| 证券代码：603733 | 证券简称：仙鹤股份 | 公告编号：2025-067 | | --- | --- | --- | | 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 2025 年第三季度业绩说明会的公告 （一）会议召开时间：2025 年 12 月 9 日（星期二）上午 10:00-11:00 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： 会议召开时间：2025 年 12 月 9 日（星期二）上午 10:00-11:00 会议召开地点：上海证券交易所上证路演中心（网址：https://roadshow. sseinfo.com/） 会议召开方式：上证路演中心视频直播和网络互动 投资者可于 2025 年 12 月 2 日（星期二）至 12 月 8 日（星期一）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者普遍关注的问题 进行回答。 仙鹤股份有限公司（以下 ...

（文章来源：证券日报） 证券日报网讯仙鹤股份11月27日在互动平台回答投资者提问时表示，公司产品价格会结合市场供需、成 本变化等因素动态调整，部分产品已根据实际情况适时提价。未来公司将持续关注市场供需变化及原材 料价格走势，通过优化产品结构、提升自制浆产能等方式灵活应对，保持市场竞争力。投资者可通过公 司定期报告了解相关经营情况。管理层始终专注主业，致力于以技术创新和精细化管理提升公司价值， 争取为投资者带来长期稳定回报。 ...

Core Insights - The appreciation of the Renminbi has positively impacted certain sectors, with the Renminbi appreciation benefiting stocks rising by 0.54% compared to the previous trading day [1] - The Shanghai Composite Index closed at 3864.18, down 0.15%, while the Shenzhen Component Index closed at 12907.83, up 1.02% [1] Summary of Benefiting Stocks - China Eastern Airlines (600115) led the gainers with a closing price of 5.06, up 2.43%, with a trading volume of 1.2588 million shares and a turnover of 634 million yuan [1] - Other notable gainers include: - Pinwo Food (300892) at 34.70, up 2.18%, with a turnover of 172 million yuan [1] - Liangxing Paper (002067) at 5.51, up 1.85%, with a turnover of 4.98 million yuan [1] - Tongling Nonferrous Metals (000630) at 5.04, up 1.00%, with a turnover of 1.074 billion yuan [1] - China National Aviation (601111) at 8.08, up 0.25%, with a turnover of 716 million yuan [1] Capital Flow Analysis - The Renminbi appreciation benefiting sector saw a net inflow of 94.82 million yuan from main funds, while speculative funds had a net inflow of 248 million yuan, and retail investors experienced a net outflow of 342 million yuan [2] - Key stocks in terms of capital flow include: - China National Duty-Free (601888) with a main fund net inflow of 2.30 billion yuan and a retail net outflow of 3.19 billion yuan [3] - Tongling Nonferrous Metals (000630) with a main fund net inflow of 94.99 million yuan and a retail net outflow of 60.20 million yuan [3] - Rongsheng Petrochemical (002493) with a main fund net inflow of 13.96 million yuan and a retail net outflow of 14.28 million yuan [3]

Market Overview - The paper sector increased by 1.03% on November 25, with Kane Co. leading the gains [1] - The Shanghai Composite Index closed at 3870.02, up 0.87%, while the Shenzhen Component Index closed at 12777.31, up 1.53% [1] Individual Stock Performance - Kane Co. (002012) closed at 6.25, up 6.84% with a trading volume of 259,500 shares and a turnover of 158 million yuan [1] - Qingshan Paper (600103) closed at 3.53, up 4.13% with a trading volume of 1,452,200 shares and a turnover of 508 million yuan [1] - Songyang Resources (603863) closed at 18.83, up 2.62% with a trading volume of 48,600 shares and a turnover of 91.68 million yuan [1] - Other notable performers include BoHui Paper (600966) and Anni Co. (002235), with increases of 2.55% and 1.77% respectively [1] Capital Flow Analysis - The paper sector saw a net inflow of 64.07 million yuan from institutional investors, while retail investors experienced a net outflow of 98.59 million yuan [2][3] - Speculative funds contributed a net inflow of 34.51 million yuan [2] Detailed Capital Flow for Selected Stocks - Qingshan Paper (600103) had a net outflow of 54.08 million yuan from institutional investors [3] - Sun Paper (002078) saw a net inflow of 16.68 million yuan from institutional investors [3] - BoHui Paper (600966) experienced a net inflow of 11.26 million yuan from institutional investors [3]

