Core Viewpoint - The restructuring case of Sany Group and its wholly-owned subsidiary Ningbo Pengze Trade Co., Ltd. has presented new opportunities, with Fangda Carbon participating as an investor to facilitate the restructuring process [1][4]. Group 1: Fangda Carbon's Involvement - Fangda Carbon's board approved participation in the substantial merger restructuring of Sany Group and Ningbo Pengze, aiming to enhance its negative electrode industry layout and achieve supply chain stability [1][7]. - The company plans to leverage its advantages in technology, capital, and channels to improve profitability and core competitiveness through this restructuring [7][14]. Group 2: Financial Performance of Fangda Carbon - Fangda Carbon has experienced declining performance, with revenue dropping from 51.32 billion yuan in 2023 to 38.72 billion yuan in 2024, marking a year-on-year decrease of 3.54% and 24.55% respectively [10]. - The net profit attributable to shareholders has also seen a significant decline, with a drop of over 50% for three consecutive years [12]. - In the first three quarters of 2025, the gross profit margin reached a record low of 10.17%, the lowest in nearly 18 years [13]. Group 3: Sany Group's Restructuring History - Sany Group's restructuring has faced multiple challenges, with the court accepting its bankruptcy restructuring in February 2025 and subsequently initiating a substantial merger restructuring [5]. - A consortium of investors was initially selected to control 23.36% of Sany Group's shares, but the restructuring plan was not approved by creditors, leading to the dissolution of the investment agreement [6]. Group 4: Sany Group's Financial Health - Despite the restructuring challenges, Sany Group's subsidiary, Sany Shares, reported a revenue increase of 11.48% year-on-year, reaching 148.09 billion yuan in the first three quarters of 2025 [15]. - Sany Shares has established itself as a leader in the artificial negative electrode materials market and has received national recognition for its manufacturing excellence [17]. - However, Sany Shares faces significant debt pressure, with total liabilities reaching 219.68 billion yuan, including short-term borrowings of 52.93 billion yuan and long-term borrowings of 65.28 billion yuan [17].

每经记者｜黄海 每经编辑｜何小桃 董兴生 民营船王给出的重整方案被否后，杉杉集团有限公司（以下简称杉杉集团）开始重新遴选重整投资人。 11月24日晚间，方大炭素（SH600516，股价6.45元，市值259.68亿元）发布公告称，经董事会会议审议，同意公司作为产业协同方参与杉杉集团及其全资 子公司宁波朋泽贸易有限公司（以下简称"朋泽贸易"）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《重整投资方案》等各项工作。 据了解，此次流程仍将包含初选、终选以及债权人委员会投票等阶段。《每日经济新闻》记者从接近杉杉集团的人士处了解到，目前，相关报名已经结 束，考虑到联合体的存在，此次初选报名的投资人数目还不完全清楚。 记者亦从知情人士处了解到，上一轮进入最终投票阶段的江苏新扬子商贸有限公司（以下简称"新扬子"）并未报名此次招募。不过，一位接近新扬子的人 士也表示，并不排除后续与投资人之间进行财务层面合作的可能。 "方大系"参与报名 辽宁首富正式入场 公开信息显示，方大炭素的主要业务是石墨电极、块状炭砖、等静压石墨、核电用炭/石墨材料、石墨烯材 ...

