格隆汇1月28日丨山鹰国际(600567.SH)在投资者互动平台表示，公司作为瓦楞箱板纸行业龙头企业，在 核心产品瓦楞箱板纸领域拥有显著的市场优势，持续保持着行业领先地位和重要的市场份额。未来，公 司将依托产业链优势，进一步开拓市场，提升市场占有率。 ...

Core Viewpoint - The company, Shanying International, is expected to report a net loss of 850 million to 1 billion yuan for 2025, with a non-recurring net profit loss of 1.05 billion to 1.2 billion yuan, marking the fourth consecutive year of losses in this category and a significant increase in loss amounts compared to the previous year [1][2][3]. Group 1: Financial Performance - The paper industry continues to experience a loose supply-demand balance, leading to sustained pressure on prices for key products like corrugated paper, while raw material costs remain high, further squeezing overall profitability [2][4]. - The company's projected net loss for 2025 is nearly double the 445 million yuan loss reported in 2024, with the non-recurring net profit loss reaching the worst level since 2023 [2][3]. - The decline in performance is attributed to a decrease in gross margin and reduced investment income, with the latter impacted by lower returns from joint ventures compared to the previous year [2][3]. Group 2: Debt and Market Performance - As of the end of Q3 2025, the company had 4.147 billion yuan in cash but faced significant debt pressures with short-term borrowings of 15.55 billion yuan and long-term borrowings of 6.323 billion yuan, indicating a challenging debt structure [3]. - The company's stock price has been on a downward trend since 2022, falling from around 3 yuan to approximately 1.65 yuan, with a historical low of 1.32 yuan in June 2024, nearing the delisting warning line [3][4]. Group 3: Industry Context and Competitive Position - The paper industry is undergoing structural adjustments characterized by supply-demand imbalances and high costs, with traditional paper products facing oversupply and price pressures, while high-value segments like specialty paper are growing but require significant investment [4][5]. - Competitors such as Sun Paper and Xianhe Shares have successfully integrated their supply chains and achieved high self-sufficiency in raw materials, enhancing their competitive edge and profitability [5][6]. - In contrast, Shanying International's efforts to establish its own wood fiber production have lagged behind competitors, with projects still in the planning stage and not yet contributing to actual production [6].

Market Overview - The paper sector experienced a decline of 0.37% on January 26, with Minshida leading the drop [1] - The Shanghai Composite Index closed at 4132.61, down 0.09%, while the Shenzhen Component Index closed at 14316.64, down 0.85% [1] Stock Performance - Notable gainers in the paper sector included: - Rongsheng Environmental: closed at 15.24, up 4.03% with a trading volume of 83,700 shares and a turnover of 126 million yuan [1] - Xianhe Co.: closed at 24.33, up 1.33% with a trading volume of 67,100 shares and a turnover of 162 million yuan [1] - Bohui Paper: closed at 7.26, up 1.26% with a trading volume of 258,900 shares and a turnover of 2.68 million yuan [1] - Decliners included: - Minshida: closed at 60.63, down 3.91% with a trading volume of 43,900 shares and a turnover of 267 million yuan [2] - Zhixing Paper: closed at 5.69, down 3.72% with a trading volume of 1,020,800 shares and a turnover of 586 million yuan [2] - Songyang Resources: closed at 20.63, down 3.55% with a trading volume of 95,700 shares and a turnover of 201 million yuan [2] Capital Flow - The paper sector saw a net outflow of 228 million yuan from main funds, while retail investors contributed a net inflow of 272 million yuan [2] - Key stocks with significant capital flow included: - Rongsheng Environmental: main funds net inflow of 16.49 million yuan, retail net outflow of 13.34 million yuan [3] - Shanying International: main funds net inflow of 15.57 million yuan, retail net outflow of 2.45 million yuan [3] - Wuzhou Special Paper: main funds net inflow of 12.66 million yuan, retail net outflow of 11.05 million yuan [3]

