重要内容提示： 会议召开时间：2023 年 05 月 23 日(星期二)下午 15:00-16:30 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频录播结合网络文字互动回答 投资者可于 2023 年 05 月 16 日(星期二)至 05 月 22 日(星期一)16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 stock@shanyingpaper.com 进行提问。公司将在说明会上对投资者普遍关注的问 题进行回答。 山鹰国际控股股份公司（以下简称"公司"）已于 2023 年 04 月 29 日发布公 司 2022 年度报告及 2023 年第一季度报告，为便于广大投资者更全面深入地了解 公司 2022 年度及 2023 年第一季度的经营成果、财务状况，公司计划于 2023 年 05 月 23 日下午 15:00-16:30 举行 2022 年度业绩说明会暨 2023 年第一季度业绩 说明会，就投资者关心的问题进行交流。 | 债券简称：山鹰转债 | ...

Financial Performance - The company's operating revenue for Q1 2023 was CNY 6,351,495,622.66, representing a decrease of 20.22% compared to the same period last year[5] - The net profit attributable to shareholders was a loss of CNY 341,273,040.96, a decline of 270.67% year-on-year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses was a loss of CNY 377,052,981.90, down 318.24% from the previous year[5] - The basic earnings per share for the reporting period was -CNY 0.079, a decrease of 280.34% year-on-year[5] - The diluted earnings per share was -CNY 0.055, down 254.44% compared to the same period last year[5] - The weighted average return on equity was -2.54%, a decrease of 3.75 percentage points year-on-year[5] - Net profit for Q1 2023 was a loss of ¥376,223,124.99, compared to a profit of ¥188,591,314.96 in Q1 2022, indicating a significant decline[22] - The company reported a comprehensive loss of ¥401,694,558.26 for Q1 2023, compared to a comprehensive income of ¥140,825,230.18 in Q1 2022[23] Cash Flow and Liquidity - The net cash flow from operating activities was CNY 363,562,354.14, an increase of 107.69% compared to the same period last year[5] - The net cash flow from operating activities for Q1 2023 was ¥363,562,354.14, an increase from ¥175,049,362.33 in Q1 2022[25] - The total cash and cash equivalents at the end of the period amounted to ¥1.74 billion, down from ¥2.34 billion year-over-year[26] - The net cash inflow from financing activities was approximately ¥1.59 billion, a decrease from ¥2.84 billion in the previous period[26] - The net cash flow from investment activities was -¥1.48 billion, compared to -¥1.75 billion in the previous year[26] - The cash outflow for debt repayment was approximately ¥6.47 billion, compared to ¥4.53 billion in the previous year[26] - The net increase in cash and cash equivalents for the period was ¥476.26 million, down from ¥789.21 million in the previous year[26] Assets and Liabilities - The total assets at the end of the reporting period were CNY 54,450,091,016.58, an increase of 3.68% from the end of the previous year[6] - The total current assets rose to RMB 14,619,623,845.82 from RMB 13,304,132,288.17, reflecting an increase of approximately 9.9%[18] - The total current liabilities increased to RMB 25,000,000,000.00 from RMB 24,000,000,000.00, representing a rise of approximately 4.2%[18] - The company's total liabilities increased to RMB 25,000,000,000.00 from RMB 24,000,000,000.00, indicating a growth of about 4.2%[18] - The total liabilities as of Q1 2023 amounted to ¥39,208,152,102.28, up from ¥38,389,831,500.36 in the previous year[22] - The equity attributable to shareholders decreased by 2.82% to CNY 13,203,205,963.98 compared to the end of the previous year[6] - The total equity attributable to shareholders was ¥13,203,205,963.98 in Q1 2023, down from ¥13,586,538,512.59 in Q1 2022[22] Investments and Share Repurchase - The company repurchased a total of 296,433,748 shares, accounting for 6.42% of the total share capital as of March 31, 2023[12] - The company extended the commitment period for share repurchase by 12 months until April 16, 2024, due to funding and scheduling factors[12] - The company plans to issue corporate bonds with a total face value of up to RMB 30 billion, with a registration approval for up to RMB 20 billion already received from the China Securities Regulatory Commission[14] - The long-term equity investments increased to RMB 3,103,153,447.34 from RMB 2,325,577,553.50, marking a growth of about 33.3%[18] Operating Costs and Revenue - Total operating costs for Q1 2023 were ¥6,884,412,957.68, down from ¥7,962,688,807.37 in Q1 2022, reflecting a decrease of 13.5%[22] - Cash