Core Viewpoint - The stock of Shanying International (600567) has shown a stable price of 1.82 yuan as of November 11, 2025, with a slight increase in retail investor inflow despite net outflows from institutional and speculative funds [1][2]. Financial Performance - For the first three quarters of 2025, Shanying International reported a main revenue of 21.133 billion yuan, a year-on-year decrease of 2.17% [3]. - The net profit attributable to shareholders was -290 million yuan, a significant decline of 522.74% year-on-year [3]. - The third quarter alone saw a main revenue of 7.291 billion yuan, down 0.77% year-on-year, and a net profit of -331 million yuan, a drastic drop of 636.03% [3]. - The company’s debt ratio stands at 67.69%, with financial expenses amounting to 624 million yuan [3]. Market Position - Shanying International's total market value is 10.584 billion yuan, ranking 5th in the paper and printing industry, which has an average market value of 7.024 billion yuan [3]. - The company has a net asset of 17.017 billion yuan, ranking 2nd in the industry [3]. - The price-to-earnings ratio is -27.41, while the industry average is 112.76, indicating a challenging profitability environment [3]. Investment Sentiment - 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].

Core Insights - The average stock price in the A-share market is 13.96 yuan, with 21 stocks priced below 2 yuan, the lowest being *ST Yuan Cheng at 0.58 yuan [1][1][1] Low-Priced Stocks Overview - Among the low-priced stocks, 9 are ST stocks, accounting for 42.86% of those priced below 2 yuan [1][1] - The stocks with the highest daily gains include Yabo Co., ST Zhongzhu, and Chongqing Steel, with increases of 4.81%, 2.06%, and 1.91% respectively [1][1] - The stocks with the largest declines are *ST Suwu, Yongtai Energy, and HNA Holding, with decreases of 1.02%, 0.61%, and 0.54% respectively [1][1] Low-Priced Stocks Ranking - The table lists various low-priced stocks along with their latest closing prices, daily change percentages, turnover rates, price-to-book ratios, and industries, highlighting the performance of these stocks in the market [1][1][1]

Core Points - The company announces the maturity and redemption of the "Eagle 19 Convertible Bond" on December 12, 2025 [2][6] - The bondholders can convert the bonds into company shares until December 12, 2025, under specified conditions [2][3] - The redemption price for the bonds will be 111 RMB per bond, including the final interest payment [5][7] Summary by Sections Redemption Plan - The company will redeem the unconverted "Eagle 19 Convertible Bonds" at 111% of the face value within five trading days after maturity [2][5] - The total redemption amount per bond will be 111 RMB, including tax [5][7] Trading Suspension - The "Eagle 19 Convertible Bonds" will stop trading on December 10, 2025, with the last trading day being December 9, 2025 [3][9] - Bondholders can still convert their bonds into shares from December 10 to December 12, 2025 [3][6] Redemption and Listing Information - The redemption date for the principal and interest is set for December 15, 2025 [7] - The bonds will be delisted from the Shanghai Stock Exchange on December 15, 2025 [9] Contact Information - For further inquiries, the company’s securities department can be contacted at 021-62376587 [10]

Core Viewpoint - The financial performance of Shanying International (600567) shows a decline in revenue and profit, with a significant net loss reported for the third quarter of 2025, indicating potential challenges in the paper manufacturing industry [2][3]. Financial Performance - As of November 10, 2025, Shanying International's stock closed at 1.82 yuan, up 1.68%, with a trading volume of 1.88 million hands and a total transaction amount of 341 million yuan [1]. - For the first three quarters of 2025, the company reported a total revenue of 21.133 billion yuan, a year-on-year decrease of 2.17%, and a net profit of -290 million yuan, a year-on-year decline of 522.74% [2]. - The third quarter alone saw a revenue of 7.291 billion yuan, down 0.77% year-on-year, and a net profit of -331 million yuan, a staggering year-on-year decrease of 636.03% [2]. Industry Comparison - Shanying International's total market value stands at 10.584 billion yuan, significantly higher than the industry average of 6.998 billion yuan, ranking 4th in the industry [2]. - The company's net assets are reported at 17.017 billion yuan, also above the industry average of 4.132 billion yuan, ranking 2nd [2]. - However, the company has a negative net profit margin of -1.53%, compared to the industry average of -0.81%, ranking 33rd [2]. Investment Ratings - In the last 90 days, three institutions have provided ratings for Shanying International, with one buy rating and two hold ratings, and the average target price set at 2.0 yuan [3].

