Financial Performance - Operating revenue for the first quarter reached CNY 1,525,955,038.67, representing a 68.89% increase year-on-year[18] - Net profit attributable to shareholders was CNY 279,756,469.55, up 167.49% from the same period last year[18] - Basic earnings per share rose by 135.29% to CNY 0.40 compared to CNY 0.17 in the same quarter last year[18] - Total profit increased by 159.18% to ¥322,659,560.55 from ¥124,494,153.65, driven by higher sales volume and increased profits from joint ventures[32] - The company reported a significant increase in investment income by 110.59% to ¥69,536,860.39 from ¥33,020,036.05, primarily due to higher profits from joint ventures[32] - The total comprehensive income for Q1 2021 was ¥277,877,362.07, compared to ¥102,931,904.28 in Q1 2020, an increase of 169.5%[55] Cash Flow - The net cash flow from operating activities was CNY 108,735,098.81, a significant recovery from a negative cash flow of CNY -53,225,178.75 in the previous year[18] - Net cash flow from operating activities improved to ¥108,735,098.81 from a negative ¥53,225,178.75, mainly due to increased sales and collections from receivables[35] - The company's cash and cash equivalents decreased significantly to ¥44,563,579.08 from ¥213,984,932.65, a drop of approximately 79.21%[43] - The company's cash and cash equivalents at the end of Q1 2021 were 28,654,191.13 RMB, down from 83,421,071.55 RMB at the end of Q1 2020, reflecting a decrease of 65.6%[69] Assets and Liabilities - Total assets increased by 4.34% to CNY 8,309,249,327.64 compared to the end of the previous year[18] - Total liabilities reached ¥2,871,244,726.76, compared to ¥2,584,618,056.75, marking a growth of around 11.09%[43] - Current liabilities rose to ¥2,526,124,577.31 from ¥2,250,349,897.26, indicating an increase of approximately 12.24%[41] - Accounts receivable decreased by 49.59% to ¥3,142,833.82 from ¥6,235,093.30 due to the expiration of commercial acceptance notes[28] - Financing receivables increased by 49.88% to ¥1,090,502,831.48 from ¥727,593,097.48 due to increased bank acceptance settlement volume[28] Shareholder Information - The total number of shareholders at the end of the reporting period was 22,875[20] - Zhejiang Xianhe Holding Group Co., Ltd. held 76.49% of the shares, with 540,000,000 shares pledged[20] - Shareholders' equity increased to ¥5,438,004,600.88 from ¥5,378,978,641.26, showing a rise of about 1.10%[43] Research and Development - Research and development expenses for Q1 2021 were ¥31,236,755.48, compared to ¥27,854,860.50 in Q1 2020, indicating an increase of 11.4%[54] Future Outlook - Future outlook includes continued focus on market expansion and new product development to sustain growth momentum[53]

仙鹤股份有限公司 接待机构投资者调研活动会议纪要 一、机构调研情况 会议时间：2021年4月12日 会议地点：公司会议室（衢江区天湖南路69号） 会议形式：电话会议交流 参会人员：公司董事会秘书 王昱哲、中金公司、浙商证券、煜德投资、拾 贝投资、善渊投资、汇升投资、汐泰投资、瀚伦投资、彤源投资、九方投资、Golden Nest Capital鑫巢资本、Oasis基金、Lily Neuberger Berman 、 NSR new silk road 二、电话会议交流的主要内容 1、公司的发展历史介绍 公司自2001年创立以来，始终以高性能纸基功能材料为主业，紧跟消费和工 业领域的需求变化，实现了二十年的高速增长。公司为全国最大的纸基功能材料 研发和生产企业之一，致力于为下游客户提供一站式的解决方案，并在国内拥有 浙江衢江、河南内乡和浙江常山、广西来宾（在建）、湖北石首（在建）5个造 纸基地，公司及其控股子公司、合营公司现已拥有47条现代化造纸生产线，1条 纸浆生产线，21条涂布生产线和7台超级压光机，并拥有化工、制浆、能源、物 流、原纸及纸制品等全产业链的生产产能，产业宽度和产业深度布局相对完善， 截至202 ...

