Group 1: Company Overview - Lepu Medical - Lepu Medical is a leading cardiovascular company in China, with a diverse product matrix. In H1 2025, the company achieved revenue of 3.369 billion yuan, a year-on-year decrease of 0.43%, and a net profit of 691 million yuan, down 0.91% year-on-year [3] - The company is strategically expanding into innovative drugs for cardiovascular and metabolic diseases through its subsidiary, Minwei Biotech, which focuses on obesity and type 2 diabetes treatments. As of August 2025, several products are in various clinical trial phases [3] - Lepu Medical is also actively developing its aesthetic medicine segment, with new products like dermal fillers and hyaluronic acid injections receiving approval, indicating strong growth potential in the non-medical insurance market [3] Group 2: Company Overview - Superwin International Holdings - Superwin International Holdings has over 20 years of experience in elastic fabric, with a stable management team. The company generates 55.4% of its revenue from sports fabrics and is well-positioned to capture more orders due to its mature overseas production capacity [6][7] - The company is expected to see net profits of 590 million, 640 million, and 700 million HKD from 2025 to 2027, benefiting from a rebalancing of supply and demand and moderate raw material prices [5][6] - Superwin has maintained a stable dividend payout ratio of around 50%, with a dividend yield exceeding 9% for the past four years, making it an attractive investment opportunity [8] Group 3: Industry Insights - Biopharmaceuticals - The biopharmaceutical industry is witnessing a shift towards innovative drug development, particularly in cardiovascular and metabolic diseases, driven by companies like Lepu Medical [3] - The market for aesthetic medicine is expanding, with increasing regulatory approvals for new products, indicating a growing consumer demand for non-traditional medical treatments [3] Group 4: Industry Insights - Textile and Apparel - The sportswear segment is outpacing other apparel categories, with rising demand for elastic, breathable, and antibacterial fabrics benefiting suppliers like Superwin International [8] - The company is positioned to leverage its established relationships with major sports brands, which have been in collaboration for over five years, ensuring a steady flow of orders [8]

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 28.62 CNY [6][12]. Core Views - In the short term, the price of pulp has confirmed its bottom, and recent increases in international prices may gradually transmit to paper prices, leading to improved profitability in the second half of the year. In the long term, as new production capacity ramps up, the overall profitability of the company is expected to increase [2][12]. Financial Summary - Total revenue is projected to grow from 8,553 million CNY in 2023 to 16,517 million CNY in 2027, reflecting a compound annual growth rate (CAGR) of approximately 12.4% [4]. - Net profit attributable to the parent company is expected to rise from 664 million CNY in 2023 to 1,592 million CNY in 2027, with a notable increase of 51.2% in 2024 [4]. - Earnings per share (EPS) is forecasted to increase from 0.94 CNY in 2023 to 2.26 CNY in 2027 [4]. - The return on equity (ROE) is anticipated to improve from 9.1% in 2023 to 15.1% in 2027 [4]. Production and Profitability - In the first half of 2025, the company produced 1,107,900 tons of pulp and paper, representing a year-on-year increase of 98.55% in production and 62.25% in sales volume [12]. - The self-produced pulp has reached a level that can effectively replace imported wood pulp, with the Guangxi base achieving a net profit of 117 million CNY in the first half of 2025 [12]. - The company expects profitability to improve as new production capacities are gradually released, particularly in the Hubei base, which is anticipated to turn profitable [12]. Cost and Margin Analysis - The gross margin for the second quarter of 2025 was 12.82%, a decrease of 4.57 percentage points year-on-year, while the net profit margin was 8%, down 3.84 percentage points year-on-year [12]. - The company experienced slight increases in expense ratios, with financial expenses rising mainly due to increased interest costs [12].

关于召开 2025 年半年度业绩说明会的公告 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： 会议召开时间：2025 年 9 月 29 日（星期一）上午 10:00-11:00 | 证券代码：603733 | 证券简称：仙鹤股份 | 公告编号：2025-050 | | --- | --- | --- | | 债券代码：113632 | 债券简称：鹤21转债 | | 会议召开地点：上海证券交易所上证路演中心（网址：https://roadshow. sseinfo.com/） 仙鹤股份有限公司 投资者可于 2025 年 9 月 22 日（星期一）至 9 月 26 日（星期五）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 zqb@xianhepaper.com 进行提问。公司将在说明会上对投资者普遍关注的问题 进行回答。 仙鹤股份有限公司（以下简称"公司"）已于 2025 年 8 月 23 日发布公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半年 ...

