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 调研时间：2020年9月7日至25日 调研地点：公司会议室（衢江区天湖南路69号） 调研形式：现场接待 来访机构：中信证券、中金公司、中金证券、中投证券、凯辰投资、海雅控 股集团、海雅金控、金浦投资、宽潭资本等 公司接待人员：董事会秘书 王昱哲、财务总监 王敏岚、证券部主任 叶青 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现场交流，并参观了公司产业 创新服务综合体。 三、调研会议纪要 （一）公司概况介绍环节： 会议开始，由公司董事会秘书王昱哲先生向与会者介绍了公司目前的发展概 况。公司为国内最大的专业研发和生产高性能纸基功能材料的企业之一。公司及 其合营公司和控股子公司现有特种纸机生产线45条，涂布、超压线20多条，并拥 有化工、制浆、能源、物流、原纸及纸制品等全产业链生产产能，产业宽度和产 业深度布局相对完善，年生产能力近90万吨。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、工业水处理及固废处理、分布式光 伏发电、物流及消费终端产品等新材料、新能源以及上下游一体化等多元化产业 的发展。经过20余年 ...

Financial Performance - The company's operating revenue for the first half of 2020 was CNY 2,032,266,481.58, a decrease of 3.36% compared to the same period last year[21]. - The net profit attributable to shareholders of the listed company increased by 116% year-on-year, reaching CNY 282,430,521.50[22]. - The net profit after deducting non-recurring gains and losses was CNY 240,521,775.37, an increase of 84.08% compared to the previous year[21]. - Basic earnings per share for the first half of 2020 were CNY 0.46, up 119.05% year-on-year[21]. - The company achieved a sales volume growth of 6.61% despite a decrease in average sales price due to product type adjustments[21]. - The company's cash flow from operating activities was negative at CNY -139,885,219.27, a decline of 152.33% compared to the same period last year[21]. - The weighted average return on net assets increased by 3.16 percentage points to 7.15%[21]. - The company reported a net cash flow from operating activities of -139.89 million yuan, a significant decrease compared to the previous year[81]. - Operating revenue decreased by 3.36% to 2.03 billion yuan, primarily due to a decline in average sales prices despite a 6.61% increase in sales volume[81]. Market Position and Share - The company has a market share of nearly 45% in the tobacco paper sector, with its products being used by most major domestic cigarette manufacturers[30]. - The company holds over 20% market share in the high-end decorative paper market, catering to the customized furniture and flooring industries[31]. - The company has a market share of approximately 25% in thermal paper, widely used in the food and beverage sector[31]. - The company is expanding its production capacity for glassine release paper to meet the growing market demand, currently holding over 20% market share in this segment[34]. - The company has over 90% market share in low basis weight publishing paper, primarily used for dictionaries and other frequently used books[36]. - The company’s digital transfer paper market share exceeds 20%, driven by increasing consumer demand for personalized and high-end products[36]. - The company holds a market share of approximately 45% in the tobacco paper sector, establishing a significant position in the industry[50]. - The market share for thermal paper is around 25%, supported by strong processing technology and capabilities[50]. - The company’s low basis weight printing paper, including Bible and dictionary paper, has a domestic market share of 90%[50]. - The company is one of the largest producers of thermal transfer paper in China, primarily used in textiles, ceramics, and building materials[50]. Production and Capacity - The company operates 43 modern paper production lines, 21 coating lines, and 7 super calendering machines, enhancing its market resilience and innovation capabilities[40]. - The company has established three paper production bases in China, focusing on a diversified and scalable development strategy[40]. - The company achieved a mechanism paper production of 277,800 tons, an increase of 15.49% year-on-year, and a sales volume of 242,600 tons, up 6.61% year-on-year[65]. - The company has an annual production capacity of nearly 900,000 tons for specialty paper and paper products, with over 60 varieties across nine major series[49]. Research and Development - The company invested 57.86 million yuan in R&D, representing a year-on-year increase of 67.08%, emphasizing the importance of continuous R&D investment for sustained competitiveness[54]. - The company has invested significantly in R&D for food and medical packaging papers, which have become crucial during the COVID-19 pandemic[35]. - The company applied for 60 patents during the reporting period, with 35 being invention patents, indicating a strong focus on innovation[72]. - Research and development