Investment Rating - The report maintains a rating of "Accumulate" for the company [10] Core Views - The company experienced revenue growth pressure due to declining paper prices, but net profit and cash flow improved quarter by quarter [4][5] - The overall industry outlook for corrugated paper remains weak, with an oversupply situation exacerbated by increasing net imports [8][10] Summary by Sections Revenue Performance - In 2023, the company achieved revenue of 29.33 billion yuan, a year-on-year decrease of 13.8%, while net profit was 156 million yuan, marking a return to profitability [4][10] - For Q1 2024, revenue was 6.67 billion yuan, a year-on-year increase of 5.0%, with a net profit of 39.06 million yuan [4] Product Performance - Revenue by product for 2023: corrugated paper 11.23 billion yuan (-12.3%), other paper products 4.28 billion yuan (-5.5%), and recycled fiber 2.12 billion yuan (-42.8%) [5] - Production and sales of raw paper reached 6.785 million tons and 6.777 million tons, respectively, both up by approximately 10% year-on-year [5] Profitability and Cost Management - The overall gross margin improved to 9.9% in 2023, up by 2.6 percentage points year-on-year [6] - The company maintained strict control over operating expenses, with a total expense ratio of 12.6% in 2023, an increase of 1.8 percentage points year-on-year [7] Industry Outlook - The corrugated paper industry is expected to remain under pressure due to continuous new capacity additions and increasing net imports, with a net import volume of 8.774 million tons in 2023 [8][10] - The report anticipates that the industry will not see significant improvement in supply-demand dynamics in the near term [10]

关于山鹰国际控股股份公司 非经营性资金占用及其他关联资金往来情况 汇总表的专项审计报告 目 录 1、 专项审计报告 2、 附表 委托单位：山鹰国际控股股份公司 审计单位：信永中和会计师事务所（特殊普通合伙） 联系电话：021-62376587 北京市东城区朝阳门北大街 +86 (010) 6554 2288 8 号富华大厦A座9层 No 8. Chaoyangmen Beidaiie Dongcheng District. Beijing 100027 P R China 关于山鹰国际控股股份公司 2023 年度非经营性资金占用及其他关联资金往来的专项说明 XYZH/2024XMAA1F0006 山鹰国际控股股份公司 山鹰国际控股股份公司全体股东: 我们按照中国注册会计师审计准则审计了山鹰国际控股股份公司(以下简称山鹰国 际)2023年度财务报表,包括2023年12月31日的合并及母公司资产负债表、2023年 度的合并及母公司利润表、合并及母公司现金流量表、合并及母公司股东权益变动表以 及财务报表附注,并于 2024年 4 月 22 日出具了 XYZH/2024XMAA1B0017 号无保留意见的 审计报告。 ...

