经审议表决，本次会议形成如下决议： | 股票简称：山鹰国际 | | 股票代码：600567 | 公告编号：临 | 2023-062 | | --- | --- | --- | --- | --- | | 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 第八届监事会第二十四次会议决议公告 本公司监事会及全体监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。 一、会议召开情况 山鹰国际控股股份公司(以下简称"公司"或"本公司")第八届监事会第二 十四次会议通知于 2023 年 8 月 7 日以电话、电子邮件方式向全体监事发出，会 议于 2023 年 8 月 17 日以通讯和现场投票相结合的表决方式在公司会议室召开。 公司应参加表决监事 3 人，实际参加表决监事 3 人，公司监事会主席占正奉先生 主持会议，本次会议符合《中华人民共和国公司法》和《公司章程》的有关规定。 二、会议审议情况 经审核，监事会认为：公司募集资金的存放与使用情况符合 ...

| 股票简称：山鹰国际 | | 股票代码：600567 | 公告编号：临 | 2023-061 | | --- | --- | --- | --- | --- | | 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 第八届董事会第三十一次会议决议公告 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。 （一）审议通过了《2023 年半年度报告及摘要》 2023 年半年度报告编制符合相关法律法规、规范性文件的规定，报告内容真实、 准确、完整地反映了公司经营管理情况，不存在虚假记载、误导性陈述或者重大遗 漏。 表决结果：同意 6 票，反对 0 票，弃权 0 票。 《2023 年半年度报告》和《2023 年半年度报告摘要》的具体内容刊登于 2023 年 8 月 19 日上海证券交易所网站（www.sse.com.cn）。 （二）审议通过了《2023 年半年度募集资金存放与使用情况的专项报告》 表决结果：同意 6 票，反对 ...

| 债券简称：山鹰转债 | | 债券代码：110047 | | | | --- | --- | --- | --- | --- | | 股票简称：山鹰国际 债券简称：鹰 转债 | 19 | 股票代码：600567 债券代码：110063 | 公告编号：临 | 2023-063 | 山鹰国际控股股份公司 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。 重要内容提示： 会议召开时间：2023 年 08 月 29 日(星期二)上午 10:00-11:00 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：上证路演中心网络互动 投资者可于 2023 年 08 月 22 日(星期二)至 08 月 28 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 ...

| 股票简称：山鹰国际 | 股票代码：600567 | 公告编号：临 | 2023-060 | | --- | --- | --- | --- | | 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 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。 近日，山鹰国际控股股份公司（以下简称"公司"）收到中国证券监督管理 委员会安徽监管局下发的《关于对山鹰国际控股股份公司采取责令改正措施并对 许云采取出具警示函措施的决定》【2023】21 号（以下简称"决定书"），详见 公司于 2023 年 7 月 13 日在上海证券交易所网站（www.sse.com.cn）披露的《关 于收到安徽证监局行政监管措施决定书的公告》（公告编号：临 2023-053）。 公司对决定书所涉整改事项高度重视，立即向公司全体董事、监事、高级管 理人员进行了通报、传达，召集相关部门和人员对决定书中涉及的问题进行了认 真梳理、分析，结合公司实际情况制定、落实整改 ...

近日,山鹰国际控股股份公司(以下简称"公司"或"山鹰国际")收到中国 证券监督管理委员会安徽监管局下发的《关于对山鹰国际控股股份公司采取责令 改正措施并对许云采取出具警示函措施的决定》【2023】21号(以下简称"决定 书")。山鹰国际对决定书所涉整改事项高度重视,并结合公司实际情况制定、落 实整改措施,形成《山鹰国际控股股份公司关于安徽证监局对公司采取责令改正 措施决定的整改报告》(以下简称"整改报告"),我们对整改报告有关事项的专项 说明如下: 整改事项一:固定资产减值准备计提不审慎。 北京市东城区朝阳门北大街 关于安徽证监局对山鹰国际控股股份公司 采取责今改正措施决定的整改报告的专项说明 公司在固定资产减值测试过程中,未关注部分固定资产存在减值迹象并进行 减值测试,不符合《企业会计准则第 8 号--资产减值》第五条、第六条的规定。 公司的情况说明及整改措施: 情况说明: 公司在 2022年度的商誉减值测试过程中,对与商誉相关的资产组减值迹象的 判断存在偏差,即对2017年年底收购子公司山鹰华南纸业有限公司(以下简称华 南山鹰)形成的商誉进行减值测试时,未关注到固定资产存在减值迹象,未先对 华南山鹰不包含 ...

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]

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].