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： 累计转股情况：截至 2025 年 9 月 30 日，累计共有人民币 33,302,000 元 "鹤 21 转债"已转换成公司股票，累计转股数量为 1,751,770 股，占可转债转股 前公司已发行股份总额的 0.2481%。 未转股可转债情况：截至 2025 年 9 月 30 日，尚未转股的"鹤 21 转债" 金额为人民币 2,016,697,000 元，占可转债发行总量的 98.3755 %。 本季度转股情况：自 2025 年 7 月 1 日至 2025 年 9 月 30 日期间，累计共 有人民币 33,194,000 元"鹤 21 转债"已转换成公司股票，累计转股数量为 1,747,922 股，占可转债转股前公司已发行股份总额的 0.2476%。 | 证券代码：603733 | 证券简称：仙鹤股份 公告编号：2025-061 | | --- | --- | | 债券代码：113632 | 债券简称：鹤21转债 | 仙鹤股份有限公司 可转债转股结果暨股份变 ...

Group 1 - The core point of the article is that Xianhe Co., Ltd. (603733.SH) has completed its share buyback plan, which was set to expire on October 8, 2025 [1] - During the implementation period, the controlling shareholder, Zhejiang Xianhe Holding Group Co., Ltd., increased its stake by acquiring a total of 13,589,408 shares, representing 1.92% of the company's total share capital [1] - The total amount spent on this share buyback was approximately RMB 300.01 million [1]

Group 1 - The core point of the article is that Xianhe Holdings has completed a share buyback plan, acquiring approximately 13.59 million shares, which represents 1.92% of the total share capital, with a total investment of around 300 million RMB [1] - As of the latest report, Xianhe Holdings has a market capitalization of 16.7 billion RMB [2] - For the fiscal year 2024, the revenue composition of Xianhe Holdings is primarily from the paper industry, accounting for 96.05%, while other businesses contribute 3.95% [1]

本公司董事会、全体董事及相关股东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： | 增持主体名称 | 浙江仙鹤控股集团有限公司 | | | | --- | --- | --- | --- | | 增持主体身份 | 控股股东或实控人 | 是 | 否 | | | 控股股东或实控人的一致行动人 | 是 | 否 | | | 直接持股 5%以上股东 | 是 | 否 | 一、增持主体的基本情况 | 证券代码：603733 | 证券简称：仙鹤股份 | 公告编号：2025-060 | | --- | --- | --- | | 债券代码：113632 | 债券简称：鹤 21 转债 | | 仙鹤股份有限公司 关于控股股东增持公司股份计划实施完毕 暨增持结果的公告 （二）实际增持数量是否达到增持计划下限 是 否 已披露增持计划情况：仙鹤股份有限公司（以下简称"公司"）于 2025 年 4 月 9 日披露了《仙鹤股份有限公司关于控股股东增持公司股份计 划暨取得金融机构贷款承诺函的公告》，公司控股股东浙江仙鹤控股集 团有限公司 （以下简称"仙鹤 ...

上海市锦天城律师事务所 上海市锦天城律师事务所 关于仙鹤股份有限公司 控股股东增持股份的法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 关于仙鹤股份有限公司 控股股东增持股份的法律意见书 致：仙鹤股份有限公司 上海市锦天城律师事务所（以下简称"本所"）作为仙鹤股份有限公司（以 下简称"公司"）的常年法律顾问，根据《中华人民共和国公司法》（以下简称"《公 司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公司收购管 理办法》（以下简称"《收购管理办法》"）、《上海证券交易所上市公司自律监管指 引第 8 号——股份变动管理》（以下简称"《8 号监管指引》"）等法律、法规和规 范性文件的规定，按照律师行业公认的业务标准、道德规范和勤勉尽责精神，就 公司控股股东浙江仙鹤控股集团有限公司（以下简称"仙鹤控股"或"增持人"） 增持公司股份的事宜（以下简称"本次增持"）出具本法律意见书。 1、本所依据本法律意见书出具日以前已经发生或存在的事实和我国 ...

Group 1 - The core viewpoint of the article highlights the growth and export performance of China's paper and paper products industry, with a reported export value of 68.7 billion yuan in August 2025 and a cumulative export value of 524.5 billion yuan from January to August 2025, reflecting a year-on-year growth of 2.2% [1][1][1] Group 2 - The article lists several publicly traded companies in the paper industry, including Chenming Paper (000488), Kane (002012), Jingxing Paper (002067), and others, indicating a diverse market landscape [1][1][1] - The data referenced is sourced from the National Bureau of Statistics, emphasizing the reliability of the statistics presented [1][1][1] - The report mentioned is from Zhiyan Consulting, which specializes in industry research and provides comprehensive consulting services, indicating a strong analytical foundation for the insights shared [1][1][1]

