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6月4日 调研地点：公司六楼会议室（衢江区天湖南路69号） 调研形式：现场接待 来访机构：东北证券、川石投资、申银万国、汇丰晋信基金、中青国融、浙商产 融资产、华泰证券、浙农控股、开元金鼎投资、银河证券、明溪资产管理、东兴证券、 海通证券 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。至2018年底，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75万吨，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60多个品种。公司及其子公司现有特种纸机生 产线37条，涂布、超压线20多条，并拥有化工、制浆、能源、原纸及纸制品等全产业 链布局，产业宽度和产业深度布局相对完善 ...

Financial Performance - Operating revenue for the period was CNY 1,013,389,706.02, representing an increase of 28.51% year-on-year[12] - Net profit attributable to shareholders was CNY 35,675,996.89, a decrease of 63.26% compared to the same period last year[12] - Basic earnings per share were CNY 0.06, down 66.67% from CNY 0.18 in the same period last year[12] - Total operating revenue for Q1 2019 was CNY 1,013,389,706.02, an increase of 28.5% compared to CNY 788,581,418.77 in Q1 2018[51] - Net profit for Q1 2019 was CNY 35,644,116.13, a decrease of 63.3% from CNY 97,069,848.85 in Q1 2018[51] - Total comprehensive income for the first quarter was CNY 33,162,130.51, compared to CNY 68,342,686.34 in the same quarter of the previous year[58] Cash Flow - The net cash flow from operating activities was CNY 27,763,434.82, a significant recovery from a negative cash flow of CNY -75,308,275.42 in the previous year[12] - Cash inflow from operating activities reached CNY 662,926,123.64, a 28.2% increase from CNY 517,026,664.93 in the same period last year[64] - Net cash flow from operating activities was CNY 158,385,291.57, compared to CNY 71,149,346.50 in the first quarter of 2018, representing a 122.3% increase[64] - Cash outflow from investment activities totaled CNY 422,612,227.44, significantly higher than CNY 160,483,757.00 in the previous year[64] - Net cash flow from investment activities was negative CNY 237,065,237.98, worsening from negative CNY 103,789,076.44 year-over-year[64] - Cash inflow from financing activities amounted to CNY 461,260,829.25, up from CNY 424,383,909.28 in the same quarter last year[67] - Net cash flow from financing activities increased to CNY 66,528,274.73, compared to CNY 31,391,253.71 in the first quarter of 2018, marking a 112.2% rise[67] Assets and Liabilities - Total assets at the end of the reporting period were CNY 5,403,601,651.97, a decrease of 2.37% compared to the end of the previous year[12] - Current liabilities decreased from ¥2,022,961,909.79 to ¥1,858,308,207.16, a reduction of about 8.12%[41] - Non-current assets increased from ¥3,025,668,292.29 to ¥3,118,272,974.72, an increase of approximately 3.06%[41] - Total liabilities decreased from ¥2,297,326,898.47 to ¥2,127,349,229.77, a decline of about 7.39%[41] - Total equity increased to CNY 3,192,883,018.68 from CNY 3,156,414,953.27 in the previous period[51] Shareholder Information - The total number of shareholders at the end of the reporting period was 29,600[16] - Shareholders' equity increased from ¥3,237,302,371.17 to ¥3,276,252,422.20, an increase of approximately 1.20%[41] Expenses - The gross profit margin decreased by approximately 10.42% due to rising prices of key raw materials such as wood pulp and titanium dioxide[15] - The company's financial expenses increased by 128.14%, reaching ¥15,056,228.95, primarily due to rising material costs and reduced exchange gains[26] - Research and development expenses for Q1 2019 were CNY 13,736,431.03, down from CNY 16,101,460.45 in Q1 2018[51] - The company incurred financial expenses of CNY 7,305,389.76, compared to a financial income of CNY 1,294,245.09 in the same period last year[56] Government Support and Other Income - The company received government subsidies amounting to CNY 2,720,384.54, which are closely related to its normal business operations[16] - The company reported a non-operating income of CNY 4,074,865.95, primarily from futures disposal gains related to wood pulp[16]

Financial Performance - The company's operating revenue for 2018 was RMB 4,097,768,630.15, representing a 34.48% increase compared to RMB 3,047,081,822.99 in 2017[28]. - The net profit attributable to shareholders of the listed company decreased by 26.68% to RMB 292,406,837.49 from RMB 398,824,622.65 in the previous year[28]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 267,412,582.25, down 26.11% from RMB 361,921,100.85 in 2017[28]. - The company achieved operating revenue of RMB 4,097.77 million in 2018, representing a year-on-year growth of 34.48%[33]. - The net profit attributable to shareholders was impacted by rising raw material prices and increased financial expenses, which rose by RMB 64.92 million compared to the previous year[33]. - Basic earnings per share decreased by 32.87% to RMB 0.73, attributed to a decline in net profit and new share issuance[33]. - The company's total assets increased by 14.14% to RMB 5,534.63 million compared to the end of 2017[33]. - The weighted average return on equity decreased by 