Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 10.274 billion yuan in 2024, a year-on-year increase of 20.1%, and a net profit attributable to shareholders of 1.004 billion yuan, up 51.2% year-on-year [1] - The company is experiencing a recovery in profitability, with production and sales benefiting from projects in Guangxi and Hubei, and a successful expansion into overseas markets [2] - The company’s production capacity is expected to grow significantly, with the completion of projects in Guangxi and Hubei contributing to an estimated 30%-40% year-on-year increase in production in 2025 [3] Financial Performance Summary - In Q1 2025, the company achieved a revenue of 2.991 billion yuan, a year-on-year increase of 35.4%, while the net profit attributable to shareholders was 236 million yuan, down 12.1% year-on-year [1][4] - The gross margin for Q1 2025 was 14.6%, a decrease of 3.4 percentage points year-on-year, while the net profit margin was 7.9%, down 4.3 percentage points year-on-year [3] - The company’s operating cash flow for Q1 2025 was -196 million yuan, an increase of 218 million yuan year-on-year [4] Future Projections - The company’s net profit is projected to reach 1.351 billion yuan in 2025, with corresponding P/E ratios of 11.0X, 8.7X, and 7.4X for the years 2025, 2026, and 2027 respectively [4][5] - The company is expected to maintain a strong growth trajectory, with total revenue projected to reach 20.29 billion yuan by 2027, reflecting a compound annual growth rate of 19.8% [5]

Group 1 - The company plans to distribute a cash dividend of RMB 0.50 per share, totaling approximately RMB 352.99 million, which represents 35.16% of the net profit attributable to shareholders for the year 2024 [4] - The company achieved a revenue of RMB 1,027.36 million, a year-on-year increase of 20.11%, and a net profit of RMB 100.38 million, up 51.23% compared to the previous year [13][13] - The company operates in the paper and paper products industry, focusing on high-performance paper-based functional materials and their raw materials [8][9] Group 2 - The paper industry in China showed strong growth in 2024, with production of mechanical paper and cardboard reaching 15.85 million tons, a year-on-year increase of 10%, marking the highest growth rate in nearly 12 years [5] - The average import cost of pulp in 2024 was USD 652 per ton, reflecting only a 1% increase from 2023, indicating stable pricing despite increased demand [5] - Energy costs in the paper industry decreased, with coal prices dropping by 12% year-on-year, attributed to oversupply and reduced demand from traditional power generation [6] Group 3 - The company has a diverse product range, including food and medical packaging materials, tobacco industry support materials, home decoration materials, and industrial use papers, with a strong market presence in each segment [9][10][11] - The food and medical packaging materials segment is experiencing rapid market growth due to rising consumer safety and environmental concerns [9] - The company is actively expanding its production capacity for release paper and high-demand materials to meet the growing market needs [12]

登录新浪财经APP 搜索【信披】查看更多考评等级 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2024年度董事会审计委员会对会计师事务所履行监督职责情况报告》。 表决结果：同意 7 票，反对 0 票，弃权 0 票。 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2024年度董事会审计委员会履职报告》。 16.审议通过《关于2024年度会计师事务所履职情况评估报告的议案》 公司对中汇会计师事务所2024年审计过程中的履职情况进行评估。经评估，公司认为中汇会计师事务所 资质条件、执业记录、质量管理水平、信息安全管理等方面合规有效，履职能够保持独立性，勤勉尽 责，公允表达意见。 表决结果：同意 7 票，反对 0 票，弃权 0 票。 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2024年度会计师事务所履职情况评估报告》。 17.审议通过《关于2024年度董事会审计委员会对会计师事务所履行监督职责情况报告的议案》 根据相关 ...

