Core Viewpoint - The paper industry is experiencing a significant shift with the introduction of the first "anti-involution" initiative, aimed at promoting high-quality development and addressing structural overcapacity issues in the sector [1][6]. Group 1: Anti-Involution Initiative - The Guangdong Paper Industry Association has issued the first "anti-involution" initiative in the domestic paper industry, emphasizing the need to resist low-price competition and maintain market order [1][6]. - The initiative encourages companies to set prices based on actual costs, reasonable profits, and market demand, aiming to protect the overall value of the industry [1][6]. Group 2: Market Conditions - Despite steady growth in consumption for certain paper types like corrugated paper and household paper, overall capacity expansion has outpaced demand growth, leading to low utilization rates, with some types below 55% [4]. - The industry is facing a prolonged supply-demand imbalance, characterized by declining operating rates and slow inventory reduction, indicating a typical cyclical bottom phase [6][9]. Group 3: Price Adjustments - Several paper companies, including Nine Dragons Paper and Jiangxi Lee & Man Paper, have announced price increases due to rising costs, marking the fourth round of price hikes in July alone [7]. - The overall paper industry has been under significant pricing pressure, with major paper types experiencing price declines since 2021, reflecting weak market demand and overcapacity [7][9]. Group 4: Institutional Focus - Institutions are focusing on companies like Sun Paper, which has integrated pulp and paper production, and others in the sector that are expected to benefit from the "anti-involution" initiative and potential market restructuring [10][13]. - Analysts suggest monitoring companies that are diversifying product lines and those with integrated operations, as the industry may see improvements in profitability due to reduced competition and optimized capacity [10][13].

Group 1 - Sichuan Xianhe New Materials Co., Ltd. has been established with a registered capital of 100 million yuan [1] - The legal representative of the company is Wang Minliang [1] - The company's business scope includes food paper packaging, container production, and various energy-related services [1] Group 2 - The company is wholly owned by Xianhe Co., Ltd. according to the equity penetration data from Tianyancha APP [1] - The company is involved in multiple general projects such as new material technology research and development, pulp and paper manufacturing, and recycling of renewable resources [1]

Group 1: Institutional Research on Popular Companies - The top twenty companies with the highest number of institutional research in the past 30 days include Ice Wheel Environment, China National Heavy Duty Truck Group, Boshi Jie, Yapu Co., and Huasheng Lithium Battery [13][14] - In the last five days, the most researched companies were Huasheng Lithium Battery, Weili Transmission, Hudian Co., Zhejiang Fu Holdings, and China National Heavy Duty Truck Group [13][15] - Among the top twenty companies researched in the past 30 days, seven had ten or more rating agencies, including Yanjing Beer, Hudian Co., Weichai Power, China National Heavy Duty Truck Group, BOE Technology Group, Hualing Steel, and Northern Rare Earth [13][14] - Yanjing Beer, Hudian Co., and BOE Technology Group are expected to see significant growth in net profit attributable to shareholders in 2024 compared to 2023 [13][14] Group 2: Shareholder Increase in A-Share Listed Companies - From July 21 to July 25, 2025, no companies reported significant shareholder increase announcements [16] - From January 1 to July 25, 2025, a total of 241 companies announced shareholder increases, with 63 having ten or more rating agencies [17] - Among these, 21 companies had an average proposed increase amount exceeding 1% of the latest market value, including Xianhe Co., Hubei Yihua, Xinji Energy, and Sailun Tire [17][18] Group 3: A-Share Buyback Situation - From July 21 to July 25, 2025, a total of 101 companies announced buyback progress, with 18 having ten or more rating agencies [21] - Four companies, including Jian Sheng Group, Mousse Co., Jinfa Technology, and Jinzai Food, had an average expected buyback amount exceeding 1% of the market value on the announcement date [21][22] - From January 1 to July 25, 2025, 1,605 companies announced buyback progress, with 348 having ten or more rating agencies [23] - Among these, 97 companies had a significant buyback ratio, with an average expected buyback amount exceeding 1% of the market value on the announcement date [23][24]

