| 证券代码：603733 | 证券简称：仙鹤股份 | | 公告编号：2025-045 | | --- | --- | --- | --- | | 债券代码：113632 | 债券简称：鹤 21 | 转债 | | 仙鹤股份有限公司 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。 根据中国证券监督管理委员会（以下简称"中国证监会"）《上市公司募集资金 监管规则》（中国证券监督管理委员会公告[2025]10 号）、《上海证券交易所上市公司 自律监管指引第 1 号——规范运作》等有关规定，现将仙鹤股份有限公司（以下简 称"公司"、"本公司"）2025 年半年度募集资金存放与使用情况专项说明如下： 一、募集资金基本情况 关于 2025 年半年度募集资金存放与使用情况 的专项报告 （一）实际募集资金金额、资金到账情况 本公司经中国证监会《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，由主承销商东方证券承销保荐有限公司采用 余额包销的方式，公开发行可转换公司债券2,050万张，每张面 ...

| 证券代码：603733 | 证券简称：仙鹤股份 | | 公告编号：2025-048 | | --- | --- | --- | --- | | 债券代码：113632 | 债券简称：鹤 | 21 转债 | | 仙鹤股份有限公司 关于项目投资进展情况的公告 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。 仙鹤股份有限公司（以下简称"公司"）为国内大型高性能纸基功能材料研发和 生产企业，主营业务为研发、生产和销售高性能纸基功能材料及其浆类原材料和化学 原材料。公司致力于打造全球领先的植物基及复合新材料生产研发中心，并在产业链 上下游积极布局，分别在广西来宾、湖北石首、四川合江规划建设生产研发基地。现 将公司投资项目的进展情况公告如下： 一、对外投资概述 （一）公司广西三江口新区高性能纸基新材料项目 2020 年 9 月 16 日，公司与来宾市人民政府签订《来宾市三江口高性能纸基新材 料产业园项目投资框架协议》，就公司在来宾市三江口港产城新区兴宾片区投资建设 "年产 250 万吨高性能纸基新材料及纤维制备项目"达成框架性约 ...

仙鹤股份公告，2025年上半年营业收入59.91亿元，同比增长30.14%。净利润4.74亿元，同比下降 13.80%。 ...

