仙鹤股份有限公司 2021 年第三季度报告 单位：元 币种：人民币 证券代码：603733 证券简称：仙鹤股份 仙鹤股份有限公司 2021 年第三季度报告 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。 重要内容提示： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务 报表信息的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 (一)主要会计数据和财务指标 | --- | --- | --- | --- | --- | |------------------------------------------------|------------------|--------------------------------------|------------------|---------------------- ...

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8月6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、国金证券、浙商证券、国盛 | | 证券、中信证券、广发证券、东方证券、安信证券、华福证券、海通证券、中信 | | | 建投、盛宇投资、兆天投资、中量投资、昭融汇利投资、源乘投资、礼正投资、 | | | 富道投资、富恩德投资、淡水泉投资、静远投资、星石投资、善渊投资、路博迈 | | | 投资、银叶投资、诚盛投资、同安投资、宏道投资、沣沛投资、瑞华投资、中润 | | | 投资、石溪投资、金华阳投资、景领投资、涌贝资产、益菁汇资产、太盟资产、 | | | 太保资产、阳光资产、中环 ...

Financial Performance - The company's operating revenue for the first half of 2021 reached ¥2,886,142,610.22, representing a 42.02% increase compared to ¥2,032,266,481.58 in the same period last year[21]. - Net profit attributable to shareholders was ¥608,870,186.82, a significant increase of 115.58% from ¥282,430,521.50 in the previous year[21]. - The net profit after deducting non-recurring gains and losses was ¥587,789,193.36, up 144.38% from ¥240,521,775.37 in the same period last year[21]. - The net cash flow from operating activities was ¥512,515,979.06, compared to a negative cash flow of ¥139,885,219.27 in the previous year, indicating a substantial improvement[21]. - Basic earnings per share for the first half of 2021 were ¥0.86, an increase of 86.96% compared to ¥0.46 in the same period last year[21]. - The weighted average return on net assets increased to 10.76%, up 3.61 percentage points from 7.15% in the previous year[21]. - Revenue reached 2,886.14 million yuan, an increase of 42.02% year-on-year, with operating profit of 702.17 million yuan, up 112.62% year-on-year[60]. - The company achieved a mechanism paper production of 387,800 tons, a year-on-year increase of 39.62%, and sales volume of 336,100 tons, up 38.54% year-on-year[60]. Market Position and Product Development - The increase in operating revenue was primarily due to the full production of all production lines in the previous convertible bond project, which significantly boosted the profitability of the company's subsidiary[21]. - The PM7 and PM8 projects at the Henan base were successfully put into production in January and March 2021, respectively, contributing to the release of production capacity[21]. - The company is actively developing high-performance paper-based functional materials and expanding into emerging markets, focusing on strategic value customers to enhance customer loyalty[22]. - The company has implemented cost optimization measures across procurement and production, effectively controlling raw material costs and improving product competitiveness[22]. - The company’s product categories include over 60 varieties across six major series, with a strong market presence in food and medical packaging materials, tobacco industry support materials, and high-end decorative materials[28]. - The food and medical packaging materials series is a key focus area, driven by increasing consumer demand for safety and environmental sustainability[29]. - The tobacco industry support materials have a market share of nearly 45%, with stable cooperation with major domestic and international tobacco companies[32]. - The company’s publishing and printing materials have a market share exceeding 90% in the domestic market, serving as designated paper for major publishers[33]. - The company is positioned as a key supplier for the electronics industry, particularly in the context of the rapid development of 5G applications[34]. - The thermal paper products have a market share of nearly 25% in the domestic market, widely used by major restaurant and hotel chains[34]. - The company holds over 30% market share in the domestic heat transfer printing market, indicating significant presence in the digital transfer materials sector[36]. - The company has a production capacity of 150,000 tons for glassine release paper, with a market share exceeding 20% in the national glassine market[36]. Investments and Future Projects - The company plans to invest RMB 11.8 billion in the Guangxi Sanjiangkou high-performance paper-based new materials project, aiming for an annual production of 2.5 million tons of specialty pulp and paper[37]. - The company has initiated a RMB 10 billion investment project in Hubei for a circular economy in high-performance paper-based new materials, also targeting an annual production of 2.5 million tons[37]. - The company has implemented a "22 million tons high-end paper-based new materials project," with production lines PM5, PM6, PM7, and PM8 launched between August 2020 and May 2021, enhancing its production capacity[67]. Research and Development - R&D expenses amounted to 80.91 million yuan, a 39.82% increase