Investment Rating - The report provides a positive outlook on various sectors, indicating a stable recovery in the home furnishing and paper packaging sectors, while new tobacco and packaging sectors show robust growth [3][4]. Core Insights - The home furnishing sector is expected to see marginal improvement in domestic demand due to government support for consumption upgrades, with a focus on companies with high dividend yields and growth certainty for 2025 [5][10]. - The new tobacco sector is experiencing growth, particularly in heated tobacco products (HTP), with significant sales increases reported in Europe and a growing user base for IQOS [11]. - The paper packaging sector is facing a gradual recovery in pulp prices, with a focus on companies that maintain strong market positions and high dividends [12]. - The light consumer goods and pet food sectors are under pressure, but there are opportunities in innovative product launches and channel expansion [15]. - The two-wheeler sector is poised for a rebound with government subsidies and new standards expected to drive demand [16][17]. Summary by Sections Home Furnishing - Domestic sales are expected to improve due to government initiatives, with a focus on companies with strong growth prospects and high dividends [5][10]. - Export figures show a slight increase in June, but a cumulative decline for the first half of the year [10]. New Tobacco - HNB sales increased by 10.5% year-on-year, with a growing user base for IQOS [11]. - The regulatory environment in the U.S. is tightening, which may benefit compliant market players [11]. Paper Packaging - Pulp prices have shown slight increases, but overall market conditions remain challenging [12]. - Companies with strong market positions and dividend policies are recommended for investment [12]. Light Consumer Goods & Pet Food - The sector is facing challenges, but there are opportunities in new product launches and expanding distribution channels [15]. - Online sales data indicates mixed performance across different product categories [23]. Two-Wheeler - The sector is expected to benefit from government subsidies and new regulations, with a focus on companies that can leverage these changes for growth [16][17]. - Recent data shows a significant number of electric bikes being replaced under the subsidy program [26][27].

Investment Rating - The report maintains a positive outlook on the light industry and paper-making sector for the mid-2025 earnings forecast, indicating a favorable investment rating for these industries [1]. Core Insights - The report highlights a divergence in performance within the export sector for Q2 2025, with companies that have a global supply chain showing resilience against external tariff disruptions. Notable performers include Jiangxin Home, Jiayi Co., and Tianzhen Co. [4][5]. - The two-wheeler segment is expected to benefit from government subsidies and new standards, with companies like Yadi Holdings and Aima Technology showing strong growth potential [4]. - The light consumer goods sector is characterized by a robust domestic demand, particularly in personal care products, with companies like Baiya Co. and Dengkang Oral Care expected to perform well [4]. - The packaging industry is undergoing consolidation, with leading companies experiencing a slowdown in capital expenditure, indicating a shift towards a harvest phase [4]. - The home furnishing sector is facing short-term order impacts due to the pause in government subsidies, but long-term growth is anticipated through market integration and new product categories [4]. - The paper-making sector is expected to see stable profitability due to low raw material costs and improved supply-demand dynamics [4]. Summary by Sections Export Sector - Q2 2025 shows performance divergence due to increased external disruptions, with companies like Jiangxin Home expected to see a 40%+ growth in net profit [5][6]. - Jiayi Co. anticipates a 30%+ revenue increase, while Tianzhen Co. is expected to recover orders significantly [4][5]. Two-Wheeler Sector - Companies like Aima Technology and Ninebot are projected to grow by 20% and 50% respectively in Q2 2025, driven by new product launches and market demand [8][9]. Light Consumer Goods - The sector is expected to show resilience, with companies like Chaohongji and Baiya Co. projected to grow by 20% and 2% respectively in revenue [10][11]. Packaging Industry - The report notes a continued consolidation trend, with companies like Yutong Technology and Baosteel Packaging expected to maintain stable revenue growth [12][14]. Home Furnishing Sector - The sector is facing challenges due to subsidy pauses, but companies like Mousse and Zhizhong Home are expected to adapt and show growth in the long term [13][15]. Paper-Making Sector - The report indicates stable profitability for the paper-making sector, with companies like Sun Paper and Huawang Technology expected to benefit from improved market conditions [17].