仙鹤股份有限公司 接待机构投资者调研活动会议纪要 一、机构调研情况 会议时间：2021年4月2日 会议地点：公司会议室（衢江区天湖南路69号） 会议形式：电话会议交流 参会人员：公司董事会秘书 王昱哲、国金证券、东北证券、华福证券、东 海证券、途灵资产、乘安资产、富智投资、银石投资、果岭投资、源乘投资、彤 源投资、泊通投资、鼎晖投资、马丁可利投资、睿远基金、万家基金、真科基金、 东吴人寿、安信资管、华夏未来资本、信诚人寿、圆信永丰、外呼外呼、明河投 资、兴聚睿郡 二、电话会议交流的主要内容 1、公司的发展历史介绍 公司自2001年创立以来，始终以高性能纸基功能材料为主业，紧跟消费和工 业领域的需求变化，实现了二十年的高速增长。公司为全国最大的纸基功能材料 研发和生产企业之一，致力于为下游客户提供一站式的解决方案，并在国内拥有 浙江衢江、河南内乡和浙江常山、广西来宾（在建）、湖北石首（在建）5个造 纸基地，公司及其控股子公司、合营公司现已拥有47条现代化造纸生产线，1条 纸浆生产线，21条涂布生产线和7台超级压光机，并拥有化工、制浆、能源、物 流、原纸及纸制品等全产业链的生产产能，产业宽度和产业深度布局相对完善 ...

