Shanying International (600567) Q3 2026 earnings summary

Executive summary

• 9M revenue was RMB21.612bn, up 2.26% YoY, while attributable net loss widened to RMB1.143bn from RMB289.6m; Q3 revenue rose 0.84% YoY.

• 9M operating cash flow was RMB2.305bn; paperboard and paper packaging sales exceeded production during the period.

Financial highlights

• Q3 revenue was RMB7.352bn; attributable net loss was RMB461.3m and adjusted attributable net loss was RMB455.5m.

• 9M operating loss was RMB1.166bn, total loss before tax RMB1.175bn, and net loss attributable to shareholders RMB1.143bn.

• 9M adjusted attributable net loss was RMB1.179bn; basic and diluted EPS were both -RMB0.18.

Segment performance

• Paperboard 9M output was 5.450m tonnes, down 0.69% YoY; sales were 5.543m tonnes, up 1.88%, with a 101.71% production-to-sales ratio.

• Paper packaging 9M output was 1.501bn sq m and sales were 1.626bn sq m; production-to-sales ratio was 108.32%.