金融界消息 截至2025年8月14日收盘，仙鹤股份（603733）报收于24.93元，下跌1.62%，换手率 0.72%，成交量5.06万手，成交金额1.27亿元。 资金流向方面，今日主力资金净流出1088.88万元，占比成交额8.59%。其中，超大单净流出323.07万 元、占成交额2.55%，大单净流出765.81万元、占成交额6.04%，中单净流出流出425.36万元、占成交额 3.36%，小单净流入1514.24万元、占成交额11.95%。 通过天眼查大数据分析，仙鹤股份有限公司共对外投资了21家企业，参与招投标项目340次，知识产权 方面有商标信息18条，专利信息149条，此外企业还拥有行政许可24个。 来源：金融界 仙鹤股份最新一期业绩显示，截至2025一季报，公司营业总收入29.91亿元、同比增长35.42%，归属净 利润2.36亿元，同比减少12.13%，扣非净利润2.24亿元，同比减少5.46%，流动比率1.685、速动比率 0.987、资产负债率65.49%。 天眼查商业履历信息显示，仙鹤股份有限公司，成立于2001年，位于衢州市，是一家以从事居民服务业 为主的企业。企业注册资本70597 ...

Core Points - The company has approved the temporary use of idle raised funds to supplement working capital, not exceeding RMB 600 million, for a period of up to 12 months [1] - As of August 12, 2025, the company has repaid the RMB 600 million used for temporary working capital back to its special account for raised funds [2] Group 1 - The board of directors approved the use of idle raised funds to supplement working capital [1] - The amount approved for temporary use is RMB 600 million [1] - The repayment of the funds occurred within the stipulated 12-month period [2]

Core Insights - A total of 48 stocks on the Shanghai and Shenzhen exchanges have experienced net inflows of main funds for five consecutive days or more, indicating strong investor interest [1] Group 1: Stocks with Significant Net Inflows - Hengshang Energy has seen net inflows for 11 consecutive days, ranking first among the stocks [1] - Agricultural Bank of China ranks second with net inflows for 10 consecutive days, totaling 1.917 billion yuan [1] - BoRui Pharmaceutical follows with net inflows for 8 days, amounting to 868 million yuan [1] Group 2: Performance Metrics - Agricultural Bank of China has the highest total net inflow amount, with a cumulative net inflow of 1.917 billion yuan over 10 days, and a price increase of 11.56% [1] - BoRui Pharmaceutical has a net inflow of 868 million yuan over 8 days, with a price increase of 16.13% [1] - Xinjiang Communications Construction has the highest net inflow ratio at 24.39%, with a price increase of 38.33% over 6 days [1] Group 3: Additional Notable Stocks - Huicheng Environmental Protection and Xinke Materials both recorded net inflows of 606 million yuan over 7 days, with price increases of 14.40% and 18.70% respectively [1] - Fuling Electric Power has a net inflow of 477 million yuan over 9 days, with a significant price increase of 31.03% [1] - Other notable stocks include Huaguang Huaneng and Wanchen Group, with net inflows of 327 million yuan and 315 million yuan respectively, and price increases of 55.15% and 12.61% [1]

Group 1 - The paper sector experienced a slight increase of 0.48% on August 12, with ST Chenming leading the gains [1] - The Shanghai Composite Index closed at 3665.92, up 0.5%, while the Shenzhen Component Index closed at 11351.63, up 0.53% [1] - Key stocks in the paper sector showed varied performance, with ST Chenming closing at 2.33, up 3.56%, and Yiyuan Paper closing at 25.83, up 0.12% [1] Group 2 - The paper sector saw a net inflow of 19.28 million yuan from main funds, while retail investors contributed a net inflow of 29.11 million yuan [2] - Major stocks like Sun Paper and Annie Co. had significant net inflows from main funds, with Sun Paper receiving 86.42 million yuan [3] - Conversely, stocks like Crown Meng High-tech and Hengfeng Paper experienced net outflows from main funds, indicating mixed investor sentiment [3]

仙鹤股份有限公司（以下简称"公司"）于 2024 年 8 月 14 日召开第三届董 事会第二十三次会议，审议通过了《关于使用部分闲置募集资金暂时补充流动资 金的议案》，同意公司在确保不影响募集资金投资项目实施及募集资金使用的情 况下，使用额度不超过人民币 60,000 万元的闲置募集资金暂时补充流动资金， 使用期限为自本次董事会审议通过之日起不超过 12 个月。具体内容详见公司于 2024 年 8 月 15 日在上海证券交易所网站（www.sse.com.cn）及公司法定信息披 露媒体披露的《仙鹤股份有限公司关于使用部分闲置募集资金暂时补充流动资金 的公告》（公告编号：2024-046）。 截止 2025 年 8 月 12 日，公司已将上述用于暂时补充流动资金已使用的募集 资金 60,000.00 万元提前归还至公司募集资金专用账户，使用期限自公司董事会 审议通过之日起未超过 12 个月，并已将上述募集资金的归还情况通知了公司的 保荐机构及保荐代表人。 特此公告。 仙鹤股份有限公司董事会 | 证券代码：603733 | 证券简称：仙鹤股份 | 公告编号：2025-039 | | --- | --- | --- ...