received from sales of goods and services in Q1 2023 was ¥5,536,297,717.01, down from ¥7,384,316,989.34 in Q1 2022, reflecting a decline of 25.0%[25] - Research and development expenses for Q1 2023 were ¥190,393,228.37, compared to ¥218,596,225.20 in Q1 2022, showing a decrease of 12.9%[22] Other Financial Metrics - Non-recurring gains and losses totaled CNY 35,779,940.93 for the reporting period[6] - The company's cash and cash equivalents reached RMB 5,389,659,958.68, up from RMB 3,738,107,043.22, indicating a significant increase of about 44.2%[17] - The impact of exchange rate changes on cash and cash equivalents was ¥3.27 million, contrasting with a negative impact of -¥471.38 million in the previous year[26] - The cash flow from investment activities showed a significant outflow, indicating a focus on expansion or new projects[26]

Financial Performance - In 2022, the total amount spent on share repurchase was RMB 250,052,582.60, which accounted for 11.08% of the net profit attributable to shareholders[4] - The company will not distribute profits or increase share capital from capital reserves for the year 2022[4] - The company received a standard unqualified audit report from Xinyong Zhonghe Accounting Firm[19] - The company has not disclosed any plans for future profit distribution or capital reserve increases[20] - The basic earnings per share for 2022 was -0.52 CNY, a decrease of 252.94% compared to 0.34 CNY in 2021[32] - The diluted earnings per share for 2022 was -0.36 CNY, a decrease of 233.33% compared to 0.27 CNY in 2021[32] - The net profit attributable to shareholders for Q1 2022 was 199,966,454.55 CNY, while Q2, Q3, and Q4 reported net losses of -71,893,445.41 CNY, -73,176,972.49 CNY, and -2,311,344,745.98 CNY respectively[33] - The net profit attributable to shareholders was a loss of approximately ¥2.26 billion, a decrease of 248.87% compared to the previous year[60] - The company's operating revenue for the reporting period was approximately ¥34.01 billion, an increase of 2.97% compared to ¥33.03 billion in the same period last year[77] - Operating costs rose to approximately ¥31.55 billion, reflecting an 8.79% increase from ¥29.01 billion year-over-year[77] Cash Flow and Assets - The net cash flow from operating activities for Q1 2022 was 175,049,362.33 CNY, while Q2, Q3, and Q4 reported -94,392,690.63 CNY, 34,041,150.02 CNY, and 88,657,515.83 CNY respectively[33] - The net cash flow from operating activities was approximately ¥203.36 million, a decrease of 89.67% compared to the previous year[60] - The total assets of the company at the end of 2022 were approximately ¥52.52 billion, an increase of 1.01% from the end of 2021[60] - The total balance of other receivables at the end of the period is CNY 252,620,952.84, a decrease of 65.3% from the beginning balance of CNY 728,448,061.83[101] - The inventory balance at the end of the period is CNY 3,330,045,457.43, with a provision for inventory depreciation of CNY 50,326,841.55[110] Production and Sales - The company recovered over 2 million tons of fiber in 2022, accounting for 40% of its total recovery volume[39] - The packaging segment produced 2.148 billion square meters in 2022, an increase of 8.02% year-on-year, with sales of 2.136 billion square meters, up 5.49% year-on-year[40] - The paper production volume reached 6.1481 million tons, with a year-on-year increase of 2.11%, while sales volume was 6.1629 million tons, up by 5.88%[65] - The total production of base paper reached 6.1481 million tons, with sales volume at 6.1629 million tons, resulting in a production and sales rate of 100.24%[83] - The total production of corrugated boxboard was 2.148 billion square meters, with sales volume at 2.136 billion square meters, leading to a production and sales rate of 99.44%[83] Strategic Initiatives - The company has established a strategic layout in the recycling fiber market, with a production capacity of 500,000 tons for high-end specialty pulp and paper in its subsidiary Nordic Paper[48] - The company plans to enhance its product structure through horizontal extension in the industry chain to mitigate the impact of fluctuations in domestic packaging paper prices[48] - The