Report Industry Investment Rating - Not provided in the given content Core Viewpoints of the Report - The listing of offset printing paper futures and options on September 10, 2025, will fill the gap in domestic cultural paper financial derivatives, providing tools for price risk management in the cultural paper industry chain, and promoting the sustainable development of the industry [4][5]. - The new products will help form a fair market price, improve spot pricing efficiency, and guide enterprises to optimize production plans, matching their risk - control needs and hedging goals [5]. - They will also contribute to the green development of the paper - making industry and enhance China's international pricing influence in the global cultural paper industry [147]. Summary by Directory 1. Product Introduction - Offset printing paper is typically made from bleached wood pulp, with characteristics such as low stretch, uniform ink absorption, good smoothness, and high water resistance. Most of it is double - sided offset printing paper (double - gum paper), accounting for over half of the domestic consumption of uncoated printing and writing paper and about 40% of domestic cultural paper consumption [10][11]. - Its production process includes a stock preparation stage and a paper - making stage. After a series of treatments and processes, the pulp is made into paper rolls or flat paper and then packaged [12]. - It is widely used in books, periodicals, commercial prints, and office supplies. Based on quantitative and brightness, it can be classified into different types [13][16]. - It has weak substitutability with writing paper, lightweight paper, and electrostatic copy paper due to differences in raw materials, performance, and demand scenarios, but strong substitutability with copperplate paper and lightly coated paper because of similar production processes, raw materials, and overlapping demand scenarios [17][18][21]. 2. Industry Chain Overview - **Upstream**: It highly depends on imported wood pulp, with a domestic self - sufficiency rate of less than 40%, and is significantly affected by international pulp futures, exchange rates, and shipping costs. The equipment technology has a high threshold, with key equipment relying on imports [28]. - **Midstream**: It is capital - and technology - intensive, with high investment thresholds. Production is regionally concentrated in East, South, and Central China, bringing cluster and logistics advantages. Future competition will focus on green and high - end products, and the production process has strict technical requirements and high environmental protection costs [31][33][34]. - **Downstream**: Demand is clearly differentiated among high - end, mid - end, and low - end markets. It has strong seasonal fluctuations, with peaks during the textbook printing season (Q2 - Q3) and commercial promotion season (Q4). The low - end market faces pressure from digital substitution [37][39]. 3. Supply and Demand Conditions - **Price Influencing Factors - Raw Material Costs**: Pulp price fluctuations, affected by international pulp prices, domestic pulp mill capacity, and Shanghai Futures Exchange pulp futures prices, directly impact the production cost of offset printing paper [42][43]. - **Price Influencing Factors - Production Capacity and Output**: In 2025, several companies have new production capacity plans. Over the past decade, the domestic output of double - gum paper has generally increased, with significant growth starting in 2021. China is the world's largest producer of double - gum paper, and production capacity is concentrated in East, South, and Central China [46][47][58]. - **Price Influencing Factors - Inventory**: In recent years, the inventory of double - gum paper producers has generally increased. In 2021, imports impacted the domestic market, and in 2024, over - supply led to a significant increase in inventory [60][61]. - **Price Influencing Factors - Imports and Exports**: From 2017 - 2024, China's double - gum paper trade was generally a net exporter, but there was a reversal in 2020 - 2021. The main import sources are Indonesia, Japan, and Russia, and exports cover over 170 countries and regions [63][67]. - **Price Influencing Factors - Demand**: Double - gum paper demand comes from various fields, with textbook demand being the most stable, having strong seasonality. China's double - gum paper consumption shows a slow and unstable growth trend, and the long - term demand may be affected by无纸化办公 and a declining birth rate [68][69][74]. 4. Spot Market Price - From 2020 to 2024, the domestic double - gum paper market experienced two significant price fluctuation cycles. The price was affected by factors such as demand changes, raw material costs, policies, and market supply - demand relationships. Currently, the price is in a low - level oscillation, and the industry has a strong demand for hedging tools [87]. 5. Futures and Options Introduction - **Futures Contract**: The trading unit is 40 tons per lot, with a minimum price change of 2 yuan/ton, a daily price limit of ±4%, and a trading time from 9:00 - 11:30 and 13:30 - 15:00. The delivery grade is double - gum paper with specific quantitative values, and the delivery method is physical delivery [91]. - **Options Contract**: The underlying is the offset printing paper futures contract. It includes call and put options, with a trading unit of 1 lot of the futures contract. The exercise style is American, and the trading time is similar to that of the futures contract [92]. - **Other Trading Matters**: The futures will be listed on September 10, 2025, with specific trading times, listed contracts, and trading rules. The options will be listed on the same day at 21:00, also with corresponding trading regulations [94][103]. 6. Delivery - Related Regulations and Processes - **Fees and Standards**: Delivery fees, warehouse and factory storage rents, and in - and out - of - warehouse fees are specified, with some fees waived until December 31, 2025, for non - high - frequency traders [122]. - **Deliverable Goods and Enterprises**: Deliverable offset printing paper must be a certified brand on the Shanghai Futures Exchange, and specific enterprise information is provided [124]. - **Delivery Warehouses and Premiums**: Delivery warehouses are planned to be set up in major consumption and logistics areas, and delivery premiums are determined by the exchange [125]. - **Inspection Institutions**: Designated inspection institutions are to be announced by the exchange [126]. - **Delivery Methods**: They include futures - to - spot, warehouse delivery, and factory delivery, with specific regulations for each method, such as inspection requirements, quality dispute handling, and delivery time limits [134][143].

