Core Viewpoint - Recently, Shanying International announced plans to establish a partnership enterprise with a capital contribution of nearly 3 billion yuan, aiming to attract over 700 million yuan in long-term funding, which may be insufficient given its short-term borrowings exceeding 15 billion yuan [1][3]. Group 1: Partnership Enterprise Establishment - Shanying International plans to set up Wuhu Shengying Enterprise Management Consulting Partnership with a total investment of 2.978 billion yuan, where Shanying will contribute 2.177 billion yuan and 800 million yuan through its subsidiaries [3][4]. - The two subsidiaries involved, Guangdong Shanying and Xiangheng Creative, are considered high-quality assets in the paper and packaging sectors, with total assets of 11.686 billion yuan and net assets of 4.39 billion yuan [4][5]. Group 2: Financial Implications - After the establishment of Shengying Partnership, Shanying International intends to transfer 25.09% of the partnership shares to several investors for a total of up to 747.5 million yuan [4][5]. - The partnership will adopt a dual GP model, with significant state-owned and long-term capital investors involved, aiming to enhance the company's sustainable development and core competitiveness [5][6]. Group 3: Company Financial Health - Shanying International has faced declining revenues, with total revenues dropping below 30 billion yuan in recent years, and net profits showing significant losses [10][11]. - The company's asset-liability ratio has remained around 70%, with short-term borrowings reaching 15.363 billion yuan and long-term borrowings at 6.694 billion yuan, indicating liquidity challenges [10][11]. Group 4: Asset Divestiture Strategy - The company is strategically exiting non-core businesses, having successfully divested from North European Paper and other assets, which has improved its cash flow and reduced its asset-liability ratio from 71.29% to 67.67% [11]. - Shanying International is focused on reducing its debt levels, targeting a comprehensive asset-liability ratio below 60% [11].

Core Viewpoint - Company is implementing a significant strategic initiative to attract long-term investors and enhance its integrated paper packaging business, driven by the need to improve sustainability and core competitiveness [1] Group 1: Strategic Move - Company plans to establish a partnership with Xinsengli Bao Equity Investment Co., a subsidiary of Cinda Capital, to jointly invest 2.978 billion yuan in the establishment of Wuhu Shengying Enterprise Management Consulting Partnership [2] - The company will transfer part of its equity in subsidiaries, including 100% of Guangdong Shanying and 36.56% of Xiangheng Packaging, to raise over 7 billion yuan [2][3] - The funds raised will be used for production operations, research and development of new production capabilities, and upgrading existing production lines to further develop the integrated paper packaging business [3] Group 2: Financial Situation - As of March 31, 2025, Guangdong Shanying has total assets of 5.107 billion yuan and net assets of 2.191 billion yuan, while Xiangheng Packaging has total assets of 6.579 billion yuan and net assets of 2.199 billion yuan, together accounting for 21.65% and 29.05% of the company's total assets and equity, respectively [3] - In 2024, Guangdong Shanying achieved revenue of 3.019 billion yuan and net profit of 25.138 million yuan, while Xiangheng Packaging generated revenue of 7.173 billion yuan and net profit of 81.543 million yuan, together representing 34.87% of the company's total revenue [4] Group 3: Historical Context and Challenges - Company has faced significant challenges due to high debt levels and industry downturns, leading to a net profit loss in 2024 [1][5] - Since 2013, the company has pursued aggressive debt-fueled expansion, resulting in cumulative investment cash outflows of approximately 27.5 billion yuan from 2014 to September 2024 [6] - The company has been forced to frequently seek external financing, with direct financing totaling 26.9 billion yuan and bank loans amounting to 25.395 billion yuan over the past decade [7]

| 代码 | 名称 | 最新价 | 涨跌幅 ▽ | | --- | --- | --- | --- | | 00731 建发新胜 | | 0.208 | 6.67% | | 02689 | 玖龙纸业 | 4.620 4.29% | | | 02314 理文造纸 | | 2.680 | 4.28% | 今年以来，造纸企业已在1月—3月和5月进行过两轮提价，而本轮主要是包装纸价格上涨。原材料、能 源及物流等成本上升成为此轮涨价的主要推动因素。业界认为，纸企近期连番发涨价函拉涨纸品出厂价 格，可看作是包装纸行业对今年以来不断下探的市场行情的一次"反攻"。 此次涨价潮对造纸行业上市公司而言，短期内有助于缓解成本压力，但长期的行业健康发展仍需解决产 能过剩、需求提振以及规范市场竞争等多方面问题。(格隆汇) 消息上，刚进入8月，造纸行业便迎来一轮涨价潮。玖龙纸业、理文造纸、山鹰国际等龙头企业近日相 继发布涨价函，宣布自8月1日起上调多款产品价格。这已是7月以来包装纸行业发起的第四轮涨价，显 示出行业调价频率明显加快。 港股纸业股盘初拉升上涨，其中，建发新胜涨近7%，玖龙纸业、理文造纸涨4.3%。 ...

