Investment Rating - The industry investment rating is maintained at "Overweight" [3] Core Views - The report highlights the opportunity in the paper sector due to the recent appreciation of the RMB against the USD, which enhances domestic purchasing power and reduces costs for imported raw materials like wood pulp [5][6] - The report suggests focusing on companies with high wood pulp procurement costs, such as Zhongshun Jierou, and recommends Sun Paper for its integrated advantages in cultural paper production [5][6] - The report also emphasizes the potential for improved profitability in Q4 due to stabilized and rising pulp prices, alongside the release of new production capacity [5][6] Summary by Relevant Sections Industry Overview - The light industry sector includes 167 listed companies with a total market value of 1,204.38 billion CNY and a circulating market value of 954.25 billion CNY [1] Market Performance - For the week of December 22-26, 2025, the Shanghai Composite Index rose by 1.88%, while the Shenzhen Component Index increased by 3.53%. The light industry index gained 1.69%, ranking 16th among 28 Shenwan industries [10] - The paper sector saw a weekly increase of 4.47%, while the textile and apparel index rose by 2.86% [10] Key Company Recommendations - Sun Paper: Buy rating with projected EPS growth from 1.10 CNY in 2023 to 1.48 CNY in 2027, with a PE ratio decreasing from 14.25 to 10.60 [3] - Baiya Co.: Buy rating with projected EPS growth from 0.54 CNY in 2023 to 1.28 CNY in 2027, with a PE ratio decreasing from 38.94 to 16.49 [3] - Huali Group: Buy rating with projected EPS growth from 2.74 CNY in 2023 to 3.97 CNY in 2027, with a PE ratio decreasing from 19.24 to 13.27 [3] Raw Material Price Trends - The report notes fluctuations in raw material prices, with MDI and TDI prices decreasing, while cotton prices have shown an upward trend [18][22] - The average price of wood pulp and various paper products is tracked, indicating a mixed performance with some prices stabilizing and others showing slight increases [42] Housing Market Data - The report highlights a significant decline in property sales, with a 39.1% year-on-year decrease in transactions among major cities [31] - Cumulative property sales area from January to November 2025 shows a 7.8% decline year-on-year [59] Consumer Goods and AI Applications - The report discusses the potential of AI applications in consumer goods, particularly in the context of new product launches and market expansion opportunities [6] Conclusion - The report emphasizes the importance of monitoring the paper sector due to favorable currency movements and suggests specific companies for investment based on their cost structures and market positions [5][6]

| 证券代码：603733 | 证券简称：仙鹤股份 | 公告编号：2025-075 | | --- | --- | --- | | 债券代码：113632 | 债券简称：鹤21转债 | | 仙鹤股份有限公司 关于签订募集资金专户存储三方监管协议的公告 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。 一、募集资金基本情况 仙鹤股份有限公司（以下简称"公司"）经中国证监会《关于核准仙鹤股份 有限公司公开发行可转换公司债券的批复》（证监许可[2021]3200 号）核准，由 主承销商东方证券承销保荐有限公司采用余额包销的方式，公开发行可转换公司 债券 2,050 万张，每张面值人民币 100 元，共计募集资金 205,000.00 万元，扣除 承销和保荐费用 1,086.50 万元(含税金额)后的募集资金余额为 203,913.50 万元， 已由主承销商东方证券承销保荐有限公司于 2021 年 11 月 23 日汇入本公司募集 资金监管账户。本次公开发行可转债发行承销保荐费用及其他与可转换公司债券 直接相关的新增外部费用（不含 ...

| 证券代码：603733 | 证券简称：仙鹤股份 | 公告编号：2025-074 | | --- | --- | --- | | 债券代码：113632 | 债券简称：鹤 21 转债 | | 仙鹤股份有限公司 2025年第四次临时股东会决议公告 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 | 66 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 568,469,883 | | 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 | 80.3237 | | 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，会议主持情况等。 本次会议由公司董事会召集，公司董事长王敏良先生主持会议。会议采用现 (一) 股东会召开的时间：2025 年 12 月 29 日 (二) 股东会召开的地点：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) ...

