证券代码：600567 证券简称：山鹰国际 公告编号：2024-092 山鹰国际控股股份公司 关于可转债转股价格调整暨转股复牌的公告 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 因实施 2023 年年度权益分派,本公司的相关证券停复牌情况如下：权益分派公告 前一个交易日（即 2024 年 7 月 29 日）至权益分派股权登记日（即 2024 年 8 月 2 日）期间，"山鹰转债"和"鹰 19 转债"将停止转股，2024 年 8 月 5 日起恢复转 股 | 证券代码 | 证券简称 | | 停复牌类型 | 停牌起始日 | 停牌 期间 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | --- | | 110047 | 山鹰转债 | | 可转债转股复 牌 | | | 2024/8/2 | 2024/8/5 | | 110063 | 鹰 19 | 转债 | 可转债转股复 牌 | | | 2024/8/2 | 2024/8/5 ...

证券代码：600567 证券简称：山鹰国际 公告编号：2024-091 山鹰国际控股股份公司 2023 年年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利 0.011 元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2024/8/2 | － | 2024/8/5 | 2024/8/5 | 差异化分红送转： 是 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司 2024 年 6 月 6 日的 2023 年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 根据《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定，公司回 购专用证券账户中的股份不参与利润分配。 3. 差异 ...

证券代码：600567 证券简称：山鹰国际 公告编号：2024-090 山鹰国际控股股份公司 关于以集中竞价交易方式回购股份的进展公告 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： | 回购方案首次披露日 | 2024/6/24 | | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 6 个月 | | 预计回购金额 | 亿元 3.5 亿元~7 | | 回购用途 | □减少注册资本 □用于员工持股计划或股权激励 | | | √用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 股 126,537,861 | | 累计已回购股数占总股本比例 | 2.83% | | 累计已回购金额 | 184,213,166.32 元 | | 实际回购价格区间 | 元/股~1.54 元/股 1.36 | 一、 回购股份的基本情况 山鹰国际控股股份公司（以下简称"公司"）于 2024 年 6 月 23 日召开第九届 董事会第十一次会议，审议通过了《关于以集中竞价交易方式回购股 ...

（一）"山鹰转债" 经中国证券监督管理委员会《关于核准山鹰国际控股股份公司公开发行可转 换公司债券的批复》（证监许可[2018]1622 号）核准，山鹰国际控股股份公司 （以下简称"公司"或"本公司"）于 2018 年 11 月 21 日公开发行 23,000,000 张可转换公司债券，每张面值 100 元，发行总额 23.00 亿元，期限 6 年。债券票 面利率为：第一年 0.4%、第二年 0.6%、第三年 1.0%、第四年 1.5%、第五年 2.0%、 第六年 3.0%。 | 债券简称：山鹰转债 | | 债券代码：110047 | | | | --- | --- | --- | --- | --- | | 股票简称：山鹰国际 债券简称：鹰 19 | 转债 | 股票代码：600567 债券代码：110063 | 公告编号：临 | 2024-089 | 山鹰国际控股股份公司 关于"山鹰转债"和"鹰 19 转债"预计满足转股价 格修正条件的提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、可转债发行上市概况 二、" ...

证券代码：600567 证券简称：山鹰国际 公告编号：2024-088 山鹰国际控股股份公司 关于实施 2023 年度权益分派时转股连续停牌的提示性 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 因实施 2023 年年度权益分派,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 期间 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | 110047 | 山鹰转债 | 可转债转股停 牌 | 2024/7/29 | | | | | 110063 | 鹰 19 转债 | 可转债转股停 牌 | 2024/7/29 | | | | 权益分派公告前一交易日（2024 年 7 月 29 日）至权益分派股权登记日期间， 山鹰国际控股股份公司（以下简称"公司"）两期可转换公司债券"山鹰转债"和 "鹰 19 转债"均将停止转股，股权登记日后的第一个交易日起恢复转股。 在实施权益 ...

