Group 1 - The latest stock price of Shanying International is 1.94 yuan, an increase of 0.03 yuan from the previous trading day's closing price, representing a rise of 1.57% [1] - The opening price today was 1.91 yuan, with a highest price of 1.94 yuan and a lowest price of 1.91 yuan. The trading volume was 2,496,700 hands, with a transaction amount of 481 million yuan [1] - Shanying International operates in the paper and printing industry, with its main business including paper manufacturing, packaging, and trading. The company is headquartered in Anhui and is one of the significant paper enterprises in China [1] Group 2 - According to the company's 2025 semi-annual report, the revenue for the first half of the year was 13.842 billion yuan, a year-on-year decrease of 2.89%. The net profit attributable to shareholders was 41.8154 million yuan, a year-on-year decline of 63.17%. The net profit after deducting non-recurring gains and losses was -66 million yuan [1] - Data shows that on August 25, the net outflow of main funds from Shanying International was 18.5745 million yuan, and the net outflow over the past five days was 7.7964 million yuan [1]

Core Viewpoint - The paper industry is facing continuous pressure on performance due to supply-demand imbalances and policy adjustments, as evidenced by the financial results of leading domestic paper company Shanying International in the first half of 2025 [1][2]. Financial Performance - Shanying International reported a revenue of 13.842 billion yuan, a year-on-year decline of 2.89%, and a net profit of 41.8154 million yuan, down 63.17% year-on-year [1]. - The company's net profit after deducting non-recurring items was -65.7799 million yuan, indicating a significant narrowing of losses compared to the previous year [1]. - The raw paperboard segment saw production increase to 3.5664 million tons, up 4.3% year-on-year, while sales reached 3.4742 million tons, a slight increase of 0.29% [1]. Segment Performance - The raw paperboard segment's sales revenue was 9.215 billion yuan, down 3.56% year-on-year due to product price reductions [1]. - The packaging segment achieved a production volume of 977 million square meters, a decrease of 0.95%, but sales increased to 1.03 billion square meters, up 2.29% year-on-year, with a revenue of 3.358 billion yuan, an increase of 2% [1]. - New valuable clients in the packaging business included Nestlé, Unilever, and Pinduoduo [1]. Cost Management and Profitability - Despite weak market demand, Shanying International improved its gross profit margin to 9.51%, an increase of 0.72 percentage points year-on-year, with the core paperboard segment's gross margin rising to 8.05%, up 1.31 percentage points [2]. - The company implemented measures such as lean production and cost reduction to enhance profitability [2]. Industry Trends and Strategic Initiatives - The Guangdong Paper Association initiated an "anti-involution" campaign to resist low-price competition and optimize capacity structure [2]. - Shanying International adopted a strategy of "strategic contraction, value focus, and industry collaboration" to address overcapacity and price wars [2]. - The company has announced price increases and is focusing on high-end corrugated paper markets while enhancing collaboration with leading e-commerce platforms [2]. Future Outlook - With the implementation of "anti-involution" policies, the industry supply-demand balance is expected to improve, leading to stabilized prices and enhanced profitability for companies [3]. - Forecasts suggest that the cost of raw materials may decrease due to an expected 15% year-on-year increase in wood pulp imports, which will support profit levels [3]. - Shanying International is also diversifying its growth by establishing the "Zhiyuan Fund" to invest in industrial technology-related enterprises and is focusing on smart logistics solutions [3].

（记者 张喜威） 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每日经济新闻 每经AI快讯，山鹰国际（SH 600567，收盘价：1.94元）8月25日晚间发布半年度业绩报告称，2025年上 半年营业收入约138.42亿元，同比减少2.89%；归属于上市公司股东的净利润约4182万元，同比减少 63.17%；基本每股收益0.01元，同比减少74.37%。 截至发稿，山鹰国际市值为106亿元。 每经头条（nbdtoutiao）——A股成交连续8天破2万亿元，券商招聘也来了！行业巨头秋招"求才"，25个 岗位都有什么特点？ ...

| 股票简称：山鹰国际 | | 股票代码：600567 | 公告编号：临 | 2025-066 | | --- | --- | --- | --- | --- | | 债券简称：鹰 转债 | 19 | 债券代码：110063 | | | 山鹰国际控股股份公司 关于召开 2025 年半年度业绩说明会的公告 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： 投资者可于 2025 年 09 月 11 日(星期四)至 09 月 17 日(星期三)16:00 前登 录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 stock@shanyingpaper.com 进行提问。公司将在说明会上对投资者普遍关注的问 题进行回答。 山鹰国际控股股份公司（以下简称"公司"）于 2025 年 8 月 26 日发布公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半年度的 经营成果、财务状况，公司计划于 2025 年 09 月 18 日上午 0 ...

Core Viewpoint - The company reported a significant decline in net profit despite an increase in production and sales volume, indicating challenges in pricing and revenue generation [1] Financial Performance - The company achieved operating revenue of 13.842 billion yuan, with a net profit attributable to shareholders of 41.8154 million yuan, a year-on-year decrease of 63.17% [1] - The production volume of the paperboard segment was 3.5664 million tons, an increase of 4.30% year-on-year, while sales volume reached 3.4742 million tons, up 0.29% year-on-year [1] - The sales revenue from the paperboard segment was 9.215 billion yuan, reflecting a decrease of 3.56% compared to the same period last year due to price reductions [1] Operational Efficiency - The company improved production costs through lean production and efficiency enhancement measures, leading to a recovery in the gross profit margin of the paper manufacturing segment [1] - The completion of the Suzhou facility marks the establishment of seven major paper manufacturing bases, positioning the company for future growth [1] Strategic Focus - The company plans to concentrate on technological innovation, process optimization, and smart manufacturing to create differentiated high-quality products [1] - There will be an increased emphasis on lean initiatives to further reduce costs and enhance profitability, thereby strengthening the company's competitive advantage [1]

Section 1 Definitions [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This chapter defines common terms, including regulatory bodies, company entities, and financial instruments, to ensure accurate report interpretation - The report defines abbreviations for the China Securities Regulatory Commission (CSRC), Shanghai Stock Exchange (SSE), Taisheng Industrial, Shanying International, its various paper bases (e.g., Anhui Shanying, Zhejiang Shanying, South China Shanying), and overseas subsidiaries (e.g., Universal International, WPT, Nordic Paper, Phoenix Paper)[10](index=10&type=chunk) Section 2 Company Profile and Key Financial Indicators [I. Company Information](index=4&type=section&id=I.%20Company%20Information) Discloses the company's Chinese name, abbreviation, foreign name and abbreviation, and legal representative information - The company's Chinese name is Shanying International Holdings Co., Ltd., abbreviated as Shanying International, with Wu Mingwu as its legal representative[12](index=12&type=chunk) [II. Contact Persons and Information](index=5&type=section&id=II.%20Contact%20Persons%20and%20Information) Provides the names, contact addresses, telephone numbers, fax numbers, and email addresses of the company's Board Secretary and Securities Affairs Representative - The Board Secretary is Yan Dalin, and the Securities Affairs Representative is Huang Ye, both with the contact address at Building 6, Binjiang International, 645 Anpu Road, Yangpu District, Shanghai[13](index=13&type=chunk) [III. Brief Introduction to Changes in Basic Information](index=5&type=section&id=III.%20Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) Introduces the company's registered address, office address, website, and email address, stating no changes occurred during the reporting period - The company's registered address is No. 3 Qinjian Road, Ma'anshan City, Anhui Province, and its office address is Building 6, Binjiang International, 645 Anpu Road, Yangpu District, Shanghai, with no changes during the reporting period[14](index=14&type=chunk) [IV. Brief Introduction to Changes in Information Disclosure and Document Storage Locations](index=5&type=section&id=IV.%20Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Storage%20Locations) Lists the company's selected information disclosure newspapers, the website address for semi-annual reports, and report storage locations, noting no changes during the reporting period - The company designates "Shanghai Securities News", "China Securities Journal", and "Securities Times" as information disclosure newspapers, with the report website being www.sse.com.cn[15](index=15&type=chunk) [V. Company Stock Profile](index=5&type=section&id=V.