山鹰国际控股股份公司 简式权益变动报告书 上市公司名称：山鹰国际控股股份公司 上市地点：上海证券交易所 股票简称：山鹰国际 股票代码：600567 信息披露义务人名称：福建泰盛实业有限公司 住所及通讯地址：莆田市荔城区黄石工业园区梅雪东路 2003 号 股份变动性质：本次权益变动系可转债转股导致公司股份总数增加，信息披 露义务人及其一致行动人的持股比例被动稀释超过 5%。 签署日期：2024 年 11 月 7 日 | 第一节 | 释义 4 | | --- | --- | | 第二节 | 信息披露义务人介绍 5 | | 第三节 | 权益变动目的及持股计划 8 | | 第四节 | 信息披露义务人权益变动方式 9 | | 第五节 | 前六个月内买卖上市公司股份的情况 11 | | 第六节 | 其它重大事项 12 | | 第七节 | 信息披露义务人声明 13 | | 第八节 | 备查文件 14 | 第一节 释义 除非另有说明，以下简称在本报告书中作如下释义： | 山鹰国际/上市公司 | 指 | 山鹰国际控股股份公司 | | --- | --- | --- | | /公司 | | | | 信息披露义务人/泰 | 指 | ...

| 股票简称：山鹰国际 | 股票代码：600567 | 公告编号：临 | 2024-142 | | --- | --- | --- | --- | | 债券简称：山鹰转债 | 债券代码：110047 | | | | 债券简称：鹰 19 转债 | 债券代码：110063 | | | 山鹰国际控股股份公司 关于创享激励基金合伙人第一期持股计划 公司第七届董事会第十一次会议、第七届监事会第九次会议及 2018 年第二 次临时股东大会审议并通过了《关于<山鹰国际控股股份公司创享激励基金合伙 人第一期持股计划（草案）>及其摘要的议案》，同意公司实施本次创享激励基 金合伙人持股计划，具体内容详见公司于 2018 年 6 月 21 日、6 月 28 日和 6 月 30 日披露在上海证券交易所网站（www.sse.com.cn）的相关公告。 截至 2018 年 12 月 29 日，公司创享激励基金合伙人第一期持股计划已购买 完成，累计通过二级市场交易系统买入公司股票 72,614,742 股，占公司当时已 发行总股本的1.59%，成交金额合计为人民币26,729.98万元，成交均价约为3.68 元/股。所获标的股票按照规定锁 ...

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： 一、 本次权益变动基本情况 本次权益变动前，泰盛实业持有公司股份 1,341,572,672 股，占当时总股 本的 25.89%，泰盛实业及其一致行动人合计持有公司股份 1,573,971,965 股， 占当时总股本的 30.38%。 自 2024 年 10 月 25 日起至 2024 年 11 月 7 日，"山鹰转债"及"鹰 19 转 债"转股 283,713,082 股，其中 105,508,946 股的可转换债券转股来自于公司 回购专用证券账户，公司总股本由5,180,972,777股增加至5,359,176,913股。 因公司可转债转股导致被动稀释，本次权益变动后泰盛实业持股比例从 25.89%减少至 25.03%，权益变动-0.86%；泰盛实业及其一致行动人合计持股比 例从 30.38%减少至 29.37%，权益变动-1.01%。 | 债券简称：山鹰转债 | | | 债券代码：110047 | | | | --- | --- | --- | --- | ...

山鹰国际 600567 2024 年第五次临时股东大会会议资料 山鹰国际控股股份公司 2024 年第五次临时股东大会 会议资料 二○二四年十一月 第 1 页 共 4 页 山鹰国际 600567 会议主持人：吴明武先生 2024 年第五次临时股东大会会议资料 目 录 | 日 录 | | --- | | 会议议程 . | | 议案一、关于续聘会计师事务所的议案 | 第 2 页 共 4 页 山鹰国际 600567 2024 年第五次临时股东大会会议资料 会议议程 会议时间：2024 年 11 月 15 日 14:30 会议方式：现场投票和网络投票相结合 现场会议地点：安徽省马鞍山市勤俭路山鹰国际办公大楼 一、主持人宣布会议开始，公布参加股东大会股东人数及所代表 的有表决权股份数； 二、会议审议议案 1、《关于续聘会计师事务所的议案》 三、股东发言，公司董事、监事、高级管理人员回答股东的提问； 四、股东投票表决； 五、宣布表决结果及股东大会决议； 六、律师宣读见证法律意见； 七、主持人宣布现场会议结束。 第 3 页 共 4 页 山鹰国际 600567 2024 年第五次临时股东大会会议资料 信永中和会计师事务所（特殊 ...

