Core Viewpoint - The company, Shanying International, is actively expanding its international business and enhancing its operational efficiency while facing challenges in profitability and market conditions. Group 1: International Business Development - The company is focusing on international strategic layout by trading in major fiber resource sourcing countries such as the USA, UK, and the Netherlands, and is expanding its recycled pulp operations in Southeast Asia [2] - As of the first half of 2025, the foreign main business revenue reached approximately 1.79 billion yuan, accounting for 13.13% of total main revenue [2] Group 2: Long-term Investment and Asset Management - The company established a partnership enterprise, Wuhu Shengying Enterprise Management Consulting Partnership, by transferring stakes in its subsidiaries for 2.98 billion yuan, attracting long-term investors [2][3] - The funds from this transaction, totaling 747 million yuan, will be used for production operations and upgrading existing production lines, enhancing the company's integrated paper and packaging business [3] Group 3: Operational Efficiency and Financial Performance - In the first nine months of 2025, the company's raw paper production reached 5.49 million tons, a year-on-year increase of 4.25%, while sales increased by 2.35% [3] - The paper packaging segment achieved a production of 1.49 billion square meters, with a sales volume of 1.57 billion square meters, resulting in a production-sales rate of 105.43% [3] - The company reported a total revenue of 21.13 billion yuan for the first three quarters of 2025, a decrease of 2.17% year-on-year, with a net profit attributable to shareholders of -290 million yuan, a decline of 522.74% [5] Group 4: Market Strategy and Pricing - In response to the industry's overcapacity and declining profits, the company has implemented a series of price increases since July 2025 to alleviate cost pressures and improve gross margins [4] - The company has initiated a share repurchase plan, acquiring 169.93 million shares, which is 2.92% of the total share capital, to protect shareholder interests and enhance company value [3][4]

Core Insights - The appreciation of the Renminbi has led to a 1.03% increase in the benefiting sectors compared to the previous trading day, with ST Chenming leading the gains [1] - The Shanghai Composite Index closed at 4029.5, up 0.73%, while the Shenzhen Component Index closed at 13476.52, up 1.78% [1] Sector Performance - ST Chenming (000488) closed at 2.25, with a gain of 5.14% and a trading volume of 578,700 shares, amounting to a transaction value of 129 million [1] - Tongling Nonferrous Metals (000630) closed at 5.40, up 3.65%, with a trading volume of 3,796,000 shares and a transaction value of 204.5 million [1] - Shanying International (600567) closed at 1.86, gaining 2.76%, with a trading volume of 2,988,000 shares and a transaction value of 550 million [1] - China National Duty-Free (601888) closed at 90.52, up 1.47%, with a trading volume of 854,000 shares and a transaction value of 7.624 billion [1] Capital Flow - The net inflow of main funds in the Renminbi appreciation benefiting sector was 41.75 million, while retail funds saw a net inflow of 64.44 million [2] - The net outflow of speculative funds was 106 million [2] Individual Stock Capital Flow - Tongling Nonferrous Metals (000630) had a main fund net inflow of 1.29 billion, but speculative and retail funds saw net outflows of 55.30 million and 73.20 million respectively [3] - China National Duty-Free (601888) experienced a main fund net inflow of 64.16 million, while retail funds had a net outflow of 103 million [3] - ST Chenming (000488) had a significant main fund net inflow of 38.29 million, but both speculative and retail funds experienced net outflows [3]

