Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 5.991 billion yuan for the first half of 2025, representing a year-on-year increase of 30.1%, while the net profit attributable to the parent company was 474 million yuan, a decrease of 13.8% year-on-year [1][2] - The company benefits from the ramp-up of new pulp and paper bases, maintaining high revenue growth despite some price declines in certain paper products [2] - The company is expected to see a rebound in pulp prices and improved margins due to increased self-produced pulp and cost optimization [2][4] Summary by Sections Financial Performance - In Q2 2025, the company achieved a revenue of 3 billion yuan, a year-on-year increase of 25.3%, with a net profit of 238 million yuan, down 15.4% year-on-year [1][2] - The gross margin for Q2 2025 was 12.8%, down 4.6 percentage points year-on-year, while the net profit margin was 7.9%, down 3.8 percentage points year-on-year [5] Product Segmentation - The company’s revenue from daily consumer products, food and medical, business communication, tobacco, and electrical and industrial sectors for H1 2025 was 2.556 billion, 1.034 billion, 352 million, 445 million, and 410 million yuan respectively, with year-on-year growth rates of 11.2%, 22.9%, 2.9%, 13.8%, and 3.5% [3] Production Capacity - The company’s production in H1 2025 included 7.28 million tons of paper and 10.3 million tons of pulp from the Hubei base, and 11.08 million tons of paper and 21.24 million tons of pulp from the Guangxi base [4] - The company is expected to increase its production capacity significantly in 2025, with a projected year-on-year growth of 30% to 40% [4] Profitability Forecast - The company’s projected net profits for 2025, 2026, and 2027 are 1.111 billion, 1.621 billion, and 1.929 billion yuan respectively, with corresponding PE ratios of 16.4X, 11.3X, and 9.5X [5][7]

Core Viewpoint - Xianhe Co., Ltd. reported mixed financial results for the first half of 2025, with significant revenue growth but a decline in net profit, indicating potential challenges in profitability despite increased sales [1][3]. Financial Performance - Total revenue for the first half of 2025 reached 5.991 billion yuan, a year-on-year increase of 30.14% compared to 4.604 billion yuan in 2024 [1]. - Net profit attributable to shareholders was 474 million yuan, down 13.8% from 550 million yuan in the previous year [1]. - The gross profit margin decreased to 13.71%, a decline of 22.51% year-on-year, while the net profit margin fell to 7.97%, down 33.82% [1][4]. - The company reported a significant increase in accounts receivable, which accounted for 181.16% of the latest annual net profit [1][5]. Cost and Expense Analysis - Total sales, management, and financial expenses amounted to 299 million yuan, representing 4.99% of revenue, an increase of 9.82% year-on-year [1]. - Sales expenses surged by 69.1%, attributed to increased sales personnel and promotional costs [3]. - Management expenses rose by 38.45% due to an increase in management staff [3]. - Financial expenses increased by 43.25%, linked to interest costs from fixed asset loans [3]. Cash Flow and Debt Situation - Operating cash flow per share was 0.47 yuan, a significant increase of 326.24% year-on-year [1]. - The company’s cash flow situation is concerning, with cash and cash equivalents to current liabilities ratio at 21.21% and the average operating cash flow over the past three years to current liabilities ratio at 5.16% [5]. - The total interest-bearing debt increased to 12.382 billion yuan, a rise of 26.83% from the previous year [1]. Market Position and Future Outlook - Analysts expect the company's performance in 2025 to reach 1.257 billion yuan in net profit, with an average earnings per share forecast of 1.78 yuan [5]. - The company’s return on invested capital (ROIC) was reported at 6.94%, indicating average capital returns [4].

Group 1 - The company reported a revenue of 5.991 billion yuan for the first half of the year, representing a year-on-year growth of 30.14% [1] - The net profit attributable to shareholders of the listed company was 474 million yuan, showing a year-on-year decline of 13.80% [1] - The basic earnings per share stood at 0.67 yuan [1]

| 证券代码：603733 | 证券简称：仙鹤股份 | 公告编号：2025-040 | | --- | --- | --- | | 债券代码：113632 | 债券简称：鹤 21 转债 | | 仙鹤股份有限公司 2025年第二次临时股东大会决议公告 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： | 1、出席会议的股东和代理人人数 | 80 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 563,980,057 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 79.8866 | | 份总数的比例（%） | | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 (一) 股东大会召开的时间：2025 年 8 月 22 日 (二) 股东大会召开的地点：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 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 本次会议由公司董事会召集，公司董事长王敏良先生主持会议 ...

| 证券代码：603733 | 证券简称：仙鹤股份 | 公告编号：2025-042 | | --- | --- | --- | | 债券代码：113632 | 债券简称：鹤21转债 | | 仙鹤股份有限公司 第四届董事会第一次会议决议公告 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。 一、董事会会议召开情况 仙鹤股份有限公司（以下简称"公司"） 于2025年8月22日召开2025年第二次临时 股东大会及2025年第一次职工代表大会，选举产生公司第四届董事会成员。为保证董事 会工作的衔接性和连贯性，经全体董事一致同意豁免会议提前通知时限，第四届董事会 第一次会议于2025年8月22日以现场结合通讯表决方式召开。会议应参与表决董事9人， 实际参与表决董事9人，根据《仙鹤股份有限公司章程》（以下简称"《公司章程》"） 和《仙鹤股份有限公司董事会议事规则》等相关规定，全体董事共同推举王敏良先生主 持本次会议。本次会议的召集、召开与表决程序符合《中华人民共和国公司法》（以下 简称"《公司法》"）、《公司章程》以及有关法律法规的规 ...