%20Company%20Stock%20Profile) Provides the listing exchange, stock abbreviation, stock code, and former stock abbreviation for the company's A-shares - The company's A-shares are listed on the Shanghai Stock Exchange, with stock abbreviation "Shanying International" and code "600567", formerly "Shanying Paper"[16](index=16&type=chunk) [VII. Company's Key Accounting Data and Financial Indicators](index=5&type=section&id=VII.%20Company%27s%20Key%20Accounting%20Data%20and%20Financial%20Indicators) Discloses the company's key accounting data and financial indicators for the current and prior reporting periods, showing a slight decrease in operating revenue, significant declines in total profit and net profit attributable to shareholders, but a narrowing loss in non-recurring net profit Main Accounting Data (January-June 2025 vs. Prior Period) | Indicator | Current Period (Jan-Jun) (yuan) | Prior Period (yuan) | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 13,842,189,460.39 | 14,254,692,337.76 | -2.89 | | Total Profit | 59,205,452.06 | 123,009,528.69 | -51.87 | | Net Profit Attributable to Shareholders of Listed Company | 41,815,434.96 | 113,547,707.57 | -63.17 | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-recurring Gains and Losses | -65,779,857.21 | -108,126,041.43 | 39.16 | | Net Cash Flow from Operating Activities | 1,382,527,954.91 | 2,571,504,946.21 | -46.24 | | **Current Period-end vs. Prior Year-end** | | | | | Net Assets Attributable to Shareholders of Listed Company | 15,110,999,519.72 | 15,072,345,607.81 | 0.26 | Main Financial Indicators (January-June 2025 vs. Prior Period) | Indicator | Current Period (Jan-Jun) | Prior Period | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.01 | 0.03 | -74.37 | | Diluted Earnings Per Share (yuan/share) | 0.01 | 0.04 | -76.41 | | Basic Earnings Per Share After Deducting Non-recurring Gains and Losses (yuan/share) | -0.01 | -0.03 | 59.69 | | Weighted Average Return on Net Assets (%) | 0.28 | 0.82 | Decrease of 0.54 percentage points | | Weighted Average Return on Net Assets After Deducting Non-recurring Gains and Losses (%) | -0.44 | -0.78 | Increase of 0.34 percentage points | [IX. Non-recurring Gains and Losses Items and Amounts](index=6&type=section&id=IX.%20Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) Details non-recurring gains and losses items and their amounts for the reporting period, totaling **107.60 million yuan**, primarily comprising government subsidies and non-current asset disposal gains/losses Non-recurring Gains and Losses Items and Amounts | Non-recurring Gains and Losses Item | Amount (yuan) | Notes (if applicable) | | :--- | :--- | :--- | | Gains/losses from disposal of non-current assets | 18,552,545.67 | | | Government grants recognized in current profit or loss | 114,626,379.49 | Primarily operating subsidies | | Gains/losses from changes in fair value and disposal of financial assets | 1,930,559.20 | | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 72,416.94 | | | Other non-operating income and expenses | 3,084,255.88 | | | Other gains/losses meeting the definition of non-recurring gains/losses | -346,623.49 | | | Less: Income tax impact | 17,502,905.65 | | | Impact on minority interests (after tax) | 12,821,335.87 | | | Total | 107,595,292.17 | | Section 3 Management Discussion and Analysis [I. Explanation of the Company's Industry and Main Business Operations During the Reporting Period](index=7&type=section&id=I.%20Explanation%20of%20the%20Company%27s%20Industry%20and%20Main%20Business%20Operations%20During%20the%20Reporting%20Period) This section details the market environment, cost pressures, policy expectations of the paper industry, and the company's strategic measures to counter 'involution', alongside a comprehensive overview of its main business, industrial chain layout, and industrial internet development - In the first half of **2025**, the containerboard and corrugated paper market saw continuous release of new capacity, with demand growing by approximately **5%**, but product prices continued to fall due to the impact of imported paper, leading to persistently low industry profitability[24](index=24&type=chunk) - As a leading enterprise in the industry, the company was among the first to respond to the national "anti-involution" policy, adopting "strategic contraction, value focus, and industry collaboration" measures, including frequent price increase notices, focusing on the high-end corrugated paper market, increasing R&D investment (e.g., bamboo fiber, straw pulp alternative technologies), and introducing intelligent production[25](index=25&type=chunk) - The company's main business covers green resource comprehensive utilization, industrial and specialty paper manufacturing, packaging product customization, and industrial internet, aiming to become a global integrated packaging solution provider[25](index=25&type=chunk) - The company has **seven** major paper manufacturing bases in China, with an existing production capacity of approximately **8.12 million tons**, ranking second in China; its packaging segment has an annual output exceeding **2 billion square meters**, also ranking second in China[26](index=26&type=chunk)[27](index=27&type=chunk) - The company serves recycled fiber recovery and transportation through its industrial internet platforms Yunrong and Yunlian, and its associate Yunyin Technology focuses on the digital transformation of the packaging industry[32](index=32&type=chunk) [II. Discussion and Analysis of Operating Conditions](index=9&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operating%20Conditions) During the reporting period, the company achieved **13.84 billion yuan** in operating revenue and **41.82 million yuan** in net profit attributable to shareholders; the paper segment saw increased output but decreased revenue, with improved gross margin; the packaging segment experienced sales growth and enhanced large client service capabilities; the recycling segment expanded its diversified raw material system; for high-end raw materials, the company plans to build its own softwood pulp production line to address supply chain bottlenecks - During the reporting period, the company achieved operating revenue of **13.84 billion yuan** and net profit attributable to shareholders of **41.82 million yuan**[38](index=38&type=chunk) Paper Segment Operating Data (January-June 2025) | Indicator | Quantity | Year-on-Year Growth (%) | Sales Revenue (billion yuan) | Year-on-Year Decrease (%) | | :--- | :--- | :--- | :--- | :--- | | Production | 3.5664 million tons | 4.30 | 9.215 | 3.56 | | Sales | 3.4742 million tons | 0.29 | | | | Production-Sales Ratio | 97.41% | | | | - The packaging segment's production decreased by **0.95%** year-on-year, while sales increased by **2.29%**, with a production-sales ratio of **105.40%**, and new valuable clients such as Nestlé and Unilever were added[39](index=39&type=chunk) - The recycling segment added Wuhan and Putian Huangshi sorting centers, won the bid for the Hefei High-tech Zone project, and plans to introduce AI sorting technology[39](index=39&type=chunk) - To address the bottleneck in high-end raw materials (softwood pulp), the company will consider building its own softwood pulp production line to cope with high costs and declining profitability caused by the domestic ban on overseas recycled paper imports[40](index=40&type=chunk) [III. Analysis of Core Competitiveness During the Reporting Period](index=10&type=section&id=III.%20Analysis%20of%20Core%20Competitiveness%20During%20the%20Reporting%20Period) The company's core competitiveness remained largely unchanged, primarily manifested in six aspects: integrated industrial chain, green resource comprehensive utilization, geographical advantages, digital operations, industrial internet ecosystem, and all-factor innovation, collectively supporting its ability to provide one-stop packaging solutions, reduce costs, enhance efficiency, and improve market competitiveness - The company's core competitiveness lies in its integrated industrial chain advantage, covering recycled fiber procurement, raw paper production, and paperboard/carton manufacturing, achieving cost control and one-stop solutions[41](index=41&type=chunk) - The company adheres to green, low-carbon, and circular development, primarily using recycled fibers as raw materials for raw paper production (approximately **97%**), and possesses multiple national-level green factories and FSC certifications, reducing energy costs through cogeneration[42](index=42&type=chunk) - The company's paper production capacity is strategically located in East China, South China, Central China, and Northeast China, while its packaging business is located in economically developed coastal and riverside areas, close to customers and raw material supplies[43](index=43&type=chunk) - The company actively promotes digital transformation, leveraging digital empowerment in recycled fiber procurement, production operations, sales, and financial management to enhance efficiency and risk control capabilities[44](index=44&type=chunk) - The company has built an industrial internet ecosystem platform (Yunrong, Yunyin, Yunlian), comprehensively covering the recycled resource recovery, papermaking, and packaging industrial chains, providing integrated green packaging solutions[44](index=44&type=chunk) - The company continuously increases investment in product technology R&D, possessing national-level postdoctoral research workstations and other R&D platforms, having obtained **1,352** patents, and successfully developed high-value-added products such as high-stretch extensible paper[45](index=45&type=chunk) [IV. Main Operating Conditions During the Reporting Period](index=12&type=section&id=IV.