上海市锦天城律师事务所 关于仙鹤股份有限公司 2025 年第四次临时股东会的 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于仙鹤股份有限公司 法律意见书 致：仙鹤股份有限公司 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 2025 年第四次临时股东会的 仙鹤股份有限公司（以下简称"公司"）2025 年第四次临时股东会于 2025 年 12 月 29 日（星期一）14 点 00 分在浙江省衢州市衢江区天湖南路 69 号公司 会议室如期召开。上海市锦天城律师事务所（以下简称"本所"）经公司聘请委 派邓颖律师、程雨露律师（以下简称"本所律师"）列席，根据《中华人民共和 国公司法》（以下简称"《公司法》"）、《上市公司股东会规则》（以下简称 "《股东会规则》"）等法律法规、其他规范性文件以及《仙鹤股份有限公司章 程》（以下简称"《公司章程》"）、《仙鹤股份有限公司股东会议事规则》（以 下简称"《议事规则》"）的规定，就本次股东会的召集和召开程序、召集人及 出席会议人员的资格、会 ...

Group 1 - The core view of the report emphasizes the integration of wood pulp and paper production, leading to an optimized long-term industry structure and upward profitability [3][5] - The report highlights the significant differences in supply and demand dynamics across various segments of the specialty paper market, suggesting a selective approach to identifying strong performers in favorable supply-demand conditions [4] - The wood pulp market is characterized by a cost structure that supports price stability, with needle pulp costs remaining high and supply-demand tightness providing a floor for prices; the report anticipates a gradual stabilization and slight improvement in pulp prices in 2026 [5][9][11] Group 2 - The report indicates that the paper industry has been in a prolonged bottoming phase, with signs of gradual improvement in supply-demand dynamics, particularly in the boxboard and corrugated paper segments [5][6] - Cultural paper demand is under pressure due to declining birth rates, with short-term stability in demand for double-glue paper but long-term challenges anticipated [22][25] - The white card paper segment is expected to benefit from trends such as replacing plastic with paper, with strong long-term growth potential despite short-term economic pressures [44][46] Group 3 - The report outlines that the supply structure for cultural paper is becoming more concentrated, with significant new capacity expected to come online in 2026, which may exert pressure on the market [29][40] - The profitability of the industry is expected to stabilize, with a focus on companies that lead in integrated operations and cost advantages, such as Sun Paper and Nine Dragons Paper [5][6] - The report suggests that the overall paper price stability is stronger than that of bulk paper, with capital expenditures slowing down and export demand contributing to incremental growth [5][6]

Group 1 - The core viewpoint of the report from Founder Securities indicates that rising raw material prices and a strong currency are likely to improve profitability in the paper industry, particularly benefiting integrated pulp and paper companies with high self-sourcing ratios [1] - As of December 25, 2025, the Shenwan Paper Industry Index rose by 3.68%, ranking third among Shenwan's secondary industry indices for the day [1] - The appreciation of the Renminbi is expected to benefit pulp and paper companies on the cost side, as the industry relies on approximately 60% imported pulp, leading to optimized procurement costs due to the recent currency strengthening [1] Group 2 - Overseas pulp manufacturers have continued to raise prices, with Brazil's Suzano announcing a price increase of $20 per ton for the Asian market, marking the fourth price hike in 2025 [2] - Chile's Arauco also announced a $20 per ton increase for both softwood and hardwood pulp, providing cost support for domestic paper price increases [2] Group 3 - Domestic paper companies are issuing price increase notices in response to rising raw material costs, with companies like Sun Paper, Asia Pacific Forest Products, APP (China), and Bohui Paper raising prices by 200 yuan per ton starting January 1, 2026 [3]