Group 1: Institutional Research on Popular Companies - The top twenty companies with the highest number of institutional research visits in the last 30 days include United Imaging Healthcare, Lens Technology, Aibo Medical, Sanhua Intelligent Control, and Zhaoyi Innovation [2][13] - In the last 5 days, the most popular companies for institutional research include Ninebot Company-WD, Rongbai Technology, Lens Technology, Yintong Intelligent Control, and Yinglian Co., Ltd [2][15] - Among the top twenty companies in the last 30 days, 19 companies had 10 or more rating agencies involved, with significant profit growth expected for Jiao Cheng Ultrasound, Lanke Technology, and United Imaging Healthcare in Q1-Q3 of 2025 compared to the same period in 2024 [2][13][16] Group 2: Major Shareholder Increase in A-Share Listed Companies - From November 17 to November 21, 2025, five listed companies announced significant shareholder increases, with Changshu Bank increasing its shareholding by more than 1% of total equity, while Huangtai Liquor, Longlide, Fuguang Co., and Feiwo Technology planned to increase their holdings with an average of more than 1% of the market value on the announcement date [3][20] - From January 1 to November 21, 2025, a total of 295 companies announced significant shareholder increases, with 90 of them having 10 or more rating agencies involved. Among these, 23 companies had an average planned increase amount exceeding 1% of the market value on the announcement date, including Xianhe Co., Hubei Yihua, Xinji Energy, and Zhongju Gaoxin [5][22] Group 3: Share Buyback Situation in A-Share Listed Companies - From November 17 to November 21, 2025, 65 companies announced their buyback progress, with 16 companies having 10 or more rating agencies involved. Five companies had an average planned buyback amount exceeding 1% of the market value on the announcement date, with a focus on Jian Sheng Group, Trina Solar, and Prologis Pharmaceuticals [4][25] - From January 1 to November 21, 2025, a total of 1,805 companies announced their buyback progress, with 344 of them having 10 or more rating agencies involved. Among these, 88 companies had a significant buyback ratio, with two companies, Huaming Equipment and Prologis Pharmaceuticals, still in the board proposal stage [6][27]

Core Viewpoint - The article discusses the significant capital expenditure expansion by Xianhe Co., which is a major player in the specialty paper industry, indicating a bold strategic move to enhance production capacity and revenue growth despite current market challenges [4][6]. Group 1: Capital Expenditure - Xianhe Co. plans to increase its capital expenditure to 43.3 billion and 39.1 billion in 2023 and 2024, respectively, which is more than four times the 9.7 billion in 2022 [4][6]. - This capital expenditure is the second largest in the A-share paper industry, only behind Sun Paper, despite Xianhe's revenue ranking seventh in the industry [6]. Group 2: Company Overview - Xianhe Co. is a leading domestic manufacturer of high-performance paper-based functional materials, with the Wang family holding nearly 80% of the shares [7][8]. - The company offers a diverse product range across six major series, covering over 60 varieties, including packaging materials for food and medical use, tobacco industry products, home decoration materials, and various types of paper for industrial use [8]. Group 3: Market Position - Xianhe Co. holds a dominant market position in several segments, with over 90% market share in low-grammage printing paper, nearly 45% in tobacco industry products, over 20% in mid-to-high-end home decoration materials, and around 25% in thermal cash register paper [8]. Group 4: Financial Performance - In the first three quarters of 2025, Xianhe Co. achieved revenue of 90.63 billion, a year-on-year increase of 24.8%, while net profit attributable to shareholders decreased by 4.8% [9]. - The company experienced a net profit decline of 11.2% in the first half of the year, but saw a turnaround in the third quarter with a revenue of 30.7 billion, up 15.5%, and a net profit of 3.0 billion, up 13.9% [11]. Group 5: Cash Flow and Strategy - The operating cash flow for the first three quarters of 2025 reached 9.19 billion, a significant increase of 105.1%, driven by higher sales and faster collection of receivables [12]. - To address upstream raw material bottlenecks, Xianhe Co. initiated a "forest-pulp-paper integration" strategy, with total investments exceeding 200 billion for two major production bases in Guangxi and Hubei [12].

