Section 1 Definitions [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This chapter defines common terms, including regulatory bodies, company entities, and financial instruments, to ensure accurate report interpretation - The report defines abbreviations for the China Securities Regulatory Commission (CSRC), Shanghai Stock Exchange (SSE), Taisheng Industrial, Shanying International, its various paper bases (e.g., Anhui Shanying, Zhejiang Shanying, South China Shanying), and overseas subsidiaries (e.g., Universal International, WPT, Nordic Paper, Phoenix Paper)[10](index=10&type=chunk) Section 2 Company Profile and Key Financial Indicators [I. Company Information](index=4&type=section&id=I.%20Company%20Information) Discloses the company's Chinese name, abbreviation, foreign name and abbreviation, and legal representative information - The company's Chinese name is Shanying International Holdings Co., Ltd., abbreviated as Shanying International, with Wu Mingwu as its legal representative[12](index=12&type=chunk) [II. Contact Persons and Information](index=5&type=section&id=II.%20Contact%20Persons%20and%20Information) Provides the names, contact addresses, telephone numbers, fax numbers, and email addresses of the company's Board Secretary and Securities Affairs Representative - The Board Secretary is Yan Dalin, and the Securities Affairs Representative is Huang Ye, both with the contact address at Building 6, Binjiang International, 645 Anpu Road, Yangpu District, Shanghai[13](index=13&type=chunk) [III. Brief Introduction to Changes in Basic Information](index=5&type=section&id=III.%20Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) Introduces the company's registered address, office address, website, and email address, stating no changes occurred during the reporting period - The company's registered address is No. 3 Qinjian Road, Ma'anshan City, Anhui Province, and its office address is Building 6, Binjiang International, 645 Anpu Road, Yangpu District, Shanghai, with no changes during the reporting period[14](index=14&type=chunk) [IV. Brief Introduction to Changes in Information Disclosure and Document Storage Locations](index=5&type=section&id=IV.%20Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Storage%20Locations) Lists the company's selected information disclosure newspapers, the website address for semi-annual reports, and report storage locations, noting no changes during the reporting period - The company designates "Shanghai Securities News", "China Securities Journal", and "Securities Times" as information disclosure newspapers, with the report website being www.sse.com.cn[15](index=15&type=chunk) [V. Company Stock Profile](index=5&type=section&id=V.%20Company%20Stock%20Profile) Provides the listing exchange, stock abbreviation, stock code, and former stock abbreviation for the company's A-shares - The company's A-shares are listed on the Shanghai Stock Exchange, with stock abbreviation "Shanying International" and code "600567", formerly "Shanying Paper"[16](index=16&type=chunk) [VII. Company's Key Accounting Data and Financial Indicators](index=5&type=section&id=VII.%20Company%27s%20Key%20Accounting%20Data%20and%20Financial%20Indicators) Discloses the company's key accounting data and financial indicators for the current and prior reporting periods, showing a slight decrease in operating revenue, significant declines in total profit and net profit attributable to shareholders, but a narrowing loss in non-recurring net profit Main Accounting Data (January-June 2025 vs. Prior Period) | Indicator | Current Period (Jan-Jun) (yuan) | Prior Period (yuan) | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 13,842,189,460.39 | 14,254,692,337.76 | -2.89 | | Total Profit | 59,205,452.06 | 123,009,528.69 | -51.87 | | Net Profit Attributable to Shareholders of Listed Company | 41,815,434.96 | 113,547,707.57 | -63.17 | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-recurring Gains and Losses | -65,779,857.21 | -108,126,041.43 | 39.16 | | Net Cash Flow from Operating Activities | 1,382,527,954.91 | 2,571,504,946.21 | -46.24 | | **Current Period-end vs. Prior Year-end** | | | | | Net Assets Attributable to Shareholders of Listed Company | 15,110,999,519.72 | 15,072,345,607.81 | 0.26 | Main Financial Indicators (January-June 2025 vs. Prior Period) | Indicator | Current Period (Jan-Jun) | Prior Period | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.01 | 0.03 | -74.37 | | Diluted Earnings Per Share (yuan/share) | 0.01 | 0.04 | -76.41 | | Basic Earnings Per Share After Deducting Non-recurring Gains and Losses (yuan/share) | -0.01 | -0.03 | 59.69 | | Weighted Average Return on Net Assets (%) | 0.28 | 0.82 | Decrease of 0.54 percentage points | | Weighted Average Return on Net Assets After Deducting Non-recurring Gains and Losses (%) | -0.44 | -0.78 | Increase of 0.34 percentage points | [IX. Non-recurring Gains and Losses Items and Amounts](index=6&type=section&id=IX.%20Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) Details non-recurring gains and losses items and their amounts for the reporting period, totaling **107.60 million yuan**, primarily comprising government subsidies and non-current asset disposal gains/losses Non-recurring Gains and Losses Items and Amounts | Non-recurring Gains and Losses Item | Amount (yuan) | Notes (if applicable) | | :--- | :--- | :--- | | Gains/losses from disposal of non-current assets | 18,552,545.67 | | | Government grants recognized in current profit or loss | 114,626,379.49 | Primarily operating subsidies | | Gains/losses from changes in fair value and disposal of financial assets | 1,930,559.20 | | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 72,416.94 | | | Other non-operating income and expenses | 3,084,255.88 | | | Other gains/losses meeting the definition of non-recurring gains/losses | -346,623.49 | | | Less: Income tax impact | 17,502,905.65 | | | Impact on minority interests (after tax) | 12,821,335.87 | | | Total | 107,595,292.17 | | Section 3 Management Discussion and Analysis [I. Explanation of the Company's Industry and Main Business Operations During the Reporting Period](index=7&type=section&id=I.%20Explanation%20of%20the%20Company%27s%20Industry%20and%20Main%20Business%20Operations%20During%20the%20Reporting%20Period) This section details the market environment, cost pressures, policy expectations of the paper industry, and the company's strategic measures to counter 'involution', alongside a comprehensive overview of its main business, industrial chain layout, and industrial internet development - In the first half of **2025**, the containerboard and corrugated paper market saw continuous release of new capacity, with demand growing by approximately **5%**, but product prices continued to fall due to the impact of imported paper, leading to persistently low industry profitability[24](index=24&type=chunk) - As a leading enterprise in the industry, the company was among the first to respond to the national "anti-involution" policy, adopting "strategic contraction, value focus, and industry collaboration" measures, including frequent price increase notices, focusing on the high-end corrugated paper market, increasing R&D investment (e.g., bamboo fiber, straw pulp alternative technologies), and introducing intelligent production[25](index=25&type=chunk) - The company's main business covers green resource comprehensive utilization, industrial and specialty paper manufacturing, packaging product customization, and industrial internet, aiming to become a global integrated packaging solution provider[25](index=25&type=chunk) - The company has **seven** major paper manufacturing bases in China, with an existing production capacity of approximately **8.12 million tons**, ranking second in China; its packaging segment has an annual output exceeding **2 billion square meters**, also ranking second in China[26](index=26&type=chunk)[27](index=27&type=chunk) - The company serves recycled fiber recovery and transportation through its industrial internet platforms Yunrong and Yunlian, and its associate Yunyin Technology focuses on the digital transformation of the packaging industry[32](index=32&type=chunk) [II. Discussion and Analysis of Operating Conditions](index=9&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operating%20Conditions) During the reporting period, the company achieved **13.84 billion yuan** in operating revenue and **41.82 million yuan** in net profit attributable to shareholders; the paper segment saw increased output but decreased revenue, with improved gross margin; the packaging segment experienced sales growth and enhanced large client service capabilities; the recycling segment expanded its diversified raw material system; for high-end raw materials, the company plans to build its own softwood pulp production line to address supply chain bottlenecks - During the reporting period, the company achieved operating revenue of **13.84 billion yuan** and net profit attributable to shareholders of **41.82 million yuan**[38](index=38&type=chunk) Paper Segment Operating Data (January-June 2025) | Indicator | Quantity | Year-on-Year Growth (%) | Sales Revenue (billion yuan) | Year-on-Year Decrease (%) | | :--- | :--- | :--- | :--- | :--- | | Production | 3.5664 million tons | 4.30 | 9.215 | 3.56 | | Sales | 3.4742 million tons | 0.29 | | | | Production-Sales Ratio | 97.41% | | | | - The packaging segment's production decreased by **0.95%** year-on-year, while sales increased by **2.29%**, with a production-sales ratio of **105.40%**, and new valuable clients such as Nestlé and Unilever were added[39](index=39&type=chunk) - The recycling segment added Wuhan and Putian Huangshi sorting centers, won the bid for the Hefei High-tech Zone project, and plans to introduce AI sorting technology[39](index=39&type=chunk) - To address the bottleneck in high-end raw materials (softwood pulp), the company will consider building its own softwood pulp production line to cope with high costs and declining profitability caused by the domestic ban on overseas recycled paper imports[40](index=40&type=chunk) [III. Analysis of Core Competitiveness During the Reporting Period](index=10&type=section&id=III.