Financial Performance - The company's operating revenue for 2020 was RMB 4,843,100,792.48, representing a 6.04% increase compared to RMB 4,567,036,826.79 in 2019[28]. - The net profit attributable to shareholders of the listed company was RMB 717,160,508.05, a significant increase of 63.02% from RMB 439,925,290.21 in the previous year[28]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 645,741,881.06, up 54.17% from RMB 418,863,999.44 in 2019[28]. - The net cash flow from operating activities for the current period is approximately ¥301.93 million, a decrease of 33.74% compared to the previous year[31]. - The net assets attributable to shareholders increased by 39.76% year-on-year, reaching approximately ¥5.35 billion[31]. - Total assets grew by 7.93% year-on-year, amounting to approximately ¥7.96 billion[31]. - Basic earnings per share for the year were ¥0.72, representing a year-on-year increase of 56.94%[31]. - The diluted earnings per share, excluding non-recurring gains and losses, was ¥0.68, up 47.22% from the previous year[31]. - The net profit attributable to shareholders for Q4 was approximately ¥222.67 million, with a quarterly revenue of approximately ¥1.51 billion[34]. - The company reported a net profit of approximately ¥203.05 million after deducting non-recurring gains and losses for Q4[34]. Market Position and Product Portfolio - The company’s market share in the domestic high-performance paper-based functional materials sector is nearly 45% for cigarette inner lining materials[42]. - The company’s home decoration materials series has a domestic market share exceeding 20% in the high-end custom furniture market[43]. - The company's thermal paper products hold a nearly 25% market share in the domestic market, widely used by major restaurant and hotel chains[44]. - The low-grammage publishing paper has over 90% market share in the domestic market, primarily used for printing dictionaries and other high-usage books[44]. - The company’s digital printing transfer paper market share exceeds 20% in the domestic thermal transfer market, driven by increasing demand for personalized and high-end products[48]. - The company is a major supplier of raw paper for bottled beer labels, with a significant presence in the domestic market[48]. - The company holds a nearly 45% market share in the tobacco industry for products such as cigarette paper and filter rods, and approximately 25% in the thermal paper market[59]. - The company has a diverse product portfolio across seven series, which helps mitigate risks associated with market fluctuations in individual paper types[63]. Investment and Expansion - The company signed an investment agreement for the "Guangxi Sanjiangkou High-Performance Paper-Based New Materials Project" with an investment of 11.8 billion yuan, aiming for an annual production of 2.5 million tons of specialty pulp and paper[51]. - The company has invested 11.8 billion RMB in a new integrated project in Guangxi, aiming for an annual production of 2.5 million tons of high-performance paper-based materials[62]. - The company plans to invest at least 10 billion RMB in the Hubei Shishou high-performance paper-based circular economy project, further enhancing its upstream pulp integration and market presence[145]. - The company is expanding its product line to include food-grade oil-proof paper, coated paper, and various packaging materials, responding to the "plastic ban" trend[151]. Research and Development - R&D expenses reached 122.65 million RMB, an increase of 15.75% year-on-year, highlighting the company's commitment to innovation[64]. - The company has developed 19 invention patents and 49 utility model patents, demonstrating its strong focus on technological innovation[64]. - Research and development expenses totaled CNY 122.65 million, accounting for 2.53% of total revenue[115]. - The company has ongoing R&D projects including high-performance medical packaging paper and green preservation packaging paper[118]. Environmental and Digital Transformation - The company has established a comprehensive environmental management system, achieving significant energy savings and waste reduction, and has been recognized as a "Green Enterprise" in Zhejiang Province[68]. - The company has implemented a digital transformation strategy, achieving full ERP data application and initiating smart workshop construction, enhancing its intelligent manufacturing capabilities[69]. - The company aims to enhance its smart manufacturing capabilities by implementing MES production site information management and promoting the "smart workshop" concept[152]. - The company is actively pursuing the development of environmentally friendly paper-based packaging materials to replace plastic products, in line with national policies[82]. Risk Management - The company has detailed the risks it faces in the "Discussion and Analysis of Operating Conditions" section of the report[11]. - The company acknowledges the risk of project implementation delays due to regulatory approvals and market changes[161]. - The company recognizes the ongoing risk of COVID-19 and its potential impact on external demand in the specialty paper industry[157]. - The company is enhancing its analysis and forecasting of raw material markets to mitigate risks associated with price fluctuations[158]. - The company is committed to improving its risk management systems in light of large-scale external investment projects planned for the upcoming year[156]. Shareholder Commitments and Dividends - The company plans to distribute a cash dividend of RMB 3.10 per 10 shares, totaling RMB 218,851,402.46 for the 2020 fiscal year[171]. - The company has maintained a consistent cash dividend policy, distributing RMB 4.00 per 10 shares, totaling RMB 244,800,000.00 for the 2019 fiscal year[170]. - The company commits to repurchase any shares sold in violation of regulations within ten trading days, extending the lock-up period by three months if necessary[192]. - The controlling shareholder and directors pledge to adhere to the stock price stabilization plan approved at the 2017 extraordinary general meeting[193].

