| | | 股票简称：山鹰国际 股票代码：600567 公告编号：临 2025-040 山鹰国际控股股份公司 第九届董事会第二十七次会议决议公告 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。 二、会议审议情况 经审议表决，本次会议形成如下决议： （一）审议通过了《关于<山鹰国际控股股份公司 2025 年员工持股计划（草案）> 的议案》 为了建立和完善员工、股东的利益共享机制，改善公司治理水平，提高职工的 凝聚力和公司竞争力，调动员工的积极性和创造性，促进公司长期、持续、健康发 展，公司拟定了《山鹰国际控股股份公司 2025 年员工持股计划（草案）》，本员工 持股计划股份来源为公司从二级市场回购的公司 A 股普通股股票，本员工持股计划 涉及的标的股票规模不超过 52,631,578 股，具体持股数量以员工实际出资缴款情况 确定。 表决结果：同意 4 票，反对 0 票，弃权 0 票，关联董事陈银景、许云、游知作 为本次员工持股计划的参与对象已回避表决。本议案需提交公司 2025 年第二次临时 股东大会审议。 此项议案已经公司董事 ...

山鹰国际控股股份公司 董事会薪酬与考核委员会关于公司2025年员工持股 计划（草案）相关事项的核查意见 山鹰国际控股股份公司（以下简称"公司"）董事会薪酬与考核委员会根据 《中华人民共和国证券法》（以下简称"《证券法》"）、《关于上市公司实施员工持 股计划试点的指导意见》(以下简称"《指导意见》")、《上海证券交易所上市公 司自律监管指引第 1 号——规范运作》等相关法律、法规、规范性文件及《公司 章程》的有关规定，对公司 2025 年员工持股计划（草案）相关事项发表审核意 见如下： 1、公司不存在《指导意见》等法律、法规、规范性文件规定的禁止实施员 工持股计划的情形；《山鹰国际控股股份公司2025年员工持股计划（草案）》及 其摘要的内容符合《公司法》、《证券法》、《指导意见》等有关法律、法规及 规范性文件以及《公司章程》的规定，不存在损害公司及全体股东利益的情形。 2、本员工持股计划遵循了依法合规、自愿参与、风险自担的基本原则，公 司通过召开职工代表大会充分征求了员工意见，不存在以摊派、强行分配等方式 强制员工参加的情形。 3、公司实施员工持股计划有利于建立和完善员工、股东的利益共享机制， 改善公司治理水平 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints The report provides daily observations on the pulp market, including market conditions, important news, logical analyses, and trading strategies. Market conditions cover futures and spot prices of different pulp types. Important news includes company - related events, project investments, and international trade situations. Logical analyses are based on various economic and industry data, and trading strategies offer suggestions for single - sided and arbitrage trading. 3. Summary by Related Catalogs Market Conditions - Futures market shows various trends such as weak, small, and high - level oscillations. For example, on 25 - 06 - 09, the SP main 09 contract was in a weak oscillation, closing at 5222 points, down 2 points or 0.04% [1]. - Spot prices of different pulp types (coniferous, broad - leaf, natural, and chemical mechanical) vary in different regions. For instance, in the Shandong market on 25 - 06 - 06, the import coniferous pulp market had relatively light trading, and prices of some brands were adjusted with the market [5]. Important News - North American paper giant Georgia - Pacific plans to permanently close its Cedar Springs box - board paper mill later this year, affecting about 535 jobs and with an annual capacity of 1 million tons [1]. - China's C&D Group plans to invest $2 billion in a pulp and finished paper production project in Vietnam's Quang Binh province [11]. - In 2025, India's paper and board imports reached a record 2.05 million tons, and imports from China increased by 33% [8]. Logical Analysis - In April, European coniferous pulp consumption decreased by 17.6% year - on - year, and domestic living paper production increased by 9.4% year - on - year in May, which is favorable for the broad - needle price difference [6]. - As of the end of last Friday, the inventory of the SHFE SP contract decreased by 75.6% year - on - year, while the social inventory of domestic pulp in five ports increased by 33.4 million tons year - on - year [1]. Trading Strategies - Single - sided trading: Suggestions include holding long positions, waiting and seeing, and making small - scale trial purchases. For example, on 25 - 06 - 09, it was recommended to wait and see for the SP main 07 contract and pay attention to the support at last Friday's low [1]. - Arbitrage trading: Usually involves waiting and seeing or reducing positions and waiting. For example, on 25 - 06 - 09, it was recommended to wait and see for the arbitrage strategy (long - short) [1].