Core Viewpoint - The average stock price in the A-share market is 14.08 yuan, with 20 stocks priced below 2 yuan, the lowest being *ST Yuan Cheng at 0.58 yuan [1] Summary by Category Stock Price Distribution - As of November 13, the Shanghai Composite Index closed at 4029.50 points, with the average A-share price at 14.08 yuan [1] - There are 20 stocks priced below 2 yuan, with *ST Yuan Cheng being the lowest at 0.58 yuan, followed by *ST Su Wu at 0.98 yuan and *ST Jin Ke at 1.47 yuan [1] - Among the low-priced stocks, 8 are ST stocks, accounting for 40% of the total [1] Market Performance - Out of the low-priced stocks, 16 saw an increase today, with the highest gains from ST Yi Gou (5.29%), *ST Jin Ke (5.00%), and Rongsheng Development (4.73%) [1] - Only 2 stocks experienced a decline, with ST Ling Nan and *ST Hui Feng dropping by 1.03% and 0.53%, respectively [1] Low-Priced Stock Rankings - A detailed ranking of low-priced stocks includes: - *ST Yuan Cheng: Latest closing price 0.58 yuan, market-to-book ratio 0.27, industry: construction decoration [1] - *ST Su Wu: Latest closing price 0.98 yuan, daily turnover rate 1.97%, industry: pharmaceutical [1] - *ST Jin Ke: Latest closing price 1.47 yuan, daily increase 5.00%, industry: real estate [1] - Other notable stocks include Chongqing Steel (1.59 yuan), Yongtai Energy (1.63 yuan), and Shandong Steel (1.65 yuan) [1]

| | | 股票简称：山鹰国际 股票代码：600567 公告编号：临 2025-087 山鹰国际控股股份公司 关于"鹰 19 转债"到期兑付暨摘牌的第三次提示性公 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。 重要内容提示： 自2025年12月10日至2025年12月12日，"鹰19转债"持有人仍可以依据约定 的条件将"鹰19转债"转换为公司股票。 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"。 一、兑付方案 可转债到期日和兑付登记日：2025年12 ...

Core Viewpoint - The announcement by Shanying International regarding the convertible bond "Eagle 19" indicates that bondholders can convert their bonds into company stock from December 10 to December 12, 2025, with the delisting date set for December 15, 2025 [2] Summary by Relevant Sections - **Convertible Bond Details** - "Eagle 19" bondholders have the option to convert their bonds into shares under specified conditions during the conversion period [2] - The delisting of the "Eagle 19" convertible bond is scheduled for December 15, 2025 [2]

Core Viewpoint - The stock of Shanying International (600567) has shown a decline in both price and financial performance, with significant net outflows from major funds, indicating potential challenges ahead for the company [1][2][3]. Financial Performance - As of November 12, 2025, Shanying International's stock closed at 1.81 yuan, down 0.55% with a trading volume of 1.4593 million hands and a total transaction amount of 265 million yuan [1]. - For the first three quarters of 2025, the company reported a main revenue of 21.133 billion yuan, a year-on-year decrease of 2.17%, and a net profit attributable to shareholders of -290 million yuan, a year-on-year decline of 522.74% [3]. - The company's third-quarter results showed a single-quarter main revenue of 7.291 billion yuan, down 0.77% year-on-year, and a net profit of -331 million yuan, a decrease of 636.03% year-on-year [3]. Fund Flow Analysis - On November 12, 2025, the net outflow of major funds was 21.7227 million yuan, accounting for 8.19% of the total transaction amount, while retail investors saw a net inflow of 15.1769 million yuan, representing 5.72% of the total [1][2]. - Over the past five days, the stock has experienced fluctuating fund flows, with significant net outflows from major funds on multiple days [2]. Industry Comparison - Shanying International's total market value is 10.526 billion yuan, ranking 5th in the paper and printing industry, while its net assets stand at 17.017 billion yuan, ranking 2nd [3]. - The company's net profit margin is -1.53%, which is lower than the industry average of -0.81%, indicating weaker profitability compared to peers [3]. Analyst Ratings - In the last 90 days, three institutions have provided ratings for the stock, with one buy rating and two hold ratings, and the average target price set at 2.0 yuan [4].

