Financial Performance Forecast - The company expects a net profit attributable to shareholders for 2024 to be between 1,000 million and 1,080 million CNY, representing an increase of 336.21 million to 416.21 million CNY, or a year-on-year growth of 50.65% to 62.70%[4] - The expected net profit attributable to shareholders after deducting non-recurring gains and losses is projected to be between 900 million and 980 million CNY, reflecting an increase of 305.14 million to 385.14 million CNY, or a year-on-year growth of 51.30% to 64.75%[4] - The net profit for the same period last year was 663.79 million CNY, with a net profit of 594.86 million CNY after deducting non-recurring gains and losses[6] - The performance forecast is based on preliminary calculations by the company's finance department and has not been audited by an accounting firm[8] - Investors are advised to pay attention to investment risks as the forecast data is subject to change and will be finalized in the official annual report[9] Business Development and Sustainability - The company has established solid partnerships with numerous international clients, contributing to stable revenue growth from export markets[7] - The company is focusing on sustainable development by implementing photovoltaic power generation projects across its production parks, which helps alleviate energy supply pressures[7] - The company is actively promoting user-side energy storage projects with a capacity of up to 10 hours, addressing issues related to the intermittency and instability of renewable energy[7] - The company has benefited from the expanding application of innovative paper-based materials, supported by technological advancements and favorable national policies[7] Announcement Details - The announcement was made by the company's board of directors on January 24, 2025[11]

Investment Rating - No investment rating provided for the company [1] Core Viewpoints - The company is accelerating its growth through pulp and paper integration, with significant progress in its Hubei and Guangxi projects [2] - The company's production and sales remain robust, with a slight decline in profit per ton due to weak demand and price adjustments [3] - The company's profitability is expected to improve in 2025 due to lower raw material costs and increased self-supply of pulp [3] Industry Overview - The specialty paper industry showed a 3.8% YoY increase in production to 7.43 million tons in 2023, with a 3.1% YoY increase in sales to 7.25 million tons [1] - The industry's operating rate improved by 6.8 percentage points to 84.3% in 2023 [1] - The top 9 companies in the specialty paper industry accounted for 59.2% of the market share, with the company's market share increasing by 0.6 percentage points [1] Company Projects - The Hubei project, focusing on decorative base paper and consumer packaging materials, is expected to contribute over 30,000 tons of production in H1 2024, with additional production lines expected to be operational by early 2025 [2] - The Guangxi project, focusing on daily consumer products, is expected to contribute over 60,000 tons of paper production capacity by early 2025 [2] - Both projects are expected to contribute approximately 700,000 tons of pulp production capacity, with the potential to mitigate cyclical impacts as production ramps up [2] Financial Performance - The company's revenue is expected to grow from 7.738 billion yuan in 2022 to 16.637 billion yuan in 2026, with a CAGR of 25.2% [4] - Net profit attributable to the parent company is expected to increase from 710 million yuan in 2022 to 1.766 billion yuan in 2026, with a CAGR of 22.7% [4] - The company's gross margin is expected to improve from 11.5% in 2022 to 16.0% in 2026 [4] - The company's ROE is expected to increase from 10.3% in 2022 to 17.7% in 2026 [4] Valuation - The company's PE ratio is expected to decrease from 20.84x in 2022 to 8.38x in 2026 [4] - The company's PB ratio is expected to decrease from 2.15x in 2022 to 1.48x in 2026 [4] - The company's EV/EBITDA ratio is expected to decrease from 23.24x in 2023 to 6.84x in 2026 [7]