%20Analysis%20of%20Core%20Competitiveness%20During%20the%20Reporting%20Period) The company's core competitiveness remained largely unchanged, primarily manifested in six aspects: integrated industrial chain, green resource comprehensive utilization, geographical advantages, digital operations, industrial internet ecosystem, and all-factor innovation, collectively supporting its ability to provide one-stop packaging solutions, reduce costs, enhance efficiency, and improve market competitiveness - The company's core competitiveness lies in its integrated industrial chain advantage, covering recycled fiber procurement, raw paper production, and paperboard/carton manufacturing, achieving cost control and one-stop solutions[41](index=41&type=chunk) - The company adheres to green, low-carbon, and circular development, primarily using recycled fibers as raw materials for raw paper production (approximately **97%**), and possesses multiple national-level green factories and FSC certifications, reducing energy costs through cogeneration[42](index=42&type=chunk) - The company's paper production capacity is strategically located in East China, South China, Central China, and Northeast China, while its packaging business is located in economically developed coastal and riverside areas, close to customers and raw material supplies[43](index=43&type=chunk) - The company actively promotes digital transformation, leveraging digital empowerment in recycled fiber procurement, production operations, sales, and financial management to enhance efficiency and risk control capabilities[44](index=44&type=chunk) - The company has built an industrial internet ecosystem platform (Yunrong, Yunyin, Yunlian), comprehensively covering the recycled resource recovery, papermaking, and packaging industrial chains, providing integrated green packaging solutions[44](index=44&type=chunk) - The company continuously increases investment in product technology R&D, possessing national-level postdoctoral research workstations and other R&D platforms, having obtained **1,352** patents, and successfully developed high-value-added products such as high-stretch extensible paper[45](index=45&type=chunk) [IV. Main Operating Conditions During the Reporting Period](index=12&type=section&id=IV.%20Main%20Operating%20Conditions%20During%20the%20Reporting%20Period) This section analyzes the company's main business performance, asset and liability status, investment activities, and significant asset and equity changes during the reporting period [(1) Analysis of Main Business](index=12&type=section&id=%28%E4%B8%80%29%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Operating revenue decreased by **2.89%** year-on-year, mainly due to lower raw paper prices; operating costs decreased by **3.66%**, primarily due to reduced raw material and freight costs; financial expenses decreased by **19.25%**, mainly from lower interest expenses; net cash flow from operating activities decreased by **46.24%**, primarily due to reduced sales collections; the gross margin of the paper business improved, while packaging and trade businesses saw slight declines Financial Statement Related Account Fluctuation Analysis (January-June 2025 vs. Prior Period) | Account | Current Period (yuan) | Prior Period (yuan) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 13,842,189,460.39 | 14,254,692,337.76 | -2.89 | Decrease in raw paper prices | | Operating Costs | 12,526,326,576.29 | 13,002,210,533.81 | -3.66 | Decrease in raw material and freight costs | | Financial Expenses | 449,788,168.50 | 557,006,846.74 | -19.25 | Decrease in interest expenses | | Net Cash Flow from Operating Activities | 1,382,527,954.91 | 2,571,504,946.21 | -46.24 | Decrease in sales collections | | Net Cash Flow from Investing Activities | -521,094,071.01 | -895,999,191.27 | 41.84 | Recovery of equity investments | | Net Cash Flow from Financing Activities | -645,170,592.43 | -1,344,917,223.32 | 52.03 | Increase in interest-bearing debt | Gross Margin by Industry Segment (January-June 2025 vs. Prior Period) | Industry Segment | Current Period Gross Margin (%) | Prior Period Gross Margin (%) | | :--- | :--- | :--- | | Paper | 8.05 | 6.74 | | Packaging | 12.32 | 12.51 | | Trade | 10.31 | 10.52 | Gross Margin by Product (January-June 2025 vs. Prior Period) | Product | Current Period Gross Margin (%) | Prior Period Gross Margin (%) | | :--- | :--- | :--- | | Containerboard | 8.86 | 6.40 | | Corrugated Paper | 10.10 | 7.94 | | Other Raw Paper | 3.43 | 6.31 | | Paper Products | 12.32 | 12.51 | | Recycled Fiber | 10.31 | 10.52 | [(3) Analysis of Assets and Liabilities](index=13&type=section&id=%28%E4%B8%89%29%20%E8%B5%84%E4%BA%A7%E3%80%81%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) At the end of the reporting period, the company's monetary funds increased by **46.58%** year-on-year, mainly due to increased deposits; notes receivable decreased by **50.44%** due to fewer commercial acceptance bills; other receivables decreased by **55.00%** due to the receipt of equity transfer payments; development expenditures increased by **156.89%** due to increased data resource development; notes payable increased by **78.89%** due to increased bill issuance limits; overseas assets accounted for **8.82%** of total assets Asset and Liability Status Changes (Current Period-end vs. Prior Year-end) | Item Name | Current Period-end (yuan) | Change from Prior Year-end (%) | Explanation | | :--- | :--- | :--- | :--- | | Monetary Funds | 4,841,291,666.96 | 46.58 | Mainly due to increased deposits in the current period | | Notes Receivable | 73,689,558.54 | -50.44 | Mainly due to fewer commercial acceptance bills received in the current period | | Other Receivables | 203,626,547.46 | -55.00 | Mainly due to receipt of equity transfer payments in the current period | | Development Expenditures | 19,731,542.03 | 156.89 | Mainly due to increased data resource development expenditures in the current period | | Notes Payable | 513,809,797.71 | 78.89 | Mainly due to increased bill issuance limits in the current period | - Overseas assets totaled **4,763,242,480.16 yuan**, accounting for **8.82%** of total assets[51](index=51&type=chunk) [(4) Analysis of Investment Status](index=14&type=section&id=%28%E5%9B%9B%29%20%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) As of the end of the reporting period, the company's balances of long-term equity investments and equity instrument investments both decreased; the first phase of the Suzhou paper project, with an annual output of **900,000 tons** of packaging paper, has been completed Investment Balance Changes (As of June 30, 2025 vs. Year-start) | Item | Period-end Balance (ten thousand yuan) | Year-start Balance (ten thousand yuan) | Decrease (%) | | :--- | :--- | :--- | :--- | | Long-term Equity Investment | 143,577.57 | 146,696.38 | 2.13 | | Other Equity Instrument Investment | 19,855.32 | 21,391.13 | 7.18 | - The first phase of the Suzhou paper project, planned for **700,000 tons/year** of thermomechanical pulp and **1.8 million tons/year** of packaging paper capacity, with **900,000 tons/year** of packaging paper, has been completed[53](index=53&type=chunk) [(5) Significant Asset and Equity Sales](index=15&type=section&id=%28%E4%BA%94%29%20%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E5%92%8C%E8%82%A1%E6%9D%83%E5%87%BA%E5%94%AE) The company's wholly-owned subsidiary, Shanying Private Equity, transferred its paid-in capital in Jiaxing Yinghuang Equity Investment Partnership, having received the full payment of **546.22 million yuan** - The company's wholly-owned subsidiary, Shanying Private Equity, transferred its **395 million yuan** paid-in capital in Jiaxing Yinghuang Equity Investment Partnership, having received the full payment of **546.22 million yuan**[55](index=55&type=chunk) [(6) Analysis of Major Holding and Participating Companies](index=16&type=section&id=%28%E5%85%AD%29%20%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) Lists the financial status of major subsidiaries and participating companies with over **10%** impact on the company's net profit during the reporting period, and discloses the acquisition and disposal of subsidiaries Major Subsidiary Financial Performance (January-June 2025) | Company Name | Operating Revenue (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | | Zhejiang Shanying Paper Co., Ltd. | 4,913,015,893.32 | -94,816,273.38 | | Shanying South China Paper Co., Ltd. | 1,139,743,777.64 | -30,192,327.55 | | Shanying Central China Paper Co., Ltd. | 1,365,236,275.78 | 50,320,709.88 | | Xiangheng (Putian) Packaging Co., Ltd. | 255,333,346.02 | 26,080,654.74 | | Wuhan Xiangheng Packaging Co., Ltd. | 237,376,889.14 | 3,173,278.19 | - During the reporting period, the company invested in and established Jiangmen Xiangpeng Packaging Co., Ltd., Suzhou Xiangheng Paper Technology Co., Ltd., and others, while deregistering Sichuan Shanying Paper Co., Ltd., Taizhou Xiangpeng Packaging Co., Ltd., and others[57](index=57&type=chunk) [V. Other Disclosures](index=17&type=section&id=V.%20Other%20Disclosures) This section addresses potential risks the company faces and other significant matters requiring disclosure [(1) Potential Risks](index=17&type=section&id=%28%E4%B8%80%29%20%E5%8F%AF%E8%83%BD%E9%9D%A2%E5%AF%B9%E7%9A%84%E9%A3%8E%E9%99%A9) The company faces industry risks such as overcapacity, price competition, tight raw material supply, and import paper impact; policy risks like solid waste import bans and tariff adjustments; political, security, legal, and operational risks from overseas investments; and macroeconomic fluctuations; the company has implemented countermeasures including strengthening lean management, expanding overseas capacity, integrating the entire industrial chain, and optimizing capital structure - The paper industry faces industry risks of supply-demand imbalance, price declines, and profit squeeze; the company enhances competitiveness through lean management, new projects, and continuous financing[57](index=57&type=chunk) - The solid waste import ban leads to tight raw material supply for the domestic paper industry; the company mitigates policy risks by establishing overseas factories and acquiring overseas pulp production facilities[58](index=58&type=chunk)[59](index=59&type=chunk) - The **2023** tariff adjustment plan reduced import paper costs, impacting the domestic market; the company absorbs adverse effects through an integrated strategy, cost leadership, and developing its packaging business[59](index=59&type=chunk) - Overseas investments face political, security, legal, and operational risks; the company prevents these through due diligence, strengthened corporate governance, and control[60](index=60&type=chunk) - Macroeconomic fluctuations may affect industry recovery; the company ensures stable operations by divesting non-core businesses, strengthening risk management, and optimizing its debt structure[60](index=60&type=chunk) [(2) Other Disclosure