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 ...

| 证券代码：603733 | 证券简称：仙鹤股份 | 公告编号：2025-071 | | --- | --- | --- | | 债券代码：113632 | 债券简称：鹤 21 转债 | | 仙鹤股份有限公司 关于部分募投项目结项并将节余募集资金 用于投资建设新项目的公告 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： 本次结项的募投项目名称："年产 30 万吨高档纸基材料项目"和"年产 3 万吨热升华转印原纸、食品包装纸项目"。 本次节余金额为 62,280.19 万元（含利息收入及理财收益，实际以资金转 出当日银行结息余额为准），下一步使用安排是用于投资建设新项目"年产 2 万 吨绝缘纸、电容纸等特种纸项目"。 仙鹤股份有限公司（以下简称"公司"）于 2025 年 12 月 12 日召开第四届董 事会第五次会议，审议通过了《关于部分募投项目结项并将节余募集资金用于投 资建设新项目的议案》。公司部分募投项目"年产 30 万吨高档纸基材料项目"和 "年产 3 万吨热升华转印原纸、食品包装纸项目" 已实施完成并 ...

| 证券代码：603733 | 证券简称：仙鹤股份 | | 公告编号：2025-069 | | --- | --- | --- | --- | | 债券代码：113632 | 债券简称：鹤 21 | 转债 | | 仙鹤股份有限公司 关于使用部分闲置募集资金进行现金管理的公告 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： 已履行及拟履行的审议程序：仙鹤股份有限公司（以下简称"公司"）于 2025 年 12 月 12 日召开了第四届董事会第五次会议，审议通过了《关于使用部 分闲置募集资金进行现金管理的议案》，同意公司使用额度不超过人民币 60,000 万元暂时闲置募集资金适时进行现金管理，决议有效期自本次董事会审议通过之 日起 12 个月内有效。本事项无需提交公司股东会审议。 特别风险提示：尽管本次现金管理是用于购买安全性高、流动性好的低 风险保本型投资产品，公司亦将采取相关风险控制措施，但金融市场受宏观经济 的影响较大，公司将根据经济形势及金融市场的变化适时适量的介入，但不排除 该项投资受到市场波动的影响，实际 ...

| 证券代码：603733 | 证券简称：仙鹤股份 | 公告编号：2025-072 | | --- | --- | --- | | 债券代码：113632 | 债券简称：鹤 21 转债 | | 仙鹤股份有限公司 关于召开2025年第四次临时股东会的通知 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： 一、 召开会议的基本情况 (一) 股东会类型和届次 2025年第四次临时股东会 (七) 涉及公开征集股东投票权 召开的日期时间：2025 年 12 月 29 日 14 点 00 分 召开地点：浙江省衢州市衢江区天湖南路 69 号仙鹤股份有限公司会议室 (五) 网络投票的系统、起止日期和投票时间 股东会召开日期：2025年12月29日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 (二) 股东会召集人：董事会 (三) 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合的 方式 (四) 现场会议召开的日期、时间和地点 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自20 ...

| 证券代码：603733 | 证券简称：仙鹤股份 | 公告编号：2025-068 | | --- | --- | --- | | 债券代码：113632 | 债券简称：鹤21转债 | | 仙鹤股份有限公司 二、董事会会议审议情况 （一）审议通过《关于使用部分闲置募集资金进行现金管理的议案》 同意公司在保障公司正常经营运作和资金需求的前提下，为了提高募集资金使用效率， 保障公司和全体股东的利益，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， 用于购买安全性高、流动性好的低风险保本型投资产品，授权有效期为自本次董事会审议 通过之日起不超过12个月，在上述额度及决议有效期内，可循环滚动使用。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 具体内容详见上海证券交易所网站（www.sse.com.cn）及公司法定信息披露媒体同日 披露的《仙鹤股份有限公司关于使用部分闲置募集资金进行现金管理的公告》及《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》。 （二）审议通过《关于使用部分闲置募集资金临时补充流动资金的议案》 本公司董事会及全体董事保证本公告内容不存在 ...

Core Viewpoint - Xianhe Co., Ltd. (603733.SH) announced the completion of fundraising projects, including 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" [1] Group 1 - The remaining funds amount to 622.8019 million yuan, which includes interest income and investment returns, with the actual amount based on the bank's interest balance on the day of fund transfer [1] - The next step for the company is to allocate these funds for the investment and construction of a new project, specifically the "Annual Production of 20,000 Tons of Insulation Paper, Capacitor Paper, and Other Specialty Paper Project" [1]

每经AI快讯，12月12日，仙鹤股份（603733）公告，公司于2025年12月12日召开第四届董事会第五次 会议，审议通过了《关于使用部分闲置募集资金进行现金管理的议案》。公司拟使用额度不超过人民币 6.00亿元的暂时闲置募集资金进行现金管理，投资方向为购买安全性高、流动性好、有保本约定的银行 理财产品或结构性存款等。使用期限为自董事会审议通过之日起12个月内有效，在上述额度及期限内， 资金可循环滚动使用。本次现金管理不会影响募集资金投资项目进度和公司正常生产经营。 ...

