1月4日晚间，方大炭素（600516）披露《关于终止参与杉杉集团及其全资子公司实质合并重整的公 告》。 方大炭素称，公司按照杉杉集团有限公司（简称"杉杉集团"）管理人发布的公告要求，提交了报名材 料，缴纳了尽职调查保证金5000万元，签署了尽职调查保密协议，开展尽职调查，并与杉杉集团管理人 就尽调内容、产业协同、战略规划、标的资产估值等关键事项进行了多次沟通。 由于尽职调查时间短，尽职调查不充分，无法对标的资产做出合理的价值判断。基于整合后风险因素的 审慎评估，同时，结合方大炭素在新材料、新能源领域的战略规划，为切实维护上市公司和广大投资者 的利益，经公司审慎研究，决定终止参与杉杉集团及其全资子公司实质合并重整事项。 方大炭素称，终止参与重整事项，不会对公司的生产经营及财务状况产生不利影响。 彼时方大炭素表示，通过发挥自身在负极产业的技术、资本、渠道等优势，作为产业协同方参与杉杉集 团及其全资子公司朋泽贸易的实质合并重整，有利于公司加快负极产业布局，实现产业链一体化和供应 链长期稳定安全，充分发挥公司固态电池等新能源产业协同效应，增强公司盈利能力，提升公司核心竞 争力。 虽然母公司杉杉集团深陷重整泥潭，但上市 ...

Core Viewpoint - Fangda Carbon (600516) has announced the termination of its participation in the substantive merger reorganization of the Shanshan Group and its wholly-owned subsidiaries due to insufficient due diligence and risk assessment [1][3][4]. Group 1: Company Actions and Decisions - Fangda Carbon submitted registration materials, paid a due diligence deposit of 50 million yuan, and signed a confidentiality agreement for due diligence [3]. - The company decided to terminate its participation in the merger reorganization after careful consideration of the risks and its strategic planning in the new materials and new energy sectors [3][4]. - The termination of the reorganization will not adversely affect the company's production operations or financial status [4]. Group 2: Background and Context - Previously, on November 24, 2025, Fangda Carbon's board approved participation in the merger reorganization of Shanshan Group and its subsidiary Ningbo Pengze Trading Co., aiming to leverage its advantages in the anode industry [4]. - Despite the parent company Shanshan Group facing restructuring challenges, Shanshan Co. (the listed company) maintains strong global competitiveness in its two main business segments: anode materials and polarizers [4]. - In 2024, Shanshan Co. is expected to lead the global market in artificial anode material shipments, while holding approximately 33% of the market share in large-size polarizer shipments [4]. Group 3: Market Dynamics - Many large enterprises are competing to participate in the substantive merger reorganization of Shanshan Group, with 12 groups of interested investors reported, including major companies like Fangda Carbon, China Baoan, and Tianqi Lithium [5][6]. - Prior to the bidding, several interested investors, including Fangda Carbon, withdrew from the process, leaving seven groups to submit proposals [6].

智通财经APP讯，方大炭素(600516.SH)发布公告，公司按照杉杉集团管理人发布的公告要求，提交了 报名材料，缴纳了尽职调查保证金5000万元，签署了尽职调查保密协议，开展尽职调查，并与杉杉集团 管理人就尽调内容、产业协同、战略规划、标的资产估值等关键事项进行了多次沟通。由于尽职调查时 间短，尽职调查不充分，无法对标的资产做出合理价值判断。基于整合后风险因素的审慎评估，同时结 合方大炭素在新材料、新能源领域方面战略规划，为切实维护上市公司和广大投资者的利益，经公司审 慎研究，决定终止参与杉杉集团及其全资子公司实质合并重整事项。 ...

