方大炭素新材料科技股份有限公司 关于公司拟注册发行科技创新债券的公告 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。 方大炭素新材料科技股份有限公司（以下简称公司）于2026年1月9日召开第 九届董事会第十六次临时会议，审议通过了《关于公司拟注册发行科技创新债券的议 案》，为积极响应国家科技创新政策导向，加大科技创新投入力度，同时进一步拓 宽融资渠道、降低融资成本并优化债务结构，公司拟向中国银行间市场交易商协 会申请注册发行最高不超过人民币 10 亿元（含10 亿元）科技创新债券。具体情 况如下： 一、本次拟注册发行科技创新债券的基本情况 （一）注册发行基础产品：超短期融资券； （二）注册规模及发行安排：最高不超过人民币 10 亿元（含 10 亿元）， 在注册额度和有效期内择机一次或分次发行，最终注册额度将以中国银行间市 场交易商协会注册通知书中载明的额度为准； 证券代码：600516 证券简称：方大炭素 公告编号：2026-003 （三）发行方式：本次债券拟采用公开发行的方式，向符合相关法规要求 的全国银行间债券市场合格机构 ...

证券代码 ：600516 证券简称： 方大炭素 公告编号：2026-002 方大炭素新材料科技股份有限公司 第九届董事会第十六次临时会议决议公告 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。 一、董事会会议召开情况 （一）审议通过《关于公司拟注册发行科技创新债券的议案》 为积极响应国家科技创新政策导向，加大科技创新投入力度，同时进一步拓 宽融资渠道、降低融资成本并优化债务结构，公司拟向中国银行间市场交易商协 会申请注册发行最高不超过人民币10亿元（含10亿元）科技创新债券。 表决结果：同意11票，反对0票，弃权0票。 本议案尚需提交公司2026年第一次临时股东会审议。 具体内容详见 2026 年 1 月 10 日于《上海证券报》《中国证券报》《证券时报》 和上海证券交易所网站（http：//www.sse.com.cn）披露的《方大炭素关于公司 拟注册发行科技创新债券的公告》（公告编号：2026-003）。 （二）审议通过《关于召开 2026 年第一次临时股东会的议案》 公司定于 2026 年 1 月 26 日召开 2026 ...

方大炭素新材料科技股份有限公司 第九届董事会第十六次临时会议决议 一、董事会会议召开情况 方大炭素新材料科技股份有限公司（以下简称公司）于 2026 年 1 月 5 日向各位 董事发出了召开第九届董事会第十六次临时会议的通知和材料。会议于 2026 年 1 月 9 日以现场和通讯表决相结合的方式召开。本次会议应出席董事 11 人，实际出席董 事 11 人；会议由董事长主持，监事及部分高级管理人员列席了会议。本次董事会会 议的召开符合有关法律法规和《公司章程》的规定。 二、董事会会议审议情况 （一）审议通过《关于公司拟注册发行科技创新债券的议案》 为积极响应国家科技创新政策导向，加大科技创新投入力度，同时进一步拓宽 融资渠道、降低融资成本并优化债务结构，公司拟向中国银行间市场交易商协会申 请注册发行最高不超过人民币 10 亿元（含 10 亿元）科技创新债券。 表决结果：同意 11 票，反对 0 票，弃权 0 票。 本议案尚需提交公司 2026 年第一次临时股东大会审议。 （二）审议通过《关于召开公司 2026 年第一次临时股东会的议案》 公司定于 2026 年 1 月 26 日召开 2025 年第二次临时股东大 ...

方大炭素公告，公司于2026年1月9日召开第九届董事会第十六次临时会议，审议通过了《关于公司拟注 册发行科技创新债券的议案》。为积极响应国家科技创新政策导向，加大科技创新投入力度，同时进一 步拓宽融资渠道、降低融资成本并优化债务结构，公司拟向 中国银行间市场交易商协会申请注册发行 最高不超过人民币10亿元（含10 亿元）科技创新债券。 ...

