Group 1 - The core viewpoint of the news is that Xianhe Co., Ltd. has shown a mixed performance in stock price and financial results, with a notable increase in revenue but a decrease in net profit [1][2]. - As of November 7, Xianhe's stock price increased by 2.24% to 23.24 CNY per share, with a total market capitalization of 16.448 billion CNY [1]. - The company has experienced a 15.45% increase in stock price year-to-date, but a slight decline in the last 60 days [1]. Group 2 - For the period from January to September 2025, Xianhe reported a revenue of 9.063 billion CNY, representing a year-on-year growth of 24.80%, while the net profit attributable to shareholders decreased by 4.77% to 778 million CNY [2]. - The company has distributed a total of 1.774 billion CNY in dividends since its A-share listing, with 819 million CNY distributed over the last three years [3]. - As of September 30, 2025, the number of shareholders decreased by 8.19% to 13,800, while the average circulating shares per person increased by 9.20% to 51,276 shares [2][3].

Market Overview - The paper sector experienced a slight increase of 0.03% on November 6, with Bohui Paper leading the gains [1] - The Shanghai Composite Index closed at 4007.76, up by 0.97%, while the Shenzhen Component Index closed at 13452.42, up by 1.73% [1] Individual Stock Performance - Bohui Paper (600966) saw a significant rise of 9.96%, closing at 5.74 with a trading volume of 533,200 shares and a transaction value of 296 million [1] - Other notable performers included Minshida (920394) with a 1.07% increase, and ST Chenming (000488) with a 0.95% increase [1] - Conversely, Qingshan Paper (600103) experienced the largest decline at -5.28%, closing at 3.77 with a trading volume of 3.13 million shares [2] Capital Flow Analysis - The paper sector faced a net outflow of 24.45 million from institutional investors, while retail investors contributed a net inflow of 14.9 million [2] - The capital flow data indicates that Bohui Paper had a net inflow of 78.39 million from institutional investors, despite a net outflow of 57.78 million from retail investors [3] - Other stocks like ST Chenming and Yueyang Lin Paper also showed mixed capital flows, with varying degrees of institutional and retail investor activity [3]

Core Points - The company announced that its controlling shareholder, Zhejiang Xianhe Holding Group Co., Ltd., will pledge part of its shares [2] - The number of shares pledged is 35,000,000, which represents 6.32% of the shares held by the controlling shareholder and 4.95% of the company's total share capital [2] - The pledge is made to Tibet Trust Co., Ltd., and the funds from the pledge will be used for production and operation [2]

Group 1 - The controlling shareholder of Xianhe Co., Ltd. holds approximately 554 million unrestricted tradable shares, accounting for 78.22% of the company's total share capital [1] - After the latest pledge, the total pledged shares by Xianhe Holdings amount to 77 million shares, which represents 13.91% of its holdings and 10.88% of the company's total share capital [1] - For the year 2024, the revenue composition of Xianhe Co., Ltd. is as follows: the paper industry accounts for 96.05%, while other businesses account for 3.95% [1] Group 2 - As of the latest report, the market capitalization of Xianhe Co., Ltd. is 16 billion yuan [2]

仙鹤股份有限公司 | 证券代码：603733 | 证券简称：仙鹤股份 | 公告编号：2025-064 | | --- | --- | --- | | 债券代码：113632 | 债券简称：鹤21转债 | | 截至本公告披露日，仙鹤控股累计质押股份情况如下： 关于控股股东部分股份质押的公告 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： 仙鹤股份有限公司（以下简称"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"） 持有公司无限售流通股股份 553,589,408 股，占公 司总股本比例的 78.22%。本次质押后，仙鹤控股累计质押股份 77,000,000 股， 占其所持公司股数的 13.91%，占公司总股本的 10.88%。 一、上市公司股份质押情况 公司于 2025 年 11 月 4 日收到控股股东仙鹤控股的通知，仙鹤控股将其持有 的公司部分股份办理质押业务，具体情况如下： 1、本次股份质押基本情况 2、本次被质押的股份不存在被用作重大资产重组业绩补偿等事项的担保或 其他保障用途的情况 ...

