Core Viewpoint - The financial performance of Shanying International (600567) shows a decline in revenue and net profit for the first three quarters of 2025, indicating potential challenges in the company's operations and market conditions [2]. Financial Performance - For the first three quarters of 2025, the company's main revenue was 21.133 billion yuan, a year-on-year decrease of 2.17% [2]. - The net profit attributable to shareholders was -290 million yuan, a significant year-on-year decline of 522.74% [2]. - The net profit excluding non-recurring items was -412 million yuan, which represents a year-on-year increase of 6.32% [2]. - In Q3 2025, the company's single-quarter main revenue was 7.291 billion yuan, down 0.77% year-on-year [2]. - The single-quarter net profit attributable to shareholders was -331 million yuan, a drastic year-on-year decline of 636.03% [2]. - The single-quarter net profit excluding non-recurring items was -347 million yuan, down 4.37% year-on-year [2]. - The company's debt ratio stood at 67.69% [2]. - Investment income was 37.952 million yuan, while financial expenses amounted to 624 million yuan [2]. - The gross profit margin was 7.91% [2]. Stock Performance - As of December 30, 2025, Shanying International's stock closed at 1.7 yuan, down 0.58% with a turnover rate of 1.28% [1]. - The trading volume was 810,200 hands, with a total transaction value of 138 million yuan [1]. - On December 30, the net inflow of main funds was 12.7631 million yuan, accounting for 9.27% of the total transaction value [1]. - Retail investors had a net inflow of 387,800 yuan, representing 0.28% of the total transaction value [1]. - The stock received ratings from two institutions in the last 90 days, with one buy rating and one hold rating [3].

证券日报网讯 12月29日，山鹰国际（600567）在互动平台回答投资者提问时表示，截至2025年12月22 日，公司2025年股份回购计划实施完毕。公司通过集中竞价交易方式已累计回购股份271925638股，其 中已有169930438股回购股份用于公司前期可转债转股，剩余101995200股回购股份将用于员工持股计划 或股权激励，具体内容详见公司公告。 ...

Investment Rating - The industry investment rating is maintained at "Overweight" [3] Core Views - The report highlights the opportunity in the paper sector due to the recent appreciation of the RMB against the USD, which enhances domestic purchasing power and reduces costs for imported raw materials like wood pulp [5][6] - The report suggests focusing on companies with high wood pulp procurement costs, such as Zhongshun Jierou, and recommends Sun Paper for its integrated advantages in cultural paper production [5][6] - The report also emphasizes the potential for improved profitability in Q4 due to stabilized and rising pulp prices, alongside the release of new production capacity [5][6] Summary by Relevant Sections Industry Overview - The light industry sector includes 167 listed companies with a total market value of 1,204.38 billion CNY and a circulating market value of 954.25 billion CNY [1] Market Performance - For the week of December 22-26, 2025, the Shanghai Composite Index rose by 1.88%, while the Shenzhen Component Index increased by 3.53%. The light industry index gained 1.69%, ranking 16th among 28 Shenwan industries [10] - The paper sector saw a weekly increase of 4.47%, while the textile and apparel index rose by 2.86% [10] Key Company Recommendations - Sun Paper: Buy rating with projected EPS growth from 1.10 CNY in 2023 to 1.48 CNY in 2027, with a PE ratio decreasing from 14.25 to 10.60 [3] - Baiya Co.: Buy rating with projected EPS growth from 0.54 CNY in 2023 to 1.28 CNY in 2027, with a PE ratio decreasing from 38.94 to 16.49 [3] - Huali Group: Buy rating with projected EPS growth from 2.74 CNY in 2023 to 3.97 CNY in 2027, with a PE ratio decreasing from 19.24 to 13.27 [3] Raw Material Price Trends - The report notes fluctuations in raw material prices, with MDI and TDI prices decreasing, while cotton prices have shown an upward trend [18][22] - The average price of wood pulp and various paper products is tracked, indicating a mixed performance with some prices stabilizing and others showing slight increases [42] Housing Market Data - The report highlights a significant decline in property sales, with a 39.1% year-on-year decrease in transactions among major cities [31] - Cumulative property sales area from January to November 2025 shows a 7.8% decline year-on-year [59] Consumer Goods and AI Applications - The report discusses the potential of AI applications in consumer goods, particularly in the context of new product launches and market expansion opportunities [6] Conclusion - The report emphasizes the importance of monitoring the paper sector due to favorable currency movements and suggests specific companies for investment based on their cost structures and market positions [5][6]