8.72 percentage points to 18.58%[33]. - The company reported a net profit of RMB 42.18 million in Q4 2018, a significant decline compared to previous quarters[39]. - The net cash flow from operating activities was negative at RMB -320.65 million, primarily due to increased purchases and tax payments[33]. Dividend Distribution - The company plans to distribute a cash dividend of RMB 1.00 per 10 shares, totaling RMB 61,200,000.00[9]. - The company will submit the profit distribution proposal to the 2018 annual general meeting for approval[10]. - In 2018, the company distributed a total cash dividend of RMB 244,800,000.00, representing 83.71% of the net profit attributable to shareholders[175]. - The company plans to distribute a cash dividend of RMB 3.00 per 10 shares, totaling RMB 183,600,000.00 for the 2018 interim profit distribution[173]. - The company has established a stable and continuous dividend distribution policy to ensure consistent returns to investors[173]. Market Position and Product Development - The company is a leading enterprise in the domestic specialty paper industry, with an annual production capacity exceeding 720,000 tons across more than 60 varieties of specialty paper products[61]. - The market share of the company's tobacco paper products exceeds 35%, significantly reducing ink usage and ensuring high cleanliness[46]. - The company holds over 80% market share in the dictionary paper segment, being a key standard setter in this category[48]. - The company is focusing on the development of food packaging paper and medical packaging paper, which are expected to be key growth areas in the future[47]. - The specialty paper market is projected to grow at a compound annual growth rate of 5.2% from 2017 to 2027, indicating significant future potential[55]. - The company has established a diverse product portfolio with over 60 varieties across nine major categories, reducing single product risk[65]. - The company plans to enhance the development of thermal paper, label paper, and food medical paper, optimizing machine capacity allocation for efficient production[155]. Research and Development - The company invested 88.18 million yuan in R&D in 2018, which is a 32.01% increase compared to the previous year[66]. - The total R&D investment accounted for 2.15% of operating revenue, with 245 R&D personnel representing 7.32% of the total workforce[121]. - The company has successfully developed several new products, with 7 provincial-level industrial new products certified and 6 under application[85]. - Investment in new technology development has increased by 30%, focusing on enhancing product features and user experience[185]. Risks and Challenges - The specialty paper industry is facing challenges such as high wood pulp prices and economic downturns, which have temporarily reduced profit margins[58]. - The company recognizes the risk of macroeconomic fluctuations impacting the specialty paper industry, which is closely tied to national economic growth and consumer spending[162]. - The company is exposed to raw material price volatility risks, particularly due to changes in the global pulp market and domestic environmental policies[164]. - The company acknowledges the impact of policy changes on its competitive environment and operational strategies, which may introduce uncertainties in future business activities[167]. - The company faces intensified market competition due to industry consolidation and potential entry of non-specialty paper companies into the specialty paper sector[163]. Financial Management - The company has optimized internal management and implemented advanced digital information management systems to enhance efficiency and reduce costs[89]. - The company's cash flow from operating activities was negative at CNY -320.65 million, reflecting a significant outflow due to rapid business expansion[125]. - Financial expenses surged by 161.25%, increasing from 40,258,389.78 CNY to 105,174,094.95 CNY, primarily due to currency depreciation and rising loan interest rates[120]. - The company’s long-term equity investments at the end of the period amounted to 594,498,711.89[138]. Future Outlook - The company aims to achieve a production target of 500,000 tons and revenue of 4.3 billion yuan in 2019, contingent on market conditions and operational efforts[154]. - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share within the next two years[185]. - Future guidance includes a focus on sustainability initiatives, aiming for a 50% reduction in carbon footprint by 2025[185]. Compliance and Governance - The company will ensure compliance with legal obligations and take necessary actions within 5 working days if it violates the commitments made[194]. - The company commits to compensating investors for losses caused by false statements or omissions in the prospectus[197]. - The company will not engage in public refinancing if it fails to meet its commitments[200].

