Investment Rating - The report assigns a "Recommendation" rating to the company, with a target price of 1.96 CNY per share [1]. Core Views - The company reported a revenue of 29.23 billion CNY in 2024, a slight decrease of 0.4% year-on-year, and a net profit attributable to shareholders of -0.45 billion CNY, indicating a shift from profit to loss [1]. - In Q1 2025, the company achieved a revenue of 6.77 billion CNY, reflecting a year-on-year increase of 1.5%, but the net profit attributable to shareholders was only 0.03 billion CNY, down 16.0% year-on-year [1]. - The company is focusing on optimizing its debt structure and has successfully completed the market-oriented conversion of its bonds, enhancing its financial strength and risk resistance [1]. Financial Summary - **2024 Financial Performance**: - Total revenue: 29.23 billion CNY - Net profit: -0.45 billion CNY - Gross margin: 7.4%, down 2.5 percentage points year-on-year [1][7]. - **2025 Financial Projections**: - Expected total revenue: 29.98 billion CNY, with a growth rate of 2.6% - Expected net profit: 0.216 billion CNY, with a growth rate of 147.8% [1][7]. - **Key Financial Ratios**: - Price-to-earnings ratio (P/E) for 2025 is projected at 45 times, decreasing to 22 times by 2027 [1][7]. - Price-to-book ratio (P/B) is set at 0.70 times for 2025 [1]. Business Segments - **Paper Production**: - The company reported a revenue of 19.59 billion CNY in 2024, with a year-on-year increase of 1.8% [1]. - The production capacity is expected to exceed 9 million tons following the completion of a new production line [1]. - **Packaging**: - The packaging segment's revenue is projected to decline by 2.6% to 6.90 billion CNY in 2024, with a focus on enhancing service capabilities for major clients [1]. - **Trade**: - The trade segment is expected to generate a revenue of 2.01 billion CNY in 2024, down 5.6% year-on-year [1]. Strategic Initiatives - The company is strategically exiting non-core businesses to strengthen its financial position, including the successful divestment of stakes in non-core assets [1]. - The debt ratio as of Q1 2025 stands at 68.8%, a decrease of 2.6 percentage points from the previous year [1].

Investment Rating - The report maintains a "Positive" investment rating for the paper and light industry sector [6] Core Viewpoints - The light manufacturing industry index increased by 0.87%, underperforming the market by 0.25 percentage points, while the paper sub-sector declined by 0.47%, underperforming the market by 1.59 percentage points [2][13] - The report highlights that the cultural paper sector is entering an off-season, with pulp and paper prices declining [4] - Recommendations include leading companies in the integrated pulp and paper industry such as Sun Paper (002078, Buy), and special paper leaders like Xianhe Co. (603733, Buy) [4] Summary by Sections Market Review - The light manufacturing industry index rose by 0.87%, while the paper sub-sector fell by 0.47%, ranking 12th among 28 first-level industries [2][13] - The four major sub-sectors of light manufacturing ranked by growth were furniture, packaging and printing, cultural and entertainment products, and paper, with respective increases of 1.67%, 1.09%, 0.21%, and a decrease of 0.47% in the paper sector [2][13] Industry Chain Data Tracking - The report notes a decline in wood pulp product prices, with the average market price for double glue paper dropping by 48 CNY/ton, copper plate paper by 10 CNY/ton, and white card paper by 41 CNY/ton [39] - The profitability of wood pulp products is declining, with small paper companies experiencing a decrease of 78 CNY/ton for double glue paper, while large companies saw a decrease of 48 CNY/ton [49] - Mechanized paper and board production for the first quarter of 2025 reached 38.19 million tons, a year-on-year increase of 3.8% [58] Raw Materials - Domestic waste paper prices slightly increased by 1 CNY/ton, while foreign waste prices remained stable [24] - The report indicates that the inventory of wood pulp at two major Chinese ports reached 1.81 million tons, a 1% increase from the previous month [25][33] Profitability Levels - Profitability for wood pulp products is declining, with small companies seeing significant drops in profitability across various paper types [49] - The report highlights a divergence in profitability for boxboard paper, with low-grade boxboard increasing by 7 CNY/ton while high-grade boxboard decreased by 8 CNY/ton [56]

