（文章来源：证券日报） 证券日报网讯 12月11日，山鹰国际在互动平台回答投资者提问时表示，云印技术系公司参股企业，双 方也已建立了长久的合作关系，后续公司将持续关注其发展，未来公司各项投资均会结合战略规划审慎 决策。 ...

Industry Overview - The eco-friendly paper bag has become a significant alternative to traditional plastic packaging due to its biodegradability and environmental friendliness, made primarily from pulp without harmful chemicals, allowing for rapid decomposition in natural environments [1][14] - Compared to plastic bags, eco-friendly paper bags have significantly lower carbon emissions throughout their lifecycle and are often produced using recycled materials, further reducing resource consumption [1][14] - The market for eco-friendly paper bags in China is projected to grow from 8.69 billion yuan in 2020 to 18.67 billion yuan in 2024, with a compound annual growth rate (CAGR) of 21.07% [1][14] Market Dynamics - The eco-friendly paper bag industry is experiencing rapid growth driven by increasing global environmental awareness and ongoing "plastic restriction" policies in various countries [1][14] - The industry is expected to continue expanding, with projections indicating a market size of 20.35 billion yuan by 2025 [1][14] Product Structure - The eco-friendly paper bag market includes various categories such as food-grade bags, shopping bags, and industrial bags, with food-grade bags holding a significant market share due to strict safety and production requirements [15] - By 2024, food-grade paper bags are expected to account for 38.6% of the market, followed by shopping bags at 35.2% [15] Industry Development History - The eco-friendly paper bag industry began to emerge around 2010, gaining traction as traditional plastic bags faced restrictions due to government policies [8][9] - The period from 2015 to 2020 saw rapid development, particularly after 2018, driven by the surge in e-commerce and the demand for sustainable packaging solutions [8][9] Industry Chain - The eco-friendly paper bag industry chain consists of upstream raw materials and equipment, midstream production processes, and downstream application fields including retail, food service, and gift packaging [10] Key Companies - Major listed companies in the eco-friendly paper bag sector include Nanwang Technology, Shanying International, and Jihong Co., among others, which dominate the high-end market and chain brand customers [2][16] - Regional companies like Kunshan Jinhongkai and Wuxi Hualite focus on niche markets through flexible production and localized services [16] Future Trends - The industry is expected to advance towards full automation in production processes to enhance efficiency and product consistency [19] - There will be a deeper commitment to green practices, including the use of renewable fibers and water-based inks, to reduce chemical use and carbon emissions [20] - The product functionality will expand to meet diverse consumer needs, with innovations in design and features such as waterproofing and thermal insulation [21]

Core Viewpoint - The stock of Shanying International (600567) has shown a stable price of 1.69 yuan as of December 10, 2025, with a slight increase in trading volume and mixed capital flow data indicating varying investor interest [1][2]. Group 1: Stock Performance and Trading Data - As of December 10, 2025, Shanying International closed at 1.69 yuan, with a trading volume of 797,000 hands and a total transaction amount of 134 million yuan [1]. - The capital flow data on December 10 indicates a net outflow of 16.49 million yuan from main funds, accounting for 12.28% of the total transaction amount, while retail investors saw a net inflow of 8.85 million yuan, representing 6.59% of the total [1][2]. - Over the past five days, the stock has experienced fluctuations, with a notable net outflow of 28.99 million yuan on December 4, 2025, and a net inflow of 763.91 million yuan from speculative funds on December 10 [2]. Group 2: Financial Metrics and Industry Comparison - Shanying International's total market capitalization is 9.828 billion yuan, ranking 5th in the paper and printing industry, which has an average market cap of 6.928 billion yuan [3]. - The company reported a net profit of -290 million yuan for the first three quarters of 2025, a significant decline of 522.74% year-on-year, while its main revenue decreased by 2.17% to 21.133 billion yuan [3]. - The company's gross margin stands at 7.91%, which is below the industry average of 14.76%, placing it 32nd out of 38 in the industry ranking [3].