%20Main%20Operating%20Conditions%20During%20the%20Reporting%20Period) This section analyzes the company's main business performance, asset and liability status, investment activities, and significant asset and equity changes during the reporting period [(1) Analysis of Main Business](index=12&type=section&id=%28%E4%B8%80%29%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Operating revenue decreased by **2.89%** year-on-year, mainly due to lower raw paper prices; operating costs decreased by **3.66%**, primarily due to reduced raw material and freight costs; financial expenses decreased by **19.25%**, mainly from lower interest expenses; net cash flow from operating activities decreased by **46.24%**, primarily due to reduced sales collections; the gross margin of the paper business improved, while packaging and trade businesses saw slight declines Financial Statement Related Account Fluctuation Analysis (January-June 2025 vs. Prior Period) | Account | Current Period (yuan) | Prior Period (yuan) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 13,842,189,460.39 | 14,254,692,337.76 | -2.89 | Decrease in raw paper prices | | Operating Costs | 12,526,326,576.29 | 13,002,210,533.81 | -3.66 | Decrease in raw material and freight costs | | Financial Expenses | 449,788,168.50 | 557,006,846.74 | -19.25 | Decrease in interest expenses | | Net Cash Flow from Operating Activities | 1,382,527,954.91 | 2,571,504,946.21 | -46.24 | Decrease in sales collections | | Net Cash Flow from Investing Activities | -521,094,071.01 | -895,999,191.27 | 41.84 | Recovery of equity investments | | Net Cash Flow from Financing Activities | -645,170,592.43 | -1,344,917,223.32 | 52.03 | Increase in interest-bearing debt | Gross Margin by Industry Segment (January-June 2025 vs. Prior Period) | Industry Segment | Current Period Gross Margin (%) | Prior Period Gross Margin (%) | | :--- | :--- | :--- | | Paper | 8.05 | 6.74 | | Packaging | 12.32 | 12.51 | | Trade | 10.31 | 10.52 | Gross Margin by Product (January-June 2025 vs. Prior Period) | Product | Current Period Gross Margin (%) | Prior Period Gross Margin (%) | | :--- | :--- | :--- | | Containerboard | 8.86 | 6.40 | | Corrugated Paper | 10.10 | 7.94 | | Other Raw Paper | 3.43 | 6.31 | | Paper Products | 12.32 | 12.51 | | Recycled Fiber | 10.31 | 10.52 | [(3) Analysis of Assets and Liabilities](index=13&type=section&id=%28%E4%B8%89%29%20%E8%B5%84%E4%BA%A7%E3%80%81%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) At the end of the reporting period, the company's monetary funds increased by **46.58%** year-on-year, mainly due to increased deposits; notes receivable decreased by **50.44%** due to fewer commercial acceptance bills; other receivables decreased by **55.00%** due to the receipt of equity transfer payments; development expenditures increased by **156.89%** due to increased data resource development; notes payable increased by **78.89%** due to increased bill issuance limits; overseas assets accounted for **8.82%** of total assets Asset and Liability Status Changes (Current Period-end vs. Prior Year-end) | Item Name | Current Period-end (yuan) | Change from Prior Year-end (%) | Explanation | | :--- | :--- | :--- | :--- | | Monetary Funds | 4,841,291,666.96 | 46.58 | Mainly due to increased deposits in the current period | | Notes Receivable | 73,689,558.54 | -50.44 | Mainly due to fewer commercial acceptance bills received in the current period | | Other Receivables | 203,626,547.46 | -55.00 | Mainly due to receipt of equity transfer payments in the current period | | Development Expenditures | 19,731,542.03 | 156.89 | Mainly due to increased data resource development expenditures in the current period | | Notes Payable | 513,809,797.71 | 78.89 | Mainly due to increased bill issuance limits in the current period | - Overseas assets totaled **4,763,242,480.16 yuan**, accounting for **8.82%** of total assets[51](index=51&type=chunk) [(4) Analysis of Investment Status](index=14&type=section&id=%28%E5%9B%9B%29%20%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) As of the end of the reporting period, the company's balances of long-term equity investments and equity instrument investments both decreased; the first phase of the Suzhou paper project, with an annual output of **900,000 tons** of packaging paper, has been completed Investment Balance Changes (As of June 30, 2025 vs. Year-start) | Item | Period-end Balance (ten thousand yuan) | Year-start Balance (ten thousand yuan) | Decrease (%) | | :--- | :--- | :--- | :--- | | Long-term Equity Investment | 143,577.57 | 146,696.38 | 2.13 | | Other Equity Instrument Investment | 19,855.32 | 21,391.13 | 7.18 | - The first phase of the Suzhou paper project, planned for **700,000 tons/year** of thermomechanical pulp and **1.8 million tons/year** of packaging paper capacity, with **900,000 tons/year** of packaging paper, has been completed[53](index=53&type=chunk) [(5) Significant Asset and Equity Sales](index=15&type=section&id=%28%E4%BA%94%29%20%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E5%92%8C%E8%82%A1%E6%9D%83%E5%87%BA%E5%94%AE) The company's wholly-owned subsidiary, Shanying Private Equity, transferred its paid-in capital in Jiaxing Yinghuang Equity Investment Partnership, having received the full payment of **546.22 million yuan** - The company's wholly-owned subsidiary, Shanying Private Equity, transferred its **395 million yuan** paid-in capital in Jiaxing Yinghuang Equity Investment Partnership, having received the full payment of **546.22 million yuan**[55](index=55&type=chunk) [(6) Analysis of Major Holding and Participating Companies](index=16&type=section&id=%28%E5%85%AD%29%20%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) Lists the financial status of major subsidiaries and participating companies with over **10%** impact on the company's net profit during the reporting period, and discloses the acquisition and disposal of subsidiaries Major Subsidiary Financial Performance (January-June 2025) | Company Name | Operating Revenue (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | | Zhejiang Shanying Paper Co., Ltd. | 4,913,015,893.32 | -94,816,273.38 | | Shanying South China Paper Co., Ltd. | 1,139,743,777.64 | -30,192,327.55 | | Shanying Central China Paper Co., Ltd. | 1,365,236,275.78 | 50,320,709.88 | | Xiangheng (Putian) Packaging Co., Ltd. | 255,333,346.02 | 26,080,654.74 | | Wuhan Xiangheng Packaging Co., Ltd. | 237,376,889.14 | 3,173,278.19 | - During the reporting period, the company invested in and established Jiangmen Xiangpeng Packaging Co., Ltd., Suzhou Xiangheng Paper Technology Co., Ltd., and others, while deregistering Sichuan Shanying Paper Co., Ltd., Taizhou Xiangpeng Packaging Co., Ltd., and others[57](index=57&type=chunk) [V. Other Disclosures](index=17&type=section&id=V.%20Other%20Disclosures) This section addresses potential risks the company faces and other significant matters requiring disclosure [(1) Potential Risks](index=17&type=section&id=%28%E4%B8%80%29%20%E5%8F%AF%E8%83%BD%E9%9D%A2%E5%AF%B9%E7%9A%84%E9%A3%8E%E9%99%A9) The company faces industry risks such as overcapacity, price competition, tight raw material supply, and import paper impact; policy risks like solid waste import bans and tariff adjustments; political, security, legal, and operational risks from overseas investments; and macroeconomic fluctuations; the company has implemented countermeasures including strengthening lean management, expanding overseas capacity, integrating the entire industrial chain, and optimizing capital structure - The paper industry faces industry risks of supply-demand imbalance, price declines, and profit squeeze; the company enhances competitiveness through lean management, new projects, and continuous financing[57](index=57&type=chunk) - The solid waste import ban leads to tight raw material supply for the domestic paper industry; the company mitigates policy risks by establishing overseas factories and acquiring overseas pulp production facilities[58](index=58&type=chunk)[59](index=59&type=chunk) - The **2023** tariff adjustment plan reduced import paper costs, impacting the domestic market; the company absorbs adverse effects through an integrated strategy, cost leadership, and developing its packaging business[59](index=59&type=chunk) - Overseas investments face political, security, legal, and operational risks; the company prevents these through due diligence, strengthened corporate governance, and control[60](index=60&type=chunk) - Macroeconomic