company is focusing on product innovation, developing new products such as 50g high-strength paper and high-waterproof paper to gain competitive advantages[65] - The company is committed to digitalization and smart manufacturing to enhance internal operations and drive integrated development across the industry chain[68] - The company is leveraging professional resources and industry insights to enhance its industrial internet platform for recycling and optimized transportation services[80] Environmental and Social Responsibility - The company is committed to carbon management and has completed carbon footprint verification for 18 products, enabling carbon neutrality certification based on customer needs[43] - The company has established a comprehensive recycling fiber procurement network, achieving over 6 million tons of efficient procurement and logistics capacity annually, protecting 270,000 hectares of forest resources each year[75] - The company has completed environmental assessments for all projects, ensuring compliance with regulations during construction[112] Financial Management and Investments - The company plans to issue corporate bonds with a total face value of up to RMB 3 billion within 5 years to optimize its debt structure and reduce financing costs[140] - The company has committed to invest RMB 270.11 million in the secondary market for share repurchase[125] - The company’s wholly-owned subsidiary will increase its capital by RMB 1.5 billion, changing from a wholly-owned subsidiary to a controlling subsidiary[140] - The company has renewed its audit engagement with Xinyong Zhonghe Accounting Firm for the 2022 financial year[130] - The company has received regulatory approval from the China Securities Regulatory Commission for both bond issuances, ensuring compliance with financial regulations[178] Challenges and Market Conditions - The company faced significant profit erosion due to a more than 50% increase in imported wood pulp prices and rising production costs from global price hikes in energy and chemical products[44] - The actual consumption of corrugated paper in China was 53.79 million tons in 2022, a decrease of 2.70% year-on-year[44] - The average price of AA corrugated paper (120g) in 2022 was approximately ¥3,586 per ton, reflecting an 8% year-on-year decline[44] - The company anticipates that the recovery of the macro economy and rising consumer levels will lead to improved profitability in the future[65] Corporate Governance - The company’s legal representative is Wu Mingwu, who guarantees the authenticity and completeness of the annual report[19] - The company has no significant litigation or arbitration matters during the reporting period[132] - The company has no significant changes in the structure of shareholders or the number of shareholders during the reporting period[164] - The company has no actual controller situation that requires special explanation[169]

Financial Performance - The company's operating revenue for Q3 2022 was ¥8,781,144,740.53, a decrease of 0.83% compared to the same period last year[7] - The net profit attributable to shareholders for Q3 2022 was -¥73,176,972.49, representing a decline of 124.19% year-over-year[7] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥133,393,475.74, a decrease of 159.87% compared to the previous year[7] - The basic earnings per share for Q3 2022 was -¥0.017, down 124.59% from the same period last year[7] - The diluted earnings per share for Q3 2022 was -¥0.009, a decline of 116.86% year-over-year[7] - The weighted average return on net assets was -0.45%, a decrease of 2.28 percentage points compared to the previous year[9] - Total operating revenue for Q3 2022 reached ¥25,449,090,830.44, an increase of 5.8% compared to ¥24,053,780,777.71 in the same period of 2021[32] - Net profit for Q3 2022 was ¥28,421,550.63, a significant decrease from ¥1,348,428,947.68 in Q3 2021[32] - The net profit attributable to shareholders of the parent company was approximately ¥54.90 million, a significant decrease compared to ¥1.31 billion in the previous period[35] - The total comprehensive income attributable to shareholders of the parent company was approximately -¥144.62 million, contrasting sharply with ¥1.11 billion in the prior period[35] - The basic earnings per share decreased to ¥0.012 from ¥0.293 year-over-year[35] Cash Flow and Liquidity - The net cash flow from operating activities for the year-to-date was ¥114,697,821.72, a decrease of 93.21% compared to the same period last year[7] - Cash inflow from operating activities totaled approximately ¥24.12 billion, down from ¥27.59 billion in the previous year[39] - The net cash flow from operating activities was ¥114.70 million, a decline from ¥1.69 billion in the same period last year[39] - The net cash flow from investing activities was -¥2.72 billion, slightly improved from -¥2.80 billion in the previous year[39] - The net cash flow from financing activities was approximately ¥3.13 billion, a significant increase from ¥230.32 million in the prior year[41] - The ending balance of cash and cash equivalents was approximately ¥2.09 billion, up from ¥1.35 billion in the previous year[41] - The company received cash from sales of goods and services amounting to approximately ¥22.88 billion, down from ¥24.71 billion year-over-year[39] - The company reported a decrease in cash received from other operating activities, totaling approximately ¥548.44 million compared to ¥2.30 billion in the previous year[39] Assets and Liabilities - Total assets at the end of the reporting period were ¥57,098,845,290.69, an increase of 9.82% from the end of the previous year[9] - The company's total assets as of Q3 2022 were ¥57,098,845,290.69, up from ¥51,994,492,093.30 in the previous year[27] - Total liabilities increased to ¥39,615,362,296.67 in Q3 2022 from ¥33,695,526,873.32 in Q3 2021, representing a growth of 17.3%[27] - The company's total equity decreased to ¥17,483,482,994.02 in Q3 2022 from ¥18,298,965,219.98 in Q3 2021[27] - The company's cash and cash equivalents decreased to ¥4,784,704,491.18 from ¥5,091,123,115.95 year-over-year[27] - Inventory levels rose to ¥4,356,828,155.02 in Q3 2022, compared to ¥3,809,032,476.66 in Q3 2021, marking an increase of 14.4%[27] - Short-term borrowings increased to ¥16,735,779,742.36 from ¥14,590,046,668.30, reflecting a rise of 14.7%[27] Shareholder Actions and Corporate Governance - The company plans to issue overseas corporate bonds not exceeding $500 million to optimize its debt structure and reduce financing costs[18] - The company repurchased a total of 90,407,175 shares during the buyback period, representing 1.96% of the total share capital, with a total expenditure of RMB 250,052,582.60[20] - The company terminated the non-public issuance of A-shares for 2022, as approved by the board and supervisory committee[20] - The company’s major shareholder, Fujian Taisheng Industrial Co., Ltd., holds 1,297,936,672 shares, representing a significant portion of the total shares[17] - The company has decided to terminate the responsibility target assessment method, affecting commitments made by key personnel[20] - The company’s total number of shares held in the repurchase account as of September 30, 2022, was 296,433,748 shares, accounting for 6.42% of the total share capital[17] - The company’s major shareholders have established a directed asset management plan to incentivize employees[17] Research and Development - Research and development expenses for Q3 2022 amounted to ¥610,680,755.04, compared to ¥578,563,197.31 in Q3 2021, indicating a year-over-year increase of 5.6%[32] Cost Analysis - The decline in net profit was mainly attributed to rising raw material costs and a decrease in gross profit margin[13] - Total operating costs for Q3 2022 were ¥25,980,201,795.01, up from ¥23,555,219,791.33 in Q3 2021, reflecting a year-over-year increase of 10.3%[32]

股票简称：山鹰国际 股票代码：600567 公告编号：临 2022-113 债券简称：山鹰转债 债券代码：110047 债券简称：鹰 19 转债 债券代码：110063 山鹰国际控股股份公司 关于参加安徽辖区上市公司2022年投资者 网上集体接待日活动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 为进一步加强与投资者的互动交流，山鹰国际控股股份公司（以下简称"公 司"）将参加由安徽证监局指导、安徽上市公司协会与深圳市全景网络有限公司 联合举办的"2022 年安徽辖区上市公司投资者集体接待日活动"，现将相关事 项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP,参 与本次互动交流，活动时间为 2022 年 9 月 7 日（周三）14：00-17：00。届时公 司副总裁、董事会秘书严大林先生及相关人员将出席本次活动，与投资者进行沟 通交流，欢迎广大投资者踊跃参与！ 特此公告。 山鹰国际控股股份公司董 ...