expenses increased by 30%, totaling 300 million, focusing on innovative technologies[136]. Environmental and Social Responsibility - The company has received multiple environmental certifications and has invested in green energy and pollution control systems, reinforcing its commitment to sustainable development[56]. - The company has established five wastewater treatment plants with a total designed capacity of 48,500 m³/d to ensure compliance with environmental standards[194]. - The total emissions of COD and ammonia nitrogen are within the permitted limits, with no significant environmental pollution incidents reported during the period[196]. - The company has helped approximately 238 impoverished individuals achieve employment through various initiatives in the first half of 2020[174]. - The company invested over 120,000 RMB in a poverty alleviation project, helping 238 registered impoverished individuals[176]. - The company plans to donate 500,000 RMB to assist impoverished college students by the end of the year[180]. Financial Instruments and Investments - The company successfully issued convertible bonds raising 1.25 billion yuan, facilitating the implementation of a high-end paper-based new materials project with a total capacity of 220,000 tons[75]. - The company has issued a total of 1,250,000,000 CNY in convertible bonds, with 99,000 CNY converted during the reporting period[188]. - The cumulative number of shares converted from the convertible bonds is 7,452, representing 0.0012% of the total shares issued before conversion[189]. - The remaining unconverted amount of convertible bonds is 1,249,901,000 CNY, which accounts for 99.9988% of the total issued convertible bonds[189]. - The company maintains a stable operational situation with no repayment risk for the convertible bonds, as cash flow from operations will primarily fund future repayments[193]. Risks and Challenges - The company anticipates a significant impact on its operations due to the ongoing COVID-19 pandemic, which has led to a global economic downturn, with a projected 5.2% decline in global GDP for 2020[102]. - The company faces risks from fluctuations in raw material prices, particularly imported pulp, which could affect profitability despite efforts to adjust product pricing[104]. - Increased market competition is expected as some small to medium-sized producers may resume operations, and new production capacities from other companies will enter the market[107]. - The company is exposed to policy changes that could affect its operations, including environmental regulations and tax policies, which introduce uncertainty into future business activities[108]. - Currency exchange rate fluctuations, particularly the RMB/USD rate, could impact the company's procurement costs for imported raw materials[109]. - The company is currently implementing multiple projects, which may face delays due to regulatory approvals and supplier performance, introducing risks to project timelines[110]. Corporate Governance and Compliance - The company has not proposed any profit distribution or capital reserve increase for the half-year period, indicating a focus on retaining earnings[114]. - The company held its annual shareholders' meeting on April 23, 2020, with all procedures compliant with legal regulations, and no resolutions were rejected[113]. - The company has committed to not transferring or repurchasing shares held directly or indirectly for 36 months post-IPO[119]. - The company will ensure that any share reductions after the lock-up period will not exceed 1% of total shares within any consecutive 90-day period[119]. - The company will publicly disclose reasons for any failure to meet commitments in designated media[130]. - The company emphasizes strict adherence to the commitments disclosed in the IPO prospectus[130]. - The company appointed Zhonghui Certified Public Accountants as the auditor for the 2020 financial report, approved on April 2, 2020, and ratified by the shareholders' meeting on April 23, 2020[159]. - There were no significant lawsuits or arbitration matters during the reporting period, indicating a stable legal environment for the company[159]. - The company reported good integrity status during the reporting period, with no overdue large debts or unfulfilled commitments[159]. - There were no significant related party transactions reported for the year 2020, ensuring transparency in operations[162].