1. Report Information - Report Title: Pulp Daily Report [1] - Report Date: November 5, 2025 [2] - Research Team: Energy and Chemical Research Team [4] 2. Market Review and Operation Suggestions Market Review - Pulp futures contract 01: The previous settlement price was 5,274 yuan/ton, and the closing price was 5,288 yuan/ton, a 0.27% increase [7]. - Shandong wood pulp market: The intended transaction price range for softwood pulp was 4,870 - 6,500 yuan/ton, remaining stable from the previous trading day. The price of Shandong Yinxing was 5,500 yuan/ton [7]. - Arauco's October pulp offers: Softwood pulp Yinxing was $680/ton, down $20 from the previous month; unbleached kraft pulp Jinxing was $590/ton, unchanged; hardwood pulp Mingxing was $540/ton, unchanged [8]. - European pulp inventory and consumption in September: Inventory was 722,300 tons, up 3% month - on - month and 16.1% year - on - year; consumption was 813,200 tons, up 16.3% month - on - month and down 1.6% year - on - year [8]. - As of October 30, 2025: The weekly pulp inventory in major regions and ports decreased 0.85% month - on - month, and the overall shipping speed was stable [8]. Operation Suggestions - The downstream base paper performance remains differentiated, with slow growth in pulp market demand and a late start to the traditional peak season. The market demand for offset paper is generally weak. The cumulative year - on - year decline in the total profit of the papermaking and paper products industry continued to narrow. In the short term, the market focuses on the potential boost to the futures price from the low number of old warehouse receipts after cancellation, but the rebound space is limited under the weak fundamental situation. It is recommended to try shorting on rallies [8]. 3. Industry News - National Bureau of Statistics data for January - September 2025: The total profit of industrial enterprises above designated size was 5.3732 trillion yuan, a 3.2% year - on - year increase. For the papermaking and paper products industry, the operating income was 1.03757 trillion yuan, down 2.1% year - on - year; the operating cost was 916.95 billion yuan, down 2.1% year - on - year; the total profit was 27.12 billion yuan, down 15.6% year - on - year [9]. - Company performance: Sun Paper's operating income was 28.936 billion yuan, down 6.58% year - on - year, and the net profit attributable to shareholders was 2.5 billion yuan, up 1.66% year - on - year; Wuzhou Special Paper's operating income was 6.457 billion yuan, up 18.13% year - on - year, and the net profit attributable to shareholders was 181 million yuan, down 44.66% year - on - year; Xianhe Co., Ltd.'s operating income was 9.063 billion yuan, up 24.8% year - on - year, and the net profit attributable to shareholders was 778 million yuan, down 4.77% year - on - year; Hengfeng Paper's operating income was 2.039 billion yuan, up 6.29% year - on - year, and the net profit attributable to shareholders was 148 million yuan, up 34.76% year - on - year [9]

1. Report Industry Investment Rating - All the companies mentioned in the report for valuation have a "Buy" rating, including papermaking companies such as Sun Paper, Nine Dragons Paper, and metal packaging companies like OriGene Technologies [65][68] 2. Core Views of the Report - Listed companies are actively deploying overseas production capacity, with established production in regions like Vietnam to cover US orders. Overseas production has advantages in tariff rates, raw materials, labor, and local industrial preferential policies [2] - The supply - side of the papermaking and metal packaging industries is expected to improve. Prices and profitability are at low levels, and anti - involution is becoming a consensus among large manufacturers. Price synergy is expected to improve, and the prices of the entire papermaking industry chain are expected to rise, increasing the profits of leading companies. The two - piece cans in the metal packaging industry are expected to adjust prices at the end of the year, with significant profit elasticity [2] 3. Summary by Related Content Overseas Production Capacity Deployment - **Tariff Advantage**: Southeast Asian exports to the US have a significant tariff advantage compared to Chinese exports. For example, furniture products under the 301 clause show this difference [31] - **Raw Material Advantage**: Some overseas regions have abundant raw material reserves, which is beneficial for enterprises to purchase locally and reduce costs. Southeast Asia has good resource endowments suitable for traditional manufacturing industries [34] - **Labor Cost Advantage**: The labor cost in Vietnam is lower than that in China. The total employer cost in Vietnam is about 352,350 RMB, while in China it is about 385,120 RMB [39] - **Policy Advantage**: Southeast Asian countries have formulated different preferential policies for different industries through taxation, land, and subsidies [41] Papermaking Industry - **Industry Chain**: The papermaking industry chain includes upstream raw materials (such as waste paper, wood pulp), mid - stream paper manufacturing, and downstream applications (such as packaging, printing) [47] - **Price and Profit**: In 2025, the prices of some paper products have changed. Boxboard paper and corrugated paper have increased in price, and the profitability of paper enterprises has first declined and then increased. Cultural paper prices are expected to stabilize and rise, and white cardboard price increase letters are waiting to be implemented [58][62] - **Company Analysis** - **Sun Paper**: In the short term, it is expected that the prices of broad - leaf pulp and cultural paper will increase in November, and the profit will be increased by more than 100 million after the commissioning of projects in the fourth quarter. In the long term, the company's competitive advantage is expected to expand [63] - **Nine Dragons Paper**: In FY25, the sales volume increased by 9.6% year - on - year. In the short term, the profit is expected to be repaired, and in the long term, the cost advantage is expected to be further expanded [63] Metal Packaging Industry - **Company Analysis - OriGene Technologies**: Domestically, the sales volume of two - piece cans in Q3 increased, and the overseas business slightly increased revenue and profit after the merger in September. In the short term, the two - piece cans are expected to adjust prices at the end of the year, and in the long term, the growth space is broad [66] - **Industry Trend**: The anti - involution initiative in the metal packaging industry is expected to improve price synergy, and the profit elasticity of two - piece can enterprises is large [67] Other Industries - **Pan - entertainment Industry**: From 2019 - 2024, the market size of China's pan - entertainment products and pan - entertainment toys has grown at a certain rate, and is expected to continue to grow from 2024 - 2029 [5][8] - **AR Industry**: Some AR companies have different financing stages, valuations, and market performances. For example, Rokid has a high valuation and good performance in the US and Japanese markets [17] - **New Tobacco Industry**: The harm - reduction of new tobacco is better than traditional tobacco. The new product Glo Hilo of Smoore International is expected to reshape the global HNB competition pattern [21][28]