Financial Performance - The company's operating revenue for 2023 was approximately ¥29.33 billion, a decrease of 13.76% compared to ¥34.01 billion in 2022[35]. - The net profit attributable to shareholders for 2023 was ¥156.23 million, a significant recovery from a loss of ¥2.26 billion in 2022, representing a 106.92% increase[37]. - The net cash flow from operating activities reached ¥3.17 billion, a substantial increase of 1,457.22% compared to ¥203.36 million in 2022[37]. - The total assets at the end of 2023 were approximately ¥54.74 billion, reflecting a 4.23% increase from ¥52.52 billion in 2022[37]. - The basic earnings per share for 2023 was ¥0.04, a turnaround from a loss of ¥0.52 per share in 2022, marking a 107.69% improvement[37]. - The company reported a weighted average return on equity of 1.14% for 2023, recovering from -14.76% in 2022, an increase of 15.90 percentage points[37]. - The first quarter of 2023 saw an operating revenue of approximately ¥6.35 billion, with a net profit attributable to shareholders of -¥341.27 million[46]. - The second quarter of 2023 reported a net profit of ¥70.18 million, indicating a positive trend in profitability[46]. Dividend and Share Capital - The company plans to distribute a cash dividend of 0.11 CNY per 10 shares, totaling approximately 47.52 million CNY, which represents 30.42% of the net profit attributable to shareholders for the year[16]. - The total share capital as of March 31, 2024, is 4,470,572,328 shares, after deducting 150,804,145 shares held in the repurchase account[16]. Corporate Governance - The company received a standard unqualified audit report from Xinyong Zhonghe Accounting Firm[10]. - The board of directors and senior management confirmed the accuracy and completeness of the annual report, assuming legal responsibility for any misstatements[9]. - There were no significant differences in corporate governance compared to regulations set by the China Securities Regulatory Commission[4]. - The company has not faced any non-operational fund occupation by controlling shareholders or related parties[18]. - The company has not violated decision-making procedures for external guarantees[18]. - The company has not encountered any risks that would prevent a majority of directors from ensuring the authenticity of the annual report[18]. - The company has established a robust internal control system and governance structure since its listing[85]. - The company has maintained transparency in information disclosure, ensuring equal access for all shareholders[83]. - The company’s remuneration decision-making process involves approval from the board and supervisory committee, ensuring transparency[74]. Operational Strategies and Market Expansion - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[49]. - The company has implemented new strategies to enhance operational efficiency and improve financial performance moving forward[49]. - The company is focusing on diversifying its fiber raw materials to build a high-quality fiber supply capability[50]. - The company is transitioning to a specialized packaging solution provider, enhancing its service capabilities based on customer needs[50]. - The company plans to leverage the ongoing economic recovery and traditional consumption peak season to further improve profitability in the second half of 2023[50]. - The company is expanding its market presence in Southeast Asia, targeting a 25% market share by 2025[67]. - A strategic acquisition of a local competitor is anticipated to enhance production capacity by 30%[67]. - The company aims to reduce operational costs by 5% through improved supply chain efficiencies[67]. Research and Development - Investment in R&D increased by 18%, focusing on innovative paper products and sustainable technologies[67]. - The number of R&D personnel is 1,233, making up 8.79% of the total workforce[128]. - Research and development expenses totaled CNY 836,878,714.92, representing 2.85% of operating revenue[127]. - The company has received 1,199 patents, including 114 invention patents, and has been recognized as a national high-tech enterprise[107]. Environmental and Sustainability Initiatives - The company has established 7 national-level green factories and has been recognized for its ESG practices, winning the "First National Cup ESG Golden Bull Award" for top 100 enterprises[89]. - The company is focusing on green and low-carbon transformation in response to national carbon neutrality policies, which may lead to a reduction in new production capacity in the industry[93]. - The company has completed carbon footprint verification for 20 products and aims to increase the share of clean energy in its production bases[89]. - The company is committed to fulfilling its carbon reduction goals and enhancing its social responsibility image[161]. Financial Management and Cost Control - The company plans to continue focusing on cost control and improving operational efficiency in the upcoming quarters[116]. - The total production cost for paper products decreased by 10.57% year-on-year, amounting to CNY 6,131,036,594.85[124]. - The company reduced management and sales expenses by 185 million yuan year-on-year, while maintaining a low inventory strategy to optimize cash flow[92]. - The company has secured 1 billion yuan in equity financing from strategic investors in its Guangdong and Central China paper bases, optimizing its debt structure[92]. Employee and Workforce Management - The company has a total of 14,024 employees, with 1,600 in the parent company and 12,424 in major subsidiaries[171]. - The company has a diverse workforce with 236 employees holding master's degrees or above, and 9,212 with high school education or below[174]. - The company has implemented a comprehensive training program aimed at enhancing organizational and individual capabilities, supporting business innovation[176]. - The total hours of outsourced labor amounted to 2,982,866 hours, with total payments of 71,588,784 RMB[177]. Market Trends and Economic Outlook - In 2023, China's GDP grew by 5.2%, indicating strong economic resilience and potential, which is expected to positively impact the paper packaging industry[153]. - The import tax policy for paper products will continue with zero tariffs on recycled boxboard and corrugated base paper starting January 1, 2024, potentially leading to higher import paper prices due to increased costs[154]. - The domestic paper price and corporate profits have significant room for recovery due to limited growth in import paper volumes amid rising costs[154]. - The company faces risks from industry dependency on imported raw materials, with over 50% reliance on foreign sources for paper production[164].