Core Insights - The appreciation of the Renminbi has positively impacted certain sectors, with the Renminbi appreciation beneficiary sector rising by 0.71% compared to the previous trading day [1] - The Shanghai Composite Index closed at 3876.34, up 0.37%, while the Shenzhen Component Index closed at 13215.46, up 1.16% [1] Sector Performance - Leading stocks in the Renminbi appreciation beneficiary sector include: - Jingxing Paper (002067) with a closing price of 6.51, up 9.97% and a trading volume of 166,700 shares, totaling a transaction value of 109 million yuan [1] - China Eastern Airlines (600115) closed at 4.20, up 4.48% with a trading volume of 2,430,400 shares, totaling 1 billion yuan [1] - Southern Airlines (600029) closed at 6.23, up 2.98% with a trading volume of 1,246,400 shares, totaling 770 million yuan [1] Fund Flow Analysis - The Renminbi appreciation beneficiary sector experienced a net outflow of 514 million yuan from institutional investors, while retail investors saw a net inflow of 467 million yuan [2] - Notable fund flows include: - China Eastern Airlines with a net outflow of 50.94 million yuan from institutional investors and a net inflow of 34.51 million yuan from retail investors [3] - Jingxing Paper had a net inflow of 43.02 million yuan from institutional investors, but a net outflow of 24.24 million yuan from retail investors [3]

Market Overview - The paper sector saw a slight increase of 0.03% on September 10, with Qingshan Paper leading the gains [1] - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] Top Performers - Qingshan Paper (600103) closed at 3.45, with a significant increase of 9.87% and a trading volume of 4.0488 million shares, totaling a transaction value of 138.5 million yuan [1] - Songyang Resources (603863) also performed well, closing at 21.15, up 8.13%, with a trading volume of 221,200 shares and a transaction value of 458 million yuan [1] - Other notable gainers include Kain Co. (002012) with a 2.43% increase, and Hengfeng Paper (600356) with a 2.21% increase [1] Underperformers - Gaoxing Paper (002067) experienced a decline of 2.77%, closing at 5.27, with a trading volume of 3.6922 million shares and a transaction value of 1.979 billion yuan [2] - Sun Paper (002078) fell by 1.35%, closing at 15.29, with a trading volume of 138,700 shares and a transaction value of 212 million yuan [2] - Other companies that saw declines include Bohui Paper (600966) and Xianhe Co. (603733), both down by approximately 1% [2] Capital Flow - The paper sector experienced a net outflow of 34.17 million yuan from institutional investors, while retail investors saw a net inflow of 160 million yuan [2] - Notably, Qingshan Paper had a net inflow of 79.9853 million yuan from institutional investors, despite a net outflow from speculative funds [3] - The overall capital flow indicates a mixed sentiment among different investor types within the paper sector [2][3]

Group 1 - The core viewpoint of the article highlights the growth in the number of enterprises in the paper and paper products industry in China, with a total of 8,107 enterprises reported from January to July 2025, marking an increase of 190 enterprises or 2.4% year-on-year [1] - The proportion of the paper and paper products industry enterprises in relation to the total number of industrial enterprises stands at 1.56% [1] - The data indicates a shift in the criteria for scale enterprises, with the threshold for annual main business income raised from 5 million yuan to 20 million yuan since 2011 [1] Group 2 - The report referenced is the "2025-2031 China Paper Industry Market Survey Research and Development Prospects Report" published by Zhiyan Consulting [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research reports, business plans, feasibility studies, and customized services [2] - The firm emphasizes its commitment to providing comprehensive industry solutions to empower investment decisions through professional insights and market acumen [2]