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 调研时间：2020年5月29日 调研地点：公司二楼会议室（衢江区天湖南路69号） 调研形式：现场接待 来访机构：惟像资本 赵科伟、铭涛资产管理 齐利民、恒天中岩投资管理 徐 枝杰、银河证券 徐莘杰、大湾控股 周行、中泰证券 余建星、永安期货 谢迪安、 招商证券 杨强 刘志平、申万宏源证券 柴程森、德汇集团 夏步刚、安信证券 吕 科佳 骆恺骐、海通证券 赵洋、锦炜基金 陈剑峰、必达控股集团 吴经纬、华泰 证券 周鑫、财信期货 吕珍珍、中银国际证券 杨志威、华福证券 宋腾飞、华安 证券 邹坤、明溪资产管理 褚嘉斌、御河投资管理 何建良、广发证券 张兆函、 国泰君安证券 戴俊彦、万润投资管理 吴东润、道杰投资 任尧泉、四邦实业 杨 政伟、万和证券 陈全、国金证券 徐臣等 公司接待人员：王敏岚、王昱哲、叶青等。 二、调研行程安排 2020年5月29日上午调研机构与公司领导进行现场交流。下午实地参观公司 智能化生产线车间现场。 三、调研会议纪要 （一）公司概况介绍环节： 会议开始，由公司董事会秘书王昱哲先生向与会者介绍了公司目前的发展概 况。公司自20 ...

证券代码：603733 证券简称：仙鹤股份 公告编号：2020-024 债券代码：113554 债券简称：仙鹤转债 仙鹤股份有限公司 关于参加浙江辖区上市公司 投资者网上集体接待日活动的公告 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。 重要内容提示： 1、会议内容：浙江辖区上市公司投资者网上集体接待日活动 2、召开时间：2020 年 5 月 15 日下午 15:00-17:00 3、召开地点：全景网（http://rs.p5w.net） 4、召开方式：网络平台在线交流 5、投资者可以在 2020 年 5 月 14 日下午 16:00 前将需要了解的情况和关注问题预先 发送至公司邮箱(zqb@xianhepaper.com)，公司将在本次活动上就投资者普遍关注的问题 进行回答。 一、说明会类型 为进一步加强与投资者特别是中小投资者的沟通交流，仙鹤股份有限公司（以下简称 "公司"）将于 2020 年 5 月 15 日参加由浙江证监局指导、浙江上市公司协会与深圳市全 景网络有限公司共同举办的"凝心聚力 共克时艰"浙江辖区上 ...

Financial Performance - Net profit attributable to shareholders of the listed company was ¥104,587,103.10, an increase of 193.16% year-on-year[18]. - Operating revenue for the period was ¥903,508,931.79, down 10.84% from the same period last year[18]. - Basic earnings per share were ¥0.17, representing an increase of 183.33% year-on-year[18]. - Total profit increased by 210.01% to ¥124,494,153.65 from ¥40,157,752.19, attributed to higher profit levels during the period[32]. - The company reported a comprehensive income total of CNY 102,931,904.28 for Q1 2020, compared to CNY 35,644,116.13 in Q1 2019[56]. - Net profit for Q1 2020 reached CNY 104,861,007.83, representing a significant increase of 94.67% compared to CNY 35,644,116.13 in Q1 2019[56]. - Net profit for Q1 2020 was approximately ¥71.80 million, representing a significant increase of 116.7% compared to ¥33.16 million in Q1 2019[61]. Assets and Liabilities - Total assets at the end of the reporting period were ¥7,253,122,537.19, a decrease of 1.70% compared to the end of the previous year[18]. - Total liabilities decreased from CNY 3,533,556,905.42 to CNY 3,305,424,424.23, a decrease of about 6.5%[45]. - Current liabilities decreased from CNY 2,256,534,709.32 to CNY 1,959,871,717.42, a reduction of approximately 13.2%[43]. - The company's equity attributable to shareholders increased from CNY 3,830,452,318.46 to CNY 3,933,110,318.01, an increase of approximately 2.7%[45]. - Total liabilities amounted to ¥3,533,556,905.42, with current liabilities at ¥2,256,534,709.32 and non-current liabilities at ¥1,277,022,196.10[76]. - Total equity reached ¥3,844,766,208.68, with equity attributable to shareholders of the parent company at ¥3,830,452,318.46[76]. Cash Flow - Net cash flow from operating activities was -¥53,225,178.75, a decrease of 291.71% compared to the previous year[18]. - Cash and cash equivalents decreased by 36.5% to ¥813,052,709.47 from ¥1,280,328,894.41, primarily due to the repayment of current loans[29]. - Cash flow from operating activities showed a net outflow of approximately ¥53.23 million, compared to a net inflow of ¥27.76 million in Q1 2019[66]. - The total cash outflow from operating activities increased to 604,338,220.98 RMB in Q1 2020, compared to 504,540,832.07 RMB in Q1 2019, representing a rise of 19.7%[68]. - The company reported a significant decrease in cash and cash equivalents net increase of -1,078,386,465.87 RMB in Q1 2020 compared to -12,039,834.59 RMB in Q1 2019[70]. Research and Development - Research and development expenses increased by 102.78% to ¥27,854,860.50 from ¥13,736,431.03, mainly due to an increase in R&D projects[29]. - Research and development expenses increased to CNY 27,854,860.50 in Q1 2020, compared to CNY 13,736,431.03 in Q1 2019, reflecting a growth of 102.67%[55]. - Research and development expenses rose to approximately ¥19.35 million, an increase of 78.5% from ¥10.85 million in Q1 2019[61]. Financial Expenses and Income - Financial expenses increased by 65.48% to ¥24,915,720.84 from ¥15,056,288.95, primarily due to accrued convertible