Core Viewpoint - The restructuring process of Shanshan Group has made new progress, with Fangda Carbon announcing its intention to participate in the substantive merger restructuring of Shanshan Group and its wholly-owned subsidiary, Ningbo Pengze Trading Co., Ltd. [1][4] Group 1: Shanshan Group Restructuring - Fangda Carbon's participation in the restructuring does not constitute a related transaction or major asset restructuring, and there remains uncertainty about whether it will become a formal restructuring investor [1][4] - Shanshan Co., Ltd. focuses on lithium battery anode materials and polarizers, achieving an operating revenue of 14.809 billion yuan, a year-on-year increase of 11.48%, and a net profit attributable to shareholders of 284 million yuan, a year-on-year increase of 1121.72% in the first three quarters of 2025 [4] - The core assets of the restructuring include a 23.32% stake in Shanshan Co., Ltd., most of which is pledged or judicially frozen, along with shares in Huishang Bank, Shanshan Medical Investment, real estate, and approximately 9.598 billion yuan in receivables [4] Group 2: Previous Investment Attempts - In September, TCL Technology planned to participate in the merger bankruptcy restructuring through a consortium but the restructuring plan proposed by the consortium was not approved by the creditors' meeting, leading to the termination of the investment agreement [4] - On November 7, the restructuring manager announced the termination of the original investment agreement and continued to publicly recruit interested investors [4] Group 3: Fangda Carbon's Strategy - Fangda Carbon, part of the "Fangda system," aims to participate in the restructuring as an industrial synergy partner to accelerate its anode industry layout, achieve integration of the industrial chain, stabilize the supply chain, and enhance its profitability and core competitiveness [5]

Core Viewpoint - Fangda Carbon New Material Technology Co., Ltd. plans to participate in the substantive merger and restructuring of Shanshan Group and its wholly-owned subsidiary, Ningbo Pengze Trading Co., Ltd. [3][4] Group 1: Company Actions - On November 24, Fangda Carbon held a board meeting and approved the proposal to participate as an industrial synergy partner in the restructuring of Shanshan Group and Ningbo Pengze [3] - The company will prepare and submit the necessary documentation for the restructuring investment, including a due diligence confidentiality agreement and a restructuring investment plan [3][4] - The participation in the restructuring does not constitute a related party transaction or a major asset reorganization, thus does not require shareholder meeting approval [4] Group 2: Strategic Implications - Fangda Carbon aims to leverage its advantages in the anode industry to enhance its industrial chain integration and supply chain stability through this restructuring [4] - The company anticipates that this move will positively impact its future operational development and enhance its core competitiveness [4] Group 3: Context of Restructuring - Shanshan Group and Ningbo Pengze have initiated a new round of restructuring, with the process involving initial selection, final selection, and creditor committee voting [4] - A recent creditors' meeting revealed that the restructuring plan was not approved, indicating challenges in the ongoing restructuring efforts [5][6]

Core Viewpoint - The restructuring plan for Shanshan Group has entered a new phase with the selection of new investors, with Fangda Carbon being a prominent participant aiming to leverage synergies in the negative electrode materials sector [1][3]. Group 1: Restructuring Process - The new round of restructuring for Shanshan Group and its subsidiary Ningbo Pengze has begun, with a selection process that includes both new and previous investors [1]. - The selection process will follow a structured approach involving initial selection, final selection, and voting by the creditors' committee [1]. - The timeline for the new investor recruitment has been extended from 7 days in the previous round to 18 days, enhancing the fairness and scope of the selection [9]. Group 2: Fangda Carbon's Involvement - Fangda Carbon has agreed to participate as a strategic investor in the restructuring, aiming to enhance its position in the negative electrode industry and achieve supply chain stability [3][4]. - The company has a history of successful restructuring and acquisitions, indicating its capability to navigate complex investment scenarios [4]. - Despite its strategic ambitions, Fangda Carbon's recent financial performance has shown a decline, with revenues dropping from 52.30 billion yuan in 2022 to an expected 38.72 billion yuan in 2024 [5]. Group 3: Market Reaction and Investor Sentiment - Following the announcement of Fangda Carbon's involvement, its stock price surged to a limit-up close of 6.51 yuan per share, while Shanshan Group's stock also saw a significant increase [1]. - The new round of investor selection has attracted interest due to the potential control over Shanshan Group's core assets, particularly its 23.32% stake in Shanshan Co., a leading supplier of lithium battery anode materials [10].