Company Overview and Development - Founded in 2001, the company has grown rapidly over 20 years, focusing on high-performance paper-based functional materials [2] - Operates 3 paper production bases in China with 47 modern paper production lines, 1 pulp production line, 21 coating production lines, and 7 super calenders [2] - Annual production capacity exceeded 900,000 tons in 2020, expected to reach 1.1 million tons in 2021 [2] - Serves over 2,000 direct customers with a diversified product portfolio and strong technical, environmental, and management advantages [2] New Subsidiary and Product Expansion - Established Zhejiang Kerui New Materials Co Ltd on February 20, 2021, focusing on new material R&D, paper product sales, and eco-friendly products like paper straws [3] - The subsidiary will develop more high-margin products and enrich the company's product structure [3] Industry Position and Future Strategy - Positioned to capitalize on the global "paper replacing plastic" trend [4] - Strategic focus on new tobacco, consumer food, healthcare, and express logistics industries [4] - Plans to expand into global supply chain markets and collaborate with international enterprises [4] Raw Material and Cost Management - Paper pulp cost fluctuations have limited impact due to its smaller proportion in total production costs [5] - Maintains sufficient raw material inventory and adjusts product prices to offset cost increases [5] - Well-established management system to handle market changes with weak cyclicality [5] Capacity Expansion and Utilization - 2021 is a year of capacity release with new production lines expected to reach 1.1 million tons [6][7] - 300,000-ton food-grade paperboard project to be operational in the first half of 2022 [7] - High capacity utilization due to close collaboration with downstream customers [7] - Typical project implementation cycle ranges from 1.5 to 2 years [7] Pricing Strategy and Market Demand - Implemented price increases of 1,000-2,000 yuan in late February due to strong market demand and full production capacity [8] - Continues to monitor raw material prices and market acceptance for potential future price adjustments [8] Customer Base and Customization - Serves over 2,000 valuable downstream customers with customized production capabilities [9] - Actively expanding market presence and exploring potential clients [9] - Subsidiary Henan Xianhe Specialty Pulp & Paper Co Ltd has 51,000 tons of self-produced pulp capacity [9] Pulp Production and Future Projects - Produces various specialty pulps including poplar, wheat straw, and Chinese alpine rush [10] - Guangxi Laibin project with total investment of 11.8 billion yuan includes 2.5 million tons of high-performance paper-based materials and fiber preparation [10] - Plans to start pulp production lines first, with capacity expected in 2023 [10] Service Provider Transformation - Transitioning from supplier to service provider in the high-performance paper-based functional materials field [11] - Offers comprehensive solutions including R&D, production, technical support, and after-sales services [11] - Provides customized development and testing services to meet specific customer requirements [11]

仙鹤股份有限公司 接待机构投资者调研活动会议纪要 一、机构调研情况 会议时间：2021年3月05日 会议地点：公司会议室（衢江区天湖南路69号） 会议形式：电话会议交流 参会人员：公司董事会秘书 王昱哲、东方财富证券、浙商证券、平安资管、 百年保险、华富基金、南华基金、博道基金、睿远基金、红烨投资 二、电话会议交流的主要内容 1、公司的发展历史介绍 公司自2001年创立以来，始终以高性能纸基功能材料为主业，紧跟消费和工 业领域的需求变化，实现了二十年的高速增长。公司为全国最大的纸基功能材料 研发和生产企业之一，致力于为下游客户提供一站式的解决方案，并在国内拥有 浙江衢江、河南内乡和浙江常山3个造纸基地，公司及其控股子公司、合营公司 现已拥有47条现代化造纸生产线，1条纸浆生产线，21条涂布生产线和7台超级压 光机，并拥有化工、制浆、能源、物流、原纸及纸制品等全产业链的生产产能， 产业宽度和产业深度布局相对完善，截至2020年末公司及其合营公司已经具备的 年生产能力超90万吨，2021年产能将达到110万吨，下游直销客户超过2000家。 同时，公司也以纸基功能材料研发制造为核心，积极推动制汽制电、化工材料、 工 ...

仙鹤股份有限公司 接待机构投资者调研活动会议纪要 一、机构调研情况 会议时间：2021年3月02日 会议地点：公司会议室（衢江区天湖南路69号） 会议形式：电话会议交流 参会人员：公司董事会秘书 王昱哲、西南证券、雀跃资产、品润资产、久 盈资产、耀康资产、哲石投资、钱江金融投资、优益增投资 二、电话会议交流的主要内容 1、公司的发展历史介绍 公司自2001年创立以来，始终以高性能纸基功能材料为主业，紧跟消费和工 业领域的需求变化，实现了二十年的高速增长。公司为全国最大的纸基功能材料 研发和生产企业之一，致力于为下游客户提供一站式的解决方案，并在国内拥有 浙江衢江、河南内乡和浙江常山3个造纸基地，公司及其控股子公司、合营公司 现已拥有47条现代化造纸生产线，1条纸浆生产线，21条涂布生产线和7台超级压 光机，并拥有化工、制浆、能源、物流、原纸及纸制品等全产业链的生产产能， 产业宽度和产业深度布局相对完善，截至2020年末公司及其合营公司已经具备的 年生产能力超90万吨，2021年产能将达到110万吨，下游直销客户超过2000家。 同时，公司也以纸基功能材料研发制造为核心，积极推动制汽制电、化工材料、 工业水处理 ...