bond interest and exchange losses[29]. - Investment income rose by 184.97% to ¥33,020,036.05 from ¥11,587,002.13, primarily due to increased earnings from the joint venture Xiawang Paper[32]. - The company reported a total of ¥13,283,834.94 in non-operating income and expenses[21]. - The company reported a significant increase in other income by 111.56% to ¥6,473,234.48 from ¥3,059,811.41, mainly due to increased government subsidies received[29]. Shareholder Information - The total number of shareholders at the end of the reporting period was 20,047[22]. - Zhejiang Xianhe Holdings Co., Ltd. held 88.24% of the shares, with 540,000,000 shares pledged[22]. Regulatory Changes - The company executed the new revenue recognition standards starting January 1, 2020, impacting financial reporting[78]. - The company adopted the new revenue recognition standards starting January 1, 2020, impacting financial reporting[84]. - The company has not made adjustments to comparative data for the new revenue standards[85].

Financial Performance - The company's operating revenue for 2019 was RMB 4,567,036,826.79, representing an increase of 11.45% compared to RMB 4,097,768,630.15 in 2018[21]. - The net profit attributable to shareholders of the listed company was RMB 439,925,290.21, a significant increase of 50.45% from RMB 292,406,837.49 in the previous year[21]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 418,863,999.44, reflecting a growth of 56.64% compared to RMB 267,412,582.25 in 2018[21]. - The net cash flow from operating activities was CNY 455.64 million, a decrease of CNY 320.65 million compared to the previous year[24]. - The net assets attributable to shareholders increased by 18.42% year-on-year, reaching CNY 3.83 billion[24]. - Total assets grew by 33.31% year-on-year, amounting to CNY 7.38 billion[24]. - Basic earnings per share rose by 46.94% to CNY 0.49, while diluted earnings per share also increased by the same percentage[24]. - Operating profit reached 504.50 million RMB, reflecting a growth of 52.07% compared to the previous year[78]. - The company's revenue reached 4,567.04 million RMB, reflecting an 11.45% year-on-year growth, while the net profit attributable to shareholders increased by 56.64% to 418.86 million RMB[67]. Dividend Distribution - The company plans to distribute a cash dividend of RMB 4.00 per 10 shares, totaling RMB 244,800,000.00 to all shareholders[6]. - The company distributed cash dividends of RMB 1.00 per share in 2018 and RMB 4.00 per share in 2019, totaling RMB 61.2 million and RMB 244.8 million respectively, reflecting a net profit distribution ratio of 55.65% for 2019[158][159]. Market Position and Product Development - The company has a market share exceeding 40% in the domestic high-performance paper market, particularly in the tobacco industry[36]. - The company is actively promoting the development of new materials and new energy industries alongside its core business of specialty paper[35]. - The annual sales volume of the company's products is approximately 250,000 tons, demonstrating strong market leadership in the mid-to-high-end market[36]. - The company has a production capacity of over 820,000 tons of specialty paper and paper products, covering nine major series and more than 60 varieties[52]. - The domestic market share of low-grammage publishing printing paper exceeds 80%, with products being designated by major domestic and international publishers[40]. - The company has established three paper-making bases in China, with 43 modern paper production lines, one pulp production line, and 21 coating production lines[45]. - The company is actively expanding the production scale of label release paper, which has seen a sustained annual growth rate of around 7% due to the rapid development of the high-end retail and e-commerce sectors[40]. - The company focuses on providing high-performance functional paper-based new material solutions, adhering to a "production + service" business model[43]. - The specialty paper industry in China has significant growth potential, with per capita consumption still below that of developed countries