Report Industry Investment Rating No information provided. Core View of the Report The market may fluctuate, but the broader market is expected to maintain a volatile adjustment trend. With the realization of positive factors and the reality of weak fundamentals, and facing pressure above 3400 points, there is insufficient momentum for further upward movement. It is recommended for short - term trading. Hold short positions in IM2507 and long positions in MO2509 - P - 5600 [11]. Summary by Related Catalogs 1. Fundamental View - **Market Performance**: Last week, the broader market first rose and then fell, with a slight adjustment. The four major indices fluctuated and adjusted, and small and medium - cap stock indices declined more. All style indices fell, with the growth - style index having the largest decline. Most Shenwan industries fell, with textile and apparel, medicine, non - ferrous metals, and tourism sectors leading the decline. Only the banking, communication, and electronics industries rose [6][8][14]. - **Economic Data**: In May 2025, the manufacturing PMI was 49.5%, up 0.5 percentage points from the previous month; the non - manufacturing PMI was 50.3%, down 0.1 percentage points from the previous month. After Sino - US negotiations, tariffs will be reduced within 90 days, and the PMI rebounded. In terms of sub - items, production and demand recovered in May, with production up 0.9%, new orders up 0.6%, and new export orders up 2.8%. Most other indices also increased, while the inventory of finished products decreased continuously by 0.8%. In terms of prices, the ex - factory price and the purchase price of major raw materials continued to decline [8]. - **Policy**: The Politburo set the tone for the real estate market to stop falling and stabilize, boosting the capital market. The central bank created two new monetary policy tools, cut the reserve requirement ratio, and lowered interest rates to reduce the stock mortgage rate. The CSRC proposed mergers, acquisitions, and market value management to enhance market activity. The implementation plan for promoting the entry of long - term funds into the market was officially released, which is expected to add 800 billion yuan of long - term funds to the A - share market annually [8]. - **Earnings**: In terms of revenue, the revenue growth rates of the ChiNext, ChiNext, and CSI 500 indices increased, while those of the CSI 1000, SSE Composite Index, SSE 50, and CSI 300 indices declined. In terms of net profit attributable to the parent, except for the SSE Composite Index, the net profit growth rates of the ChiNext, Shenzhen Component Index, CSI 1000, SSE 50, CSI 500, and CSI 300 indices all increased significantly. Although the performance of the entire A - share market shows signs of stabilization, the 30% increase in tariffs imposed by the US since the second quarter may affect the fundamentals of the A - share market, and the A - share performance may bottom out again [8]. - **Valuation**: The valuation of the SSE Composite Index is 14.6431, at the 68.72 percentile since 2010. The valuation of the ChiNext is relatively low [9][65]. - **Funding**: From April 7 to June 20, 2025, the ETF scale increased by 138.3 billion yuan, with an increase of 12.9 billion yuan last week, which was the first increase after continuous reductions since May. In terms of margin trading, there was a net inflow of 274.8 billion yuan in 2024; as of June 12, 2025, there was a net outflow of 44.9 billion yuan in 2025, and a net inflow of 2 billion yuan in the first five trading days. At the end of 2024, the assets of the national team and insurance funds showed a net increase, while the assets of the Shanghai - Hong Kong and Shenzhen - Hong Kong Stock Connect showed a net decrease. Specifically, the assets of Central Huijin and insurance funds increased [9]. 2. Strategy View and Outlook - **Market Outlook**: The broader market showed a weak and volatile trend last Friday, with a brief rebound in the morning. The performance of the four major indices was divergent, with large - cap stock indices rising and small and medium - cap stock indices falling. The ratio of rising to falling stocks in individual sectors rebounded from a low level by 0.43. After two consecutive days of adjustment, the Hong Kong stock market rebounded, and market sentiment may have improved. Sino - US negotiations achieved important progress, and the positive factors in mid - May were realized. With the implementation of reserve requirement ratio cuts and interest rate cuts, subsequent policies may enter a wait - and - see period, and the focus of the market may shift to the domestic fundamentals. From the recent CPI and PPI data, CPI and PPI continued to decline more than expected, and the problem of domestic over - capacity is still significant. In addition, the negative impact of the additional tariffs imposed this year on the fundamentals may gradually emerge. Technically, after continuous volatile climbs, the short - term technical indicators are under pressure. The broader market, CSI 500, and CSI 1000 indices showed divergence structures in the minute - level sequences, and the broader market faced pressure when continuously attacking 3400 points. Technically, it may face adjustment. In summary, with the realization of positive factors and the weak reality, and facing pressure above 3400 points, there is insufficient momentum for further upward movement. It is expected that the broader market will continue to maintain a volatile adjustment, and the market may fluctuate. It is recommended for short - term trading [11]. - **Operation Suggestion**: Hold short positions in IM2507 and long positions in MO2509 - P - 5600 [11]. 3. Index and Industry Trend Review - **Index Performance**: Last week, the broader market first rose and then fell, with a slight adjustment. The four major indices fluctuated and adjusted, and small and medium - cap stock indices declined more [6][14]. - **Style and Industry Index**: All style indices fell last week, with the growth - style index having the largest decline. Most Shenwan industries fell, with textile and apparel, medicine, non - ferrous metals, and tourism sectors leading the decline. Only the banking, communication, and electronics industries rose [8][16]. 4. Main Contract and Basis Trend - **Index Adjustment**: The four major indices fluctuated and adjusted, with small and medium - cap stock indices having more adjustments. On Friday, due to delivery, the basis narrowed and there was a premium [19]. - **Arbitrage Relationship**: In terms of arbitrage among main contracts, IC/IF and IC/IH may decline again after a downward rebound, IH/IF stabilizes after a volatile adjustment, and IM/IF and IM/IH continue to decline after a downward rebound [24]. 5. Policy and Economy - **PMI Data**: In May 2025, the manufacturing PMI was 49.5%, up 0.5 percentage points from the previous month; the non - manufacturing PMI was 50.3%, down 0.1 percentage points from the previous month. After Sino - US negotiations, tariffs will be reduced within 90 days, and the PMI rebounded. In terms of sub - items, production and demand recovered in May, with production up 0.9%, new orders up 0.6%, and new export orders up 2.8%. Most other indices also increased, while the inventory of finished products decreased continuously by 0.8%. In terms of prices, the ex - factory price and the purchase price of major raw materials continued to decline [8][28]. - **PPI and Inventory Cycle**: Generally, PPI leads the inventory cycle (ranging from 1 month to 1 year, with an average of about half a year). PPI bottomed out and rebounded in June 2023, weakened after two months, and has seen a continuous narrowing of the decline since March 2024, with the decline widening again since July and narrowing again until March 2025, and then widening for three consecutive months. In April, the revenue of industrial enterprises fell back to 3.2%, and the inventory fell by 3.9% in March. In the past two years, inventory and revenue have shown a steady recovery, in the stage of active inventory replenishment. With the decline of PPI again, it is expected to enter the stage of passive inventory replenishment [30]. - **Social Financing and Credit**: In May 2025, the year - on - year increase in social financing continued to be 224.6 billion yuan, with government bonds increasing by 236.7 billion yuan, and the increase significantly narrowed. The year - on - year increase in credit was 330 billion yuan less, mainly due to a 210 - billion - yuan decrease in corporate loans, including a 23 - billion - yuan increase in short - term loans and a 17 - billion - yuan decrease in medium - and long - term loans [32]. - **Medium - and Long - Term Credit Growth**: The medium - and long - term credit growth rate has been falling for 24 consecutive months to 6.78% as of May 2025, hitting a new low since 2011 [7][35]. - **Policy on Long - Term Funds**: The implementation plan for promoting the entry of long - term funds into the market aims to increase the investment scale and proportion of long - term funds in A - shares. For public funds, it is clear that the market value of A - shares held by public funds should increase by at least 10% annually in the next three years. For commercial insurance funds, large - scale state - owned insurance companies are expected to invest 30% of their newly added premiums in A - shares annually starting from 2025, which means adding at least several hundred billion yuan of long - term funds to A - shares annually. The second - batch