方大炭素于2025年11月24日召开董事会，审议通过参与杉杉集团及其全资子公司实质合并重整投资人招 募的议案，并授权公司管理层进行相关重整投资工作。公司已提交报名材料，并缴纳了5000万元尽职调 查保证金，同时签署了尽职调查保密协议。 观点网讯：1月4日，方大炭素新材料科技股份有限公司发布公告，宣布终止参与杉杉集团及其全资子公 司实质合并重整的事宜。 免责声明：本文内容与数据由观点根据公开信息整理，不构成投资建议，使用前请核实。 在与杉杉集团管理人就关键事项进行多次沟通后，方大炭素表示，由于尽职调查时间短、不充分，无法 对标的资产做出合理价值判断，基于整合后风险因素的审慎评估，决定终止参与。 ...

#方大炭素终止参与杉杉重整#【方大炭素：终止参与杉杉集团及其全资子公司实质合并重整】方大炭素 公告称，公司于2025年11月24日同意参与杉杉集团有限公司及其全资子公司宁波朋泽贸易有限公司的实 质合并重整投资人招募。然而，由于尽职调查时间短、不充分，无法对标的资产做出合理价值判断。同 时，结合公司在新材料、新能源领域的战略规划，公司决定终止参与重整事项。这一决定不会对公司的 生产经营及财务状况产生不利影响。（智通财经） ...

证券代码：600516 证券简称：方大炭素 公告编号：2026-001 一、本次交易概述 方大炭素新材料科技股份有限公司 关于终止参与杉杉集团及其全资子公司 实质合并重整的公告 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。 公司终止参与重整事项，不会对公司的生产经营及财务状况产生不利影响， 不存在损害公司及中小股东利益的情形。公司未来将继续围绕既定的战略目标有 序开展各项经营管理工作，积极关注投资与合作机遇，多措并举努力提升公司业 绩，切实维护广大股东利益。 特此公告。 方大炭素新材料科技股份有限公司 董 事 会 方大炭素新材料科技股份有限公司（以下简称方大炭素或公司）于 2025 年 11 月 24 日召开第九届董事会第十四次临时会议，审议通过了《关于拟参与杉杉 集团及其全资子公司实质合并重整投资人招募的议案》，同意公司参与杉杉集团 有限公司（以下简称杉杉集团）及其全资子公司宁波朋泽贸易有限公司的实质合 并重整投资人招募，同时授权公司管理层代表公司拟定和提交重整投资的报名资 料、签署尽职调查保密协议、开展尽职调查、提交《重 ...

Investment Rating - The report maintains a "Buy" rating for several key companies in the steel industry, including Hualing Steel, Baosteel, Nanjing Steel, and others, indicating a positive outlook for their performance in the coming years [2][4]. Core Insights - The expectation for iron ore replenishment has increased, while short-term steel exports are under pressure due to new regulations on low-value-added steel exports [8][30]. - Steel prices have seen a slight increase, with the price of 20mm HRB400 rebar reaching 3,320 CNY/ton, up 40 CNY/ton from the previous week [14][15]. - The overall steel production has slightly increased, with a total output of 8.15 million tons for major steel products, reflecting a week-on-week increase [8][30]. - The report highlights a decrease in steel profits, with average margins for rebar, hot-rolled, and cold-rolled steel showing a decline compared to the previous week [8][30]. Summary by Sections Domestic Steel Market - Domestic steel prices have risen, with specific increases noted in rebar and high-line steel prices [14][15]. - The report indicates stable prices for hot-rolled and cold-rolled steel, while medium plates have remained unchanged [14][15]. International Steel Market - U.S. and European steel prices have remained stable, with no significant changes reported in the last week [25][27]. Raw Materials and Shipping Market - Domestic iron ore prices are stable to slightly rising, while scrap steel prices have decreased [30][35]. - The report notes that the shipping market has seen a decline, impacting overall raw material costs [30]. Production Situation of Domestic Steel Mills - The production of major steel products has increased, with specific gains in rebar and plate production [8][30]. - Inventory levels have decreased, indicating a tightening supply in the market [8][30]. Profit Situation - The steel industry reported a profit of 1,115 billion CNY from January to November, showing a significant year-on-year increase [12][30]. - Monthly profits have shown a decreasing trend, indicating potential challenges ahead [12][30]. Key Steel Companies Valuation and Stock Performance - The report provides detailed earnings forecasts and valuations for key companies, all rated as "Buy" [2][4].

