2020-2025年上半年中国机制纸及纸板(外购原纸加工除外)产量统计图 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 上市企业：太阳纸业（002078）,晨鸣纸业（000488）,博汇纸业（600966）,岳阳林纸（600963）,山鹰国 际（600567）,恒丰纸业（600356） 相关报告：智研咨询发布的《2025-2031年中国造纸行业市场调查研究及发展前景展望报告》 根据国家统计局数据显示：2025年6月中国机制纸及纸板(外购原纸加工除外)产量为1399万吨，同比增 长3.1%；2025年1-6月中国机制纸及纸板(外购原纸加工除外)累计产量为7933.2万吨，累计增长3.2%。 ...

Core Viewpoint - The financial performance of Shanying International (600567) for the first half of 2025 shows a decline in revenue and net profit, indicating increased short-term debt pressure and a need for strategic adjustments to improve financial health [1][3]. Financial Performance Summary - Total revenue for the first half of 2025 was 13.842 billion yuan, a decrease of 2.89% year-on-year [1]. - Net profit attributable to shareholders was 41.8154 million yuan, down 63.17% year-on-year [1]. - The gross profit margin improved to 9.51%, an increase of 8.19% year-on-year, while the net profit margin fell to 0.18%, a decrease of 70.8% [1]. - Total expenses (selling, administrative, and financial) amounted to 1.174 billion yuan, accounting for 8.48% of revenue, a decrease of 7.46% year-on-year [1]. - Earnings per share dropped to 0.01 yuan, a decline of 66.67% year-on-year [1]. Cash Flow and Debt Situation - The liquidity ratio reached 0.45, indicating rising short-term debt pressure [1]. - Cash flow from operating activities decreased by 46.24%, attributed to a decline in sales collections [3]. - The company’s cash and cash equivalents increased by 46.58% due to an increase in deposits [2]. Changes in Financial Items - Accounts receivable increased by 1.61% to 4.377 billion yuan, while notes receivable decreased by 50.44% due to fewer commercial acceptance bills received [2]. - Long-term payables decreased by 42.34%, reflecting a reduction in after-sales lease payments [3]. - Investment income fell by 66.93%, primarily due to reduced returns from joint ventures [3]. Business Model and Strategy - The company relies on R&D and marketing to drive performance, focusing on high-quality development and innovation in packaging materials [4][6]. - It has established various R&D platforms and is targeting high-end corrugated paper to meet e-commerce packaging demands [4][6]. - The company aims to reduce costs and improve efficiency through smart manufacturing and direct procurement strategies [6]. Industry Context - The company is adapting to anti-involution policies by enhancing its service offerings and product customization to differentiate from competitors [5][6]. - The historical performance indicates a cyclical nature of the business, with a median return on invested capital (ROIC) of 4.91% over the past decade, suggesting a need for improved capital efficiency [3].

Group 1 - The core viewpoint of the article is that Shanying International (600567.SH) has disclosed its semi-annual report for 2025, highlighting the current institutional investor holdings and changes in public fund disclosures [1] - As of August 25, 2025, there are four institutional investors holding a total of 1.458 billion shares of Shanying International, which accounts for 26.65% of the company's total share capital [1] - The institutional holding ratio has decreased by 0.04 percentage points compared to the previous quarter [1] Group 2 - One new public fund, Galaxy Quantitative Stable Mixed Fund, has been disclosed in this period, while two public funds, Qianhai Kaiyuan Cycle Preferred Mixed A and Qianhai Kaiyuan Big Security Mixed, have not been disclosed in this quarter [1]

智通财经APP讯，山鹰国际(600567.SH)披露2025年半年度报告，报告期公司实现营收138.42亿元，同比 下降2.89%;归母净利润4182万元，同比下降63.17%;扣非净利润亏损6578万元;基本每股收益0.01元。 ...

北京商报讯（记者 张君花）8月25日，山鹰国际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%。 ...

山鹰国际最新股价为1.94元，较前一交易日收盘价上涨0.03元，涨幅为1.57%。今日开盘价为1.91元，最 高价1.94元，最低价1.91元，成交量为249.67万手，成交额达4.81亿元。 数据显示，山鹰国际8月25日主力资金净流出1857.45万元，近五日主力资金净流出779.64万元。 风险提示：以上信息仅供参考，不构成任何投资建议。投资有风险，入市需谨慎。 来源：金融界 山鹰国际属于造纸印刷行业，公司主营业务包括造纸、包装、贸易等。公司总部位于安徽，是国内重要 的造纸企业之一。 根据公司发布的2025年半年度报告，上半年实现营业收入138.42亿元，同比下降2.89%；归属上市公司 股东的净利润4181.54万元，同比下降63.17%；扣除非经常性损益后的净利润为-0.66亿元。 ...

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]