Core Viewpoint - The company has decided not to redeem the "He 21 Convertible Bonds" early, based on confidence in its future development and to protect investor interests [4][5]. Summary by Sections Convertible Bond Issuance Overview - The company issued 20.50 billion RMB worth of convertible bonds on November 17, 2021, with a maturity of 6 years and a tiered interest rate starting from 0.3% in the first year [1]. Convertible Bond Conversion Price Adjustment - The initial conversion price was set at 39.09 RMB per share, which has been adjusted multiple times, currently standing at 18.99 RMB per share [2][3]. Redemption Terms and Trigger Conditions - The company has the right to redeem the bonds if the stock price exceeds 130% of the conversion price for 15 out of 30 consecutive trading days or if the remaining unconverted bonds are less than 30 million RMB [4]. Decision Against Early Redemption - The board of directors decided not to exercise the early redemption option on September 2, 2025, and will not redeem the bonds even if the redemption conditions are met within the following three months [5]. Related Parties' Trading Situation - Major shareholders and executives have not traded the "He 21 Convertible Bonds" in the six months prior to the redemption conditions being met [5]. Sponsor's Verification Opinion - The sponsor confirmed that the decision not to redeem the bonds early was made following necessary procedures and complies with relevant regulations and the offering prospectus [5].

Core Viewpoint - The company has decided not to exercise the early redemption rights for the "He 21 Convertible Bonds" despite triggering the conditional redemption clause due to stock price performance [1][5][6]. Summary by Sections 1. Convertible Bond Issuance Overview - The company issued "He 21 Convertible Bonds" amounting to 2.05 billion yuan on November 17, 2021, with a maturity of 6 years and a tiered interest rate starting from 0.3% in the first year [2]. - The bonds were listed on the Shanghai Stock Exchange on December 9, 2021 [2]. 2. Redemption Clause and Triggering Conditions - The redemption clause allows the company to redeem the bonds if the stock price exceeds 130% of the conversion price for at least 15 out of 30 consecutive trading days or if the remaining unconverted bonds are less than 30 million yuan [5]. - From August 11, 2025, to September 2, 2025, the stock price met the criteria for triggering the redemption clause [5]. 3. Decision Against Early Redemption - On September 2, 2025, the company's board unanimously decided not to exercise the early redemption rights for the "He 21 Convertible Bonds" [6]. - The board will reassess the situation if the redemption conditions are triggered again within the next three months [6]. 4. Shareholder Actions Regarding Convertible Bonds - As of the announcement date, there are no plans from major shareholders or executives to reduce their holdings in the "He 21 Convertible Bonds" within the next six months [7]. 5. Sponsor Institution's Review - The sponsor institution confirmed that the decision not to redeem the bonds early followed necessary procedures and complies with relevant regulations and the offering prospectus [7].

股票简称：仙鹤股份 股票代码：603733 债券简称：鹤 21 转债 债券代码：113632 仙鹤股份有限公司 公开发行可转换公司债券 临时受托管理事务报告 债券受托管理人 （上海市黄浦区中山南路 119 号东方证券大厦） 二〇二五年九月 重要声明 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）核准并经上海证券交易所同意，公司 获准发行可转换公司债券 205,000 万元，每张面值 100 元，共计 2,050 万张，发 行价格为 100 元/张，期限 6 年。本次发行可转换公司债券募集资金总额为人民 币 205,000 万元，扣除本次发行费用人民币 1,184.58 万元（不含增值税），募集 资金净额为人民币 203,815.42 万元。中汇会计师事务所（特殊普通合伙）于 2021 年 11 月 24 日对公司公开发行可转换公司债券的资金到位情况进行了审验，并出 具了中汇会验[2021]7734 号《仙鹤股份有限公司验资报告》。 经上海证券交易所同意，公司本次发行的可转债于 2021 年 12 月 9 日起在上 海证券交易所挂牌交易，债 ...

| 证券代码：603733 | 证券简称：仙鹤股份 | 公告编号：2025-049 | | --- | --- | --- | | 债券代码：113632 | 债券简称：鹤21转债 | | 仙鹤股份有限公司 关于不提前赎回"鹤21转债"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： 仙鹤股份有限公司（以下简称"公司"）股票自 2025 年 8 月 11 日至 2025 年 9 月 2 日，已有十五个交易日的收盘价格不低于"鹤 21 转债"当期转股价格的 130% （即 24.69 元/股），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》 （以下简称"《募集说明书》"的相关约定，已触发"鹤 21 转债"的有条件赎回条 款。 公司于 2025 年 9 月 2 日召开第四届董事会第二次会议，审议通过《关于不提 前赎回"鹤 21 转债"的议案，公司董事会决定本次不行使"鹤 21 转债"的提前赎回 权利，不提前赎回"鹤 21 转债"。 （一）可转债发行情况 经中国证券监督管理委员会《关于核准仙鹤股 ...