山鹰国际(600567) - 山鹰国际控股股份公司投资者关系活动记录表

Group 1: Financial Management and Debt - The company is actively preparing for the repayment of the "Shanying Convertible Bonds" by seeking conversion options and managing operations to boost stock performance, while also ensuring adequate funding arrangements [3] - As of 2023, the company's current liabilities amount to CNY 28.15 billion, with current assets at CNY 13.37 billion, indicating a significant shortfall [4] - The company plans to optimize its debt structure and enhance liquidity management, with a focus on reducing debt levels as construction projects come online [5] Group 2: Production Capacity and Expansion - The company has successfully launched the 770,000-ton paper project in Zhejiang and the 300,000-ton corrugated paper project in Jilin, establishing a competitive advantage with over 8 million tons of capacity in key regions [3] - Future projects include the Suzhou base with a planned capacity of 1.8 million tons, aiming for a total strategic capacity of nearly 10 million tons [3] Group 3: Market Trends and Industry Outlook - The average annual paper consumption in China is 93.37 kg per capita, indicating significant growth potential compared to developed countries, driven by increasing demand and economic recovery [4] - The company anticipates stable development in the paper packaging industry, supported by expanding customer bases in various sectors [6] Group 4: Financial Performance and Challenges - The company reported a net profit of -CNY 298 million in 2023, primarily due to increased supply from new capacities and price pressures from imported paper [6] - The company is focused on improving profitability through cost management and operational efficiency in response to market challenges [6] Group 5: Strategic Initiatives - The company is divesting from non-core assets, such as the transfer of Nordic Paper, to optimize resource allocation and focus on core business development [4] - Efforts are being made to reduce raw material costs by extending upstream in the supply chain and diversifying fiber sources [4]