Group 1 - The stock price of Shanying International closed at 1.91 yuan on August 4, 2025, down by 0.04 yuan from the previous trading day, with a trading volume of 2.0132 million shares and a transaction amount of 386 million yuan [1] - The main business segments of Shanying International include paper making, packaging, and commodity circulation, with paper making accounting for 68.09% of total revenue, packaging 24.06%, and commodity circulation 6.89% in 2024 [1] - As of July 31, 2025, Shanying International has repurchased a total of 60.61 million shares, representing 1.11% of the total share capital, with the highest repurchase price at 1.96 yuan per share and the lowest at 1.91 yuan per share, totaling approximately 117 million yuan in funds paid [1]

Group 1: Price Increases in the Paper Industry - The price of corrugated paper and recycled kraft paper has been raised by 30 yuan/ton, with all weights of recycled paper, corrugated paper, and tube paper uniformly increased by 50 yuan/ton starting from August [1] - Since early July, major paper companies like Nine Dragons Paper have announced multiple price hikes due to supply constraints caused by unusual weather affecting waste paper collection [1][4] - The average price of waste yellow board paper reached 1482 yuan/ton in late July, reflecting a year-on-year increase of 2.75% [1] Group 2: Industry Challenges and Responses - The paper industry is facing a significant imbalance between supply and demand, with new production capacity expected to exceed 10 million tons in 2024, while consumption growth is only projected at 1.5% [5][6] - The Guangdong Provincial Paper Industry Association has issued a "反内卷" (anti-involution) initiative to combat low-price competition and promote rational business practices [2][8] - The industry is experiencing historical low profit margins, with an overall profit of only 520 billion yuan projected for 2024, translating to a profit margin of 3%-5% [6] Group 3: Strategic Shifts and Future Outlook - Major companies are focusing on strategic transformations, such as Sun Paper's integrated "forest-pulp-paper" model and Xianhe's significant investments in raw materials [10] - The industry is encouraged to shift from price competition to quality, service, and innovation competition to enhance competitiveness [10] - There is a need for clearer policy frameworks to address overcapacity and promote sustainable practices within the industry [10]

Market Overview - On August 4, the paper sector rose by 0.12% compared to the previous trading day, with Kane Co. leading the gains [1] - The Shanghai Composite Index closed at 3583.31, up 0.66%, while the Shenzhen Component Index closed at 11041.56, up 0.46% [1] Individual Stock Performance - Kane Co. (002012) closed at 6.31, with a gain of 5.87% and a trading volume of 994,100 shares, amounting to a transaction value of 625 million [1] - ST Morning (000488) closed at 2.05, up 3.02%, with a trading volume of 425,400 shares and a transaction value of 86.34 million [1] - Xianhe Co. (603733) closed at 22.00, increasing by 2.28%, with a trading volume of 40,900 shares and a transaction value of 89.94 million [1] - Other notable stocks include Minfeng Special Paper (600235) with a closing price of 6.57, up 1.23%, and Hengda New Materials (301469) at 27.97, up 1.05% [1] Capital Flow Analysis - The paper sector experienced a net outflow of 81.62 million from institutional investors, while retail investors saw a net inflow of 43.91 million [2] - Notable net inflows from retail investors were observed in ST Morning (000488) with 12.04 million and Xianhe Co. (603733) with 474.99 million [3] - Conversely, significant net outflows were recorded for Sun Paper (002078) with -26.84 million from institutional investors and -34.59 million from retail investors [3]

Core Viewpoint - The company is focused on ensuring the repayment of the "Eagle 19 convertible bond" due in December, emphasizing its commitment to financial stability and asset optimization [2]. Group 1: Financial Preparedness - The company is actively working on securing funds for the repayment of the "Eagle 19 convertible bond" [2]. - It has already recovered a total of 1.617 billion yuan from the orderly disposal of non-core assets, including the Nordic Paper equity and industrial merger funds [2]. Group 2: Strategic Focus - The company is concentrating on its core business while continuing to divest non-core assets to enhance its asset structure and risk resilience [2]. - It plans to introduce long-term investors through partnerships, using subsidiary equity as a valuation basis to strengthen its capital and industrial resilience [2].

Core Viewpoint - The company is actively engaging with industry peers and associations to address the issue of "involution" in the Guangdong paper industry, aiming for policy-driven optimization of supply and demand, and a return to reasonable product pricing [1] Group 1: Industry Communication - The company is in discussions with peers and associations regarding measures to combat "involution" in the industry [1] - The company believes that comprehensive and systematic policies from the government will help optimize supply and demand in the industry [1] Group 2: Industry Standards and Innovations - The company is collaborating with industry associations to establish national standards for recycled paper raw materials to address the shortage of high-end raw materials [1] - The company is exploring the application of intelligent production capabilities in the industry to enhance productivity [1] Group 3: Strategic Positioning - The company is focused on its internal operations while leveraging favorable macroeconomic conditions to enhance value [1]

2024年1至12月份，山鹰国际的营业收入构成为：造纸占比68.09%，包装占比24.06%，商品流通占比 6.89%，其他占比0.96%。 山鹰国际（SH 600567，最新价：1.92元）8月1日晚间发布公告称，截至2025年7月31日，公司已通过集 中竞价交易方式累计回购股份约6061万股，占公司总股本的1.11%，回购成交的最高价为1.96元/股，最 低价为1.91元/股，支付的资金总额约为1.17亿元。 （文章来源：每日经济新闻） ...

Group 1 - The company, Shanying International, announced plans to establish Wuhu Shengying Enterprise Management Consulting Partnership with a capital contribution of 2.977 billion RMB through the transfer of equity from its subsidiary [1] - The company aims to introduce long-term investors, including China Orient Asset Management, Caixin Jixiang Life Insurance, Xinda Capital Management, and Zibo Hengtie Investment Partnership, with a total transfer amount not exceeding 747.5 million RMB [4] - This transaction is expected to attract state-owned capital and insurance funds, which will help promote the integrated paper packaging business and enhance the company's sustainable development capabilities and core competitiveness [4] Group 2 - The transaction does not constitute a related party transaction or a major asset restructuring, and it is subject to the signing of specific agreements by the parties involved, indicating some uncertainty in the implementation process [6]