Investment Rating - The report maintains a "Positive" investment rating for the paper and light industry sector [6]. Core Insights - The light manufacturing industry index increased by 2.18%, outperforming the market by 1.30 percentage points, with the paper sub-sector rising by 1.78%, also surpassing the market by 0.90 percentage points [2][12]. - The report highlights that the cultural paper sector is entering an off-peak season, leading to a decline in pulp prices, while recommending leading companies in the integrated pulp and paper industry [4]. Summary by Sections Market Overview - The light manufacturing industry index rose by 2.18%, ranking 8th among 28 first-level industries, with the paper sub-sector increasing by 1.78% [2][12]. - The four major sub-sectors of light manufacturing, ranked by growth, are entertainment products, furniture, paper, and packaging printing, with respective increases of 5.51%, 2.03%, 1.78%, and 1.21% [12][18]. Industry Data Tracking - The report notes that the national waste paper price increased slightly by 4 CNY/ton, while the prices of various pulp types remained stable or decreased [9][24]. - The average market price for finished paper remained stable, with specific increases noted for white cardboard, which rose by 16 CNY/ton to 4095 CNY/ton [37][41]. Profitability Analysis - Profitability levels for finished paper products showed differentiation, with small paper companies experiencing increases in profitability, while larger companies faced declines [46][49]. - For instance, small enterprises in double glue paper saw an increase of 17 CNY/ton, while large enterprises experienced a decrease of 10 CNY/ton [46][51]. Production and Trade Data - The cumulative production of mechanical paper and paperboard from January to April 2025 reached 51.57 million tons, reflecting a year-on-year growth of 3.3% [55][56]. - Import volumes for paper and paperboard decreased by 10.5% year-on-year, while export volumes increased by 11.1% during the same period [55][58].

Core Insights - The event "Yangpu New Algorithm, Technology Recycling" focused on the synergy between dual carbon technology and circular economy, aiming to create a new blueprint for green development [1][5] - Yangpu District aims to achieve a green low-carbon industry scale of approximately 50 billion yuan by 2030, marking a significant transformation from an industrial to an innovative economy [1][2] - The establishment of the "Yangpu Green Low-Carbon Industry Innovation Cultivation Platform" aims to promote the deep integration of green low-carbon technology and industry [3] Group 1: Event Overview - The event was guided by the Yangpu District People's Government and hosted by the Shanghai Technology Exchange, with over 200 representatives from various sectors participating [1] - Keynote speeches included topics on carbon footprint barriers and the role of local governments in driving green transformation [2][3] Group 2: Strategic Initiatives - The "Yangpu District Action Plan for Accelerating Green Low-Carbon Transformation (2025-2030)" was officially released, outlining a roadmap for the next five years [3] - A partnership was formed between Yangpu District and Shaxian District in Fujian to leverage ecological resources and technological innovation for dual carbon cooperation [2] Group 3: Technological Innovations - The launch of the "Green Technology Patent Pool" aims to provide a one-stop service for technology commercialization, reducing the marketization cycle [3] - The introduction of the carbon footprint AI management platform by Envision Group aims to enhance intelligent management of energy and carbon data [3] Group 4: Standards and Guidelines - The release of the "Requirements for Carbon Reduction Assessment and Labeling of Recycled Products" fills a gap in domestic standards for recycled products, providing a unified norm for market promotion [4] Group 5: Collaborative Efforts - A roundtable discussion emphasized the need for policy guidance, technological breakthroughs, and market mechanism innovations to drive the scale development of the circular economy [5] - The event concluded with a consensus on the importance of technological innovation in achieving carbon peak and carbon neutrality goals [5]

Group 1 - The stock price of Shanying International (600567) closed at 1.79 yuan on May 29, 2025, with an increase of 4.07%, a turnover rate of 2.74%, a trading volume of 1.4971 million shares, and a transaction amount of 263 million yuan [1] - On May 29, the net inflow of main funds was 20.6686 million yuan, while retail investors experienced a net outflow of 20.5832 million yuan [3][4] Group 2 - The company is exploring cross-industry mergers and acquisitions through equity financing, as suggested by investors [2] - The company has implemented automation equipment in some production processes to enhance efficiency and product quality, in line with its strategic planning for smart manufacturing and Industry 4.0 [2] - The company has a stake in Yunyin Technology, which is developing unmanned forklift technology that has already been trialed, focusing on AI and unmanned driving technologies in the paper and packaging industry [2]