Investment Rating - The industry rating is "Outperform the Market" indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 months [15]. Core Insights - The report highlights a recent increase in overseas pulp prices, with Chile's Arauco Company reporting a rise of $20 per ton for both softwood and hardwood pulp, reaching $700 and $570 per ton respectively. This price increase is attributed to ongoing supply disruptions from overseas pulp mills [3]. - The current paper prices are at a cyclical bottom, with significant declines observed in various paper types. The average prices for white cardboard, double glue paper, and copper plate paper have decreased by 1.8%, 12.1%, and 14.3% respectively since the beginning of the year. The report anticipates a gradual recovery in the sector's profitability and valuation as demand improves during the traditional consumption peak season [4]. - Limited new pulp production capacity is expected overseas, with projections indicating that pulp prices may rise by 2026 due to a slowdown in capacity growth for bleached hardwood pulp and potential closures of major softwood pulp production facilities [5]. Summary by Sections Industry Dynamics - The report notes that the supply side of softwood pulp has been disrupted, with significant closures announced by major producers, including Domtar and Metsä Fibre, which will impact production capacities [3]. - The report emphasizes that the current operating rates for various paper types are low, with white cardboard and copper plate paper operating below 70% and double glue paper between 50%-60% [4]. Recommendations - The report suggests focusing on integrated pulp and paper leaders that have their own forest resources and self-sufficient pulp production lines, which can provide cost advantages amid fluctuating pulp prices. Recommended companies include Sun Paper, Nine Dragons Paper, and Bohui Paper [6].

Core Viewpoint - The acquisition of 100% equity in Jin Feng Paper by Hengfeng Paper for 254 million yuan is viewed positively by the market, highlighting strategic synergies and potential for high-value product development, but deeper analysis reveals concerns about the over-optimistic portrayal of historical losses and future profitability, as well as the transfer of operational risks to Hengfeng's shareholders [1][6] Group 1: Transaction Details - The acquisition price of 254 million yuan corresponds to a price-to-book ratio (PB) of 3.79, significantly higher than the industry average of 1.46, justified by asset revaluation and optimistic profit forecasts [4] - The unique business model of "entrusted processing + general trade" has created a misleading financial picture for Jin Feng Paper, with projected revenues of 119 million yuan and net profits of 4.71 million yuan for 2025, which do not reflect its true earning potential [2] Group 2: Financial Analysis - Jin Feng Paper's management expenses are projected to drop significantly from 19.31 million yuan in 2023 to 10.59 million yuan in 2025, attributed to the elimination of one-time government consulting fees, cancellation of employee bonuses, and reduced depreciation costs, which may not be sustainable long-term [3] - The financial assessment includes a critical "fair price" assumption, suggesting that Jin Feng Paper's simulated net profit could reach 17.43 million yuan under certain conditions, indicating that current low profits are a result of specific accounting practices rather than operational inefficiencies [2] Group 3: Risks and Uncertainties - The absence of performance compensation clauses in the transaction means that all risks associated with the new product lines and market performance will be borne entirely by Hengfeng's shareholders, creating a risk asymmetry [5] - The future growth of Jin Feng Paper relies heavily on the successful launch of new products in a competitive market, with significant uncertainty regarding its ability to secure sufficient orders to justify the investment in new production lines [4][5]