Core Viewpoint - The steel raw materials sector experienced a decline of 0.6% on December 31, with Guangdong Mingzhu leading the losses, while the Shanghai Composite Index rose by 0.09% and the Shenzhen Component Index fell by 0.58% [1] Group 1: Market Performance - The closing prices and performance of key stocks in the steel raw materials sector showed varied results, with Hebei Steel Resources closing at 21.17, up by 0.81%, and Guangdong Mingzhu at 7.13, down by 1.52% [1] - The total trading volume for Hebei Steel Resources was 136,500 shares, with a transaction value of 290 million yuan, while Guangdong Mingzhu had a trading volume of 141,600 shares and a transaction value of 102 million yuan [1] Group 2: Capital Flow - The steel raw materials sector saw a net inflow of 60.27 million yuan from institutional investors, while retail investors experienced a net outflow of 616.35 million yuan [1] - Major stocks like Dazhong Mining had a net inflow of 44.87 million yuan from institutional investors, while Hainan Mining saw a net inflow of 37.35 million yuan [2] - Conversely, stocks like Fangda Carbon and Baodi Mining faced significant net outflows from institutional investors, amounting to 23.27 million yuan and 7.08 million yuan respectively [2]

Group 1 - The core viewpoint of the news is that Fangda Carbon (600516) has initiated a strategic cooperation with Beijing University of Science and Technology to develop a groundbreaking green metallurgy technology focused on electric arc furnace direct reduction iron (DRI) [1] - This collaboration aims to tackle key technologies for efficient melting of solid DRI, validating critical indicators such as energy consumption, energy utilization efficiency, metal recovery rate, carbon emissions, and iron quality [1] - The breakthrough in this technology route is expected to address common bottlenecks in the low-carbon transition of the steel industry, with significant market application potential [1] Group 2 - Fangda Carbon's core products demonstrate unique competitive advantages in this advanced process, particularly its self-developed ultra-high power graphite electrodes, which enhance melting efficiency and reduce system energy consumption [2] - The company has established a complete industrial chain with an annual production capacity of 260,000 tons, exporting its leading products to over 60 countries and regions [2] - The collaboration with academic institutions like Tsinghua University and Beijing University of Science and Technology has led to breaking several foreign monopolies in key technology areas, securing over 50 provincial and ministerial-level scientific achievements [2] Group 3 - Industry estimates suggest that the electric arc furnace DRI technology route could reduce carbon dioxide emissions by approximately 75% compared to traditional steelmaking processes [3] - The partnership not only expands the application boundaries of Fangda Carbon's core products but also empowers the steel industry in its decarbonization efforts, creating new growth opportunities for the company [3] - The chairman of Fangda Carbon emphasized the commitment to deepen collaborative innovation and provide high-quality products and services to support the steel industry's transition to low carbon [3]

Group 1 - The core collaboration between Fangda Carbon and Beijing University of Science and Technology focuses on the research and development of electric arc furnace direct reduction iron technology, aiming to address key technological bottlenecks in the low-carbon transition of the steel industry [1] - The project aims to provide low-carbon, clean, and high-quality iron source solutions for electric furnace steelmaking by evaluating energy consumption, energy utilization efficiency, metal recovery rate, carbon emissions, and iron water quality [1][3] - Fangda Carbon has established a complete industrial chain with an annual production capacity of 260,000 tons of carbon products, exporting to over 60 countries and regions globally [2] Group 2 - The electric arc furnace direct reduction iron (DRI) technology is expected to reduce carbon dioxide emissions by approximately 75% compared to traditional steelmaking processes [3] - The company plans to leverage this project to enhance collaborative innovation between industry and academia, contributing to the deep decarbonization of the steel industry [3] - Fangda Carbon has developed high-performance graphite electrodes and carbon bricks that improve melting efficiency and operational continuity, supporting the economic scalability of DRI production [2]