Core Viewpoint - As of December 29, 2025, the stock price of Shanying International (600567) closed at 1.71 yuan, reflecting a decline of 1.16% with a trading volume of 1.1 million hands and a transaction amount of 189 million yuan [1]. 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%, and a net profit attributable to shareholders of -290 million yuan, a significant decline of 522.74% [2]. - The third quarter of 2025 saw a single-quarter main revenue of 7.291 billion yuan, down 0.77% year-on-year, and a net profit attributable to shareholders of -331 million yuan, a drastic drop of 636.03% [2]. - The company’s non-recurring net profit for the first three quarters was -412 million yuan, which increased by 6.32% year-on-year [2]. - The debt ratio stood at 67.69%, with investment income of 37.952 million yuan and financial expenses of 624 million yuan, while the gross profit margin was 7.91% [2]. Market Activity - On December 29, 2025, the net outflow of main funds was 11.3433 million yuan, accounting for 6.01% of the total transaction amount, while retail investors saw a net inflow of 111.859 million yuan, representing 5.93% of the total transaction amount [1]. - Over the last 90 days, two institutions provided ratings for the stock, with one giving a buy rating and another an increase rating [3].

Group 1 - The core view of the report emphasizes the integration of wood pulp and paper production, leading to an optimized long-term industry structure and upward profitability [3][5] - The report highlights the significant differences in supply and demand dynamics across various segments of the specialty paper market, suggesting a selective approach to identifying strong performers in favorable supply-demand conditions [4] - The wood pulp market is characterized by a cost structure that supports price stability, with needle pulp costs remaining high and supply-demand tightness providing a floor for prices; the report anticipates a gradual stabilization and slight improvement in pulp prices in 2026 [5][9][11] Group 2 - The report indicates that the paper industry has been in a prolonged bottoming phase, with signs of gradual improvement in supply-demand dynamics, particularly in the boxboard and corrugated paper segments [5][6] - Cultural paper demand is under pressure due to declining birth rates, with short-term stability in demand for double-glue paper but long-term challenges anticipated [22][25] - The white card paper segment is expected to benefit from trends such as replacing plastic with paper, with strong long-term growth potential despite short-term economic pressures [44][46] Group 3 - The report outlines that the supply structure for cultural paper is becoming more concentrated, with significant new capacity expected to come online in 2026, which may exert pressure on the market [29][40] - The profitability of the industry is expected to stabilize, with a focus on companies that lead in integrated operations and cost advantages, such as Sun Paper and Nine Dragons Paper [5][6] - The report suggests that the overall paper price stability is stronger than that of bulk paper, with capital expenditures slowing down and export demand contributing to incremental growth [5][6]

截至2025年12月26日收盘，山鹰国际(600567)报收于1.73元，下跌2.26%，换手率2.35%，成交量148.38 万手，成交额2.59亿元。 山鹰国际控股股份公司下属子公司于2025年12月24日收到与收益相关的政府补助资金7,000.00万元，占 公司2024年度经审计的归属于上市公司股东净利润绝对值的15.53%。根据《企业会计准则第16号—— 政府补助》相关规定，上述补助将计入当期损益，对公司利润产生一定积极影响，具体会计处理及影响 以年度审计确认结果为准。 关于提供担保的进展公告 山鹰国际控股股份公司为多家子公司提供担保，涉及重庆坤森、浙江山鹰、山鹰华中、广东山鹰及公司 自身，担保金额合计68,700万元。本次担保已履行董事会及股东大会审批程序，担保对象均为合并报表 范围内子公司，担保总额占公司最近一期经审计净资产的102.28%，无逾期担保。所有担保均在前期预 计额度内，无反担保。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 来自交易信息汇总：12月26日主力资金净流出2527.73万元，占总成交额9.7 ...

