证券之星消息，1月26日造纸板块较上一交易日下跌0.37%，民士达领跌。当日上证指数报收于4132.61， 下跌0.09%。深证成指报收于14316.64，下跌0.85%。造纸板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 603165 | 荣晟环保 | 15.24 | 4.03% | 8.37万 | | 1.26亿 | | 603733 | 仙鹤股份 | 24.33 | 1.33% | 6.71万 | | 1.62亿 | | 600966 | 博汇纸业 | 7.26 | 1.26% | 25.89万 | | 268T | | 605007 | 五洲特纸 | 13.65 | 1.11% | 9.85万 | | 1.35亿 | | 600308 | 华泰股份 | 4.12 | 0.98% | 29.44万 | | 1.21亿 | | 002078 | 太阳纸业 | 16.28 | 0.74% | 34.25万 | | 5.58亿 | | 600235 | 民丰 ...

当一份预计亏损高达10亿元的年度业绩预告出炉，市场通常会报以担忧。但山鹰国际（600567.SH）的 案例却显得有些特殊。该公司在公告中明确强调"现金流安全""可持续经营能力未受影响"。这份看似利 空的业绩预告，实则揭示了山鹰国际一场主动进行的"战略换仓"——通过短期利润的牺牲，置换出更关 键的流动性安全与长期成本竞争力。 亏损拆解：主动收缩与风险出清 表面上看，从2024年亏损4.51亿元到2025年最高预亏10亿元，山鹰国际的亏损额度的确在扩大。然而， 剖析亏损的两大主因后可以发现，这更像是一次"刮骨疗毒"式的主动调整。 战略性牺牲毛利率，捍卫现金流生命线。公告直言不讳地指出，毛利率下滑主要系公司为保障"鹰19转 债"到期兑付前的流动性安全，"阶段性主动调整应收应付账期，收缩利润端以保障流动性安全"。这是 一种在特定压力下的主动战略选择：在债券兑付的巨大不确定性面前，公司优先确保现金流的绝对安 全，哪怕暂时让渡部分利润。随着"当前公司可转债顺利实现转股及兑付"这一关键目标的达成，此前长 期压制公司信用和估值的最大隐患已被彻底清除。 投资收益回落源于高基数，主业韧性暗藏。另一个重要原因是投资收益减少。但这主 ...

1月23日主力资金净流出372.73万元，占总成交额1.78%；游资资金净流出606.2万元，占总成交额 2.9%；散户资金净流入978.93万元，占总成交额4.68%。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 业绩披露要点业绩预告 截至2026年1月23日收盘，山鹰国际(600567)报收于1.7元，上涨1.19%，换手率1.97%，成交量124.04万 手，成交额2.09亿元。 山鹰国际发布业绩预告，预计2025年全年归属净利润亏损8.5亿元至10亿元；扣非后净利润亏损10.5亿元 至12亿元。 当日关注点 公司公告汇总2025年年度业绩预告 交易信息汇总资金流向 山鹰国际控股股份公司预计2025年年度归属于上市公司股东的净利润为-8.5亿元到-10.0亿元，扣除非经 常性损益后为-10.5亿元到-12.0亿元，亏损较上年同期扩大。业绩预亏主要因主营业务毛利率下降及投 资收益减少，其中投资收益减少系上期出售北欧纸业股权所致，毛利率下滑因鹰19转债到期兑付前信用 折损导致公司主动调整应收应付账期，保障流动性安全。目前可转债 ...

Investment Ratings - The report provides a positive outlook on the new tobacco industry, indicating a steady upward trend, while the home furnishing and packaging sectors are stabilizing at the bottom [6][11][15]. Core Insights - The report highlights the marketing strategies around the Spring Festival and Valentine's Day for trendy toys, with companies like Pop Mart and Blok launching limited series to enhance IP value and collectability [7][8]. - In the new tobacco sector, the necessity for domestic development is emphasized, with major players increasing investments in heated tobacco products (HNB) and innovative marketing strategies [11][12]. - The home furnishing market is experiencing a contraction in sales, with significant declines in both new and second-hand property transactions, but there are signs of potential recovery driven by policy support [13][14]. - The packaging industry is expected to benefit from a steady recovery in downstream demand, supported by growth in consumer goods sectors [15][16]. - The pet food industry is facing increased competition, leading to higher sales expense ratios, but listed companies are leveraging their financial advantages for mergers and acquisitions [21]. Summary by Sections Trendy Toys - Focus on marketing strategies for key holidays, with companies like Pop Mart and Blok launching special editions to enhance brand value [7]. - The integration of AI in toys is gaining traction, with companies like Kid King and JD.com developing AI products to meet family needs [8][9]. New Tobacco - The report notes a projected decline in electronic cigarette exports, with a focus on the need for innovation in the domestic market [11]. - Major tobacco companies are increasing their investments in HNB products, indicating a significant growth potential in this segment [12]. Home Furnishing - The report indicates a significant drop in property transactions, with new home sales down 29.23% year-on-year and second-hand home sales down 8.94% [13]. - Despite current challenges, there is optimism for recovery in the home furnishing sector due to supportive policies [14]. Packaging - The packaging sector is expected to see a recovery in demand, with growth in consumer goods contributing positively to the industry [15][16]. - The report highlights price fluctuations in raw materials, particularly in the paper and aluminum sectors, which could impact packaging costs [15]. Pet Food - Increased competition in the pet food industry is leading to higher sales expenses, but established companies are positioned to benefit from consolidation opportunities [21]. - The report suggests focusing on companies with strong brand recognition and those actively pursuing mergers and acquisitions [21].

