Core Viewpoint - The financial performance of Shanying International (600567) shows a decline in revenue and net profit for the first three quarters of 2025, indicating potential challenges in the company's operations and market conditions [2]. Financial Performance - For the first three quarters of 2025, Shanying International reported a main revenue of 21.133 billion yuan, a year-on-year decrease of 2.17% [2]. - The net profit attributable to shareholders was -290 million yuan, reflecting a significant year-on-year decline of 522.74% [2]. - The net profit after deducting non-recurring gains and losses was -412 million yuan, which represents a year-on-year increase of 6.32% [2]. - In Q3 2025, the company recorded a single-quarter main revenue of 7.291 billion yuan, down 0.77% year-on-year [2]. - The single-quarter net profit attributable to shareholders was -331 million yuan, showing a drastic year-on-year decline of 636.03% [2]. - The single-quarter net profit after deducting non-recurring gains and losses was -347 million yuan, down 4.37% year-on-year [2]. - The company's debt ratio stood at 67.69%, with investment income of 37.952 million yuan and financial expenses of 624 million yuan [2]. - The gross profit margin was reported at 7.91% [2]. Stock Performance and Market Sentiment - As of December 15, 2025, Shanying International's stock closed at 1.67 yuan, with no change in price [1]. - The turnover rate was 0.71%, with a trading volume of 412,200 hands and a transaction amount of 68.8385 million yuan [1]. - On December 15, the net outflow of main funds was 857,100 yuan, accounting for 1.25% of the total transaction amount [1]. - The net outflow of speculative funds was 859,900 yuan, also representing 1.25% of the total transaction amount [1]. - Retail investors saw a net inflow of 1.717 million yuan, which accounted for 2.49% of the total transaction amount [1]. Analyst Ratings - In the last 90 days, two institutions provided ratings for the stock, with one rating it as a buy and the other as an increase [3].

股票简称：山鹰国际 股票代码：600567 公告编号：临 2025-094 一、可转债基本情况 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[2019]2315 号）核准，山鹰国际控股股份公司 （以下简称"公司"或"本公司"）于 2019 年 12 月 13 日公开发行总规模为 18.60 亿元的可转换公司债券，每张面值 100 元，债券期限为 6 年。经上海证券交易所 自律监管决定书[2019]306 号文同意，公司 18.60 亿元可转换公司债券于 2020 年 1 月 3 日起在上海证券交易所挂牌交易，债券简称"鹰 19 转债"，债券代码 "110063"。 2025 年 11 月 11 日公司在上海证券交易所网站（www.sse.com.cn）披露了 《关于"鹰 19 转债"到期兑付暨摘牌的第一次提示性公告》，并分别于 2025 年 11 月 13 日、2025 年 11 月 14 日以及 2025 年 12 月 5 日披露了 3 次关于"鹰 19 转债"到期兑付暨摘牌的相关公告，相关兑付事项如下： 1、兑付登记日：2025 年 12 月 12 日 ...

证券代码：600567 证券简称：山鹰国际 公告编号：2025-093 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。 | 实际为其提供的担保余额 | 0 万元 | | | | --- | --- | --- | --- | | 是否在前期预计额度内 | 是 | □否 | □不适用 | | 本次担保是否有反担保 | □是 | 否 | □不适用 | 累计担保情况 | 对外担保逾期的累计金额（万元） | 0 | | --- | --- | | 截至本公告日上市公司及其控股 子公司对外担保总额（万元） | 1,553,617.10 | | 对外担保总额占上市公司最近一 期经审计净资产的比例（%） | 103.08 | | | □对外担保总额（含本次）超过上市公司最 近一期经审计净资产 50% ☑对外担保总额（含本次）超过上市公司最 | | | 近一期经审计净资产 100% | | 特别风险提示（如有请勾选） | □对合并报表外单位担保总额（含本次）达 | | | 到或超过最近一期经审 ...

证券日报网讯 12月11日，山鹰国际在互动平台回答投资者提问时表示，公司正积极关注并推进新质生 产力在公司业务的应用，未来公司将持续推动产业升级与转型，如有相关进展，公司将按照相关法律法 规及时履行信息披露义务。 （文章来源：证券日报） ...

（文章来源：证券日报） 证券日报网讯 12月11日，山鹰国际在互动平台回答投资者提问时表示，公司会根据自身发展战略规划 审慎决策并购事项，如有相关重大资产重组或并购计划，公司将严格按照法律法规及时履行信息披露义 务。 ...

（文章来源：证券日报） 证券日报网讯 12月11日，山鹰国际在互动平台回答投资者提问时表示，云印技术系公司参股企业，双 方也已建立了长久的合作关系，后续公司将持续关注其发展，未来公司各项投资均会结合战略规划审慎 决策。 ...

