Group 1: Institutional Research on Popular Companies - The top twenty companies with the highest number of institutional research visits in the past 30 days include Luxshare Precision, Haiguang Information, Zhongke Shuguang, Jereh, and Huichuan Technology [11] - In the last five days, the most popular companies for institutional research were Haiguang Information, Zhongke Shuguang, Weichuang Electric, Superjet, and Shenghong Technology [11] - Among the top twenty companies in the past 30 days, 13 companies had 10 or more rating agencies involved [11] Group 2: Major Shareholder Increase in A-Share Companies - From December 8 to December 12, 2025, two A-share companies announced significant shareholder increases, with Inpai Si planning to increase its holdings by an amount that represents more than 1% of the market value on the announcement date [18] - From January 1 to December 12, 2025, a total of 307 companies announced shareholder increases, with 77 of them having 10 or more rating agencies involved [19] Group 3: A-Share Company Buyback Situation - Between December 8 and December 12, 2025, 50 companies announced buyback progress, with 13 having 10 or more rating agencies involved [22] - Four companies are recommended for attention based on their buyback amounts exceeding 1% of their market value on the announcement date, including Naxin Micro, Midea Group, SF Holding, and China Merchants Jinling [22] - From January 1 to December 12, 2025, a total of 1,830 companies announced buyback progress, with 356 having 10 or more rating agencies involved [24]

Core Viewpoint - Xianhe Co., Ltd. announced the completion of certain fundraising projects and plans to utilize the surplus funds for new project investments [2] Group 1: Project Completion - The company has completed and reached the usable status for 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" [2] - The board of directors approved the conclusion of these projects, which will free up surplus fundraising funds amounting to 622.8019 million yuan (including interest income and investment returns) [2] Group 2: New Project Investment - The surplus funds will be allocated to the new project "Annual Production of 20,000 Tons of Insulation Paper, Capacitor Paper, and Other Specialty Paper" [2] - The investment plan is subject to approval by the company's shareholders [2]

Group 1 - The company Xianhe Co., Ltd. (SH 603733) held its fourth fifth board meeting on December 12, 2025, via telecommunication voting, discussing the proposal for the fourth temporary shareholders' meeting of 2025 [1] - For the year 2024, the revenue composition of Xianhe Co., Ltd. is as follows: the paper industry accounts for 96.05%, while other businesses account for 3.95% [1] Group 2 - As of the report, the market capitalization of Xianhe Co., Ltd. is 15.9 billion yuan [2]

东方证券股份有限公司 关于仙鹤股份有限公司部分募投项目结项 （一）募集资金基本情况 经中国证券监督管理委员会《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，公司公开发行可转换公司债 券2,050万张，每张面值人民币100元，募集资金总额为人民币205,000.00万元， 扣除本次发行费用人民币1,184.58万元后，募集资金净额为人民币203,815.42万 元。上述募集资金到位情况业经中汇会计师事务所（特殊普通合伙）验证，并 由其出具中汇会验[2021]7734号《验资报告》。上述公开发行可转债募集资金， 公司已按照要求存放在开立的募集资金专户存储，并与保荐机构、存放募集资 金的开户银行签署了募集资金专户存储三方监管协议。 （二）募集资金投资项目计划 根据《仙鹤股份有限公司公开发行可转换公司债券募集说明书》中披露的 募集资金用途，本次发行可转换公司债券募集资金总额不超过205,000万元（含 205,000万元），扣除发行费用后将全部用于以下项目： 单位：万元 | 序号 | | 项目名称 | 总投资 | 募集资金拟投入金额 | | --- | --- | - ...

东方证券股份有限公司 关于仙鹤股份有限公司使用部分闲置募集资金 临时补充流动资金的核查意见 根据中国证监会《证券发行上市保荐业务管理办法》《上市公司募集资金监 管规则》《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》等有关法律法规的要求，东方证券股份有限公司 （以下简称"保荐机构"）作为仙鹤股份有限公司（以下简称"仙鹤股份"或 " 公司"）2021 年公开发行可转换公司债券的保荐机构，对仙鹤股份本次使用 部分闲置募集资金临时补充流动资金事项进行了核查，核查情况如下： | 发行名称 | 2021 | | 年公开发行可转换公司债券 | | | | --- | --- | --- | --- | --- | --- | | 募集资金总额 | 205,000.00 | | 万元 | | | | 募集资金净额 | 203,815.42 | | 万元 | | | | 募集资金到账时间 | 年 2021 | 月 11 | 日 23 | | | | 前次用于暂时补充流动资金的募 集资金归还日期及金额 | 年 2025 8 | 月 | 日归还 12 | 60,000 | 万元 | 一 ...