Core Viewpoint - The article discusses the new round of restructuring for Suning Group, highlighting the involvement of Fangda Carbon as a potential investor, which may lead to significant changes in the company's operational landscape and strategic direction [1][3]. Group 1: Restructuring Process - Following the failure of the initial restructuring plan, a new selection process for investors has begun, with Fangda Carbon being the first to publicly express interest [1]. - The restructuring process will follow a structured approach, including preliminary selection, final selection, and voting by the creditors' committee [1][3]. - The new round of investor selection has seen both returning and new investors, with some previous investors opting out [1]. Group 2: Fangda Carbon's Role - Fangda Carbon aims to leverage its advantages in the negative electrode industry to enhance its supply chain stability and overall profitability through participation in the restructuring [3]. - The company has a history of strategic acquisitions and restructuring, indicating its capability and experience in navigating complex investment scenarios [4]. - Despite its strategic intentions, Fangda Carbon's core business has shown signs of decline, with revenues decreasing from 5.23 billion yuan in 2022 to an estimated 3.87 billion yuan in 2024 [5]. Group 3: Investor Selection Criteria - The new investor selection process has been optimized, extending the application period from 7 days to 18 days, allowing for a broader range of potential investors [10]. - The bidding price for shares has been set at 11.50 yuan, which is higher than the previous round's minimum price of 8.65 yuan, indicating a more competitive environment [10][11]. - The restructuring plan emphasizes the need for strong industrial synergy among investors, which is a critical factor for selection [3][10].

Core Viewpoint - The restructuring of Sany Group and its subsidiary Ningbo Pengze presents new opportunities, with Fangda Carbon participating as an investor to enhance its negative electrode industry layout and overall competitiveness [2][6]. Group 1: Restructuring Details - Fangda Carbon's board approved participation in the substantial merger restructuring of Sany Group and Ningbo Pengze, aiming to leverage synergies in the new energy sector [3][6]. - The restructuring process has faced challenges, with the court accepting Sany Group's bankruptcy restructuring in February 2025 and later deciding on a substantial merger restructuring in March [3][5]. - A consortium including New Yangzi Trade, New Yang Ship, TCL Investment, and Oriental Asset Management was initially selected as investors but later withdrew due to the restructuring plan not being approved by creditors [5]. Group 2: Financial Performance of Fangda Carbon - Fangda Carbon has experienced declining performance, with revenues of 5.132 billion and 3.872 billion in 2023 and 2024, respectively, reflecting year-on-year decreases of 3.54% and 24.55% [8]. - The net profit attributable to shareholders dropped significantly, with declines exceeding 50% for three consecutive years [11]. - In the first three quarters of 2025, Fangda Carbon reported revenues of 2.622 billion, down 16.79%, and a net profit of 113 million, down 55.89% [9]. Group 3: Performance of Sany Group - Despite the restructuring challenges, Sany Group's subsidiary, Sany Shares, reported a revenue increase of 11.48% year-on-year, reaching 14.809 billion in the first three quarters of 2025, with a net profit surge of 1121.72% [14]. - Sany Shares has established a dual technology engine development model focusing on negative materials and polarizers, maintaining a leading position in the global market for artificial negative materials and large-size polarizers [16][17]. - However, Sany Shares faces significant debt pressure, with total liabilities of 21.968 billion and cash reserves of only 3.15 billion as of the end of the third quarter [17].

Group 1 - The core point of the article is the initiation of a new round of restructuring for Shanshan Group, with Fangda Carbon as a prominent potential investor [1][2] - Fangda Carbon has announced its participation as a strategic investor in the restructuring of Shanshan Group and its subsidiary Ningbo Pengze Trading [1][2] - Following the announcement, Fangda Carbon's stock price surged to a limit-up of 6.51 yuan per share, while Shanshan Group's stock rose by 5.74% [1] Group 2 - The restructuring process for Shanshan Group and Ningbo Pengze will follow a selection process involving initial and final selections, as well as a creditor committee vote [1] - Fangda Carbon aims to leverage its advantages in the negative electrode industry to enhance its supply chain stability and overall profitability through this restructuring [2] - The previous round of restructuring saw investors competing in joint ventures, emphasizing the need for strong industrial synergy among potential investors [2][3] Group 3 - The new selection process for investors has been optimized, extending the application period from 7 days to 18 days, allowing for a broader and fairer selection of investors [8] - The due diligence process has been structured to maintain fairness among participating investors, with a separate deadline for submitting restructuring proposals set for December 8 [9] - The new bidding price for shares is set at 11.50 yuan, which is higher than the previous round's minimum price of 8.65 yuan and the bid from the previous round's exiting investors [9][10]

