Price Adjustment - Major paper companies such as Shanying, Jiu Long, APP, and Asia Pacific Forest have announced price increases for their products, effective from late November to early December. The price increase for packaging paper is around 50 yuan per ton, while cultural paper prices have risen by 200 yuan per ton [1] Industry Overview - As of November 26, there are 229,200 existing paper-related enterprises in China. The annual registration of paper-related companies has remained between 17,000 and 23,000 over the past decade, with a peak of 22,200 registrations in 2023. For 2024, a total of 18,600 registrations are expected, with 15,700 already registered this year [4] - The majority of paper-related enterprises are established companies, with 36.88% having been in operation for over 10 years. Companies established between 5-10 years and 1-3 years account for 28.18% and 14.69%, respectively [6] Capital Structure - Most paper-related enterprises are lightweight in terms of registered capital, with over half (54.54%) having a registered capital of less than 1 million yuan. Additionally, 22.18% have registered capital between 1 million and 2 million yuan, while only 1.33% have registered capital of 50 million yuan or more [9]

Core Viewpoint - The packaging paper industry is experiencing a price increase for raw paper, with multiple companies announcing new price hikes in the fourth quarter to cope with rising costs [3][4]. Group 1: Price Trends - Since the third quarter of this year, the price of raw paper used in the packaging paper industry has been continuously rising [3]. - As of November 24, the average daily price of corrugated paper was 3,213 RMB/ton, a year-on-year increase of 17.65%, while the average price of boxboard was 3,889 RMB/ton, up 6.86% year-on-year [4]. - Several well-known pulp and paper companies have recently issued price adjustment notices for various paper types, with price increases ranging from 50 RMB/ton to 200 RMB/ton, effective mainly from late November to December 1, 2025 [4]. Group 2: Company Performance and Outlook - Companies in the packaging paper sector are adjusting their prices, with increases of 10% to 15%, which is lower than the 20% to 30% increase in upstream raw paper prices [3]. - Major securities firms believe the current paper industry is benefiting from a combination of price increases, improved demand, and structural upgrades, with a positive outlook for profitability in the fourth quarter [4]. - Notable companies such as Sun Paper, Annie Co., Huatai Paper, and Bohui Paper have seen significant net buying in financing, indicating strong market interest [5]. - Forecasts suggest that companies like Hengfeng Paper, Qifeng New Materials, and Bohui Paper will see net profit growth rates of 70.67%, 35.33%, and 20.2% respectively for the year 2025 [5][8].

Core Viewpoint - The paper industry stocks in Hong Kong and A-shares have experienced significant price increases, driven by major companies announcing price hikes for their products in late November to early December [1] Group 1: Stock Performance - Hong Kong paper stocks saw notable gains, with Lee & Man Paper rising nearly 4%, Nine Dragons Paper increasing over 2%, and Chenming Paper up over 1% [1] - In the A-share market, Qingshan Paper reached its daily limit, while Jingxing Paper rose over 3% and Shanying International increased over 1% [1] Group 2: Price Increase Announcements - Major companies such as Shanying, Nine Dragons, APP, and Asia Pulp & Paper have issued price adjustment notices, planning to raise prices for their products [1] - The price hikes will affect both packaging paper and corrugated paper, with packaging paper experiencing a moderate increase of around 50 yuan per ton [1] - Cultural paper, including copy paper and double offset paper, will see a more substantial price increase of up to 200 yuan per ton [1]

Market Overview - The paper sector increased by 1.03% on November 25, with Kane Co. leading the gains [1] - The Shanghai Composite Index closed at 3870.02, up 0.87%, while the Shenzhen Component Index closed at 12777.31, up 1.53% [1] Individual Stock Performance - Kane Co. (002012) closed at 6.25, up 6.84% with a trading volume of 259,500 shares and a turnover of 158 million yuan [1] - Qingshan Paper (600103) closed at 3.53, up 4.13% with a trading volume of 1,452,200 shares and a turnover of 508 million yuan [1] - Songyang Resources (603863) closed at 18.83, up 2.62% with a trading volume of 48,600 shares and a turnover of 91.68 million yuan [1] - Other notable performers include BoHui Paper (600966) and Anni Co. (002235), with increases of 2.55% and 1.77% respectively [1] Capital Flow Analysis - The paper sector saw a net inflow of 64.07 million yuan from institutional investors, while retail investors experienced a net outflow of 98.59 million yuan [2][3] - Speculative funds contributed a net inflow of 34.51 million yuan [2] Detailed Capital Flow for Selected Stocks - Qingshan Paper (600103) had a net outflow of 54.08 million yuan from institutional investors [3] - Sun Paper (002078) saw a net inflow of 16.68 million yuan from institutional investors [3] - BoHui Paper (600966) experienced a net inflow of 11.26 million yuan from institutional investors [3]

Core Viewpoint - On November 24, 2025, the company will hold its 11th second employee representative assembly to elect Ms. Chen Xueping as the employee representative director of the 9th board of directors [2] Group 1 - The company announced the date for the employee representative assembly [2] - Ms. Chen Xueping is nominated for the position of employee representative director [2]