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 United Imaging Healthcare, Sanhua Intelligent Controls, and Zhaoyi Innovation [2][13] - In the last five days, the most researched companies include United Imaging Healthcare, Sanhua Intelligent Controls, and Shanghai Jahwa United [2][16] - Among the top twenty companies in the past 30 days, 17 companies had ten or more rating agencies involved, including Zhaoyi Innovation and United Imaging Healthcare [2][13] Group 2: Major Shareholder Increase in A-Share Listed Companies - From October 27 to October 31, 2025, only one company, Yunyi Electric, announced significant shareholder increase progress [3][21] - From January 1 to October 31, 2025, a total of 286 companies announced significant shareholder increases, with 73 having ten or more rating agencies involved [5][21] - Among these, 19 companies had an average proposed increase amount exceeding 1% of the latest market value, including Xianhe Co., New Energy Group, and Zhongju High-tech [5][21] Group 3: A-Share Buyback Situation - From October 27 to October 31, 2025, 126 companies announced buyback progress, with 35 having ten or more rating agencies involved [4][26] - Among these, 10 companies had an average expected buyback amount exceeding 1% of the market value on the announcement date, including Jian Sheng Group and Huafa Co. [4][26] - From January 1 to October 31, 2025, a total of 1,798 companies announced buyback progress, with 347 having ten or more rating agencies involved [6][26]

Core Viewpoint - The report highlights the growth and export potential of China's paper and paper products industry, with a focus on recent statistics and future projections [1] Industry Summary - As of September 2025, the export value of China's paper and paper products industry reached 7 billion yuan, reflecting a year-on-year increase of 0.1% [1] - Cumulatively, from January to September 2025, the total export value amounted to 59.49 billion yuan, showing a year-on-year growth of 2.2% [1] - The report provides a comprehensive analysis of the development patterns and market operation potential of the paper industry from 2026 to 2032 [1] Company Summary - The report mentions several listed companies in the paper industry, including Chenming Paper (000488), Kane Co. (002012), Jingxing Paper (002067), and others, indicating a broad spectrum of players in the market [1] - The analysis is supported by data from the National Bureau of Statistics and insights from Zhiyan Consulting, a leading industry consulting firm in China [1]

Investment Rating - The report maintains a "Buy" rating for Xianhe Co., Ltd. (603733.SH) with a current price of 22.86 CNY [1] Core Insights - The company reported a revenue of 9.06 billion CNY for the first three quarters of 2025, representing a year-on-year growth of 24.8%. However, the net profit attributable to shareholders decreased by 4.8% to 780 million CNY [5][6] - The revenue for Q1, Q2, and Q3 of 2025 was 2.99 billion CNY, 3.00 billion CNY, and 3.07 billion CNY respectively, with year-on-year growth rates of 35.4%, 25.3%, and 15.5% [5] - The gross margin for the first three quarters of 2025 was 14.0%, down 2.5 percentage points year-on-year, while Q3 2025 gross margin was 14.6%, stable year-on-year and up 1.8 percentage points quarter-on-quarter [6][7] Revenue and Profitability - The company has seen an increase in production and sales, which has driven revenue growth in Q3. New production capacities in Hubei and Guangxi have been gradually put into operation since early 2024, contributing to the revenue expansion [6] - The average price per ton of specialty pulp paper for Q1, Q2, and Q3 of 2025 was approximately 7480 CNY, 6920 CNY, and 6830 CNY respectively, with a slight decrease in Q3 [7] - The company’s net profit for 2025-2027 is projected to be 1.09 billion CNY, 1.32 billion CNY, and 1.59 billion CNY respectively, with corresponding EPS of 1.55 CNY, 1.86 CNY, and 2.24 CNY [8] Financial Metrics - The company’s operating expenses ratio for the first three quarters of 2025 was 6.4%, an increase of 0.8 percentage points year-on-year. The financial expense ratio increased primarily due to the capitalization of interest expenses from fixed asset loans [8] - The projected revenue growth rates for 2025, 2026, and 2027 are 24.94%, 18.72%, and 17.45% respectively, indicating a strong growth trajectory [10] - The company is expected to maintain a gross margin of 14.6% in 2025, with a gradual increase to 15.2% by 2027 [13] Market Position and Future Outlook - Xianhe Co., Ltd. is positioned as a leading enterprise in the specialty paper sector, with significant expansion projects in Guangxi, Hubei, and Sichuan underway. The company aims to capture a larger share of the global market through diversified product offerings and high-end customized products [8] - The current stock price corresponds to a P/E ratio of 15, 12, and 10 for 2025, 2026, and 2027 respectively, suggesting a favorable valuation for potential investors [10][14]