山鹰国际：预计2025年亏损额同比扩大 偿债压力缓解后剑指高端纤维

Core Viewpoint - The company, Shanying International, anticipates a net loss of 850 million to 1 billion yuan for the year 2025, which is an increase from the 451 million yuan loss in 2024 [1] Group 1: Financial Performance - The expected net loss is attributed to a decline in gross margin from core operations and reduced investment income [1] - The gross margin pressure is primarily due to the company's strategy to ensure cash flow safety by adjusting accounts receivable and payable to prioritize the repayment of "Eagle 19 convertible bonds" [1] - The company has successfully completed the conversion and repayment of the convertible bonds, eliminating systemic credit risk and gradually restoring credit value [1] Group 2: Operational Strategy - Despite the financial challenges, the company's paperboard segment has achieved synchronized production and sales growth [1] - The operating cash flow remains healthy, indicating stable cash generation capabilities from core operations [1] - With reduced debt pressure, the company is focusing on high-end fiber wood pulp projects to enhance cost competitiveness and leverage industry chain synergies for transformation opportunities [1]