Core Viewpoint - The stock of Shanying International (600567) has shown fluctuations in trading performance, with a recent closing price of 1.72 yuan, reflecting a 0.58% increase, while the company faces challenges in profitability and market position within the paper industry [1][3]. Financial Performance - As of the third quarter of 2025, Shanying International reported a total revenue of 211.33 billion yuan, a year-on-year decrease of 2.17% [3]. - The net profit attributable to shareholders was -2.9 billion yuan, a significant decline of 522.74% compared to the previous year [3]. - The company’s gross profit margin stands at 7.91%, which is below the industry average of 14.76% [3]. Market Position - Shanying International has a total market capitalization of 100.03 billion yuan, ranking 5th in the paper industry, while its net assets amount to 170.17 billion yuan, ranking 2nd [3]. - The company has a price-to-earnings ratio of -25.9, indicating negative earnings, and a price-to-book ratio of 0.62, which is the best in the industry [3]. Recent Trading Activity - On December 5, 2025, the stock experienced a net outflow of main funds amounting to 15.01 million yuan, representing 10.14% of the total trading volume [1][2]. - Over the past five days, the stock has seen varying levels of fund inflow and outflow, with significant fluctuations in retail and institutional investor activity [2]. Analyst Ratings - In the last 90 days, two institutions have provided ratings for Shanying International, with one rating it as a buy and another as an increase [4].

Core Viewpoint - The announcement details the maturity and redemption of the "Eagle 19 Convertible Bonds" issued by Shanying International Holdings Co., Ltd, including key dates and financial terms related to the bond redemption process [1][2][4]. Group 1: Redemption Details - The company will redeem the unconverted "Eagle 19 Convertible Bonds" at a price of 111% of the bond's face value, which amounts to 111 RMB per bond, including the final interest payment [2][7]. - The redemption will occur within five trading days after the bond's maturity date, which is set for December 12, 2025 [6][7]. Group 2: Trading and Conversion Information - The last trading day for the "Eagle 19 Convertible Bonds" is December 9, 2025, after which trading will cease on December 10, 2025 [3][8]. - Holders of the bonds can still convert them into company shares from December 10 to December 12, 2025, under the agreed conditions [3][4]. Group 3: Tax Implications - Individual investors will have a net payout of 108.80 RMB per bond after a 20% withholding tax on the interest portion, while corporate investors will receive the full 111 RMB per bond [9][10]. - Non-resident institutional investors are exempt from corporate income tax and value-added tax on the bond interest income until December 31, 2025, receiving the full 111 RMB per bond [10].

Core Viewpoint - The stock of Shanying International (600567) has shown a decline in both price and financial performance, with significant net outflows from major funds, indicating potential challenges ahead for the company [1][2]. Financial Performance - As of December 4, 2025, Shanying International's stock closed at 1.71 yuan, down 1.16% with a trading volume of 1.2343 million hands and a transaction value of 211 million yuan [1]. - For the first three quarters of 2025, the company's main revenue was 21.133 billion yuan, a year-on-year decrease of 2.17%, and the net profit attributable to shareholders was -290 million yuan, a decline of 522.74% [3]. - The company's third-quarter revenue was 7.291 billion yuan, down 0.77% year-on-year, with a net profit of -331 million yuan, a decrease of 636.03% [3]. Fund Flow Analysis - On December 4, 2025, the net outflow of major funds was 28.9865 million yuan, accounting for 13.71% of the total transaction value, while retail investors saw a net inflow of 15.8797 million yuan, representing 7.51% of the total [1][2]. - Over the past five days, the stock has experienced fluctuating fund flows, with significant net outflows from major funds on multiple days [2]. Industry Comparison - Shanying International's total market value is 9.944 billion yuan, which is higher than the industry average of 6.949 billion yuan, ranking 5th in the industry [3]. - The company's net asset value stands at 17.017 billion yuan, significantly above the industry average of 4.132 billion yuan, ranking 2nd [3]. - However, the company has a negative net profit margin of -1.53%, which is worse than the industry average of -0.81%, ranking 33rd [3]. Ratings and Recommendations - In the last 90 days, two institutions have provided ratings for the stock, with one buy rating and one hold rating [4].

证券代码：600567 证券简称：山鹰国际 公告编号：2025-092 山鹰国际控股股份公司 关于"鹰 19 转债"到期兑付暨摘牌的公告 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，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 证券停复牌情况：适用 因重要公告,本公司的相关证券停复牌情况如下： | 证券代码 | 证券简称 | | 停复牌类型 | 停牌起始日 | 停牌 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 期间 | | | | 110063 | 鹰 转债 | 19 | 可转债债券停 | 2025/12/10 | | | | | | | | 牌 | | | | | 可转债到期日和兑付登记日：2025年12月12日 兑付本息金额：111元人民币/张（含税） 兑付资金发放日：2025年12月15日 可转债摘牌日：2025年12月15日 可转债最后交易日：2025年12月9日 可转债最后转股日：2025年12月12日 自2025年12月10日至2 ...

