| 证券代码：603733 | 证券简称：仙鹤股份 公告编号：2025-029 | | --- | --- | | 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动公告 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： 根据有关规定和《仙鹤股份有限公司公开发行可转换公司债券募集说明书》 的约定，公司本次发行的"鹤 21 转债"自 2022 年 5 月 23 日起可转换为本公司 股份，"鹤 21 转债"的初始转股价格为 39.09 元/股，目前转股价格为 19.49 元/ 股。历次转股价格调整情况如下： 累计转股情况：截至 2025 年 6 月 30 日，累计共有人民币 108,000 元"鹤 21 转债"已转换成公司股票，累计转股数量为 3,848 股，占可转债转股前公司已 发行股份总额的 0.00055%。 未转股可转债情况：截至 2025 年 6 月 30 日，尚未转股的"鹤 21 转债" 金额为人民币 2,049,891,000 元，占可转债发行总量的 ...

证券代码：603733 证券简称：仙鹤股份 公告编号：2025-030 债券代码：113632 债券简称：鹤21转债 仙鹤股份有限公司 关于对外投资的公告 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： 投资标的名称：竹浆纸用一体化高性能纸基新材料项目 4、本次投资项目建设期较长，项目分二期建设，正式动工之日起计三年内实现 一期投产。一期项目计划投资约 55 亿元，建成达产后，预计年产值约 51.5 亿元，年 税收约 4.5 亿元，提供就业岗位约 2000 人。项目实施过程中存在诸多不确定性因素， 包括市场环境的变化、项目审批的进度、资金的筹集等，都会导致一期项目存在不确 定性。二期项目将根据一期项目的实施情况，参照市场形势和企业经营情况，适时投 资建设。二期项目在满足投资条件的前提下将和四川省合江县人民政府另行签订投资 协议，后续实施存在不确定性。 如果一期项目投资落地或运营效果未达预期，可能存在第二期项目顺延、变更、 中止或终止的风险。项目建设和未来运营存在受宏观经济、行业周期、市场变化等不 确定因素 ...

Core Viewpoint - The company has signed an investment agreement with the People's Government of Hejiang County, Sichuan Province, for a new integrated high-performance paper-based material project with a total investment of approximately 11 billion RMB [1] Investment Details - The project is planned to be implemented in two phases, with each phase requiring an investment of about 5.5 billion RMB [1] - The first phase is expected to achieve production within three years from the start of construction, with an estimated annual output value of approximately 5.15 billion RMB and annual tax revenue of about 450 million RMB [1] - The first phase will create around 2,000 job opportunities [1] - The second phase will be constructed based on the implementation of the first phase, taking into account market conditions and the company's operational status [1]