like North America and Europe[47]. - The company holds over 40% market share in tobacco paper products, over 20% in thermal paper, and over 80% in low-grammage publishing paper, establishing itself as a leader in multiple segments[53]. Research and Development - The company’s R&D expenditure in 2019 was 105.97 million RMB, a 20.17% increase from the previous year, emphasizing its commitment to innovation[58]. - Research and development investment totaled 105.97 million RMB, an increase of 20.17% from the previous year, with 236 R&D personnel[73]. - The company launched six new products, which successfully passed provincial-level new product identification[73]. - The company plans to enhance product structure and increase R&D for new products, focusing on green and environmentally friendly products[110]. - The company will focus on market-oriented research and development of new paper-based functional materials to expand market share and meet emerging demands[140]. Environmental and Safety Commitments - The company invested over 330 million RMB in environmental protection and over 1.06 billion RMB in energy-saving initiatives, achieving significant results in waste and emissions management[59]. - The company has committed to enhancing safety and environmental standards, aiming to establish a green manufacturing system and fulfill responsibilities as a "green factory"[146]. - The company is committed to strictly fulfilling the public commitments disclosed in the prospectus and has proposed new commitments and constraints if unable to fulfill existing ones due to non-force majeure reasons[182]. Risks and Challenges - The company faces risks from the COVID-19 pandemic, which has led to delayed resumption of work and potential impacts on production and market demand due to economic slowdown[146][147]. - The company anticipates increased market competition in 2020 due to the introduction of new production capacities across various industries, which may affect its operations[150]. - The company is exposed to raw material price volatility, particularly for imported pulp, and plans to enhance market analysis and procurement strategies to mitigate risks[151]. - The company acknowledges the risk of policy changes affecting its operations, including environmental regulations and tax policies, which could introduce uncertainties in future business activities[152]. - The company is implementing multiple projects simultaneously, which may face delays due to regulatory approvals and supplier performance, impacting project timelines[154]. Shareholder Commitments and Regulations - The actual controller and shareholders have made commitments regarding share transfer and management, ensuring no transfer or repurchase of shares within a specified period[165]. - The company guarantees that any share reduction will not exceed 10% of the total shares held annually for two years after the lock-up period[167]. - The company will notify and announce any planned share reductions three trading days in advance[168]. - The company commits to comply with relevant regulations regarding share reductions and will ensure that any transferee adheres to these regulations[169]. - The company has outlined specific conditions under which share reductions will not occur, including during investigations or legal proceedings[167]. Strategic Initiatives - The company is actively seeking international collaborations, such as its joint venture with Tann Group, to expand its market presence and enhance competitiveness[133]. - The company plans to accelerate project construction to establish a solid foundation for its "14th Five-Year Plan" development, with multiple production lines expected to be operational in 2020[139]. - The company will leverage its "Xianhe Research Institute" to provide customized, high-quality solutions, ensuring sustained industry leadership and maximizing market share[141]. - The company will enhance its "smart manufacturing" platform by implementing MES, aiming for comprehensive data management and integration into daily operations, contributing to the "Made in China 2025" initiative[142].