Financial Performance - The company's operating revenue for the first half of 2022 was approximately CNY 16.67 billion, an increase of 9.66% compared to CNY 15.20 billion in the same period last year[21]. - The net profit attributable to shareholders of the listed company decreased by 87.25% to CNY 128.07 million from CNY 1.00 billion year-on-year[21]. - The net cash flow from operating activities dropped significantly by 95.17% to CNY 80.66 million compared to CNY 1.67 billion in the previous year[21]. - Basic earnings per share fell to CNY 0.03, down 86.00% from CNY 0.22 in the same period last year[24]. - The company reported a net profit excluding non-recurring gains and losses of CNY 64.08 million, a decline of 91.09% from CNY 718.88 million in the previous year[21]. - The company's total operating revenue for the first half of 2022 was CNY 16,667,946,089.91, an increase of 9.7% compared to CNY 15,199,229,364.92 in the first half of 2021[197]. - Net profit for the first half of 2022 was CNY 84,899,027.30, a significant decrease of 91.9% from CNY 1,043,197,883.15 in the same period of 2021[197]. Assets and Liabilities - Total assets increased by 9.55% to CNY 56.96 billion from CNY 51.99 billion at the end of the previous year[24]. - The company's net assets attributable to shareholders decreased by 2.69% to CNY 16.07 billion from CNY 16.52 billion at the end of the previous year[24]. - The company's total liabilities increased, with total debt structure adjustments contributing to a significant rise in long-term payables by 83.05% to CNY 721,170,198.11[61]. - The company's long-term borrowings rose by 42.33% to CNY 7,955,406,440.70, representing 13.97% of total assets, attributed to debt structure optimization[61]. - The company's total liabilities reached CNY 39.13 billion, compared to CNY 33.70 billion, marking an increase of about 16.5%[188]. Production and Capacity - The company has a production capacity of approximately 6 million tons, ranking among the top three in the industry[28]. - The production of boxboard paper reached 13.6 million tons in the first half of 2022, an increase of 5.87% year-on-year, while corrugated paper production was 10.4 million tons, up 3.65% year-on-year[37]. - The production of raw paper was 3.0118 million tons, with sales of 2.8081 million tons, achieving a sales rate of 93.24%[49]. - The production of paper packaging was 984 million square meters, with sales of 1.046 billion square meters, resulting in a sales rate of 106.33%[49]. Market and Strategy - The company is expanding its international trade operations in major fiber recycling markets such as the US, UK, Australia, Japan, and the Netherlands[29]. - The company is focused on creating long-term value for customers through integrated packaging solutions[28]. - The company has implemented a strategy of continuous improvement in product structure to mitigate the impact of domestic packaging paper price fluctuations[29]. - The company aims to leverage macroeconomic recovery and traditional consumption peaks to adjust pricing strategies and enhance profitability[49]. Environmental and Social Responsibility - The company aims to reduce carbon emissions intensity significantly by 2025, aligning with national carbon peak and neutrality goals[40]. - The company has received multiple certifications for its environmental practices, including FSC certification for its paper and packaging sectors[41]. - The company has established a comprehensive recycling fiber procurement network, with over 6 million tons of efficient procurement and logistics capacity annually, protecting 270,000 hectares of forest resources[41]. - The company has committed to providing guarantees for its subsidiaries post-restructuring, ensuring continued support[114]. - The company has actively engaged in various poverty alleviation initiatives, focusing on stable employment for impoverished populations[109]. Corporate Governance and Management - The company appointed a new financial officer, Xu Yun, on April 29, 2022, following the resignation of the previous officer, Shi Chunmao[77]. - The company has held multiple shareholder meetings to discuss various resolutions, including the issuance of corporate bonds and employee stock ownership plans[72]. - The company has not engaged in any non-operating fund occupation by controlling shareholders or related parties during the reporting period[120]. - The company has not reported any risks related to the termination of listing trading for its bonds[161]. Financial Instruments and Investments - The company initiated a private placement of shares in May 2022, aiming to raise a total of ¥19.70 billion to enhance liquidity and strengthen its capital structure[53]. - The company is actively pursuing the issuance of ¥2 billion in corporate bonds and $500 million in overseas bonds to optimize its debt structure[52]. - The total amount raised for the first phase of the incentive fund plan is capped at RMB 520 million, sourced from the incentive fund, employee contributions, and other legal means[82]. - The company plans to issue corporate bonds with a total face value of up to RMB 3 billion, with a maturity of no more than 5 years[140].

