Core Viewpoint - The stock price of Shanying International has experienced a decline of 14.29% this year, with recent trading showing mixed performance, indicating potential volatility in the market [1]. Group 1: Stock Performance - As of December 23, Shanying International's stock price was 1.68 yuan per share, with a market capitalization of 10.597 billion yuan [1]. - The stock has seen a net outflow of 10.0831 million yuan in principal funds, with significant selling pressure observed [1]. - Over the past five trading days, the stock has increased by 2.44%, while it has decreased by 1.75% over the last 20 days and 10.16% over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Shanying International reported operating revenue of 21.133 billion yuan, a year-on-year decrease of 2.17% [2]. - The company recorded a net profit attributable to shareholders of -290 million yuan, reflecting a significant year-on-year decline of 522.74% [2]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Shanying International increased to 196,100, up by 3.71% from the previous period [2]. - The average number of circulating shares per shareholder rose to 29,649 shares, an increase of 2.49% [2]. - The company has distributed a total of 1.807 billion yuan in dividends since its A-share listing, with 46.1256 million yuan distributed in the last three years [3].

Industry Overview - The paper industry is experiencing a simultaneous "shutdown wave" and "price increase wave" from late 2025 to early 2026, with major packaging paper companies like Nine Dragons, Shanying, Lee & Man, and Rongcheng initiating large-scale maintenance and capacity reduction [1] - Major white card and cultural paper manufacturers, including Bohui, APP, and Universal Paper, have collectively announced price increases, highlighting differences in cost structures and supply-demand relationships among various paper types [1] Production and Pricing Dynamics - Nine Dragons Paper is expected to reduce production by approximately 310,000 tons in the first quarter, while Shanying International will halt 12 corrugated paper machines for 5-10 days in January [1] - Lee & Man Paper will conduct maintenance on five paper machines in Guangdong for 15-22 days in February, driven by a decline in waste paper prices, which have dropped by 260-400 RMB/ton since December [1] - Bohui Paper and APP will raise industrial paper prices by 200 RMB/ton starting January 1, 2026, while Universal Paper will increase prices for white and food card paper by the same amount in mid-December, due to high costs of wood pulp and energy [1] Currency Impact - The appreciation of the RMB is seen as an additional benefit for the industry, as it will lower the import costs of pulp, thereby enhancing company profits [1] Market Sentiment and Future Outlook - Datong Securities indicates that the paper industry is benefiting from a "price increase bonus, supply contraction, and policy regulation," which strengthens the supply-demand balance [2] - CICC anticipates a moderate recovery in consumer demand by 2026, with the capacity expansion of boxboard and corrugated paper nearing completion, potentially leading to a recovery in capacity utilization and price levels [2] - CITIC Securities notes that the appreciation of the RMB will decrease import costs for raw materials like pulp, improving gross margins in processing and trading sectors [2] Company Developments - Bohui Paper announced a price increase of 200 RMB/ton for industrial paper starting January 1, 2026, and plans to expand its chemical pulp production capacity from 95,000 tons to 320,000 tons with a total investment of 1.70066 billion RMB [3] - Sun Paper, a leading player in the domestic paper industry, is accelerating the construction of several projects, including a 400,000-ton specialty paper project and a 300,000-ton living paper project, expected to enter trial production in Q3-Q4 of 2025 [3]

格隆汇12月22日丨山鹰国际(600567.SH)公布，截至2025年12月22日，公司本次股份回购计划实施完 毕。公司通过集中竞价交易方式已累计回购股份2.72亿股，占公司总股本的比例为4.31%，成交最高价 为1.99元/股，成交最低价为1.63元/股，成交均价为1.84元/股，已支付的资金总额约为人民币5亿元（不 含佣金等交易费用）。 ...

Core Viewpoint - The stock of Shanying International (600567) has shown a stable price of 1.72 yuan as of December 22, 2025, with a slight increase in trading volume and mixed capital flow dynamics [1][2]. Group 1: Stock Performance - As of December 22, 2025, Shanying International closed at 1.72 yuan, with no change in price [1]. - The trading volume was 1,499,900 hands, resulting in a total transaction value of 259 million yuan [1]. - The capital flow on December 22 indicated a net inflow of 19.79 million yuan from main funds, accounting for 7.63% of the total transaction value [1][2]. Group 2: Recent Capital Flow Trends - Over the past five days, the stock has experienced varying capital flows, with the highest net inflow from main funds recorded on December 18 at 41.99 million yuan [2]. - On December 19, the stock saw a net outflow of 34.87 million yuan from speculative funds, while on December 18, there was a net outflow of 1.47 million yuan from retail investors [2]. Group 3: Financial Metrics and Industry Comparison - Shanying International's total market capitalization is 10.849 billion yuan, ranking 4th in the paper and printing industry [3]. - The company reported a net profit of -290 million yuan, with a net profit margin of -1.53%, which is below the industry average [3]. - The company's gross margin stands at 7.91%, significantly lower than the industry average of 14.38% [3]. Group 4: Analyst Ratings - In the last 90 days, two institutions have provided ratings for Shanying International, with one rating as "Buy" and another as "Hold" [4].