Financial Performance - Revenue for the first nine months reached CNY 2,918,882,712.24, a 42.85% increase year-on-year[7] - Net profit attributable to shareholders decreased by 9.65% to CNY 250,222,139.86 compared to the same period last year[7] - Basic and diluted earnings per share fell by 14% to CNY 0.43[8] - Total operating revenue for Q3 2018 reached CNY 2,918,882,712.24, a 42.85% increase compared to CNY 2,043,388,157.53 in the same period last year, primarily due to increased product sales[12] - Operating profit for Q3 2018 was 79,116,503.97 CNY, compared to 99,524,245.28 CNY in Q3 2017, indicating a decrease of around 20.5%[25] - Net profit for Q3 2018 was 75,942,897.43 CNY, down from 93,344,208.37 CNY in the same period last year, reflecting a decrease of about 18.6%[26] - The company reported a total profit of CNY 43,241,762.86 for Q3 2018, down from CNY 93,425,046.74 in the same quarter last year[29] - The net profit for the first nine months of 2018 reached CNY 140,683,608, compared to CNY 262,918,743 in the previous year, indicating a decline of approximately 46.5%[29] Cash Flow - The net cash flow from operating activities showed a significant decline, with a net outflow of CNY 388,808,546.66, worsening by 106.68% year-on-year[7] - Cash flow from operating activities showed a net outflow of CNY -388,808,546.66, a 106.68% decline compared to CNY -188,120,109.82 in the previous year, largely due to increased tax payments and employee compensation[13] - Cash inflow from operating activities for the first nine months was CNY 2,239,586,302, up from CNY 1,627,780,958, representing an increase of about 37.5%[32] - Cash inflow from financing activities increased to CNY 610,584,685.82 from CNY 136,283,823.82, driven by funds raised from new share issuance[13] - Cash inflow from financing activities was CNY 2,733,885,888.88, an increase from CNY 1,891,856,787.83 year-over-year[33] - The net cash flow from financing activities improved to CNY 610,584,685.82, compared to CNY 136,283,823.82 in the previous year[33] - Cash inflow from investing activities totaled CNY 687,779,854.99, compared to CNY 146,938,097.85 in the previous year, showing a significant increase[33] - The net cash flow from investment activities was CNY -141,974,724.03, a decline from CNY 33,131,487.69 in the same period last year[33] Assets and Liabilities - Total assets increased by 18.22% to CNY 5,732,416,740.23 compared to the end of the previous year[7] - Total liabilities rose to ¥2,537,118,187.84 compared to ¥2,503,715,282.70, indicating a slight increase of about 1.3%[19] - Owner's equity increased significantly to ¥3,195,298,552.39 from ¥2,345,084,178.70, reflecting a growth of approximately 36.3%[19] - Cash and cash equivalents increased by 124.17% to CNY 202,916,832.81 due to bank acceptance bills and remaining unused fundraising[11] - Cash and cash equivalents at the end of the period amounted to CNY 202,916,832.81, up from CNY 90,518,613.05 at the beginning of the year[17] - Inventory increased to CNY 1,044,523,344.07, a 58.47% rise from CNY 659,128,309.28, due to higher production and sales volumes[12] Expenses - Operating costs rose to CNY 2,379,186,561.89, reflecting a 43.84% increase from CNY 1,654,034,329.69, driven by higher sales volume and increased raw material costs[12] - Financial expenses surged by 267.03% to CNY 89,510,264.77 from CNY 24,387,893.28, mainly due to rising loan interest rates and increased exchange rate losses[12] - Research and development expenses increased by 40.18% to CNY 67,672,367.85 from CNY 48,276,466.51, attributed to the expansion of R&D projects[12] - The company’s financial expenses increased significantly to 38,701,665.79 CNY in Q3 2018 from 9,164,029.53 CNY in Q3 2017, marking an increase of approximately 322.5%[25] Shareholder Information - The company reported a total of 30,981 shareholders at the end of the reporting period[9] - The company reported a significant increase in total equity attributable to shareholders, which rose to ¥3,193,427,429.33 from ¥2,346,099,389.47, a growth of approximately 36.2%[19]

Financial Performance - The company's operating revenue for the first half of 2018 was RMB 1,883,742,473.85, representing a 52.82% increase compared to RMB 1,232,614,330.16 in the same period last year[20]. - The net profit attributable to shareholders decreased by 4.86% to RMB 174,560,730.68 from RMB 183,472,054.87 in the previous year[21]. - The basic earnings per share for the first half of 2018 was RMB 0.31, down 6.06% from RMB 0.33 in the same period last year[20]. - The weighted average return on net assets decreased to 6.48%, down 2.35 percentage points from 8.83% in the previous year[20]. - Revenue reached RMB 1,883,742,473.85, representing a year-on-year growth of 52.82%, while total profit was RMB 205,579,700, an increase of 1.51%[51]. - The net profit attributable to ordinary shareholders after deducting non-recurring gains and losses was RMB 170,221,800, reflecting a year-on-year increase of 6.87%[42]. - The company reported a significant increase in financial expenses by 233.74% to RMB 50,808,599, primarily due to foreign exchange losses and increased interest expenses[51]. - The company reported a net cash increase of CNY 85,905,758.53 for the period, contrasting with a net decrease of CNY -13,962,685.24 in the previous year[134]. Assets