fluctuations may affect industry recovery; the company ensures stable operations by divesting non-core businesses, strengthening risk management, and optimizing its debt structure[60](index=60&type=chunk) [(2) Other Disclosure Matters](index=18&type=section&id=%28%E4%BA%8C%29%20%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A1%B9) The company repurchased **25.0576%** equity of Guangdong Shanying, making it a wholly-owned subsidiary; the board approved a share repurchase plan of **500 million to 1 billion yuan**; the company and its subsidiary Shanying Private Equity jointly established Zhiyuan Fund to invest in industrial intelligent technology; the company plans to contribute equity in Guangdong Shanying and Xiangheng Creative Packaging to establish a partnership and introduce long-term investors - The company invested **543 million yuan** to acquire **25.0576%** equity of Guangdong Shanying held by Xinzhi Fund, making Guangdong Shanying a wholly-owned subsidiary of the company[61](index=61&type=chunk) - The board resolved to approve a share repurchase plan, intending to use **500 million to 1 billion yuan** of self-owned or self-raised funds to repurchase company shares, with a repurchase price not exceeding **2.50 yuan/share**[62](index=62&type=chunk) - The company and Shanying Private Equity jointly established Zhiyuan Fund with a total scale of **100 million yuan** to invest in industrial intelligent technology, and signed strategic investment cooperation agreements for industrial embodied projects with Yunyin Technology and Wuhan Proton Technology Co., Ltd[63](index=63&type=chunk) - The company plans to contribute **2.977 billion yuan** worth of **100%** equity in Guangdong Shanying and **36.56%** equity in Xiangheng Creative Packaging to establish Wuhu Shengying Enterprise Management Consulting Partnership, and introduce long-term investors such as China Orient Asset Management Co., Ltd[64](index=64&type=chunk) Section 4 Corporate Governance, Environment, and Society [I. Changes in Company Directors, Supervisors, and Senior Management](index=20&type=section&id=I.%20Changes%20in%20Company%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, Mr. Jiang Yulin resigned as Vice President due to personal reasons and no longer holds any position in the company - Vice President Jiang Yulin resigned due to personal reasons and no longer holds any position in the company[66](index=66&type=chunk) [II. Profit Distribution or Capital Reserve to Share Capital Increase Plan](index=20&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20to%20Share%20Capital%20Increase%20Plan) The company's proposed semi-annual profit distribution or capital reserve to share capital increase plan is not applicable, meaning no distribution or increase will occur - The company will not conduct profit distribution or capital reserve to share capital increase for the semi-annual period[67](index=67&type=chunk) [III. Status and Impact of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=20&type=section&id=III.%20Status%20and%20Impact%20of%20Company%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) Details the progress of the company's 2022 and 2024 employee stock ownership plans, including fundraising, share purchases, lock-up period extensions, and non-trading transfers, as well as the 2025 employee stock ownership plan - The **2022** core employee stock ownership plan completed stock purchases on February 1, **2023**, acquiring a total of **5,493,424** shares for **14.238 million yuan**, with the lock-up period extended to August 1, **2025**[69](index=69&type=chunk)[70](index=70&type=chunk) - The **2024** employee stock ownership plan raised a total of no more than **100.561 million yuan**, with shares sourced from the company's repurchased stock special account, and **18,980,810** shares completed non-trading transfers on August 12, **2024**[69](index=69&type=chunk)[70](index=70&type=chunk) - The **2025** employee stock ownership plan aims to raise a total of no more than **100 million yuan**, with shares sourced from the company's repurchased A-share common stock from the secondary market[70](index=70&type=chunk) [IV. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law](index=22&type=section&id=IV.%20Environmental%20Information%20of%20Listed%20Companies%20and%20Their%20Major%20Subsidiaries%20Included%20in%20the%20List%20of%20Enterprises%20Required%20to%20Disclose%20Environmental%20Information%20by%20Law) Lists the company and **10** major subsidiaries included in the list of enterprises required to disclose environmental information by law, providing inquiry indexes for each entity's environmental information disclosure report - The company and **10** subsidiaries are included in the list of enterprises required to disclose environmental information by law, including Xiangheng (Changzhou) Packaging, Zhejiang Shanying Paper, Shanying Paper (Guangdong) Co., Ltd., and others[71](index=71&type=chunk)[72](index=72&type=chunk) [V. Specific Progress in Consolidating and Expanding Poverty Alleviation Achievements, Rural Revitalization, and Other Work](index=23&type=section&id=V.%20Specific%20Progress%20in%20Consolidating%20and%20Expanding%20Poverty%20Alleviation%20Achievements%2C%20Rural%20Revitalization%2C%20and%20Other%20Work) The company actively fulfills its social responsibilities by supporting rural revitalization through 'consumer assistance to farmers', organizing voluntary blood donations, participating in flood relief, establishing an employment support system for people with disabilities, and assisting employees in need - The company carried out a "consumer assistance to farmers" special action through "purchase instead of donation", procuring **26,172 yuan** worth of agricultural products from targeted assistance areas[73](index=73&type=chunk) - Zhejiang Shanying, Suzhou Shanying, and other subsidiaries organized voluntary blood donation activities; Guizhou Xiangheng provided aid to Rongjiang flood disaster, donating **14,900 yuan** worth of materials[73](index=73&type=chunk) - The company established a "job development-capacity building-continuous care" integrated employment support system for people with disabilities, with multiple subsidiaries developing suitable job resources[74](index=74&type=chunk) Section 5 Significant Matters [I. Fulfillment of Commitments](index=24&type=section&id=I.%20Fulfillment%20of%20Commitments) Discloses the fulfillment of commitments by the company's actual controllers, controlling shareholders, and directors, supervisors, and senior management regarding avoiding horizontal competition, reducing related party transactions, ensuring independence, providing guarantees, share pledges, increasing shareholdings, and convertible bonds; most commitments have been strictly fulfilled or completed as planned - Controlling shareholder Taisheng Industrial, actual controllers Wu Mingwu and Xu Lifan, committed to avoiding horizontal competition, reducing and regulating related party transactions, ensuring the independence of the listed company, and providing gratuitous guarantees for the listed company, all of which have been strictly fulfilled[76](index=76&type=chunk) - Controlling shareholder Taisheng Industrial committed to strictly controlling the number and proportion of pledged shares, ensuring no change in control over the company, and repaying financing funds on time[77](index=77&type=chunk)[78](index=78&type=chunk) - The controlling shareholder committed to investing **270.113 million yuan** for secondary market share increases, which was completed by April 3, **2025**; actual controller Mr. Wu Mingwu cumulatively increased his company shareholding by **62,151,200** shares, totaling **109.16 million yuan**[79](index=79&type=chunk) - Some directors, supervisors, and senior management committed to purchasing the company's convertible bonds, which was completed by March 21, **2025**, with a total increase of **2.37 million yuan**[79](index=79&type=chunk) [VIII. Alleged Violations, Penalties, and Rectification by the Listed Company, its Directors, Supervisors, Senior Management, Controlling Shareholders, and Actual Controllers](index=28&type=section&id=VIII.%20Alleged%20Violations%2C%20Penalties%2C%20and%20Rectification%20by%20the%20Listed%20Company%2C%20its%20Directors%2C%20Supervisors%2C%20Senior%20Management%2C%20Controlling%20Shareholders%2C%20and%20Actual%20Controllers) Controlling shareholder Taisheng Industrial received a public reprimand from the Shanghai Stock Exchange for failing to fulfill its voluntary commitment to purchase 'Shanying Convertible Bonds' as planned and hold them until maturity - Controlling shareholder Taisheng Industrial was publicly reprimanded by the Shanghai Stock Exchange for failing to fulfill its voluntary commitment to increase its holding of "Shanying Convertible Bonds" and hold them until maturity as planned[81](index=81&type=chunk) [IX. Explanation of the Integrity Status of the Company, its Controlling Shareholders, and Actual Controllers During the Reporting Period](index=28&type=section&id=IX.