山鹰国际控股股份公司 关于选举职工代表董事的公告 | | | 股票简称：山鹰国际 股票代码：600567 公告编号：临 2025-089 本次选举完成后，陈学萍女士与公司第九届董事会非职工代表董事共同组成公 司第九届董事会，公司第九届董事会中兼任公司高级管理人员职务的董事以及由职 工代表担任的董事，总计未超过公司董事总数的二分之一，符合有关法律法规、规 范性文件及《公司章程》的规定。 特此公告。 山鹰国际控股股份公司职工代表大会 二○二五年十一月二十五日 附件： 陈学萍女士，出生于 1978 年，中国国籍，中共党员，硕士研究生学历，高级工 程师。2001 年入职公司，历任公司职工代表监事、技术部经理、安徽造纸基地总经 理助理、副总经理、常务副总经理等职务，现任山鹰纸业（安徽）有限公司总经理、 本公司职工代表董事。截至本公告披露日，陈学萍女士持有 431,967 股公司股票， 与持有公司 5%以上股份的股东、实际控制人、公司其他董事、高级管理人员无关联 关系，不存在《上海证券交易所上市公司自律监管指引第 1 号—规范运作》第 3.2.2 条所列情形，符合有关法律、行政法规、部门规章、规范性文件等要求的任职资格。 ...

Core Points - The stock price of Shanying International (600567) closed at 1.71 yuan on November 21, 2025, down 9.04% from 1.88 yuan the previous week [1] - The company has a total market capitalization of 9.944 billion yuan, ranking 3rd in the paper industry and 1808th among A-shares [1] Company Announcements - Shanying International held its third extraordinary general meeting of shareholders on November 18, 2025, where several key resolutions were passed, including the reappointment of the accounting firm, increase in registered capital, cancellation of the supervisory board, and amendments to the company's articles of association [2][3] - The meeting was conducted with a combination of on-site and online voting, and all resolutions were deemed legally valid with over two-thirds of the voting rights from attending shareholders supporting the increase in registered capital and amendments to the articles of association [2][3] - The resolutions also included the revision of internal governance systems and the addition of daily related transactions, with related parties abstaining from voting on relevant proposals [2]

Core Viewpoint - The stock of Shanying International (600567) has shown a stable price of 1.79 yuan as of November 20, 2025, with a slight increase in trading volume and mixed capital flow trends [1][2]. Group 1: Stock Performance - As of November 20, 2025, Shanying International closed at 1.79 yuan, with no change in price [1]. - The trading volume was 1.373 million hands, resulting in a total transaction value of 246 million yuan [1]. - The net outflow of main funds was 24.5 million yuan, accounting for 9.96% of the total transaction value, while retail investors saw a net inflow of 3.87 million yuan, representing 1.58% of the total [1][2]. Group 2: Recent Capital Flow - Over the past five days, the stock has experienced fluctuating capital flows, with the most significant net outflow of main funds recorded on November 18, amounting to 35.29 million yuan [2]. - The net inflow from retail investors peaked on November 18, with 35.79 million yuan [2]. Group 3: Financial Metrics and Industry Comparison - Shanying International's total market capitalization is 10.41 billion yuan, ranking 5th in the paper and printing industry [3]. - The company reported a net profit of -290 million yuan for the first three quarters of 2025, a decline of 522.74% year-on-year [3]. - The gross profit margin stands at 7.91%, significantly lower than the industry average of 14.76%, placing the company in the 32nd position out of 38 in the industry [3]. Group 4: Analyst Ratings - In the last 90 days, three institutions have provided ratings for Shanying International, with one buy rating and two hold ratings [4]. - The average target price set by institutions over the past 90 days is 2.0 yuan [4].

Market Overview - The paper sector experienced a slight decline of 0.08% on November 20, with Jingxing Paper leading the drop [1] - The Shanghai Composite Index closed at 3931.05, down 0.4%, while the Shenzhen Component Index closed at 12980.82, down 0.76% [1] Individual Stock Performance - Annie Co. (002235) saw a significant increase of 9.95%, closing at 8.51, with a trading volume of 808,200 shares and a turnover of 680 million [1] - Yibin Paper (600793) rose by 3.31% to 22.78, with a trading volume of 63,900 shares and a turnover of 14.5 million [1] - Other notable performers included Bohui Paper (600966) up 2.25% and Minshida (920394) up 1.16% [1] Capital Flow Analysis - The paper sector had a net inflow of 191 million from institutional investors, while retail investors saw a net outflow of approximately 59.4 million [2] - The main capital inflow was concentrated in Annie Co. with a net inflow of 3.44 billion, representing 50.64% of its trading volume [3] - Other stocks like Yibin Paper and Bohui Paper also experienced positive net inflows from institutional investors [3]

法律意见书 浙江天册律师事务所 关于 山鹰国际控股股份公司 2025 年第三次临时股东大会的 法律意见书 浙江省杭州市杭大路 1 号黄龙世纪广场 A 座 11 楼 310007 电话：0571-87901111 传真：0571-87901500 2025 年第三次临时股东大会的 法律意见书 编号：TCYJS2025H1916 号 致：山鹰国际控股股份公司 浙江天册律师事务所（以下简称"本所"）接受山鹰国际控股股份公司 （以下简称"山鹰国际"或"公司"）的委托，指派本所律师参加公司 2025 年第三次临时股东大会，并根据《中华人民共和国证券法》（以下简称"《证 券法》"）、《中华人民共和国公司法》（以下简称"《公司法》"）和《上 市公司股东会规则》（以下简称"《股东会规则》"）等法律、法规和其他 有关规范性文件的要求出具本法律意见书。 在本法律意见书中，本所律师仅对本次股东大会召集、召开程序、出席 人员的资格、召集人的资格、表决程序及表决结果的合法有效性发表意见， 不对会议所审议的议案内容和该等议案中所表述的事实或数据的真实性和准 确性发表意见。 法律意见书 浙江天册律师事务所 关于 山鹰国际控股股份公司 本法 ...