Group 1: Industry Investment Rating - No information provided in the report regarding the industry investment rating Group 2: Core Viewpoints - In the contraction cycle, the cost - performance ratio of stocks and bonds trends towards bonds, and the equity style trends towards value. Currently, long - term bonds have a slightly better cost - performance ratio than value - type equity assets. If the value - type equity assets continue to decline, there may be a good entry window. The top - down broad - based portfolio view is 80% equity value style and 20% 30 - year Treasury bond ETF. The new convertible bond portfolio has 0 equity - type convertible bond position and 70% total position, all allocated to value - style double - low and low - price convertible bonds (bond - like assets) [4] Group 3: Summary of Related Catalogs 1. Stock, Bond, and Convertible Bond Market Review - Last week, the A - share market oscillated upwards driven by sentiment and funds, with significant differentiation. Financial technology, small - cap growth, and micro - cap stocks performed strongly, while financial heavy - weight stocks were under pressure. The sector rotation accelerated. The computing power industry chain was boosted by NVIDIA's new high, the digital currency concept rose by the limit under the stimulation of Hong Kong's digital asset policy, the Xiaomi SU7 pre - sale stimulated the consumer electronics chain, military stocks strengthened in the middle of the week, and the non - ferrous metal sector was stimulated by factors such as shipping risks in the Strait of Hormuz, the weakening of the US dollar, and arms exports. The Hong Kong stock market was also differentiated, with innovative drugs under pressure and virtual asset license concept stocks soaring. Safe - haven assets were under pressure, with gold falling due to the easing of the Middle East situation and WTI crude oil plummeting to a 27 - month low. The domestic bond market oscillated due to the stock - bond seesaw effect, and the selling pressure of long - term bonds was relatively large, with the 30 - year Treasury bond futures experiencing a short - term diving market [2] - Last week, factors such as the strengthening of the underlying stocks, the continuous high - level oscillation of convertible bond valuations supported by the rigid demand of "fixed - income +" funds, and the repair of photovoltaic varieties led the CSI Convertible Bond Index to break through the previous high. Currently, the cost - performance ratio of convertible bonds is limited. On the one hand, the median price of the entire convertible bond market has risen to 123 yuan. On the other hand, the valuation has remained at a relatively high level, and the space for bond selection has narrowed. Overall, the proportion of inert convertible bonds with pending valuation adjustment is the largest and has further increased. Last week, the median conversion premium rate decreased from 32.5% to 30.8% (historical quantile 63%), the implied volatility increased from 27.1% to 29.6% (historical quantile 63%), and the median implied volatility difference increased from - 17% to - 15% (historical quantile 36%). Last week, the valuations of convertible bonds in some industries were actively increased, and there were even cases where the convertible bonds rose while the underlying stocks fell, such as in the banking, food, agriculture, transportation, and media industries. Currently, industries with relatively large bond - selection spaces include banking, non - ferrous metals, automobiles, and commercial trade, with mostly double - low and equity - type convertible bonds with good elasticity. In terms of market sentiment, the weekly average trading volume of the entire convertible bond market last week was 5.63 billion yuan, a 6% decrease from the previous week. The trading of traditional speculative bonds such as newly - issued bonds, low - rated convertible bonds, and double - high convertible bonds continued to be sluggish [3] 2. Market Outlook and Strategy Recommendation - From the perspective of large - scale asset allocation, in the contraction cycle, the cost - performance ratio of stocks and bonds trends towards bonds, and the equity style trends towards value. At the current point, long - term bonds have a slightly better cost - performance ratio than value - type equity assets. If the value - type equity assets continue to decline, there may be a good entry window. The top - down broad - based portfolio view is 80% equity value style and 20% 30 - year Treasury bond ETF. Therefore, the equity - type convertible bond position of the latest convertible bond portfolio is 0, and all are allocated to value - style double - low and low - price convertible bonds (bond - like assets), with a total position of 70%. Among them, low - price convertible bonds with a value style have a relatively long remaining time and the expectation of downward adjustment. The liquidity brought by the delisting of bank convertible bonds should be gradually deployed at low levels. Value - style double - low convertible bonds currently have dual advantages in terms of underlying stocks and convertible bonds: the industries of the underlying stocks generally have low valuations; in terms of convertible bonds, they are mainly high - rated convertible bonds, with valuations continuously suppressed and scarcity gradually increasing. The convertible bond broad - based portfolio underperformed the CSI Convertible Bond Index by 0.24 percentage points last week. Since its establishment in July 2024, the convertible bond broad - based portfolio has outperformed the CSI Convertible Bond Index by 15.85 percentage points in cumulative terms, with a maximum drawdown of 7.7% (the maximum drawdown of the CSI Convertible Bond Index during the same period was 7.5%) [4][5] 3. Performance of the Convertible Bond Market - **By industry**: Different industries showed different performances in terms of convertible bond yields, corresponding underlying stock yields, conversion premium rate changes, etc. For example, the communication industry had a convertible bond yield of 3.59% and a corresponding underlying stock yield of 5.63%, with a conversion premium rate change of - 2.50 percentage points; the national defense and military industry had a convertible bond yield of 3.31% and a corresponding underlying stock yield of 7.52%, with a conversion premium rate change of - 4.26 percentage points [13] - **By bond attributes**: Low - price convertible bonds, inert convertible bonds, double - low convertible bonds, equity - type convertible bonds, and double - high convertible bonds also had different performances. For example, low - price convertible bonds had a yield of 1.96%, and the corresponding underlying stocks had a yield of 3.26%, with a conversion premium rate change of - 2.17 percentage points [14] - **By rating**: Convertible bonds of different ratings, such as AAA, AA +, AA, etc., showed different yields, corresponding underlying stock yields, and conversion premium rate changes [15] - **By underlying stock market value**: Convertible bonds corresponding to underlying stocks of different market values had different performances. For example, convertible bonds corresponding to underlying stocks with a market value of over 20 billion yuan had a yield of 1.64%, and the corresponding underlying stocks had a yield of 2.04%, with a conversion premium rate change of - 0.59 percentage points [16] - **By convertible bond balance**: Convertible bonds with different balances also showed different performances. For example, convertible bonds with a balance of over 5 billion yuan had a yield of 1.49%, and the corresponding underlying stocks had a yield of 2.22%, with a conversion premium rate change of 0.18 percentage points [17] - **By listing duration**: Convertible bonds with different listing durations, such as old bonds, bonds listed for 3 - 4 years, etc., had different performances [18] 4. Characteristics of Convertible Bonds in Each Industry - Different industries had different characteristics in terms of the proportion of low - price convertible bonds, inert convertible bonds, double - low convertible bonds, equity - type convertible bonds, and double - high convertible bonds, as well as the median convertible bond price and conversion premium rate [19] 5. Rating, Scale, and Conversion Value of Convertible Bonds in Each Industry - Each industry showed different situations in terms of the proportion of convertible bonds of different ratings (AAA, AA +, etc.), different scales (market value ranges of underlying stocks, convertible bond balances), and conversion values [20]