Core Viewpoint - The packaging paper industry is experiencing a price increase for products such as corrugated paper and boxboard, driven by multiple factors including rising raw material costs, industry self-regulation, and improved demand dynamics. The competitive landscape is shifting from price competition to value collaboration, enhancing the market power of leading companies [1][2][3]. Group 1: Price Increases - Major companies like Nine Dragons Paper and Shanying International have issued price increase notices, raising prices by 50 to 80 yuan per ton for key products [1]. - The average price of waste yellow board paper has risen to approximately 1800 yuan per ton by the end of October 2025, reflecting a year-on-year increase of 2.92% [1]. Group 2: Supply and Demand Dynamics - The supply-demand balance has improved significantly since 2025, with leading companies voluntarily reducing production to stabilize prices [2][3]. - Factors such as increased consumption of waste yellow board paper and a decrease in finished paper inventory have contributed to a stable demand environment [3]. Group 3: Industry Strategy Shift - Leading companies are shifting their strategies from "market share acquisition" to "profit preservation," utilizing tactics like production halts and price increases to manage supply and demand effectively [3]. - The industry is moving towards a new phase characterized by "collaborative price maintenance" and "capacity exchange," driven by the dominance of leading firms [3].

证券代码：600567 证券简称：山鹰国际 公告编号：2025-091 山鹰国际控股股份公司 关于提供担保的进展公告 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，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 担保对象及基本情况 | | 被担保人名称 | | | 祥恒创意（重庆）新材料有限公司 | | --- | --- | --- | --- | --- | | | 本次担保金额 | 1,500 | 万元、500 | 万元 | | 担保对象一 | 实际为其提供的担保余额 | 101.31 | 万元 | | | | 是否在前期预计额度内 | 是 | □否 | □不适用 | | | 本次担保是否有反担保 | □是 | 否 | □不适用 | | 担保对象二 | 被担保人名称 | | | 四川祥恒包装制品有限公司 | | | 本次担保金额 | 1,000 | 万元 | | | | 实际为其提供的担保余额 | 1,975 | 万元 | | | | 是否在前期预计额度内 | 是 | □否 | □不适用 | | | 本次担保是否有反担保 | □是 | 否 | ...

Core Viewpoint - The stock of Shanying International (600567) has shown a stable price of 1.72 yuan as of December 2, 2025, with a slight increase in trading volume and mixed capital flow trends [1][2]. Financial Performance - For the first three quarters of 2025, Shanying International reported a main revenue of 21.133 billion yuan, a year-on-year decrease of 2.17% [3] - The net profit attributable to shareholders was -290 million yuan, a significant decline of 522.74% year-on-year [3] - The third quarter alone saw a main revenue of 7.291 billion yuan, down 0.77% year-on-year, and a net profit of -331 million yuan, a decrease of 636.03% [3] - The company’s debt ratio stands at 67.69%, with financial expenses amounting to 624 million yuan [3] Market Position - Shanying International's total market value is 10.003 billion yuan, ranking 5th in the paper and printing industry, which has an average market value of 6.99 billion yuan [3] - The company has a net asset value of 17.017 billion yuan, ranking 2nd in the industry [3] - The price-to-earnings ratio is -25.9, while the industry average is 90.46, indicating a challenging profitability environment [3] - The gross margin is 7.91%, significantly lower than the industry average of 14.76%, ranking 32nd in the industry [3] Capital Flow Analysis - On December 2, 2025, the net outflow of main funds was 16.6181 million yuan, accounting for 8.87% of the total transaction amount [1][2] - Retail investors showed a net inflow of 8.5584 million yuan, representing 4.57% of the total transaction amount [1][2] - Over the past five days, the stock has experienced fluctuating capital flows, with notable net outflows from main funds on several days [2] Analyst Ratings - In the last 90 days, two institutions have provided ratings for Shanying International, with one buy rating and one hold rating [4]