Core Viewpoint - The company has signed an investment agreement with the People's Government of Hejiang County, Sichuan Province, for a new integrated high-performance paper-based material project with a total investment of approximately 11 billion RMB [1] Investment Details - The project is planned to be implemented in two phases, with each phase requiring an investment of about 5.5 billion RMB [1] - The first phase is expected to achieve production within three years from the start of construction, with an estimated annual output value of approximately 5.15 billion RMB and annual tax revenue of about 450 million RMB [1] - The first phase will create around 2,000 job opportunities [1] - The second phase will be constructed based on the implementation of the first phase, taking into account market conditions and the company's operational status [1]

Group 1 - The core point of the announcement is that Xianhe Co., Ltd. will stop the conversion of its convertible bonds "He 21 Convertible Bonds" during the period of the 2024 annual equity distribution [1][2] - The company plans to distribute a cash dividend of RMB 0.50 per share (including tax) to all shareholders registered on the equity distribution record date, based on the total share capital as of that date [1][2] - The equity distribution plan was approved at the company's annual general meeting held on May 20, 2025, and further details were disclosed on May 21, 2025 [2] Group 2 - The company will announce the implementation of the equity distribution and the adjustment of the conversion price for the convertible bonds on July 4, 2025 [2] - The "He 21 Convertible Bonds" will stop conversion from July 3, 2025, until the equity distribution record date, and will resume conversion on the first trading day after the record date [2]

| 证券代码：603733 | 证券简称：仙鹤股份 | | 公告编号：2025-028 | | --- | --- | --- | --- | | 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 年度权益分派时"鹤 21 转债" 权益分派实施公告前一交易日（2025 年 7 月 3 日）至权益分派股权登记日期 间，本公司"鹤 21 转债"将停止转股。 一、本次权益分派方案的基本情况 （一）仙鹤股份有限公司（以下简称"公司"、"本公司"）2024 年年度权益分 派方案为：公司拟以实施权益分派股权登记日的总股本为基数进行利润分配，向 股权登记日登记在册的全体股东每股派发现金红利人民币 0.50 元（含税）。如在实 施权益分派的股权登记日前，因可转债转股、回购股份等原因致使公司总股本发 生变动的，拟维持每股分配比例不变，相应调整分配总额。 （二）本次权益分派方案已经公司 2025 年 5 月 20 日召开的 2024 年年度股东 大会审议通过，具体内容详见公司于 2025 年 5 月 21 日在上海证券交易所网站 （www.sse.com.cn）及指定信息披露 ...

Group 1 - The company, Xianhe Co., Ltd., has issued convertible bonds totaling RMB 205 million, with a maturity of 6 years and a face value of RMB 100 per bond [3][4][12] - The bonds have a tiered interest rate structure, starting at 0.3% in the first year and increasing to 2.0% in the sixth year [4][5] - The initial conversion price for the bonds is set at RMB 39.09 per share, with provisions for adjustments based on various corporate actions [6][8] Group 2 - The company reported a sales volume of 1,222,900 tons in 2024, representing a year-on-year increase of 28.29% [14] - The total revenue for 2024 reached RMB 1,027,357.74 million, a 20.11% increase compared to the previous year [14] - The net profit attributable to shareholders was RMB 100,383.06 million, reflecting a 51.23% increase year-on-year [14] Group 3 - The company has a comprehensive production capacity exceeding 2 million tons annually, with a diverse product range across six major series [14] - The total assets of the company as of December 31, 2024, amounted to RMB 2,332,190.80 million, a 23.60% increase from the previous year [14] - The company maintains a debt-to-asset ratio of 65.11%, which has increased by 4.12% compared to the previous year [14]

| 证券代码：603733 | 证券简称：仙鹤股份 | 公告编号：2025-026 | | --- | --- | --- | | 债券代码：113632 | 债券简称：鹤21转债 | | 仙鹤股份有限公司 关于部分募集资金专项账户注销的公告 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。 为规范募集资金的管理和使用，提高资金使用效率和效益，保护投资者利益，本公 司根据《中华人民共和国公司法》《中华人民共和国证券法》《上海证券交易所股票上市 规则》《上市公司监管指引第2号——上市公司募集资金管理和使用的监管要求》及《上 海证券交易所上市公司自律监管指引第1号——规范运作》等有关法律、法规和规范性文 件的规定，结合公司实际情况，公司制定了《仙鹤股份有限公司募集资金管理办法》(以 下简称"《管理办法》")。根据《管理办法》，本公司对募集资金采用专户存储制度， 在银行设立募集资金专户，并连同保荐机构东方投行分别与中国工商银行股份有限公司衢 州衢江支行、中国工商银行股份有限公司常山支行、中信银行股份有限公司衢州分行营业 部、招商 ...

仙鹤股份有限公司 公开发行可转换公司债券 受托管理事务报告 （2024 年度） 债券受托管理人 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 本报告依据《可转换公司债券管理办法》（以下简称"《管理办法》"）、《仙鹤 股份有限公司 2021 年公司可转换债券受托管理协议》（以下简称"《受托管理协 议》"）、《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》"）、《仙鹤股份有限公司 2024 年年度报告》等相关公开信息披露文件、 第三方中介机构出具的专业意见等，由本期可转换公司债券受托管理人东方证券 股份有限公司（以下简称"东方证券"）编制。东方证券对本报告中所包含的从 上述文件中引述内容和信息未进行独立验证，也不就该等引述内容和信息的真实 性、准确性和完整性做出任何保证或承担任何责任。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的任何内容据以作为东方证券所作的承诺 或声明。 （上海市黄浦区中山南路 119 号东方证券大厦） 二〇二五年六月 重要声明 1 | | | 在任何情况 ...