| 债券简称：山鹰转债 | | 债券代码：110047 | | | | --- | --- | --- | --- | --- | | 股票简称：山鹰国际 债券简称：鹰 | 19 转债 | 股票代码：600567 债券代码：110063 | 公告编号：临 | 2024-087 | 山鹰国际控股股份公司 关于职工代表监事变更的公告 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。 鉴于山鹰国际控股股份公司（以下简称"本公司"或"公司"）监事朱皖苏女士 达到法定退休年龄，不再继续担任公司职工监事职务，公司于 2024 年 7 月 18 日召 开了第十届八次职工代表大会，会议选举陈学萍女士（简历详见附件）为公司第九 届监事会职工代表监事，任期与公司第九届监事会任期一致。会议的召开及表决程 序符合相关法律、法规的有关规定。 二○二四年七月十九日 附件： 职工代表监事简历 陈学萍女士，出生于 1978 年，中国国籍，中共党员，硕士研究生学历，高级工 程师。2001 年入职公司，历任项目部副总经理、技术部经理、安徽造纸基地总经理 助理、副总 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [6][7]. Core Views - The company is expected to achieve a net profit attributable to shareholders of between 90 million to 140 million yuan for the first half of 2024, representing a year-on-year increase of 133% to 150% [3]. - The company is actively pursuing cost reduction and efficiency improvements, with a projected decrease of approximately 20% in management and sales expenses for the first half of 2024 [3]. - The company plans to sell its stake in Nordic Paper, which generated revenues of 3.18 billion yuan and profits of 300 million yuan in 2023, with a net asset value of 850 million yuan [4]. - The company is also transferring 51% of its wholly-owned subsidiary, Xiangheng Creative, to Jiangdong Group, which had revenues of 739 million yuan and profits of 37 million yuan in 2023 [5]. - The company is expected to benefit from the traditional consumption peak season in the second half of the year, with improvements in profitability anticipated [16]. Financial Summary - The company forecasts a net profit of 556 million yuan for 2024, with a significant increase from previous estimates [16]. - Revenue for 2024 is projected to be 33.42 billion yuan, reflecting a growth rate of 13.93% [17]. - The company’s total assets are expected to reach 55.14 billion yuan by 2024, with a debt-to-asset ratio of 68.48% [21]. - The earnings per share (EPS) is projected to be 0.12 yuan for 2024, with a price-to-earnings (P/E) ratio of 11.98 [17][21].

Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [11] Core Views - The company expects a significant increase in net profit for the first half of 2024, projecting a range of 90 to 140 million, representing a year-on-year growth of 133% to 150% [1] - The company is actively pursuing cost reduction and efficiency improvements, with a focus on optimizing operational funds, leading to a projected 20% decrease in management and sales expenses year-on-year for the first half of 2024 [8] - The company plans to leverage the traditional consumption peak season in the second half of the year to enhance the utilization rate of new production capacity, which is expected to further improve profitability [2] Financial Performance Summary - The company forecasts a net profit of 56 million, 94 million, and 118 million for the years 2024, 2025, and 2026 respectively, with a downward adjustment from previous estimates [10] - The company reported a production capacity increase, with raw paper production reaching 3.4195 million tons in the first half of 2024, a year-on-year increase of 13.59% [1] - The company is in the process of selling its stake in Nordic Paper, which generated revenues of 3.18 billion and profits of 300 million in 2023 [3] Asset Management and Strategic Moves - The company is actively working on asset disposals to enhance investor confidence and stabilize its stock price, including the introduction of strategic investors to its subsidiaries [9][19] - The company has signed a framework agreement to transfer 51% of its wholly-owned subsidiary, generating an expected cash inflow of approximately 2 billion from the transaction [19] Market Outlook - The company anticipates a recovery in its paper manufacturing business in the second half of the year, with new production capacity continuously being released [10] - The report highlights a balanced growth in production and sales, with a production-sales ratio of 101.31% [1]

