| 证券代码：603733 | 证券简称：仙鹤股份 | 公告编号：2024-006 | | --- | --- | --- | | 债券代码：113632 | 债券简称：鹤21转债 | | 仙鹤股份有限公司 关于2025年度对外担保额度预计的公告 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: 被担保人名称：仙鹤股份有限公司（以下简称"公司"、"本公司"）全资子公 司，包括浙江仙鹤新材料销售有限公司（以下简称"仙鹤销售"），湖北仙鹤新材料有限 公司（以下简称"湖北仙鹤"），广西仙鹤新材料有限公司（以下简称"广西仙鹤"）， 湖北仙鹤热力能源有限公司（以下简称"湖北能源"），广西仙鹤能源发展有限公司（以 下简称"广西能源"）。 本次担保额度及已实际为其担保的担保余额：公司预计2025年度为全资子公司提 供担保额度合计不超过370,000万元人民币（其中不包括在本次董事会之前已执行，目前 仍在有效期内的担保）。截至本公告披露日，公司已实际为全资子公司提供的担保余额为 1,014,600万元人民币。 特别风险提示 ...

仙鹤股份有限公司 第三届监事会第十七次会议决议公告 | 证券代码：603733 | 证券简称：仙鹤股份 | 公告编号：2025-005 | | --- | --- | --- | | 债券代码：113632 | 债券简称：鹤21转债 | | 监事会审核认为：本次对外担保对象系公司及子公司，为了满足公司及子公司未来 12个月的融资需求和日常业务开展，确保公司经营的持续、稳健发展，公司承担的担保 风险可控。本次担保事项的审议及决策程序符合相关法律法规及《公司章程》的有关规 定，符合公司整体利益，不存在损害公司及股东，特别是中小股东利益的情形。 本议案尚需提交公司股东大会审议。 内容详见上海证券交易所网站（www.sse.com.cn）及公司法定信息披露媒体同日披露 的《仙鹤股份有限公司关于2025年度对外担保额度预计的公告》。 2.审议通过《关于2024年度日常关联交易情况及2025年度日常关联交易预计的议案》 本公司监事会及全体监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。 一、监事会会议召开情况 仙鹤股份有限公司（以下简称"公司"）第三届 ...

上述综合授信额度的申请期限为自公司 2025 年第一次临时股东大会审议通 过之日起不超过 12 个月，该授信额度在授权期限内可循环使用。在不超过授信 额度的情况下，无需再逐项提请公司董事会和股东大会审批。 为顺利推进公司及子公司 2025 年度向银行等金融机构申请授信额度及贷款 工作，公司董事会提请股东大会授权公司董事长或者其授权代表在该授信额度范 围内办理授信、贷款等业务的相关手续，并签署上述综合授信额度内的各项法律 文件，前述授权有效期与上述授信额度申请有效期限一致。 特此公告。 仙鹤股份有限公司（以下简称"公司"）于 2025 年 1 月 23 日召开了第三届 董事会第二十六次会议，审议通过了《关于 2025 年度向银行申请综合授信额度 的议案》，本议案尚需提交公司 2025 年第一次临时股东大会审议。现将有关事项 公告如下： 根据公司 2025 年度生产经营及投资计划的资金需求，为保证公司生产经营、 项目建设等各项工作顺利进行，提高资金营运能力，公司（包括公司及全资子（孙） 公司、控股子（孙）公司，下同）2025 年度拟向银行等金融机构申请综合授信额 度不超过人民币 1,000,000 万元。 上述授 ...

| 证券代码：603733 | 证券简称：仙鹤股份 | 公告编号：2025-009 | | --- | --- | --- | | 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 年第一次临时股东大会的通知 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： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2025 年第一次临时股东大会 召开的日期时间：2025 年 2 月 13 日 14 点 00 分 召开地点：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 (五) 网络投票的系统、起止日期和投票时间。 股东大会召开日期：2025年2月13日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 至 2025 年 2 月 13 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30,13:00-15:00；通过互联 网投票平台的投票时间为股 ...

仙鹤股份有限公司 第三届董事会第二十六次会议决议公告 | 证券代码：603733 | 证券简称：仙鹤股份 公告编号：2025-004 | | --- | --- | | 债券代码：113632 | 债券简称：鹤21转债 | 一、董事会会议召开情况 仙鹤股份有限公司（以下简称"公司"）第三届董事会第二十六次会议通知于2025 年1月15日以邮件、通讯等方式向全体董事发出，会议于2025年1月23日以通讯表决方式 召开。本次会议召集人为董事长王敏良先生，应参与表决董事7人，实际参与表决董事7 人。会议的召集、召开与表决程序符合《中华人民共和国公司法》（以下简称"《公司 法》"）、《仙鹤股份有限公司章程》（以下简称"《公司章程》"）以及有关法律法 规的规定，会议合法有效。 二、董事会会议审议情况 1.审议通过《关于2025年度对外担保额度预计的议案》 公司对外担保额度预计符合公司实际情况，符合相关法律法规及《公司章程》的规 定，担保风险总体可控，有利于公司的生产经营及长远发展，同意公司及子公司拟为全 资子公司提供总额不超过370,000 万元人民币的新增担保，本次担保额度不含之前已审 批的有效担保额度。 表决结果： ...

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《 ...