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 调研时间：2019年11月12日 调研地点：公司五楼会议室（衢江区天湖南路69号） 调研形式：现场接待 来访机构：西藏东方财富证券 邓娟、杨昀丰、唐靖、裴涛、姜天宇、刘飞 萤、程晓蕾和孙翠华；天风证券 范张翔；申万宏源证券 柴程森；东方证券 吴 瑾；海通证券 赵洋。 公司接待人员：王敏良、王敏岚、王昱哲、叶青等。 二、调研行程安排 2019年11月12日上午参观公司本次可转债募投项目——常山生产基地，实地 察看募投项目的建设情况和智能化特种纸生产线的现场。 下午进行现场交流。 三、调研会议纪要 （一）公司概况介绍环节： 会议开始，由公司董事会秘书王昱哲先生向与会者介绍了公司目前的发展概 况。公司自2001年创办以来，到如今已成为国内特种纸行业内门类最全、品种最 多、规模最大的企业之一。公司及其合营公司和控股子公司拥有特种纸及纸制品 的年生产能力已经超72万吨，产品涉及烟草行业用纸、家居装饰用纸、商务交流 及防伪用纸、食品与医疗包装用纸、标签离型用纸、电气及工业用纸、热转印用 纸、低定量出版印刷用纸、特种浆及其他等九大系列产品。公司及其子公司现 ...

证券代码：603733 证券简称：仙鹤股份 公告编号：2019-029 仙鹤股份有限公司 关于参加浙江辖区上市公司 投资者网上集体接待日活动的公告 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。 为进一步加强与投资者的沟通交流，仙鹤股份有限公司（以下简称"公司"）将参加 由浙江证监局指导、浙江上市公司协会与深圳市全景网络有限公司共同举办的"沟通促发 展 理性共成长"辖区上市公司投资者网上集体接待日活动（以下简称"本次活动"），现 将有关事项公告如下： 本次活动将通过深圳市全景网络有限公司提供的网上平台，采取网络远程方式举行。 投资者可登录"全景·路演天下"（http://rs.p5w.net），参与本次投资者集体接待日活 动，网上互动交流时间为 2019 年 11 月 5 日（星期二）下午 15:30 至 17:00。届时公 司将通过网络在线交流形式与投资者就公司治理、发展战略、经营状况、可持续发展等投 资者关心的问题进行沟通。欢迎广大投资者积极参与。 特此公告。 仙鹤股份有限公司董事会 2019 年 11 月 02 日 ...

2019 年第三季度报告 公司代码：603733 公司简称：仙鹤股份 仙鹤股份有限公司 2019 年第三季度报告 中国▪衢州 二〇一九年十月 1 / 30 2019 年第三季度报告 | --- | --- | --- | |-------|---------------|-------| | | | | | | 目录 | | | 一、 | 重要提示 | | | 二、 | 公司基本情况. | | | ii i | 重要事项 | | | 四、 | 附录 | | 2 / 30 2019 年第三季度报告 单位：元 币种：人民币 3 / 30 一、 重要提示 1.1 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、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 1.2 公司全体董事出席董事会审议季度报告。 1.3 公司负责人王敏良、主管会计工作负责人王敏岚及会计机构负责人（会计主管人员）叶小琴 保证季度报告中财务报表的真实、准确、完整。 1.4 本公司第三季度报告未经审计。 二、 公司基本情况 2.1 主要财务数据 | --- | --- | --- | --- ...