证券代码：600567 证券简称：山鹰国际 公告编号：2025-086 山鹰国际控股股份公司 关于提供担保的进展公告 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。 重要内容提示： 担保对象及基本情况 | 担保对象一 | 被担保人名称 | | | 山鹰纸业（广东）有限公司 | | --- | --- | --- | --- | --- | | | 本次担保金额 | 3,000 | 万元 | | | | 实际为其提供的担保余额 | 258,480.96 | | 万元 | | | 是否在前期预计额度内 | 是 | □否 | □不适用 | | | 本次担保是否有反担保 | □是 | 否 | □不适用 | | 担保对象二 | 被担保人名称 | | | 山鹰纸业（吉林）有限公司 | | | 本次担保金额 | 69,290 | 万元 | | | | 实际为其提供的担保余额 | 46,181.23 | 万元 | | | | 是否在前期预计额度内 | 是 | □否 | □不适用 | | | 本次担保是否有反担保 | □是 | 否 | ...

股票简称：山鹰国际 股票代码：600567 公告编号：临 2025-085 | | | 山鹰国际控股股份公司 关于"鹰 19 转债"到期兑付暨摘牌的第二次提示性公 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。 重要内容提示： 自2025年12月10日至2025年12月12日，"鹰19转债"持有人仍可以依据约定 的条件将"鹰19转债"转换为公司股票。 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《上市公司证券发行注册管理办法》、《上海证券交易所 ...

Core Points - The average stock price of A-shares is 13.93 yuan, with 20 stocks priced below 2 yuan, the lowest being *ST Yuan Cheng at 0.58 yuan [1] - As of November 12, the Shanghai Composite Index closed at 4000.14 points, indicating a relatively low proportion of both high-priced and low-priced stocks in the A-share market [1] - Among the low-priced stocks, 8 are ST stocks, accounting for 40% of the total [1] Low-Priced Stocks Summary - The lowest priced stock is *ST Yuan Cheng at 0.58 yuan, followed by *ST Su Wu at 0.98 yuan and *ST Jin Ke at 1.40 yuan [1] - In terms of market performance, 4 of the low-priced stocks increased in price, with Haihang Holdings, *ST Hui Feng, and *ST Su Wu showing gains of 1.09%, 1.08%, and 1.03% respectively [1] - Conversely, 12 stocks declined, with Chongqing Steel, Rongsheng Development, and Yabo Co. experiencing drops of 1.88%, 1.74%, and 1.53% respectively [1] Low-Priced Stocks Table - The table lists various low-priced stocks along with their latest closing prices, daily price changes, turnover rates, price-to-book ratios, and industries [1]

Core Viewpoint - The domestic paper industry is experiencing a price increase trend, particularly in the packaging paper sector, driven by leading companies and subsequent follow-up by others [1] Industry Overview - Since November, the paper industry has seen a significant price increase, with companies like Shanying International leading the way by raising prices for products such as corrugated paper by 30-100 yuan per ton, with core categories in Guangdong and Zhejiang seeing increases of 50 yuan per ton [1] - Following Shanying International, companies like Nine Dragons Paper have also raised prices for products like kraft paper and boxboard [1] Demand and Supply Dynamics - According to Datong Securities, the paper industry is in a recovery phase from a cyclical bottom, with an improving supply-demand balance [1] - On the demand side, policy stimulation and the recovery of e-commerce logistics are contributing to a steady increase in demand for packaging and specialty paper [1] - On the supply side, the pressure from new production capacity is diminishing, leading to a more balanced supply-demand situation [1] Profitability and Market Position - Despite a year-on-year decline in profits for the paper industry from January to September, leading companies are gaining market share through industry chain integration and cost advantages [1] - The price of paper is expected to rise moderately due to cost-driven factors and recovering demand, enhancing the configuration value of the sector [1] Long-term Outlook - Guotai Junan Securities notes that short-term impacts from overseas supply shocks and changes in supply-demand dynamics in the European and American markets may influence domestic pulp prices [1] - In the long term, changes in pulp usage structure are expected to lower domestic pulp costs, while global cost curves may rise due to wood and energy costs, benefiting integrated paper mills with upstream forest resources and green energy [1]