1、本次股份质押续期的基本情况 | 债券简称：山鹰转债 | 债券代码：110047 | | | | --- | --- | --- | --- | | 股票简称：山鹰国际 债券简称：鹰 19 转债 | 股票代码：600567 债券代码：110063 | 公告编号：临 | 2024-086 | 山鹰国际控股股份公司 关于股东部分股份质押续期的公告 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： 截至本公告披露日，山鹰国际控股股份公司（以下简称"公司"）控股 股东福建泰盛实业有限公司（以下简称"泰盛实业"）及其一致行动人 吴明武先生、吴丽萍女士、林文新先生合计持有公司股份 1,573,971,965 股，占公司 2024 年 6 月 30 日总股本的 35.21%，本次股份质押续期后， 累计质押股份数量合计为 1,004,394,440 股，占控股股东及其一致行动 人合计所持公司股份的 63.81%，占公司 2024 年 6 月 30 日总股本的 22.47%。 一、上市公司股份质押基本情况 公司近日接到控股股东一 ...

Investment Rating - The report maintains a "Recommend" rating for the company [5][7] Core Views - The company's profitability is expected to improve quarter by quarter in the second half of 2024, driven by the peak consumption season and its scale and regional advantages [5] - The company's domestic paper production capacity is expected to reach approximately 8 million tons/year, further consolidating its leading position in the industry [5] - The company is expected to achieve net profits attributable to the parent company of 510 million, 1.02 billion, and 1.6 billion yuan in 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 13X, 7X, and 4X [5][6] Financial Performance and Forecast - For H1 2024, the company forecasts a net profit attributable to the parent company of 90-135 million yuan, turning from a loss to a profit, while the non-GAAP net profit attributable to the parent company is expected to be -100 to -140 million yuan, narrowing the loss [2] - In Q2 2024, the net profit attributable to the parent company is expected to be 51-96 million yuan, a year-on-year change of -27% to +37%, while the non-GAAP net profit attributable to the parent company is expected to be -125 to -85 million yuan, with an expanded loss [2] - The company's revenue is expected to grow by 28.6%, 12.0%, and 15.8% in 2024, 2025, and 2026, respectively, reaching 37.713 billion, 42.238 billion, and 48.914 billion yuan [6] - The net profit attributable to the parent company is expected to grow by 228.6%, 99.3%, and 56.3% in 2024, 2025, and 2026, respectively [6] Operational Highlights - In Q2 2024, the company's capacity utilization rate increased, leading to an overall profit improvement [3] - The average price of containerboard and corrugated paper in Q2 2024 was 3,196 yuan/ton and 2,656 yuan/ton, down 1.28% and 5.03% quarter-on-quarter, respectively [3] - The company's paper production profit per ton in Q2 2024 is expected to rise to approximately 25 yuan/ton, while the packaging business is expected to maintain stable profitability [3] - The average price of domestic waste paper in Q2 2024 was 1,331.02 yuan/ton, down 6.87% year-on-year and 4.33% quarter-on-quarter [3] Strategic Measures - The company adjusted the conversion price of its convertible bonds to avoid redemption, lowering the conversion price from 2.37 yuan/share to 2.32 yuan/share [4] - The company plans to raise over 4 billion yuan through various measures, including the disposal of Nordic Paper's equity, the sale of 51% of its packaging company's equity, and the return of 2 billion yuan in loans from the packaging company [4] - Other measures include using repurchased shares for convertible bond conversion, extending the core employee stock ownership plan, and repurchasing shares and bonds [4] Industry and Market Position - The company is a leading domestic containerboard and corrugated paper manufacturer, adhering to an integrated industrial chain strategy and steadily expanding its production capacity [5] - With the completion of new production lines in Zhejiang and Jilin, the company's domestic paper production capacity is expected to reach approximately 8 million tons/year, further solidifying its industry leadership [5]