截至2026年1月23日收盘，山鹰国际（600567）报收于1.7元，较上周的1.66元上涨2.41%。本周，山鹰 国际1月23日盘中最高价报1.7元。1月19日盘中最低价报1.65元。山鹰国际当前最新总市值107.23亿元， 在造纸板块市值排名3/22，在两市A股市值排名1972/5182。 本周关注点 公司公告汇总 山鹰国际控股股份公司预计2025年年度归属于上市公司股东的净利润为-8.5亿元到-10.0亿元，扣除非经 常性损益后为-10.5亿元到-12.0亿元，亏损较上年同期扩大。 业绩预亏主要因主营业务毛利率下降及投资收益减少，其中投资收益减少系上期出售北欧纸业股权所 致，毛利率下滑因鹰19转债到期兑付前信用折损导致公司主动调整应收应付账期，保障流动性安全。 目前可转债已顺利转股及兑付，信用折损逐步修复。公司生产经营正常，未触及财务类退市风险警示。 来自业绩披露要点：山鹰国际预计2025年扣非后净利润亏损10.5亿元至12.0亿元。 来自业绩披露要点：2025年归属净利润预计亏损8.5亿元至10.0亿元，亏损较上年扩大。 来自公司公告汇总：业绩预亏主因毛利率下降及投资收益减少，可转债已顺利转股兑付。 ...

公司表示，业绩预亏主要有两方面原因：一是主营业务毛利率下滑，二是投资收益减少。其中，毛利率 承压源于公司为保障"鹰19转债"到期兑付，阶段性调整应收应付账期以优先保障现金流安全。这一"以 短期利润换经营安全"的策略成效显著，公司已顺利完成可转债转股及兑付，系统性信用风险彻底解 除，信用折损将逐步修复，融资环境有望持续改善。 中证报中证网讯(程雪儿熊永红)1月23日晚间，山鹰国际（600567）披露2025年业绩预告。公告显示， 公司预计全年归属于上市公司股东的净利润亏损8.5亿元至10.0亿元，较2024年4.51亿元的亏损额有所扩 大。尽管业绩承压，但公司通过阶段性经营调整化解债务风险，同时布局高端制造，为长期发展奠定基 础。 值得关注的是，公司主营业务造纸板块实现产销同步增长，2025年三季报显示经营性现金流净额保持健 康，主营业务造血能力稳定，生产经营未受影响。偿债压力缓解后，山鹰国际正聚焦高端纤维木浆项 目，推进高端纤维自主化布局，旨在突破原材料制约、提升成本竞争力，借助产业链协同效应把握行业 转型升级机遇。 ...

中证智能财讯山鹰国际（600567）1月23日晚间披露2025年度业绩预告，预计2025年归母净利润亏损8.5亿元至10亿元，上年同期亏损4.51亿元；扣非净利润 亏损10.5亿元至12亿元，上年同期亏损8.43亿元。以最新收盘价计算，市净率（LF）约0.7倍，市销率（TTM）约0.37倍。 以本次披露业绩预告均值计算，公司近年市盈率（TTM）图如下所示： 近年来市盈率变化情况 (倍) 1,000 (倍) 13.6 0 8 04 463 de8 157 3d66 -1,000 -2,000 -3,000 -4,000 2020-12-37 17-12-3- -12-3- 3-06-37 n 制图数据来自恒生聚源数据库 -○- 公司 -○- 行业均值 100 ହ 90 80 70 70x84 60 50 40 30 21-95 20 158 13:87 10 12000 0 2020-12-37 2027-12-37 -06-30 2-12-37 . 2n- ） 制图数据来自恒生聚源数据库 市净率(LF)历史分位(%) 100 ହ୍ତ 90 80 70 60 50 40 30 27.64 20 2003 19: ...

