2024 年度 审计报告 | 索引 | | 页码 | | --- | --- | --- | | 审计报告 | | 1-4 | | 公司财务报表 | | | | - | 合并资产负债表 | 1-2 | | 母公司资产负债表 | | 3-4 | | 合并利润表 | | ട് | | 母公司利润表 | | 6 | | 合并现金流量表 | | 7 | | 母公司现金流量表 | | 8 | | 合并股东权益变动表 | | 9-10 | | 母公司股东权益变动表 | | 11-12 | | 财务报表附注 | | 13-143 | 山鹰国际控股股份公司 联系由话 四令计师事务所 北京市东城区朝阳门北大街 8 号富华大厦 A 座 9 层 雷诗 : " XYZH/2025XMAA1B0142 我们认为,后附的财务报表在所有重大方面按照企业会计准则的规定编制,公允反 映了山鹰国际 2024年12月31日的合并及母公司财务状况以及 2024年度的合并及母公 司经营成果和现金流量。 二、形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行了审计工作。审计报告的"注册会计 师对财务报表审计的责任"部分进一步阐述了我们在这些准 ...

关于山鹰国际控股股份公司 非经营性资金占用及其他关联资金往来情况 汇总表的专项审计报告 目 录 1、 专项审计报告 2、 附表 委托单位：山鹰国际控股股份公司 审计单位：信永中和会计师事务所（特殊普通合伙） 联系电话：021-62376587 北京市东城区朗障门北大街 卡厨富多所 telections 8 号富华大顺 A 陈 9 层 +AR /010) 8554 7280 9/F. Block A. Fu Hua Mansion No 8. Chaoyangmen Beidajie trict, Beijing, ng R. China 86 (010) 6554 7190 关于山鹰国际控股股份公司 2024 年度非经营性资金占用及其他关联资金往来的专项说明 XYZH/2025XMAA1B0144 山鹰国际控股股份公司 山鹰国际控股股份公司全体股东: 我们按照中国注册会计师审计准则审计了山鹰国际控股股份公司(以下简称山鹰国 际)2024年度财务报表,包括2024年12月31日的合并及母公司资产负债表。2024年 度的合并及母公司利润表、合并及母公司现金流量表、合并及母公司股东权益变动表以 及财务报表附注,并于 ...

山鹰国际（600567）公告，2025年第一季度营收为67.66亿元，同比增长1.45%；净利润为3281.45万 元，同比下降16.00%。 ...

Industry Overview - The corrugated box industry is a significant part of the packaging sector, known for its protective performance, convenient processing characteristics, and environmental advantages, widely used in food, beverage, electronics, and logistics [1][16] - China's corrugated box production has shown fluctuations, with a decline from 34.44 million tons in 2021 to 28.63 million tons in 2023, primarily due to severe inventory backlog, slow market demand recovery, and insufficient end-user demand [1][16] - Despite an increase in express delivery volumes, policies promoting reduction, standardization, and recycling of packaging have hindered effective growth in express packaging [1][16] - Production is expected to grow by 2025 as market demand recovers [1][16] Industry Chain - The upstream of the corrugated packaging industry includes paper mills providing raw materials, with fluctuations in raw paper prices significantly impacting costs and profits for corrugated product manufacturers [8] - The midstream involves the manufacturing and packaging of corrugated paper products, while the downstream includes major application markets such as food, electronics, beverages, and express delivery [8] Market Size and Growth - In 2023, China's packaging market size reached 1,153.91 billion yuan, with the paper and board container segment accounting for 268.26 billion yuan, highlighting its importance in the packaging market [14] - The corrugated packaging industry is expected to benefit from the overall growth in the paper and board production sector, which is projected to reach 15.85 million tons in 2024, a year-on-year increase of 8.6% [10] Competitive Landscape - The industry is witnessing the emergence of large-scale enterprises with advanced production technologies and economies of scale, enhancing their market competitiveness [18] - Key players in the industry include Forest Packaging Group, Xiamen Hexing Packaging, Meiyingsen Group, Shanghai Xintonglian Packaging, and Shenzhen Yutong Packaging, which are expanding their market presence through strategic growth initiatives [18][19] Development Trends - The industry is moving towards green packaging, focusing on using recycled paper to reduce reliance on new wood and lower carbon emissions [23] - Smart technologies, including IoT and AI, are being integrated into corrugated packaging to enhance product tracking, anti-counterfeiting, and data collection, improving production efficiency [24] - There is a growing demand for personalized packaging solutions, driven by advancements in digital printing technology, allowing for customized designs and small-batch production [26]

Group 1 - The stock price of Shanying International (600567) closed at 1.63 yuan on April 18, 2025, with no change, a turnover rate of 0.69%, a trading volume of 374,800 shares, and a transaction amount of 60.99 million yuan [1] - On April 18, the net outflow of main funds was 6.9484 million yuan, accounting for 11.39% of the total transaction amount [8][9] - Retail investors showed a net inflow of 3.8451 million yuan, representing 6.3% of the total transaction amount [9] Group 2 - The company has established recycling pulp production capacity in Thailand to ensure stable raw material supply and is expanding its packaging business in Southeast Asia, particularly in Thailand and Vietnam [3] - The company has not disclosed any plans for cross-border mergers and acquisitions or restructuring of major shareholder's paper assets to avoid competition and related transactions [2][4][5][6][7]

