Investment Rating - The report maintains an "Accumulate" rating for the company [4][6]. Core Views - The company is expected to incur losses in 2024, with a projected net profit of -3.5 to -3.9 billion RMB, marking a significant downturn from previous earnings [2]. - The company is focusing on its core business and enhancing its risk resistance by divesting non-paper assets and some overseas operations, which is gradually improving its debt repayment capacity [3]. - The company holds the second-largest packaging capacity in China, with over 8 million tons of existing capacity, and is currently trading at a low price-to-book ratio of 0.6 [4]. Summary by Sections Financial Performance - In 2024, the company anticipates a revenue of 30.645 billion RMB, with a growth rate of 4.47% compared to 2023 [5]. - The projected net profit for 2024 is -368 million RMB, with an EPS of -0.07 RMB [5][10]. - The company’s revenue for 2022 was 34.014 billion RMB, which decreased to 29.333 billion RMB in 2023 [10]. Debt and Asset Management - The company has successfully transferred its Nordic paper assets for 1.611 billion SEK (approximately 1.063 billion RMB) and is planning to transfer 51% of its subsidiary's equity to optimize its asset structure [3]. - The debt-to-asset ratio has improved from 71.37% in Q1 2024 to 69.49% in Q3 2024, indicating a gradual release of debt pressure [3]. Market Conditions - The report highlights a decline in paper prices, with boxboard prices expected to drop by 429 RMB per ton in Q1 2024 compared to the previous year [2]. - The company is adjusting its operational strategy to ensure liquidity safety in response to the upcoming maturity of its convertible bonds [2].

Core Viewpoint - The announcement details the completion of the shareholding increase plan by the controlling shareholder and actual controller of Shanying International Holdings Co., Ltd., highlighting the increase in shareholding and the financial commitment involved [2][11]. Group 1: Shareholding Increase Plan - The controlling shareholder, Fujian Taisheng Industrial Co., Ltd., and actual controller, Mr. Wu Mingwu, planned to increase their shareholding from March 24, 2025, to April 16, 2025, with a total investment of 109.1563 million RMB [2][4]. - The actual controller has cumulatively increased his shareholding by 62,151,200 shares, representing 1.14% of the total share capital, with an investment amount of 109.1603 million RMB (excluding transaction fees) [2][11]. Group 2: Shareholding Structure - Prior to the increase, Fujian Taisheng Industrial and its concerted actions held a total of 1,573,971,965 shares, accounting for 28.77% of the total share capital [3]. - After the completion of the increase, Fujian Taisheng Industrial holds 1,341,572,672 shares (24.52%), while Mr. Wu Mingwu holds 107,880,802 shares (1.97%), leading to a combined holding of 1,636,123,165 shares (29.90%) by the controlling shareholder and concerted actions [11]. Group 3: Compliance and Regulations - The shareholding increase complies with relevant laws and regulations, and does not trigger a mandatory tender offer, ensuring that the controlling shareholder and actual controller remain unchanged [12]. - The actual controller has not reduced his shareholding during the implementation period of the increase plan [13].

Core Viewpoint - Wu Mingwu, the chairman and general manager of Shanying International, increased his shareholding in the company through the Shanghai-Hong Kong Stock Connect, acquiring 10.51 million shares at an average price of 1.79 yuan, totaling 18.81 million yuan, bringing his total holdings to 107.88 million shares [1][2]. Company Overview - Shanying International's main business includes investments and management in manufacturing, resources, high-tech, circulation, and service sectors, as well as trade agency, import and export business, and various paper products manufacturing [1]. - As of June 30, 2024, the company's revenue breakdown is as follows: boxboard revenue is 5.286 billion yuan (37.08%), paper products revenue is 3.292 billion yuan (23.10%), corrugated paper revenue is 2.216 billion yuan (15.55%), other raw paper revenue is 2.052 billion yuan (14.40%), recycled fiber revenue is 1.015 billion yuan (7.12%), and other income is 244 million yuan (1.71%) [1]. Shareholding Changes - On April 3, 2025, Wu Mingwu increased his holdings by 10.51 million shares at an average price of 1.79 yuan, resulting in a total holding of 107.88 million shares [2]. - Prior to this, on March 25, 2025, he sold 24.19 million shares at an average price of 1.81 yuan, and on March 24, 2025, he sold 27.44 million shares at an average price of 1.69 yuan [2]. - As of the latest closing, Shanying International's total market capitalization is 8.809 billion yuan [2].

