Core Viewpoint - The company, Shanying International (600567.SH), has completed a share buyback program, acquiring a total of 170 million shares, which represents 2.92% of its total share capital as of September 30, 2025 [1] Summary by Categories - **Share Buyback Details** - The company has repurchased 170 million shares through centralized bidding [1] - The highest price paid for the shares was 1.99 yuan per share, while the lowest price was 1.76 yuan per share [1] - The total amount spent on the buyback was 326 million yuan, excluding transaction fees [1]

| 回购方案首次披露日 | 2025/6/25 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 年 月 2025 6 12 | 23 | 日~2025 | 年 | 月 | 22 | 日 | | 预计回购金额 | 5亿元~10亿元 | | | | | | | | 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 | 169,930,438股 | | | | | | | | 累计已回购股数占总股本比例 | 2.92% | | | | | | | | 累计已回购金额 | 325,959,974.56元 | | | | | | | | 实际回购价格区间 | 1.76元/股~1.99元/股 | | | | | | | 一、回购股份的基本情况 2025 年 6 月 23 日，公司召开第九届董事会第二十八次会议审议通过了《关 于以集中竞价交易方式回购股份方案的议案》，同意公司使 ...

Core Viewpoint - The financial performance of Shanying International (600567) has shown significant declines in both revenue and net profit for the first three quarters of 2025, indicating potential challenges ahead for the company [2][3]. Trading Information Summary - As of October 31, 2025, Shanying International's stock closed at 1.77 yuan, down 2.21%, with a turnover rate of 4.32% and a trading volume of 2.51 million hands, amounting to a transaction value of 444.5 million yuan [1]. - On the same day, the net outflow of main funds was 23.06 million yuan, accounting for 5.19% of the total transaction value, while retail investors saw a net inflow of 4.20 million yuan, representing 0.94% of the total [1]. Financial Performance Summary - For the first three quarters of 2025, Shanying International reported a total revenue of 21.13 billion yuan, a year-on-year decrease of 2.17%, and a net profit attributable to shareholders of -290 million yuan, down 522.74% [2][3]. - The third quarter alone saw a revenue of 7.29 billion yuan, a decline of 0.77% year-on-year, and a net profit of -331 million yuan, a decrease of 636.03% [2][3]. - The company’s debt ratio stands at 67.69%, with financial expenses amounting to 624 million yuan and a gross profit margin of 7.91% [2]. Shareholder and Capital Changes - As of September 30, 2025, the number of shareholders for Shanying International reached 196,100, an increase of 7,013 shareholders or 3.71% since June 30, 2025 [1]. - The average number of shares held per shareholder rose from 28,900 shares to 29,600 shares, with an average market value of 53,400 yuan per shareholder [1]. Company Announcements Summary - The 32nd meeting of the 9th Board of Directors on October 30, 2025, approved the third quarter report for 2025, the reappointment of the accounting firm, and proposed changes to the company’s capital structure and governance [4][5]. - A temporary shareholders' meeting is scheduled for November 18, 2025, to discuss various resolutions, including the increase of registered capital to 5.82 billion yuan and the cancellation of the supervisory board [4][5].

