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

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

内容概况：环保纸袋凭借其可降解性与环境友好性，已成为替代传统塑料包装的重要选择。它以纸浆为 主要原料，加工过程中不添加有害化学物质，能够在自然环境中快速分解，有效减少对土壤和水源的长 期污染。与塑料袋相比，环保纸袋在整个生命周期中的碳排放显著较低，且多数采用回收再生工艺生 产，进一步降低了资源消耗。随着全球环保意识的提升和各国"限塑"政策的持续推进，环保纸袋因其绿 色环保、外观精美、质感优良等特点，在现代生活中的应用日益广泛。目前，越来越多的商场、超市、 零售店及药店等消费场所已普遍采用环保纸袋作为包装解决方案，众多零售商和品牌商也纷纷采用环保 纸袋作为其包装解决方案，以响应可持续发展的号召，并满足消费者对绿色消费的需求。在此背景下， 中国环保纸袋行业呈现出快速增长的态势。数据显示，中国环保纸袋行业市场规模从2020年的86.9亿元 增长至2024年的186.7亿元，年复合增长率为21.07%。随着国内环保政策的深入执行和社会环保意识的 增强，将会加快"替塑"进程。未来几年国内环保纸袋行业市场规模将稳步发展，预计2025年中国环保纸 袋行业市场规模将进一步扩大至203.5亿元。 相关上市企业：南王科技（301 ...

证券之星消息，截至2025年12月10日收盘，山鹰国际(600567)报收于1.69元，上涨0.0%，换手率 1.37%，成交量79.7万手，成交额1.34亿元。 12月10日的资金流向数据方面，主力资金净流出1649.29万元，占总成交额12.28%，游资资金净流入 763.91万元，占总成交额5.69%，散户资金净流入885.38万元，占总成交额6.59%。 近5日资金流向一览见下表： 山鹰国际2025年三季报显示，前三季度公司主营收入211.33亿元，同比下降2.17%；归母净利润-2.9亿 元，同比下降522.74%；扣非净利润-4.12亿元，同比上升6.32%；其中2025年第三季度，公司单季度主 营收入72.91亿元，同比下降0.77%；单季度归母净利润-3.31亿元，同比下降636.03%；单季度扣非净利 润-3.47亿元，同比下降4.37%；负债率67.69%，投资收益3795.2万元，财务费用6.24亿元，毛利率 7.91%。山鹰国际（600567）主营业务：箱板纸、瓦楞原纸、特种纸、纸板及纸制品包装的生产和销售 以及国内外回收纤维贸易业务。 该股最近90天内共有2家机构给出评级，买入评级1 ...

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

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

Core Viewpoint - The stock of Shanying International (600567) has shown a decline in both price and financial performance, with significant net outflows from major funds, indicating potential challenges ahead for the company [1][2]. Financial Performance - As of December 4, 2025, Shanying International's stock closed at 1.71 yuan, down 1.16% with a trading volume of 1.2343 million hands and a transaction value of 211 million yuan [1]. - For the first three quarters of 2025, the company's main revenue was 21.133 billion yuan, a year-on-year decrease of 2.17%, and the net profit attributable to shareholders was -290 million yuan, a decline of 522.74% [3]. - The company's third-quarter revenue was 7.291 billion yuan, down 0.77% year-on-year, with a net profit of -331 million yuan, a decrease of 636.03% [3]. Fund Flow Analysis - On December 4, 2025, the net outflow of major funds was 28.9865 million yuan, accounting for 13.71% of the total transaction value, while retail investors saw a net inflow of 15.8797 million yuan, representing 7.51% of the total [1][2]. - Over the past five days, the stock has experienced fluctuating fund flows, with significant net outflows from major funds on multiple days [2]. Industry Comparison - Shanying International's total market value is 9.944 billion yuan, which is higher than the industry average of 6.949 billion yuan, ranking 5th in the industry [3]. - The company's net asset value stands at 17.017 billion yuan, significantly above the industry average of 4.132 billion yuan, ranking 2nd [3]. - However, the company has a negative net profit margin of -1.53%, which is worse than the industry average of -0.81%, ranking 33rd [3]. Ratings and Recommendations - In the last 90 days, two institutions have provided ratings for the stock, with one buy rating and one hold rating [4].

证券代码：600567 证券简称：山鹰国际 公告编号：2025-092 山鹰国际控股股份公司 关于"鹰 19 转债"到期兑付暨摘牌的公告 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： 证券停复牌情况：适用 因重要公告,本公司的相关证券停复牌情况如下： | 证券代码 | 证券简称 | | 停复牌类型 | 停牌起始日 | 停牌 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 期间 | | | | 110063 | 鹰 转债 | 19 | 可转债债券停 | 2025/12/10 | | | | | | | | 牌 | | | | | 可转债到期日和兑付登记日：2025年12月12日 兑付本息金额：111元人民币/张（含税） 兑付资金发放日：2025年12月15日 可转债摘牌日：2025年12月15日 可转债最后交易日：2025年12月9日 可转债最后转股日：2025年12月12日 自2025年12月10日至2 ...

Core Viewpoint - The packaging paper industry is experiencing a price increase for products such as corrugated paper and boxboard, driven by multiple factors including rising raw material costs, industry self-regulation, and improved demand dynamics. The competitive landscape is shifting from price competition to value collaboration, enhancing the market power of leading companies [1][2][3]. Group 1: Price Increases - Major companies like Nine Dragons Paper and Shanying International have issued price increase notices, raising prices by 50 to 80 yuan per ton for key products [1]. - The average price of waste yellow board paper has risen to approximately 1800 yuan per ton by the end of October 2025, reflecting a year-on-year increase of 2.92% [1]. Group 2: Supply and Demand Dynamics - The supply-demand balance has improved significantly since 2025, with leading companies voluntarily reducing production to stabilize prices [2][3]. - Factors such as increased consumption of waste yellow board paper and a decrease in finished paper inventory have contributed to a stable demand environment [3]. Group 3: Industry Strategy Shift - Leading companies are shifting their strategies from "market share acquisition" to "profit preservation," utilizing tactics like production halts and price increases to manage supply and demand effectively [3]. - The industry is moving towards a new phase characterized by "collaborative price maintenance" and "capacity exchange," driven by the dominance of leading firms [3].

证券代码：600567 证券简称：山鹰国际 公告编号：2025-091 山鹰国际控股股份公司 关于提供担保的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 担保对象及基本情况 | | 被担保人名称 | | | 祥恒创意（重庆）新材料有限公司 | | --- | --- | --- | --- | --- | | | 本次担保金额 | 1,500 | 万元、500 | 万元 | | 担保对象一 | 实际为其提供的担保余额 | 101.31 | 万元 | | | | 是否在前期预计额度内 | 是 | □否 | □不适用 | | | 本次担保是否有反担保 | □是 | 否 | □不适用 | | 担保对象二 | 被担保人名称 | | | 四川祥恒包装制品有限公司 | | | 本次担保金额 | 1,000 | 万元 | | | | 实际为其提供的担保余额 | 1,975 | 万元 | | | | 是否在前期预计额度内 | 是 | □否 | □不适用 | | | 本次担保是否有反担保 | □是 | 否 | ...