Matters](index=18&type=section&id=%28%E4%BA%8C%29%20%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A1%B9) The company repurchased **25.0576%** equity of Guangdong Shanying, making it a wholly-owned subsidiary; the board approved a share repurchase plan of **500 million to 1 billion yuan**; the company and its subsidiary Shanying Private Equity jointly established Zhiyuan Fund to invest in industrial intelligent technology; the company plans to contribute equity in Guangdong Shanying and Xiangheng Creative Packaging to establish a partnership and introduce long-term investors - The company invested **543 million yuan** to acquire **25.0576%** equity of Guangdong Shanying held by Xinzhi Fund, making Guangdong Shanying a wholly-owned subsidiary of the company[61](index=61&type=chunk) - The board resolved to approve a share repurchase plan, intending to use **500 million to 1 billion yuan** of self-owned or self-raised funds to repurchase company shares, with a repurchase price not exceeding **2.50 yuan/share**[62](index=62&type=chunk) - The company and Shanying Private Equity jointly established Zhiyuan Fund with a total scale of **100 million yuan** to invest in industrial intelligent technology, and signed strategic investment cooperation agreements for industrial embodied projects with Yunyin Technology and Wuhan Proton Technology Co., Ltd[63](index=63&type=chunk) - The company plans to contribute **2.977 billion yuan** worth of **100%** equity in Guangdong Shanying and **36.56%** equity in Xiangheng Creative Packaging to establish Wuhu Shengying Enterprise Management Consulting Partnership, and introduce long-term investors such as China Orient Asset Management Co., Ltd[64](index=64&type=chunk) Section 4 Corporate Governance, Environment, and Society [I. Changes in Company Directors, Supervisors, and Senior Management](index=20&type=section&id=I.%20Changes%20in%20Company%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, Mr. Jiang Yulin resigned as Vice President due to personal reasons and no longer holds any position in the company - Vice President Jiang Yulin resigned due to personal reasons and no longer holds any position in the company[66](index=66&type=chunk) [II. Profit Distribution or Capital Reserve to Share Capital Increase Plan](index=20&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20to%20Share%20Capital%20Increase%20Plan) The company's proposed semi-annual profit distribution or capital reserve to share capital increase plan is not applicable, meaning no distribution or increase will occur - The company will not conduct profit distribution or capital reserve to share capital increase for the semi-annual period[67](index=67&type=chunk) [III. Status and Impact of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=20&type=section&id=III.%20Status%20and%20Impact%20of%20Company%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) Details the progress of the company's 2022 and 2024 employee stock ownership plans, including fundraising, share purchases, lock-up period extensions, and non-trading transfers, as well as the 2025 employee stock ownership plan - The **2022** core employee stock ownership plan completed stock purchases on February 1, **2023**, acquiring a total of **5,493,424** shares for **14.238 million yuan**, with the lock-up period extended to August 1, **2025**[69](index=69&type=chunk)[70](index=70&type=chunk) - The **2024** employee stock ownership plan raised a total of no more than **100.561 million yuan**, with shares sourced from the company's repurchased stock special account, and **18,980,810** shares completed non-trading transfers on August 12, **2024**[69](index=69&type=chunk)[70](index=70&type=chunk) - The **2025** employee stock ownership plan aims to raise a total of no more than **100 million yuan**, with shares sourced from the company's repurchased A-share common stock from the secondary market[70](index=70&type=chunk) [IV. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law](index=22&type=section&id=IV.%20Environmental%20Information%20of%20Listed%20Companies%20and%20Their%20Major%20Subsidiaries%20Included%20in%20the%20List%20of%20Enterprises%20Required%20to%20Disclose%20Environmental%20Information%20by%20Law) Lists the company and **10** major subsidiaries included in the list of enterprises required to disclose environmental information by law, providing inquiry indexes for each entity's environmental information disclosure report - The company and **10** subsidiaries are included in the list of enterprises required to disclose environmental information by law, including Xiangheng (Changzhou) Packaging, Zhejiang Shanying Paper, Shanying Paper (Guangdong) Co., Ltd., and others[71](index=71&type=chunk)[72](index=72&type=chunk) [V. Specific Progress in Consolidating and Expanding Poverty Alleviation Achievements, Rural Revitalization, and Other Work](index=23&type=section&id=V.%20Specific%20Progress%20in%20Consolidating%20and%20Expanding%20Poverty%20Alleviation%20Achievements%2C%20Rural%20Revitalization%2C%20and%20Other%20Work) The company actively fulfills its social responsibilities by supporting rural revitalization through 'consumer assistance to farmers', organizing voluntary blood donations, participating in flood relief, establishing an employment support system for people with disabilities, and assisting employees in need - The company carried out a "consumer assistance to farmers" special action through "purchase instead of donation", procuring **26,172 yuan** worth of agricultural products from targeted assistance areas[73](index=73&type=chunk) - Zhejiang Shanying, Suzhou Shanying, and other subsidiaries organized voluntary blood donation activities; Guizhou Xiangheng provided aid to Rongjiang flood disaster, donating **14,900 yuan** worth of materials[73](index=73&type=chunk) - The company established a "job development-capacity building-continuous care" integrated employment support system for people with disabilities, with multiple subsidiaries developing suitable job resources[74](index=74&type=chunk) Section 5 Significant Matters [I. Fulfillment of Commitments](index=24&type=section&id=I.%20Fulfillment%20of%20Commitments) Discloses the fulfillment of commitments by the company's actual controllers, controlling shareholders, and directors, supervisors, and senior management regarding avoiding horizontal competition, reducing related party transactions, ensuring independence, providing guarantees, share pledges, increasing shareholdings, and convertible bonds; most commitments have been strictly fulfilled or completed as planned - Controlling shareholder Taisheng Industrial, actual controllers Wu Mingwu and Xu Lifan, committed to avoiding horizontal competition, reducing and regulating related party transactions, ensuring the independence of the listed company, and providing gratuitous guarantees for the listed company, all of which have been strictly fulfilled[76](index=76&type=chunk) - Controlling shareholder Taisheng Industrial committed to strictly controlling the number and proportion of pledged shares, ensuring no change in control over the company, and repaying financing funds on time[77](index=77&type=chunk)[78](index=78&type=chunk) - The controlling shareholder committed to investing **270.113 million yuan** for secondary market share increases, which was completed by April 3, **2025**; actual controller Mr. Wu Mingwu cumulatively increased his company shareholding by **62,151,200** shares, totaling **109.16 million yuan**[79](index=79&type=chunk) - Some directors, supervisors, and senior management committed to purchasing the company's convertible bonds, which was completed by March 21, **2025**, with a total increase of **2.37 million yuan**[79](index=79&type=chunk) [VIII. Alleged Violations, Penalties, and Rectification by the Listed Company, its Directors, Supervisors, Senior Management, Controlling Shareholders, and Actual Controllers](index=28&type=section&id=VIII.%20Alleged%20Violations%2C%20Penalties%2C%20and%20Rectification%20by%20the%20Listed%20Company%2C%20its%20Directors%2C%20Supervisors%2C%20Senior%20Management%2C%20Controlling%20Shareholders%2C%20and%20Actual%20Controllers) Controlling shareholder Taisheng Industrial received a public reprimand from the Shanghai Stock Exchange for failing to fulfill its voluntary commitment to purchase 'Shanying Convertible Bonds' as planned and hold them until maturity - Controlling shareholder Taisheng Industrial was publicly reprimanded by the Shanghai Stock Exchange for failing to fulfill its voluntary commitment to increase its holding of "Shanying Convertible Bonds" and hold them until maturity as planned[81](index=81&type=chunk) [IX. Explanation of the Integrity Status of the Company, its Controlling Shareholders, and Actual Controllers During the Reporting Period](index=28&type=section&id=IX.%20Explanation%20of%20the%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholders%2C%20and%20Actual%20Controllers%20During%20the%20Reporting%20Period) During the reporting period, the company, its controlling shareholders, and actual controllers had no unfulfilled court judgments or large outstanding debts that were due - During the reporting period, the company, its controlling shareholders, and actual controllers maintained good integrity, with no unfulfilled court judgments or large outstanding debts that were due[82](index=82&type=chunk) [X. Significant Related Party Transactions](index=28&type=section&id=X.%20Significant%20Related%20Party%20Transactions) Discloses the estimated daily related party transactions for **2025**; as of the end of the reporting period, relevant progress is detailed in the financial report - The company disclosed its estimated daily related party transactions for **2025** on April 30, **2025**; as of the end of the reporting period, relevant progress is detailed in the financial report[83](index=83&type=chunk) [XI. Significant Contracts and Their Fulfillment](index=30&type=section&id=XI.