山鹰国际：11月13日召开业绩说明会，投资者参与

Core Viewpoint - The company, Shanying International, is actively expanding its international business and enhancing its operational efficiency while facing challenges in profitability and market conditions. Group 1: International Business Development - The company is focusing on international strategic layout by trading in major fiber resource sourcing countries such as the USA, UK, and the Netherlands, and is expanding its recycled pulp operations in Southeast Asia [2] - As of the first half of 2025, the foreign main business revenue reached approximately 1.79 billion yuan, accounting for 13.13% of total main revenue [2] Group 2: Long-term Investment and Asset Management - The company established a partnership enterprise, Wuhu Shengying Enterprise Management Consulting Partnership, by transferring stakes in its subsidiaries for 2.98 billion yuan, attracting long-term investors [2][3] - The funds from this transaction, totaling 747 million yuan, will be used for production operations and upgrading existing production lines, enhancing the company's integrated paper and packaging business [3] Group 3: Operational Efficiency and Financial Performance - In the first nine months of 2025, the company's raw paper production reached 5.49 million tons, a year-on-year increase of 4.25%, while sales increased by 2.35% [3] - The paper packaging segment achieved a production of 1.49 billion square meters, with a sales volume of 1.57 billion square meters, resulting in a production-sales rate of 105.43% [3] - The company reported a total revenue of 21.13 billion yuan for the first three quarters of 2025, a decrease of 2.17% year-on-year, with a net profit attributable to shareholders of -290 million yuan, a decline of 522.74% [5] Group 4: Market Strategy and Pricing - In response to the industry's overcapacity and declining profits, the company has implemented a series of price increases since July 2025 to alleviate cost pressures and improve gross margins [4] - The company has initiated a share repurchase plan, acquiring 169.93 million shares, which is 2.92% of the total share capital, to protect shareholder interests and enhance company value [3][4]