Investment Rating - The report maintains a "Positive" investment rating for the paper and light industry [6] Core Viewpoints - The light manufacturing industry index increased by 1.92%, outperforming the market by 1.53 percentage points, with the paper sub-sector rising by 2.14%, exceeding the market by 1.76 percentage points [2][12] - The report highlights a downward trend in pulp prices, with Chilean hardwood pulp prices dropping to $560 per ton, a decrease of $70 per ton, and softwood pulp prices at $770 per ton, down by $55 per ton [4][23] - The report suggests that the industry is entering a seasonal downturn, leading to a reduction in pulp costs, and recommends leading companies in the integrated forest-pulp-paper sector such as Sun Paper (002078, Buy) [4] - The report anticipates a significant slowdown in the growth of new supply in the paper industry by 2025, with overall supply and demand expected to gradually improve [4] Summary by Sections Market Review - The light manufacturing industry index rose by 1.92% from April 21 to April 27, 2025, ranking 7th among 28 first-level industries [12] - The four major sub-sectors of light manufacturing saw varying increases, with packaging and printing leading at 4.39%, followed by cultural products at 2.78%, paper at 2.14%, and furniture at -0.28% [12][17] Industry Chain Data Tracking Raw Materials - Waste paper prices remained stable, while pulp prices and dissolving pulp prices decreased [23] - The national waste paper price (excluding tax) fell by 1 yuan per ton to 1439 yuan per ton [23] - Chilean hardwood pulp prices decreased by $70 per ton, while softwood pulp prices fell by $55 per ton [23][29] Finished Paper - Most paper prices declined, with double glue paper down by 38 yuan per ton, copper plate paper down by 14 yuan per ton, and white card paper down by 39 yuan per ton [37] - High-end corrugated paper prices remained stable, while low-end corrugated paper prices decreased by 47 yuan per ton [37][44] Profitability Levels - Profitability varied among cultural papers, with small paper companies seeing an increase of 17 yuan per ton in double glue paper, while large companies experienced a decrease of 41 yuan per ton [46] - The profitability of white card paper decreased by 17-39 yuan per ton compared to the previous week [49] Production and Inventory - The cumulative production of mechanical paper and paperboard from January to March 2025 was 38.19 million tons, a year-on-year increase of 3.8% [55] - The inventory of finished products in the paper and paper products industry was estimated at 732 billion yuan [22]

Investment Rating - The report maintains a "Positive" investment rating for the paper and light industry [6] Core Viewpoints - The light manufacturing industry index increased by 1.92%, outperforming the market by 1.53 percentage points, with the paper sub-sector rising by 2.14%, surpassing the market by 1.76 percentage points [2][12] - The report highlights a downward trend in pulp prices, with Chilean hardwood pulp prices dropping by $70 per ton and softwood pulp prices decreasing by $55 per ton [4][23] - The report recommends leading companies in the integrated forest-pulp-paper industry, such as Sun Paper (002078, Buy), and suggests focusing on specialty paper leaders like Xianhe Shares (603733, Buy) and high-end decorative paper leader Huawang Technology (605377, Buy) [4] Summary by Sections 1. Market Review (2025/04/21-2025/04/27) - The light manufacturing industry index rose by 1.92%, with the paper sub-sector increasing by 2.14%, ranking 7th among 28 first-level industries [12][2] - The four major sub-sectors of light manufacturing ranked by growth are packaging and printing, cultural products, paper, and furniture, with respective increases of 4.39%, 2.78%, 2.14%, and a decrease of 0.28% [12][2] 2. Industry Chain Data Tracking: Pulp and Paper Prices Decline 2.1 Raw Materials - Domestic waste paper prices remained stable, while pulp prices fell; hardwood pulp prices decreased by 112 RMB per ton, and softwood pulp prices fell by 40 RMB per ton [9][23] - The report notes a total of 1.79 million tons of pulp inventory at two major Chinese ports, a decrease of 10.9% [24][31] 2.2 Finished Paper - The average market price for various paper products fell, with double glue paper down by 38 RMB per ton, copper plate paper down by 14 RMB per ton, and white card paper down by 39 RMB per ton [37][40][42] 2.3 Profitability Levels - Profitability varied among cultural papers, with small paper companies seeing an increase of 17 RMB per ton, while large companies experienced a decrease of 41 RMB per ton [46][47] - The profitability of waste paper products also declined, with decreases ranging from 9 to 44 RMB per ton [53] 2.4 Mechanism Paper and Board Production - The cumulative production of mechanism paper and board in the first quarter of 2025 reached 38.19 million tons, a year-on-year increase of 3.8% [55] - The report indicates a decrease in imports of paper and board by 8.2% year-on-year, while exports increased by 10.7% [55]

公司代码：603733 公司简称：仙鹤股份 债券代码：113632 债券简称：鹤 21 转债 仙鹤股份有限公司 2024年度内部控制评价报告 仙鹤股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求（以下简称"企业内 部控制规范体系"），结合仙鹤股份有限公司（以下简称"公司"）内部控制制度和评价办法，在内部控 制日常监督和专项监督的基础上，我们对公司2024年12月31日（内部控制评价报告基准日）的内部控制 有效性进行了评价。 一. 重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性，并如实披露内 部控制评价报告是公司董事会的责任。监事会对董事会建立和实施内部控制进行监督。经理层负责组织 领导企业内部控制的日常运行。公司董事会、监事会及董事、监事、高级管理人员保证本报告内容不存 在任何虚假记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性承担个别及连带法 律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及相关信息真实完整，提 高经营效率和效果，促进实现发展战略。由于内部控制存在的固有局限性，故仅能为 ...