Group 1 - The People's Bank of China has established a stock repurchase and increase loan tool, leading to a significant rise in listed companies' repurchase activities, with a total proposed loan amount exceeding 110 billion yuan by April 2025 [1] - On May 7, 2023, the People's Bank of China announced a combined usage of 500 billion yuan for securities, funds, and insurance company swaps, along with 300 billion yuan for stock repurchase loans, totaling 800 billion yuan, while also reducing the interest rate on structural monetary policy tools by 0.25 percentage points to 1.5% [1] - Industry insiders expect a resurgence in stock repurchase activities among listed companies in the near future [1] Group 2 - In January 2023, 60 listed companies conducted stock repurchases, followed by 48 in February, 61 in March, 54 in April, and 34 so far in May [3] - Palin Bio led the increase in repurchase activities with 55 instances, totaling 187,800 shares and an investment of 3.96 million yuan [3] - Other notable companies include Jerry Shares with 25 repurchase instances totaling 255,300 shares and 8.67 million yuan, and Lexin Technology with 23 instances totaling 137,689 shares and 7.51 million yuan [3] Group 3 - Seven executives from various companies increased their holdings by over 10 million shares, including Wu Mingwu from Shanying International and Zhou Xiaoping from Xingyu Shares [5] - Wu Mingwu increased his holdings by 62,151,200 shares across three transactions, amounting to 109 million yuan [7] - Lin Pusheng from Dazhong Mining increased his holdings by 56,695,300 shares for a total of 194 million yuan [7] Group 4 - ST companies are also actively repurchasing their stocks, including ST Kelly, ST Yifei, ST Saiwei, and *ST Jinshi [9] - ST Kelly's chairman, Yuan Zheng, increased his holdings by 4,365,100 shares, totaling 33.09 million yuan [11] - ST Yifei's executives also participated in repurchases, with Vice President Zhao Laigen and Chairman Wu Xuan increasing their holdings by 75,135 shares and 52,013 shares, respectively [12]

山鹰国际 600567 2024 年年度股东会会议资料 山鹰国际控股股份公司 2024 年年度股东会 会议资料 二○二五年五月 1 山鹰国际 600567 2024 年年度股东会会议资料 目 录 | 2024 年年度股东会 | 1 | | --- | --- | | 会议资料 | 1 | | 会议议程 | 4 | | 议案一、2024 年度董事会工作报告 6 | | | 议案二、2024 年度监事会工作报告 8 | | | 议案三、2024 年度财务决算报告 14 | | | 议案四、2024 年年度报告及摘要 17 | | | 议案五、2024 年年度利润分配方案 18 | | | 议案六、关于确认公司董事 2024 年度薪酬发放情况及 2025 | 年度薪酬 | | 预案的议案 | 20 | | 议案七、关于确认公司监事 2024 年度薪酬发放情况及 2025 | 年度薪酬 | | 预案的议案 | 21 | | 议案八、关于预计 2025 年度日常关联交易的议案 | 22 | | 议案九、关于 2025 年度向金融机构申请综合授信额度的议案 | ... 33 | | 议案十、关于 2025 年度担保计划的 ...