Core Viewpoint - The company Xianhe Co., Ltd. plans to invest approximately 11 billion yuan in a new integrated high-performance paper-based material project in Sichuan Province, which has raised market attention due to its significant scale and the company's rising debt levels [1][2]. Company Overview - Xianhe Co., Ltd. is a leading enterprise in the domestic specialty paper industry, focusing on the research, production, and sales of high-performance paper-based functional materials, covering the entire industry chain from chemicals to environmental treatment [2]. Financial Metrics - The planned investment of 110 billion yuan represents 62% of Xianhe's market capitalization and 2.14 times its net assets [2]. - As of the first quarter of 2025, Xianhe's total liabilities reached 15.897 billion yuan, a more than fivefold increase from 2.585 billion yuan in 2020 [3]. - The company's debt-to-asset ratio has been rising, reaching 65.49% by the end of Q1 2025, significantly higher than the industry average [2][3]. Cash Flow and Profitability - Xianhe's financial expenses for 2024 were 236 million yuan, a tenfold increase from 20 million yuan in 2021, accounting for 23.51% of the net profit [3]. - The company's operating cash flow has been declining, with negative cash flow of 196 million yuan in Q1 2025 [3]. Production Capacity and Utilization - The new project will be implemented in phases, with a total planned capacity of 700,000 tons, which is 3.5 times the current production capacity [4]. - In 2024, Xianhe's production volume was 1.373 million tons, with sales of only 1.222 million tons, resulting in a capacity utilization rate of less than 70% [5]. Industry Context - The paper industry is currently facing overcapacity, with paper prices hitting a five-year low in 2024 [9]. - The Guangdong Provincial Paper Industry Association has called for a reduction in low-end capacity and an emphasis on quality improvement in the industry [9]. Recent Performance - From 2021 to 2024, Xianhe's fixed assets increased from 2.532 billion yuan to 8.453 billion yuan, while revenue grew from 6.017 billion yuan to 10.274 billion yuan, but the net profit decreased from 958 million yuan to 933 million yuan [10].

仙鹤股份有限公司 会议资料 股票代码：603733 中国·衢州 二〇二五年八月 目 录 议案二：关于修订《仙鹤股份有限公司股东会议事规则》等内部管理制度的议 议案三：关于制定《仙鹤股份有限公司董事、高级管理人员离职管理制度》的议 议案六：关于投资建设林浆纸用一体化高性能纸基新材料项目的议案 ......... 12 议案七：关于公司董事会换届选举暨提名第四届董事会非独立董事候选人的议 议案八：关于公司董事会换届选举暨提名第四届董事会独立董事候选人的议 附件一： 仙鹤股份有限公司 一、会议时间： 现场会议时间：2025 年 8 月 22 日（星期五）14 点 00 分 网络投票时间： 二、会议方式：现场投票与网络投票相结合的方式 三、现场会议地点：浙江省衢州市衢江区天湖南路 69 号仙鹤股份有限公司 会议室 四、出席人员： 司登记在册的公司股东； 司的股东； 五、会议主持人：公司董事长王敏良先生 六、审议事项： 七、本次股东大会由董秘王昱哲先生负责会议记录，并起草会议决议。 八、会议登记方式及股东参加网络投票的操作程序，详见"仙鹤股份有限公司 关于召开 2025 年第二次临时股东大会的通知"。 九、现场会议议程 ...

仙鹤股份有限公司 2025 年第二次临时股东大会 会议资料 股票代码：603733 中国·衢州 二〇二五年八月 | | | | 会议议程 3 | | --- | | 会议须知 5 | | 议案一：关于取消监事会并修订《公司章程》的议案 6 | | 议案二：关于修订《仙鹤股份有限公司股东会议事规则》等内部管理制度的议 | | 案 7 | | 议案三：关于制定《仙鹤股份有限公司董事、高级管理人员离职管理制度》的议 | | 案 9 | | 议案四：关于增加董事会席位的议案 10 | | 议案五：关于废止《仙鹤股份有限公司监事会议事规则》的议案 11 | | 议案六：关于投资建设林浆纸用一体化高性能纸基新材料项目的议案 12 | | 议案七：关于公司董事会换届选举暨提名第四届董事会非独立董事候选人的议 | | 案 17 | | 议案八：关于公司董事会换届选举暨提名第四届董事会独立董事候选人的议 | | 案 19 | | 附件一：《仙鹤股份有限公司章程修订对照表》 21 | | 附件二：第四届董事会非独立董事候选人简历 79 | | 附件三：第四届董事会独立董事候选人简历 80 | 2025 年第二次临时股东大会会议资 ...