| | | 股票简称：山鹰国际 股票代码：600567 公告编号：临 2025-039 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： 一、担保情况概述 （一）本次担保事项履行的内部决策程序 为满足山鹰国际控股股份公司（以下简称"公司"）合并报表范围内子公司 的日常生产经营及业务发展需要，公司于 2025 年 4 月 28 日召开第九届董事会第 二十六次会议及第九届监事会第八次会议，于 2025 年 5 月 21 日召开 2024 年年 度股东大会，审议通过《关于 2025 年度担保计划的议案》，同意 2025 年度公司 被担保人名称：马鞍山祥恒包装有限公司（以下简称"马鞍山祥恒"）、 浙江山鹰供应链管理有限公司（以下简称"浙江供应链"）、浙江山鹰 纸业有限公司（以下简称"浙江山鹰"） 本次担保金额及已实际为其提供的担保余额：本次公司为马鞍山祥恒提 供担保金额为人民币 5,800 万元；为浙江供应链提供担保金额为人民币 22,000 万元；为浙江山鹰提供担保金额为人 ...

Core Viewpoint - The company is focusing on enhancing its production capacity and optimizing its asset structure to support sustainable growth and improve profitability in the paper industry. Group 1: Company Performance - As of May 23, 2025, the company's stock price closed at 1.73 yuan, up 1.17% from the previous week, with a total market capitalization of 9.465 billion yuan, ranking 3rd in the paper sector and 1626th in the A-share market [1] - In Q1 2025, the company reported revenue of 6.766 billion yuan and a net profit attributable to shareholders of 33 million yuan [2][4] Group 2: Production Capacity and Expansion - The company's first corrugated paper production line at the Suzhou base successfully commenced operations in April 2025, with a total capacity of 900,000 tons expected to be fully operational by mid-2025 [2][4] - The company aims to leverage its production capacity advantages to enhance its market position and achieve significant economies of scale, which will support performance growth [1][2] Group 3: Financial Health and Debt Management - The company's debt-to-asset ratio decreased from 71.29% at the beginning of 2024 to 67.67% in 2025, indicating effective debt reduction measures [3][4] - The company has raised over 1.7 billion yuan in cash through asset sales and is continuing to optimize its asset structure by divesting non-core assets [3] Group 4: Strategic Initiatives - The company is committed to improving asset quality and enhancing industry competitiveness through share buybacks, cash dividends, and long-term incentives [1] - Ongoing efforts to integrate resources in the packaging sector are in progress, with the company accepting applications from quality investors for equity participation [3][4]

Group 1 - The stock of Shanying International (600567) closed at 1.73 yuan on May 23, 2025, down 0.57% with a turnover rate of 1.41% and a trading volume of 773,900 hands, resulting in a transaction amount of 135 million yuan [1] - On May 23, the net outflow of main funds was 1.7592 million yuan, accounting for 1.3% of the total transaction amount, while the net inflow of speculative funds was 3.2737 million yuan, accounting for 2.42% [1] - Over the past five days, the stock has experienced fluctuations in fund flows, with significant net outflows from main funds on several days, indicating varying investor sentiment [1] Group 2 - Shanying International's Q1 2025 report shows a main revenue of 6.766 billion yuan, a year-on-year increase of 1.45%, while the net profit attributable to shareholders was 32.8145 million yuan, a year-on-year decrease of 16% [2] - The company has a total market value of 9.465 billion yuan, ranking 4th in the paper and printing industry, with a net asset of 16.857 billion yuan, ranking 2nd [2] - The company's gross profit margin is 9.88%, which is lower than the industry average of 14.56%, indicating potential challenges in profitability compared to peers [2] Group 3 - In the last 90 days, four institutions have rated the stock, with one buy rating and three hold ratings, and the average target price set at 1.96 yuan [3] - The definitions of fund flows indicate that the stock price movements are influenced by the balance of buying and selling pressures, with main funds representing large transactions and retail investors representing smaller ones [4]

5月21日，券商给予上市公司目标价共28次，按当日收盘价计算，目标价涨幅排名居前的公司有健友股 份（603707）、爱柯迪（600933）、安恒信息，目标价涨幅分别为57.27%、38.45%、38.20%，分别属 于化学制药、汽车零部件、软件开发行业。 | 5月21日目标价涨幅排2 | 证券代码 证券名称 | 机构 | 最新评级 | 版高日 | | 日标涨幅 | 行业 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | ( % ) | | | 华泰金融控股(香港) | 603707 健友股份 | | 买人 | 17.41 | 11. 07 | 57. 27 | 化学制药 | | 华泰金融控股(香港) | 600933 爱柯迪 | | 光入 | 22. 83 | 16. 49 | 38. 45 | 汽车零部件 | | 中信证券 | 688023 安恒信息 | | 兴人 | 64. 00 | 46. 31 | 38. 20 | 软件开发 | | 増持 | 000423 东阿阿胶 | 野村东方国际证券 | | 78.00 | 56. ...