Summary of Conference Call for Xianhe Co., Ltd. Industry Overview - The consumer market in China is expected to gradually stabilize and recover in 2025, leading to increased demand for upstream industries such as packaging and paper manufacturing, with supply-demand conditions improving compared to 2024 [3][5][14]. - The paper industry is experiencing a recovery in supply after years of low demand and weak industry conditions, with new capacities being released in 2024 [3][5]. Company Insights - Xianhe Co., Ltd. has maintained stable development through vertical integration in the supply chain, which has helped mitigate the impact of raw material price fluctuations. The company plans to add 400,000 tons of new capacity in 2024 and has already achieved sales growth [5][6]. - The company is optimistic about the future of the specialty paper industry despite challenges such as price volatility and increased competition. Xianhe Co. maintains high gross margins and profits through integrated operations and product innovation [5][8]. - For 2025, Xianhe plans to add 500,000 tons of new capacity, with sufficient orders to support this expansion. The sales target is set to exceed 2 million tons, with a pulp production target of over 1 million tons and a goal to achieve a self-sufficiency rate of 50% for wood pulp [5][10]. Financial Performance - The company has successfully navigated raw material price fluctuations by implementing an integrated supply chain strategy, which has enhanced its risk resistance [7][16]. - Xianhe's current chemical pulp production is approximately 600,000 tons, with plans to increase this capacity further [18]. Market Strategy - Xianhe is focusing on research and development of high-margin, high-value products at its bases in Hubei and Guangxi, which will serve as a competitive barrier against other companies [11]. - The company employs a flexible pricing strategy based on market conditions and customer feedback, which has helped maintain customer loyalty and adapt to market changes [12][13]. Future Outlook - The paper industry is expected to see growth in various segments, including tobacco paper, food packaging, and industrial paper, with stable profit margins despite competitive pressures [14]. - Xianhe is confident in expanding its international market presence and plans to leverage new capacities for international growth [24][25]. - The company anticipates that the pricing trends in 2025 will be closely tied to the overall economic recovery, with potential for price adjustments based on market demand [23][30]. Challenges and Risks - The specialty paper industry faces concerns about reaching a consumption peak and increased competition, but Xianhe believes that its integrated approach and product innovation will sustain its profitability [8][27]. - The company is prepared to adjust its strategies in response to market fluctuations and maintain stable supply chains to mitigate risks associated with raw material prices [32]. Conclusion - Xianhe Co., Ltd. is well-positioned for growth in the coming years, with a strong focus on capacity expansion, product innovation, and market adaptability, ensuring its competitive edge in the paper industry [27].

未转股可转债情况：截至 2024 年 12 月 31 日，尚未转股的"鹤 21 转债" 金额为人民币 2,049,892,000 元，占可转债发行总量的 99.9948%。 | 证券代码：603733 | 证券简称：仙鹤股份 公告编号：2025-001 | | --- | --- | | 债券代码：113632 | 债券简称：鹤21转债 | 仙鹤股份有限公司 可转债转股结果暨股份变动公告 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： 累计转股情况：截至 2024 年 12 月 31 日，累计共有人民币 107,000 元 "鹤 21 转债"已转换成公司股票，累计转股数量为 3,797 股，占可转债转股前 公司已发行股份总额的 0.00054%。 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）可转债转股情况 根据有关规定和 ...

| 证券代码：603733 | 证券简称：仙鹤股份 | 公告编号：2024-068 | | --- | --- | --- | | 债券代码：113632 | 债券简称：鹤21转债 | | 仙鹤股份有限公司 关于为全资子公司提供担保的公告 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: 一、担保情况概述 （一）担保基本情况简介 公司全资子公司广西仙鹤新材料有限公司持有广西能源100%的股权。为了满足广西 来宾投资项目发展需要，广西能源于近日与中国民生银行股份有限公司柳州分行（以下简 称"民生银行柳州分行"）签订了《固定资产贷款借款合同》，用于广西三江口新区高性能 纸基新材料产业园热电联产项目的建设。同时，公司与民生银行柳州分行签署了《最高额 保证合同》，为广西能源提供金额为人民币41,000万元的最高额连带责任保证担保。 （二）担保事项履行的内部决策程序 经 2023 年 12 月 29 日召开的第三届董事会第十七次会议和 2024 年 1 月 16 日召开的 2024 年第一次临时股东大会分别审议通过《 ...