%20Explanation%20of%20the%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholders%2C%20and%20Actual%20Controllers%20During%20the%20Reporting%20Period) During the reporting period, the company, its controlling shareholders, and actual controllers had no unfulfilled court judgments or large outstanding debts that were due - During the reporting period, the company, its controlling shareholders, and actual controllers maintained good integrity, with no unfulfilled court judgments or large outstanding debts that were due[82](index=82&type=chunk) [X. Significant Related Party Transactions](index=28&type=section&id=X.%20Significant%20Related%20Party%20Transactions) Discloses the estimated daily related party transactions for **2025**; as of the end of the reporting period, relevant progress is detailed in the financial report - The company disclosed its estimated daily related party transactions for **2025** on April 30, **2025**; as of the end of the reporting period, relevant progress is detailed in the financial report[83](index=83&type=chunk) [XI. Significant Contracts and Their Fulfillment](index=30&type=section&id=XI.%20Significant%20Contracts%20and%20Their%20Fulfillment) This section details the company's significant contracts and their performance, particularly focusing on major guarantees provided [(2) Significant Guarantees Performed and Not Yet Fully Performed During the Reporting Period](index=31&type=section&id=%28%E4%BA%8C%29%20%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%B1%A5%E8%A1%8C%E7%9A%84%E5%8F%8A%E5%B0%9A%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%E9%87%8D%E5%A4%A7%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) At the end of the reporting period, the company's total guarantee balance for subsidiaries was **15.64 billion yuan**, accounting for **103.53%** of the company's net assets, with **8.09 billion yuan** exceeding **50%** of net assets Company's Total Guarantee Status (Including Guarantees for Subsidiaries) | Indicator | Amount (yuan) | | :--- | :--- | | Total guarantees provided to subsidiaries during the reporting period | 11,221,540,701.22 | | Total guarantee balance for subsidiaries at period-end (B) | 15,644,307,466.10 | | Total Guarantees (A+B) | 15,644,307,466.10 | | Total Guarantees as a Percentage of Company's Net Assets (%) | 103.53 | | Amount of Total Guarantees Exceeding 50% of Net Assets (E) | 8,088,807,706.24 | Section 6 Share Changes and Shareholder Information [I. Share Capital Change](index=32&type=section&id=I.%20Share%20Capital%20Change) This section details the company's share capital changes, including the shareholding structure and any impacts on financial indicators [1. Table of Share Changes](index=32&type=section&id=1%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5%E8%A1%A8) During the reporting period, the company's total share capital remained unchanged, with **5,471,330,563** unrestricted tradable shares, accounting for **100%** Table of Share Changes (Unit: shares) | Item | Quantity Before Change | Proportion (%) | Increase/Decrease in This Change (+, -) | Quantity After Change | Proportion (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 0 | 0 | 0 | 0 | 0 | | II. Unrestricted Tradable Shares | 5,471,330,563 | 100 | 0 | 5,471,330,563 | 100 | | 1. RMB Ordinary Shares | 5,471,330,563 | 100 | 0 | 5,471,330,563 | 100 | | III. Total Shares | 5,471,330,563 | 100 | 0 | 5,471,330,563 | 100 | [3. Impact of Share Changes on Financial Indicators such as EPS and Net Asset Per Share from the End of the Reporting Period to the Disclosure Date of the Semi-Annual Report (if any)](index=32&type=section&id=3%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%90%8E%E5%88%B0%E5%8D%8A%E5%B9%B4%E6%8A%A5%E6%8A%AB%E9%9C%B2%E6%97%A5%E6%9C%9F%E9%97%B4%E5%8F%91%E7%94%9F%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%AF%B9%E6%AF%8F%E8%82%A1%E6%94%B6%E7%9B%8A%E3%80%81%E6%AF%8F%E8%82%A1%E5%87%80%E8%B5%84%E4%BA%A7%E7%AD%89%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87%E7%9A%84%E5%BD%B1%E5%93%8D%EF%BC%88%E5%A6%82%E6%9C%89%EF%BC%89) After the reporting period, the continuous conversion of 'Ying 19 Convertible Bonds' will increase the total share capital, diluting earnings per share and net assets per share - The continuous conversion of "Ying 19 Convertible Bonds" will lead to an increase in total share capital, diluting earnings per share and net assets per share[92](index=92&type=chunk) [II. Shareholder Information](index=32&type=section&id=II.%20Shareholder%20Information) This section provides details on the total number of shareholders and the shareholding status of the top ten shareholders and unrestricted shareholders [(1) Total Number of Shareholders:](index=32&type=section&id=%28%E4%B8%80%29%20%E8%82%A1%E4%B8%9C%E6%80%BB%E6%95%B0%EF%BC%9A) As of the end of the reporting period, the total number of common shareholders was **189,126** - As of the end of the reporting period, the total number of common shareholders was **189,126**[93](index=93&type=chunk) [(2) Shareholding Status of Top Ten Shareholders and Top Ten Unrestricted Shareholders (or Unrestricted Shares) as of the End of the Reporting Period](index=33&type=section&id=%28%E4%BA%8C%29%20%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E5%89%8D%E5%8D%81%E5%90%8D%E8%82%A1%E4%B8%9C%E3%80%81%E5%89%8D%E5%8D%81%E5%90%8D%E6%B5%81%E9%80%9A%E8%82%A1%E4%B8%9C%EF%BC%88%E6%88%96%E6%97%A0%E9%99%90%E5%94%AE%E6%9D%A1%E4%BB%B6%E8%82%A1%E4%B8%9C%EF%BC%89%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5%E8%A1%A8) Discloses the shareholding status of the top ten shareholders and top ten unrestricted tradable share shareholders as of the end of the reporting period, with controlling shareholder Fujian Taisheng Industrial Co., Ltd. holding **24.52%** and Wu Mingwu holding **1.03%**, with a portion pledged Top Ten Shareholders' Shareholding Status (As of Period-end) | Shareholder Name | Period-end Shareholding (shares) | Proportion (%) | Share Status | Quantity (shares) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | :--- | | Fujian Taisheng Industrial Co., Ltd. | 1,341,572,672 | 24.52 | Pledged | 722,470,000 | Domestic Non-State-Owned Legal Person | | Wu Liping | 122,414,516 | 2.24 | Unpledged | 0 | Domestic Natural Person | | Hong Kong Securities Clearing Company Limited | 97,503,811 | 1.78 | Unpledged | 0 | Other | | Lin Wenxin | 64,255,175 | 1.17 | Unpledged | 0 | Domestic Natural Person | | Wu Mingwu | 56,243,302 | 1.03 | Pledged | 56,229,602 | Domestic Natural Person | - Controlling shareholder Fujian Taisheng Industrial Co., Ltd. holds **24.52%** of shares, of which **722,470,000** shares are pledged; actual controller Wu Mingwu holds **1.03%** of shares, of which **56,229,602** shares are pledged[95](index=95&type=chunk) - The company's special securities account for share repurchase holds **32,462,541** shares, accounting for **0.59%** of the total share capital[95](index=95&type=chunk) [III. Information on Directors, Supervisors, and Senior Management](index=34&type=section&id=III.%20Information%20on%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) This section details the shareholding changes of current and resigned directors, supervisors, and senior management during the reporting period [(1) Shareholding Changes of Current and Resigned Directors, Supervisors, and Senior Management During the Reporting Period](index=34&type=section&id=%28%E4%B8%80%29%20%E7%8E%B0%E4%BB%BB%E5%8F%8A%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E7%A6%BB%E4%BB%BB%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%8C%81%E8%82%A1%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) Chairman and President Mr. Wu Mingwu increased his company shareholding by **62,151,200** shares through secondary market purchases during the reporting period, bringing his total shareholding to **107,880,802** shares at period-end Shareholding Changes of Directors, Supervisors, and Senior Management | Name | Position | Beginning-of-Period Shareholding (shares) | Period-end Shareholding (shares) | Change in Shareholding During Period (shares) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Wu Mingwu | Chairman, President | 45,729,602 | 107,880,802 | 62,151,200 | Secondary market increase | - Chairman and President Mr. Wu Mingwu increased his company shareholding by **62,151,200** shares through secondary market purchases, with **56,243,302** shares held directly and **51,637,500** shares held via Shanghai-Hong Kong Stock Connect[97](index=97&type=chunk) Section 7 Bond-Related Information [II. Convertible Corporate Bonds](index=36&type=section&id=II.