数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 相关报告：智研咨询发布的《2025-2031年中国造纸行业市场调查研究及发展前景展望报告》 根据国家统计局数据显示：2025年10月中国机制纸及纸板(外购原纸加工除外)产量为1435万吨，同比增 长5.9%；2025年1-10月中国机制纸及纸板(外购原纸加工除外)累计产量为13515.6万吨，累计增长3.5%。 2020-2025年1-10月中国机制纸及纸板(外购原纸加工除外)产量统计图 上市企业：太阳纸业（002078）,晨鸣纸业（000488）,博汇纸业（600966）,岳阳林纸（600963）,山鹰国 际（600567）,恒丰纸业（600356） ...

Core Viewpoint - The stock of Shanying International (600567) has shown a decline in both share price and financial performance, indicating potential challenges ahead for the company [1][3]. Financial Performance - For the first three quarters of 2025, Shanying International reported a total 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, reflecting a significant year-on-year decline of 522.74% [3]. - The company's third-quarter revenue was 7.291 billion yuan, down 0.77% year-on-year, with a net profit of -331 million yuan, a decrease of 636.03% [3]. - The company reported a gross margin of 7.91% and a debt ratio of 67.69% [3]. Market Activity - On December 26, 2025, Shanying International's stock closed at 1.73 yuan, down 2.26%, with a turnover rate of 2.35% and a trading volume of 1.4838 million hands, resulting in a transaction value of 259 million yuan [1]. - The net outflow of main funds was 25.2773 million yuan, accounting for 9.78% of the total transaction value, while retail investors saw a net inflow of 26.714 million yuan, representing 10.33% of the total [1]. Financing and Margin Trading - On December 26, 2025, the financing buy amounted to 39.7503 million yuan, with a net financing increase of 4.0298 million yuan [2]. - The margin trading balance stood at 4.56 billion yuan, with a short selling of 800 shares and a remaining short position of 303,500 shares [2]. Analyst Ratings - In the last 90 days, two institutions have provided ratings for Shanying International, with one rating as "buy" and another as "hold" [4].

Group 1 - The core point of the news is that Shanying International's stock has experienced a decline of 11.73% this year, with a recent drop of 2.26% on December 26, trading at 1.73 yuan per share and a market capitalization of 10.912 billion yuan [1] - As of September 30, 2025, Shanying International reported a 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 significant decline of 522.74% [2] - The company has a diverse revenue structure, with the main business income composition being: boxboard paper 36.69%, paper products 24.26%, corrugated paper 16.26%, other raw paper 13.63%, recycled fiber 7.10%, and others 1.39% [1] Group 2 - As of September 30, 2025, the number of shareholders for Shanying International increased to 196,100, up by 3.71%, with an average of 29,649 circulating shares per person, an increase of 2.49% [2] - The company has distributed a total of 1.807 billion yuan in dividends since its A-share listing, with 46.126 million yuan distributed in the last three years [3] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the third largest, holding 99.8305 million shares, an increase of 2.3267 million shares compared to the previous period [3]

股票简称：山鹰国际 股票代码：600567 公告编号：临2025-098 山鹰国际控股股份公司 关于获得政府补助的公告 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。 重要内容提示： ● 获得补助金额：山鹰国际控股股份公司（以下简称"公司"）下属子公司于2025年12月24日收到与收益 相关的政府补助资金7,000.00万元，占公司2024年度经审计的归属于上市公司股东净利润绝对值的 15.53%。 ● 对当期损益影响：根据《企业会计准则第16号一一政府补助》的相关规定上述政府补助与收益相关， 应计入当期损益，将对公司利润产生一定积极影响，具体的会计处理及对公司的影响以会计师年度审计 确认后的结果为准。 一、获得补助的基本情况 （一）获得补助概况 公司下属子公司于2025年12月24日收到与收益相关的政府补助资金7,000.00万元，占公司2024年度经审 计的归属于上市公司股东净利润绝对值的15.53%。 （二）补助具体情况 ■ 二、补助的类型及对公司的影响 特此公告。 山鹰国际控股股份公司 二〇二五年十二月二十六日 证券代 ...