and Liabilities - The total assets at the end of the reporting period were RMB 5,828,617,627.10, a 20.21% increase from RMB 4,848,799,461.40 at the end of the previous year[23]. - The net assets attributable to shareholders increased by 40.72% to RMB 3,301,366,020.15 from RMB 2,346,099,389.47 at the end of the previous year[23]. - Total current assets increased to ¥2,798,918,624.74 from ¥1,836,604,742.75, representing a growth of approximately 52.5%[119]. - Total liabilities increased to ¥2,526,161,972.14 from ¥2,503,715,282.70, marking a rise of approximately 0.9%[120]. - Owner's equity rose to ¥3,302,455,654.96 from ¥2,345,084,178.70, representing an increase of about 40.7%[121]. Cash Flow - The company reported a net cash flow from operating activities of RMB -179,730,352.42, a 14.29% increase in outflow compared to RMB -157,257,355.06 in the same period last year[23]. - Operating cash inflow for the first half of 2018 was CNY 1,447,232,236.42, up from CNY 1,017,407,212.85 in the same period last year, representing an increase of approximately 42.3%[133]. - Total cash inflow from financing activities reached CNY 1,994,431,692.85, up from CNY 1,309,533,379.62, marking an increase of approximately 52.3%[134]. - The ending balance of cash and cash equivalents was CNY 135,871,141.93, up from CNY 30,501,231.55 at the end of the previous period[134]. Market Position and Strategy - The company is a leading enterprise in the domestic specialty paper industry, with an annual production capacity exceeding 700,000 tons across more than 60 varieties of specialty paper products[32]. - The company holds over 30% market share in tobacco paper and over 70% market share in Bible paper, indicating significant competitive positioning in these segments[33]. - The company is investing in a new 190,000-ton high-end specialty paper project, further enhancing its production capacity and technological advancement[45]. - The company aims to enhance market competitiveness through new material research and development[62]. - The company plans to expand its market presence and invest in new product development to drive future growth[120]. Research and Development - The company has a strong R&D capability with 8 invention patents and 18 utility model patents, contributing to its technological innovation advantage[35]. - Research and development expenses increased by 35.75% to RMB 35,745,041.17, driven by new product trials and project expansions[51]. - The company developed 17 new provincial industrial products and filed for 11 new invention patents during the reporting period[47]. Environmental Commitment - The company has invested in various environmental protection systems, positioning itself as a "green enterprise" and receiving recognition as a leading enterprise in transformation in Zhejiang Province[39]. - The company reported zero major environmental pollution incidents during the reporting period, with all major pollutants discharged within national standards[90]. - The company has established an emergency response plan for sudden environmental pollution incidents, ensuring rapid and effective response to minimize public and environmental impact[96]. - The company has committed to increasing investments in energy conservation and emission reduction to comply with environmental regulations[62]. Corporate Governance and Compliance - The company has a structured governance framework, including a board of directors and several specialized committees to oversee its operations[151]. - The integrity status of the company and its controlling shareholders is good, with no overdue large debts or unfulfilled commitments[77]. - The company has committed to fulfilling its responsibilities diligently and protecting the legitimate rights and interests of shareholders[75]. - The company has maintained compliance with the accounting standards, ensuring the accuracy and completeness of its financial reporting[156]. Shareholder Relations - The company plans to distribute a cash dividend of RMB 3.00 per 10 shares, totaling RMB 183,600,000.00[4]. - The company has committed to not transferring or entrusting the management of its shares for 36 months from the date of listing[68]. - The company will ensure that any share reductions after the lock-up period will not be below the issue price[68]. - The company will publicly apologize to shareholders and investors if it fails to meet its commitments, and will not engage in public refinancing during this period[72]. Social Responsibility - The company plans to assist 300 impoverished individuals in Henan Province through technical training, employment arrangements, and direct assistance from 2018 to 2019[83]. - The company has invested ¥235.95 million in poverty alleviation projects, helping 201 registered impoverished individuals to escape poverty[87]. - The company received the title of "Star Enterprise in Poverty Alleviation Donations" from the People's Government of Nanyang City in 2018[84].

2018 年第一季度报告 公司代码：603733 公司简称：仙鹤股份 仙鹤股份有限公司 2018 年第一季度报告 1 / 18 | 一、 | 重要提示 3 | | --- | --- | | 二、 | 公司基本情况 3 | | 三、 | 重要事项 5 | | 四、 | 附录 7 | 2018 年第一季度报告 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 本公司第一季度报告未经审计。 二、 公司基本情况 2.1 主要财务数据 3 / 18 单位：元 币种：人民币 本报告期末 上年度末 本报告期末比上年度末增 减(%) 总资产 5,137,548,801.83 4,848,799,461.40 5.96 归属于上市公司 股东的净资产 2,443,192,194.10 2,346,099,389.47 ...