Core Viewpoint - On August 1, the company announced that it has repurchased a total of 60,614,500 shares through centralized bidding transactions as of July 31, 2025 [2] Summary by Relevant Categories - **Share Repurchase** - The company has completed a share repurchase of 60,614,500 shares [2]

Core Viewpoint - The paper industry is experiencing a significant shift with the introduction of the first "anti-involution" initiative, aimed at promoting high-quality development and addressing structural overcapacity issues in the sector [1][6]. Group 1: Anti-Involution Initiative - The Guangdong Paper Industry Association has issued the first "anti-involution" initiative in the domestic paper industry, emphasizing the need to resist low-price competition and maintain market order [1][6]. - The initiative encourages companies to set prices based on actual costs, reasonable profits, and market demand, aiming to protect the overall value of the industry [1][6]. Group 2: Market Conditions - Despite steady growth in consumption for certain paper types like corrugated paper and household paper, overall capacity expansion has outpaced demand growth, leading to low utilization rates, with some types below 55% [4]. - The industry is facing a prolonged supply-demand imbalance, characterized by declining operating rates and slow inventory reduction, indicating a typical cyclical bottom phase [6][9]. Group 3: Price Adjustments - Several paper companies, including Nine Dragons Paper and Jiangxi Lee & Man Paper, have announced price increases due to rising costs, marking the fourth round of price hikes in July alone [7]. - The overall paper industry has been under significant pricing pressure, with major paper types experiencing price declines since 2021, reflecting weak market demand and overcapacity [7][9]. Group 4: Institutional Focus - Institutions are focusing on companies like Sun Paper, which has integrated pulp and paper production, and others in the sector that are expected to benefit from the "anti-involution" initiative and potential market restructuring [10][13]. - Analysts suggest monitoring companies that are diversifying product lines and those with integrated operations, as the industry may see improvements in profitability due to reduced competition and optimized capacity [10][13].

证券代码：600567 证券简称：山鹰国际 公告编号：2025-061 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。 公司安徽省分行出具的《贷款承诺函》，承诺为公司上述回购提供金额不超过人民 币 3 亿元的专项回购借款，借款期限 36 个月。公司已与中国工商银行股份有限公 司马鞍山花山支行签订了《上市公司股票回购借款合同》，借款金额 3 亿元，回购 专项贷款已发放至公司银行账户。 二、回购股份的进展情况 根据《上市公司股份回购规则》《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，公司在回购期间，应当在每个月的前 3 个交易日 内公告截至上月末的回购进展情况，现将公司回购股份进展情况公告如下： 截至 2025 年 7 月 31 日，公司已通过集中竞价交易方式累计回购股份 60,614,500 股，占公司总股本（截至 2025 年 6 月 30 日）的 1.11%，回购成交的 最高价为 1.96 元/股，最低价为 1.91 元/股，支付的资金 ...

| | | 股票简称：山鹰国际 股票代码：600567 公告编号：临 2025-060 山鹰国际控股股份公司 关于控股股东部分股份解除质押及再质押的公告 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，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 1,636,123,165 股，占公司 2025 年 6 月 30 日总股本的 29.90%，本次股份解除质押及再质押后，累计质押股份数量合计为 778,699,602 股，占控股股东及其一致行动人合计所持公司股份的 47.59%，占公司 2025 年 6 月 30 日总股本的 14.23%。 一、上市公司股份解除质押及再质押基本情况 公司近日接到控股股东泰盛实业的通知，获悉泰盛实业将其持有的本公司 10,010.00万股无限售条件流通股办理了解除质押及再质押手续，具体情况如下： 1、本次股份解除质押情况 | 股东名称 | 泰盛实业 | | --- | --- | | 本次解 ...

