证券代码：600567 证券简称：山鹰国际 公告编号：2025-038 山鹰国际控股股份公司2024年年度股东大会决议公告 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。 重要内容提示： ● 本次会议是否有否决议案：无 一、会议召开和出席情况 (一)股东大会召开的时间：2025年5月21日 (二)股东大会召开的地点：安徽省马鞍山市勤俭路山鹰国际办公大楼 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： ■ (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会会议由公司董事会召集，会议由董事长吴明武先生主持，会议采用现场投票与网络投票相 结合的表决方式召开并表决。浙江天册律师事务所律师傅肖宁先生、武岳先生出席了本次会议并做见 证。会议的召集、召开及表决方式符合《公司法》、《公司章程》等有关规定。 (五)公司董事、监事和董事会秘书的出席情况 1、公司在任董事7人，出席7人； 2、公司在任监事3人，出席3人； 3、公司副总裁、董事会秘书严大林先生出席了本次会议，公司高级管理人员列席 ...

Investment Rating - The report assigns a "Recommend" rating to the company, with a target price of 1.96 CNY per share [1]. Core Views - The company reported a revenue of 29.23 billion CNY in 2024, a slight decrease of 0.4% year-on-year, and a net profit attributable to shareholders of -0.45 billion CNY, indicating a shift from profit to loss [1]. - In Q1 2025, the company achieved a revenue of 6.77 billion CNY, reflecting a year-on-year increase of 1.5%, but the net profit attributable to shareholders decreased by 16.0% year-on-year to 0.03 billion CNY [1]. - The company is recognized as a leading player in the domestic boxboard paper market, leveraging its integrated supply chain advantages to develop its paper, packaging, and fiber recycling businesses [1]. Financial Summary - **2024 Financial Performance**: - Total revenue: 29.23 billion CNY - Net profit: -0.45 billion CNY - Gross margin: 7.4%, down 2.5 percentage points year-on-year [1][7]. - **2025 Financial Projections**: - Expected total revenue: 29.98 billion CNY, with a growth rate of 2.6% - Expected net profit: 0.216 billion CNY, with a growth rate of 147.8% [1][7]. - **Key Financial Ratios**: - Price-to-Earnings (P/E) ratio for 2025 is projected at 45 times, decreasing to 22 times by 2027 [1][7]. - Price-to-Book (P/B) ratio is set at 0.70 times for 2025 [1][7]. Business Strategy - The company is strategically exiting non-core businesses, having successfully divested 48.16% of its stake in Nordic Paper and completed the transfer of shares in Jiaxing Yinghuang for 546 million CNY, enhancing its financial strength and risk resilience [1]. - The company has optimized its debt structure, achieving a debt-to-asset ratio of 68.8% as of Q1 2025, a decrease of 2.6 percentage points from the end of Q1 2024 [1].

证券代码：600567 证券简称：山鹰国际 公告编号：2025-038 山鹰国际控股股份公司 2024年年度股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 5 月 21 日 (二)股东大会召开的地点：安徽省马鞍山市勤俭路山鹰国际办公大楼 式符合《公司法》、《公司章程》等有关规定。 (五)公司董事、监事和董事会秘书的出席情况 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 1,034 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,483,647,330 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 27.2787 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会会议由公司董事会召集，会议由董事长吴明武先生主 ...

浙江天册律师事务所 关于 山鹰国际控股股份公司 2024 年年度股东大会的 法律意见书 浙江省杭州市杭大路 1 号黄龙世纪广场 A 座 11 楼 310007 电话：0571-87901111 传真：0571-87901500 法律意见书 浙江天册律师事务所 关于山鹰国际控股股份公司 2024 年年度股东大会的 法律意见书 编号：TCYJS2025H0812 号 致：山鹰国际控股股份公司 浙江天册律师事务所（以下简称"本所"）接受山鹰国际控股股份公司 （以下简称"山鹰国际"或"公司"）的委托，指派本所律师参加公司 2024 年年度股东大会，并根据《中华人民共和国证券法》（以下简称"《证券法》"）、 《中华人民共和国公司法》（以下简称"《公司法》"）和《上市公司股东 会规则》（以下简称"《股东会规则》"）等法律、法规和其他有关规范性 文件的要求出具本法律意见书。 在本法律意见书中，本所律师仅对本次股东大会召集、召开程序、出席 人员的资格、召集人的资格、表决程序及表决结果的合法有效性发表意见， 不对会议所审议的议案内容和该等议案中所表述的事实或数据的真实性和准 确性发表意见。 本法律意见书仅供公司 2024 年年 ...