证券代码：603733 证券简称：仙鹤股份公告编号：2025-073 债券代码：113632 债券简称：鹤21转债 仙鹤股份有限公司 关于设立募集资金专户并签订募集资金专户存储 三方监管协议的公告 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。 一、募集资金基本情况 仙鹤股份有限公司（以下简称"公司"）经中国证监会《关于核准仙鹤股份有限公司公开发行可转换公司 债券的批复》（证监许可[2021]3200号）核准，由主承销商东方证券承销保荐有限公司采用余额包销的 方式，公开发行可转换公司债券2,050万张，每张面值人民币100元，共计募集资金205,000.00万元，扣 除承销和保荐费用1,086.50万元(含税金额)后的募集资金余额为203,913.50万元，已由主承销商东方证券 承销保荐有限公司于2021年11月23日汇入本公司募集资金监管账户。本次公开发行可转债发行承销保荐 费用及其他与可转换公司债券直接相关的新增外部费用（不含增值税）共计1,184.58万元，公司本次公 开发行可转换公司债券认购资金总额扣减上述发行费 ...

| 证券代码：603733 | 证券简称：仙鹤股份 | 公告编号：2025-073 | | --- | --- | --- | | 债券代码：113632 | 债券简称：鹤21转债 | | 仙鹤股份有限公司 关于设立募集资金专户并签订募集资金专户存储 三方监管协议的公告 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。 一、募集资金基本情况 仙鹤股份有限公司（以下简称"公司"）经中国证监会《关于核准仙鹤股份 有限公司公开发行可转换公司债券的批复》（证监许可[2021]3200 号）核准，由 主承销商东方证券承销保荐有限公司采用余额包销的方式，公开发行可转换公司 债券 2,050 万张，每张面值人民币 100 元，共计募集资金 205,000.00 万元，扣除 承销和保荐费用 1,086.50 万元(含税金额)后的募集资金余额为 203,913.50 万元， 已由主承销商东方证券承销保荐有限公司于 2021 年 11 月 23 日汇入本公司募集 资金监管账户。本次公开发行可转债发行承销保荐费用及其他与可转换公司债券 直接相关 ...

2025 年第四次临时股东会 会议资料 股票代码：603733 中国·衢州 二〇二五年十二月 仙鹤股份有限公司 | 2025年第四次临时股东会会议议程 | 3 | | --- | --- | | 2025年第四次临时股东会会议须知 | 5 | | 议案一：关于部分募投项目结项并将节余募集资金用于投资建设新项目的议 | | | 案 | 6 | 2025 年第四次临时股东会会议资料 四、出席人员： 1、截至 2025 年 12 月 19 日收市后在中国证券登记结算有限责任公司上海分 公司登记在册的公司股东； 仙鹤股份有限公司 2025 年第四次临时股东会会议议程 一、会议时间： 现场会议时间：2025 年 12 月 29 日（星期一），下午 14:00 网络投票时间：2025 年 12 月 29 日（星期一） 采用上海证券交易所网络投票，通过交易系统投票平台的投票时间为股东会 召开当日的交易时间段：上午 9:15-9:25，9:30-11:30，下午 13:00-15:00；通过 互联网投票平台的投票时间为股东会召开当日的 9:15-15:00 二、会议方式：现场投票与网络投票相结合的方式 三、现场会议地点：浙江 ...

Core Viewpoint - The company, Xianhe Co., announced that its fourth extraordinary general meeting of shareholders for 2025 will be held on December 29 to review the completion of certain fundraising projects and propose to use the remaining funds for new project investments [1] Group 1: Fundraising Projects - The "Annual Production of 300,000 Tons of High-Grade Paper Base Material Project" and the "Annual Production of 30,000 Tons of Thermal Sublimation Transfer Paper and Food Packaging Paper Project" have been completed and concluded on November 30 [1] - The remaining fundraising amount is 622.8019 million yuan (including interest) [1] Group 2: New Investment Project - The company plans to invest the remaining funds into the "Annual Production of 20,000 Tons of Insulation Paper, Capacitor Paper, and Other Specialty Paper Project" [1] - The total investment for this new project is 665.82 million yuan, with an expected operational status by June 2027 [1]