Investment Rating - The industry investment rating is optimistic [1] Core Insights - The continuous price increase of raw paper is alleviating the cost pressure in the paper industry, with packaging paper prices rising significantly due to a smooth transmission across the entire industry chain [3][24] - The supply-demand situation for pulp is improving, leading to a gradual reduction in cost pressures, with domestic pulp prices stabilizing [3][24] - The industry is undergoing a transformation towards green and intelligent production, with significant projects being signed to enhance capacity and sustainability [3][21][23] - The paper industry is in a recovery phase, with demand rebounding and supply pressures easing, indicating a potential for price increases and improved profitability [3][24] Summary by Sections Industry News - The China Packaging Federation's Paper Committee has called for the industry to resist "involution-style" competition to promote healthy and orderly development [4] Industry Performance Data - From January to September 2025, the paper and paper products industry reported revenues of 1,037.57 billion yuan, a year-on-year decrease of 2.1%, with total profits down 15.6% [5] - Recent price adjustments by major companies like Shanying Paper have led to price increases of 30-100 yuan/ton across various bases [5][6] Company Developments - China Haicheng signed contracts for significant projects, including a 2 million ton green packaging material project, indicating a shift towards sustainable practices [21] - Yibin Paper's bamboo pulp molding project has commenced, marking a step towards green manufacturing [23] - Shanying Huazhong Paper is planning a major chemical pulp project with an annual capacity of 706,000 tons, reflecting ongoing industry upgrades [23] Investment Strategy - The paper industry is at a cyclical bottom, showing signs of gradual recovery, with price increases expected in packaging paper due to strong demand and cost alleviation [24] - Focus on leading companies in the packaging paper sector that have strong market positions and can benefit from price increases [24]

Core Viewpoint - The company has established a paper production base in Zhangzhou, Fujian, and has expanded its packaging business in the region to enhance market proximity and collaboration with key clients [1]. Group 1 - The company has a strategic layout in Fujian, which is one of the seven major paper production bases and packaging networks across the country [1]. - The aim of the company's operations in Fujian is to create industrial synergy along the river and coastal areas [1].

| 股票简称：山鹰国际 | | 股票代码：600567 | 公告编号：临 | 2025-084 | | --- | --- | --- | --- | --- | | 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"鹰 19 转债"到期兑付暨摘牌的第一次提示性公 告 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"。 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20 ...

山鹰国际 600567 2025 年第三次临时股东大会会议资料 山鹰国际控股股份公司 2025 年第三次临时股东大会 会议资料 二○二五年十一月 山鹰国际 600567 2025 年第三次临时股东大会会议资料 会议议程 会议时间：2025 年 11 月 18 日 14:30 会议方式：现场投票和网络投票相结合 山鹰国际 600567 2025 年第三次临时股东大会会议资料 目 录 | 录 2 | 目 | | --- | --- | | 会议议程 3 | | | 议案一、关于续聘会计师事务所的议案 4 | | | 议案二、关于增加注册资本、取消监事会并修订《公司章程》的议案 | | | 5 | | | 议案三、关于制定及修订公司内部治理制度的议案 7 | | | 议案四、关于新增日常关联交易的议案 8 | | 第 2 页 共 8 页 第 1 页 共 8 页 现场会议地点：安徽省马鞍山市勤俭路山鹰国际办公大楼 会议主持人：吴明武先生 一、主持人宣布会议开始，公布参加股东大会股东人数及所代表 的有表决权股份数； 二、会议审议议案 1、《关于续聘会计师事务所的议案》 2、《关于增加注册资本、取消监事会并修订<公司章程 ...

Macroeconomic Group - In October, China's export growth rate decreased by 0.8% year-on-year in RMB terms, down from 8.4% in September, while import growth was 1.4%, down from 7.5% [4] - The trade surplus for October was $90.1 billion, lower than the expected $113.7 billion and slightly down from $90.4 billion in September [4] - The decline in export growth is attributed to several factors, including fewer working days, a high base from last year, weakening manufacturing PMI in major Western economies, and increased tariffs from the U.S. [5] Industry Comprehensive Group - SanDisk has significantly raised the contract prices for NAND flash memory by up to 50% in November, marking the third price increase this year [10] - The demand for AI computing power is strong, suggesting that the current round of storage price increases may persist for a longer duration [10] Advanced Manufacturing Group - Tianqi Lithium announced long-term supply agreements with two battery companies, covering approximately 40% of their electrolyte demand for the next three years, totaling 1.595 million tons [13] - This move is aimed at mitigating price volatility risks of upstream raw materials, indicating potential price pressures for key upstream materials in 2026 [13] Consumer Group - The packaging paper market is experiencing a price increase trend, with major companies like Nine Dragons Paper and Shanying Paper raising prices by 30 to 150 RMB per ton [15] - The market average price for boxboard and corrugated paper has risen by 40 RMB per ton, driven by strong demand during the Double Eleven shopping festival [15][16] - The pulp market is seeing a decrease in both inventory and prices, alleviating cost pressures for paper manufacturers [16]

Core Viewpoint - The company, Shanying International, has signed a strategic investment cooperation agreement with China Southern Power Grid Comprehensive Energy Co., Ltd. to establish a partnership focused on energy transformation and green transition in the paper industry, aligning with the "dual carbon" goals [1] Group 1 - The strategic cooperation will focus on energy-saving renovations and new energy development within the paper industry [1] - The collaboration aims to leverage technological synergy and capital linkage to achieve a green transformation [1] - The partnership will encompass the development and investment in new energy and energy storage projects [1]