Financial Performance - The company's operating revenue for Q1 2022 was CNY 7,961,276,857.43, representing a year-on-year increase of 16.59%[6] - Net profit attributable to shareholders of the listed company decreased by 57.78% to CNY 199,966,454.55 compared to the same period last year[6] - The net profit attributable to shareholders after deducting non-recurring gains and losses fell by 59.71% to CNY 172,771,612.19[6] - Basic earnings per share for the period was CNY 0.044, down 58.67% year-on-year[6] - The total comprehensive income for the first quarter of 2022 was CNY 140,825,230.18, a decrease from CNY 373,880,879.25 in the same period of 2021[31] - The company reported a basic earnings per share of CNY 0.044, down from CNY 0.106 in the same quarter of the previous year[31] Assets and Liabilities - Total assets at the end of the reporting period were CNY 55,723,842,924.04, an increase of 7.17% from the end of the previous year[9] - The company's total liabilities as of the latest report were CNY 37,273,979,450.80, compared to CNY 33,695,526,873.32 previously, showing an increase of about 10.5%[27] - The total equity attributable to shareholders increased to CNY 16,693,391,147.09 from CNY 16,517,438,680.02, reflecting a growth of approximately 1.1%[27] - The company's cash and cash equivalents increased to RMB 6.129 billion from RMB 3.890 billion year-on-year[21] - The cash and cash equivalents at the end of the period were CNY 2,342,609,114.47, compared to CNY 1,464,037,712.68 at the end of the first quarter of 2021[33] Costs and Expenses - Total operating costs for Q1 2022 were CNY 7,962,688,807.37, up from CNY 6,526,595,600.45 in Q1 2021, indicating an increase of about 22.0%[29] - The decline in net profit was primarily due to increased costs and a decrease in gross margin compared to the same period last year[11] - The company reported a gross profit margin decrease of 4.21 percentage points compared to the same period last year[18] - Research and development expenses in Q1 2022 amounted to CNY 218,596,225.20, compared to CNY 151,428,134.44 in Q1 2021, marking an increase of about 44.3%[29] - Financial expenses for Q1 2022 were CNY 186,346,125.46, up from CNY 117,452,928.64 in Q1 2021, which is an increase of approximately 58.8%[29] Shareholder Information - The company had a total of 192,907 common shareholders at the end of the reporting period[15] - The largest shareholder, Fujian Taisheng Industrial Co., Ltd., held 28.12% of the shares, totaling 1,297,936,672 shares[15] Cash Flow - The net cash flow from operating activities was CNY 175,049,362.33, compared to a negative cash flow of CNY -327,125,059.51 in the first quarter of 2021[31] - Cash received from the sale of goods and services amounted to CNY 7,384,316,989.34, an increase from CNY 5,702,861,880.97 year-over-year[31] - The net cash flow from investing activities was CNY -1,754,455,546.36, worsening from CNY -1,009,793,030.70 in the previous year[33] - Cash inflow from financing activities totaled CNY 8,928,317,106.96, up from CNY 5,390,509,291.85 in the first quarter of 2021[33] - The total cash outflow for financing activities was CNY 6,088,320,092.12, compared to CNY 4,890,794,005.71 in the same period last year[33] Future Plans - The company plans to repurchase shares with a total amount not less than RMB 250 million and not exceeding RMB 500 million, at a price not exceeding RMB 3.70 per share[20] - The company intends to issue corporate bonds totaling no more than RMB 3 billion to optimize its debt structure and reduce financing costs[20] - The company plans to continue investing in R&D to drive future growth, as indicated by the significant increase in R&D expenses[29] Other Financial Metrics - The company's inventory rose to RMB 4.227 billion, compared to RMB 3.809 billion in the previous year[24] - The company's short-term borrowings increased to RMB 16.783 billion from RMB 14.590 billion year-on-year[24] - The company experienced a foreign exchange loss of CNY -471,380,300.95 during the quarter[33] - The company reported a decrease in other comprehensive income, with a net amount of CNY -47,766,084.78 for Q1 2022 compared to CNY -113,160,247.27 in Q1 2021, indicating an improvement in this area[29]

Financial Performance - In 2021, the company's operating revenue reached ¥33,032,809,011.07, an increase of 32.29% compared to ¥24,969,150,700.72 in 2020[23] - The net profit attributable to shareholders of the listed company was ¥1,515,670,557.23, reflecting a growth of 9.74% from ¥1,381,100,579.82 in the previous year[23] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥1,200,098,982.86, a decrease of 16.10% compared to ¥1,430,463,317.42 in 2020[23] - The net cash flow from operating activities was ¥1,969,071,511.62, representing an increase of 68.24% from ¥1,170,422,971.59 in 2020[23] - The company achieved a sales revenue of 33.033 billion RMB in 2021, representing a year-on-year growth of 32.29%[33] - The net profit attributable to the parent company was 1.516 billion RMB, an increase of 9.74% compared to the previous year[33] - Basic earnings per share increased to 0.34 RMB, up 13.33% from 0.30 RMB in 2020[25] - Diluted earnings per share rose to 0.27 RMB, reflecting a 17.39% increase from 0.23 RMB in 2020[25] Assets and Liabilities - As of the end of 2021, the