| 股票简称：山鹰国际 | 股票代码：600567 | 公告编号：临 | 2025-025 | | --- | --- | --- | --- | | 债券简称：鹰 19 转债 | 债券代码：110063 | | | 山鹰国际控股股份公司 关于控股股东、实际控制人增持公司股份计划实施 完毕暨增持结果的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 （二）增持种类和方式：控股股东泰盛实业及实际控制人吴明武先生拟通 过上海证券交易所交易系统（包括沪股通方式）增持本公司无限售流通股 A 股 （人民币普通股）。 （三）增持金额：控股股东泰盛实业及实际控制人吴明武先生承诺增持金 额为 10,915.63 万元。 （四）增持价格：本次增持不设定价格区间。泰盛实业及吴明武先生将根 据公司股票价格波动情况及资本市场整体趋势实施增持计划。 重要内容提示： 一、增持主体的基本情况 （一）增持主体：控股股东泰盛实业及实际控制人吴明武先生 （二）本次增持前，泰盛实业及其一致行动人吴明武先生、吴丽萍女士、 林文新先生合计持有公司无限售条件流通股 ...

Group 1 - The stock price of Shanying International (600567) closed at 1.76 yuan on March 28, 2025, representing a 4.14% increase from the previous week's closing price of 1.69 yuan [1] - The highest intraday price reached 1.88 yuan on March 27, 2025, while the lowest was 1.66 yuan on March 24, 2025 [1] - The current total market capitalization of Shanying International is 9.794 billion yuan, ranking 3rd in the paper industry and 1611th among all A-shares [1] Group 2 - As of March 31, 2025, a total of 16,148,000 yuan of the "Eagle 19 Convertible Bonds" has been converted into the company's A-shares or repurchased, with 16,147,000 yuan converted and 1,000 yuan repurchased [2] - The total number of shares converted is 4,985,368, which accounts for 0.11% of the company's total issued ordinary shares before the conversion [2] - The unconverted amount of "Eagle 19 Convertible Bonds" is 1.843852 billion yuan, representing 99.13% of the total issuance [2] Group 3 - From January 1, 2025, to March 31, 2025, a total of 32,000 yuan of "Eagle 19 Convertible Bonds" was converted into A-shares, resulting in 18,058 shares, all from the company's repurchase account [2] - The company publicly issued a total of 1.86 billion yuan of convertible bonds on December 13, 2019, with a maturity of 6 years and an initial conversion price of 3.30 yuan per share [2] - Due to multiple rights distributions and adjustments in stock price, the conversion price has been adjusted to 1.76 yuan per share since March 10, 2025 [2]

| 股票简称：山鹰国际 | | 股票代码：600567 | 公告编号：临 | 2025-023 | | --- | --- | --- | --- | --- | | 债券简称：鹰 19 | 转债 | 债券代码：110063 | | | 山鹰国际控股股份公司 可转债转股结果暨股份变动公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、 "鹰19转债"发行上市概况 经中国证券监督管理委员会《关于核准山鹰国际控股股份公司公开发行可转 换公司债券的批复》（证监许可[2019]2315 号）核准，山鹰国际控股股份公司 （以下简称"公司"或"本公司"）于 2019 年 12 月 13 日公开发行总规模为 18.60 亿元的可转换公司债券，每张面值 100 元，债券期限为 6 年。 经上海证券交易所自律监管决定书[2019]306 号文同意，公司 18.60 亿元可 转换公司债券于 2020 年 1 月 3 日起在上海证券交易所挂牌交易，债券简称"鹰 19 转债"，债券代码"110063"。 根据《山鹰国际控股股份公司公开发行可转换 ...

| 股票简称：山鹰国际 | | | 股票代码：600567 | 公告编号：临 | 2025-024 | | --- | --- | --- | --- | --- | --- | | 债券简称：鹰 | 19 | 转债 | 债券代码：110063 | | | 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、交易概述 2024年9月10日，公司第九届董事会第十八次会议审议通过了《关于全资子 公司转让产业并购基金份额的议案》，同意公司全资子公司上海山鹰私募基金管 理有限公司（曾用名：山鹰投资管理有限公司，以下简称："山鹰私募"）将其 持有的39,500.00万元嘉兴英凰股权投资合伙企业（有限合伙）（以下简称"产 业并购基金"）实缴份额转让给海盐杭州湾创业投资有限公司（以下简称："受 让方"）。具体内容刊登于2024年9月11日《上海证券报》、《中国证券报》、 《证券时报》和上海证券交易所网站（www.sse.com.cn）的《关于全资子公司转 让产业并购基金份额的公告》（公告编号：临2024-115）。 二、交易实施情况 根据《 ...