%20Significant%20Contracts%20and%20Their%20Fulfillment) This section details the company's significant contracts and their performance, particularly focusing on major guarantees provided [(2) Significant Guarantees Performed and Not Yet Fully Performed During the Reporting Period](index=31&type=section&id=%28%E4%BA%8C%29%20%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%B1%A5%E8%A1%8C%E7%9A%84%E5%8F%8A%E5%B0%9A%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%E9%87%8D%E5%A4%A7%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) At the end of the reporting period, the company's total guarantee balance for subsidiaries was **15.64 billion yuan**, accounting for **103.53%** of the company's net assets, with **8.09 billion yuan** exceeding **50%** of net assets Company's Total Guarantee Status (Including Guarantees for Subsidiaries) | Indicator | Amount (yuan) | | :--- | :--- | | Total guarantees provided to subsidiaries during the reporting period | 11,221,540,701.22 | | Total guarantee balance for subsidiaries at period-end (B) | 15,644,307,466.10 | | Total Guarantees (A+B) | 15,644,307,466.10 | | Total Guarantees as a Percentage of Company's Net Assets (%) | 103.53 | | Amount of Total Guarantees Exceeding 50% of Net Assets (E) | 8,088,807,706.24 | Section 6 Share Changes and Shareholder Information [I. Share Capital Change](index=32&type=section&id=I.%20Share%20Capital%20Change) This section details the company's share capital changes, including the shareholding structure and any impacts on financial indicators [1. Table of Share Changes](index=32&type=section&id=1%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5%E8%A1%A8) During the reporting period, the company's total share capital remained unchanged, with **5,471,330,563** unrestricted tradable shares, accounting for **100%** Table of Share Changes (Unit: shares) | Item | Quantity Before Change | Proportion (%) | Increase/Decrease in This Change (+, -) | Quantity After Change | Proportion (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 0 | 0 | 0 | 0 | 0 | | II. Unrestricted Tradable Shares | 5,471,330,563 | 100 | 0 | 5,471,330,563 | 100 | | 1. RMB Ordinary Shares | 5,471,330,563 | 100 | 0 | 5,471,330,563 | 100 | | III. Total Shares | 5,471,330,563 | 100 | 0 | 5,471,330,563 | 100 | [3. Impact of Share Changes on Financial Indicators such as EPS and Net Asset Per Share from the End of the Reporting Period to the Disclosure Date of the Semi-Annual Report (if any)](index=32&type=section&id=3%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%90%8E%E5%88%B0%E5%8D%8A%E5%B9%B4%E6%8A%A5%E6%8A%AB%E9%9C%B2%E6%97%A5%E6%9C%9F%E9%97%B4%E5%8F%91%E7%94%9F%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%AF%B9%E6%AF%8F%E8%82%A1%E6%94%B6%E7%9B%8A%E3%80%81%E6%AF%8F%E8%82%A1%E5%87%80%E8%B5%84%E4%BA%A7%E7%AD%89%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87%E7%9A%84%E5%BD%B1%E5%93%8D%EF%BC%88%E5%A6%82%E6%9C%89%EF%BC%89) After the reporting period, the continuous conversion of 'Ying 19 Convertible Bonds' will increase the total share capital, diluting earnings per share and net assets per share - The continuous conversion of "Ying 19 Convertible Bonds" will lead to an increase in total share capital, diluting earnings per share and net assets per share[92](index=92&type=chunk) [II. Shareholder Information](index=32&type=section&id=II.%20Shareholder%20Information) This section provides details on the total number of shareholders and the shareholding status of the top ten shareholders and unrestricted shareholders [(1) Total Number of Shareholders:](index=32&type=section&id=%28%E4%B8%80%29%20%E8%82%A1%E4%B8%9C%E6%80%BB%E6%95%B0%EF%BC%9A) As of the end of the reporting period, the total number of common shareholders was **189,126** - As of the end of the reporting period, the total number of common shareholders was **189,126**[93](index=93&type=chunk) [(2) Shareholding Status of Top Ten Shareholders and Top Ten Unrestricted Shareholders (or Unrestricted Shares) as of the End of the Reporting Period](index=33&type=section&id=%28%E4%BA%8C%29%20%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E5%89%8D%E5%8D%81%E5%90%8D%E8%82%A1%E4%B8%9C%E3%80%81%E5%89%8D%E5%8D%81%E5%90%8D%E6%B5%81%E9%80%9A%E8%82%A1%E4%B8%9C%EF%BC%88%E6%88%96%E6%97%A0%E9%99%90%E5%94%AE%E6%9D%A1%E4%BB%B6%E8%82%A1%E4%B8%9C%EF%BC%89%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5%E8%A1%A8) Discloses the shareholding status of the top ten shareholders and top ten unrestricted tradable share shareholders as of the end of the reporting period, with controlling shareholder Fujian Taisheng Industrial Co., Ltd. holding **24.52%** and Wu Mingwu holding **1.03%**, with a portion pledged Top Ten Shareholders' Shareholding Status (As of Period-end) | Shareholder Name | Period-end Shareholding (shares) | Proportion (%) | Share Status | Quantity (shares) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | :--- | | Fujian Taisheng Industrial Co., Ltd. | 1,341,572,672 | 24.52 | Pledged | 722,470,000 | Domestic Non-State-Owned Legal Person | | Wu Liping | 122,414,516 | 2.24 | Unpledged | 0 | Domestic Natural Person | | Hong Kong Securities Clearing Company Limited | 97,503,811 | 1.78 | Unpledged | 0 | Other | | Lin Wenxin | 64,255,175 | 1.17 | Unpledged | 0 | Domestic Natural Person | | Wu Mingwu | 56,243,302 | 1.03 | Pledged | 56,229,602 | Domestic Natural Person | - Controlling shareholder Fujian Taisheng Industrial Co., Ltd. holds **24.52%** of shares, of which **722,470,000** shares are pledged; actual controller Wu Mingwu holds **1.03%** of shares, of which **56,229,602** shares are pledged[95](index=95&type=chunk) - The company's special securities account for share repurchase holds **32,462,541** shares, accounting for **0.59%** of the total share capital[95](index=95&type=chunk) [III. Information on Directors, Supervisors, and Senior Management](index=34&type=section&id=III.%20Information%20on%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) This section details the shareholding changes of current and resigned directors, supervisors, and senior management during the reporting period [(1) Shareholding Changes of Current and Resigned Directors, Supervisors, and Senior Management During the Reporting Period](index=34&type=section&id=%28%E4%B8%80%29%20%E7%8E%B0%E4%BB%BB%E5%8F%8A%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E7%A6%BB%E4%BB%BB%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%8C%81%E8%82%A1%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) Chairman and President Mr. Wu Mingwu increased his company shareholding by **62,151,200** shares through secondary market purchases during the reporting period, bringing his total shareholding to **107,880,802** shares at period-end Shareholding Changes of Directors, Supervisors, and Senior Management | Name | Position | Beginning-of-Period Shareholding (shares) | Period-end Shareholding (shares) | Change in Shareholding During Period (shares) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Wu Mingwu | Chairman, President | 45,729,602 | 107,880,802 | 62,151,200 | Secondary market increase | - Chairman and President Mr. Wu Mingwu increased his company shareholding by **62,151,200** shares through secondary market purchases, with **56,243,302** shares held directly and **51,637,500** shares held via Shanghai-Hong Kong Stock Connect[97](index=97&type=chunk) Section 7 Bond-Related Information [II. Convertible Corporate Bonds](index=36&type=section&id=II.%20Convertible%20Corporate%20Bonds) This section details the company's convertible corporate bonds, including issuance, holder information, changes, conversion status, and price adjustments [(1) Convertible Bond Issuance](index=36&type=section&id=%28%E4%B8%80%29%E8%BD%AC%E5%80%BA%E5%8F%91%E8%A1%8C%E6%83%85%E5%86%B5) The company publicly issued **1.86 billion yuan** of 'Ying 19 Convertible Bonds' on December 13, 2019, with bond code '110063', listed on January 3, 2020, maturing on December 12, 2025, and an initial conversion price of **3.30 yuan/share** - The company publicly issued **1.86 billion yuan** of "Ying 19 Convertible Bonds" on December 13, **2019**, with bond code "110063", listed on January 3, **2020**, maturing on December 12, **2025**, and an initial conversion price of **3.30 yuan/share**[101](index=101&type=chunk)[102](index=102&type=chunk) [(2) Convertible Bond Holders and Guarantors During the Reporting Period](index=36&type=section&id=%28%E4%BA%8C%29%E6%8A%A5%E5%91%8A%E6%9C%9F%E8%BD%AC%E5%80%BA%E6%8C%81%E6%9C%89%E4%BA%BA%E5%8F%8A%E6%8B%85%E4%BF%9D%E4%BA%BA%E6%83%85%E5%86%B5) As of the end of the reporting period, 'Ying 19 Convertible Bonds' had **13,469** holders and no guarantors; among the top ten holders, Qingdao Guanlan Investment Management Co., Ltd. held the largest amount of bonds, totaling **127.94 million yuan**, accounting for **6.94%** - At period-end, "Ying 19 Convertible Bonds" had **13,469** holders and no guarantors[103](index=103&type=chunk) Top Ten Convertible Bond Holders (As of Period-end) | Convertible Corporate Bond Holder Name | Period-end Bond Holding (yuan) | Holding Proportion (%) | | :--- | :--- | :--- | | Qingdao Guanlan Investment Management Co., Ltd. | 127,937,000 | 6.94 | | China Merchants Bank Co., Ltd. - Boshi CSI Convertible Bond and Exchangeable Bond ETF | 81,963,000 | 4.45 | | Industrial and Commercial Bank of China Co., Ltd. - Boshi Credit Bond Investment Fund | 73,738,000 | 4.00 | | China CITIC Bank Co., Ltd. - Taiping Fengtai One-Year Fixed-Term Open-Ended Bond Fund (Initiator) | 55,818,000 | 3.03 | | Liu Xianzheng | 34,544,000 | 1.87 | [(3) Convertible Bond Changes During the Reporting Period](index=37&type=section&id=%28%E4%B8%89%29%E6%8A%A5%E5%91%8A%E6%9C%9F%E8%BD%AC%E5%80%BA%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, 'Ying 19 Convertible Bonds' converted **57,000 yuan** into shares, with a period-end balance of **1.84 billion yuan** "Ying 19 Convertible Bonds" Change Status (Unit: yuan) | Convertible Corporate Bond Name | Before This Change | Increase/Decrease in This Change (Conversion) | After This Change | | :--- | :--- | :--- | :--- | | Ying 19 Convertible Bonds | 1,843,884,000 | 57,000 | 1,843,827,000 | [(4) Cumulative Convertible Bond Conversion Status During the Reporting Period](index=37&type=section&id=%28%E5%9B%9B%29%E6%8A%A5%E5%91%8A%E6%9C%9F%E8%BD%AC%E5%80%BA%E7%B4%AF%E8%AE%A1%E8%BD%AC%E8%82%A1%E6%83%85%E5%86%B5) During the reporting period, 'Ying 19 Convertible Bonds' converted **57,000 yuan** into **32,259** shares; cumulative conversions totaled **4,999,569** shares, representing **0.11%** of the company's total shares issued before conversion; the unconverted bond amount was **1.84 billion yuan**, accounting for **99.13%** of the total convertible bond issuance "Ying 19 Convertible Bonds" Cumulative Conversion Status | Indicator | Amount/Quantity | | :--- | :--- | | Conversion amount during the reporting period (yuan) | 57,000 | | Number of shares converted during the reporting period (shares) | 32,259 | | Cumulative number of shares converted (shares) | 4,999,569 | | Cumulative number of shares converted as a percentage of total shares issued before conversion (%) | 0.11 | | Unconverted bond amount (yuan) | 1,843,827,000 | | Proportion