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： | 回购方案首次披露日 | 2024/6/24 | | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 6 个月 | | 预计回购金额 | 亿元 6 亿元~12 | | 回购用途 | □减少注册资本 □用于员工持股计划或股权激励 | | | √用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 股 293,686,632 | | 累计已回购股数占总股本比例 | 5.53% | | 累计已回购金额 | 473,779,203.08 元 | | 实际回购价格区间 | 元/股~1.94 元/股 1.36 | 一、 回购股份的基本情况 证券代码：600567 证券简称：山鹰国际 公告编号：2024-141 山鹰国际控股股份公司 关于回购公司股份比例达 1%暨回购股份的进展公告 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，上市公司应当在每个月的前 3 个交易日内公告截至上月末 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company reported a revenue of 21.6 billion RMB for the first three quarters of 2024, a year-on-year increase of 1.36%, and a net profit attributable to shareholders of 0.69 billion RMB, recovering from a net loss of 1.16 billion RMB in the same period last year. However, Q3 revenue decreased by 2.87% year-on-year, with a net loss of 0.45 billion RMB compared to a net profit of 1.55 billion RMB in the previous year. The weak performance in Q3 is attributed to the decline in raw paper prices affecting gross margins. There are signs of demand recovery, which may help improve profitability in the future [1][2][3] Summary by Sections Financial Performance - For Q3 2024, the company experienced a revenue decline of 2.87% year-on-year, with the domestic downstream demand remaining weak. The prices of corrugated paper and boxboard have dropped approximately 10% and 8% respectively since the beginning of the year. However, post-National Day holiday, there has been a marginal improvement in shipment conditions, and raw paper prices have stabilized, with prices showing a week-on-week increase for two consecutive weeks as of October 30. The upcoming Q4 peak season is expected to further release downstream stocking orders, potentially leading to a gradual recovery in profitability [2][3] Asset Management and Financial Health - The company is actively pursuing the sale of its stake in Nordic Paper to accelerate capital recovery and enhance debt repayment capabilities. On October 14, the company announced a public cash offer to Nordic Paper shareholders with a total transaction value of 1.61 billion SEK (approximately 1.1 billion RMB). Additionally, the company has successfully introduced strategic investors for its two major paper production bases in Guangdong and Central China, raising 1 billion RMB in equity financing to optimize its debt structure. The company is also repurchasing shares for convertible bond conversion, with a planned amount of 0.35 to 0.7 billion RMB, which is expected to strengthen market confidence [3] Capacity Expansion and Cost Optimization - The company is steadily advancing its construction projects and capacity expansion, currently establishing 8 million tons of capacity in key regions such as East China, South China, and Central China, ranking second in the industry. The completion of the 1.8 million tons capacity project in Suzhou is expected to provide solid support for future performance growth. By compressing circulation links and optimizing product structure, the company aims to enhance its cost control capabilities and operational quality, laying a better foundation for improving profitability [4] Profit Forecast and Valuation - The report maintains previous profit forecasts, expecting net profits attributable to shareholders to reach 0.55 billion RMB, 0.68 billion RMB, and 0.81 billion RMB for 2024, 2025, and 2026 respectively. Based on the historical average of 0.85x PB over the past five years and considering the still unrecovered industry supply-demand relationship, a valuation of 0.74x PB for 2025 (with a BPS of 2.85 RMB) is given, maintaining a target price of 2.11 RMB [5][14]

Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company reported a revenue of 73.47 billion yuan in Q3 2024, a decrease of 2.87% year-on-year, with a net profit attributable to shareholders of -0.45 billion yuan, reflecting a significant decline of 129.11% [2]. - The company is expected to enhance its domestic paper production capacity to approximately 8.12 million tons per year by 2024, consolidating its leading position in the industry [2]. - The company is actively managing its convertible bond repayment and has initiated asset divestiture plans to secure funds for repayment [2]. Financial Summary - For the first three quarters of 2024, the company achieved a revenue of 216.02 billion yuan, with a net profit of 0.69 billion yuan, representing a year-on-year increase of 1.36% [2]. - The average price of boxboard paper in Q3 2024 was 2,994 yuan per ton, down 5.98% year-on-year, indicating pressure on both volume and price [2]. - The gross profit margin in Q3 2024 decreased to 5.73%, down 4.42 percentage points year-on-year, while the net profit margin was -0.99% [2]. - The company’s operating cash flow for Q3 2024 was 8.65 billion yuan, a decline of 24.48% year-on-year, primarily due to increased supply chain subsidy expenditures [2]. - The projected net profit for 2025 and 2026 is 8.0 billion yuan and 13.3 billion yuan, respectively, with corresponding PE ratios of 12X and 7X [2][3].

一、可转换债券基本概况 经中国证券监督管理委员会《关于核准山鹰国际控股股份公司公开发行可转 换公司债券的批复》证监许可[2019]2315 号文核准，公司于 2019 年 12 月 13 日 公开发行 18,600,000 张可转换公司债券（以下简称"鹰 19 转债"），每张面值 100 元，发行总额 18.60 亿元，期限 6 年。债券票面利率为：第一年 0.3%、第二 年 0.5%、第三年 0.9%、第四年 1.5%、第五年 2.0%、第六年 2.5%。 公司 18.6 亿元可转债于 2020 年 1 月 3 日起在上海证券交易所挂牌交易，债 券简称"鹰 19 转债"，债券代码"110063"。 根据《山鹰国际控股股份公司公开发行可转换公司债券募集说明书》（以下 简称"《募集说明书》"）的约定和相关法律法规要求，公司此次发行的"鹰19 转债"转股起止日期为2020年6月19日至2025年12月12日，初始转股价格为3.30 | 股票简称：山鹰国际 | | | 股票代码：600567 | 公告编号：临 | 2024-137 | | --- | --- | --- | --- | --- | --- | | ...

| 债券简称：山鹰转债 | | | 债券代码：110047 | | | | --- | --- | --- | --- | --- | --- | | 股票简称：山鹰国际 债券简称：鹰 | 19 | 转债 | 股票代码：600567 债券代码：110063 | 公告编号：临 | 2024-136 | 山鹰国际控股股份公司 关于续聘会计师事务所的公告 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个别及连带责任。 重要内容提示： 拟聘任会计师事务所名称：信永中和会计师事务所（特殊普通合伙） 山鹰国际控股股份公司（以下简称"公司"）于 2024 年 10 月 30 日召开第 九届董事会第二十二次会议，审议通过了《关于续聘会计师事务所的议案》，拟 续聘信永中和会计师事务所（特殊普通合伙）（以下简称"信永中和"）为公司 2024 年度审计机构，为公司提供 2024 年度财务报告审计和内部控制审计服务。 现将相关事宜公告如下： 一、拟聘任会计师事务所的基本情况 （一）机构信息 1、基本信息 截止 2023 年 12 月 31 日，信永中和合伙人（ ...