Financial Performance - The company's operating revenue for the first half of 2019 was CNY 2,102,844,081.78, representing an increase of 11.63% compared to CNY 1,883,742,473.85 in the same period last year[22]. - The net profit attributable to shareholders of the listed company decreased by 25.09% to CNY 130,755,840.48 from CNY 174,560,730.68 in the previous year[22]. - The basic earnings per share for the first half of 2019 was CNY 0.21, down 32.26% from CNY 0.31 in the same period last year[23]. - The weighted average return on net assets decreased to 3.99%, down 2.49 percentage points from 6.48% in the previous year[23]. - The company's net profit attributable to ordinary shareholders decreased by 23.24% to 130.66 million yuan, after deducting non-recurring gains and losses[59]. - The total comprehensive income attributable to the parent company was CNY 123,039,426.28, compared to CNY 174,560,730.68 in the previous year, showing a decline of about 29.5%[192]. Cash Flow - The net cash flow from operating activities was CNY 267,335,349.24, a significant improvement from a negative cash flow of CNY -157,622,352.42 in the same period last year[22]. - The cash flow from operating activities was CNY 1,876,310,085.20 for the first half of 2019, compared to CNY 1,440,081,874.20 in the same period of 2018, reflecting an increase of approximately 30.3%[194]. - The net cash flow generated from operating activities reached $267,335,349.24, a significant recovery from a negative cash flow of $157,622,352.42 previously[199]. Market Position and Operations - The company is a leading player in the domestic specialty paper industry, focusing on the research, production, and sales of specialty paper and pulp, with a market share exceeding 40% in tobacco paper products[32]. - The company operates 39 modern paper production lines, 1 pulp production line, and 21 coating production lines, enhancing its market competitiveness and innovation capabilities[37]. - The specialty paper production in China has shown a stable growth trend, with an average annual growth rate of 8.87% from 2009 to 2018, indicating significant future development potential[39]. - The domestic specialty paper market is projected to grow at a compound annual growth rate of 5.20% from 2017 to 2027, reflecting robust demand[39]. Investment and R&D - Research and development expenses reached RMB 34.63 million, with 236 R&D personnel, indicating a continuous improvement in the company's innovation capabilities[64]. - The company invested in a 220,000-ton high-end specialty paper project, which has entered the equipment procurement and construction phase[60]. - The company plans to raise up to RMB 1.25 billion through a convertible bond issuance to fund the high-end paper project, which has been accepted by the China Securities Regulatory Commission[61]. Environmental Compliance - The company has invested in advanced environmental protection systems, achieving compliance with waste and emissions standards[50]. - The company has five wastewater treatment plants with a total designed capacity of 48,500 m³/d, ensuring compliance with national discharge standards[138]. - The company emphasizes environmental protection and has invested in pollution prevention facilities across its production bases[138]. - The company maintained zero major environmental pollution incidents during the reporting period, adhering to environmental regulations[65]. Shareholder and Corporate Governance - The company held its annual shareholder meeting on April 30, 2019, with no resolutions being rejected[90]. - The company committed to not transferring or entrusting the management of its shares for 36 months post-IPO, ensuring shareholder rights are protected[93]. - The company has established a network voting system to protect the rights of minority shareholders during the shareholder meeting[91]. - The company appointed Zhonghui Certified Public Accountants as the financial auditing firm for the fiscal year 2019, which was approved at the 2018 annual shareholders' meeting[113]. Social Responsibility - The company plans to assist 300 impoverished individuals in Henan Province through technical training and employment arrangements from 2019 to 2020[124]. - The company has helped 416 registered impoverished individuals to escape poverty through its poverty alleviation initiatives[126]. - The company plans to donate RMB 800,000 to assist impoverished college students in Henan Province by the end of the year[128].