1月23日晚间，山鹰国际（600567）发布业绩预告，预计2025年净利润为-8.5亿元至-10亿元，亏损幅度 同比有所扩大。 虽然业绩预亏，但山鹰国际在2025年阶段性主动调整经营策略，公司主营业务造纸板块实现产销同步增 长。与此同时，随着可转债兑付完成，制约公司发展的信用折损因素正逐步消除。 对于业绩亏损的原因，山鹰国际表示一方面是由于主营业务毛利率下降；另一方面则是由于投资收益减 少。 具体来说，毛利率下滑主要是受制于鹰19转债到期兑付前信用折损，公司阶段性主动调整应收应付账 期，前述措施虽然保障了存量项目顺利投产及日常经营平稳运行，但对短期利润空间形成挤压；投资收 益减少主要是受2024年出售北欧纸业股权致投资收益基数较高影响。 面对可转债到期前的融资环境压力，山鹰国际管理层主动"以利润换安全"，反映了公司在债券兑付关键 时期对现金流安全的重视。在业绩预告中，山鹰国际明确，当前公司可转债顺利实现转股及兑付，信用 折损将得到逐步修复和改善。 连续两年完成可转债到期兑付工作，公司融资环境有望得到实质性改善，为后续轻装上阵聚焦主业发展 扫清了障碍。 从财务数据来看，山鹰国际生产经营正常，现金流安全。2025 ...

Major Announcements - Huayi Co., Ltd. has applied for a 5-day extension to respond to the Shanghai Stock Exchange's inquiry regarding its acquisition matters due to the need for further confirmation and improvement of certain issues [1] - Shuaifeng Electric is expected to report a net loss of 43 million to 62 million yuan for 2025, with revenue projected between 210 million and 250 million yuan, potentially leading to a delisting risk warning for its stock [1] - Zijin Mining's second phase of the Julong Copper Mine has commenced production, increasing its total production capacity to 350,000 tons per day, with plans for a third phase that could significantly enhance copper output [1] Performance Forecasts - Yongchun Intelligent expects a net profit of 128 million to 155 million yuan for 2025, representing a year-on-year increase of 721.57% to 894.86% [3] - Fuda Alloy anticipates a net profit of 100 million to 146 million yuan for 2025, with a growth of 119.14% to 219.95% driven by expanding demand in emerging sectors [4] - Xiling Power forecasts a net profit of 90 million to 110 million yuan for 2025, reflecting a year-on-year increase of 77.82% to 117.33% due to rising sales in automotive parts [4] - Haoshi Electromechanical expects a net profit of 128 million to 165 million yuan for 2025, with a growth of 54.4% to 99.03% attributed to increased demand in the PCB market [4] - Shenkong Co., Ltd. predicts a net profit of 90 million to 110 million yuan for 2025, with a growth of 118.71% to 167.31% driven by the recovery in the semiconductor market [5] - Lianchuang Optoelectronics anticipates a net profit of 435 million to 532 million yuan for 2025, representing a growth of 80.36% to 120.57% [5] - Xiangnong Chip expects a net profit of 480 million to 620 million yuan for 2025, with a growth of 81.77% to 134.78% driven by demand for enterprise-level storage products [6] - Shuangyi Technology forecasts a net profit of 155 million to 172 million yuan for 2025, reflecting a growth of 80% to 100% [6] - Feirongda anticipates a net profit of 360 million to 420 million yuan for 2025, with a growth of 57.23% to 83.43% [8] - Jingfang Technology expects a net profit of 365 million to 385 million yuan for 2025, representing a growth of 44.41% to 52.32% [9] - Youbuxun predicts a net profit of 72 million to 107 million yuan for 2025, marking a turnaround from a loss of 150 million yuan in the previous year [10] - Zhongwei Company anticipates a net profit of 2.08 billion to 2.18 billion yuan for 2025, with a growth of 28.74% to 34.93% [11] Loss Forecasts - Shanying International expects a net loss of 850 million to 1 billion yuan for 2025, compared to a loss of 451 million yuan in the previous year [12] - Baiyin Nonferrous Metals anticipates a net loss of 450 million to 675 million yuan for 2025, a significant decline from a profit of 8.08 million yuan in the previous year [13] - Zhengzhou Coal Electricity plans to stop production at the Chao Hua Coal Mine due to resource depletion, expecting to recognize a 311 million yuan impairment loss [17] - Changcheng Electric forecasts a net loss of approximately 315 million yuan for 2025, compared to a loss of 225 million yuan in the previous year [17] - Standard Co. expects a net loss of 120 million to 140 million yuan for 2025, with a reduction in losses compared to the previous year [17] - Hongqingtian anticipates a net loss of 100 million to 150 million yuan for 2025, with a decline in revenue due to weak consumer demand [17]

当前公司可转债顺利实现转股及兑付，信用折损将得到逐步修复和改善，公司将专注精益运营高质量发 展，推动高端纤维木浆项目落地，实现高端纤维自主，以期全面提升成本竞争力，未来有望迎来业绩拐 点。 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%。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 2025 年度公司造纸板块实现产销同步增长，本期业绩亏损主要为主营业务毛利率下降及投资收益减少 所致。 投资收益减少主要系公司上期出售北欧纸业股权，本期对联营合营企业的投资收益减少。毛利率下滑主 要系本报告期内公司受制于鹰 19 转债到期兑付前 ...