Core Viewpoint - The annual performance forecast indicating a loss of up to 1 billion yuan for Shanying International is seen as a strategic move rather than a purely negative signal, emphasizing cash flow safety and sustainable operational capability [1] Group 1: Loss Breakdown - The projected loss is attributed to two main factors: a strategic sacrifice of profit margins to ensure liquidity safety and a decrease in investment income due to a high comparison base from the previous year [2] - The company explicitly stated that the decline in profit margins is a result of adjustments made to secure liquidity for the repayment of "Eagle 19 convertible bonds," prioritizing cash flow over short-term profits [2] - The reduction in investment income is primarily due to a one-time high return from the sale of Nordic Paper's equity in 2024, which inflated the comparison base, while the core paper manufacturing segment showed synchronized growth in production and sales [2] Group 2: Strategic Moves and Financial Health - Despite the anticipated significant loss, institutional investors have shown confidence in Shanying International by supporting the introduction of strategic investors, which has improved the company's financial position [3] - The company successfully attracted strategic investors with strong capital backgrounds, bringing in nearly 750 million yuan, which significantly enhances its balance sheet and risk resilience [3] - The industry is expected to see improvements in profitability in the fourth quarter, as major packaging paper companies have begun to announce price increases, positioning Shanying International to benefit from the recovery in industry conditions [3] Group 3: Future Outlook - With the resolution of the convertible bond issue, the company's focus has shifted from survival to growth, outlining a strategic path centered on high-quality development and the implementation of high-end fiber projects [4] - The strategy aims to extend into upstream core raw materials, enhancing cost control and competitive advantage, which could lead to a significant performance turnaround [4] - The 2025 performance forecast signals the end of the old risk era and the beginning of a new development cycle focused on high-end positioning and cost competitiveness, with 2026 being a critical year for validating the company's performance recovery [4]

Core Viewpoint - The company, Shanying International, is expected to report significant losses for the year 2025, primarily due to declining gross margins and reduced investment income [1][3]. Trading Information Summary - On January 23, the main funds experienced a net outflow of 3.73 million yuan, accounting for 1.78% of the total transaction amount [1][3]. - Retail investors showed a net inflow of 9.79 million yuan, representing 4.68% of the total transaction amount [1]. Earnings Disclosure Highlights - Shanying International forecasts a net profit loss of 850 million to 1 billion yuan for the year 2025 [1][3]. - The company anticipates a net profit loss of 1.05 billion to 1.2 billion yuan after excluding non-recurring gains and losses [1][3]. Company Announcement Summary - The expected losses are attributed to a decline in gross margin and a decrease in investment income, with the latter being influenced by the previous sale of Nordic Paper equity [1]. - The decline in gross margin is linked to credit impairment prior to the maturity of the Eagle 19 convertible bonds, prompting the company to adjust its receivables and payables to ensure liquidity [1]. - The company reports that its production and operations are normal and has not triggered any financial delisting risk warnings [1].

Investment Ratings - The report provides a positive outlook on the new tobacco industry, indicating a steady upward trend, while the home furnishing and packaging sectors are stabilizing at the bottom [6][11][15]. Core Insights - The report highlights the marketing strategies around the Spring Festival and Valentine's Day for trendy toys, with companies like Pop Mart and Blok launching limited series to enhance IP value and collectability [7][8]. - In the new tobacco sector, the necessity for domestic development is emphasized, with major players increasing investments in heated tobacco products (HNB) and innovative marketing strategies [11][12]. - The home furnishing market is experiencing a contraction in sales, with significant declines in both new and second-hand property transactions, but there are signs of potential recovery driven by policy support [13][14]. - The packaging industry is expected to benefit from a steady recovery in downstream demand, supported by growth in consumer goods sectors [15][16]. - The pet food industry is facing increased competition, leading to higher sales expense ratios, but listed companies are leveraging their financial advantages for mergers and acquisitions [21]. Summary by Sections Trendy Toys - Focus on marketing strategies for key holidays, with companies like Pop Mart and Blok launching special editions to enhance brand value [7]. - The integration of AI in toys is gaining traction, with companies like Kid King and JD.com developing AI products to meet family needs [8][9]. New Tobacco - The report notes a projected decline in electronic cigarette exports, with a focus on the need for innovation in the domestic market [11]. - Major tobacco companies are increasing their investments in HNB products, indicating a significant growth potential in this segment [12]. Home Furnishing - The report indicates a significant drop in property transactions, with new home sales down 29.23% year-on-year and second-hand home sales down 8.94% [13]. - Despite current challenges, there is optimism for recovery in the home furnishing sector due to supportive policies [14]. Packaging - The packaging sector is expected to see a recovery in demand, with growth in consumer goods contributing positively to the industry [15][16]. - The report highlights price fluctuations in raw materials, particularly in the paper and aluminum sectors, which could impact packaging costs [15]. Pet Food - Increased competition in the pet food industry is leading to higher sales expenses, but established companies are positioned to benefit from consolidation opportunities [21]. - The report suggests focusing on companies with strong brand recognition and those actively pursuing mergers and acquisitions [21].

