Core Viewpoint - The announcement regarding the maturity and conversion results of the "Eagle 19 Convertible Bond" indicates significant changes in the shareholding structure and total share capital of Shanying International, reflecting the impact of bond conversions on the company's equity [1] Group 1: Stock Performance - As of December 16, 2025, Shanying International's stock closed at 1.64 yuan, down 1.8% from the previous trading day, with a total market capitalization of 10.344 billion yuan [1] - The stock opened at 1.67 yuan, reached a high of 1.67 yuan, and a low of 1.63 yuan, with a trading volume of 1.27 billion yuan and a turnover rate of 1.23% [1] Group 2: Convertible Bond Details - The total number of convertible bonds maturing was 160,390, with a total redemption amount of 17,803,290 yuan, and the payment date for the redemption was December 15, 2025 [1] - As of December 12, 2025, a total of 1,843,960,000 yuan of convertible bonds had been converted, resulting in 1,043,515,291 shares being issued, which represents 22.71% of the total shares before conversion [1] - The unconverted portion of the bonds accounted for 0.86% of the total issuance [1] Group 3: Share Capital Changes - Due to the conversion of bonds, an additional 491,976,619 shares were issued, increasing the total share capital from 5,815,476,687 shares to 6,307,453,306 shares [1] - The shareholding ratio of the controlling shareholder and its concerted parties was diluted from 28.13% to 25.94% [1]

联合资信评估股份有限公司 二〇二五年十二月十六日 关于终止山鹰国际控股股份公司主体及"鹰 19 转债" 信用评级的公告 受山鹰国际控股股份公司（以下简称"公司"）委托，联合资信评估股份有限公司（以下简称 "联合资信"）对公司主体及相关债项进行了信用评级。根据最新的评级结果，公司主体长期信用 等级为 AA，"鹰 19 转债"信用等级为 AA，评级展望为稳定。 根据公司于 2025 年 12 月 5 日披露的《山鹰国际控股股份公司关于"鹰 19 转债"到期兑付暨 摘牌的公告》，"鹰 19 转债"将于 2025 年 12 月 15 日完成兑付并于上海证券交易所摘牌。截至 2025 年 12 月 15 日，"鹰 19 转债"已完成兑付并于上海证券交易所摘牌，不再存续。根据有关法规、 监管规定、自律规则及联合资信《终止评级制度》，自本公告发布之日起，联合资信终止对公司及 "鹰 19 转债"的信用评级，并将不再更新公司及上述债项的评级结果。 特此公告 联合〔2025〕12131 号 联合资信评估股份有限公司 主体长期信用评级报告 ...

山鹰国际控股股份公司（以下简称"公司"）分别于 2025 年 10 月 30 日、2025 年 11 月 18 日召开第九届董事会第三十二次会议和 2025 年第三次临时股东大会，审 议通过了《关于增加注册资本、取消监事会并修订<公司章程>的议案》。具体内容详 见公司于 2025 年 10 月 31 日在上海证券交易所网站（www.sse.com.cn）披露的《山 鹰国际控股股份公司关于取消监事会并修订<公司章程>及修订、制定部分内部治理 制度的公告》（临 2025-078）。 公司于近日完成了章程备案和工商变更登记等手续，并取得了马鞍山市市场监 督管理局换发的《营业执照》，相关登记信息如下： 股票简称：山鹰国际 股票代码：600567 公告编号：临 2025-095 山鹰国际控股股份公司 关于完成工商变更登记的公告 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。 名称：山鹰国际控股股份公司 统一社会信用代码：91340500150523317H 注册资本：伍拾捌亿壹仟伍佰肆拾柒万陆仟陆佰捌拾柒圆整 类型：其他股份有限公司（上 ...

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 ...

Group 1 - The company is actively focusing on the application of new productive forces in its business [2] - The company will continue to promote industrial upgrading and transformation [2] - The company will fulfill its information disclosure obligations in accordance with relevant laws and regulations as progress is made [2]

Group 1 - The company, Shanying International, stated that it will make prudent decisions regarding mergers and acquisitions based on its development strategy [2] - The company emphasized that any significant asset restructuring or merger plans will be disclosed in accordance with legal regulations [2]

（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]