| 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 | 2024-046 | 山鹰国际控股股份公司 关于召开 2023 年度暨 2024 年第一季度业绩说明会 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： 一、 说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2023 年度和 2024 年第 一季度的经营成果与投资者进行互动交流，在信息披露允许的范围内就投资者普 会议召开时间：2024 年 05 月 20 日(星期一)上午 11:00-12:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 05 月 ...

| 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 | 2024-041 | 山鹰国际控股股份公司 关于计提信用及资产减值准备的公告 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。 山鹰国际控股股份公司（以下简称"公司"）于 2024 年 4 月 22 日召开第九 届董事会第七次会议，审议通过了《关于计提信用及资产减值准备的议案》，现 将具体情况公告如下： 一、计提减值准备的情况概述 公司基于对 2023 年度合并报表范围内的应收票据、应收账款、其他应收款、 存货、固定资产、商誉等进行全面核查，结合《企业会计准则》及公司会计政策 进行充分评估和分析，对存在减值迹象的资产进行减值测试，本着审慎原则，公 司对部分资产计提减值准备。本次计提减值准备的范围及金额如下： | 项目 | 计提金额（元） | | --- | --- | | 一、信用减值损失 | ...

| 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 | 2024-039 | 山鹰国际控股股份公司 关于2024年度担保计划的公告 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： 一、担保情况概述 为满足山鹰国际控股股份公司（以下简称"公司"或"本公司"）及合并报 表范围内子公司的日常生产经营及业务发展需要，公司于 2024 年 4 月 22 日召开 第九届董事会第七次会议，审议通过了《关于 2024 年度担保计划的议案》，同意 2024 年度公司及合并报表范围内子公司预计对外担保额度不超过人民币 3,050,000 万元。其中，对资产负债率 70%以上的合并报表范围内子公司提供担 保额度不超过人民币 431,000 万元；对资产负债率 70%以下的合并报表范围内子 被担保人均为公司合并报表 ...

（二）在公司总部担任中心总经理、副总经理等职务的管理人员； （三）在公司各事业部担任总经理、副总经理及 CXO 等职务，属于事业部 管理团队的人员； 山鹰国际控股股份公司长期激励计划管理办法 （2024-2026 年） 第一章 总则 第一条 为建立山鹰国际控股股份公司（以下简称"公司 "）长期激 励机制，充分调动和发挥公司董事、监事、高级管理人员以及各级管理团队、 核心技术及业务骨干的积极性、创造性，增强其责任感与使命感，确保公司持 续健康发展，现根据《中华人民共和国公司法》、《中华人民共和国证券 法》、《关于上市公司实施员工持股计划试点的指导意见》及《公司章程》有 关规定，结合公司实际情况制定《山鹰国际控股股份公司长期激励计划管理办 法（2024-2026 年）》（以下简称"本办法 "）。 第二章 激励对象范围 第二条 激励对象范围 激励对象指符合资格参与本办法的人员，具体包括： （一）公司董事（不包括独立董事）、监事、高级管理人员及股份公司管 理团队成员； （四）在公司各企业担任总经理、副总经理、总监等职务，属于企业管理 团队的人员； （五）由各企业管理团队成员提报的核心技术及业务骨干人员。 第三条 具有 ...