Report Industry Investment Rating - No relevant content provided Core Viewpoints - The industrial chain shows stable spot prices and rigid demand transactions. The price adjustment on December 1st has not been implemented with actual orders. This week, the production of double - offset paper was 20.7 million tons, a decrease of 0.1 million tons or 0.5% from the previous period, and the capacity utilization rate was 53.0%, a decrease of 0.3% from the previous period. The inventory of double - offset paper production enterprises increased by 0.4% month - on - month. The offset paper market continues to have an oversupply situation, with high finished - product inventory still accumulating. The price increase has not been implemented, resulting in significant fundamental pressure and weakening market sentiment. However, considering the recent increase in raw material pulp prices, the cost of double - offset paper has some support, and the downside space is expected to be limited. Due to the large fundamental pressure and limited cost support, it is not recommended to short at low levels. If there is a rebound, the overall idea is to short on rallies or sell out - of - the - money call options [13]. Summary by Directory 1.胶版印刷纸综述 1.1 胶版印刷纸综述——供需库 - In terms of supply, the weekly domestic production of offset printing paper in the week of December 5, 2025, was 20.7 million tons, a decrease of 0.1 million tons from the previous period, with a year - on - year increase of 1.4 million tons and a cumulative year - on - year decrease of 7.21%. The capacity utilization rate was 53.0%, a decrease of 0.3% from the previous period and 5.5% from the same period last year. The monthly import volume in December 2025 was 1.1 million tons, a decrease of 0.02 million tons from the previous month and 0.83 million tons from the same period last year, with a cumulative year - on - year increase of 4.98%. It is expected that the supply will increase slightly next week, reaching about 21.0 million tons [6]. - In terms of demand, the weekly apparent demand was 20.0 million tons, an increase of 0.3 million tons from the previous period. The monthly export volume was 5.6 million tons, unchanged from the previous month but a decrease of 1.59 million tons from the same period last year, with a year - on - year decrease of 14.17%. Domestic demand was 84.05 million tons, unchanged from the previous month but an increase of 4.73 million tons from the same period last year, with a cumulative year - on - year decrease of 6.11%. The demand is expected to remain stable during the off - season [6]. - In terms of inventory, the enterprise inventory was 137.1 million tons, an increase of 0.7 million tons from the previous period and 27.1 million tons from the same period last year. The social inventory was 54.0 million tons, unchanged from the previous period but a decrease of 4.7 million tons from the same period last year. The total spot inventory was 191.1 million tons, an increase of 0.7 million tons from the previous period and 22.4 million tons from the same period last year. Due to the increase in production and stable demand, the inventory is expected to accumulate [6]. 1.2 胶版印刷纸综述——价格 - The ex - factory delivered prices of various brands such as Galaxy Ruyi, Huatai Mudan, etc., remained unchanged from the previous period but decreased compared to the same period last year. The market self - pick - up prices also showed a similar trend. The quoted price on December 1st to increase by 100 yuan/ton was not actually implemented. The offset paper market continues to have an oversupply situation, with high finished - product inventory still accumulating. The price increase has not been implemented, resulting in significant fundamental pressure and weakening market sentiment. However, considering the recent increase in raw material pulp prices, the cost of double - offset paper has some support, and the downside space is expected to be limited. The futures prices of OP2601 and OP2603 are expected to fluctuate or fluctuate strongly [8]. 1.3 胶版印刷纸综述——价差与基差 - The differences between ex - factory and self - pick - up prices of some brands remained stable or increased compared to the same period last year. The futures price difference between OP2601 and OP2603 is expected to remain stable. The basis of some brands is expected to weaken. Seasonally, January is a small peak season for spring teaching - aid textbook tenders, and March is the traditional peak season of "Golden March and Silver April" [10]. 1.3 胶版印刷纸综述——成本与利润 - Raw material prices have increased, leading to an increase in the cost of double - offset paper. In the off - season, it is difficult for the finished - product price to rise, so the production profit is expected to shrink. The profit of self - used pulp decreased from 110 yuan/ton to 25 yuan/ton, and the profits of low - cost and high - cost production also decreased [12]. 2.胶版印刷纸平衡表解析 - The monthly balance sheet shows the supply, demand, and inventory changes of double - offset paper from 2024 to 2025. In 2025, the cumulative import volume decreased year - on - year, and the cumulative production also decreased year - on - year. The cumulative total supply and demand both decreased year - on - year. The inventory showed an increasing trend in general, and the inventory - to - consumption ratio also fluctuated [15]. 3.胶版印刷纸供需解析 3.1 供应——投产情况 - In 2025, a total of 140 million tons of cultural paper production capacity has been put into operation, and 225 million tons is expected to be put into operation, mostly in the third quarter, including the resumption of Chenming's production capacity. In 2026, 120 - 140 million tons of production capacity is planned to be put into operation [17]. 3.2 需求 - No detailed content provided in the given text 3.3 库存 - No detailed content provided in the given text 3.4 进出口 - No detailed content provided in the given text 4.胶版印刷纸成本利润 4.1 胶版印刷纸原料成本 - No detailed content provided in the given text 4.2 胶版印刷纸利润 - No detailed content provided in the given text 5.胶版印刷纸价格、价差解析 5.1 胶版印刷纸现货报价 - No detailed content provided in the given text 5.2 胶版印刷纸期现基差 - No detailed content provided in the given text 5.3 OP主力合约季节图及月间价差 - No detailed content provided in the given text