Core Viewpoint - The company has signed an investment agreement for a new integrated bamboo pulp and high-performance paper-based materials project in Sichuan, with a total planned investment of approximately 11 billion yuan, aiming to produce 800,000 tons of bamboo pulp and 1.2 million tons of high-performance paper annually [2][3]. Investment and Expansion Plans - The project will be implemented in phases, with the first phase involving an investment of about 5.5 billion yuan to produce 400,000 tons of bamboo pulp and 600,000 tons of high-performance paper [3]. - The second phase will also require an investment of approximately 5.5 billion yuan, with similar production targets as the first phase [3]. - The company aims to achieve the first phase's production within three years from the start of construction, while the second phase will depend on market conditions and operational performance [3]. Financial Performance - In 2024, the company reported a revenue of 10.274 billion yuan, a year-on-year increase of 20.11%, and a net profit of 1.004 billion yuan, up 51.23% [4]. - However, the fourth quarter of 2024 saw a revenue of 3.01 billion yuan, a year-on-year increase of 28.6%, but a net profit decline of 33.7% [4]. - In the first quarter of 2025, the company experienced a revenue of 2.99 billion yuan, a year-on-year increase of 35.4%, but a net profit decrease of 12.1% [4]. Debt and Financial Pressure - The company's debt levels have been increasing, with a debt-to-asset ratio of 65.49% as of March 2025, up from 32.46% in 2020 [7]. - Long-term borrowings rose from 3.409 billion yuan in 2023 to 7.923 billion yuan in the first quarter of 2025, with interest expenses increasing significantly [7]. - The company has a short-term liquidity challenge, with cash on hand of 895 million yuan against short-term borrowings of 2.037 billion yuan [7]. Strategic Rationale for Expansion - The company is expanding based on national policies promoting the use of bamboo as a substitute for plastic and aims to reduce reliance on imported raw materials [5]. - The bamboo resource is renewable and aligns with environmental trends, with the first phase expected to generate an annual output value of 5.15 billion yuan and tax revenue of 450 million yuan [5]. - The company is focusing on high-performance paper-based materials to avoid market homogenization and strengthen its competitive advantage [5]. Financing Strategies - The company plans to finance the new project through bank loans, diversified financing, and operational cash flow from existing projects [8]. - It aims to enhance its debt repayment capacity through increased cash flow from the new projects and is expected to receive preferential treatment for green financing due to alignment with national strategies [8]. - The controlling shareholder plans to increase their stake by 300 million to 500 million yuan to boost market confidence [8].

Core Viewpoint - Xianhe Co., Ltd. plans to invest 11 billion yuan to establish an integrated high-performance paper base new material project using bamboo pulp, aiming to enhance production capacity and reduce reliance on imported raw materials [1][2]. Investment Details - The investment will be executed in two phases, with each phase costing approximately 5.5 billion yuan, leading to a total investment of 11 billion yuan [1]. - Upon completion, the project is expected to add an annual production capacity of 800,000 tons of bamboo pulp and 1.2 million tons of high-performance paper base materials, generating an estimated annual output value of 5.15 billion yuan and tax revenue of about 450 million yuan, while creating around 2,000 jobs [1]. Strategic Rationale - The investment aims to extend the industrial chain, achieve raw material self-sufficiency, and control costs, addressing the current dependency on imported wood pulp, which poses risks to cost management and supply chain stability [2][5]. - In 2024, the daily consumer series, which includes specialty paper, is projected to account for 47.05% of total revenue, highlighting the critical need for stable raw material supply [2]. Financial Implications - The total investment of 11 billion yuan represents 136% of Xianhe's net assets for 2024, with a current debt-to-asset ratio of 65.11%, indicating potential financial strain from large-scale financing [7]. - The company plans to finance the first phase of 5.5 billion yuan in batches, adjusting based on future demand and market conditions [7]. Market Conditions - The bamboo pulp production capacity utilization rate is expected to be only 85% in 2024, raising concerns about the feasibility of absorbing the new production capacity without facing impairment risks [7]. - Xianhe Co. faces competitive pressures from peers like Qingshan Paper Industry, which is also expanding its bamboo pulp capacity, potentially leading to increased price competition in the industry [7][8].