| 证券代码：603733 | 证券简称：仙鹤股份 | 公告编号：2025-047 | | --- | --- | --- | | 债券代码：113632 | 债券简称：鹤21转债 | | 仙鹤股份有限公司 关于"鹤21转债"预计满足赎回条件的提示性公告 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。 一、可转债发行上市概况 （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，仙鹤股份有限公司（以下简称"公司"）于 2021年11月17日公开发行了2,050万张可转换公司债券，每张面值为人民币100元，发行总 额为人民币20.50亿元，期限6年。票面利率为第一年0.3%、第二年0.5%、第三年1.0%、第 四年1.5%、第五年1.8%、第六年2.0%。 （二）可转债上市情况 经上海证券交易所自律监管决定书[2021]461号文同意，公司本次发行的20.50亿元可 转换公司债券于2021年12月9日起在上海证券交易所挂牌交易，债券简 ...

上海市锦天城律师事务所 关于仙鹤股份有限公司 2025 年第二次临时股东大会的 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 上海市锦天城律师事务所 关于仙鹤股份有限公司 2025 年第二次临时股东大会的 致：仙鹤股份有限公司 仙鹤股份有限公司（以下简称"公司"）2025 年第二次临时股东大会于 2025 年 8 月 22 日（星期五）14 点 00 分在浙江省衢州市衢江区天湖南路 69 号公司会 议室如期召开。上海市锦天城律师事务所（以下简称"本所"）经公司聘请委派 邓颖律师、程雨露律师（以下简称"本所律师"）列席，根据《中华人民共和国 公司法》（以下简称"《公司法》"）、《上市公司股东会规则》（以下简称"《股 东会规则》"）等法律法规、其他规范性文件以及《仙鹤股份有限公司章程》（以 下简称"《公司章程》"）、《仙鹤股份有限公司股东大会议事规则》（以下简 称"《议事规则》"）的规定，就本次股东大会的召集和召开程序、召集人及出 席会议人员的资格、会议议 ...

Group 1 - The company has issued a convertible bond named "鹤21转债" with a total amount of RMB 2.05 billion and a maturity of 6 years, with a tiered interest rate starting from 0.3% in the first year to 2.0% in the sixth year [1][2] - The initial conversion price for the bond was set at RMB 39.09 per share, which has been adjusted to RMB 18.99 per share currently [1] - The bond has a conditional redemption clause that allows the company to redeem the bonds if the stock price remains above 130% of the conversion price for at least 15 out of 30 trading days [3][4] Group 2 - As of August 11 to August 22, 2025, the company's stock price has been above 130% of the current conversion price for ten trading days, indicating a potential trigger for the redemption clause [4] - If the stock price continues to meet the criteria for an additional 20 trading days, the company may decide to redeem all or part of the unconverted bonds at face value plus accrued interest [3][4]

Core Viewpoint - Xianhe Holdings Co., Ltd. reported significant growth in revenue for the first half of 2025, with a 30.14% increase in operating income compared to the same period last year, although net profit experienced a decline of 13.80% [1]. Financial Summary - Total assets at the end of the reporting period reached approximately 24.82 billion yuan, reflecting a 6.42% increase from the previous year [1]. - Operating income for the period was approximately 5.99 billion yuan, up from 4.60 billion yuan in the same period last year [1]. - Total profit amounted to approximately 521.96 million yuan, down 17.08% from 629.51 million yuan year-on-year [1]. - Net profit attributable to shareholders was approximately 474.49 million yuan, a decrease of 13.80% compared to 550.45 million yuan in the previous year [1]. - The net profit after deducting non-recurring gains and losses was approximately 443.14 million yuan, down 11.20% from 499.00 million yuan year-on-year [1]. Shareholder Information - The largest shareholder, Zhejiang Xianhe Holdings Group Co., Ltd., holds 77.52% of the shares, amounting to approximately 547.26 million shares [3]. - Other notable shareholders include Wang Minglong with 1.42% and Shanghai Tong'an Investment Management Co., Ltd. with 1.17% [3].

Core Points - The company held its fourth board meeting on August 22, 2025, to elect new board members and discuss various resolutions [1] - The board unanimously elected Wang Minliang as the chairman and Wang Minqiang as the vice chairman, both for a term of three years [2] - The board established five specialized committees to assist in governance, including the Audit Committee, Nomination Committee, Compensation and Assessment Committee, Strategy Committee, and ESG Committee [2] - Wang Minliang was appointed as the general manager, and several other executives were appointed to key positions, all for a term of three years [3][4] - The board approved the 2025 semi-annual report and related documents, confirming compliance with legal and regulatory standards [5] Meeting Details - The board meeting was legally convened with all nine directors participating in the voting process [1] - All resolutions passed with unanimous support, indicating strong consensus among board members [2][3][4][5] - The company plans to disclose detailed reports on its semi-annual performance and fundraising activities through official channels [5]