total assets amounted to ¥51,994,492,093.30, a 14.43% increase from ¥45,436,554,328.13 at the end of 2020[24] - The net assets attributable to shareholders of the listed company were ¥16,517,438,680.02, up by 5.91% from ¥15,596,272,231.31 at the end of 2020[24] - Accounts receivable increased by 42.33% to 5,091,123,115.95 RMB, primarily due to increased revenue during the period[82] - Inventory rose by 59.73% to 3,809,032,476.66 RMB, attributed to the addition of new enterprises and increased raw material and finished goods stock[82] - Long-term receivables surged by 298.55% to 16,413,133.38 RMB, driven by an increase in financing lease business[82] Dividends and Share Buybacks - The company plans to distribute a cash dividend of ¥1.1 per 10 shares, totaling approximately ¥685,146,434.82, which accounts for 45.20% of the net profit attributable to shareholders[6] - The company conducted a share buyback, spending approximately ¥200,030,019.19 during the year[6] Operational Efficiency and Strategy - The company is transitioning from a product-selling model to a service-oriented model, focusing on creating long-term value for customers[35] - The company is implementing an organizational transformation to enhance operational efficiency and support business development, with a focus on digital transformation and lean management[45] - The company is focused on integrating "Internet+" into its operations to enhance supply chain efficiency and address challenges in waste paper recycling[97] - The company is committed to digital transformation in marketing, supply chain, and financial management to improve operational efficiency[105] Environmental and Social Responsibility - The company is actively participating in the Science Based Targets initiative, aiming for carbon neutrality and enhancing the proportion of clean energy in its operations[42] - The company has committed to using 95% recycled fiber as raw materials in its production processes[167] - The company has integrated ESG topics into its management processes to promote sustainable development and ensure value creation and sharing among stakeholders[171] - The company donated a total of 1.5 million yuan over three years to establish a fund for children in difficult situations in Gong'an County, Hubei[173] Governance and Compliance - The company has established a robust investor relations management system, facilitating effective communication with investors through various channels[114] - The company has continuously improved its governance structure and management systems since its listing, aligning with legal and regulatory requirements[115] - The company has maintained independence from its controlling shareholder in terms of business, personnel, assets, and finance[112] - The company has not faced significant changes in competition or conflicts of interest with its controlling shareholder during the reporting period[115] Research and Development - Research and development expenses increased by 64.95% to ¥870,294,677.59, up from ¥527,619,382.77, indicating a strategic focus on innovation[67] - The company employed 887 R&D personnel, accounting for 5.87% of the total workforce[78] - The company holds 697 patents, including 60 invention patents, and has been recognized as a national high-tech enterprise[65] Market Position and Expansion - The company is actively expanding its international strategy, engaging in trade in major recycling fiber sources in the US, UK, Australia, Japan, and the Netherlands, while also establishing recycled pulp production in Southeast Asia and Europe[55] - The packaging market in China remains fragmented, with a significant opportunity for integrated development similar to mature markets like the U.S. and Japan[96] - The company aims to achieve a domestic waste paper utilization target of 60 million tons by 2025, addressing a projected shortfall of approximately 5 million tons[53] Risk Management - The company emphasizes the importance of risk awareness regarding forward-looking statements and future plans[7] - The company is actively managing risks related to policy changes affecting raw material supply, particularly due to the ban on solid waste imports[108] Employee Engagement and Development - The company emphasizes a learning-oriented organization, focusing on both online and offline training to enhance employee capabilities[142] - The company has established a digital talent assessment platform to enhance talent development and succession planning[142] Legal and Regulatory Matters - The company is involved in a significant lawsuit regarding patent infringement, with a claim for damages against its subsidiary amounting to an unspecified amount[189] - The company has not disclosed any new major contracts or cash asset management situations for the reporting period[199]

股票简称：山鹰国际 公告编号：临 2022-017 债券简称：山鹰转债 债券代码： 债券简称：鹰 19 转债 债券代码： | --- | --- | |------------|--------| | | | | | | | 股票代码： | 600567 | | | | | | 110047 | | | 110063 | 山鹰国际控股股份公司 关于接待机构调研情况的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 山鹰国际控股股份公司（以下简称"公司"）于 2022 年 3 月 16 日通过电话 会议交流形式接待了机构调研，现将情况公告如下： 一、调研情况 时间：2022年3月16日15：00-16：00 调研方式：电话会议交流 调研机构名称（排名不分先后）：浙商证券、兴业证券、中金公司、申万宏 源、东吴证券、国盛证券、安信基金、华夏基金、湘财基金、中庚基金。 公司接待人员：副总裁、董事会秘书严大林、战略投资中心总经理曾凤焕 二、交流的主要问题及公司回复概要 1、请介绍下公司近期产品销售情况及原纸、废纸的库存水平？ ...