东方证券股份有限公司 关于仙鹤股份有限公司使用部分闲置募集资金 进行现金管理的核查意见 根据中国证监会《证券发行上市保荐业务管理办法》《上市公司募集资金监 管规则》《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》等有关法律法规的要求，东方证券股份有限公司 （以下简称"保荐机构"）作为仙鹤股份有限公司（以下简称"仙鹤股份"或 " 公司"）2021 年公开发行可转换公司债券的保荐机构，对仙鹤股份本次使用 部分闲置募集资金进行现金管理事项进行了核查，核查情况如下： （一）投资目的 为提高募集资金使用效率，合理利用闲置募集资金，在确保不改变募集资 金用途和不影响募集资金投资项目正常运行的情况下，公司拟使用部分暂时闲 置募集资金进行现金管理，为公司及股东获取投资回报。 （二）投资金额 公司及全资子公司本次拟使用不超过人民币 60,000 万元的闲置募集资金进 行现金管理，使用期限为自本次董事会审议通过之日起 12 个月。在上述使用期 限及额度范围内，资金可循环滚动使用。 （三）资金来源 1、资金来源 一、投资情况概述 公司本次现金管理的资金来源为 2021 年公开发行可转换公 ...

Core Insights - The company, Xianhe Co., Ltd. (603733.SH), announced the completion of fundraising projects, specifically 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 Printing Paper and Food Packaging Paper Project" [1] - The remaining funds amount to 622.8019 million yuan (including interest income and investment returns), with plans to allocate these funds for a new project: "Annual Production of 20,000 Tons of Insulation Paper, Capacitor Paper, and Other Specialty Paper Projects" [1] Group 1 - The company has successfully completed two major fundraising projects [1] - The total surplus funds available for future investment are approximately 622.8019 million yuan [1] - The next investment will focus on specialty paper production, indicating a strategic shift towards high-value products [1]

Core Viewpoint - Xianhe Co., Ltd. plans to utilize up to RMB 600 million of idle raised funds to temporarily supplement working capital, aiming to improve the efficiency of fund usage, reduce financial costs, and enhance operational effectiveness [1] Summary by Categories - **Fund Utilization**: The company intends to use no more than RMB 600 million of idle raised funds for working capital [1] - **Timeframe**: The usage period will not exceed 12 months from the date of approval by the company's fourth board of directors' fifth meeting [1] - **Objectives**: The main goals are to improve fund usage efficiency, lower financial costs, and enhance overall operational performance [1]

Core Viewpoint - Xianhe Co., Ltd. (603733.SH) has approved a proposal to use up to RMB 600 million of temporarily idle raised funds for cash management, with the decision valid for 12 months from the board meeting date [1] Group 1 - The fourth meeting of the fourth board of directors was held on December 12, 2025 [1] - The company will utilize idle raised funds for cash management purposes [1] - The approved amount for cash management is capped at RMB 600 million [1]

仙鹤股份有限公司 关于使用部分闲置募集资金临时补充流动资金的公告 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法律责任。 重要内容提示： 临时补流募集资金金额：60,000 万元 补流期限：自 2025 年 12 月 12 日第四届董事会第五次会议审议通过起不 超过 12 个月 | 发行名称 | 2021 | | | | 年公开发行可转换公司债券 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 募集资金总额 | 205,000.00 | | | 万元 | | | | | 募集资金净额 | 203,815.42 | | | 万元 | | | | | 募集资金到账时间 | 2021 | 年 | 11 | 月 23 | 日 | | | | 前次用于暂时补充 | | | | | | | | | 流动资金的募集资 | 2025 8 | 年 | 月 | 12 | 日归还 | 60,000 | 万元 | | 金归还日期及金额 | | | | | | | | | 证券代码：60373 ...