of unconverted convertible bonds to total convertible bond issuance (%) | 99.13 | [(5) Historical Adjustments to Conversion Price](index=37&type=section&id=%28%E4%BA%94%29%E8%BD%AC%E8%82%A1%E4%BB%B7%E6%A0%BC%E5%8E%86%E6%AC%A1%E8%B0%83%E6%95%B4%E6%83%85%E5%86%B5) The conversion price of 'Ying 19 Convertible Bonds' has undergone multiple adjustments since issuance, with the latest conversion price at **1.76 yuan/share** as of the end of this reporting period, primarily influenced by profit distribution plans, downward adjustments of the company's stock price, and share repurchases and cancellations - The conversion price of "Ying 19 Convertible Bonds" has been adjusted multiple times since its issuance, from an initial **3.30 yuan/share** to the latest **1.76 yuan/share** at the end of the reporting period, influenced by factors such as profit distribution plans, downward adjustments of the company's stock price, and share repurchases and cancellations[110](index=110&type=chunk)[111](index=111&type=chunk)[112](index=112&type=chunk) [(6) Company's Debt Situation, Credit Rating Changes, and Cash Arrangements for Debt Repayment in Future Years](index=39&type=section&id=%28%E5%85%AD%29%E5%85%AC%E5%8F%B8%E7%9A%84%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E3%80%81%E8%B5%84%E4%BF%A1%E5%8F%98%E5%8C%96%E6%83%85%E5%86%B5%E5%8F%8A%E5%9C%A8%E6%9C%AA%E6%9D%A5%E5%B9%B4%E5%BA%A6%E8%BF%98%E5%80%BA%E7%9A%84%E7%8E%B0%E9%87%91%E5%AE%89%E6%8E%92) As of the end of the reporting period, the company's asset-liability ratio was **68.99%**, with a stable credit status, a long-term credit rating of 'AA', and a 'stable' outlook; the company possesses substantial cash-like assets and net assets, indicating controllable debt repayment risk - As of the end of the reporting period, the company's asset-liability ratio was **68.99%**, with a long-term credit rating of "AA" and a "stable" outlook[113](index=113&type=chunk) - The company possesses substantial cash-like assets and net assets, and holds competitive advantages in industry position, production scale, technological level, and product structure, indicating controllable debt repayment risk[113](index=113&type=chunk) Section 8 Financial Report [II. Financial Statements](index=40&type=section&id=II.%20Financial%20Statements) This section includes the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, comprehensively presenting the company's financial position at the end of the reporting period and its operating results, cash flows, and equity changes during the period - Provides consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity[116](index=116&type=chunk)[118](index=118&type=chunk)[121](index=121&type=chunk)[124](index=124&type=chunk)[127](index=127&type=chunk)[129](index=129&type=chunk)[131](index=131&type=chunk)[133](index=133&type=chunk)[135](index=135&type=chunk) [III. Company Basic Information](index=53&type=section&id=III.%20Company%20Basic%20Information) Introduces the company's establishment background, registered capital, total shares, stock listing status, registered address, headquarters office address, and its industry and main business operations - The company's registered capital is **4,470,565,176.00 yuan**, with a total of **5,471,330,563.00** shares, and its stock was listed on the Shanghai Stock Exchange on December 18, **2001**[136](index=136&type=chunk) - The company belongs to the paper industry, primarily engaged in raw paper and paper product businesses[136](index=136&type=chunk) [IV. Basis for Preparation of Financial Statements](index=53&type=section&id=IV.%20Basis%20for%20Preparation%20of%20Financial%20Statements) The financial statements are prepared in accordance with 'Enterprise Accounting Standards' and relevant CSRC regulations, based on the going concern assumption, with management believing the company has the ability to continue as a going concern for the next **12** months - The financial statements are prepared in accordance with the Ministry of Finance's "Enterprise Accounting Standards" and the CSRC's "Information Disclosure Rules for Companies Issuing Securities to the Public No. 15 - General Provisions for Financial Reports" (**2023** Revision)[137](index=137&type=chunk) - Despite significant current liabilities, company management believes that through bank financing, improved working capital, divestment of non-core assets, and enhanced refined management, the company possesses the ability to continue as a going concern for the next **12** months[138](index=138&type=chunk)[143](index=143&type=chunk) [V. Significant Accounting Policies and Accounting Estimates](index=53&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Accounting%20Estimates) This section elaborates on the significant accounting policies and estimates followed by the company in preparing its financial statements, covering specific treatment methods and judgment criteria for financial instruments, inventories, fixed assets, intangible assets, revenue recognition, government grants, and other areas - The company's accounting policies and estimates cover impairment provisions for accounts receivable, inventory write-downs, depreciation of fixed assets, amortization of intangible assets, and revenue recognition and measurement[139](index=139&type=chunk) - Detailed explanations are provided for the recognition, classification, measurement, and impairment treatment of financial instruments, including financial assets and liabilities measured at amortized cost, fair value through other comprehensive income, or fair value through profit or loss[155](index=155&type=chunk)[156](index=156&type=chunk)[157](index=157&type=chunk)[158](index=158&type=chunk)[159](index=159&type=chunk) - Revenue recognition is based on the point at which the customer obtains control of goods or services, with detailed explanations of specific recognition methods for sales of goods and trade revenue[222](index=222&type=chunk)[223](index=223&type=chunk)[224](index=224&type=chunk)[225](index=225&type=chunk) - Discloses inventory categories, valuation methods, inventory systems, criteria for inventory write-downs, and recognition conditions, depreciation methods, and useful lives of fixed assets[181](index=181&type=chunk)[182](index=182&type=chunk)[198](index=198&type=chunk)[199](index=199&type=chunk) - Explains the recognition of intangible assets, estimation of useful lives, amortization methods, and capitalization conditions for research and development expenditures[204](index=204&type=chunk)[205](index=205&type=chunk)[206](index=206&type=chunk)[208](index=208&type=chunk) [VI. Taxation](index=73&type=section&id=VI.%20Taxation) This section lists the company's main tax categories and rates, and details the various tax preferential policies enjoyed by the company and its subsidiaries, including immediate VAT refunds, high-tech enterprise income tax incentives, resource comprehensive utilization income tax incentives, and additional VAT deductions for advanced manufacturing enterprises Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Sales of goods or provision of taxable services | 3%, 6%, 9%, 13% | | Urban Maintenance and Construction Tax | Amount of turnover tax payable | 5%, 7% | | Enterprise Income Tax | Taxable income | 15%, 25% (with preferential treatment) | | Property Tax | Assessed value/rental income | 1.2%, 12% | - The company and several subsidiaries enjoy immediate VAT refund policies (e.g., for employing disabled individuals, resource comprehensive utilization products)[239](index=239&type=chunk)[242](index=242&type=chunk) - Shanying International and several subsidiaries are recognized as high-tech enterprises, enjoying a **15%** preferential enterprise income tax rate[240](index=240&type=chunk)[241](index=241&type=chunk) - A portion of the company's product income enjoys enterprise income tax incentives for resource comprehensive utilization, with **90%** included in total annual income[242](index=242&type=chunk) - The company and several subsidiaries enjoy a **5%** additional VAT deduction policy for advanced manufacturing enterprises[243](index=243&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=76&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes for all consolidated financial statement items, including assets, liabilities, equity, income, expenses, and cash flows, disclosing period-end balances, changes, and relevant explanations for significant accounts Restricted Monetary Funds (Unit: yuan) | Item | Year-end Balance | Year-start Balance | | :--- | :--- | :--- | | Bank acceptance bill deposits | 2,199,487,471.82 | 1,577,079,475.59 | | Letter of credit deposits | 1,293,667,856.12 | 579,849,878.00 | | Total | 3,643,948,197.18 | 2,313,321,285.85 | Accounts Receivable Impairment Provision (Unit: yuan) | Category | Beginning-of-Period Balance | Provision for Current Period | Recovered or Reversed in Current Period | Other Changes in Current Period | Period-end Balance | | :--- | :--- | :--- | :--- | :--- | :--- | | Accounts receivable impairment provision | 170,345,463.60 | 22,588,614.34 | 5,162,964.04 | 1,426,385.28 | 189,197,499.18 | Significant Construction in Progress Project Changes (Unit: yuan) | Project Name | Budget (yuan) | Beginning-of-Period Balance (yuan) | Amount Increased in Current Period (yuan) | Amount Transferred to Fixed Assets in Current Period (yuan) | Period-end Balance (yuan) | Cumulative Project Investment as % of Budget | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | (Shanying Jilin) 1 Million Tons Pulping and 1 Million Tons Industrial Packaging Paper Project Phase I | 1,721,270,304.51 | 1,377,253,252.06 | 94,263,649.81 | 0 | 1,471,516,901.87 | 94.45 | | (Suzhou Shanying) Annual Production of 900,000 Tons Packaging Paper Project | 6,250,000,000.00 | 1,909,458,174.80 | 1,286,830,648.73 | 0 | 3,196,288,823.53 | 51.14 | Goodwill Carrying Amount (Unit: yuan) | Name of Investee or Goodwill-Generating Event | Beginning-of-Period Balance | Increase in Current Period (Exchange Rate Changes) | Decrease in Current Period (Disposal) | Period-end Balance | | :--- | :--- | :--- | :--- | :--- | | South China Shanying | 1,419,140,499.52 | | | 1,419,140,499.52 | | WPT | 226,884,615.18 | 26,430,729.66 | | 253,315,344.84 | | Suzhou Xinghua | 11,110,099.39 | | 11,110,099.39 | | Short-term Borrowings Classification (Unit: yuan) | Item | Period-end Balance | Beginning-of-Period Balance | | :--- | :--- | :--- | | Pledged borrowings | 6,979,377,544.87 | 3,775,602,040.76 | | Guaranteed borrowings | 3,728,400,228.35 | 3,255,695,548.88 | | Credit borrowings | 774,174,114.35 | 2,485,045,029.65 | | Total | 15,409,764,745.69 | 13,463,726,927.85 | Operating Revenue and Operating Costs (Unit: yuan) | Item | Current Period (Revenue) | Current Period (Costs) | Prior Period (Revenue) | Prior Period (Costs) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 13,649,229,445.66 | 12,352,328,404.19 | 14,010,246,534.59 | 12,792,836,573.27 | | Other Businesses | 192,960,014.73 | 173,998,172.10 | 244,445,803.17 | 209,373,960.54 | | Total | 13,842,189,460.39 | 12,526,326,576.29 | 14,254,692,337.76 | 13,002,210,533.81 | Investment Income (Unit: yuan) | Item | Current Period | Prior Period | | :--- | :--- | :--- | | Investment income from long-term equity investments accounted for using equity method | 3,811,899.81 | 127,589,009.97 | | Investment income from disposal of long-term equity investments | 19,539,797.65 | -214,399.62 | | Investment income from disposal of other non-current financial assets | 22,993,740.00 | | | Investment income from derivative financial instruments | 1,930,559.20 | | | Total | 34,743,505.20 | 105,067,894.64 | [VIII. Research and Development Expenses](index=132&type=section&id=VIII.