Market Overview - The paper sector experienced a decline of 2.79% on November 21, with Qingshan Paper leading the drop [1] - The Shanghai Composite Index closed at 3834.89, down 2.45%, while the Shenzhen Component Index closed at 12538.07, down 3.41% [1] Individual Stock Performance - Qingshan Paper (600103) saw a significant drop of 6.30%, closing at 3.42, with a trading volume of 1.74 million shares and a turnover of 609 million yuan [2] - Other notable declines included Minfeng Special Paper (600235) down 6.13% to 6.58, and Hengda New Materials (301469) down 5.74% to 28.25 [2] - Annie Co. (002235) was one of the few gainers, increasing by 1.29% to 8.62, with a trading volume of 2.09 million shares and a turnover of 1.82 billion yuan [1] Capital Flow Analysis - The paper sector saw a net outflow of 347 million yuan from institutional investors, while retail investors contributed a net inflow of 282 million yuan [2] - The main capital inflow was observed in stocks like Huawang Technology (605377) with a net inflow of 5.94 million yuan, while stocks like Qingshan Paper experienced a net outflow of 510,900 yuan [3]

Market Overview - The paper sector experienced a slight decline of 0.08% on November 20, with Jingxing Paper leading the drop [1] - The Shanghai Composite Index closed at 3931.05, down 0.4%, while the Shenzhen Component Index closed at 12980.82, down 0.76% [1] Individual Stock Performance - Annie Co. (002235) saw a significant increase of 9.95%, closing at 8.51, with a trading volume of 808,200 shares and a turnover of 680 million [1] - Yibin Paper (600793) rose by 3.31% to 22.78, with a trading volume of 63,900 shares and a turnover of 14.5 million [1] - Other notable performers included Bohui Paper (600966) up 2.25% and Minshida (920394) up 1.16% [1] Capital Flow Analysis - The paper sector had a net inflow of 191 million from institutional investors, while retail investors saw a net outflow of approximately 59.4 million [2] - The main capital inflow was concentrated in Annie Co. with a net inflow of 3.44 billion, representing 50.64% of its trading volume [3] - Other stocks like Yibin Paper and Bohui Paper also experienced positive net inflows from institutional investors [3]

Core Viewpoint - Xianhe Co., Ltd. reported that its production and operations are currently normal, with all business activities proceeding in an orderly manner, and its financial condition remains stable, indicating a continuously improving fundamental situation [2]. Group 1 - The company confirmed that its production and operations are functioning normally [2] - All business activities are being carried out in an orderly manner [2] - The financial condition of the company is stable [2] - The fundamental situation of the company is continuously improving [2]

Group 1: Institutional Research on Popular Companies - The top twenty companies with the highest number of institutional research visits in the last 30 days include United Imaging Healthcare, Aibo Medical, Sanhua Intelligent Control, Zhaoyi Innovation, and Jinpan Technology [11] - In the last five days, the most popular companies for institutional research include Industrial Fulian, Anbotong, Boying Special Welding, Optoelectronics, and Anke Biology [11] - Among the top twenty companies in the last 30 days, 17 companies had ten or more rating agencies involved, with significant net profit growth expected for companies like Jiao Cheng Ultrasound, Ninebot Company-WD, and United Imaging Healthcare in Q1-Q3 of 2025 compared to the same period in 2024 [11][12] Group 2: Shareholder Increase in A-Share Listed Companies - From November 10 to November 14, 2025, only one A-share listed company, Su Nong Bank, announced significant shareholder increase progress [16] - From January 1 to November 14, 2025, a total of 290 companies announced shareholder increase progress, with 74 of them having ten or more rating agencies involved [17] Group 3: Share Buyback Situation in A-Share Listed Companies - From November 10 to November 14, 2025, 70 companies announced buyback progress, with 13 having ten or more rating agencies involved [20] - Among these, 18 companies had an average expected buyback amount exceeding 1% of their market value on the announcement date, with a focus on companies like Rongsheng Environmental Protection, Chengde Lulou, and Jiamei Packaging [20] - From January 1 to November 14, 2025, a total of 1,804 companies announced buyback progress, with 342 having ten or more rating agencies involved, and 91 companies had a significant expected buyback amount [22]