Company code: Shanying International Holdings Co.Ltd(600567) company abbreviation: Shanying International Holdings Co.Ltd(600567) Shanying International Holdings Co.Ltd(600567)
Summary of annual report 2021
Section I important tips
1 the summary of this annual report comes from the full text of the annual report. In order to fully understand the company’s operating results, financial status and future development plan, investors should go to www.sse.com com. cn. The website carefully reads the full text of the annual report. 2. The board of directors, the board of supervisors and the directors, supervisors and senior managers of the company guarantee the authenticity, accuracy and completeness of the contents of the annual report, and there are no false records, misleading statements or major omissions, and bear individual and joint legal liabilities. 3. All directors of the company attend the board meeting. 4 ShineWing Certified Public Accountants (special general partnership) issued a standard unqualified audit report for the company. 5. The profit distribution plan or the plan of converting accumulation fund into share capital in the reporting period adopted by the resolution of the board of directors
The company plans to distribute a cash dividend of 1.1 yuan (including tax) for every 10 shares to all shareholders based on the total share capital on the date of equity distribution and equity registration minus the balance of shares repurchased by the company. No bonus shares will be given and no accumulation fund will be converted into share capital. As of March 31, 2022, the total share capital of the company is 4616175806 shares, deducting 206026573 shares in the company’s repurchase account. Based on this calculation, the expected cash dividend is 48511641563 yuan (including tax). In 2021, the company implemented share repurchase by means of centralized bidding transaction and paid cash consideration of 20 Zhongyan Technology Co.Ltd(003001) 919 yuan. The total amount of cash dividends in the above two ways was 68514643482 yuan, accounting for 45.20% of the company’s net profit attributable to the owners of the parent company in that year.
Before the equity registration date of equity distribution, if the total share capital or repurchased shares of the company change, it is proposed to maintain the distribution proportion per share unchanged, adjust the total distribution accordingly, and announce the specific adjustment separately.
Section II basic information of the company
1 company profile
Company stock profile
Stock abbreviation before stock exchange listing
A-share Shanghai Stock Exchange Shanying International Holdings Co.Ltd(600567) Shanying International Holdings Co.Ltd(600567) Shanying paper
Contact person and contact information secretary of the board of directors securities affairs representative
Name: Yan Dalin, Huang Ye
Office address: Building 6, Binjiang International Building 6, No. 645, Anpu Road, Yangpu District, Shanghai
Tel: 02162376587
E-mail [email protected]. [email protected].
2. Introduction to the company’s main business in the reporting period
Under the impact of covid-19 pneumonia, the evolution of the situation in the past century has accelerated, and the global political and economic environment has become more complex and uncertain. In such a historic stage, China has made brilliant achievements in 2021, made new steps to build a new development pattern, achieved new results in high-quality development, and achieved a good start to the 14th five year plan.
（1） China’s economy is resilient, and the prosperity of the paper packaging industry has improved
According to the data of the National Bureau of statistics, China’s total economic output and per capita level reached a new breakthrough in 2021. China’s gross domestic product (GDP) increased by 8.1% over the previous year, and its economic scale reached 114.4 trillion yuan, ranking the second largest economy in the world. With the effective control of covid-19 epidemic in China, China’s consumption has picked up steadily. The total retail sales of social consumer goods in the whole year exceeded 44 trillion yuan, a year-on-year increase of 12.5%, and the average growth rate in the two years was 3.9%. At the same time, the export performance is strong, which once again shows the comprehensive competitive advantage. According to the data released by the General Administration of customs, the total import and export value of China’s goods trade in 2021 was 39.1 trillion yuan, an increase of 21.4% over the previous year. Among them, exports reached 21.73 trillion yuan, an increase of 21.2%, and the monthly growth rate repeatedly exceeded expectations. It can be seen from the statistics that despite the severe external environment, China’s foreign trade import and export still showed strong resilience.