Investment Rating - The report maintains a "Positive" investment rating for the paper and light industry [6] Core Viewpoints - The light manufacturing industry index increased by 3.02%, outperforming the market by 1.02 percentage points, with the paper sub-sector rising by 2.17%, also surpassing the market by 0.16 percentage points [2][13] - The report highlights that the cultural paper sector is entering an off-peak season, leading to a decline in pulp and paper prices [4] - The report recommends leading companies in the integrated forest-pulp-paper industry, such as Sun Paper (002078, Buy), and suggests focusing on leading special paper companies like Xianhe Co. (603733, Buy) and Huawang Technology (605377, Buy) [4] Summary by Sections Market Review - The light manufacturing industry index rose by 3.02%, while the paper sub-sector increased by 2.17%, ranking 9th among 28 first-level industries [2][13][20] Industry Chain Data Tracking - The report notes a decline in wood pulp product prices, with domestic waste prices slightly increasing by 1.5 CNY/ton, while foreign waste prices decreased by 5-10 USD/ton [9][24] - The average market price for finished paper products saw declines: double glue paper down by 38 CNY/ton, copper plate paper down by 45 CNY/ton, and white card paper down by 48 CNY/ton [39][40][42] Profitability Levels - Profitability in cultural paper is diverging, with small paper companies seeing an increase of 25 CNY/ton in double glue paper, while large companies experienced a decrease of 43 CNY/ton [48][49] - The profitability of packaging paper is declining, with white card paper profitability down by 20-48 CNY/ton [48][51] Production Data - The cumulative production of mechanical paper and paperboard in the first quarter of 2025 reached 38.19 million tons, a year-on-year increase of 3.8% [57] - The report indicates that the import volume of paper and paperboard decreased by 8.2% year-on-year, while the export volume increased by 10.7% [57]

Revenue and Profit - The company achieved total revenue of 6.766 billion yuan in Q1 2025, a year-on-year increase of 1.45% [1] - However, the net profit attributable to shareholders was 32.8145 million yuan, a year-on-year decrease of 16.0%, and the non-recurring net profit was -44.3305 million yuan, a year-on-year decrease of 186.4% [1] Profitability - The company's gross margin was 9.88%, a decrease of 0.05 percentage points year-on-year [2] - The net profit margin was 0.36%, a decrease of 12.56 percentage points year-on-year [2] - Earnings per share were 0.01 yuan, a year-on-year decrease of 33.33% [2] Expense Control - Total selling, administrative, and financial expenses amounted to 606 million yuan, with the three expenses accounting for 8.95% of revenue, a year-on-year decrease of 8.48 percentage points [3] - Despite the decrease in expense ratio, overall expenses remain at a relatively high level [3] Cash Flow and Debt Situation - Operating cash flow per share was 0.05 yuan, a year-on-year decrease of 52.59% [4] - Cash and cash equivalents were 4.757 billion yuan, a year-on-year decrease of 8.25% [4] - Interest-bearing liabilities stood at 27.6 billion yuan, a year-on-year decrease of 12.32%, but the interest-bearing asset-liability ratio reached 50.56%, with a current ratio of only 0.45, indicating short-term debt pressure and cash flow issues [4] Business Model and Capital Return - The company's performance relies heavily on R&D and marketing, but the ROIC last year was only 1.17%, indicating weak capital returns [5] - The net profit margin was -1.69%, suggesting low added value of the company's products or services [5] - Since its listing, the company has raised a total of 7.630 billion yuan and distributed dividends totaling 1.852 billion yuan, resulting in a dividend-to-financing ratio of 0.24 [5] Summary - Overall, the company's performance in Q1 2025 appears weak, particularly in terms of profitability, cash flow, and debt management, indicating significant pressure in these areas [6]