year-on-year, emphasizing the importance of continuous innovation for competitive advantage[50]. - The company has established itself as a national high-tech enterprise with 20 invention patents and 71 utility model patents, contributing to its innovation capabilities[50]. - The company successfully launched four new products, which passed provincial-level new product identification, contributing to its innovation capabilities[66]. - The company has filed 12 patents during the reporting period, including 6 invention patents, enhancing its intellectual property portfolio[66]. Environmental and Social Responsibility - The company has invested in various green energy and pollution control systems, achieving significant results in energy conservation and emissions reduction[54]. - The company is committed to developing eco-friendly paper-based packaging materials as alternatives to plastic, aligning with national environmental policies[63]. - The company has maintained zero major environmental pollution incidents during the reporting period, adhering to environmental regulations[68]. - The company has implemented ultra-low emission modifications for boiler flue gas, fully meeting the latest national emission standards[111]. - Solid waste is classified and treated, with hazardous waste disposed of by qualified units, while general waste is recycled or sold to reduce production costs[111]. - The company has established an emergency response plan for sudden environmental pollution incidents, ensuring effective response to minimize public and environmental impact[113]. - The company has established an environmental management system in accordance with ISO 14001:2015 standards and has passed relevant certifications[118]. - The company has created over 3,000 job opportunities in rural areas through its subsidiary, contributing to poverty alleviation efforts[120]. Compliance and Governance - The company has committed to strict compliance with environmental laws and regulations, ensuring no violations occurred during the reporting period[118]. - The company has maintained a commitment to its initial public offering promises, ensuring compliance and timely execution of commitments[125]. - The company will ensure compliance with relevant laws and regulations regarding shareholding reductions and repurchases[130]. - The company will publicly disclose the reasons for any failure to meet commitments and apologize to investors[149]. - The company will take personal responsibility for any losses caused to investors due to non-fulfillment of commitments by its directors and executives[145]. - The company will not engage in public refinancing if it fails to fulfill its commitments due to non-force majeure reasons[146]. - The integrity status of the company and its controlling shareholders is good, with no overdue large debts or unfulfilled commitments[165]. - The company has no significant litigation or arbitration matters during the reporting period[164]. Financial Position - The total current assets as of June 30, 2021, amounted to CNY 4,072,301,050.74, an increase from CNY 3,971,064,962.67 at the end of December 2020, reflecting a growth of approximately 2.6%[191]. - The cash and cash equivalents decreased to CNY 382,989,443.50 from CNY 520,706,804.33, representing a decline of about 26.4%[191]. - Accounts receivable increased to CNY 1,085,845,516.74 from CNY 994,808,450.46, showing an increase of approximately 9.1%[191]. - Inventory rose to CNY 1,413,421,805.05 compared to CNY 1,337,206,333.48, indicating an increase of around 5.7%[191]. - Long-term equity investments increased to CNY 702,412,469.00 from CNY 663,728,388.43, reflecting a growth of about 5.8%[191]. - Fixed assets grew to CNY 2,501,971,261.96 from CNY 2,334,199,632.32, marking an increase of approximately 7.2%[191]. - The total non-current assets amounted to CNY 3,000,000,000, with significant investments in fixed assets and long-term equity investments[191]. - The total liabilities as of June 30, 2021, were not specified but are critical for assessing the company's financial health[191].

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7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：现场会议交流 参会人员：公司董事长兼总经理 王敏良、公司董事会秘书 王昱哲、万家基 金、财通基金、睿远基金、景林投资、银叶投资、建信基金、九泰基金 二、调研行程安排 到访的调研机构及其他投资者与公司领导进行了交流，并参观了公司产业创 新服务综合体及智能化纸基材料生产线。 三、现场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48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， 截至目前公司及其合营公司已经具备的年 ...

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6月22日、6月23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、中信证券、西部证券、鸿 道投资、新同方投资、沣沛投资、煜德投资、兆天投资、双泓元投资、耀之资产、 中环资产、太保资产、睿郡资产、交银康联资产、华泰保险资管、安信资管、建 信养老金管理、领骥资本、兴聚财富、华能贵诚信托、南方基金、博时基金、华 夏基金、招商基金、金鹰基金、诺安基金、永赢基金、广发基金、兴证全球基金、 西部利得基金、Zeal 行健、Tengyue、Goldstream、UBP、Neuberger Berman 、 Power Pacific、Winnington、Robeco、Sinopac 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 ...

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]