地址:浙江省衢州市衢江区天湖南路69号 电话: 0570-2833055 传真: 0570-2931631 网址: ww w.xianhe pape r . com 邮箱: zqb@xianhe pape r . com 仙鹤股份有限公 司 XIANHE CORPO R ATIO N "纸"让一切成为可能 2024年度可持续发展报告 关于本报告 《仙鹤股份2024年度可持续发展报告》是仙鹤股份有限公司连续第四年发布的 可持续发展报告，同时也是公司第六份非财务信息报告，旨在系统描述公司在可 持续发展方面所秉持的原则与理念、管理方法及成果绩效。 概况 称谓说明 本报告范围与公司年报保持一致，涵盖仙鹤股份有限公司及合并范围内子公 司。本报告为年度报告，报告期间为2024年1月1日至12月31日，部分内容超出 上述范围，在所涉及处予以说明。 编制依据 本报告以《上海证券交易所上市公司自律监管指引第14号⸺可持续发展报告 （试行）》《上海证券交易所上市公司自律监管指南第4号⸺可持续发展报告编 制》为指导，参考全球可持续发展标准委员会(GSSB)发布的《GRI可持续发展报 告标准(GRI Standards)》、可持续发 ...

仙鹤股份有限公司 中汇会计师事务所（特殊普通合伙）创立于 1992 年，2013 年 12 月转制为 特殊普通合伙，管理总部设立于杭州。经过近 30 年的发展，先后在北京、上海、 深圳、成都、南京、苏州、无锡、宁波、济南、广州、长春等经济较为发达的省 市设立了分支机构，同时也在中国香港与美国洛杉矶设立国际服务网络，中汇会 计师事务所对各分支机构在人力资源管理、合伙人考核晋升及分配机制、业务项 目管理、执业技术标准和质量控制、会计核算与财务管理、信息化管理与作业系 统等各方面实行高度一体化管理模式。截至 2024 年 12 月 31 日，合伙人 116 人， 注册会计师 694 人，签署过证券服务业务审计报告注册会计师人数 289 人。 中汇会计师事务所最近一年（2024 年度）审计的收入总额为 101,434 万元， 审计业务收入 89, 948 万元，证券业务收入 45,625 万元。上年度（2023 年年报） 上市公司审计客户家数为 180 家，审计收费总额为 15,494 万元，主要行业覆盖： 制造业-专用设备制造业；信息传输、软件和信息技术服务业-软件和信息技术服 务业；制造业-电气机械及器材制造业； ...

2024 年度董事会审计委员会履职报告 仙鹤股份有限公司 根据中国证监会《上市公司治理准则》《上海证券交易所股票上市规则》 《上海证券交易所上市公司自律监管指引第 1 号——规范运作》（以下简称"《上 市公司自律监管指引第 1 号——规范运作》"）以及《仙鹤股份有限公司章程》 （以下简称"《公司章程》"）、《仙鹤股份有限公司董事会审计委员会工作细 则》（以下简称"《董事会审计委员会工作细则》"）等相关文件的规定，我们 作为仙鹤股份有限公司（以下简称"公司"）第三届董事会审计委员会成员认真、 规范履行审计委员会的职责，切实有效地监督和评估外部审计机构，指导公司内 部审计工作。现将 2024 年度履职情况报告如下： 一、审计委员会基本情况 公司第三届董事会审计委员会由 3 名委员组成，分别为独立董事吴仲时先 生、独立董事周子学先生与独立董事杨旭先生，其中主任委员（召集人）吴仲时 先生为会计专业人士，审计委员会委员任职均符合上海证券交易所的相关规定及 《公司章程》的规定。 | 会议名称 | | | 召开时间 | | | | 审议议案 | | --- | --- | --- | --- | --- | --- | - ...

| 证券代码：603733 | 证券简称：仙鹤股份 | 公告编号：2025-017 | | --- | --- | --- | | 债券代码：113632 | 债券简称：鹤21转债 | | 仙鹤股份有限公司 关于2024年度募集资金存放与使用情况的专项报告 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。 根据中国证券监督管理委员会（以下简称"中国证监会"）《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》（中国证监会公告[2022]15号）、 《上海证券交易所上市公司自律监管指引第1号——规范运作》等有关规定，现将仙 鹤股份有限公司（以下简称"公司"、"本公司"）2024年度募集资金存放与使用情 况专项说明如下： 一、募集资金基本情况 （一）实际募集资金金额、资金到账情况 二、募集资金管理和存放情况 （一）募集资金的管理情况 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 ...