%20Convertible%20Corporate%20Bonds) This section details the company's convertible corporate bonds, including issuance, holder information, changes, conversion status, and price adjustments [(1) Convertible Bond Issuance](index=36&type=section&id=%28%E4%B8%80%29%E8%BD%AC%E5%80%BA%E5%8F%91%E8%A1%8C%E6%83%85%E5%86%B5) The company publicly issued **1.86 billion yuan** of 'Ying 19 Convertible Bonds' on December 13, 2019, with bond code '110063', listed on January 3, 2020, maturing on December 12, 2025, and an initial conversion price of **3.30 yuan/share** - The company publicly issued **1.86 billion yuan** of "Ying 19 Convertible Bonds" on December 13, **2019**, with bond code "110063", listed on January 3, **2020**, maturing on December 12, **2025**, and an initial conversion price of **3.30 yuan/share**[101](index=101&type=chunk)[102](index=102&type=chunk) [(2) Convertible Bond Holders and Guarantors During the Reporting Period](index=36&type=section&id=%28%E4%BA%8C%29%E6%8A%A5%E5%91%8A%E6%9C%9F%E8%BD%AC%E5%80%BA%E6%8C%81%E6%9C%89%E4%BA%BA%E5%8F%8A%E6%8B%85%E4%BF%9D%E4%BA%BA%E6%83%85%E5%86%B5) As of the end of the reporting period, 'Ying 19 Convertible Bonds' had **13,469** holders and no guarantors; among the top ten holders, Qingdao Guanlan Investment Management Co., Ltd. held the largest amount of bonds, totaling **127.94 million yuan**, accounting for **6.94%** - At period-end, "Ying 19 Convertible Bonds" had **13,469** holders and no guarantors[103](index=103&type=chunk) Top Ten Convertible Bond Holders (As of Period-end) | Convertible Corporate Bond Holder Name | Period-end Bond Holding (yuan) | Holding Proportion (%) | | :--- | :--- | :--- | | Qingdao Guanlan Investment Management Co., Ltd. | 127,937,000 | 6.94 | | China Merchants Bank Co., Ltd. - Boshi CSI Convertible Bond and Exchangeable Bond ETF | 81,963,000 | 4.45 | | Industrial and Commercial Bank of China Co., Ltd. - Boshi Credit Bond Investment Fund | 73,738,000 | 4.00 | | China CITIC Bank Co., Ltd. - Taiping Fengtai One-Year Fixed-Term Open-Ended Bond Fund (Initiator) | 55,818,000 | 3.03 | | Liu Xianzheng | 34,544,000 | 1.87 | [(3) Convertible Bond Changes During the Reporting Period](index=37&type=section&id=%28%E4%B8%89%29%E6%8A%A5%E5%91%8A%E6%9C%9F%E8%BD%AC%E5%80%BA%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, 'Ying 19 Convertible Bonds' converted **57,000 yuan** into shares, with a period-end balance of **1.84 billion yuan** "Ying 19 Convertible Bonds" Change Status (Unit: yuan) | Convertible Corporate Bond Name | Before This Change | Increase/Decrease in This Change (Conversion) | After This Change | | :--- | :--- | :--- | :--- | | Ying 19 Convertible Bonds | 1,843,884,000 | 57,000 | 1,843,827,000 | [(4) Cumulative Convertible Bond Conversion Status During the Reporting Period](index=37&type=section&id=%28%E5%9B%9B%29%E6%8A%A5%E5%91%8A%E6%9C%9F%E8%BD%AC%E5%80%BA%E7%B4%AF%E8%AE%A1%E8%BD%AC%E8%82%A1%E6%83%85%E5%86%B5) During the reporting period, 'Ying 19 Convertible Bonds' converted **57,000 yuan** into **32,259** shares; cumulative conversions totaled **4,999,569** shares, representing **0.11%** of the company's total shares issued before conversion; the unconverted bond amount was **1.84 billion yuan**, accounting for **99.13%** of the total convertible bond issuance "Ying 19 Convertible Bonds" Cumulative Conversion Status | Indicator | Amount/Quantity | | :--- | :--- | | Conversion amount during the reporting period (yuan) | 57,000 | | Number of shares converted during the reporting period (shares) | 32,259 | | Cumulative number of shares converted (shares) | 4,999,569 | | Cumulative number of shares converted as a percentage of total shares issued before conversion (%) | 0.11 | | Unconverted bond amount (yuan) | 1,843,827,000 | | Proportion of unconverted convertible bonds to total convertible bond issuance (%) | 99.13 | [(5) Historical Adjustments to Conversion Price](index=37&type=section&id=%28%E4%BA%94%29%E8%BD%AC%E8%82%A1%E4%BB%B7%E6%A0%BC%E5%8E%86%E6%AC%A1%E8%B0%83%E6%95%B4%E6%83%85%E5%86%B5) The conversion price of 'Ying 19 Convertible Bonds' has undergone multiple adjustments since issuance, with the latest conversion price at **1.76 yuan/share** as of the end of this reporting period, primarily influenced by profit distribution plans, downward adjustments of the company's stock price, and share repurchases and cancellations - The conversion price of "Ying 19 Convertible Bonds" has been adjusted multiple times since its issuance, from an initial **3.30 yuan/share** to the latest **1.76 yuan/share** at the end of the reporting period, influenced by factors such as profit distribution plans, downward adjustments of the company's stock price, and share repurchases and cancellations[110](index=110&type=chunk)[111](index=111&type=chunk)[112](index=112&type=chunk) [(6) Company's Debt Situation, Credit Rating Changes, and Cash Arrangements for Debt Repayment in Future Years](index=39&type=section&id=%28%E5%85%AD%29%E5%85%AC%E5%8F%B8%E7%9A%84%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E3%80%81%E8%B5%84%E4%BF%A1%E5%8F%98%E5%8C%96%E6%83%85%E5%86%B5%E5%8F%8A%E5%9C%A8%E6%9C%AA%E6%9D%A5%E5%B9%B4%E5%BA%A6%E8%BF%98%E5%80%BA%E7%9A%84%E7%8E%B0%E9%87%91%E5%AE%89%E6%8E%92) As of the end of the reporting period, the company's asset-liability ratio was **68.99%**, with a stable credit status, a long-term credit rating of 'AA', and a 'stable' outlook; the company possesses substantial cash-like assets and net assets, indicating controllable debt repayment risk - As of the end of the reporting period, the company's asset-liability ratio was **68.99%**, with a long-term credit rating of "AA" and a "stable" outlook[113](index=113&type=chunk) - The company possesses substantial cash-like assets and net assets, and holds competitive advantages in industry position, production scale, technological level, and product structure, indicating controllable debt repayment risk[113](index=113&type=chunk) Section 8 Financial Report [II. Financial Statements](index=40&type=section&id=II.%20Financial%20Statements) This section includes the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, comprehensively presenting the company's financial position at the end of the reporting period and its operating results, cash flows, and equity changes during the period - Provides consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity[116](index=116&type=chunk)[118](index=118&type=chunk)[121](index=121&type=chunk)[124](index=124&type=chunk)[127](index=127&type=chunk)[129](index=129&type=chunk)[131](index=131&type=chunk)[133](index=133&type=chunk)[135](index=135&type=chunk) [III. Company Basic Information](index=53&type=section&id=III.%20Company%20Basic%20Information) Introduces the company's establishment background, registered capital, total shares, stock listing status, registered address, headquarters office address, and its industry and main business operations - The company's registered capital is **4,470,565,176.00 yuan**, with a total of **5,471,330,563.00** shares, and its stock was listed on the Shanghai Stock Exchange on December 18, **2001**[136](index=136&type=chunk) - The company belongs to the paper industry, primarily engaged in raw paper and paper product businesses[136](index=136&type=chunk) [IV. Basis for Preparation of Financial Statements](index=53&type=section&id=IV.%20Basis%20for%20Preparation%20of%20Financial%20Statements) The financial statements are prepared in accordance with 'Enterprise Accounting Standards' and relevant CSRC regulations, based on the going concern assumption, with management believing the company has the ability to continue as a going concern for the next **12** months - The financial statements are prepared in accordance with the Ministry of Finance's "Enterprise Accounting Standards" and the CSRC's "Information Disclosure Rules for Companies Issuing Securities to the Public No. 15 - General Provisions for Financial Reports" (**2023** Revision)[137](index=137&type=chunk) - Despite significant current liabilities, company management believes that through bank financing, improved working capital, divestment of non-core assets, and enhanced refined management, the company possesses the ability to continue as a going concern for the next **12** months[138](index=138&type=chunk)[143](index=143&type=chunk) [V. Significant Accounting Policies and Accounting Estimates](index=53&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Accounting%20Estimates) This section elaborates on the significant accounting policies and estimates followed by the company in preparing its financial statements, covering specific treatment methods and judgment criteria for financial instruments, inventories, fixed assets, intangible assets, revenue recognition, government grants, and other areas - The company's accounting policies and estimates cover impairment provisions for accounts receivable, inventory write-downs, depreciation of fixed assets, amortization of intangible assets, and revenue recognition and measurement[139](index=139&type=chunk) - Detailed explanations are provided for the recognition, classification, measurement, and impairment treatment of financial instruments, including financial assets and liabilities measured at amortized cost, fair value through other comprehensive income, or fair value through profit or loss[155](index=155&type=chunk)[156](index=156&type=chunk)[157](index=157&type=chunk)[158](index=158&type=chunk)[159](index=159&type=chunk) - Revenue recognition is based on the point at which the customer obtains control of goods or services, with detailed explanations of specific recognition methods for sales of goods and trade revenue[222](index=222&type=chunk)[223](index=223&type=chunk)[224](index=224&type=chunk)[225](index=225&type=chunk) - Discloses inventory categories, valuation methods, inventory systems, criteria for inventory write-downs, and recognition conditions, depreciation methods, and useful lives of fixed assets[181](index=181&type=chunk)[182](index=182&type=chunk)[198](index=198&type=chunk)[199](index=199&type=chunk) - Explains the recognition of intangible assets, estimation of useful lives, amortization methods, and capitalization conditions for research and development expenditures[204](index=204&type=chunk)[205](index=205&type=chunk)[206](index=206&type=chunk)[208](index=208&type=chunk) [VI. Taxation](index=73&type=section&id=VI.