Core Viewpoint - The company, Shanying International, is expected to report significant losses for the year 2025, with net profit forecasts indicating a decline compared to the previous year [2][3][4]. Group 1: Stock Performance - As of January 23, 2026, Shanying International's stock closed at 1.7 yuan, reflecting a 2.41% increase from the previous week's closing price of 1.66 yuan [1]. - The stock reached a high of 1.7 yuan and a low of 1.65 yuan during the week [1]. - The company's current total market capitalization is 10.723 billion yuan, ranking 3rd in the paper industry and 1972nd among all A-shares [1]. Group 2: Earnings Forecast - Shanying International has issued an earnings forecast indicating a net profit loss for 2025, estimated between 8.5 billion yuan and 10 billion yuan [3][4]. - The company anticipates a loss of 10.5 billion yuan to 12 billion yuan when excluding non-recurring gains and losses [2][4]. - The expected increase in losses compared to the previous year is attributed to a decline in gross profit margins and reduced investment income, particularly due to the sale of Nordic Paper's equity in the previous period [4][6]. Group 3: Operational Status - The company has successfully converted and redeemed its convertible bonds, with credit impairments gradually being repaired [5][6]. - Shanying International's production and operations are reported to be normal, and it has not encountered any financial delisting risk warnings [5].

Core Viewpoint - The company, Shanying International, anticipates a net loss of 850 million to 1 billion yuan for the year 2025, which is an increase from the 451 million yuan loss in 2024 [1] Group 1: Financial Performance - The expected net loss is attributed to a decline in gross margin from core operations and reduced investment income [1] - The gross margin pressure is primarily due to the company's strategy to ensure cash flow safety by adjusting accounts receivable and payable to prioritize the repayment of "Eagle 19 convertible bonds" [1] - The company has successfully completed the conversion and repayment of the convertible bonds, eliminating systemic credit risk and gradually restoring credit value [1] Group 2: Operational Strategy - Despite the financial challenges, the company's paperboard segment has achieved synchronized production and sales growth [1] - The operating cash flow remains healthy, indicating stable cash generation capabilities from core operations [1] - With reduced debt pressure, the company is focusing on high-end fiber wood pulp projects to enhance cost competitiveness and leverage industry chain synergies for transformation opportunities [1]

Core Viewpoint - The company, Shanying International (600567), has announced a forecasted net loss for 2025, projecting a loss between 850 million to 1 billion yuan, compared to a loss of 451 million yuan in the previous year [4]. Financial Performance - The expected net profit loss for 2025 is between 850 million to 1 billion yuan, with a non-recurring net profit loss projected between 1.05 billion to 1.2 billion yuan, compared to a loss of 843 million yuan in the previous year [4]. - The company's price-to-book ratio (P/B) is approximately 0.7 times, and the price-to-sales ratio (P/S) is about 0.37 times based on the latest closing price [4]. Business Operations - The main business of the company includes the production and sales of boxboard paper, corrugated paper, specialty paper, paperboard, and paper products packaging, as well as domestic and international fiber recycling trade [14]. - The forecasted losses are attributed to a decline in gross profit margin and reduced investment income, primarily due to the sale of Nordic Paper's equity in the previous period and decreased investment income from joint ventures [15]. Market Valuation - The company's recent financial metrics indicate that when the company is in a loss position, the price-to-earnings ratio (P/E) becomes negative, making it less meaningful for valuation, thus the price-to-book and price-to-sales ratios are referenced instead [16][18].

Core Viewpoint - Company expects a net loss of 850 million to 1 billion yuan for 2025, indicating an expansion in loss compared to the previous year [1] Group 1: Financial Performance - Company reported a decrease in gross profit margin due to credit impairment before the maturity of convertible bonds, which pressured short-term profit margins [1] - Financial expenses decreased by 23.38% year-on-year, and operating net cash flow remained healthy at 2.125 billion yuan [2] Group 2: Strategic Adjustments - Company is actively adjusting its operational strategy, focusing on synchronizing production and sales in the paperboard sector [1] - Management emphasizes "exchanging profit for safety" to ensure cash flow security during the critical period of bond repayment [1] Group 3: Future Development - Company aims to accelerate its transition to high-end manufacturing, particularly through the implementation of high-end fiber wood pulp projects to enhance cost competitiveness [2] - A new partnership, Wuhu Shengying Enterprise Management Consulting Partnership, was established with a total investment of 2.977 billion yuan, aimed at resource integration and structural optimization [3]