Group 1 - The core point of the announcement is that Xianhe Co., Ltd. will stop the conversion of its convertible bonds "He 21 Convertible Bonds" during the period of the 2024 annual equity distribution [1][2] - The company plans to distribute a cash dividend of RMB 0.50 per share (including tax) to all shareholders registered on the equity distribution record date, based on the total share capital as of that date [1][2] - The equity distribution plan was approved at the company's annual general meeting held on May 20, 2025, and further details were disclosed on May 21, 2025 [2] Group 2 - The company will announce the implementation of the equity distribution and the adjustment of the conversion price for the convertible bonds on July 4, 2025 [2] - The "He 21 Convertible Bonds" will stop conversion from July 3, 2025, until the equity distribution record date, and will resume conversion on the first trading day after the record date [2]

| 证券代码：603733 | 证券简称：仙鹤股份 | | 公告编号：2025-028 | | --- | --- | --- | --- | | 债券代码：113632 | 债券简称：鹤 21 | 转债 | | 仙鹤股份有限公司 关于实施 2024 年度权益分派时"鹤 21 转债" 权益分派实施公告前一交易日（2025 年 7 月 3 日）至权益分派股权登记日期 间，本公司"鹤 21 转债"将停止转股。 一、本次权益分派方案的基本情况 （一）仙鹤股份有限公司（以下简称"公司"、"本公司"）2024 年年度权益分 派方案为：公司拟以实施权益分派股权登记日的总股本为基数进行利润分配，向 股权登记日登记在册的全体股东每股派发现金红利人民币 0.50 元（含税）。如在实 施权益分派的股权登记日前，因可转债转股、回购股份等原因致使公司总股本发 生变动的，拟维持每股分配比例不变，相应调整分配总额。 （二）本次权益分派方案已经公司 2025 年 5 月 20 日召开的 2024 年年度股东 大会审议通过，具体内容详见公司于 2025 年 5 月 21 日在上海证券交易所网站 （www.sse.com.cn）及指定信息披露 ...

The provided content does not contain any quantitative models or factors, nor does it include any related construction processes, formulas, evaluations, or backtesting results. The documents primarily focus on industry analysis, company updates, and market trends across various sectors such as light manufacturing, exports, new tobacco products, home furnishings, and others. There is no mention of quantitative models or factors in the provided text.

Group 1 - The company, Xianhe Co., Ltd., has issued convertible bonds totaling RMB 205 million, with a maturity of 6 years and a face value of RMB 100 per bond [3][4][12] - The bonds have a tiered interest rate structure, starting at 0.3% in the first year and increasing to 2.0% in the sixth year [4][5] - The initial conversion price for the bonds is set at RMB 39.09 per share, with provisions for adjustments based on various corporate actions [6][8] Group 2 - The company reported a sales volume of 1,222,900 tons in 2024, representing a year-on-year increase of 28.29% [14] - The total revenue for 2024 reached RMB 1,027,357.74 million, a 20.11% increase compared to the previous year [14] - The net profit attributable to shareholders was RMB 100,383.06 million, reflecting a 51.23% increase year-on-year [14] Group 3 - The company has a comprehensive production capacity exceeding 2 million tons annually, with a diverse product range across six major series [14] - The total assets of the company as of December 31, 2024, amounted to RMB 2,332,190.80 million, a 23.60% increase from the previous year [14] - The company maintains a debt-to-asset ratio of 65.11%, which has increased by 4.12% compared to the previous year [14]

| 证券代码：603733 | 证券简称：仙鹤股份 | 公告编号：2025-026 | | --- | --- | --- | | 债券代码：113632 | 债券简称：鹤21转债 | | 仙鹤股份有限公司 关于部分募集资金专项账户注销的公告 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。 为规范募集资金的管理和使用，提高资金使用效率和效益，保护投资者利益，本公 司根据《中华人民共和国公司法》《中华人民共和国证券法》《上海证券交易所股票上市 规则》《上市公司监管指引第2号——上市公司募集资金管理和使用的监管要求》及《上 海证券交易所上市公司自律监管指引第1号——规范运作》等有关法律、法规和规范性文 件的规定，结合公司实际情况，公司制定了《仙鹤股份有限公司募集资金管理办法》(以 下简称"《管理办法》")。根据《管理办法》，本公司对募集资金采用专户存储制度， 在银行设立募集资金专户，并连同保荐机构东方投行分别与中国工商银行股份有限公司衢 州衢江支行、中国工商银行股份有限公司常山支行、中信银行股份有限公司衢州分行营业 部、招商 ...

仙鹤股份有限公司 公开发行可转换公司债券 受托管理事务报告 （2024 年度） 债券受托管理人 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 本报告依据《可转换公司债券管理办法》（以下简称"《管理办法》"）、《仙鹤 股份有限公司 2021 年公司可转换债券受托管理协议》（以下简称"《受托管理协 议》"）、《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》"）、《仙鹤股份有限公司 2024 年年度报告》等相关公开信息披露文件、 第三方中介机构出具的专业意见等，由本期可转换公司债券受托管理人东方证券 股份有限公司（以下简称"东方证券"）编制。东方证券对本报告中所包含的从 上述文件中引述内容和信息未进行独立验证，也不就该等引述内容和信息的真实 性、准确性和完整性做出任何保证或承担任何责任。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的任何内容据以作为东方证券所作的承诺 或声明。 （上海市黄浦区中山南路 119 号东方证券大厦） 二〇二五年六月 重要声明 1 | | | 在任何情况 ...