Core Viewpoint - The article highlights the phenomenon of "zombie stocks" in the A-share market, where companies with declining stock prices continue to report profits, leading to perplexing situations for investors [1][3][5]. Group 1: Stock Performance - A stock that was listed in April 2015 at a price of 5.47 yuan peaked at 72 yuan but has since fallen to 3.67 yuan, representing a 93.5% decline over ten years [1]. - Another company, Shanying International, saw its stock price drop from a high of 62.64 yuan to 1.62 yuan, a decline of 97.4%, while facing a 13% year-on-year drop in corrugated paper prices in 2024 [3]. - Watson Bio's stock price fell from 12.20 yuan in May 2015 to a cumulative decline of 18%, with a peak drop of 89.6% from its historical high of 96.73 yuan [3]. - Tongce Medical's stock price plummeted from 300.98 yuan to 40.13 yuan, an 88% decline, despite a market peak where its P/E ratio exceeded 200 [3]. - Chongqing Steel has reported losses for three consecutive years, with a projected loss of 1.26 billion yuan in 2024, amid an oversupply in the steel industry [3]. Group 2: Company Fundamentals - BWS, a veteran in the water treatment industry, has annual revenues exceeding 9 billion yuan but has seen its stock price decline for five consecutive years due to liquidity issues, with a daily trading volume below 100 million yuan [5]. - Huaping Co. has raised 980 million yuan since its listing but has only distributed 31 million yuan in dividends, with major shareholders cashing out 230 million yuan [5]. - Dongjiang Environmental, another established player in environmental management, has seen its stock price drop from 30.30 yuan to 4.54 yuan, an 85% decline, with continuous losses reported [7]. Group 3: Market Trends and Investor Behavior - The A-share market contains numerous stocks that have been in a downward trend for ten years, characterized by persistent declines and failed bottom-fishing attempts by investors [5][9]. - Extreme cases include companies like Baofeng Group, which fell from 327.01 yuan to a delisting price of 0.28 yuan, a 99.9% drop, and LeTV, which dropped from 179.03 yuan to 0.31 yuan, a 99% decline [5]. - Investors often make the mistake of blindly bottom-fishing and trusting low-priced stocks, leading to deeper losses as seen with BWS shareholders who increased their holdings during price declines [7][9]. Group 4: Identifying Zombie Stocks - Zombie stocks typically exhibit characteristics such as a long-term average turnover rate below 1%, minimal price fluctuations, continuous performance declines, and lack of institutional coverage [9]. - Fundamental screening is crucial to avoid risks, with recommendations to steer clear of companies with declining revenues or high debt ratios, while favoring financially healthy industry leaders [9]. - Data indicates that stocks with declines exceeding 90% rarely return to historical highs, often remaining stagnant or heading towards delisting [9].

Core Points - The stock price of Shanying International (600567) closed at 1.77 yuan as of October 31, 2025, down 2.75% from the previous week [1] - The company reported a total market capitalization of 10.293 billion yuan, ranking 3rd in the paper industry and 1841st among A-shares [1] Shareholder Changes - As of September 30, 2025, the number of shareholders for Shanying International was 196,139, an increase of 7,013 shareholders or 3.71% compared to June 30, 2025 [2][5] - The average number of shares held per shareholder rose to 29,600 shares, with an average holding value of 53,400 yuan [2] Performance Disclosure - 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% [3] - The net profit attributable to shareholders was -290 million yuan, a significant decline of 522.74% year-on-year [3][5] - The third quarter alone saw a main revenue of 7.291 billion yuan, down 0.77% year-on-year, and a net profit of -331 million yuan, a decrease of 636.03% [3] Company Announcements - The company released its third-quarter report, indicating a net cash flow from operating activities of 2.125 billion yuan, down 38.17% year-on-year [4] - The board approved the reappointment of the accounting firm and the addition of daily related transactions amounting to 1.4 billion yuan [4][5] - A temporary shareholders' meeting is scheduled for November 18, 2025, to discuss the aforementioned matters, with a registration date of November 7, 2025 [4]

Group 1 - The average stock price of A-shares is 13.84 yuan, with 26 stocks priced below 2 yuan, the lowest being *ST Gao Hong at 0.38 yuan [1] - Among the low-priced stocks, 9 are ST stocks, accounting for 34.62% of the total [1] - The Shanghai Composite Index closed at 3954.79 points as of October 31 [1] Group 2 - Among the low-priced stocks, 11 increased in price today, with Jin Zheng Da, Rong Sheng Development, and Ya Bo Shares leading with increases of 2.79%, 2.55%, and 2.31% respectively [1] - Conversely, 9 stocks decreased, with *ST Yuan Cheng, Liao Gang Shares, and Shan Ying International showing declines of 4.88%, 4.47%, and 2.21% respectively [1] - The table lists various low-priced stocks along with their latest closing prices, daily price changes, turnover rates, and industry classifications [1][2]

