SHANYING INTERNATIONAL(SH:600567) Sou Hu Cai Jing·2025-09-20 17:45Core Viewpoint - The implementation of the "anti-involution" policy by the government is expected to improve the supply-demand dynamics in the paper industry, leading to price stabilization and enhanced profitability for companies in the sector [1][4]. Industry Summary - The paper industry is currently facing challenges such as overcapacity, price wars, and shrinking profits. However, the "anti-involution" policy aims to guide the industry towards better practices, as highlighted by the Guangdong Paper Association's initiative to resist chaotic low-price competition and optimize capacity structure [1][2]. - The supply of corrugated paper is expected to see a slight increase in the first half of 2025, with over 2 million tons of new boxboard paper capacity anticipated to be released in the second half, maintaining pressure on the supply side [2]. Company Summary - As of September 19, 2025, the company's stock price is 1.92 yuan, down 1.54% from the previous week, with a total market capitalization of 10.505 billion yuan, ranking 3rd in the paper sector [1]. - The company reported a comprehensive gross margin of 9.50% for the first half of 2025, an increase of 0.81 percentage points from 8.69% in the same period last year. The gross margin for the paper segment rose from 6.74% to 8.05%, attributed to lean production and cost reduction efforts [3][4]. - The company will not distribute profits or increase share capital due to a negative net profit for 2024. However, it plans to adhere to a shareholder return plan that mandates a cash dividend of no less than 30% of the annual net profit in the future [3][4]. - As of June 30, 2025, the company holds a total of 1,352 patents, including 148 invention patents, covering various fields such as paper making, environmental protection, and electrical control [3][4].