%20Research%20and%20Development%20Expenses) During the reporting period, the company's total R&D expenditure was **413.94 million yuan**, a **6.09%** year-on-year increase, with **401.89 million yuan** expensed and **12.05 million yuan** capitalized, primarily for data resource development R&D Expenses by Nature (Unit: yuan) | Item | Current Period | Prior Period | | :--- | :--- | :--- | | Direct materials | 282,474,083.58 | 260,233,519.97 | | Employee compensation | 71,032,859.80 | 75,004,602.64 | | Depreciation and amortization | 48,981,744.16 | 44,738,303.33 | | Total | 413,937,561.36 | 390,190,965.76 | | Of which: Expensed R&D expenditures | 401,886,933.04 | 390,190,965.76 | | Capitalized R&D expenditures | 12,050,628.32 | | - Capitalized R&D expenditures are primarily for data resource development, with a period-end balance of **19,731,542.03 yuan**[438](index=438&type=chunk) [IX. Changes in Consolidation Scope](index=134&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) During the reporting period, the company increased its consolidation scope by establishing **6** new subsidiaries, including Jiangmen Xiangpeng Packaging Co., Ltd., deregistered **4** subsidiaries, including Sichuan Shanying Paper Co., Ltd., and disposed of Suzhou Xinghua Printing Technology Co., Ltd., losing control over it - During the reporting period, the company invested in and established **6** subsidiaries, including Jiangmen Xiangpeng Packaging Co., Ltd., Suzhou Xiangheng Paper Technology Co., Ltd., and Xi'an Xiangheng Packaging Co., Ltd[441](index=441&type=chunk) - During the reporting period, the company deregistered **4** subsidiaries, including Sichuan Shanying Paper Co., Ltd., Taizhou Xiangpeng Packaging Co., Ltd., Yilai (Putian) Jewelry Industrial Co., Ltd., and Taizhou Xiangheng Packaging Co., Ltd[442](index=442&type=chunk) - The company disposed of **60%** equity in Suzhou Xinghua Printing Technology Co., Ltd., losing control, with a disposal price of **26.51 million yuan**, generating a disposal investment income of **19.54 million yuan**[440](index=440&type=chunk) [X. Interests in Other Entities](index=135&type=section&id=X.%20Interests%20in%20Other%20Entities) This section details the company's interests in subsidiaries, joint ventures, and associates, including the composition of the enterprise group, financial information of significant non-wholly-owned subsidiaries, and important joint ventures - The company owns numerous subsidiaries, covering manufacturing, commodity circulation, and service industries, such as Zhejiang Shanying Paper Co., Ltd. (**100%** owned) and Shanying Central China Paper Co., Ltd. (**74.94%** owned)[444](index=444&type=chunk)[445](index=445&type=chunk)[446](index=446&type=chunk)[447](index=447&type=chunk)[448](index=448&type=chunk)[449](index=449&type=chunk) Financial Information of Significant Non-Wholly-Owned Subsidiary (Central China Shanying, Unit: ten thousand yuan) | Indicator | Current Period | Prior Period | | :--- | :--- | :--- | | Minority shareholder's equity ratio (%) | 25.06 | | | Net profit attributable to minority shareholders | 1,301.77 | | | Period-end minority shareholder's equity balance | 133,359.07 | | | Operating Revenue | 136,523.63 | 138,317.26 | | Net Profit | 5,032.07 | -2,920.91 | | Net Cash Flow from Operating Activities | 38,802.95 | 59,765.74 | Financial Information of Significant Joint Venture (Anhui Jiaohui Shanying Private Equity Investment Fund Partnership (Limited Partnership), Unit: yuan) | Indicator | Period-end Balance/Current Period | Beginning-of-Period Balance/Prior Period | | :--- | :--- | :--- | | Total Assets | 1,400,178,091.02 | 1,504,728,498.81 | | Total Liabilities | 11,207,761.85 | 14,215,308.83 | | Equity Attributable to Parent Company Shareholders | 1,388,970,329.17 | 1,490,513,189.98 | | Net Profit | -2,330,694.41 | -4,706,036.58 | [XI. Government Grants](index=145&type=section&id=XI.%20Government%20Grants) At the end of the reporting period, government grants recognized as receivables totaled **125.41 million yuan**; total government grants recognized in current profit or loss for the period were **441.83 million yuan**, with **420.35 million yuan** related to income and **21.48 million yuan** related to assets - At the end of the reporting period, government grants recognized as receivables totaled **125.41 million yuan**[459](index=459&type=chunk) Government Grants Recognized in Current Profit or Loss (Unit: yuan) | Type | Current Period | Prior Period | | :--- | :--- | :--- | | Income-related | 420,349,233.73 | 543,233,783.22 | | Asset-related | 21,483,422.46 | 6,335,288.10 | | Total | 441,832,656.19 | 549,569,071.32 | [XII. Risks Related to Financial Instruments](index=146&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) The company faces market risks (exchange rates, interest rates, commodity prices), credit risk, and liquidity risk; it manages these risks through foreign currency trading, optimizing financing structures, and credit assessments - The company faces market risks (exchange rates, interest rates, commodity prices), credit risk, and liquidity risk[462](index=462&type=chunk) - The company manages risks through buying and selling foreign currencies at market exchange rates, optimizing financing structures, bank credit lines, and regular credit assessments[464](index=464&type=chunk)[465](index=465&type=chunk)[466](index=466&type=chunk) - As of June 30, **2025**, the company's bank borrowings totaled **24,480,067,409.17 yuan**[464](index=464&type=chunk) [XIII. Disclosure of Fair Value](index=148&type=section&id=XIII.%20Disclosure%20of%20Fair%20Value) Discloses period-end assets and liabilities measured at fair value, including other equity instrument investments and accounts receivable financing, and explains the basis for determining fair value at each level and valuation techniques Period-end Fair Value Measurement Items (Unit: yuan) | Item | Level 1 Fair Value Measurement | Level 3 Fair Value Measurement | Total | | :--- | :--- | :--- | :--- | | Other equity instrument investments (non-listed company equity) | 5,135,485.58 | 97,389,230.95 | 102,524,716.53 | | Other equity instrument investments (listed company equity) | 95,901,710.34 | | 95,901,710.34 | | Accounts receivable financing | | 242,648,150.31 | 242,648,150.31 | | Trading financial liabilities (equity acquisition contingent consideration) | 1,820,000.00 | | 1,820,000.00 | - Accounts receivable financing uses book balance as fair value, while other equity instruments (non-listed company equity) use investment cost as a reasonable estimate of fair value[472](index=472&type=chunk) [XIV. Related Parties and Related Party Transactions](index=149&type=section&id=XIV.%20Related%20Parties%20and%20Related%20Party%20Transactions) This section details the company's parent company, subsidiaries, joint ventures, and associates, as well as related party transactions during the reporting period, including purchases and sales of goods, provision of services, leasing, fund borrowing, and guarantees - The company's controlling shareholder is Fujian Taisheng Industrial Co., Ltd., holding **24.52%** of shares, with the ultimate controlling parties being natural persons Wu Mingwu and his spouse Xu Lifan[475](index=475&type=chunk) Related Party Transactions for Purchase of Goods/Acceptance of Services (Current Period, Unit: yuan) | Related Party | Related Transaction Content | Current Period | | :--- | :--- | :--- | | Taisheng Supply Chain Management Co., Ltd. | Logistics and transportation, procurement of raw pulp and paper, etc. | 354,506,021.20 | | Zhejiang Taihang Logistics Co., Ltd. | Logistics and transportation | 224,096,267.67 | | Zhejiang Wuchan Shanying Thermal Power Co., Ltd. | Procurement of steam | 102,789,947.65 | | Total | 712,248,405.66 | | Related Party Transactions for Sale of Goods/Provision of Services (Current Period, Unit: yuan) | Related Party | Related Transaction Content | Current Period | | :--- | :--- | :--- | | Yunyin Yougong (Wuxi) Packaging Technology Co., Ltd. | Sale of raw paper and paper products | 61,737,696.17 | | Xiamen Yunyin Yougong Packaging Technology Co., Ltd. | Sale of raw paper and paper products | 25,623,529.96 | | Hubei Zhencheng Paper Co., Ltd. | Sale of steam | 14,470,994.13 | | Total | 105,362,942.13 | | - As the guaranteed party, controlling shareholder Fujian Taisheng Industrial Co., Ltd. provided multiple guarantees for the company, involving significant amounts, with some guarantees also secured by company assets or subsidiary equity pledges[491](index=491&type=chunk) - The company borrowed **33,000,000.00 yuan** from Anhui Tongxinyuan Commercial Management Co., Ltd. in the current period[488](index=488&type=chunk) [XV. Share-based Payment](index=157&type=section&id=XV.%20Share-based%20Payment) This section does not disclose specific share-based payment details, equity-settled or cash-settled share-based payment information, current period share-based payment expenses, or modification/termination circumstances - No disclosure of specific share-based payment details, equity-settled or cash-settled share-based payment information, current period share-based payment expenses, or modification/termination circumstances during the reporting period[496](index=496&type=chunk) [XVI. Commitments and Contingencies](index=158&type=section&id=XVI.%20Commitments%20and%20Contingencies) The company has significant engineering contracts not ye

山鹰国际公告，2025年上半年营业收入138.42亿元，同比下降2.89%。净利润4181.54万元，同比下降 63.17%。 ...