pilot program for long - term stock investment of insurance funds will be implemented in the first half of 2025, with a scale of no less than 100 billion yuan, and will be gradually expanded later. The implementation plan also extends the assessment cycle, aiming to improve the stability of long - term fund investment behavior [37]. - **Other Policies**: The Politburo set the tone for the real estate market to stop falling and stabilize, boost the capital market, and promote the entry of long - term funds. The central bank created new monetary policy tools, including a securities, funds, and insurance companies swap facility with an initial scale of 500 billion yuan, and a stock repurchase and increase loan with an initial scale of 300 billion yuan. There were also reserve requirement ratio cuts, interest rate cuts, and measures to support the real estate market and the real economy, such as increasing the quota of re - loans for scientific and technological innovation and technical transformation, setting up a "service consumption and elderly care re - loan", and creating a risk - sharing tool for scientific and technological innovation bonds [38][39][41]. 6. Revenue and Net Profit of Each Index - **Annual Report**: Except for the CSI 500, the year - on - year growth rates of the operating revenues of each index in the 2024 annual report declined. In terms of net profit attributable to the parent, the year - on - year growth of the SSE 50 index continued, the CSI 300 index had a slight increase, and the CSI 500, ChiNext, and Shenzhen Component Indexes declined to varying degrees [50]. - **First - Quarter Report**: In terms of revenue, the revenue growth rates of the Shenzhen Component Index, ChiNext, and CSI 500 indices increased, while those of the CSI 1000, SSE Composite Index, SSE 50, and CSI 300 indices declined. In terms of net profit attributable to the parent, the net profit growth rates of the ChiNext, Shenzhen Component Index, CSI 1000, SSE 50, CSI 500, CSI 300, and SSE Composite Indexes all increased significantly [56]. - **Performance Outlook**: Although the performance of the entire A - share market shows signs of stabilization, the 30% increase in tariffs imposed by the US since the second quarter may affect the fundamentals of the A - share market, and the A - share performance may bottom out again [60]. 7. Valuation - **SSE Composite Index Valuation**: The valuation of the SSE Composite Index is 14.6431, at the 68.72 percentile since 2010 [9][65]. - **Valuation of Each Index**: The report provides the PE percentiles of each index from 2010 to June 2025, showing that the ChiNext has a relatively low valuation [66]. 8. Funding - **ETF Scale**: From April 7 to June 20, 2025, the ETF scale increased by 138.3 billion yuan, with an increase of 12.9 billion yuan last week, which was the first increase after continuous reductions since May [69]. - **Margin Trading**: There was a net inflow of 274.8 billion yuan in margin trading in 2024; as of June 12, 2025, there was a net outflow of 44.9 billion yuan in 2025, and a net inflow of 2 billion yuan in the first five trading days [76]. - **Primary Market Financing**: As of last weekend, the IPO financing in 2023 was 356.5 billion yuan, 67.3 billion yuan in 2024, and 37.1 billion yuan in 2025 [79]. - **ETF Share and Scale**: In the week from June 13 to June 20, 2025, the ETF share increased by 29.252 billion shares (+0.83%), reaching 3556.49 billion shares; the total scale decreased by 37.137 billion yuan (-0.77%), to 4812.054 billion yuan [82]. - **Secondary Market Shareholder Transactions**: Last week, major shareholders in the secondary market continued to have a net reduction of 3.58 billion yuan [85]. - **Restricted - Share Unlocking**: The unlocking volume from March to June is not large [88].

新消费核心反弹可期，持续布局稳健复苏 [Table_Industry] 轻工制造 [Table_ReportDate] 2025 年 06 月 22 日 证券研究报告 行业研究 [Table_ReportType] 行业周报 | [Table_StockAndRank] 轻工制造 | | --- | | 投资评级 看好 | | 上次评级 看好 | | [Table_Author] 姜文镪 新消费行业首席分析师 | | 执业编号：S1500524120004 | | 邮箱：jiangwenqiang@cindasc.com | | 陆亚宁 新消费行业分析师 | | 执业编号：S1500525030003 | | 邮箱：luyaning@cindasc.com | 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 新消费核心反弹可期，持续布局稳健复苏 [Table_ReportDate] 2025 年 06 月 22 日 本期内容提要: 请阅读最后一页免责声明及信息披露 http://www.c ...

证券代码：603733 证券简称：仙鹤股份 公告编号：2025-024 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进展暨权益变动触 及 1%刻度的提示性公告 浙江仙鹤控股集团有限公司及其一致行动人王敏文先生、王明龙先生保证向本公 司提供的信息真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： 权益变动方向 比例增加? 比例减少□ 权益变动前合计比例 78.27% 权益变动后合计比例 79.27% 本次变动是否违反已作出的承 是□ 否? 诺、意向、计划 是否触发强制要约收购义务 是□ 否? 一、 信息披露义务人及其一致行动人的基本信息 ?控股股东/实际控制人及其一致行动人 □其他 5%以上大股东及其一致行动人 投资者及其一致行动人的身份 □合并口径第一大股东及其一致行动人（仅适 用于无控股股东、实际控制人） □其他______________（请注明） 信息披露义务人名称 投资者身份 统一社会信用代码 ? 控股股东/实控人 浙江仙鹤控股集团有 □ 控股股东/实控人的一致 ...