Investment Rating - The report maintains an "Outperform" rating for the industry [3] Core Insights - Suzano announced a price increase of $20 per ton for commodity pulp in the Asian market for August, indicating a potential recovery in pulp and paper prices from current cyclical lows [2][4] - The report highlights the ongoing price adjustments in the paper industry, with various paper types experiencing different price movements, suggesting a recovery trend driven by supply-demand dynamics [4][50] - The report emphasizes the importance of policy catalysts in the home furnishing sector, particularly in light of recent housing policy optimizations in Beijing [4][31] Summary by Sections Home Furnishing - Recent policy changes in Beijing allow families to purchase multiple properties outside the city center, which is expected to stimulate the housing market [4][31] - Major home furnishing companies are currently valued at historical lows, presenting potential investment opportunities as market sentiment improves [4][31] Paper Industry - As of August 8, 2025, various paper prices are reported: double glue paper at 4993.75 CNY/ton (unchanged), copper plate paper at 5320 CNY/ton (unchanged), white card paper at 3955 CNY/ton (down 35 CNY/ton), box board paper at 3463.4 CNY/ton (up 12.8 CNY/ton), and corrugated paper at 2582.5 CNY/ton (up 46.25 CNY/ton) [4][50] - The report notes that the current pulp and paper prices are at cyclical lows, with expectations for a rebound due to supply-demand imbalances [4][50] Consumer Goods - The report discusses the launch of new health-focused products in the personal care sector, indicating a shift towards higher quality and compliance with health standards [4][6] - The collaboration between Morning Glory stationery and popular anime IPs is expected to enhance brand visibility and sales [4][6] Export Chain - In July, China's total exports increased by 7.2% year-on-year, with significant growth in exports to ASEAN countries [4][6] - The report suggests that the ongoing shift of production capacity to Southeast Asia may enhance the long-term competitiveness of companies with overseas supply chain layouts [4][6] Packaging - New regulations in Shanghai aimed at reducing single-use plastics are expected to drive demand for recyclable and biodegradable packaging solutions [4][6] - The report recommends companies involved in eco-friendly packaging solutions as potential investment opportunities [4][6] New Tobacco Products - The introduction of new electronic cigarette products in the UK is anticipated to boost market share for refillable devices [4][6] - The report highlights the potential for growth in the new tobacco sector, particularly for companies with strong partnerships and product offerings [4][6] Textile and Apparel - The textile and apparel sector has shown resilience, with notable increases in revenue for key players despite some challenges [4][6] - The report identifies leading companies in the apparel sector as potential investment opportunities based on their performance [4][6]

Core Viewpoint - Xianhe Co., Ltd. announced a significant investment of 11 billion yuan for a bamboo pulp and paper integrated project in Sichuan, marking its third major expansion in six years, despite facing challenges in profitability and rising debt levels [2][3][14]. Investment Announcement - The project aims to establish an annual production capacity of 800,000 tons of bamboo pulp and 1.2 million tons of high-performance paper-based new materials, with a total investment of approximately 11 billion yuan [3]. - The project will be executed in two phases, with the first phase requiring an investment of about 5.5 billion yuan and expected to generate an annual output value of approximately 5.15 billion yuan and tax revenue of about 450 million yuan [3][5]. Financial Performance - In Q1 of the current year, Xianhe Co. reported revenue of 2.991 billion yuan, a year-on-year increase of 35.42%, but its net profit attributable to shareholders decreased by 12.13% to 236 million yuan, indicating a situation of increasing revenue without corresponding profit growth [2][14]. - The company's debt-to-asset ratio has risen significantly from 32.46% in 2020 to 65.49% in Q1 of this year, with total liabilities reaching 15.897 billion yuan [14][15]. Ownership and Wealth Context - Wang Minliang's family, the actual controller of Xianhe Co., ranked 294th on the New Fortune 500 Rich List with a wealth of 11.4 billion yuan, although this represents a decline of over 11 billion yuan from its peak [6][14]. - The family's wealth is closely tied to the company's performance, with a concentrated ownership structure where they control approximately 78.27% of Xianhe Co. [12][13]. Strategic Intent - The investment is part of Xianhe Co.'s long-term development strategy, aiming to leverage local bamboo resources, extend the upstream industrial chain, and enhance competitiveness in the paper-based new materials sector [5][14]. - The company believes that this investment aligns with its "14th Five-Year" development goals and will not significantly impact its current operating performance in the short term [5].