第九届董事会第十七次会议决议公告 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。 一、会议召开情况 山鹰国际控股股份公司(以下简称"公司"或"本公司")第九届董事会第十七 次会议通知于 2024 年 8 月 30 日以电话、电子邮件方式向全体董事发出，会议于 2024 年 9 月 6 日以通讯的表决方式在公司会议室召开。公司应参加董事 7 人，实际 参加董事 7 人，公司董事长吴明武先生主持会议，公司监事及高级管理人员列席了 会议，本次会议的召开符合《中华人民共和国公司法》和《公司章程》的有关规定。 二、会议审议情况 经审议表决，本次会议形成如下决议： （一）审议通过了《关于董事会提议向下修正"山鹰转债"转股价格的议案》 为支持公司长期稳健发展，优化公司资本结构，维护全体投资者利益，公司提 议下修"山鹰转债"转股价格。修正后的转股价格应不低于股东大会召开日前二十 个交易日公司股票交易均价和前一交易日均价之间的较高者。如审议本议案的股东 大会召开时，上述指标高于调整前"山鹰转债"的转股价格（2.25 元/股），则"山 鹰转债"转 ...

| 股票简称：山鹰国际 | | | 股票代码：600567 | 公告编号：临 | 2024-113 | | --- | --- | --- | --- | --- | --- | | 债券简称：山鹰转债 | | | 债券代码：110047 | | | | 债券简称：鹰 | 19 | 转债 | 债券代码：110063 | | | 山鹰国际控股股份公司 关于董事会提议向下修正"山鹰转债"及"鹰 19 转 债"转股价格的公告 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法律责任。 重要内容提示： 一、可转换债券基本概况 公司 23 亿元可转债于 2018 年 12 月 10 日起在上海证券交易所挂牌交易，债 券简称"山鹰转债"，债券代码"110047"。 （一）"山鹰转债" 经中国证券监督管理委员会《关于核准山鹰国际控股股份公司公开发行可转 换公司债券的批复》（证监许可[2018]1622 号）核准，山鹰国际控股股份公司 （以下简称"公司"或"本公司"）于 2018 年 11 月 21 日公开发行 23,000,000 张可转换公司债券，每 ...

证券代码：600567 证券简称：山鹰国际 公告编号：2024-114 山鹰国际控股股份公司 关于召开 2024 年第四次临时股东大会的通知 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、 召开会议的基本情况 (一) 股东大会类型和届次 2024 年第四次临时股东大会 召开的日期时间：2024 年 9 月 26 日 14 点 30 分 召开地点：安徽省马鞍山市勤俭路山鹰国际办公大楼 (五) 网络投票的系统、起止日期和投票时间。 股东大会召开日期：2024年9月26日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 网络投票系统：上海证券交易所股东大会网络投票系统 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 ...

山鹰国际控股股份公司 关于以集中竞价交易方式回购股份的进展公告 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： | 回购方案首次披露日 | 2024/6/24 | | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 个月 6 | | 预计回购金额 | 亿元~7 亿元 3.5 | | 回购用途 | □减少注册资本 □用于员工持股计划或股权激励 | | | √用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 股 157,728,411 | | 累计已回购股数占总股本比例 | 3.53% | | 累计已回购金额 | 元 228,690,801.82 | | 实际回购价格区间 | 元/股~1.54 元/股 1.36 | 一、 回购股份的基本情况 证券代码：600567 证券简称：山鹰国际 公告编号：2024-111 二、 回购股份的进展情况 根据《上市公司股份回购规则》及《上海证券交易所上市公司自律监管指引 第 7 号——回购股份》等相关法律法规规定，上市公司 ...

| 债券简称：山鹰转债 | | 债券代码：110047 | | | | --- | --- | --- | --- | --- | | 股票简称：山鹰国际 债券简称：鹰 | 19 转债 | 股票代码：600567 债券代码：110063 | 公告编号：临 | 2024-109 | 根据《山鹰国际控股股份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》"）的约定和相关法律法规要求，公司此次发行的"山鹰 转债"转股起止日期为 2019 年 5 月 27 日至 2024 年 11 月 20 日，初始转股价格 为 3.34 元/股。因公司实施 2020 年年度权益分派方案，"山鹰转债"转股价格 自于 2021 年 7 月 5 日起由原来的 3.34 元/股调整为 3.30 元/股；因公司实施 2021 年年度权益分派方案，"山鹰转债"转股价格自 2022 年 6 月 2 日起由原来的 3.30 元/股调整为 3.19 元/股；因公司股价满足募集说明书中规定的转股价格向下修 正的条件，公司将"山鹰转债"转股价格自 2022 年 11 月 2 日起由 3.19 元/股调 整为 2.40 元/股；因公司注 ...

| 债券简称：山鹰转债 | | 债券代码：110047 | | | | --- | --- | --- | --- | --- | | 股票简称：山鹰国际 债券简称：鹰 19 | 转债 | 股票代码：600567 债券代码：110063 | 公告编号：临 | 2024-108 | 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个别及连带责任。 重要内容提示： 一、担保情况概述 （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 被担保人名称：浙江山鹰供应链管理有限公司（以下简称"浙江山鹰供 应链"）、山鹰华中纸业有限公司（以下简称"华中山鹰"）、珠海市 森洋包装科技有限公司（以下简称"珠海森洋"） 本次担保金额及已实际为其提供的担保余额：本次公司为浙江山鹰供应 ...