Revenue and Profit Performance - Revenue for the third quarter was RMB 7.347 billion, a decrease of 2.87% year-over-year[2] - Net profit attributable to shareholders for the third quarter was a loss of RMB 45.033 million, a decrease of 129.11% year-over-year[2] - Total operating revenue for the first three quarters of 2024 reached RMB 21,602,124,745.32, a slight increase from RMB 21,311,977,530.41 in the same period of 2023[15] - Net profit for the first three quarters of 2024 was RMB 15,478,624.16, a significant improvement from a net loss of RMB 167,120,750.59 in 2023[15] - The decrease in net profit was mainly due to a decline in sales prices and gross margins for paper products compared to the same period last year[6] Cash Flow and Operating Activities - Operating cash flow for the first three quarters was RMB 3.437 billion, an increase of 79.20% year-over-year[2] - Net cash flow from operating activities for the first three quarters of 2024 was RMB 3,436,857,159.37, compared to RMB 1,917,927,856.36 in 2023[17] - Disposal of fixed assets, intangible assets, and other long-term assets generated a net cash inflow of 4,717,721.36 RMB[19] - Disposal of subsidiaries and other business units resulted in a net cash inflow of 22,813,190.95 RMB[19] - Total cash inflow from investment activities was 136,705,993.35 RMB[19] - Cash outflow for the purchase and construction of fixed assets, intangible assets, and other long-term assets amounted to 1,350,360,124.41 RMB[19] - Total cash outflow from investment activities was 1,590,360,124.41 RMB[19] - Net cash flow from investment activities was -1,453,654,131.06 RMB[19] - Total cash inflow from financing activities was 26,769,263,402.22 RMB[19] - Total cash outflow from financing activities was 28,612,365,531.75 RMB[19] - Net cash flow from financing activities was -1,843,102,129.53 RMB[19] - Net increase in cash and cash equivalents was 134,840,497.64 RMB[19] Assets and Liabilities - Total assets at the end of the reporting period were RMB 53.579 billion, a decrease of 2.12% compared to the end of the previous year[3] - Equity attributable to shareholders at the end of the reporting period was RMB 13.999 billion, an increase of 1.83% compared to the end of the previous year[3] - Total assets decreased to 53.58 billion yuan from 54.74 billion yuan at the end of 2023[12][13][14] - Current assets decreased to 11.44 billion yuan from 13.37 billion yuan at the end of 2023[12][13] - Non-current assets increased to 42.13 billion yuan from 41.37 billion yuan at the end of 2023[13] - Total liabilities decreased to 37.23 billion yuan from 39.02 billion yuan at the end of 2023[14] - Current liabilities decreased to 27.84 billion yuan from 28.15 billion yuan at the end of 2023[14] - Non-current liabilities decreased to 9.39 billion yuan from 10.87 billion yuan at the end of 2023[14] - Shareholders' equity increased to 16.35 billion yuan from 15.71 billion yuan at the end of 2023[14] - Monetary funds decreased to 2.99 billion yuan from 4.15 billion yuan at the end of 2023[12] - Accounts receivable decreased to 4.32 billion yuan from 4.55 billion yuan at the end of 2023[12] - Inventory decreased to 2.42 billion yuan from 2.82 billion yuan at the end of 2023[13] Shareholder Information - The company's largest shareholder, Fujian Taisheng Industrial Co., Ltd., holds 29.61% of the shares[7] - The company's employee stock ownership plan holds 0.42% of the shares[9] - The top 10 shareholders hold a total of 37.93% of the company's shares[10] Earnings and Comprehensive Income - Basic earnings per share (EPS) for the first three quarters of 2024 were RMB 0.016, compared to a loss of RMB 0.027 per share in 2023[16] - Diluted EPS for the first three quarters of 2024 was RMB 0.044, compared to a loss of RMB 0.012 per share in 2023[16] - Total comprehensive income for the first three quarters of 2024 was a loss of RMB 10,267,161.36, an improvement from a loss of RMB 219,242,825.69 in 2023[16] Operating Costs and Income - Operating costs for the first three quarters of 2024 were RMB 19,928,849,266.13, up from RMB 19,352,249,239.65 in 2023[15] - Sales revenue from goods and services for the first three quarters of 2024 was RMB 20,718,570,886.60, up from RMB 19,177,560,323.92 in 2023[17] - Investment income for the first three quarters of 2024 was RMB 277,568,681.62, compared to RMB 160,918,497.36 in 2023[15] - Other income for the first three quarters of 2024 was RMB 887,415,600.55, up from RMB 641,273,282.53 in 2023[15] Non-Recurring Items - Non-recurring gains and losses for the quarter amounted to RMB 287.067 million, primarily due to government subsidies and asset disposal gains[4]