Group 1 - The core viewpoint of the announcement is that the credit rating for Xianhe Co., Ltd. and its convertible bond "He 21" remains unchanged at "AA" with a stable outlook [1][2]. - The previous credit rating results indicated that the company's main credit rating was "AA" and the outlook was stable, which is consistent with the current rating [1][2]. - The tracking credit rating was conducted by China Chengxin International Credit Rating Co., Ltd., based on a comprehensive analysis of the company's operational, industry, and financial conditions [2]. Group 2 - The tracking rating report titled "Xianhe Co., Ltd. 2025 Annual Tracking Rating Report" was issued on June 23, 2025, confirming the company's credit rating and outlook [2]. - The previous rating was conducted on June 17, 2024, and the results have not changed since then [2].

Core Viewpoint - The credit rating of Xianhe Co., Ltd. is maintained at AA with a stable outlook, reflecting its strong market position and product diversity, despite facing risks from raw material prices and market competition [3][4][9]. Company Overview - Xianhe Co., Ltd. is recognized as a leading enterprise in the specialty paper industry, with a diverse product structure and a significant market presence in various segments [10][11]. - The company has expanded its production capacity, with new bases in Guangxi and Hubei, increasing its annual production capacity to 154,000 tons of paper and 1 million tons of pulp [10][11]. Financial Performance - In 2022, total assets were reported at 132.64 billion yuan, increasing to 242.75 billion yuan by March 2025 [7][17]. - The company’s total liabilities rose from 63.52 billion yuan in 2022 to 158.97 billion yuan by March 2025, indicating a significant increase in debt levels [7][17]. - Operating revenue increased from 77.38 billion yuan in 2022 to 102.74 billion yuan in 2024, with a net profit growth of over 50% [15][16]. Market Conditions - The paper industry is experiencing a recovery, with expectations for improved demand and cost reductions in 2024 and 2025, although competition remains intense [9][10]. - The company is expected to benefit from favorable consumption policies and a gradual recovery in the market, despite challenges from new capacity releases [9][10]. Risks and Challenges - The company faces risks related to fluctuations in wood pulp prices and exchange rates, as well as the competitive landscape of the paper products market [4][6]. - Financial leverage is increasing due to ongoing investments in new projects, necessitating careful monitoring of debt levels and repayment arrangements [4][6][13]. Future Outlook - The credit rating agency anticipates that the company's credit level will remain stable over the next 12 to 18 months, contingent on its ability to manage raw material supply and maintain competitive product quality [4][9]. - The company is expected to continue expanding its market presence and product offerings, with a focus on enhancing its raw material security and operational efficiency [10][11].

| 证券代码：603733 | 证券简称：仙鹤股份 | 公告编号：2025-025 | | --- | --- | --- | | 债券代码：113632 | 债券简称：鹤21转债 | | 仙鹤股份有限公司 关于"鹤21转债"2025年跟踪评级结果的公告 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： 根据中国证券监督管理委员会《上市公司证券发行管理办法》《公司债券发行与交 易管理办法》和《上海证券交易所股票上市规则》等有关规定，仙鹤股份有限公司（以 下简称"公司"）委托中诚信国际信用评级有限责任公司（以下简称"中诚信国际"） 对公司2021年11月17日公开发行的可转换公司债券（以下简称"鹤21转债"）进行了跟 踪信用评级。 "鹤21转债"前次主体信用等级为"AA"；评级展望为"稳定"；"鹤21转债"信 用等级为"AA"；评级机构为中诚信国际，评级时间为2024年6月17日。 中诚信国际在对公司经营状况、行业情况、财务情况等进行综合分析与评估的基础 上，于2025年6月23日出具了《仙鹤股份有限公司20 ...

仙鹤股份有限公司 2025 年度跟踪评级报告 编号：信评委函字[2025]跟踪 0813 号 仙鹤股份有限公司 2025 年度跟踪评级报告 声 明 中诚信国际信用评级有限责任公司 2025 年 6 月 23 日 本次评级为委托评级，中诚信国际及其评估人员与评级委托方、评级对象不存在任何其他影响本次评级行为独立、 客观、公正的关联关系。 本次评级依据评级对象提供或已经正式对外公布的信息，以及其他根据监管规定收集的信息，中诚信国际按照相关 性、及时性、可靠性的原则对评级信息进行审慎分析，但中诚信国际对于相关信息的合法性、真实性、完整性、准 确性不作任何保证。 中诚信国际及项目人员履行了尽职调查和诚信义务，有充分理由保证本次评级遵循了真实、客观、公正的原则。 评级报告的评级结论是中诚信国际依据合理的内部信用评级标准和方法、评级程序做出的独立判断，未受评级委托 方、评级对象和其他第三方的干预和影响。 本评级报告对评级对象信用状况的任何表述和判断仅作为相关决策参考之用，并不意味着中诚信国际实质性建议任 何使用人据此报告采取投资、借贷等交易行为，也不能作为任何人购买、出售或持有相关金融产品的依据。 中诚信国际不对任何投资 ...