山鹰国际控股股份公司 2023 年度 | 索引 | 页码 | | --- | --- | | 审计报告 | 1-2 | | 2023 年度内部控制评价报告 | 1-6 | 信永中和会计师事务所 | 北京市东城区朝阳门北大街 8 号富华大厦 A 座 9 层 联系申话: +86 (010) 6554 2288 telenhone: +86 (010) 6554 2288 ShineV certified nublic accountants 100027 P R Chins No 8 Chaovangmen Beir Donacheng District, B 内部控制审计报告 内部控制审计报告 XYZH/2024XMAA1B0016 山鹰国际控股股份公司 山鹰国际控股股份公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求,我们审计 了山鹰国际控股股份公司(以下简称山鹰国际)2023年12月31日财务报告内部控制的 有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评价 指引》的规定,建立健全和有效实施内部控制,并评价其有效性是山 ...

关于山鹰国际控股股份公司 2023 年度营业收入扣除情况的 专项说明 | 索引 | 页码 | | --- | --- | | 专项说明 | 1-2 | | 2023 年度营业收入扣除情况表 | 1-2 | 关于山鹰国际控股股份公司 2023 年度营业收入扣除情况的专项说明 XYZH/2024XMAA1F0007 山鹰国际控股股份公司 山鹰国际控股股份公司全体股东: 我们按照中国注册会计师审计准则审计了山鹰国际控股股份公司(以下简称山鹰国 际)2023年度财务报表,包括2023年12月31日的合并及母公司资产负债表、2023年度的 合并及母公司利润表、合并及母公司现金流量表、合并及母公司股东权益变动表,以及 相关财务报表附注,并于2024年4月22日出具了XYZH/2024XMAA1B0017号无保留意见的审 计报告。 根据《上海证券交易所股票上市规则》、《上海证券交易所上市公司自律监管指南 第2号一业务办理》(以下简称营业收入扣除)相关规定,山鹰国际编制了后附的山鹰 国际控股股份公司 2023 年度营业收入扣除情况表(以下简称营业收入扣除情况表）。 北京市东城区朝阳门北大街 出发都坚持少保母所 8 导营华大厦 ...