仙鹤股份有限公司 接待机构投资者调研活动会议纪要 一、机构调研情况 会议时间：2021年1月26日 会议地点：公司董事会秘书办公室（衢江区天湖南路69号） 会议形式：电话会议交流 参会人员：公司董事会秘书 王昱哲、复华投信、国泰投信、华泰资管、长 江证券资管、东恺投资、泉上投资、华安基金、财通基金、甄投、礼正、复华、 瓦洛兰、易正朗、通用技术、Willing Capital Fred、华德国际金融控股（Wonderland International Financial Holdings Limited） 二、电话会议交流的主要内容 1、公司的发展历史介绍 公司自2001年创立以来，始终以高性能纸基功能材料为主业，紧跟消费和工 业领域的需求变化，实现了二十年的高速增长。公司为全国最大的纸基功能材料 研发和生产企业之一，致力于为下游客户提供一站式的解决方案，并在国内拥有 浙江衢江、河南内乡和浙江常山3个造纸基地，公司及其控股子公司、合营公司 现已拥有47条现代化造纸生产线，1条纸浆生产线，21条涂布生产线和7台超级压 光机，并拥有化工、制浆、能源、物流、原纸及纸制品等全产业链的生产产能， 产业宽度和产业深度布局 ...

仙鹤股份有限公司 接待机构投资者调研活动会议纪要 一、机构调研情况 会议时间：2021年1月21日 会议地点：公司董事会秘书办公室（衢江区天湖南路69号） 会议形式：电话会议交流 参会人员：董事会秘书 王昱哲、天风证券、华夏投资、凯辰投资、普贯投 资、善渊投资、源乘投资、红骅投资、启纳创业投资、安禅资产、耀之资产、华 夏未来资本、必达资本、长信基金、兴全基金、中加基金、野风资产、人寿养老 保险、安成科技 二、电话会议交流的主要内容 1、公司的发展历史介绍 公司自2001年创立以来，始终以高性能纸基功能材料为主业，紧跟消费和工 业领域的需求变化，实现了二十年的高速增长。公司为全国最大的纸基功能材料 研发和生产企业之一，致力于为下游客户提供一站式的解决方案，并在国内拥有 浙江衢江、河南内乡和浙江常山3个造纸基地，公司及其控股子公司、合营公司 现已拥有45条现代化造纸生产线，1条纸浆生产线，21条涂布生产线和7台超级压 光机，并拥有化工、制浆、能源、物流、原纸及纸制品等全产业链的生产产能， 产业宽度和产业深度布局相对完善，截至2020年末公司及其合营公司已经具备的 年生产能力超90万吨，下游直销客户超过2000家。 ...

仙鹤股份有限公司 接待机构投资者调研活动会议纪要 一、机构调研情况 会议时间：2021年1月18日 会议地点：公司董事会秘书办公室（衢江区天湖南路69号） 会议形式：电话会议交流 参 会 人 员 ： 董 事 会秘 书 王昱哲、 Keywise Capital Management 、 TT International、Anatole Investment Management Ltd、Allianz Global Investors (AGI Europe)、Sumitomo Mitsui DS Asset Management Company LTD、Modus Asset Management、Torq Capital Management (HK) Limited、Henderson Land Investment、 StillBrook Capital、Neuberger Berman 二、电话会议交流的主要内容 1、公司的发展历史介绍 公司自2001年创立以来，始终以高性能纸基功能材料为主业，紧跟消费和工 业领域的需求变化，实现了二十年的高速增长。公司为全国最大的纸基功能材料 研发和生产企业之一，致 ...