering the redemption clause [5]. 3. Decision Against Early Redemption - On September 2, 2025, the company's board unanimously decided not to exercise the early redemption rights for the "He 21 Convertible Bonds" [6]. - The board will reassess the situation if the redemption conditions are triggered again within the next three months [6]. 4. Shareholder Actions Regarding Convertible Bonds - As of the announcement date, there are no plans from major shareholders or executives to reduce their holdings in the "He 21 Convertible Bonds" within the next six months [7]. 5. Sponsor Institution's Review - The sponsor institution confirmed that the decision not to redeem the bonds early followed necessary procedures and complies with relevant regulations and the offering prospectus [7].

股票简称：仙鹤股份 股票代码：603733 债券简称：鹤 21 转债 债券代码：113632 仙鹤股份有限公司 公开发行可转换公司债券 临时受托管理事务报告 债券受托管理人 （上海市黄浦区中山南路 119 号东方证券大厦） 二〇二五年九月 重要声明 经中国证券监督管理委员会《关于核准仙鹤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]3200 号）核准并经上海证券交易所同意，公司 获准发行可转换公司债券 205,000 万元，每张面值 100 元，共计 2,050 万张，发 行价格为 100 元/张，期限 6 年。本次发行可转换公司债券募集资金总额为人民 币 205,000 万元，扣除本次发行费用人民币 1,184.58 万元（不含增值税），募集 资金净额为人民币 203,815.42 万元。中汇会计师事务所（特殊普通合伙）于 2021 年 11 月 24 日对公司公开发行可转换公司债券的资金到位情况进行了审验，并出 具了中汇会验[2021]7734 号《仙鹤股份有限公司验资报告》。 经上海证券交易所同意，公司本次发行的可转债于 2021 年 12 月 9 日起在上 海证券交易所挂牌交易，债 ...

| 证券代码：603733 | 证券简称：仙鹤股份 | 公告编号：2025-049 | | --- | --- | --- | | 债券代码：113632 | 债券简称：鹤21转债 | | 仙鹤股份有限公司 关于不提前赎回"鹤21转债"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个别及连带责任。 重要内容提示： 仙鹤股份有限公司（以下简称"公司"）股票自 2025 年 8 月 11 日至 2025 年 9 月 2 日，已有十五个交易日的收盘价格不低于"鹤 21 转债"当期转股价格的 130% （即 24.69 元/股），根据《仙鹤股份有限公司公开发行可转换公司债券募集说明书》 （以下简称"《募集说明书》"的相关约定，已触发"鹤 21 转债"的有条件赎回条 款。 公司于 2025 年 9 月 2 日召开第四届董事会第二次会议，审议通过《关于不提 前赎回"鹤 21 转债"的议案，公司董事会决定本次不行使"鹤 21 转债"的提前赎回 权利，不提前赎回"鹤 21 转债"。 （一）可转债发行情况 经中国证券监督管理委员会《关于核准仙鹤股 ...

东方证券股份有限公司关于仙鹤股份有限公司 经上海证券交易所自律监管决定书[2021]461 号文同意，公司本次发行的 20.50 亿元可转换公司债券于 2021 年 12 月 9 日起在上海证券交易所挂牌交易， 债券简称"鹤 21 转债"， 债券代码"113632"。 （三）可转债转股价格调整情况 根据有关规定和《仙鹤股份有限公司公开发行可转换公司债券募集说明书》 （以下简称"《募集说明书》"）的约定，公司本次发行的"鹤 21 转债"自发行 结束之日（2021 年 11 月 23 日）起满 6 个月后的第一个交易日起可转换为公司 股份，转股期限为 2022 年 5 月 23 日至 2027 年 11 月 16 日。"鹤 21 转债"的初 始转股价格为 39.09 元/股，目前转股价格为 18.99 元/股。历次转股价格调整情 1 不提前赎回"鹤 21 转债"的核查意见 东方证券股份有限公司（以下简称"保荐机构"） 作为仙鹤股份有限公司 （以下简称"仙鹤股份"或"公司"） 2021 年公开发行可转换公司债券的保荐 机构，根据《证券发行上市保荐业务管理办法》《上海证券交易所股票上市规则》 《可转换公司债券管理办法 ...

证 券 研 究 报 告 仙鹤股份（603733）2025 年半年报点评 推荐（维持） 林浆纸用一体化布局完善，中长期增长动能 充沛 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 10,274 | 12,844 | 15,577 | 18,022 | | 同比增速(%) | 20.1% | 25.0% | 21.3% | 15.7% | | 归母净利润(百万) | 1,004 | 1,130 | 1,380 | 1,685 | | 同比增速(%) | 51.2% | 12.6% | 22.1% | 22.1% | | 每股盈利(元) | 1.42 | 1.60 | 1.95 | 2.39 | | 市盈率(倍) | 17 | 15 | 13 | 10 | | 市净率(倍) | 2.1 | 2.0 | 1.8 | 1.6 | 资料来源：公司公告，华创证券预测 注：股价为 2025 年 8 月 28 日收盘价 公司研究 造纸Ⅲ 2025 年 ...