Core Viewpoint - The company is establishing a partnership to enhance its core competitiveness in the paper and packaging sector by introducing state-owned capital and insurance funds through the transfer of equity stakes in its subsidiaries [1][2]. Group 1: Partnership and Financial Details - The company plans to transfer 100% equity of its subsidiary Guangdong Shanying and 36.56% equity of Xiangheng Creative Packaging for a total consideration of 2.977 billion yuan, forming a partnership with Xinsengli Investment [1]. - The total scale of the partnership is 2.978 billion yuan, with the company holding a 99.97% stake [1]. - After the transfer, long-term investors will hold a combined 25.09% stake in the partnership, while the company will retain a 74.84% stake, maintaining control over the partnership [1]. Group 2: Business Performance and Strategy - Guangdong Shanying and Xiangheng Creative are considered high-quality assets, with projected revenues of 3.019 billion yuan and net profits of 25.138 million yuan for 2024 [2]. - The company has been optimizing its asset structure and actively introducing strategic investors to enhance its financial strength and risk resilience [2]. - The company is transitioning from a capital-driven growth model to a high-return operational growth model, having completed its national strategic layout for the paper-making sector [3]. Group 3: Production and Investment Focus - The company has established a diversified raw material channel and reported a production increase of 6.71% in the paperboard sector and 3.59% in the packaging sector for 2024 [3]. - The company announced plans to set up a partnership with its subsidiary to invest 100 million yuan in products closely related to industrial scenarios, aiming to reduce costs and improve efficiency in its paper and packaging industry [3].

Focus Events - Zhuhai Tainuo Maibo Pharmaceutical Co., Ltd. has become the first company to have its IPO application accepted under the reactivated fifth listing standard of the Sci-Tech Innovation Board, focusing on innovative biopharmaceuticals for blood product alternatives [1] - Joy City Property plans to repurchase shares at HKD 0.62 per share, with a total amount of approximately HKD 29.32 billion, and will apply for the cancellation of its listing status on the Hong Kong Stock Exchange [3] - Microsoft has surpassed a market capitalization of USD 4 trillion, becoming the second company globally to achieve this milestone [3] Macro News - The National Development and Reform Commission emphasizes the need to deepen the construction of a unified national market and eliminate "involution" competition [8] - The Ministry of Commerce states that China and the U.S. will continue to promote the extension of previously suspended tariffs and countermeasures for 90 days, aiming to stabilize economic relations [10] Industry Dynamics - The domestic gaming market in China achieved a sales revenue of RMB 168 billion in the first half of 2025, marking a year-on-year growth of 14.08% and setting a historical record [10] - The National Medical Insurance Administration supports high-level innovative drugs by establishing a price stability period to ensure reasonable returns during the initial market phase [10] Company Focus - Sanhui Electric has signed a framework sales contract for robot products with Zibo Blue Ribbon Health Management Co., Ltd., with a commitment to sell at least 50 units in 2025 and 450 units by 2027 [12] - Henan Shuanghui Investment Development Co., Ltd. has signed a cooperation agreement with Henan Huirun Food Co., Ltd., expecting an annual output value of RMB 1.7 billion from the project [12] - Wukuang Securities has appointed Zheng Yu as the new chairman, who will also serve as the general manager, consolidating leadership roles [13] - Sinopec expects a net profit of RMB 20.1 billion to RMB 21.6 billion for the first half of 2025, impacted by falling international oil prices and competitive market conditions [14] - Shanying International plans to establish a partnership enterprise with a capital contribution of RMB 2.977 billion, aiming to attract long-term investors [15] - Shima Holdings intends to acquire a 10.27% stake in Nylon Chemical for RMB 952 million, increasing its ownership from 61.79% to 72.06% [18] - Ju Yi Technology has successfully won a bid for the Xiaopeng Huitian flying car factory project, applying innovative technologies for production [20]

● 本次交易不构成关联交易，不构成重大资产重组。 ● 风险提示：各方对本次交易达成共识，相关交易要素已经取得各投资方内部有权机构审批同意，但合 伙企业尚未完成工商注册登记，本次交易尚待交易各方签订具体协议后生效，实施过程存在不确定性， 敬请投资者注意投资风险。 一、交易概述 登录新浪财经APP 搜索【信披】查看更多考评等级 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： ● 交易简要内容：山鹰国际控股股份公司（以下简称"公司"或"山鹰国际"）拟以下属子公司股权作价 297,704.35万元出资设立芜湖胜鹰企业管理咨询合伙企业（有限合伙）（暂定名，以下简称"胜鹰企 管"），并以转让合伙企业部分合伙份额的形式引入长期投资者中国东方资产管理股份有限公司（以下 简称"东方资产"）、财信吉祥人寿保险股份有限公司（以下简称"财信人寿"）、信达资本管理有限公司 （以下简称"信达资本"）和淄博恒铁投资合伙企业（有限合伙）（以下简称"淄博恒铁"），转让金额合 计不超过人民币7.475亿元，本次交易将引入国有资本、保险资金，有利于 ...