Core Insights - The company has successfully launched its self-produced pulp production line at the Hubei base, with capacity steadily increasing, which is expected to meet the demand of the base once fully operational [1] - The Hubei project is anticipated to gradually enter a profitable cycle, leveraging cost advantages and economies of scale to create sustained value for the company [1] - The current market competition in the food-grade paper industry is under pressure, but the company has established a solid core competitiveness through a full industry chain layout and product differentiation strategies [1] - As the market continues to shift towards green and high-end products, the competitive landscape is expected to improve, and the company will adjust its operational strategies accordingly to ensure profitability and stable development [1]

Core Viewpoint - Xianhe Co., Ltd. plans to raise up to 3 billion yuan through a private placement of shares to expand its production capacity in the specialty paper industry, aiming to solidify its market leadership position [2][3]. Group 1: Fundraising and Investment Plans - The company intends to issue no more than 212 million shares, raising a total of up to 3 billion yuan, with 2.1 billion yuan allocated to the second phase of the high-performance paper-based new materials project in Guangxi [2][3]. - The remaining 900 million yuan will be used to supplement working capital, addressing the increased funding needs due to major project advancements [7]. Group 2: Production Capacity and Financial Performance - Upon full production, the Guangxi project will add a total annual production capacity of 1.3 million tons of pulp and paper, including 600,000 tons of specialty paper [3][4]. - As of mid-2025, the company reported a total asset of 24.82 billion yuan and a debt-to-asset ratio of 66.69%, indicating a need to improve financial stability through the new fundraising [7]. - In the first half of 2025, Xianhe Co. achieved a specialty pulp production of 1.1079 million tons, a year-on-year increase of 98.55%, and a revenue of 5.991 billion yuan, up 30.14% [6][7]. Group 3: Strategic Development and Market Position - The company has been deeply engaged in the specialty paper industry for over 20 years, becoming one of the largest producers with a comprehensive range of products [5]. - Xianhe Co. is also investing in a 11 billion yuan bamboo pulp project in Sichuan, further expanding its production capabilities [6]. - The Guangxi project is part of a broader strategy to integrate the entire supply chain from forest to pulp and paper, enhancing production efficiency and profitability [4][5].

Core Viewpoint - Xianhe Co., Ltd. reported a divergence between revenue growth and profit decline in its semi-annual performance, with revenue increasing by 30.14% year-on-year to 5.991 billion yuan, while net profit attributable to shareholders decreased by 13.80% to 474 million yuan [1][2]. Group 1: Financial Performance - The primary reason for the decline in net profit is attributed to a decrease in sales prices due to market supply and demand changes, leading to a reduction in gross margin [1]. - The company is currently in a phase of ramping up new production capacity, which has resulted in increased fixed costs impacting profit performance [1]. Group 2: Capacity Expansion - Xianhe Co. is set to launch two major projects in 2024: a 2.5 million-ton high-performance paper-based new materials project in Laibin, Guangxi, and a similar project in Shishou, Hubei [1]. - These projects aim to leverage local resource advantages and establish a fully integrated industrial chain from wood pulp to paper, addressing upstream production gaps [1]. Group 3: Strategic Initiatives - The company has signed an investment agreement for a bamboo pulp paper integrated project in Hejiang County, Sichuan, to utilize local renewable resources and enhance its product range [2]. - A plan for a targeted issuance of A-shares has been announced, with a maximum of 30% of the pre-issue total share capital to raise up to 3 billion yuan [2]. Group 4: Future Outlook - The targeted issuance aims to optimize the capital structure and secure long-term funding for strategic investments and R&D, focusing on high-value-added paper-based new materials [3]. - The company plans to enhance its core competitiveness and ensure sustainable performance growth through orderly capacity release and product structure optimization [3].

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 Mindray Medical, Huichuan Technology, United Imaging Healthcare, Shenzhen South Circuit, and Aibo Medical [11][13] - In the last five days, the most popular companies for institutional research include Jepu Tech, Ganli Pharmaceutical, Shiji Information, Guangri Co., and Nenghui Technology [11][12] - Among the top twenty companies in the past 30 days, 12 companies had 10 or more rating agencies involved, with significant profit growth expected for Lankai Technology, Huichuan Technology, and Sanhua Intelligent Control in their 2025 mid-year reports compared to 2024 [11][12] Group 2: Shareholder Increase and Buyback Strategies - From September 22 to September 26, 2025, four listed companies announced significant shareholder increases [18] - A total of 71 companies announced buyback progress during the same period, with 22 of them having 10 or more rating agencies involved [24] - From January 1 to September 26, 2025, 274 companies announced shareholder increases, with 86 of them having 10 or more rating agencies involved [20] Group 3: Buyback Situation - From January 1 to September 26, 2025, 1,747 companies announced buyback progress, with 414 of them having 10 or more rating agencies involved [26] - Among these, 108 companies had a buyback amount that exceeded 1% of their market value on the announcement date [26][27] - Specific companies in the buyback phase include Chengde Lulu, Liugong, Shantui, Huaming Equipment, Jian Sheng Group, Ruoyu Chen, and China Jushi [27]