According to the data released by the National Bureau of statistics, from January to December 2021, the national output of machine-made paper and paperboard was 135839 million tons, a year-on-year increase of 8.833 million tons, an increase of 6.8%, and the output reached a record high. It is worth noting that major economies have implemented a large number of stimulus policies in the process of economic recovery, resulting in the rapid growth of global liquidity and the strong rise of commodity prices, which poses a certain challenge to the cost control of the paper packaging industry. In China, 2021 is also the first year of “clearing imported waste paper”. The shortage of waste paper raw materials directly drives the rapid growth of China’s waste paper raw material cost. The continuous price rise of energy, raw materials and chemical auxiliaries has brought huge cost pressure to the paper industry. The leading enterprises have strong bargaining power and can effectively control the cost of upstream raw materials and obtain higher profit space through scale effect by virtue of the advantages of integrated layout of industrial chain.
（2） Under the influence of the double carbon policy, the competitive advantage of the paper industry is inclined to the leading enterprises
Under the influence of the “carbon peak” and “carbon neutralization” policies, the supply side reform of the paper industry has accelerated significantly, and the industry pattern is expected to adjust rapidly. In August 2021, the national development and Reform Commission issued the barometer for the achievement of the dual control target of energy consumption in all regions in the first half of 2021. Nine provinces (regions) including Qinghai, Ningxia, Guangxi and Guangdong, where energy consumption did not decrease but increased, suspended the energy-saving audit of “two high” projects other than major projects planned by the state, and Jiangsu, Guangdong and Guangxi issued the requirements of power and production restriction. Although the paper industry is not a “two high” industry, it is still affected by power restriction and the supply shrinks. In 2021, provinces and cities will pay more and more attention to the total amount control of regional industrial production emissions. It is expected that the growth of paper production capacity will be strictly limited in the future, and the elimination of backward production capacity will be accelerated.
Under the double carbon policy, small and medium-sized paper enterprises lack funds for technological transformation and upgrading, and the cost of emission reduction is high. Under the pressure of high cost, small and medium-sized enterprises are likely to gradually withdraw from the market or be acquired by powerful large paper enterprises. Large enterprises with strength can achieve energy conservation and emission reduction while making profits through strategies such as technological transformation and upgrading, product innovation and strategic transformation of Forest Pulp and paper integration. When the carbon quota is not reached, they can trade the remaining quota in the carbon trading market to obtain quota income. With the strengthening of environmental protection, the continuous compression of industry profits and the continuous expansion of leading enterprises, the phased overcapacity of the paper industry will be improved and the industry concentration will be further improved.
（3） The integration of packaging industry is accelerated, and integration is the general trend
China’s packaging market pattern has the characteristics of “large and scattered”. There are a large number of enterprises engaged in the packaging industry, but the concentration of the packaging industry is very low, and the homogeneous competition is fierce. It is mainly cost-oriented and only provides this product without value-added services, resulting in the current situation of low profits in the packaging industry.
Compared with the development process of packaging industry in developed countries, China’s packaging industry has entered the golden window period of integration. With the increasing concentration of packaging downstream, especially in household appliances, consumer electronics, food and beverage industries, the demand of industry leading customers for personalized R & D, design and value-added services of packaging is also higher and higher. Leading enterprises in the industry have strong independent innovation ability, strong production capacity and technologically leading product lines, which can well meet the needs of downstream consumer enterprises for product packaging customization, high quality and continuous product innovation. However, the mainstream small and medium-sized enterprises in the market have insufficient investment in innovation, equipment and technology, and the product structure is relatively single, and can not provide more value-added services, so they will be phased out by the market. With the increasing demand for customization, environmental protection and value-added services from customers in downstream industries, packaging enterprises need to transform to a green, one-stop and recyclable overall packaging solution service provider as soon as possible in the future, so as to obtain additional profit space brought by long-term stable development and high value-added services in industries with generally low profits.
（4） After the foreign waste is cleared, the paper industry accelerates the diversified layout of recycled fiber channels
Waste paper is the main fiber source of China’s paper industry. After the import of waste paper returns to zero in 2021, the contradiction of fiber shortage in China is becoming increasingly prominent. According to the implementation plan on accelerating the comprehensive utilization of industrial resources jointly issued by eight ministries and commissions in early February, it is clear that the utilization of waste paper in China is expected to reach 60 million tons by 2025. According to the 2020 annual report of China’s paper industry issued by China Paper Association, the recycling volume of waste paper in China will be 54.93 million tons in 2020. It is expected to reach the target of the implementation plan in 2025, and the gap of waste paper in China will be about 5 million tons. In 2021, with the expansion of the supply gap in the national waste market and the bullish expectation of the industry, the recovery price showed a fluctuating upward trend, which brought great cost pressure to paper enterprises.