Investment Rating - The report maintains a "Recommended" rating for the company [3]. Core Views - The company achieved revenue of 14.255 billion and a net profit attributable to shareholders of 1.14 billion in the first half of 2024, reflecting a year-on-year increase of 3.69% and 141.89% respectively [1]. - The increase in production capacity is driving revenue growth, with the company’s main products experiencing price fluctuations due to supply exceeding demand in the domestic market [1]. - The company is actively managing costs and expenses, leading to improved profitability, with gross margin and net margin increasing by 0.12 and 3.05 percentage points respectively [1]. - The company is enhancing its production capacity and optimizing regional capacity layout, with expectations for improved profitability in the second half of 2024 due to seasonal demand [1]. Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 14.255 billion and a net profit of 1.14 billion, with a significant increase in net profit attributable to shareholders [1]. - The company’s production and sales of raw paper reached 3.4195 million and 3.4643 million tons respectively, with year-on-year increases of 13.59% and 17.1% [1]. - The average selling price of domestic raw paper decreased by 6.58% year-on-year in H1 2024 [1]. Cost Management - The company’s gross margin and net margin improved due to effective cost control, with gross margin at 8.79% and net margin at 0.62% in H1 2024 [1]. - The management expense ratio decreased primarily due to a reduction in labor costs [1]. Production Capacity and Utilization - The company’s production capacity utilization rate increased to 98% in Q2 2024, contributing to a significant rise in profit per ton [1]. - The company is expected to enhance its domestic paper production capacity to approximately 8 million tons per year with new projects coming online [1]. Future Outlook - The company forecasts net profits attributable to shareholders of 5.1 billion, 10.2 billion, and 16.0 billion for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 12X, 6X, and 4X [2][5].