Group 1 - The paper sector experienced a rise of 0.94% on August 25, with Songyang Resources leading the gains [1] - The Shanghai Composite Index closed at 3883.56, up 1.51%, while the Shenzhen Component Index closed at 12441.07, up 2.26% [1] - Notable stock performances included Songyang Resources with a closing price of 19.69, up 6.89%, and Hengfeng Paper with a closing price of 9.79, up 5.50% [1] Group 2 - The paper sector saw a net outflow of 60.37 million yuan from institutional funds and 34.82 million yuan from speculative funds, while retail investors contributed a net inflow of 95.19 million yuan [3]

Group 1 - On August 22, a total of 3,713 stocks in the A-share market received financing funds, with 625 stocks having a buying amount exceeding 100 million yuan [1] - The top three stocks by financing buying amount were Dongfang Caifu, SMIC, and ZTE, with amounts of 4.002 billion yuan, 3.517 billion yuan, and 3.11 billion yuan respectively [1] - Five stocks had financing buying amounts accounting for over 30% of the total transaction amount on that day, with Guangzhou Port, China Merchants Jinling, and Shanying International leading at 38.22%, 36.22%, and 32.44% respectively [1] Group 2 - There were 48 stocks with a net financing buying amount exceeding 100 million yuan, with SMIC, ZTE, and Northern Rare Earth ranking the highest at 921 million yuan, 915 million yuan, and 790 million yuan respectively [1]

从融资净买入金额来看，有48只个股获融资净买入超亿元。其中，中芯国际、中兴通讯、北方稀土融资 净买入金额排名前三，分别获净买入9.21亿元、9.15亿元、7.9亿元。 每经AI快讯，A股8月22日共有3713只个股获融资资金买入，有625股买入金额超亿元。其中，东方财 富、中芯国际、中兴通讯融资买入金额排名前三，分别获买入40.02亿元、35.17亿元、31.1亿元。 每日经济新闻 从融资买入额占当日总成交金额比重来看，有5只个股融资买入额占比超30%。其中广州港、招商南 油、山鹰国际融资买入额占成交额比重排名前三，分别为38.22%、36.22%、32.44%。 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The A-share market is currently experiencing a valuation recovery. Measures such as large-scale equipment upgrades and consumer goods trade-ins are expected to boost domestic demand, while export growth may decline. A weak resonance between the domestic economic fundamentals and capital flows is expected to gradually emerge [30]. - Considering the impact of refinancing policies, the subsequent issuance pressure of convertible bonds is not expected to be high. As the stock market recovers, the inflow of incremental funds into convertible bonds has driven the valuation to a relatively high level in history. Attention should be paid to the risk of valuation correction. In terms of terms and conditions, it is recommended to continue to focus on the space for lower revision games, be vigilant against the risk of early redemption, and appropriately pay attention to short-term game opportunities for near-maturity convertible bonds [31]. - Industries worthy of attention include popular themes such as AI computing power, humanoid robots, intelligent driving, low-altitude economy, data elements, and satellite Internet of Things; repair opportunities in low-position science and technology growth sectors such as semiconductors and innovative drugs; pro-cyclical and domestic demand sectors such as real estate, chemicals, and consumer electronics whose prosperity is gradually recovering; industries with both export advantages and domestic demand growth potential such as automobiles, home appliances, and engineering machinery; central state-owned enterprises represented by "China-headquartered" companies, the "Belt and Road" theme, and high-dividend sectors such as public utilities, petrochemicals, and precious metals under the Chinese characteristic valuation system; and the military industry driven by the resonance of hedging demand and industrial demand cycles [31]. 3. Summary by Relevant Catalogs 3.1. Convertible Bond Weekly Special and Outlook 3.1.1. The "Diverse States" of Near-Maturity Convertible Bonds - As of August 22, 2025, 82 convertible bonds have been delisted this year, including 20 that have reached maturity. Among the matured and delisted convertible bonds, 6 have an actual maturity payment ratio of less than 1%, 3 have a payment ratio of over 90% (Nuclear Construction Convertible Bond, Haoke Convertible Bond, and Intelligent Convertible Bond), and the rest have a maturity payment ratio concentrated between 20% - 60% [10]. - The paths of promoting conversion and maturity payment of convertible bonds that have reached maturity this year vary. For example, the issuance amount of CITIC Convertible Bond is 40 billion yuan, but the final payment ratio is less than 1%. Its methods of promoting conversion are diverse, including the controlling shareholder's premium conversion and conversion during periods of negative premium rate due to the positive stock's "abnormal movement." Since December 2024, with the continuous rise of bank stocks, the conversion value of CITIC Convertible Bond has been significantly higher than the maturity value, accelerating the conversion process [13][14]. - In contrast, the Nuclear Construction Convertible Bond, a large central enterprise convertible bond, has a maturity payment ratio as high as 99.27%. The company's main business has a stable profit margin, and it has a relatively weak willingness to promote conversion, resulting in a smooth maturity payment [19]. - Most private enterprise convertible bonds (11 out of 18) have proposed to lower the conversion price during their tenure. However, due to factors such as weak performance and poor stock price performance of the underlying stocks, large-scale conversion has not been achieved. For example, Dafeng Convertible Bond achieved a large-scale conversion through a high negative premium rate before maturity, alleviating the payment pressure to some extent [21]. - As of August 22, there are still 14 convertible bonds approaching maturity this year. Some companies have a strong willingness to promote conversion, such as Jinneng Convertible Bond, which recently lowered its conversion price. It is recommended to analyze the company's willingness to promote conversion based on factors such as company attributes, debt repayment pressure, and research and communication, and pay attention to negative premium rate conversion and lower revision games during the conversion promotion process [28]. 3.1.2. Weekly Review and Market Outlook - This week, the A-share market showed an overall upward trend with active trading, and technology sectors led the market. The Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index all rose to varying degrees, with the ChiNext Index performing particularly well. Sectors such as communication, comprehensive, and computer led the gains, while real estate and petrochemical sectors declined slightly [29]. - In the convertible bond market, considering the impact of refinancing policies, the subsequent issuance pressure is not expected to be high. As the stock market recovers, the inflow of incremental funds has driven the valuation to a relatively high level in history. Attention should be paid to the risk of valuation correction. It is recommended to continue to focus on the space for lower revision games, be vigilant against the risk of early redemption, and appropriately pay attention to short-term game opportunities for near-maturity convertible bonds [31]. 3.2. Weekly Tracking of the Convertible Bond Market 3.2.1. The Equity Market Rose, with Communication, Electronics, and Comprehensive Sectors Leading - This week, major equity market indices rose. The Wind All A Index rose 3.87%, the Shanghai Composite Index rose 3.49%, the Shenzhen Component Index rose 4.57%, and the ChiNext Index rose 5.85%. The market style was more inclined towards large-cap growth stocks. Among small-cap indices, the CSI 1000 Index rose 3.45%, and the STAR 50 Index rose 13.31% [35]. - All 31 Shenwan industry indices rose this week, with communication, electronics, and comprehensive sectors leading the market with increases of 10.84%, 8.95%, and 8.25% respectively [38]. 