%20Taxation) This section lists the company's main tax categories and rates, and details the various tax preferential policies enjoyed by the company and its subsidiaries, including immediate VAT refunds, high-tech enterprise income tax incentives, resource comprehensive utilization income tax incentives, and additional VAT deductions for advanced manufacturing enterprises Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Sales of goods or provision of taxable services | 3%, 6%, 9%, 13% | | Urban Maintenance and Construction Tax | Amount of turnover tax payable | 5%, 7% | | Enterprise Income Tax | Taxable income | 15%, 25% (with preferential treatment) | | Property Tax | Assessed value/rental income | 1.2%, 12% | - The company and several subsidiaries enjoy immediate VAT refund policies (e.g., for employing disabled individuals, resource comprehensive utilization products)[239](index=239&type=chunk)[242](index=242&type=chunk) - Shanying International and several subsidiaries are recognized as high-tech enterprises, enjoying a **15%** preferential enterprise income tax rate[240](index=240&type=chunk)[241](index=241&type=chunk) - A portion of the company's product income enjoys enterprise income tax incentives for resource comprehensive utilization, with **90%** included in total annual income[242](index=242&type=chunk) - The company and several subsidiaries enjoy a **5%** additional VAT deduction policy for advanced manufacturing enterprises[243](index=243&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=76&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes for all consolidated financial statement items, including assets, liabilities, equity, income, expenses, and cash flows, disclosing period-end balances, changes, and relevant explanations for significant accounts Restricted Monetary Funds (Unit: yuan) | Item | Year-end Balance | Year-start Balance | | :--- | :--- | :--- | | Bank acceptance bill deposits | 2,199,487,471.82 | 1,577,079,475.59 | | Letter of credit deposits | 1,293,667,856.12 | 579,849,878.00 | | Total | 3,643,948,197.18 | 2,313,321,285.85 | Accounts Receivable Impairment Provision (Unit: yuan) | Category | Beginning-of-Period Balance | Provision for Current Period | Recovered or Reversed in Current Period | Other Changes in Current Period | Period-end Balance | | :--- | :--- | :--- | :--- | :--- | :--- | | Accounts receivable impairment provision | 170,345,463.60 | 22,588,614.34 | 5,162,964.04 | 1,426,385.28 | 189,197,499.18 | Significant Construction in Progress Project Changes (Unit: yuan) | Project Name | Budget (yuan) | Beginning-of-Period Balance (yuan) | Amount Increased in Current Period (yuan) | Amount Transferred to Fixed Assets in Current Period (yuan) | Period-end Balance (yuan) | Cumulative Project Investment as % of Budget | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | (Shanying Jilin) 1 Million Tons Pulping and 1 Million Tons Industrial Packaging Paper Project Phase I | 1,721,270,304.51 | 1,377,253,252.06 | 94,263,649.81 | 0 | 1,471,516,901.87 | 94.45 | | (Suzhou Shanying) Annual Production of 900,000 Tons Packaging Paper Project | 6,250,000,000.00 | 1,909,458,174.80 | 1,286,830,648.73 | 0 | 3,196,288,823.53 | 51.14 | Goodwill Carrying Amount (Unit: yuan) | Name of Investee or Goodwill-Generating Event | Beginning-of-Period Balance | Increase in Current Period (Exchange Rate Changes) | Decrease in Current Period (Disposal) | Period-end Balance | | :--- | :--- | :--- | :--- | :--- | | South China Shanying | 1,419,140,499.52 | | | 1,419,140,499.52 | | WPT | 226,884,615.18 | 26,430,729.66 | | 253,315,344.84 | | Suzhou Xinghua | 11,110,099.39 | | 11,110,099.39 | | Short-term Borrowings Classification (Unit: yuan) | Item | Period-end Balance | Beginning-of-Period Balance | | :--- | :--- | :--- | | Pledged borrowings | 6,979,377,544.87 | 3,775,602,040.76 | | Guaranteed borrowings | 3,728,400,228.35 | 3,255,695,548.88 | | Credit borrowings | 774,174,114.35 | 2,485,045,029.65 | | Total | 15,409,764,745.69 | 13,463,726,927.85 | Operating Revenue and Operating Costs (Unit: yuan) | Item | Current Period (Revenue) | Current Period (Costs) | Prior Period (Revenue) | Prior Period (Costs) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 13,649,229,445.66 | 12,352,328,404.19 | 14,010,246,534.59 | 12,792,836,573.27 | | Other Businesses | 192,960,014.73 | 173,998,172.10 | 244,445,803.17 | 209,373,960.54 | | Total | 13,842,189,460.39 | 12,526,326,576.29 | 14,254,692,337.76 | 13,002,210,533.81 | Investment Income (Unit: yuan) | Item | Current Period | Prior Period | | :--- | :--- | :--- | | Investment income from long-term equity investments accounted for using equity method | 3,811,899.81 | 127,589,009.97 | | Investment income from disposal of long-term equity investments | 19,539,797.65 | -214,399.62 | | Investment income from disposal of other non-current financial assets | 22,993,740.00 | | | Investment income from derivative financial instruments | 1,930,559.20 | | | Total | 34,743,505.20 | 105,067,894.64 | [VIII. Research and Development Expenses](index=132&type=section&id=VIII.%20Research%20and%20Development%20Expenses) During the reporting period, the company's total R&D expenditure was **413.94 million yuan**, a **6.09%** year-on-year increase, with **401.89 million yuan** expensed and **12.05 million yuan** capitalized, primarily for data resource development R&D Expenses by Nature (Unit: yuan) | Item | Current Period | Prior Period | | :--- | :--- | :--- | | Direct materials | 282,474,083.58 | 260,233,519.97 | | Employee compensation | 71,032,859.80 | 75,004,602.64 | | Depreciation and amortization | 48,981,744.16 | 44,738,303.33 | | Total | 413,937,561.36 | 390,190,965.76 | | Of which: Expensed R&D expenditures | 401,886,933.04 | 390,190,965.76 | | Capitalized R&D expenditures | 12,050,628.32 | | - Capitalized R&D expenditures are primarily for data resource development, with a period-end balance of **19,731,542.03 yuan**[438](index=438&type=chunk) [IX. Changes in Consolidation Scope](index=134&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) During the reporting period, the company increased its consolidation scope by establishing **6** new subsidiaries, including Jiangmen Xiangpeng Packaging Co., Ltd., deregistered **4** subsidiaries, including Sichuan Shanying Paper Co., Ltd., and disposed of Suzhou Xinghua Printing Technology Co., Ltd., losing control over it - During the reporting period, the company invested in and established **6** subsidiaries, including Jiangmen Xiangpeng Packaging Co., Ltd., Suzhou Xiangheng Paper Technology Co., Ltd., and Xi'an Xiangheng Packaging Co., Ltd[441](index=441&type=chunk) - During the reporting period, the company deregistered **4** subsidiaries, including Sichuan Shanying Paper Co., Ltd., Taizhou Xiangpeng Packaging Co., Ltd., Yilai (Putian) Jewelry Industrial Co., Ltd., and Taizhou Xiangheng Packaging Co., Ltd[442](index=442&type=chunk) - The company disposed of **60%** equity in Suzhou Xinghua Printing Technology Co., Ltd., losing control, with a disposal price of **26.51 million yuan**, generating a disposal investment income of **19.54 million yuan**[440](index=440&type=chunk) [X. Interests in Other Entities](index=135&type=section&id=X.