Market Overview - The paper sector experienced a decline of 0.23% on August 21, with Minshida leading the drop [1] - The Shanghai Composite Index closed at 3771.1, up 0.13%, while the Shenzhen Component Index closed at 11919.76, down 0.06% [1] Individual Stock Performance - Qifeng New Material (002521) saw a significant increase of 4.63%, closing at 9.49 with a trading volume of 220,100 shares and a turnover of 206 million yuan [1] - Forest Packaging (605500) rose by 1.56%, closing at 10.40 with a trading volume of 204,300 shares and a turnover of 211 million yuan [1] - Other notable performers include Huawang Technology (605377) with a 1.46% increase and Yibin Paper (600793) with a 0.90% increase [1] Capital Flow Analysis - The paper sector experienced a net outflow of 128 million yuan from institutional investors, while retail investors saw a net inflow of 148 million yuan [2] - The data indicates that retail investors are more active in the paper sector despite the overall decline in the market [2] Detailed Capital Flow for Selected Stocks - Yibin Paper (600793) had a net inflow of 15.65 million yuan from institutional investors, while it faced a net outflow of 11.52 million yuan from speculative funds [3] - Xianhe Co. (603733) saw a net inflow of 6.46 million yuan from institutional investors, but a significant outflow of 11.94 million yuan from speculative funds [3] - Qifeng New Material (002521) had a net inflow of 4.04 million yuan from institutional investors, with a notable outflow from speculative funds [3]

Group 1 - The core viewpoint of the news is that Nine Dragons Paper Holdings has experienced a significant stock price increase of over 11% following the announcement of expected profits for the first half of the year between 2.1 billion to 2.3 billion yuan, representing a growth of 165% to 190% compared to last year's profit of 793 million yuan [1] - The profit growth is primarily attributed to an increase in sales and a notable decline in raw material costs, which decreased at a faster rate than the decline in product prices, thereby boosting gross margins [1] - According to Guotai Junan Securities, since July, leading paper companies, including Nine Dragons, have raised prices, resulting in an increase in the average price of recycled containerboard and corrugated paper across various regions [1] Group 2 - The price increase has accelerated significantly from late July to early August, driven by stable increases in the cost of waste paper, prompting smaller manufacturers to follow suit with price hikes [1] - It is anticipated that paper prices will continue to rise due to seasonal demand and cost pressures, leading to an expansion of the margin between paper prices and raw material costs, which is expected to improve profitability [1] - According to Industrial Securities, both paper and pulp prices are currently at historical lows, and as the fourth quarter approaches the traditional peak season, both prices are expected to rise, potentially leading the industry into an upward cycle [1]

Core Viewpoint - The paper industry sector experienced a 0.5% increase on August 20, with Annie Co. leading the gains, while the overall market indices also showed positive performance [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 3766.21, up 1.04% [1]. - The Shenzhen Component Index closed at 11926.74, up 0.89% [1]. Group 2: Individual Stock Performance - Annie Co. (002235) closed at 9.04, with a rise of 4.15%, and a trading volume of 1.4162 million shares, totaling a transaction value of 1.258 billion [1]. - BoHui Paper (600966) closed at 5.31, up 3.31%, with a trading volume of 204,000 shares, totaling 106 million [1]. - QiFeng New Materials (002521) closed at 9.07, increasing by 2.14%, with a trading volume of 114,200 shares, totaling 104 million [1]. - Forest Packaging (605500) closed at 10.24, up 1.69%, with a trading volume of 147,300 shares, totaling 150 million [1]. - Hengfeng Paper (600356) closed at 9.28, increasing by 1.64%, with a trading volume of 49,900 shares, totaling 45.9795 million [1]. - Minfeng Special Paper (600235) closed at 6.63, up 1.38%, with a trading volume of 78,900 shares, totaling 52.0111 million [1]. - Yibin Paper (600793) closed at 25.59, increasing by 1.35%, with a trading volume of 69,800 shares, totaling 178 million [1]. - Qingshan Paper (600103) closed at 2.36, up 1.29%, with a trading volume of 489,200 shares, totaling 1.15 billion [1]. - Rongsheng Environmental Protection (603165) closed at 12.55, increasing by 1.13%, with a trading volume of 36,600 shares, totaling 45.8246 million [1]. - Guanmeng High-tech (600433) closed at 3.17, up 0.96%, with a trading volume of 185,600 shares, totaling 58.3962 million [1]. Group 3: Capital Flow - The paper sector saw a net inflow of 101 million from main funds, while retail funds experienced a net outflow of 11.7049 million [2].