3.2.2. The Convertible Bond Market Rose Significantly, and the Median of the 100-yuan Premium Rate Increased - This week, the convertible bond market rose. The CSI Convertible Bond Index rose 2.83%, the Shanghai Convertible Bond Index rose 2.77%, the Shenzhen Convertible Bond Index rose 2.96%, the Wind Convertible Bond Equal-Weighted Index rose 3.20%, and the Wind Convertible Bond Weighted Index rose 2.86%. The average daily trading volume of convertible bonds increased, with an average daily trading volume of 94.06 billion yuan, an increase of 0.975 billion yuan compared to last week, and a total weekly trading volume of 470.3 billion yuan [40]. - At the industry level of convertible bonds, 29 industries rose, with the social services, beauty care, and computer industries ranking among the top three in terms of gains, with increases of 9.16%, 7.01%, and 5.28% respectively. At the corresponding underlying stock level, 26 industries rose, and 3 industries fell. The computer, electronics, and food and beverage industries led the gains, with increases of 10.14%, 8.92%, and 7.29% respectively [43]. - Most individual convertible bonds rose this week (414 out of 450). After excluding the closing data of newly listed convertible bonds, the top five convertible bonds in terms of weekly gains were Dongshi Convertible Bond (social services, 90.12%), Jintong Convertible Bond (non-ferrous metals, 22.92%), Huayi Convertible Bond (pharmaceutical biology, 19.84%), Weice Convertible Bond (electronics, 18.48%), and Dongjie Convertible Bond (machinery and equipment, 17.05%). The top five in terms of weekly trading volume were Outong Convertible Bond (power equipment, 23.791 billion yuan), Dayuan Convertible Bond (machinery and equipment, 23.686 billion yuan), Saili Convertible Bond (pharmaceutical biology, 12.55 billion yuan), Dongjie Convertible Bond (machinery and equipment, 12.492 billion yuan), and Huahong Convertible Bond (environmental protection, 11.35 billion yuan) [45]. - In terms of price, the number of absolute low-price convertible bonds decreased, and the median price of convertible bonds increased significantly. The number of convertible bonds with an absolute price of less than 110 yuan decreased by 3 compared to last week, the number in the 110 - 130 yuan range decreased by 40, the number in the 130 - 150 yuan range increased by 17, the number in the 150 - 200 yuan range increased by 14, and the number of those with a price greater than 200 yuan increased by 6. As of this Friday, the median price of the entire market's convertible bonds closed at 135.19 yuan, an increase of 3.03 yuan compared to last weekend [47]. - This week, the weighted conversion value of the entire market increased, and the premium rate decreased. The weighted average conversion value of the entire market based on the remaining bond balance was 102.18 yuan, an increase of 3.03 yuan compared to last weekend. The weighted conversion premium rate of the entire market was 40.64%, a decrease of 1.05 percentage points compared to last weekend. The 100-yuan parity premium rate (weighted average) was 29.42%, an increase of 4.92 percentage points compared to last weekend, and the median was 33.05%, an increase of 2.50 percentage points compared to last weekend. Currently, the 100-yuan parity premium rate is above the 50th percentile since 2017. The median implied volatility of the entire market was 41.78%, an increase of 3.91 percentage points compared to last weekend, and the pure bond premium rate of debt-biased convertible bonds was 14.50%, an increase of 3.55 percentage points compared to last weekend [51]. 3.2.3. High-Frequency Tracking of Different Types of Convertible Bonds 3.2.3.1. Classification Valuation Changes - This week, the valuation of balanced convertible bonds slightly declined, while that of equity-biased convertible bonds increased significantly. The valuation of convertible bonds with a parity of 110 - 120 yuan decreased, while the valuation of other parity convertible bonds increased, with those in the 0 - 80 yuan and 100 - 110 yuan ranges increasing more significantly. The valuation of AAA, A+, and A and below convertible bonds increased, while that of AA+, AA, and AA- convertible bonds decreased. The valuation of small-cap and small - medium-cap convertible bonds increased, while that of medium-cap and large-cap convertible bonds decreased [59]. - Since the beginning of 2024, the conversion premium rates of equity-biased and balanced convertible bonds have both rebounded from their lows. As of this Friday, the conversion premium rate of equity-biased convertible bonds is above the 35th percentile since 2017, and that of balanced convertible bonds is below the 50th percentile since 2017 [59]. 3.2.3.2. Market Index Performance - This week, all convertible bonds of different ratings rose. AAA convertible bonds rose 1.77%, AA+ convertible bonds rose 3.57%, AA convertible bonds rose 3.67%, AA- convertible bonds rose 2.69%, A+ convertible bonds rose 3.67%, and A and below convertible bonds rose 2.55%. Since 2023, AAA convertible bonds have recorded a 22.35% return, AA+ convertible bonds 15.24%, AA convertible bonds 21.33%, AA- convertible bonds 29.60%, A+ convertible bonds 32.92%, and A and below convertible bonds 34.83%. Historically, high-rated AAA convertible bonds have shown stable performance, while low-rated convertible bonds have shown weaker downside resistance and greater rebound strength [74]. - This week, all convertible bonds of different scales rose. Small-cap convertible bonds rose 2.84%, small - medium-cap convertible bonds rose 2.66%, medium-cap convertible bonds rose 3.86%, and large-cap convertible bonds rose 2.29%. Since 2023, small-cap convertible bonds have recorded a 34.82% return, small - medium-cap convertible bonds 29.29%, medium-cap convertible bonds 26.30%, and large-cap convertible bonds 19.79% [74]. 3.3. Tracking of Convertible Bond Supply and Terms 3.3.1. This Week's Primary Market Issuance Plans - This week, there were no newly listed convertible bonds, and there were 3 convertible bonds that had been issued but not yet listed. Among the convertible bonds to be listed, Weidao Convertible Bond and Jinwei Convertible Bond both have a scale of over 1 billion yuan. This week, there were 12 primary approvals (from August 18 to August 23, 2025), with no convertible bonds approved for registration by the CSRC. Three convertible bonds, including Dingjie Shuzhi (828 million yuan), Lianrui Xincai (720 million yuan), and Jinpan Technology (1.672 billion yuan), were accepted by the exchange [80]. - From the beginning of 2023 to August 22, 2025, the total number of planned convertible bonds was 93, with a total scale of 150.36 billion yuan. Among them, the number of convertible bonds approved by the board of directors was 19, with a total scale of 28.493 billion yuan; the number approved by the general meeting of shareholders was 36, with a total scale of 64.672 billion yuan; the number accepted by the exchange was 30, with a total scale of 41.847 billion yuan; the number approved by the listing committee was 4, with a total scale of 8.979 billion yuan; and the number approved for registration by the CSRC was 4, with a total scale of 6.37 billion yuan [81]. 3.3.2. Lower Revision and Redemption Clauses - This week, 8 convertible bonds announced that they were expected to trigger a lower revision, 4 convertible bonds announced that they would not be revised downward, and Qifan Convertible Bond proposed a lower revision, with no convertible bonds announcing the result of the lower revision [84][87]. - This week, 12 convertible bonds announced that they were expected to trigger early redemption, 7 convertible bonds announced that they would not be redeemed early, and 6 convertible bonds, including Chongda Zhuan 2, Dayuan Convertible Bond, Haitai Convertible Bond, Sheyan Convertible Bond, Dongjie Convertible Bond, and Rongtai Convertible Bond, announced early redemption [86][88][89]. - As of the end of this week, there was 1 convertible bond still in the put option declaration period and 9 convertible bonds still in the company's capital reduction and settlement declaration period. Attention should be paid to the price changes of convertible bonds and the marginal changes in the company's tendency for lower revision [91].

天眼查显示，近日，上海山鹰智造纸业有限公司成立，法定代表人为黄晓，注册资本5000万人民币，由 山鹰国际控股股份公司全资持股。 序号股东名称持股比例1山鹰国际控股股份公司100% 经营范围含纸制品销售；煤炭及制品销售；油墨销售（不含危险化学品）；润滑油销售；光伏设备及元 器件销售；化工产品销售（不含许可类化工产品）；包装材料及制品销售；机械设备销售；机械设备研 发；机械设备租赁；办公用品销售；文具用品批发；货物进出口；技术进出口；进出口代理；新型催化 材料及助剂销售；物料搬运装备销售；复印和胶印设备销售；办公设备耗材销售；食品销售（仅销售预 包装食品）。（除依法须经批准的项目外，凭营业执照依法自主开展经营活动） 企业名称上海山鹰智造纸业有限公司法定代表人黄晓注册资本5000万人民币国标行业制造业>其他制造 业>日用杂品制造地址上海市杨浦区安浦路645号601室企业类型有限责任公司（自然人投资或控股的法 人独资）营业期限2025-8-22至无固定期限登记机关杨浦区市场监管局 来源：金融界 ...

Group 1 - The stock price of Shanying International on August 22 was 1.91 yuan, down 0.01 yuan from the previous trading day, with a decline of 0.52% [1] - The trading volume on that day was 1.4431 million hands, with a transaction amount of 275 million yuan [1] - The company operates in the paper and printing industry, with main businesses including paper manufacturing, packaging, trade, and logistics [1] Group 2 - Shanying International's wholly-owned subsidiary, Shanghai Shanying Intelligent Paper Industry Co., Ltd., was recently established with a registered capital of 50 million yuan, focusing on the sale of paper products and coal and its products [1] - On August 22, the net outflow of main funds was 2.7249 million yuan, accounting for 0.03% of the circulating market value [1] - Over the past five trading days, the cumulative net inflow of main funds was 27.0476 million yuan, representing 0.26% of the circulating market value [1]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 8月22日，山鹰国际收跌0.52%，收盘价为1.91元，发生1笔大宗交易，合计成交量39.99万股，成交金额 76.38万元。 责任编辑：小浪快报 进一步统计，近3个月内该股累计发生3笔大宗交易，合计成交金额为358.38万元。该股近5个交易日累 计下跌0.52%，主力资金合计净流出2945.78万元。 第1笔成交价格为1.91元，成交39.99万股，成交金额76.38万元，溢价率为0.00%，买方营业部为中国国 际金融股份有限公司北京建国门外大街证券营业部，卖方营业部为国泰海通证券股份有限公司深圳福华 三路证券营业部。 ...

| 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( * ) 买入营业部 | | | | 卖出营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-08-22 | 山鹰国际 | 600567 | 1.91 76.38 | 39.99 | 中国国际金融股份 | 国泰海通证券股份 | | | | | | | | 有限公司北京建国 | 有限公司深圳福华 | | | | | | | | 门外大街证券营业 | 三路证券营业部 | | 8月22日，山鹰国际大宗交易成交39.99万股，成交额76.38万元，占当日总成交额的0.28%，成交价1.91元，较市场收盘价1.91元持平。 ...