%20Interests%20in%20Other%20Entities) This section details the company's interests in subsidiaries, joint ventures, and associates, including the composition of the enterprise group, financial information of significant non-wholly-owned subsidiaries, and important joint ventures - The company owns numerous subsidiaries, covering manufacturing, commodity circulation, and service industries, such as Zhejiang Shanying Paper Co., Ltd. (**100%** owned) and Shanying Central China Paper Co., Ltd. (**74.94%** owned)[444](index=444&type=chunk)[445](index=445&type=chunk)[446](index=446&type=chunk)[447](index=447&type=chunk)[448](index=448&type=chunk)[449](index=449&type=chunk) Financial Information of Significant Non-Wholly-Owned Subsidiary (Central China Shanying, Unit: ten thousand yuan) | Indicator | Current Period | Prior Period | | :--- | :--- | :--- | | Minority shareholder's equity ratio (%) | 25.06 | | | Net profit attributable to minority shareholders | 1,301.77 | | | Period-end minority shareholder's equity balance | 133,359.07 | | | Operating Revenue | 136,523.63 | 138,317.26 | | Net Profit | 5,032.07 | -2,920.91 | | Net Cash Flow from Operating Activities | 38,802.95 | 59,765.74 | Financial Information of Significant Joint Venture (Anhui Jiaohui Shanying Private Equity Investment Fund Partnership (Limited Partnership), Unit: yuan) | Indicator | Period-end Balance/Current Period | Beginning-of-Period Balance/Prior Period | | :--- | :--- | :--- | | Total Assets | 1,400,178,091.02 | 1,504,728,498.81 | | Total Liabilities | 11,207,761.85 | 14,215,308.83 | | Equity Attributable to Parent Company Shareholders | 1,388,970,329.17 | 1,490,513,189.98 | | Net Profit | -2,330,694.41 | -4,706,036.58 | [XI. Government Grants](index=145&type=section&id=XI.%20Government%20Grants) At the end of the reporting period, government grants recognized as receivables totaled **125.41 million yuan**; total government grants recognized in current profit or loss for the period were **441.83 million yuan**, with **420.35 million yuan** related to income and **21.48 million yuan** related to assets - At the end of the reporting period, government grants recognized as receivables totaled **125.41 million yuan**[459](index=459&type=chunk) Government Grants Recognized in Current Profit or Loss (Unit: yuan) | Type | Current Period | Prior Period | | :--- | :--- | :--- | | Income-related | 420,349,233.73 | 543,233,783.22 | | Asset-related | 21,483,422.46 | 6,335,288.10 | | Total | 441,832,656.19 | 549,569,071.32 | [XII. Risks Related to Financial Instruments](index=146&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) The company faces market risks (exchange rates, interest rates, commodity prices), credit risk, and liquidity risk; it manages these risks through foreign currency trading, optimizing financing structures, and credit assessments - The company faces market risks (exchange rates, interest rates, commodity prices), credit risk, and liquidity risk[462](index=462&type=chunk) - The company manages risks through buying and selling foreign currencies at market exchange rates, optimizing financing structures, bank credit lines, and regular credit assessments[464](index=464&type=chunk)[465](index=465&type=chunk)[466](index=466&type=chunk) - As of June 30, **2025**, the company's bank borrowings totaled **24,480,067,409.17 yuan**[464](index=464&type=chunk) [XIII. Disclosure of Fair Value](index=148&type=section&id=XIII.%20Disclosure%20of%20Fair%20Value) Discloses period-end assets and liabilities measured at fair value, including other equity instrument investments and accounts receivable financing, and explains the basis for determining fair value at each level and valuation techniques Period-end Fair Value Measurement Items (Unit: yuan) | Item | Level 1 Fair Value Measurement | Level 3 Fair Value Measurement | Total | | :--- | :--- | :--- | :--- | | Other equity instrument investments (non-listed company equity) | 5,135,485.58 | 97,389,230.95 | 102,524,716.53 | | Other equity instrument investments (listed company equity) | 95,901,710.34 | | 95,901,710.34 | | Accounts receivable financing | | 242,648,150.31 | 242,648,150.31 | | Trading financial liabilities (equity acquisition contingent consideration) | 1,820,000.00 | | 1,820,000.00 | - Accounts receivable financing uses book balance as fair value, while other equity instruments (non-listed company equity) use investment cost as a reasonable estimate of fair value[472](index=472&type=chunk) [XIV. Related Parties and Related Party Transactions](index=149&type=section&id=XIV.%20Related%20Parties%20and%20Related%20Party%20Transactions) This section details the company's parent company, subsidiaries, joint ventures, and associates, as well as related party transactions during the reporting period, including purchases and sales of goods, provision of services, leasing, fund borrowing, and guarantees - The company's controlling shareholder is Fujian Taisheng Industrial Co., Ltd., holding **24.52%** of shares, with the ultimate controlling parties being natural persons Wu Mingwu and his spouse Xu Lifan[475](index=475&type=chunk) Related Party Transactions for Purchase of Goods/Acceptance of Services (Current Period, Unit: yuan) | Related Party | Related Transaction Content | Current Period | | :--- | :--- | :--- | | Taisheng Supply Chain Management Co., Ltd. | Logistics and transportation, procurement of raw pulp and paper, etc. | 354,506,021.20 | | Zhejiang Taihang Logistics Co., Ltd. | Logistics and transportation | 224,096,267.67 | | Zhejiang Wuchan Shanying Thermal Power Co., Ltd. | Procurement of steam | 102,789,947.65 | | Total | 712,248,405.66 | | Related Party Transactions for Sale of Goods/Provision of Services (Current Period, Unit: yuan) | Related Party | Related Transaction Content | Current Period | | :--- | :--- | :--- | | Yunyin Yougong (Wuxi) Packaging Technology Co., Ltd. | Sale of raw paper and paper products | 61,737,696.17 | | Xiamen Yunyin Yougong Packaging Technology Co., Ltd. | Sale of raw paper and paper products | 25,623,529.96 | | Hubei Zhencheng Paper Co., Ltd. | Sale of steam | 14,470,994.13 | | Total | 105,362,942.13 | | - As the guaranteed party, controlling shareholder Fujian Taisheng Industrial Co., Ltd. provided multiple guarantees for the company, involving significant amounts, with some guarantees also secured by company assets or subsidiary equity pledges[491](index=491&type=chunk) - The company borrowed **33,000,000.00 yuan** from Anhui Tongxinyuan Commercial Management Co., Ltd. in the current period[488](index=488&type=chunk) [XV. Share-based Payment](index=157&type=section&id=XV.%20Share-based%20Payment) This section does not disclose specific share-based payment details, equity-settled or cash-settled share-based payment information, current period share-based payment expenses, or modification/termination circumstances - No disclosure of specific share-based payment details, equity-settled or cash-settled share-based payment information, current period share-based payment expenses, or modification/termination circumstances during the reporting period[496](index=496&type=chunk) [XVI. Commitments and Contingencies](index=158&type=section&id=XVI.%20Commitments%20and%20Contingencies) The company has significant engineering contracts not ye

Group 1 - The core viewpoint of the article indicates that Shanying International reported a decline in both revenue and net profit for the first half of 2025, with revenue at 13.842 billion yuan, a year-on-year decrease of 2.89% [1] - The net profit for the same period was reported at 41.8154 million yuan, reflecting a significant year-on-year decline of 63.17% [1]

Group 1 - The paper sector experienced a rise of 0.94% on August 25, with Songyang Resources leading the gains [1] - The Shanghai Composite Index closed at 3883.56, up 1.51%, while the Shenzhen Component Index closed at 12441.07, up 2.26% [1] - Notable stock performances included Songyang Resources with a closing price of 19.69, up 6.89%, and Hengfeng Paper with a closing price of 9.79, up 5.50% [1] Group 2 - The paper sector saw a net outflow of 60.37 million yuan from institutional funds and 34.82 million yuan from speculative funds, while retail investors contributed a net inflow of 95.19 million yuan [3]

Group 1 - On August 22, a total of 3,713 stocks in the A-share market received financing funds, with 625 stocks having a buying amount exceeding 100 million yuan [1] - The top three stocks by financing buying amount were Dongfang Caifu, SMIC, and ZTE, with amounts of 4.002 billion yuan, 3.517 billion yuan, and 3.11 billion yuan respectively [1] - Five stocks had financing buying amounts accounting for over 30% of the total transaction amount on that day, with Guangzhou Port, China Merchants Jinling, and Shanying International leading at 38.22%, 36.22%, and 32.44% respectively [1] Group 2 - There were 48 stocks with a net financing buying amount exceeding 100 million yuan, with SMIC, ZTE, and Northern Rare Earth ranking the highest at 921 million yuan, 915 million yuan, and 790 million yuan respectively [1]

Group 1 - On August 22, a total of 3,713 stocks in the A-share market received financing funds, with 625 stocks having a buying amount exceeding 100 million yuan [1] - The top three stocks by financing buying amount were Dongfang Caifu, SMIC, and ZTE, with amounts of 4.002 billion yuan, 3.517 billion yuan, and 3.11 billion yuan respectively [1] - Five stocks had financing buying amounts accounting for over 30% of the total transaction amount on that day, with Guangzhou Port, China Merchants Jinling, and Shanying International ranking highest at 38.22%, 36.22%, and 32.44% respectively [1] Group 2 - There were 48 stocks with a net financing buying amount exceeding 100 million yuan, with SMIC, ZTE, and Northern Rare Earth leading at 921 million yuan, 915 million yuan, and 790 million yuan respectively [1]