Financial Performance - Revenue for the first quarter of 2024 was RMB 6,669,120,056.42, a 5.00% increase year-over-year[3] - Net profit attributable to shareholders of the listed company was RMB 39,063,252.05, a 111.45% increase year-over-year[3] - Basic earnings per share (EPS) was RMB 0.009, a 111.45% increase year-over-year[3] - Diluted earnings per share (EPS) was RMB 0.012, a 121.19% increase year-over-year[15] - Total operating revenue for Q1 2024 reached 6,669,120,056.42 RMB, an increase from 6,351,495,622.66 RMB in Q1 2023[37] - Net profit for the quarter was 27,083,733.42, compared to a net loss of -376,223,124.99 in the previous period[47] - Comprehensive income total for Q1 2024 was -73,634,090.35 RMB, an improvement from -401,694,558.26 RMB in Q1 2023[39] Cash Flow and Liquidity - Net cash flow from operating activities was RMB 459,877,033.53, a 26.49% increase year-over-year[3] - Net cash flow from operating activities increased to 459.88 million, up from 363.56 million in the previous period[50] - Total cash inflow from operating activities reached 6.48 billion, compared to 5.84 billion in the prior period[50] - Cash received from sales of goods and services in Q1 2024 was 6,271,984,211.60 RMB, up from 5,536,297,717.01 RMB in Q1 2023[39] - Cash paid for goods and services amounted to 4.92 billion, up from 4.50 billion[50] - Net cash flow from investing activities was -245.14 million, an improvement from -1.48 billion[53] - Cash inflow from financing activities totaled 10.73 billion, slightly higher than 10.56 billion in the previous period[53] - Net cash flow from financing activities was -111.62 million, a significant decline from 1.59 billion[53] - Cash and cash equivalents at the end of the period stood at 786.05 million, compared to 1.74 billion in the prior period[53] - Cash received from tax refunds increased to 105.32 million, up from 71.49 million[50] - Cash paid for employee benefits decreased to 489.78 million, down from 502.12 million[50] - Cash outflow for investment in fixed assets and intangible assets dropped to 252.05 million, compared to 753.14 million[53] Assets and Liabilities - Total assets at the end of the reporting period were RMB 55,516,445,179.00, a 1.42% increase compared to the end of the previous year[15] - Total assets increased to 55,516,445,179.00 from 54,739,587,206.10, reflecting a growth of 1.42%[42] - Equity attributable to shareholders of the listed company was RMB 13,688,825,066.63, a 0.43% decrease compared to the end of the previous year[15] - Total current assets for Q1 2024 were 13,922,733,188.36 RMB, up from 13,373,273,100.90 RMB in Q1 2023[35] - Fixed assets slightly decreased to 29,372,412,721.37 RMB in Q1 2024 from 29,621,529,398.54 RMB in Q1 2023[35] - Construction in progress increased to 3,802,957,106.94 RMB in Q1 2024 from 3,401,338,594.24 RMB in Q1 2023[35] - Short-term borrowings rose to 16,315,635,508.02 from 15,071,418,613.33, an increase of 8.26%[42] - Long-term borrowings decreased to 6,944,043,087.30 from 7,315,328,656.33, a decline of 5.07%[42] - Total liabilities increased slightly to 39,624,489,871.26 from 39,024,600,134.58, a growth of 1.54%[44] - Total equity increased to 15,891,955,307.74 from 15,714,987,071.52, a growth of 1.13%[44] Shareholder and Ownership Information - The number of ordinary shareholders at the end of the reporting period was 168,123[11] - The company's total share capital is 4,470,000,000 shares, with Fujian Taisheng Industrial Co., Ltd. holding 1,327,822,472 shares, accounting for 29.70% of the total shares[21] - The company's controlling shareholder, Fujian Taisheng Industrial Co., Ltd., and its actual controller, Wu Mingwu, have pledged a total of 958,265,838 shares[21][28] - The company's controlling shareholder and actual controller have increased their holdings by 89,365,602 shares, accounting for 1.999% of the total share capital, with a total investment of 160.96 million RMB, reaching 59.59% of the promised amount[28] Investments and Subsidiaries - The company's subsidiary, Shanying Investment Management Co., Ltd., invested 250 million RMB to establish Wuhu Xinzhi Yingheng Equity Investment Partnership (Limited Partnership), which plans to invest up to 500 million RMB in the company's subsidiary, Shanying Paper (Guangdong) Co., Ltd[30] - The company intends to sell all or part of its 48.16% stake in Nordic Paper Holding AB (publ), but the transaction details are still uncertain[30] Expenses and Income - Total operating costs for Q1 2024 were 6,908,292,212.28 RMB, slightly higher than 6,884,412,957.68 RMB in Q1 2023[37] - R&D expenses decreased to 177,890,645.60 from 190,393,228.37, a reduction of 6.57%[47] - Sales expenses decreased to 83,803,875.61 from 88,671,617.53, a decline of 5.49%[47] - Interest expenses decreased to 288,105,482.26 from 292,836,251.77, a reduction of 1.62%[47] - Other income increased to 214,196,289.30 from 134,620,218.31, a significant rise of 59.11%[47] - Non-recurring gains and losses amounted to RMB 54,542,042.33, including government subsidies of RMB 51,463,200.05[17] Other Financial Metrics - The weighted average return on equity (ROE) was 0.28%, an increase of 2.83 percentage points[15] - Accounts receivable decreased to 4,067,052,673.38 RMB in Q1 2024 from 4,547,040,990.79 RMB in Q1 2023[35] - Inventory increased to 3,001,361,980.59 RMB in Q1 2024 from 2,822,571,698.84 RMB in Q1 2023[35] - Other comprehensive income after tax for Q1 2024 was -100,717,823.77 RMB, compared to -25,471,433.27 RMB in Q1 2023[39] - The company's monetary funds increased from 4,153,907,801.66 RMB at the end of 2023 to 5,184,695,895.01 RMB as of March 31, 2024[33]