| 股票简称：山鹰国际 | | | 股票代码：600567 | 公告编号：临 | 2025-082 | | --- | --- | --- | --- | --- | --- | | 债券简称：鹰 | 19 | 转债 | 债券代码：110063 | | | 山鹰国际控股股份公司 关于设立合伙企业引入长期投资者的进展公告 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。 一、交易概述 山鹰国际控股股份公司（以下简称"公司"或"山鹰国际"）以下属子公司 山鹰纸业（广东）有限公司 100%股权和祥恒创意包装股份公司 36.56%股权作价 297,704.35 万元出资设立芜湖胜鹰企业管理咨询合伙企业（有限合伙）（以下简 称"胜鹰企管"），并以转让合伙企业部分合伙份额的形式引入长期投资者中国东 方资产管理股份有限公司、财信吉祥人寿保险股份有限公司、信达资本管理有限 公司和淄博恒铁投资合伙企业（有限合伙），转让金额合计不超过人民币 7.475 亿元。胜鹰企管已完成工商注册登记手续。 天津信鲁财股权投资合伙企业（有限合伙）（以下简称"天津信 ...

Core Insights - The core point of the article is the disclosure of institutional and public fund holdings in Shanying International (600567.SH) as of the third quarter of 2025, highlighting a decrease in institutional ownership compared to the previous quarter [1] Institutional Holdings - As of October 30, 2025, two institutional investors disclosed holdings in Shanying International A-shares, totaling 1.441 billion shares, which represents 24.79% of the company's total share capital [1] - The institutional investors include Fujian Taisheng Industrial Co., Ltd. and Hong Kong Central Clearing Limited, with a combined institutional holding percentage decrease of 2.04 percentage points compared to the previous quarter [1] Public Fund Holdings - In this period, 15 public funds were not disclosed compared to the previous quarter, including notable funds such as Chuangjin Hexin Competitive Advantage Mixed A, Chuangjin Hexin Cultural and Media Stock Initiation A, CITIC Securities Quantitative Progress A, Xinyuan National Index 2000 Enhanced A, and Guofu Xinghai Return Mixed A [1]

Core Viewpoint - Shanying International, a major packaging paper manufacturer in China, has a full industry chain advantage from paper making to packaging, highlighting its investment value [1] Group 1: Business Performance - In Q3 2025, Shanying International reported revenue of 21.133 billion yuan, ranking 2nd in the industry, surpassing the industry average of 9.202 billion yuan and the median of 5.383 billion yuan [2] - The main business composition includes box board paper at 5.079 billion yuan (36.69% share) and paper products at 3.358 billion yuan (24.26% share) [2] - The net profit for the same period was -324 million yuan, ranking 9th in the industry, with the industry leader, Sun Paper, reporting a net profit of 2.506 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, Shanying International's debt-to-asset ratio was 67.69%, down from 69.49% year-on-year, which is higher than the industry average of 56.77% [3] - The gross profit margin for the same period was 7.91%, slightly up from 7.75% year-on-year, exceeding the industry average by 0.28% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 3.71% to 196,100, with an average holding of 29,600 circulating A-shares, up by 2.49% [5] - Hong Kong Central Clearing Limited is the third-largest circulating shareholder, holding 99.8305 million shares, an increase of 2.3267 million shares from the previous period [5] Group 4: Analyst Ratings and Future Outlook - Guotai Junan Securities adjusted Shanying International's earnings forecast, maintaining an "overweight" rating, with expected EPS of 0.03/0.07/0.10 yuan for 2025-2027, and raised the target price to 2.32 yuan [5] - Huatai Securities also maintained an "overweight" rating, cautiously lowering the 2025 net profit forecast to 200 million yuan while keeping the 2026-2027 net profit estimates at 460 million and 630 million yuan respectively, with a target price of 2.00 yuan [5] - Business highlights include the completion of fund share transfer in April 2025, enhancing risk resistance, and expected new production capacity of over 2 million for box board paper and 3.2 million tons for pulp in the second half of 2025 [5]

Company Overview - Shanying International (SH 600567) held its 32nd meeting of the 9th Board of Directors on October 30, 2025, to review proposals regarding the formulation and revision of internal governance systems [1] - As of the report date, Shanying International has a market capitalization of 10.5 billion yuan [1] Revenue Composition - For the first half of 2025, Shanying International's revenue composition is as follows: - Paper manufacturing accounted for 66.57% - Packaging contributed 24.26% - Commodity circulation made up 7.1% - Other businesses represented 1.39% - Other categories accounted for 0.67% [1]