Core Viewpoint - The lithium battery materials industry is gradually recovering, prompting increased capital activities among listed companies, with Fangda Carbon (600516.SH) actively participating in the restructuring of Shanshan Group, which is the controlling shareholder of Shanshan Co., Ltd. (600884.SH) [2] Group 1: Fangda Carbon's Involvement - On November 24, Fangda Carbon announced its intention to participate as an industrial partner in the substantive merger and restructuring of Shanshan Group and its wholly-owned subsidiary, Ningbo Pengze Trading Co., Ltd. [2] - Fangda Carbon's involvement is seen as a strategic move to accelerate its entry into the lithium battery anode materials sector, especially as it faces declining performance in recent years [2][5] - The company has experienced continuous revenue and net profit declines since 2023, with a 55.89% year-on-year drop in net profit for the first three quarters of 2025 [2][5] Group 2: Shanshan Group's Restructuring - Shanshan Group entered bankruptcy restructuring in February 2025, with a court ruling in March for the substantive merger of Shanshan Group and Pengze Trading [3] - The restructuring plan previously signed with a consortium of investors was not approved by the creditors' meeting and was legally terminated in early November, leading to a restart of the investor recruitment process [4][6] - The main assets involved in the restructuring include Shanshan Group's shares in Shanshan Co., Ltd., which total 525 million shares, accounting for 23.36% of the company's total equity [4] Group 3: Market Context and Opportunities - The lithium battery anode materials sector is entering a new cycle of prosperity, driven by the commercialization of solid-state battery technology and increasing demand for power and energy storage batteries [6] - Shanshan Co., Ltd. has a strong position in the lithium battery materials market, being the first company in China to engage in the research and production of artificial graphite anode materials [6] - In the first three quarters of 2025, Shanshan Co., Ltd. achieved revenue of 14.809 billion yuan, a year-on-year increase of 11.48%, and a net profit of 284 million yuan, a significant year-on-year increase of 1121.72% [6] Group 4: Strategic Implications for Fangda Carbon - If Fangda Carbon successfully becomes the restructuring investor, it could acquire a controlling stake in Shanshan Co., Ltd. at a relatively low cost and integrate its production advantages in precursor materials with Shanshan's application capabilities [7] - The market has responded positively to Fangda Carbon's strategic move, as evidenced by a stock price surge following the announcement [7]

2025.11. 25 本文字数：2293，阅读时长大约4分钟 在经历首次投资人退出、协议解除后，杉杉集团及朋泽贸易的实质合并重整进展再度引发市场高度关 注。方大炭素入局重整，不仅可能为此前一波三折的重整案注入新变量，更被市场解读为方大炭素加 速切入锂电负极材料赛道的战略布局。 方大炭素近年来业绩持续承压，特别是2023年以来营收与净利润连续两年双降，2025年前三季度归 母净利润更是同比下滑55.89%。此时出手，方大炭素能否借重整契机打造出新的业绩增长点？ 杉杉集团重整再生变数 随着方大炭素宣布"入局"杉杉股份控股股东的重整，杉杉集团和上市公司的未来走向再生变数。 简单回顾来看，杉杉股份的控股股东杉杉集团自2025年2月进入破产重整程序，当年3月，宁波市鄞 州区人民法院裁定对杉杉集团及朋泽贸易进行实质合并重整；9月底，合并重整案管理人曾与由新扬 子商贸、TCL产投、东方资管深圳分公司等组成的联合体签署《重整投资协议》，重整投资人计划通 过"直接收购+服务信托合伙+表决权委托"方式取得杉杉股份23.36%股权。 重整标的主要资产来看，一是杉杉集团及朋泽贸易持有上市公司的股份，合计截至最新公告日为 5.25亿 ...