Company and Industry Summary Company Overview - The company is involved in the special paper manufacturing industry, focusing on high-performance functional materials and related technologies [1][3][7] - The company has multiple manufacturing bases across China, with a total of five production facilities and advanced production lines [8][9] Key Points and Arguments - The company emphasizes the importance of investor communication and aims to enhance understanding of its value in the capital market [1] - The company has achieved significant growth, with a profit increase of 113.97% compared to the previous year, attributed to effective management strategies and employee efforts [11] - The company’s total assets grew by 18.97% year-over-year, and the equity attributable to shareholders increased by 7075% [11] - The company has a diverse product portfolio, including food and medical packaging materials, furniture decoration materials, and industrial paper products, maintaining a leading position in several market segments [9][12] - The company is committed to sustainability, with initiatives in green energy projects, including a photovoltaic capacity of 52.24 MW and over 50 million kWh of generated energy [10] Industry Dynamics - The special paper industry is characterized by a focus on innovation and technology, with the company investing in R&D to enhance product quality and performance [5][12] - The company has established partnerships and joint ventures, such as with the German Schattde Group, to strengthen its market position and expand its product offerings [4] Additional Important Information - The company has a strong commitment to employee development and creating a supportive work environment, which is seen as a cornerstone of its growth strategy [5][7] - The company has plans for further expansion and investment in production capabilities, with new production lines expected to be operational in the near future [8][13] - The company is focused on integrating its supply chain to mitigate risks associated with raw material sourcing and market fluctuations [14] Future Outlook - The company aims to continue enhancing its operational efficiency and product offerings while maintaining a strong focus on customer service and satisfaction [14][15] - The management encourages ongoing dialogue with investors and stakeholders to foster transparency and collaboration [15]

| 证券代码：603733 | 证券简称：仙鹤股份 公告编号：2024-067 | | --- | --- | | 债券代码：113632 | 债券简称：鹤21转债 | 仙鹤股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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： （二）会议召开地点：上海证券交易所上证路演中心（http://roadshow.sse info.com/） （三）会议召开方式：上证路演中心视频录播和网络互动 会议召开时间：2024 年 12 月 6 日（星期五）上午 10:00-11:30 会议召开地点：上海证券交易所上证路演中心（网址：https://roadshow.sse nfo.com/） 会议召开方式：上证路演中心视频录播和网络互动 投资者可于 2024 年 11 月 29 日（星期五）至 12 月 5 日（星期四）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 zqb@xianhepaper.com 进行提问。公司将在说明会上对投资 ...

| 证券代码：603733 | 证券简称：仙鹤股份 | 公告编号：2024-066 | | --- | --- | --- | | 债券代码：113632 | 债券简称：鹤 21 转债 | | 仙鹤股份有限公司 | 剩余被质押股份数量占其所持股份比例 | 7.78% | | --- | --- | | 剩余被质押股份数量占公司总股本比例 | 5.95% | 本次质押股份解除后，仙鹤控股所持有的公司股份质押情况后续如有变动， 公司将根据相关法律法规要求及时履行信息披露义务。 特此公告。 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。 仙鹤股份有限公司（以下简称"公司"）控股股东浙江仙鹤控股集团有限公 司（以下简称"仙鹤控股"）持有公司无限售流通股股份 540,000,000 股，占公 司总股本比例的 76.49%；本次解除质押 12,000,000 股后，仙鹤控股持有公司股 份累计质押数量为 42,000,000 股，占其持股比例的 7.78%，占公司总股本比例的 5.95%。 一、股份解除质押情况 公司于 2024 年 ...

一、股份解除质押情况 公司于 2024 年 11 月 22 日收到公司控股股东仙鹤控股关于部分股份解除质 押的通知，获悉仙鹤控股将其持有公司的部分股份办理了解除质押的手续。具体 事项如下： | 股东名称 | 仙鹤控股 | | --- | --- | | 本次解质股份 | 股 30,000,000 | | 占其所持股份比例 | 5.56% | | 占公司总股本比例 | 4.25% | | 解质时间 | 2024 年 11 月 21 日 | | 持股数量 | 540,000,000 股 | | 持股比例 | 76.49% | | 剩余被质押股份数量 | 54,000,000 股 | 仙鹤股份有限公司 关于公司股东部分股份质押解除的公告 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"）控股股东浙江仙鹤控股集团有限公 司（以下简称"仙鹤控股"）持有公司无限售流通股股份 540,000,000 股，占公 司总股本比例的 76.49%；本次解除质押 30,000,000 股后，仙鹤 ...

| 证券代码：603733 | 证券简称：仙鹤股份 公告编号：2024-064 | | --- | --- | | 债券代码：113632 | 债券简称：鹤 21 转债 | 仙鹤股份有限公司 2024 年第二次临时股东大会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 188 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 555,753,030 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 78.7213 | | 份总数的比例（%） | | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由公司董事会召集，公司半数以上董事共同推举董事王敏岚女士主 (一) 股东大会召开的时间：2024 年 11 月 14 日 (二) 股东大会召开的地点：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 (三) 出席会议的 ...