Financial Performance - The company's operating revenue for the first half of 2024 was CNY 14,254,692,337.76, representing a 3.69% increase compared to CNY 13,747,546,533.33 in the same period last year[12]. - The net profit attributable to shareholders of the listed company was CNY 113,547,707.57, a significant turnaround from a loss of CNY 271,092,225.50 in the previous year, marking a 141.89% increase[12]. - The net cash flow from operating activities reached CNY 2,571,504,946.21, up 233.07% from CNY 772,060,038.00 in the same period last year[12]. - Basic earnings per share increased to 0.03 CNY from -0.06 CNY, representing a 150% increase year-on-year[13]. - Diluted earnings per share improved to 0.04 CNY from -0.04 CNY, marking a 200% increase compared to the same period last year[13]. - The weighted average return on equity rose to 0.82% from -2.02%, an increase of 2.84 percentage points[13]. - The company achieved operating revenue of 14.255 billion yuan and a net profit of 114 million yuan, marking a turnaround from losses[28]. - The production of the original paper segment reached 3.4195 million tons, a year-on-year increase of 13.59%, while sales increased by 17.10% to 3.4643 million tons[28]. - The packaging segment's sales orders from major clients accounted for 44.4% of total sales, an increase of approximately 2.3 percentage points year-on-year[29]. Asset and Liability Management - The net assets attributable to shareholders of the listed company at the end of the reporting period were CNY 13,669,644,482.77, a slight decrease of 0.56% from CNY 13,747,302,701.06 at the end of the previous year[12]. - Total assets increased by 0.19% to CNY 54,840,941,983.68 from CNY 54,739,587,206.10 at the end of the previous year[12]. - The company's total liabilities increased to ¥21,701,489,644.35 in the first half of 2024, up from ¥18,927,208,412.27 in the same period of 2023[113]. - The company's total equity decreased slightly to ¥12,713,532,673.82 in the first half of 2024 from ¥12,731,340,641.96 in the same period of 2023[113]. - The company's total liabilities decreased to CNY 19,715,459,400.00 from CNY 18,431,448,434.50, indicating a reduction in financial leverage[117]. Cost and Expense Management - The company's operating costs increased to approximately CNY 13.00 billion, up 3.56% from CNY 12.56 billion in the previous year[33]. - Management expenses decreased by 23.67% to approximately CNY 577.35 million from CNY 756.43 million in the previous year[34]. - The total cost of operations for the first half of 2024 was ¥14,853,133,554.66, compared to ¥14,579,151,182.18 in the same period of 2023[114]. - The company's financial expenses increased to CNY 220,566,633.93 from CNY 204,824,716.33, an increase of 7.7% year-over-year[116]. Market and Economic Environment - The macroeconomic environment showed a GDP growth of 5.0% in the first half of 2024, with retail sales increasing by 3.7% year-on-year, indicating a gradual recovery[16]. - The average price of corrugated paper in the first half of 2024 was 2,751 CNY/ton, down 7.87% year-on-year, while the average price of boxboard paper was 3,745 CNY/ton, reflecting an 8.72% decline[16]. - The import volume of corrugated paper decreased by 8.99% year-on-year to 1.5845 million tons in the first half of 2024, while the import of boxboard paper increased by 19.46% to 2.9202 million tons[17]. Sustainability and Environmental Initiatives - The company has completed carbon footprint verification and certification for 20 products, with 11 packaging paper or board products selected as national-level green design products[19]. - The company aims to provide integrated green packaging solutions, reinforcing its commitment to sustainability and responding to consumer demand for low-carbon products[19]. - The company has developed a white water recovery system with a reuse rate exceeding 95% across its paper machines[68]. - The biomass cogeneration project at the Jilin paper base has been successfully launched, utilizing agricultural and forestry waste for energy production[69]. - The company has established a carbon management system across five paper bases, recognized as exemplary cases in carbon management[68]. Research and Development - Research and development expenses for the first half of 2024 were ¥390,190,965.76, a decrease from ¥422,900,791.47 in the first half of 2023[114]. - The company has obtained a total of 1,291 patents, including 131 invention patents, enhancing its innovation capabilities[26]. - The company has developed high-value products, including a white high-strength stretchable paper with a breathability exceeding 25 um/pa.s[26]. Shareholder and Capital Management - The company has established an employee incentive plan, "Chuangxiang Incentive Fund Partner Phase I," to motivate staff[87]. - The controlling shareholder, Tai Sheng Industrial, committed to invest CNY 270.113 million in the secondary market for share repurchase[74]. - The company has completed a share repurchase amounting to CNY 161 million, achieving 59.59% of the committed amount[74]. - The company has not engaged in any non-operating fund occupation or provided any guarantees during the reporting period[75]. Compliance and Governance - The financial statements are prepared in accordance with the Chinese Accounting Standards and reflect the company's financial position accurately[127]. - The company has a policy for recognizing bad debt provisions, with specific thresholds for significant amounts[131]. - The company has not reported any new capital contributions from shareholders during the current period, indicating a stable capital structure[121].

| 债券简称：山鹰转债 | | | 债券代码：110047 | | | | --- | --- | --- | --- | --- | --- | | 股票简称：山鹰国际 债券简称：鹰 | 19 | 转债 | 股票代码：600567 债券代码：110063 | 公告编号：临 | 2024-106 | 转股来源的公告 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法律责任。 重要内容提示： 一、可转换债券基本概况 （一）"山鹰转债" 经中国证券监督管理委员会《关于核准山鹰国际控股股份公司公开发行可转 换公司债券的批复》（证监许可[2018]1622 号）核准，山鹰国际控股股份公司 （以下简称"公司"或"本公司"）于 2018 年 11 月 21 日公开发行 23,000,000 张可转换公司债券，每张面值 100 元，发行总额 23.00 亿元，期限 6 年。债券票 面利率为：第一年 0.4%、第二年 0.6%、第三年 1.0%、第四年 1.5%、第五年 2.0%、 第六年 3.0%。 山鹰国际控股股份公司（以下简称"公司"）拟将"山鹰转 ...

| 股票简称：山鹰国际 | | 股票代码：600567 | 公告编号：临 | 2024-105 | | --- | --- | --- | --- | --- | | 债券简称：山鹰转债 | | 债券代码：110047 | | | | 债券简称：鹰 19 | 转债 | 债券代码：110063 | | | 山鹰国际控股股份公司 关于变更回购股份用途的公告 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法律责任。 重要内容提示： 一、变更前回购股份方案概述 山鹰国际控股股份公司（以下简称"公司"）于 2021 年 8 月 3 日召开第八 届董事会第九次会议，审议通过了《关于以集中竞价交易方式回购股份的方案》， 同意公司使用自有资金以集中竞价交易方式回购公司股份，回购资金总额不低于 人民币 2 亿元且不超过人民币 4 亿元（均含本数），回购价格不超过 3.63 元/股 三、前次变更回购股份用途的实施情况 公司于 2024 年 4 月 22 日召开第九届董事会第七次会议审议通过了《关于变 更回购股份用途的议案》，对回购股份的用途进行变更，由原计 ...