证券代码：600567 证券简称：山鹰国际 公告编号：2025-096 山鹰国际控股股份公司 关于股份回购比例达 1%及回购实施结果 暨股份变动的公告 二、回购股份比例变动达到 1%的情况 根据《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关 法律法规规定，在回购期间，回购股份占上市公司总股本的比例每增加 1%的，应 当在事实发生之日起 3 个交易日内予以披露。公司现将回购股份的进展情况公告 如下： 截至 2025 年 12 月 18 日，公司已通过集中竞价交易方式累计回购股份 203,714,938 股，占公司总股本（截至 2025 年 12 月 12 日）的 3.23%，回购成交 的最高价为 1.99 元/股，最低价为 1.63 元/股，支付的资金总额为 382,919,598.56 元（不含交易费用）。 三、回购实施情况 （一）2025 年 7 月 10 日，公司首次实施回购股份，并于 2025 年 7 月 12 日披 露了《关于以集中竞价交易方式首次回购股份公告》（公告编号：临 2025-054）。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并 ...

证券日报网讯12月19日，山鹰国际（600567）在互动平台回答投资者提问时表示，公司会根据自身发展 战略规划审慎决策相关事项，如有相关融资或并购计划，公司将严格按照法律法规及时履行信息披露义 务，公司有关信息请以法定信披媒体公布内容为准。 ...

Group 1 - The core viewpoint of the article highlights the recent performance and financial metrics of Shanying International (600567), indicating a decline in revenue and profit for the first three quarters of 2025 [2] - As of December 19, 2025, Shanying International's stock closed at 1.72 yuan, with a 1.78% increase and a trading volume of 1.7146 million hands, resulting in a total transaction amount of 293 million yuan [1] - The company reported a main revenue of 21.133 billion yuan for the first three quarters of 2025, a year-on-year decrease of 2.17%, and a net profit attributable to shareholders of -290 million yuan, a significant year-on-year decline of 522.74% [2] Group 2 - In the third quarter of 2025, Shanying International's single-quarter main revenue was 7.291 billion yuan, down 0.77% year-on-year, with a net profit attributable to shareholders of -331 million yuan, reflecting a drastic year-on-year decline of 636.03% [2] - The company's debt ratio stands at 67.69%, with investment income of 37.952 million yuan and financial expenses of 624 million yuan, resulting in a gross profit margin of 7.91% [2] - Over the last 90 days, two institutions have provided ratings for the stock, with one buy rating and one hold rating [3]

证券日报网讯 12月19日，山鹰国际在互动平台回答投资者提问时表示，公司将继续围绕聚焦主业、提 质增效的目标，通过持续推进股份回购、优化长期激励机制、加大新质生产力投入、处置非核心资产等 措施，努力提升公司内在价值，积极维护投资者权益。二级市场股价波动受到宏观经济环境、行业周 期、市场资金偏好等多重因素影响，敬请投资者理性看待市场波动，注意投资风险。 （编辑 任世碧） ...

Group 1 - The paper sector increased by 0.67% compared to the previous trading day, with Shanying International leading the gains [1] - The Shanghai Composite Index closed at 3876.37, up by 0.16%, while the Shenzhen Component Index closed at 13053.98, down by 1.29% [1] Group 2 - In terms of capital flow, the paper sector experienced a net outflow of 20.35 million yuan from main funds, a net outflow of 18.66 million yuan from speculative funds, and a net inflow of 39.02 million yuan from retail investors [2]

证券之星消息，截至2025年12月17日收盘，山鹰国际(600567)报收于1.63元，下跌0.61%，换手率 1.57%，成交量99.16万手，成交额1.61亿元。 该股最近90天内共有2家机构给出评级，买入评级1家，增持评级1家。 资金流向名词解释：指通过价格变化反推资金流向。股价处于上升状态时主动性买单形成的成交额是推 动股价上涨的力量，这部分成交额被定义为资金流入，股价处于下跌状态时主动性卖单产生的的成交额 是推动股价下跌的力量，这部分成交额被定义为资金流出。当天两者的差额即是当天两种力量相抵之后 剩下的推动股价上升的净力。通过逐笔交易单成交金额计算主力资金流向、游资资金流向和散户资金流 向。 注：主力资金为特大单成交，游资为大单成交，散户为中小单成交 该股主要指标及行业内排名如下： 山鹰国际2025年三季报显示，前三季度公司主营收入211.33亿元，同比下降2.17%；归母净利润-2.9亿 元，同比下降522.74%；扣非净利润-4.12亿元，同比上升6.32%；其中2025年第三季度，公司单季度主 营收入72.91亿元，同比下降0.77%；单季度归母净利润-3.31亿元，同比下降636.03%；单 ...