Core Viewpoint - The company announced an adjustment to the conversion price of its convertible bond "He 21 Convertible Bond" due to the implementation of the 2024 annual equity distribution, lowering the conversion price from 19.49 CNY/share to 18.99 CNY/share, effective from July 10, 2025 [1][5]. Group 1: Bond Details - The bond code for "He 21 Convertible Bond" is 113632, and the bond was issued on November 17, 2021, with a total issuance of 205 million bonds, amounting to 2.05 billion CNY, and a maturity period of 6 years [1][2]. - The previous conversion price before adjustment was 19.49 CNY/share, and the new conversion price after adjustment is 18.99 CNY/share [1][5]. Group 2: Adjustment Rationale - The adjustment of the conversion price is based on the company's profit distribution plan, which includes a cash dividend of 0.50 CNY/share for shareholders [4][5]. - The adjustment formula for the conversion price is specified in the bond's prospectus, which accounts for various scenarios such as stock dividends, capital increases, and cash dividends [4][5]. Group 3: Trading Suspension - The securities will be suspended from trading from July 3, 2025, to July 9, 2025, during the equity distribution registration period, and trading will resume on July 10, 2025 [5].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company plans to invest CNY 11 billion in an integrated high-performance paper-based new material project in Sichuan, which includes the construction of 400,000 tons of bamboo pulp and 600,000 tons of paper, contributing a total of 800,000 tons of bamboo pulp and 1.2 million tons of paper [1] - The first phase is expected to achieve an annual output value of approximately CNY 5.15 billion, with production anticipated to commence within three years from the start of construction [1] - The investment aims to seize high-quality bamboo forest resources in China, with the bamboo pulp production line expected to be the first to commence operations [1][2] Summary by Sections Market Potential - The bamboo pulp market is expected to expand significantly, with 2023 production at 2.54 million tons, accounting for only 2.9% of total pulp production [2] - Government initiatives, such as the "Replace Plastic with Bamboo" action plan, are set to boost the bamboo pulp paper industry, with an anticipated 200,000 to 250,000 tons of new capacity to be launched in the next three years [2] Financial Performance - The company is projected to achieve a revenue growth rate of over 30% for the year, with a net profit forecast of CNY 1.31 billion in 2025, reflecting a 30% year-on-year increase [3][4] - The gross profit margin is expected to improve from 11.6% in 2023 to 15.8% in 2025, indicating a positive trend in profitability [4] - The company's earnings per share (EPS) is projected to increase from CNY 0.94 in 2023 to CNY 1.85 in 2025, with a corresponding price-to-earnings (P/E) ratio decreasing from 21.90 to 11.14 [4]

| 证券代码：603733 | 证券简称：仙鹤股份 | 公告编号：2025-032 | | --- | --- | --- | | 债券代码：113632 | 债券简称：鹤 21 转债 | | 仙鹤股份有限公司 关于实施 2024 年年度权益分派调整"鹤 21 转债" 转股价格的公告 重要内容提示： 因实施 2024 年年度权益分派,本公司的相关证券停复牌情况如下： 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。 | 证券代码 | 证券简称 | | 停复牌类型 | 停牌起始日 | 停牌 期间 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | --- | | 113632 | 鹤 21 | 转债 | 可转债转股复牌 | | | 2025/7/9 | 2025/7/10 | 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"、"本公司"）于 2021 年 ...