仙鹤股份有限公司 关于控股股东增持公司股份计划进展暨权益变动触 及 1%刻度的提示性公告 浙江仙鹤控股集团有限公司及其一致行动人王敏文先生、王明龙先生保证向本公 司提供的信息真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 | 证券代码：603733 | 证券简称：仙鹤股份 | 公告编号：2025-024 | | --- | --- | --- | | 债券代码：113632 | 债券简称：鹤 21 转债 | | 1、身份类别 | | 控股股东/实际控制人及其一致行动人 | | --- | --- | | | □其他 5%以上大股东及其一致行动人 | | 投资者及其一致行动人的身份 | □合并口径第一大股东及其一致行动人（仅适 | | | 用于无控股股东、实际控制人） | | | □其他______________（请注明） | 2、信息披露义务人信息 | 信息披露义务人名称 | | 投资者身份 | 统一社会信用代码 | | --- | --- | --- | --- | | |  | 控股股东/实控人 | | | 浙江仙鹤控股集团 ...

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The report highlights strong performance in the new consumption sector for Q2, with expectations for a recovery in stable assets [2] - The report emphasizes the resilience of the paper and packaging industry, with a clear stabilization trend in pulp prices and a cautious outlook for paper trading [2][3] - The report discusses the ongoing negotiations between China and the US, suggesting that leading companies may see valuation recovery despite challenges in export growth [2][3] - The report notes the increasing penetration of heated tobacco products (HNB) in South Korea, indicating a clear upward trend in market acceptance [2][3] - The report identifies structural growth opportunities in various sectors, including home furnishings, personal care, and cross-border e-commerce, with specific companies recommended for investment [2][3][4] Summary by Sections Pulp and Paper - The report indicates that overseas supply disruptions continue, with a clear stabilization in the pulp market. It expects pulp prices to show a bottoming out and a continued oscillation trend [2] - Recommendations include companies like Sun Paper and Xianhe Shares, which are expected to see slight profit increases in Q2 [2] Exports - The report mentions that the US-China trade negotiations are ongoing, with a focus on the potential for valuation recovery among leading companies despite challenges in overall export growth [2][3] - Companies such as Jiangxin Home and Zhejiang Natural are highlighted for their expected stable revenue growth in Q2 [2] New Tobacco Products - The report notes a significant increase in HNB sales in South Korea, with a 1.9-fold increase from 6.541 billion packs to 12.2 billion packs from 2018 to 2023 [2][3] - Companies like Smoore International and China Tobacco Hong Kong are recommended for their growth potential in this sector [2] Home Furnishings - The report indicates that the marginal effect of national subsidies is weakening, but year-on-year stability is expected in the home furnishings market [2][3] - Companies such as Gujia Home and Mousse Shares are recommended for their strong market positions [2] Consumer Goods - The report highlights stable e-commerce performance in the personal care sector, with notable growth in pet products and trendy toys [2][3] - Companies like Bubble Mart and Petty are suggested for their structural growth potential [2] Jewelry - The report anticipates strong sales for Lao Pu Gold in Q2, with a rising trend in the high-end gold market [2][3] - Recommendations include brands like Lao Feng Xiang and Cai Bai Shares for their brand value and market positioning [2] Two-Wheeled Vehicles - The report notes good sales performance for Tao Tao Vehicle in Q2, with a partnership with a US robotics company to enhance competitiveness [2][3] - Companies like Yadi Holdings and Aima Technology are highlighted for their market share growth potential [2] Cross-Border E-commerce - The report discusses opportunities arising from Amazon's Prime Day, with a focus on plush toys gaining popularity in international markets [2][3] - Companies like Anker Innovations and Zhiou Technology are recommended for their strong profitability and global expansion [2] IP Retail - The report mentions the ongoing popularity of Labubu, indicating a shift towards personalized consumption trends [2][3] - Companies like Bubble Mart and Miniso are suggested for their growth in the emotional consumption space [2] Mother and Baby Products - The report highlights Kid King’s acquisition of a 65% stake in Siyi, aiming to expand its service offerings in the family sector [2][3] - Companies like Kid King and Good Baby are recommended for their strong market positions [2] E-commerce - The report notes a share buyback plan by Huitongda, reflecting confidence in future growth [2][3] - Companies focusing on empowering the lower-tier market are highlighted for their growth potential [2] Electrical Tools - The report indicates a potential recovery in domestic tool production due to easing trade tensions between China and the US [2][3] - Companies like Juxing Technology and Quan Feng Holdings are recommended for their market positioning [2]

Investment Rating - The report maintains a "Positive" investment rating for the paper and light industry sector [6]. Core Insights - The light manufacturing industry index increased by 2.18%, outperforming the market by 1.30 percentage points, with the paper sub-sector rising by 1.78%, also surpassing the market by 0.90 percentage points [2][12]. - The report highlights that the cultural paper sector is entering an off-peak season, leading to a decline in pulp prices, while recommending leading companies in the integrated pulp and paper industry [4]. Summary by Sections Market Overview - The light manufacturing industry index rose by 2.18%, ranking 8th among 28 first-level industries, with the paper sub-sector increasing by 1.78% [2][12]. - The four major sub-sectors of light manufacturing, ranked by growth, are entertainment products, furniture, paper, and packaging printing, with respective increases of 5.51%, 2.03%, 1.78%, and 1.21% [12][18]. Industry Data Tracking - The report notes that the national waste paper price increased slightly by 4 CNY/ton, while the prices of various pulp types remained stable or decreased [9][24]. - The average market price for finished paper remained stable, with specific increases noted for white cardboard, which rose by 16 CNY/ton to 4095 CNY/ton [37][41]. Profitability Analysis - Profitability levels for finished paper products showed differentiation, with small paper companies experiencing increases in profitability, while larger companies faced declines [46][49]. - For instance, small enterprises in double glue paper saw an increase of 17 CNY/ton, while large enterprises experienced a decrease of 10 CNY/ton [46][51]. Production and Trade Data - The cumulative production of mechanical paper and paperboard from January to April 2025 reached 51.57 million tons, reflecting a year-on-year growth of 3.3% [55][56]. - Import volumes for paper and paperboard decreased by 10.5% year-on-year, while export volumes increased by 11.1% during the same period [55][58].

造纸轻工行业 行业研究 | 行业周报 本周成品纸价格基本稳定 ——造纸产业链数据每周速递（2025/06/06） 核心观点 ⚫ 本周轻工制造行业指数上涨 2.18%，跑赢大盘 1.30pct；造纸子板块上涨 1.78%， 跑赢大盘 0.90pct。本周沪深 300 指数上涨 0.88%，轻工制造(申万)指数上涨 2.18%，跑赢大盘 1.30pct，在 28 个申万一级行业中位列第 8 位；二级行业中，造 纸子板块上涨 1.78%，跑赢大盘 0.90pct。本周轻工四大子板块按涨幅由大到小分别 为文娱用品、家具、造纸和包装印刷板块，分别上涨 5.51%、2.03%、1.78%、 1.21%。 产业链数据跟踪 投资建议与投资标的 ⚫ 文化纸步入行业淡季，浆纸价格下行，推荐林浆纸一体化行业龙头太阳纸业 (002078，买入)。同时建议关注特种纸领军企业仙鹤股份(603733，买入)，中高端 装饰原纸龙头华旺科技(605377，买入)以及食品包装纸细分龙头五洲特纸(605007， 增持)。废纸系纸种方面，展望 2025 年行业新增供给增速明显放缓，整体供需有望 逐步改善，推荐玖龙纸业(02689，买入)、山鹰国际( ...