Core Insights - The appreciation of the Renminbi has positively impacted certain sectors, with the Renminbi appreciation beneficiary sector rising by 0.25% compared to the previous trading day [1] - The Shanghai Composite Index closed at 3857.93, up 0.37%, while the Shenzhen Component Index closed at 12696.15, up 0.99% [1] Sector Performance - Leading the Renminbi appreciation beneficiary sector was Caesar Travel, which saw a closing price of 5.92, an increase of 10.04% with a trading volume of 1.73 million shares and a transaction value of 99.56 million [1] - Other notable performers included Tongling Nonferrous Metals with a closing price of 4.51, up 3.44%, and Sun Paper with a closing price of 15.36, up 3.09% [1] Capital Flow Analysis - The Renminbi appreciation beneficiary sector experienced a net outflow of 620 million yuan from institutional investors, while retail investors saw a net inflow of 308 million yuan [2] - The capital flow data indicates that while institutional investors withdrew funds, retail investors were more active in purchasing shares within this sector [2][3] Individual Stock Insights - Caesar Travel had a net inflow of 247 million yuan from institutional investors, but a net outflow of 99.66 million yuan from speculative funds [3] - In contrast, Tongling Nonferrous Metals experienced a net outflow of 10.02% from speculative funds, indicating a lack of interest from this investor group [3]

Market Overview - The paper sector increased by 0.71% on August 29, with Minshida leading the gains [1] - The Shanghai Composite Index closed at 3857.93, up 0.37%, while the Shenzhen Component Index closed at 12696.15, up 0.99% [1] Individual Stock Performance - Minshida (833394) closed at 46.41, up 3.83% with a trading volume of 31,400 shares and a turnover of 146 million yuan [1] - Sun Paper (002078) closed at 15.36, up 3.09% with a trading volume of 380,400 shares and a turnover of 581 million yuan [1] - Xianhe Co. (603733) closed at 25.04, up 1.83% with a trading volume of 64,300 shares and a turnover of 162 million yuan [1] - Yibin Paper (600793) closed at 25.01, up 1.42% with a trading volume of 157,500 shares and a turnover of 143 million yuan [1] - Minfeng Special Paper (600235) closed at 6.53, up 1.24% with a trading volume of 93,500 shares and a turnover of 60.53 million yuan [1] Declining Stocks - Hengfeng Paper (600356) closed at 9.62, down 4.75% with a trading volume of 174,900 shares and a turnover of 171 million yuan [2] - Songyang Resources (603863) closed at 17.98, down 4.36% with a trading volume of 92,900 shares and a turnover of 169 million yuan [2] - Kain Co. (002012) closed at 5.80, down 3.81% with a trading volume of 157,800 shares and a turnover of 92.57 million yuan [2] Capital Flow Analysis - The paper sector experienced a net outflow of 77.47 million yuan from institutional investors, while retail investors saw a net outflow of 4.38 million yuan [2] - Speculative funds had a net inflow of 81.84 million yuan [2] Key Capital Movements - Huawang Technology (605377) had a net inflow of 53.51 million yuan from institutional investors, accounting for 33.21% of its total [3] - Xianhe Co. (603733) saw a net inflow of 17.02 million yuan from institutional investors, representing 10.51% [3] - Yibin Paper (600793) had a net inflow of 11.28 million yuan from institutional investors, making up 7.88% [3]

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 29.81 CNY, while the current stock price is 24.68 CNY [6]. Core Views - The company reported a steady revenue growth in H1 2025, achieving 5.991 billion CNY, a year-on-year increase of 30.14%. However, the net profit attributable to shareholders decreased by 13.80% to 474 million CNY [2][12]. - The company's diverse product offerings, including food and medical packaging materials, daily consumer products, and electrical and industrial paper products, have driven revenue growth. The domestic and international markets both showed positive growth [3][12]. - The company is actively expanding its production capacity with new projects, including a significant investment of 11 billion CNY in a bamboo pulp and paper integration project in Sichuan [4][12]. Summary by Sections Financial Performance - In H1 2025, the company achieved a revenue of 5.991 billion CNY, with a 30.14% year-on-year growth. The net profit was 474 million CNY, down 13.80% year-on-year [2][12]. - The gross margin for H1 2025 was 13.71%, a decrease of 3.98 percentage points year-on-year, while the net margin was 7.97%, down 4.07 percentage points year-on-year [11][12]. Product and Market Analysis - The food and medical packaging materials segment saw a production volume of 169,900 tons in H1 2025, with sales volume reaching 147,300 tons, a year-on-year increase of 35.72% [3]. - The electrical and industrial paper products segment reported a sales volume of 3,600 tons, with a revenue growth of 14.63% [3]. - Domestic sales reached 5.315 billion CNY, growing by 31.59%, while international sales were 423 million CNY, up 15.40% [3]. Capacity Expansion and Future Outlook - The company has successfully launched its self-produced pulp projects in Guangxi and Hubei, with a total output of 103,000 tons of self-produced pulp and 72,800 tons of specialty paper by H1 2025 [4]. - The company plans to invest 11 billion CNY in a new bamboo pulp and paper integration project in Sichuan, aiming for an annual production capacity of 800,000 tons of bamboo pulp and 1.2 million tons of new paper materials [4][12]. - Revenue projections for 2025-2027 are 12.752 billion CNY, 15.446 billion CNY, and 18.167 billion CNY, with corresponding net profits of 1.096 billion CNY, 1.413 billion CNY, and 1.692 billion CNY [12][13].