Investment Rating - The report assigns a "Recommendation" rating to the company, with a target price of 1.96 CNY per share [1]. Core Views - The company reported a revenue of 29.23 billion CNY in 2024, a slight decrease of 0.4% year-on-year, and a net profit attributable to shareholders of -0.45 billion CNY, indicating a shift from profit to loss [1]. - In Q1 2025, the company achieved a revenue of 6.77 billion CNY, reflecting a year-on-year increase of 1.5%, but the net profit attributable to shareholders was only 0.03 billion CNY, down 16.0% year-on-year [1]. - The company is focusing on optimizing its debt structure and has successfully completed the market-oriented conversion of its bonds, enhancing its financial strength and risk resistance [1]. Financial Summary - **2024 Financial Performance**: - Total revenue: 29.23 billion CNY - Net profit: -0.45 billion CNY - Gross margin: 7.4%, down 2.5 percentage points year-on-year [1][7]. - **2025 Financial Projections**: - Expected total revenue: 29.98 billion CNY, with a growth rate of 2.6% - Expected net profit: 0.216 billion CNY, with a growth rate of 147.8% [1][7]. - **Key Financial Ratios**: - Price-to-earnings ratio (P/E) for 2025 is projected at 45 times, decreasing to 22 times by 2027 [1][7]. - Price-to-book ratio (P/B) is set at 0.70 times for 2025 [1]. Business Segments - **Paper Production**: - The company reported a revenue of 19.59 billion CNY in 2024, with a year-on-year increase of 1.8% [1]. - The production capacity is expected to exceed 9 million tons following the completion of a new production line [1]. - **Packaging**: - The packaging segment's revenue is projected to decline by 2.6% to 6.90 billion CNY in 2024, with a focus on enhancing service capabilities for major clients [1]. - **Trade**: - The trade segment is expected to generate a revenue of 2.01 billion CNY in 2024, down 5.6% year-on-year [1]. Strategic Initiatives - The company is strategically exiting non-core businesses to strengthen its financial position, including the successful divestment of stakes in non-core assets [1]. - The debt ratio as of Q1 2025 stands at 68.8%, a decrease of 2.6 percentage points from the previous year [1].

Investment Rating - The report maintains a "Positive" investment rating for the paper and light industry sector [6] Core Viewpoints - The light manufacturing industry index increased by 0.87%, underperforming the market by 0.25 percentage points, while the paper sub-sector declined by 0.47%, underperforming the market by 1.59 percentage points [2][13] - The report highlights that the cultural paper sector is entering an off-season, with pulp and paper prices declining [4] - Recommendations include leading companies in the integrated pulp and paper industry such as Sun Paper (002078, Buy), and special paper leaders like Xianhe Co. (603733, Buy) [4] Summary by Sections Market Review - The light manufacturing industry index rose by 0.87%, while the paper sub-sector fell by 0.47%, ranking 12th among 28 first-level industries [2][13] - The four major sub-sectors of light manufacturing ranked by growth were furniture, packaging and printing, cultural and entertainment products, and paper, with respective increases of 1.67%, 1.09%, 0.21%, and a decrease of 0.47% in the paper sector [2][13] Industry Chain Data Tracking - The report notes a decline in wood pulp product prices, with the average market price for double glue paper dropping by 48 CNY/ton, copper plate paper by 10 CNY/ton, and white card paper by 41 CNY/ton [39] - The profitability of wood pulp products is declining, with small paper companies experiencing a decrease of 78 CNY/ton for double glue paper, while large companies saw a decrease of 48 CNY/ton [49] - Mechanized paper and board production for the first quarter of 2025 reached 38.19 million tons, a year-on-year increase of 3.8% [58] Raw Materials - Domestic waste paper prices slightly increased by 1 CNY/ton, while foreign waste prices remained stable [24] - The report indicates that the inventory of wood pulp at two major Chinese ports reached 1.81 million tons, a 1% increase from the previous month [25][33] Profitability Levels - Profitability for wood pulp products is declining, with small companies seeing significant drops in profitability across various paper types [49] - The report highlights a divergence in profitability for boxboard paper, with low-grade boxboard increasing by 7 CNY/ton while high-grade boxboard decreased by 8 CNY/ton [56]

Group 1 - The People's Bank of China has established a stock repurchase and increase loan tool, leading to a significant rise in listed companies' repurchase activities, with a total proposed loan amount exceeding 110 billion yuan by April 2025 [1] - On May 7, 2023, the People's Bank of China announced a combined usage of 500 billion yuan for securities, funds, and insurance company swaps, along with 300 billion yuan for stock repurchase loans, totaling 800 billion yuan, while also reducing the interest rate on structural monetary policy tools by 0.25 percentage points to 1.5% [1] - Industry insiders expect a resurgence in stock repurchase activities among listed companies in the near future [1] Group 2 - In January 2023, 60 listed companies conducted stock repurchases, followed by 48 in February, 61 in March, 54 in April, and 34 so far in May [3] - Palin Bio led the increase in repurchase activities with 55 instances, totaling 187,800 shares and an investment of 3.96 million yuan [3] - Other notable companies include Jerry Shares with 25 repurchase instances totaling 255,300 shares and 8.67 million yuan, and Lexin Technology with 23 instances totaling 137,689 shares and 7.51 million yuan [3] Group 3 - Seven executives from various companies increased their holdings by over 10 million shares, including Wu Mingwu from Shanying International and Zhou Xiaoping from Xingyu Shares [5] - Wu Mingwu increased his holdings by 62,151,200 shares across three transactions, amounting to 109 million yuan [7] - Lin Pusheng from Dazhong Mining increased his holdings by 56,695,300 shares for a total of 194 million yuan [7] Group 4 - ST companies are also actively repurchasing their stocks, including ST Kelly, ST Yifei, ST Saiwei, and *ST Jinshi [9] - ST Kelly's chairman, Yuan Zheng, increased his holdings by 4,365,100 shares, totaling 33.09 million yuan [11] - ST Yifei's executives also participated in repurchases, with Vice President Zhao Laigen and Chairman Wu Xuan increasing their holdings by 75,135 shares and 52,013 shares, respectively [12]

