（记者 王晓波） 每经AI快讯，有投资者在投资者互动平台提问：1、目前公司湖北基地无浆可用的情况是否已经得到解 决？自制浆产线什么时候能达产？达产后产能是否能完全满足湖北基地的需求？公司有没有预期什么时 候湖北基地能盈利？ 2、您认为食品卡纸的竞争恶性周期预计什么时候能好转？ 仙鹤股份（603733.SH）9月30日在投资者互动平台表示，1.湖北基地一期项目的自制浆产线已经顺利投 产，目前产能正稳步提升，达产后将能够满足基地的用浆需求。依托成本优势与规模化效应，湖北项目 预计将逐步进入盈利周期，为公司创造持续价值。2.食品卡纸行业当前市场竞争虽存在一定压力，但公 司已通过全产业链布局与产品差异化策略，构建了坚实的核心竞争力。随着市场持续向绿色、高端产品 方向转型，预计竞争格局有望逐步改善，公司会适时调整经营策略，以保障盈利能力，实现稳健发展。 ...

Core Viewpoint - The report from Cinda Securities indicates that Wuzhou Special Paper's net profit attributable to shareholders for H1 2025 is 122 million yuan, a year-on-year decrease of 47.7%, with Q2 2025 net profit at 57 million yuan, down 42.2% year-on-year. The company is expected to see a recovery in profitability as the industry outlook improves [1] Group 1 - The decline in profitability is primarily attributed to the full production of the Hubei base, changes in product structure, and pressure from certain paper types such as heat transfer paper [1] - Future prospects are optimistic due to bottoming out of pulp prices and seasonal demand recovery, with expectations for marginal improvement in packaging paper prices in Q3, alongside the gradual entry of low-cost pulp into inventory [1] - The food card paper and cultural paper segments are expected to face pressure from intensified competition, with both volume and price anticipated to decline year-on-year, although the company's self-produced pulp cost optimization is expected to stabilize profitability in Q2 [1] Group 2 - The market for glassine, drawing paper, and industrial liner paper is expected to remain stable in terms of volume and price [1] - The heat transfer paper segment is projected to experience short-term pressure on profitability due to supply-demand mismatches [1] - The Hubei base's full production is expected to maintain steady profitability for packaging paper [1] Group 3 - As of H1 2025, the company's inventory, accounts receivable, and accounts payable turnover days are 50.15, 44.93, and 37.64 days respectively, showing a year-on-year increase of 10.25 days for inventory, a decrease of 11.25 days for accounts receivable, and a decrease of 5.39 days for accounts payable [1]