Industry Overview - The eco-friendly paper bag has become a significant alternative to traditional plastic packaging due to its biodegradability and environmental friendliness, made primarily from pulp without harmful chemicals, allowing for rapid decomposition in natural environments [1][14] - Compared to plastic bags, eco-friendly paper bags have significantly lower carbon emissions throughout their lifecycle and are often produced using recycled materials, further reducing resource consumption [1][14] - The market for eco-friendly paper bags in China is projected to grow from 8.69 billion yuan in 2020 to 18.67 billion yuan in 2024, with a compound annual growth rate (CAGR) of 21.07% [1][14] Market Dynamics - The eco-friendly paper bag industry is experiencing rapid growth driven by increasing global environmental awareness and ongoing "plastic restriction" policies in various countries [1][14] - The industry is expected to continue expanding, with projections indicating a market size of 20.35 billion yuan by 2025 [1][14] Product Structure - The eco-friendly paper bag market includes various categories such as food-grade bags, shopping bags, and industrial bags, with food-grade bags holding a significant market share due to strict safety and production requirements [15] - By 2024, food-grade paper bags are expected to account for 38.6% of the market, followed by shopping bags at 35.2% [15] Industry Development History - The eco-friendly paper bag industry began to emerge around 2010, gaining traction as traditional plastic bags faced restrictions due to government policies [8][9] - The period from 2015 to 2020 saw rapid development, particularly after 2018, driven by the surge in e-commerce and the demand for sustainable packaging solutions [8][9] Industry Chain - The eco-friendly paper bag industry chain consists of upstream raw materials and equipment, midstream production processes, and downstream application fields including retail, food service, and gift packaging [10] Key Companies - Major listed companies in the eco-friendly paper bag sector include Nanwang Technology, Shanying International, and Jihong Co., among others, which dominate the high-end market and chain brand customers [2][16] - Regional companies like Kunshan Jinhongkai and Wuxi Hualite focus on niche markets through flexible production and localized services [16] Future Trends - The industry is expected to advance towards full automation in production processes to enhance efficiency and product consistency [19] - There will be a deeper commitment to green practices, including the use of renewable fibers and water-based inks, to reduce chemical use and carbon emissions [20] - The product functionality will expand to meet diverse consumer needs, with innovations in design and features such as waterproofing and thermal insulation [21]

Core Viewpoint - The stock of Shanying International (600567) has shown a stable price of 1.69 yuan as of December 10, 2025, with a slight increase in trading volume and mixed capital flow data indicating varying investor interest [1][2]. Group 1: Stock Performance and Trading Data - As of December 10, 2025, Shanying International closed at 1.69 yuan, with a trading volume of 797,000 hands and a total transaction amount of 134 million yuan [1]. - The capital flow data on December 10 indicates a net outflow of 16.49 million yuan from main funds, accounting for 12.28% of the total transaction amount, while retail investors saw a net inflow of 8.85 million yuan, representing 6.59% of the total [1][2]. - Over the past five days, the stock has experienced fluctuations, with a notable net outflow of 28.99 million yuan on December 4, 2025, and a net inflow of 763.91 million yuan from speculative funds on December 10 [2]. Group 2: Financial Metrics and Industry Comparison - Shanying International's total market capitalization is 9.828 billion yuan, ranking 5th in the paper and printing industry, which has an average market cap of 6.928 billion yuan [3]. - The company reported a net profit of -290 million yuan for the first three quarters of 2025, a significant decline of 522.74% year-on-year, while its main revenue decreased by 2.17% to 21.133 billion yuan [3]. - The company's gross margin stands at 7.91%, which is below the industry average of 14.76%, placing it 32nd out of 38 in the industry ranking [3].

Core Viewpoint - The stock of Shanying International (600567) has shown fluctuations in trading performance, with a recent closing price of 1.72 yuan, reflecting a 0.58% increase, while the company faces challenges in profitability and market position within the paper industry [1][3]. Financial Performance - As of the third quarter of 2025, Shanying International reported a total revenue of 211.33 billion yuan, a year-on-year decrease of 2.17% [3]. - The net profit attributable to shareholders was -2.9 billion yuan, a significant decline of 522.74% compared to the previous year [3]. - The company’s gross profit margin stands at 7.91%, which is below the industry average of 14.76% [3]. Market Position - Shanying International has a total market capitalization of 100.03 billion yuan, ranking 5th in the paper industry, while its net assets amount to 170.17 billion yuan, ranking 2nd [3]. - The company has a price-to-earnings ratio of -25.9, indicating negative earnings, and a price-to-book ratio of 0.62, which is the best in the industry [3]. Recent Trading Activity - On December 5, 2025, the stock experienced a net outflow of main funds amounting to 15.01 million yuan, representing 10.14% of the total trading volume [1][2]. - Over the past five days, the stock has seen varying levels of fund inflow and outflow, with significant fluctuations in retail and institutional investor activity [2]. Analyst Ratings - In the last 90 days, two institutions have provided ratings for Shanying International, with one rating it as a buy and another as an increase [4].

Core Viewpoint - The announcement details the maturity and redemption of the "Eagle 19 Convertible Bonds" issued by Shanying International Holdings Co., Ltd, including key dates and financial terms related to the bond redemption process [1][2][4]. Group 1: Redemption Details - The company will redeem the unconverted "Eagle 19 Convertible Bonds" at a price of 111% of the bond's face value, which amounts to 111 RMB per bond, including the final interest payment [2][7]. - The redemption will occur within five trading days after the bond's maturity date, which is set for December 12, 2025 [6][7]. Group 2: Trading and Conversion Information - The last trading day for the "Eagle 19 Convertible Bonds" is December 9, 2025, after which trading will cease on December 10, 2025 [3][8]. - Holders of the bonds can still convert them into company shares from December 10 to December 12, 2025, under the agreed conditions [3][4]. Group 3: Tax Implications - Individual investors will have a net payout of 108.80 RMB per bond after a 20% withholding tax on the interest portion, while corporate investors will receive the full 111 RMB per bond [9][10]. - Non-resident institutional investors are exempt from corporate income tax and value-added tax on the bond interest income until December 31, 2025, receiving the full 111 RMB per bond [10].