Financial Performance - The company's operating revenue for Q3 2021 was ¥8,854,551,412.79, representing a year-on-year increase of 22.80%[7] - The net profit attributable to shareholders for Q3 2021 was ¥302,531,198.48, a decrease of 37.24% compared to the same period last year[7] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥222,802,673.09, down 48.43% year-on-year[7] - Basic earnings per share for Q3 2021 were ¥0.068, a decrease of 37.64% compared to the previous year[10] - The diluted earnings per share for Q3 2021 were ¥0.051, down 41.93% year-on-year[10] - The company reported a net cash flow from operating activities of ¥1,689,131,524.18 for the year-to-date, an increase of 20.99%[10] - For the first nine months of 2021, the company achieved operating revenue of RMB 24.054 billion, up 41.19% year-on-year, and a net profit of RMB 1.307 billion, up 32.92%[20] - Total revenue for the first three quarters of 2021 reached ¥24,053,780,777.71, a significant increase of 41.2% compared to ¥17,036,675,614.11 in the same period of 2020[31] Cost and Margin Analysis - The decline in net profit for Q3 was mainly attributed to rising raw material costs and a decrease in gross margin[12] - The company reported a gross profit margin decline of 7% due to rising raw material prices, with operating costs increasing by 33% year-on-year[20] - Total operating costs for the first three quarters of 2021 were ¥23,555,219,791.33, up from ¥16,244,676,881.63 in 2020, reflecting a growth of 45.1%[31] Asset and Equity Position - The total assets at the end of the reporting period were ¥50,879,257,146.08, an increase of 11.98% from the end of the previous year[10] - The equity attributable to shareholders at the end of the reporting period was ¥16,572,478,016.47, up 6.26% from the previous year[10] - Current assets increased to ¥16,229,553,214.01 as of September 30, 2021, compared to ¥14,189,034,210.81 at the end of 2020, marking a growth of 14.4%[24] - Non-current assets totaled ¥34,649,703,932.07 as of September 30, 2021, compared to ¥31,247,520,117.32 at the end of 2020, representing an increase of 11.5%[27] - Shareholders' equity rose to ¥18,431,512,214.34 as of September 30, 2021, compared to ¥17,228,910,405.96 at the end of 2020, an increase of 7.0%[29] Inventory and Receivables - Inventory levels rose significantly to ¥4,203,365,294.16 from ¥2,384,703,309.89, indicating a growth of 76.3%[24] - The company has a total inventory of RMB 2,384,703,309.89[42] - The company’s total receivables, including accounts and notes receivable, amounted to RMB 4,688,434,736.68[42] Shareholder Actions and Stake Changes - The company plans to repurchase shares using its own funds, with a total of 5,923,856 shares repurchased by September 30, 2021, accounting for 0.13% of the total share capital[20] - The controlling shareholder's stake decreased from 33.34% to 32.16% due to stock option exercises and share dilution[20] - The company intends to sell a 23.71% stake in Yunyin Technology (Shenzhen) Co., Ltd. for RMB 70.41 million, reducing its ownership from 68.71% to 45%[20] Research and Development - Research and development expenses rose to CNY 578.56 million, up 70.3% from CNY 339.59 million year-over-year[33] - The company has invested in new technologies and product development, focusing on enhancing operational efficiency and market competitiveness[25] Future Outlook - Future outlook includes plans for market expansion and potential mergers and acquisitions to strengthen market position[25] - The company plans to maximize shareholder value and ensure sustainable development through strategic initiatives[20]