Group 1 - National Integrated Circuit Industry Fund plans to reduce its stake in Jiangbolong by no more than 4,159,815 shares, accounting for 1.00% of the total share capital, between May 27, 2025, and August 26, 2025 [1] - The reduction is due to the fund's operational management needs and will be executed through centralized bidding at market prices [1] - The implementation of this reduction plan will not lead to a change in the company's control or significantly impact its governance structure and ongoing operations [1] Group 2 - Haitai Weiye has received approval from the China Securities Regulatory Commission for its H-share issuance, planning to issue no more than 710.52 million overseas listed ordinary shares [2] - The listing will take place on the main board of the Hong Kong Stock Exchange, but the matter still carries uncertainties [2] Group 3 - Fudan Zhangjiang announced a price reduction of at least 35% for its Doxorubicin Liposome Injection starting May 1, 2025, which is expected to negatively impact sales revenue [3] - The drug generated approximately RMB 210 million in sales for the year 2024, representing 29% of the company's total sales revenue [3] - The price adjustment may lead to a risk of single product loss for the drug in 2025 [3] Group 4 - Xinyuan Technology's director expressed inability to guarantee the authenticity and completeness of the 2024 annual report and related financial documents, citing significant issues identified by the audit firm [4] - The company has received a notice of investigation from the securities regulatory authority, and the audit report issued was unable to express an opinion [4] Group 5 - ST Xinchao announced that its stock will be suspended from trading starting May 6, 2025, due to the inability to disclose the audited 2024 annual report and the 2025 Q1 report within the legal timeframe [5] - If the company fails to disclose the 2024 annual report within two months of the suspension, it will face delisting risk warnings [5] Group 6 - Huakang Clean has pre-won a project worth RMB 167 million [6] - Tongguang Cable has pre-won a procurement project from the State Grid valued at RMB 142 million [6] - Fengmao Co. has increased its investment in a production base in Thailand to RMB 26 million [6] Group 7 - Huaren Pharmaceutical's wholly-owned subsidiary has obtained a medical device registration certificate for wound dressings [7] Group 8 - Major shareholders of Kairun Co. plan to reduce their holdings by no more than 9 million shares [10] - CITIC Securities has completed its reduction plan for China Gold [10] - The reduction plan for Hengfeng Information's director and vice president has been completed [10]

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山鹰国际控股股份公司 董事会审计委员会 2024 年度履职报告 2024 年度，山鹰国际控股股份公司（以下简称"公司"）第九届董事会审计 委员会严格按照中国证监会《上市公司治理准则》、上海证券交易所《上市公司 自律监管指引第 1 号——规范运作》以及公司《董事会审计委员会工作细则》等 相关规定，在加强财务报告审计监督、促进内部控制制度建立健全、提高会计信 息质量等方面，勤勉尽职地履行了工作职责。现将 2024 年度工作情况报告如下： 一、董事会审计委员会基本情况 报告期内，公司第九届董事会审计委员会由 3 名委员组成，委员分别为陈 凌云女士、夏莲女士和游知女士，其中独立董事 2 名，会计专业人员的独立董事 1 名，人员构成符合《公司章程》及相关法律法规、规范性文件的规定。 二、董事会审计委员会会议召开情况 2024 年度，审计委员会共召开了 3 次会议，全体委员均亲自出席了会议。 具体情况如下： （一）与外部审计机构沟通会 在公司 2023 年度审计工作中，公司董事会审计委员会严格按照《董事会审 计委员会工作细则》的相关规定，就公司 2023 年度财务报告及内部控制审计时 间安排、人员配置、审计重点及审计要求 ...

| 股票简称：山鹰国际 | | | 股票代码：600567 | 公告编号：临 | 2025-033 | | --- | --- | --- | --- | --- | --- | | 债券简称：鹰 | 19 | 转债 | 债券代码：110063 | | | 山鹰国际控股股份公司 关于公司及控股子公司开展金融衍生品投资业务的 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： 交易目的：公司拟利用金融衍生品进行汇率及利率风险管理，以降低和 防范汇率及利率波动对公司年度经营业绩的影响。 交易品种：美元、欧元、人民币等 交易工具：具体包括远期结售汇、外汇掉期、外汇期权和利率掉期等保 值业务。 交易场所：具有授信额度的商业银行、上海期货交易所、大连商品交易 所 交易金额：2025 年度预计投资净额不超过 1.5 亿美元（含等值其他货币）。 审议程序：该事项已经第九届董事会第二十六次会议和第九届监事会第 八次会议审议通过，尚需提交公司股东大会审议。 特别风险提示：公司开展金融衍生品投资业务，以风险管理及套期保值 为原则 ...