Group 1 - The core viewpoint of the articles highlights that Shanying International's stock closed at 1.63 yuan, down 1.21%, with a rolling PE ratio of 26.14 times and a total market value of 8.918 billion yuan [1] - The average PE ratio for the paper printing industry is 31.60 times, with a median of 29.59 times, placing Shanying International at the 20th position in the industry ranking [1] - As of September 30, 2024, Shanying International had 167,169 shareholders, a decrease of 222 from the previous count, with an average holding value of 352,800 yuan and an average holding quantity of 27,600 shares [1] Group 2 - Shanying International's main business includes the production and sales of boxboard paper, corrugated paper, specialty paper, cardboard, and paper packaging products, as well as domestic and international fiber recycling trade [1] - The company's products, branded as "Shanying," are widely used in consumer electronics, home appliances, chemicals, light industry, and other consumer and industrial sectors [1] - The packaging segment of the company is strategically located in economically developed areas along rivers and coasts, close to major industry clients, with an annual production capacity exceeding 1.4 billion square meters, ranking second in China [1] Group 3 - The latest financial results for the third quarter of 2024 show that the company achieved an operating income of 21.602 billion yuan, a year-on-year increase of 1.36%, and a net profit of 68.5146 million yuan, a year-on-year increase of 158.86%, with a sales gross margin of 7.75% [1]

山鹰国际控股股份公司 关于提供担保的进展公告 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： 一、担保情况概述 | 股票简称：山鹰国际 | | 股票代码：600567 | 公告编号：临 | 2025-026 | | --- | --- | --- | --- | --- | | 债券简称：鹰 19 | 转债 | 债券代码：110063 | | | （一）本次担保事项履行的内部决策程序 为满足山鹰国际控股股份公司（以下简称"公司"）合并报表范围内子公司 的日常生产经营及业务发展需要，公司于 2024 年 4 月 22 日召开第九届董事会第 七次会议及第九届监事会第三次会议，于 2024 年 6 月 6 日召开 2023 年年度股东 大会，审议通过《关于 2024 年度担保计划的议案》，同意 2024 年度公司及合并 报表范围内子公司预计对外担保额度不超过人民币 3,050,000 万元。其中，为山 鹰纸业销售有限公司（以下简称"山鹰纸业销售"）提供总额不超过人民币 90,000 万元的担保额度。常州祥恒系资产负债 ...

2025 年 4 月 8 日 公司研究 聚焦主业，持续提升抗风险能力 ——山鹰国际（600567.SH）转让产业基金并购份额交易完成点评 风险提示：国内宏观经济低于预期，纸价下行超预期，资产转让进展不及预期， 原料价格上涨超预期。 公司盈利预测与估值简表 | 指标 | 2022 | 2023 | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 34,014 | 29,333 | 30,645 | 33,571 | 36,254 | | 营业收入增长率 | 2.97% | -13.76% | 4.47% | 9.55% | 7.99% | | 归母净利润（百万元） | -2,256 | 156 | -368 | 341 | 476 | | 归母净利润增长率 | -248.87% | / | / | / | 39.65% | | EPS（元） | -0.49 | 0.03 | -0.07 | 0.05 | 0.07 | | ROE（归属母公司)（摊薄） | -16.61% | 1.14% | -2.35% | ...

Core Viewpoint - The announcement details the completion of the shareholding increase plan by the controlling shareholder and actual controller of Shanying International Holdings Co., Ltd., highlighting the increase in shareholding and the financial commitment involved [2][11]. Group 1: Shareholding Increase Plan - The controlling shareholder, Fujian Taisheng Industrial Co., Ltd., and actual controller, Mr. Wu Mingwu, planned to increase their shareholding from March 24, 2025, to April 16, 2025, with a total investment of 109.1563 million RMB [2][4]. - The actual controller has cumulatively increased his shareholding by 62,151,200 shares, representing 1.14% of the total share capital, with an investment amount of 109.1603 million RMB (excluding transaction fees) [2][11]. Group 2: Shareholding Structure - Prior to the increase, Fujian Taisheng Industrial and its concerted actions held a total of 1,573,971,965 shares, accounting for 28.77% of the total share capital [3]. - After the completion of the increase, Fujian Taisheng Industrial holds 1,341,572,672 shares (24.52%), while Mr. Wu Mingwu holds 107,880,802 shares (1.97%), leading to a combined holding of 1,636,123,165 shares (29.90%) by the controlling shareholder and concerted actions [11]. Group 3: Compliance and Regulations - The shareholding increase complies with relevant laws and regulations, and does not trigger a mandatory tender offer, ensuring that the controlling shareholder and actual controller remain unchanged [12]. - The actual controller has not reduced his shareholding during the implementation period of the increase plan [13].

Core Viewpoint - Wu Mingwu, the chairman and general manager of Shanying International, increased his shareholding in the company through the Shanghai-Hong Kong Stock Connect, acquiring 10.51 million shares at an average price of 1.79 yuan, totaling 18.81 million yuan, bringing his total holdings to 107.88 million shares [1][2]. Company Overview - Shanying International's main business includes investments and management in manufacturing, resources, high-tech, circulation, and service sectors, as well as trade agency, import and export business, and various paper products manufacturing [1]. - As of June 30, 2024, the company's revenue breakdown is as follows: boxboard revenue is 5.286 billion yuan (37.08%), paper products revenue is 3.292 billion yuan (23.10%), corrugated paper revenue is 2.216 billion yuan (15.55%), other raw paper revenue is 2.052 billion yuan (14.40%), recycled fiber revenue is 1.015 billion yuan (7.12%), and other income is 244 million yuan (1.71%) [1]. Shareholding Changes - On April 3, 2025, Wu Mingwu increased his holdings by 10.51 million shares at an average price of 1.79 yuan, resulting in a total holding of 107.88 million shares [2]. - Prior to this, on March 25, 2025, he sold 24.19 million shares at an average price of 1.81 yuan, and on March 24, 2025, he sold 27.44 million shares at an average price of 1.69 yuan [2]. - As of the latest closing, Shanying International's total market capitalization is 8.809 billion yuan [2].