Core Viewpoint - The recent announcement by Fangda Carbon to withdraw from the restructuring of the Shanshan Group has added new uncertainties to the restructuring process of this well-known company valued in the billions, which is currently facing significant financial challenges [1][2]. Group 1: Company Restructuring - Fangda Carbon announced its withdrawal from the substantive merger and restructuring of Shanshan Group and its subsidiary, Ningbo Pengze Trading Co., Ltd., after previously participating in the restructuring process [1]. - The company incurred a loss of 50 million yuan as it had paid a due diligence deposit and engaged in various discussions regarding asset valuation and other key matters [1]. - The decision to withdraw was based on insufficient due diligence time and the inability to make a reasonable valuation of the target assets, leading to a cautious assessment of the associated risks [1]. Group 2: Financial Situation - Shanshan Group is facing a substantial debt burden, with liabilities estimated at around 50 billion yuan, and the total debts of the entire "Shanshan system" potentially exceeding 80 billion yuan [3]. - As of September 29, 2025, the confirmed debts of Shanshan Group and its subsidiary amounted to 33.55 billion yuan, with a short-term debt gap of 5.3 billion yuan [7]. - Despite the financial turmoil, Shanshan Co., Ltd. reported a revenue of 4.95 billion yuan for the third quarter of 2025, reflecting a year-on-year increase of 10.91%, and a net profit of 76.29 million yuan, which surged by 1253.04% [8]. Group 3: Market Reaction - Following Fangda Carbon's announcement to exit the restructuring, its stock price experienced a rise, increasing from 5.69 yuan per share on January 5 to 5.92 yuan per share by January 8 [2]. - Shanshan Co., Ltd. maintained a relatively stable stock performance, indicating that Fangda Carbon's withdrawal did not significantly impact its market position [2]. Group 4: Historical Context - The restructuring process has been complicated by internal family disputes following the death of the founder, Zheng Yonggang, which has led to a loss of trust among banks and market participants [6]. - The ongoing family power struggle culminated in a boardroom change in November 2024, but the company still faces significant operational challenges [6]. - The restructuring process has seen multiple rounds of investor recruitment, with the second round currently underway, as the company seeks to stabilize its financial situation [3][4].

Core Viewpoint - Fangda Carbon has decided to terminate its participation in the substantive merger and restructuring of Shanshan Group and its wholly-owned subsidiaries, raising market concerns about the abrupt end of this capital alliance [1][3]. Group 1: Announcement and Decision - On November 24, 2025, Fangda Carbon's board approved participation in the restructuring investor recruitment for Shanshan Group and quickly advanced due diligence [1][4]. - The company submitted application materials, paid a due diligence deposit of 50 million yuan, signed a confidentiality agreement, and engaged in multiple communications with Shanshan Group's management regarding key matters [1][4]. - Due to insufficient and short due diligence time, Fangda Carbon could not make a reasonable valuation judgment on the target assets, leading to the decision to withdraw [1][4]. Group 2: Complexity of Shanshan Group's Restructuring - The complexity of Shanshan Group's restructuring is a primary reason for the failure of the plan, with a total confirmed debt of 33.55 billion yuan as of September 29, 2025, and disputes over 33.2846 million shares [2][4]. - The first round of restructuring failed due to lack of approval from creditors and investors, prompting a second round with an increased base price from 8.65 yuan per share to 11.50 yuan per share [4]. Group 3: Strategic Implications and Financial Performance - Fangda Carbon initially aimed to leverage its advantages in the anode industry to accelerate integrated layout through the restructuring [2][5]. - The company stated that the termination was based on a prudent assessment of post-integration risk factors and aligned with its strategic planning in new materials and new energy sectors [5]. - For the first three quarters of 2025, Fangda Carbon reported revenue of 2.622 billion yuan, a year-on-year decrease of 16.79%, and a net profit attributable to shareholders of 113 million yuan, down 55.89% year-on-year [5]. - The company emphasized that the termination of the restructuring would not adversely affect its production operations or financial status, with cash reserves of 5.244 billion yuan as of September 30, 2025, indicating ample liquidity [5]. Group 4: Market Context - Fangda Carbon's case reflects a core contradiction in the current M&A market: the high valuation of quality assets versus the buyer's need for risk control [2][5]. - In the context of high prosperity in the new energy industry, there is a strong demand for companies to achieve technological leaps through mergers and acquisitions, but the adequacy of due diligence, asset quality, and integration feasibility remain key factors determining the success of transactions [5].