会议资料 二○二五年五月 山鹰国际 600567 2024 年年度股东会会议资料 山鹰国际 600567 2024 年年度股东会会议资料 山鹰国际控股股份公司 目 录 议案六、关于确认公司董事 2024 年度薪酬发放情况及 2025 年度薪酬 议案七、关于确认公司监事 2024 年度薪酬发放情况及 2025 年度薪酬 议案九、关于 2025 年度向金融机构申请综合授信额度的议案 ... 33 议案十一、关于公司及控股子公司提供资产抵押的议案 ........ 38 议案十二、关于公司及控股子公司开展金融衍生品投资业务的议案 第 2页 共 46 页 山鹰国际 600567 2024 年年度股东会会议资料 议案十三、关于制定《山鹰国际控股股份公司未来三年 （2025-2027） 第 3 页 共 46 页 山鹰国际 600567 2024 年年度股东会会议资料 会议议程 会议时间：2025 年 5 月 21 日 14:30 会议方式：现场投票和网络投票相结合 现场会议地点：安徽省马鞍山市勤俭路山鹰国际办公大楼 会议主持人：吴明武先生 一、主持人宣布会议开始，公布参加股东会股东人数及所代表的 有表决权股份数； 二、会 ...

山鹰国际 600567 2024 年年度股东会会议资料 山鹰国际控股股份公司 2024 年年度股东会 会议资料 二○二五年五月 1 山鹰国际 600567 2024 年年度股东会会议资料 目 录 | 2024 年年度股东会 | 1 | | --- | --- | | 会议资料 | 1 | | 会议议程 | 4 | | 议案一、2024 年度董事会工作报告 6 | | | 议案二、2024 年度监事会工作报告 8 | | | 议案三、2024 年度财务决算报告 14 | | | 议案四、2024 年年度报告及摘要 17 | | | 议案五、2024 年年度利润分配方案 18 | | | 议案六、关于确认公司董事 2024 年度薪酬发放情况及 2025 | 年度薪酬 | | 预案的议案 | 20 | | 议案七、关于确认公司监事 2024 年度薪酬发放情况及 2025 | 年度薪酬 | | 预案的议案 | 21 | | 议案八、关于预计 2025 年度日常关联交易的议案 | 22 | | 议案九、关于 2025 年度向金融机构申请综合授信额度的议案 | ... 33 | | 议案十、关于 2025 年度担保计划的 ...

Investment Rating - The report maintains a "Positive" investment rating for the paper and light industry [6] Core Viewpoints - The light manufacturing industry index increased by 3.02%, outperforming the market by 1.02 percentage points, with the paper sub-sector rising by 2.17%, also surpassing the market by 0.16 percentage points [2][13] - The report highlights that the cultural paper sector is entering an off-peak season, leading to a decline in pulp and paper prices [4] - The report recommends leading companies in the integrated forest-pulp-paper industry, such as Sun Paper (002078, Buy), and suggests focusing on leading special paper companies like Xianhe Co. (603733, Buy) and Huawang Technology (605377, Buy) [4] Summary by Sections Market Review - The light manufacturing industry index rose by 3.02%, while the paper sub-sector increased by 2.17%, ranking 9th among 28 first-level industries [2][13][20] Industry Chain Data Tracking - The report notes a decline in wood pulp product prices, with domestic waste prices slightly increasing by 1.5 CNY/ton, while foreign waste prices decreased by 5-10 USD/ton [9][24] - The average market price for finished paper products saw declines: double glue paper down by 38 CNY/ton, copper plate paper down by 45 CNY/ton, and white card paper down by 48 CNY/ton [39][40][42] Profitability Levels - Profitability in cultural paper is diverging, with small paper companies seeing an increase of 25 CNY/ton in double glue paper, while large companies experienced a decrease of 43 CNY/ton [48][49] - The profitability of packaging paper is declining, with white card paper profitability down by 20-48 CNY/ton [48][51] Production Data - The cumulative production of mechanical paper and paperboard in the first quarter of 2025 reached 38.19 million tons, a year-on-year increase of 3.8% [57] - The report indicates that the import volume of paper and paperboard decreased by 8.2% year-on-year, while the export volume increased by 10.7% [57]