Investment Rating - The report assigns an "Accumulate" rating for the paper industry [4]. Core Insights - In the short term, the report anticipates an increase in pulp costs and prices due to overseas supply shocks and changes in the supply-demand dynamics in the European and American markets. In the long term, the cost of domestic pulp is expected to decrease due to changes in the pulp structure, benefiting leading integrated pulp and paper manufacturers with upstream forest resources and green energy [2][4]. Summary by Sections Investment Recommendations - The report suggests that leading integrated pulp and paper manufacturers, such as Sun Paper, Xianhe Co., Wuzhou Special Paper, Bohui Paper, Shanying International, and Nine Dragons Paper, are expected to benefit from the full industry chain resource layout and operational advantages [7]. Domestic Pulp Prices and Global Supply-Demand - Domestic pulp prices are closely linked to overseas markets, with global supply and demand primarily driving domestic pulp prices. In 2024, domestic consumption of broadleaf pulp, softwood pulp, chemical pulp, and unbleached pulp is projected to be 2,353, 826, 656, and 95 thousand tons, respectively [9][11]. Supply Shocks and Price Impact - Supply shocks have significantly impacted short-term pulp prices, with an average of approximately 2 million tons of capacity permanently shut down annually since 2017. The report notes that supply disruptions are influenced by market factors, strikes, natural disasters, and equipment failures [76][79]. Long-term Cost Structure Changes - Changes in the pulp structure are expected to lower the long-term cost base in China. The report highlights that the price gap between softwood and broadleaf pulp has widened, with broadleaf pulp's demand share increasing by 10 percentage points to 74% [4][103]. Cost Curve Changes and Pricing - The cost curve is primarily determined by wood costs, with logistics and energy costs also playing significant roles. The report indicates that logistics costs account for 10-20% and energy costs for 15-20% of total costs, with leading pulp manufacturers optimizing costs through strategic location layouts [5][29].

金融界消息 截至2025年8月19日收盘，仙鹤股份（603733）报收于26.34元，上涨2.73%，换手率 0.89%，成交量6.26万手，成交金额1.64亿元。 通过天眼查大数据分析，仙鹤股份有限公司共对外投资了21家企业，参与招投标项目340次，知识产权 方面有商标信息18条，专利信息149条，此外企业还拥有行政许可24个。 资金流向方面，今日主力资金净流入1209.22万元，占比成交额7.39%。其中，超大单净流入345.06万 元、占成交额2.11%，大单净流入864.16万元、占成交额5.28%，中单净流出流入339.43万元、占成交额 2.08%，小单净流出1548.65万元、占成交额9.47%。 来源：金融界 仙鹤股份最新一期业绩显示，截至2025一季报，公司营业总收入29.91亿元、同比增长35.42%，归属净 利润2.36亿元，同比减少12.13%，扣非净利润2.24亿元，同比减少5.46%，流动比率1.685、速动比率 0.987、资产负债率65.49%。 天眼查商业履历信息显示，仙鹤股份有限公司，成立于2001年，位于衢州市，是一家以从事居民服务业 为主的企业。企业注册资本70597. ...

Market Overview - The paper sector increased by 0.57% on August 18, with Hengda New Materials leading the gains [1] - The Shanghai Composite Index closed at 3728.03, up 0.85%, while the Shenzhen Component Index closed at 11835.57, up 1.73% [1] Individual Stock Performance - Hengda New Materials (301469) closed at 31.69, up 5.95% with a trading volume of 50,600 and a turnover of 158 million [1] - ST Morning (000488) closed at 2.30, up 3.60% with a trading volume of 477,500 and a turnover of 109 million [1] - BoHui Paper (600966) closed at 5.17, up 2.78% with a trading volume of 315,500 and a turnover of 164 million [1] - Other notable performers include Minshida (833394) up 2.67%, Huawang Technology (605377) up 2.58%, and Hengfeng Paper (600356) up 2.46% [1] Capital Flow Analysis - The paper sector experienced a net outflow of 57.59 million from institutional investors and 13.46 million from speculative funds, while retail investors saw a net inflow of 71.05 million [2] - Notable net inflows from retail investors were observed in Sun Paper (002078) with 49.32 million, and Hengfeng Paper (600356) with 14.96 million [3] - Conversely, significant net outflows from institutional investors were noted in Sun Paper (-36.67 million) and Hengda New Materials (-28.62 million) [3]