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The report highlights a potential divergence in new consumption performance, suggesting a focus on leading companies and undervalued targets [2][3] - The report emphasizes the importance of supply chain digitalization as a core barrier in the mother and baby industry, indicating a shift towards a "content + community" ecosystem [4][5] Summary by Sections Pulp and Paper - Supply chain disruptions continue, with pulp prices recovering rapidly; needle pulp prices are at $740 (down $30 MoM) and unbleached kraft pulp at $620 (down $30 MoM) [2] - Short-term pulp prices are expected to remain low due to ongoing pressure from downstream demand [2] - Recommendations include focusing on companies like Sun Paper and Xianhe Shares for profit improvement [2] Exports - April export data shows a stable overall performance with a YoY increase of 8.1%, but regional disparities are evident [2] - Exports to the US decreased by 21%, while those to ASEAN increased by 20.8% [2] - Companies like Jiangyi Shares and Hars are recommended for short-term performance recovery [2] New Tobacco - Increased scrutiny from the FDA on illegal e-cigarette products, with a warning issued to 24 importers [3] - The report suggests that compliance suppliers will become increasingly scarce, benefiting compliant brands like Smoore International and China Tobacco Hong Kong [3] Home Furnishing - Stabilization in second-hand housing prices is noted, with 52% of key city neighborhoods seeing price increases [3] - Recommendations include companies like Gujia Home and Mousse Shares for their strong market positions [3] Consumer Goods - The pet brand sector shows strong growth, with Petty's sales during the 618 shopping festival exceeding 12 million [3] - 52TOYS has submitted an IPO application, indicating a growing trend in the collectible toy sector [3] Packaging - Yongxin Shares and Yutong Technology show stable operations with robust overseas orders [3] - The report anticipates a double-digit growth recovery in Q2 for these companies [3] Two-Wheelers - Ninebot's sales during the 618 pre-sale reached 210 million, showing a significant YoY increase [3] - Aima Technology's stock incentive plan reflects confidence in future growth [3] Jewelry - Chaohongji is planning an H-share issuance to enhance its global strategy [4] - Recommendations include brands like Laopuhuangjin and Chaohongji for their brand value [4] Cross-Border E-commerce - Increased pressure on low-value package tariffs is anticipated, with G7 discussions on imposing tariffs on Chinese products [4] - TikTok's new policies in Europe may provide growth opportunities for cross-border sellers [4] IP Retail - Pop Mart's jewelry brand is set to open its first store in Shanghai, indicating a new growth avenue [4] - Miniso's Q1 revenue reached 4.43 billion, with a notable increase in overseas store openings [4] Mother and Baby - The industry is transitioning towards a digital supply chain model, focusing on efficiency and flexibility [4] - Recommendations include leading companies like Kidswant and Goodbaby for their growth potential [4] E-commerce - Huitongda's self-branding strategy shows promising results, with significant growth in orders [5] - The report highlights the potential of AI-driven live commerce strategies [5] Electrical and Lighting - Bull Group continues to innovate with new products meeting national standards for charging stations [5] - Op Lighting is exploring new applications for LED technology in agriculture [5] Tools - The report notes a recovery in profit expectations for tool companies, despite weak global demand [5] - Recommendations include companies like Juxing Technology for their market positioning [5]

证券代码：603733 证券简称：仙鹤股份 公告编号：2025-023 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 2024 年度暨 2025 年第一季度 业绩说明会的公告 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： ? 会议召开时间：2025 年 5 月 29 日（星期四）上午 10:00-11:30 ? 会议召开地点：上海证券交易所上证路演中心（网址：https://roadshow. sseinfo.com/） ? 会议召开方式：上证路演中心视频直播和网络互动 ? 投资者可于 2025 年 5 月 22 日（星期四）至 5 月 28 日（星期三）16:00 前登录上证路演中心网站首页点击"提问预征集" 栏目或通过公司邮箱 zqb@xianhepaper.com 进行提问。公司将在说明会上对投资者普遍关注的问题 进行回答。 仙鹤股份有限公司（以下简称"公司"）已于 2025 年 4 月 29 日发布公司 解公司 2024 年度及 2025 年第一季度经营成果、财务状况 ...

| | | 会议召开地点：上海证券交易所上证路演中心（网址：https://roadshow. sseinfo.com/） 会议召开方式：上证路演中心视频直播和网络互动 投资者可于 2025 年 5 月 22 日（星期四）至 5 月 28 日（星期三）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 zqb@xianhepaper.com 进行提问。公司将在说明会上对投资者普遍关注的问题 进行回答。 关于召开 2024 年度暨 2025 年第一季度 仙鹤股份有限公司（以下简称"公司"）已于 2025 年 4 月 29 日发布公司 2024 年年度报告及 2025 年第一季度报告，为便于广大投资者更全面深入地了 解公司 2024 年度及 2025 年第一季度经营成果、财务状况，公司计划于 2025 年 5 月 29 日（星期四）上午 10:00-11:30 举行 2024 年度暨 2025 年第一季度业 绩说明会，就投资者关心的问题进行交流。 一、说明会类型 业绩说明会的公告 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 ...