行业 纸浆日报 日期 2025 年 9 月 29 日 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 021-60635727 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635727 fengzeren@ccb.ccbfutures.com 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 期货从业资格号：F03134307 能源化工研究团队 研究员：刘悠然（纸浆） 研究员:李捷,CFA（原油沥青） 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（工业硅多晶硅） 研究员：彭婧霖（聚烯烃） 研究员：冯泽仁（玻璃纯碱） 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾 ...

Core Viewpoint - The financial performance of Shanying International (600567) for the first half of 2025 shows a decline in revenue and net profit, indicating increased short-term debt pressure and a need for strategic adjustments to improve financial health [1][3]. Financial Performance Summary - Total revenue for the first half of 2025 was 13.842 billion yuan, a decrease of 2.89% year-on-year [1]. - Net profit attributable to shareholders was 41.8154 million yuan, down 63.17% year-on-year [1]. - The gross profit margin improved to 9.51%, an increase of 8.19% year-on-year, while the net profit margin fell to 0.18%, a decrease of 70.8% [1]. - Total expenses (selling, administrative, and financial) amounted to 1.174 billion yuan, accounting for 8.48% of revenue, a decrease of 7.46% year-on-year [1]. - Earnings per share dropped to 0.01 yuan, a decline of 66.67% year-on-year [1]. Cash Flow and Debt Situation - The liquidity ratio reached 0.45, indicating rising short-term debt pressure [1]. - Cash flow from operating activities decreased by 46.24%, attributed to a decline in sales collections [3]. - The company’s cash and cash equivalents increased by 46.58% due to an increase in deposits [2]. Changes in Financial Items - Accounts receivable increased by 1.61% to 4.377 billion yuan, while notes receivable decreased by 50.44% due to fewer commercial acceptance bills received [2]. - Long-term payables decreased by 42.34%, reflecting a reduction in after-sales lease payments [3]. - Investment income fell by 66.93%, primarily due to reduced returns from joint ventures [3]. Business Model and Strategy - The company relies on R&D and marketing to drive performance, focusing on high-quality development and innovation in packaging materials [4][6]. - It has established various R&D platforms and is targeting high-end corrugated paper to meet e-commerce packaging demands [4][6]. - The company aims to reduce costs and improve efficiency through smart manufacturing and direct procurement strategies [6]. Industry Context - The company is adapting to anti-involution policies by enhancing its service offerings and product customization to differentiate from competitors [5][6]. - The historical performance indicates a cyclical nature of the business, with a median return on invested capital (ROIC) of 4.91% over the past decade, suggesting a need for improved capital efficiency [3].