In order to meet the challenge of the shortage of raw materials in the industry, powerful leading enterprises speed up the layout of upstream raw materials, build diversified recycling channels of recycled fibers, improve the self-sufficiency rate to resist the risk of raw material price fluctuation, and actively develop and apply alternative fiber raw materials such as non wood pulp to reduce their dependence on waste paper. While laying out China’s fiber raw material channels, leading enterprises will increase the production capacity layout of overseas fiber raw materials and pulp and paper, realize China’s dual layout abroad, and ensure a stable source of raw materials with high prices.
Shanying International Holdings Co.Ltd(600567) is an international enterprise integrating the comprehensive utilization of green resources, industrial and special paper manufacturing, packaging product customization and industrial Internet. The company is committed to becoming a global packaging integrated solution service provider that creates long-term value for customers.
The company’s main business is the production and sales of carton paper, corrugated base paper, special paper, paperboard and paper product packaging, as well as the recycling fiber trade business outside China. The main products are “Shanying brand” all kinds of packaging base paper, special paper, paperboard, carton and other paper products, which are widely used in consumer electronics, household appliances, chemical industry, light industry and other consumer goods and industrial products industries. Relying on the advantages of industrial chain integration, the company realizes the coordinated development of papermaking, packaging and fiber recycling, and develops industrial Internet through business model innovation.
The company has continuously improved China’s regional layout through self construction and M & A. at present, the company has built five papermaking bases in Maanshan, Anhui, Jiaxing, Zhejiang, Zhangzhou, Fujian, Jingzhou, Hubei and Zhaoqing, Guangdong. The existing landing capacity is about 6 million tons, ranking among the top three in the industry; The company’s packaging enterprises are located in economically developed coastal areas along the river, close to the gathering place of leading customers in the industry, and the industry radiates Jiangsu, Zhejiang, Anhui, Fujian, Guangdong, Hubei, Shandong, Sichuan, Tianjin and other provinces, with an annual output of more than 1.9 billion square meters, ranking second in China.
The layout of the company’s paper production capacity and packaging enterprises in China is as follows:
Through the acquisition of recycled fiber resources, the deployment of advantageous markets and high-end paper varieties, the company promotes the international strategic layout, continues to carry out trade business in the main sources of recycled fiber such as the United States, the United Kingdom, Australia, Japan and the Netherlands, and distributes recycled pulp in Southeast Asia and Europe to ensure the high-quality supply of upstream raw materials. Nordic paper, a joint-stock company of the company, and Phoenix paper, a holding subsidiary of the company, belong to the high-profit papermaking segment. Nordic paper has a total capacity of 500000 tons of high-end special pulp and paper, and Phoenix paper has an annual capacity of 300000 short tons of multi category cultural paper. Its main products are food oil proof paper, special kraft paper, high-strength paper bag paper and cultural paper. Through the horizontal extension of the industrial chain, the existing product structure of the company has been further improved and optimized, and the impact of the fluctuation of Chinese packaging paper has been effectively reduced.
Based on the operation practice of the complete industrial chain of its own paper industry, the company opens the all-round professional resources accumulated by Shanying and years of in-depth understanding of the industry to the industry through the digital technology of the Internet. The industrial Internet platform Yunrong and cloud chain created by the company serve the recycling of recycled fiber in China and the industry optimized transportation business. The company shares cloud printing technology (ininin. Com.) Adhering to the concept of “digital creates value and science and technology enables the paper industry”, through the in-depth service cooperative enterprises of “single factory improves efficiency and multi factory cooperation” of digital products, we will build an industry “cloud factory” matrix.
During the reporting period, there was no significant change in the company’s main business and business model. The company’s main products are shown as follows: 3 main accounting data and financial indicators of the company 3.1 main accounting data and financial indicators in recent three years
Unit: yuan currency: RMB
20212020 compared with 2019 of the previous year
Increase or decrease (%)
Total assets 51994492093304543655432813 14.434254454021785
Attributable to listed companies 1651743868 Hunan Gold Corporation Limited(002155) 9627223131 5.91144107840841
Net capital of shareholders of the company
yield
Operating income 33032809011072496915070072 32.292324094772323