Core Viewpoint - As of March 28, 2025, the stock price of Shanying International (600567) increased by 4.14% to 1.76 CNY, with a market capitalization of 9.63 billion CNY, ranking 3rd in the paper industry and 1637th in the A-share market [1]. Shareholder Changes - Chairman Wu Mingwu increased his holdings by 27,449,300 shares on March 24 and 25, representing 0.5017% and 0.4421% of the total share capital, with a total investment of approximately 104.53 million CNY [1]. - During the periods of these increases, the company's stock price rose by 2.37% and 5.78% respectively [1]. Company Announcements - The controlling shareholder, Fujian Taisheng Industrial Co., Ltd., and its concerted parties hold a total of 1,601,421,265 shares, accounting for 29.27% of the total share capital, with 840,995,440 shares pledged, representing 52.52% of their holdings and 15.37% of the total share capital [1]. - Taisheng Industrial has unpledged and re-pledged 59,000,000 shares to Fuzhou Financial Supply Chain Group Co., Ltd., which accounts for 4.40% of their holdings and 1.08% of the total share capital [1]. - Wu Mingwu plans to continue increasing his holdings by an additional 109.16 million CNY before April 16, 2025 [1].

Core Insights - BYD reported a net profit of 40.254 billion yuan for 2024, representing a 34% year-on-year increase, with R&D investment reaching 54.2 billion yuan [1][2] - Guangzhou Development plans to invest 5.612 billion yuan in the construction of the Guangzhou Pearl River Power Plant, a 2×600MW coal power environmental replacement project [1][2] - Cloud Tianhua's net profit for 2024 is 5.333 billion yuan, a year-on-year growth of 17.93%, with a proposed dividend of 1.4 yuan per share [1][2] Company Announcements - Ocean King currently has no business or products related to "deep-sea technology" [1] - Youfu Co., Ltd. reported that sales revenue from seawater polyester industrial yarn accounts for approximately 1% of the company's total revenue, indicating a low proportion [1] - Yida Co., Ltd. achieved production and sales of epoxy propylene products but did not achieve profitability [1] Project Investments - Chuangwei Digital plans to invest no more than 932 million yuan in the second phase of the Huizhou Industrial Park project [2] - Oriental Electric plans to establish a subsidiary and build a production base in Thailand [2] Contract Awards - Yonggui Electric's subsidiary won a project worth 23.218 million yuan [2] - Jinpu Garden signed a construction project general contracting contract worth approximately 215 million yuan [2] - Huaxi Energy signed a contract for a 1,800MW clean energy project in southern Laos, with a corresponding contract amount of 10.385 billion yuan [2] Share Buybacks and Transfers - Jian Sheng Group plans to repurchase shares with an investment of 50 to 100 million yuan [3] - Longshen Rongfa intends to purchase 70% equity of a research institute for 8.58494 million yuan [3] Other Developments - Rui Ge Mould plans to issue convertible bonds to raise no more than 880 million yuan for investment in intelligent manufacturing projects for new energy vehicles [1][3] - Yiwei Lithium Energy's subsidiary received a supplier designation notification from Changan Automobile [1][3]

山鹰国际控股股份公司 关于实际控制人增持进展的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 | 股票简称：山鹰国际 | | 股票代码：600567 | 公告编号：临 | 2025-022 | | --- | --- | --- | --- | --- | | 债券简称：鹰 19 | 转债 | 债券代码：110063 | | | 控股股东泰盛实业及实际控制人吴明武先生拟自2025年3月24日起至2025 年 4 月 16 日通过上海证券交易所交易系统（包括沪股通方式）增持公司股份， 总增持金额为 10,915.63 万元。本次增持计划具体内容详见公司于《上海证券 报》、《中国证券报》、《证券时报》和上海证券交易所网站（www.sse.com.cn） 披露的《关于实际控制人首次增持公司股份及后续增持计划暨权益变动触及 1% 整数倍的公告》（临 2025-021）。 二、本次增持情况 实际控制人吴明武先生于 2025 年 3 月 25 日通过上海证券交易所交易系统 （沪股通方式）增持公司股份 24,188,200 股，占公司 ...