Group 1 - The stock price of Shanying International as of July 31, 2025, is 1.89 yuan, down 0.03 yuan from the previous trading day's closing price, representing a decline of 1.56% [1] - On the same day, the opening price was 1.92 yuan, with a highest price of 1.92 yuan and a lowest price of 1.88 yuan, with a trading volume of 1,433,184 hands and a transaction amount of 272 million yuan [1] - Shanying International is primarily engaged in paper and packaging business and is one of the important paper product manufacturers in China [1] Group 2 - On July 31, 2025, Shanying International announced plans to establish Wuhu Shengying Enterprise Management Consulting Partnership with a capital contribution of 2.977 billion yuan using equity from its subsidiaries [1] - The company aims to introduce long-term investors through the transfer of part of the partnership's shares, with a total transfer amount not exceeding 747.5 million yuan [1] - After the transaction, Shanying International will retain a 74.84% stake in the partnership [1] Group 3 - On July 31, 2025, the net outflow of main funds for Shanying International was 18.8696 million yuan, accounting for 0.18% of the circulating market value [2]

Transaction Overview - The company plans to establish Wuhu Shengying Enterprise Management Consulting Partnership (Limited Partnership) with a total investment of RMB 297,704.35 million, using 100% equity of Guangdong Shanying Paper Co., Ltd. and 36.56% equity of Xiangheng Creative Packaging Co., Ltd. as contributions [1][2] - The company aims to introduce long-term investors, including China Orient Asset Management Co., Ltd., Caixin Jixiang Life Insurance Co., Ltd., Xinda Capital Management Co., Ltd., and Zibo Hengtie Investment Partnership (Limited Partnership), with a total investment not exceeding RMB 747.5 million [1][2] Approval and Structure - The transaction was approved by the company's board of directors with unanimous consent, and it does not require shareholder approval [3][4] - The partnership will be structured with Shanying International holding 99.97% and Xinsenglibao holding 0.03% of the partnership [2][7] Financial Impact - The transaction is expected to enhance the company's sustainable development capabilities and core competitiveness by integrating state-owned capital and insurance funds into its paper packaging business [1][2][14] - The funds raised will be utilized for production operations, research and development of new production capabilities, and upgrading existing production lines [14] Asset Valuation - The equity contributions are based on the audited net asset values as of December 31, 2024, with Guangdong Shanying valued at RMB 217,704.35 million and Xiangheng Creative at RMB 80,000 million [11][14] Company Structure Post-Transaction - After the transaction, the company will retain a 74.84% stake in the partnership, while the investors will collectively hold 25.16% [13][14] - The partnership will remain a subsidiary within the company's consolidated financial statements, ensuring that the assets of Guangdong Shanying and Xiangheng Creative remain under the company's control [14]

Core Viewpoint - The paper industry is experiencing a price increase driven by rising raw material costs, with companies like Nine Dragons Paper and others adjusting their prices in response to market conditions [1][3][4]. Group 1: Price Adjustments - Nine Dragons Paper has raised the price of corrugated paper multiple times since July, with a recent increase of 30 yuan/ton effective August 1 [1][3]. - Other companies, including Shanying International and Jiangxi Lee & Man Paper, have also announced similar price hikes of 30 yuan/ton starting August 1 [4]. - The average price of recycled old corrugated paper in China reached 1482 yuan/ton as of July 23, marking a 2.75% increase compared to the same period last year [3]. Group 2: Industry Challenges - The paper industry is facing an imbalance between supply and demand, with new production capacity exceeding 10 million tons from 2023 to 2024, while consumption growth is projected at only 1.5% [5]. - Companies have previously engaged in price competition to capture limited market share, leading to "involution" within the industry [2][5]. Group 3: Anti-Involution Initiative - The Guangdong Paper Industry Association has issued a proposal to combat low-price competition and promote high-quality development in the industry [2][5][6]. - The initiative calls for companies to avoid below-cost dumping, adhere to fair pricing based on actual costs, and comply with relevant laws to maintain market order [6][7]. - Companies are encouraged to shift their focus from price competition to quality, service, and innovation, aiming to enhance product performance and develop high-value-added products [6][7]. Group 4: Future Outlook - Analysts predict that while raw material prices may continue to rise due to tight supply, there could be a potential easing in August as high temperatures subside, possibly leading to a recovery in profit margins for the corrugated paper industry [4][7]. - The ongoing price increases and the anti-involution initiative represent a strategic response by companies to navigate cost pressures and seek sustainable growth [7].