从资金流向上来看，当日冶钢原料板块主力资金净流出5701.11万元，游资资金净流入1369.19万元，散户 资金净流入4331.92万元。冶钢原料板块个股资金流向见下表： 证券之星消息，1月5日冶钢原料板块较上一交易日上涨1.45%，鄂尔多斯领涨。当日上证指数报收于 4023.42，上涨1.38%。深证成指报收于13828.63，上涨2.24%。冶钢原料板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600295 | 鄂尔多斯 | 13.00 | 5.18% | 25.43万 | 3.27亿 | | 000629 | 钢钛股份 | 3.21 | 3.55% | 166.41万 | 5.33 Z | | 600382 | 广东明珠 | 7.30 | 2.38% | - 14.01万 | 1.02亿 | | 000655 | 等龄矿业 | 9.72 | 2.32% | 10.33万 | 9985.46万 | | 000923 | 河钢资源 | 21.38 | 0.99% | 1 ...

Core Viewpoint - The company, Fangda Carbon New Material Technology Co., Ltd., has decided to terminate its participation in the substantial merger and restructuring of Shanshan Group and its wholly-owned subsidiary, Ningbo Pengze Trading Co., Ltd., after a month of initial engagement due to insufficient due diligence time and inability to make a reasonable valuation of the target assets [1][2]. Group 1 - The company initially announced its intention to participate in the restructuring as an industrial synergy partner, leveraging its advantages in the anode industry to enhance its supply chain stability and profitability [1]. - After submitting registration materials and paying a due diligence deposit of 50 million yuan, the company engaged in multiple communications regarding key aspects such as asset valuation and strategic planning [2]. - The decision to withdraw was based on a cautious assessment of potential risks and the company's strategic planning in the new materials and new energy sectors [2]. Group 2 - The company's core business focuses on carbon products, particularly graphite electrodes used in electric arc furnace steelmaking, which are significantly affected by industry cycles [2]. - Financial data indicates a continuous decline in the company's performance since 2021, with net profits decreasing from 1.085 billion yuan in 2021 to 113 million yuan in the first three quarters of 2025 [2]. - The company emphasized that the termination of the restructuring participation would not adversely affect its operational and financial status, nor harm the interests of the company and minority shareholders [2].

Core Viewpoint - Fangda Carbon New Material Technology Co., Ltd. has announced the termination of its participation in the substantive merger reorganization of the Shanshan Group and its wholly-owned subsidiaries, citing insufficient due diligence and risk assessment as key reasons for the decision [1][4][5]. Group 1: Company Actions and Decisions - The company submitted registration materials, paid a due diligence deposit of 50 million yuan, signed a confidentiality agreement, and conducted due diligence, but found the process too short to make a reasonable valuation of the target assets [4]. - After careful consideration, the company decided to withdraw from the reorganization to protect the interests of the listed company and its investors [5]. - The termination of the reorganization will not adversely affect the company's production operations or financial status [6]. Group 2: Market Context and Competitors - Shanshan Group's main business includes lithium battery anode materials and polarizers, which are competitive in the global market [5]. - The reorganization attracted 12 groups of potential investors, with over 20 companies involved, including notable firms like China Baoan, Tianqi Lithium, TCL Technology, and JD.com [6]. - Among the final bidders, only the China Baoan-led consortium remains as a publicly listed company, while other bidders include various joint ventures involving TCL Technology and BOE Technology Group [6].

Company News - Moutai Group issued a warning regarding false investment solicitations using its name, stating that it has not authorized any such activities and will cooperate with authorities to address the issue [4] - Tianlong Co., Ltd. announced plans to acquire a 32.2998% stake in Suzhou Haomibo Technology Co., Ltd. for 132 million yuan and will also invest 100 million yuan to increase its stake to 54.8666% [4][5] - Longpan Technology's subsidiary plans to invest up to 2 billion yuan in a high-performance lithium battery cathode material project, with an initial capacity of 120,000 tons of lithium iron phosphate [6] - Yushu Technology clarified that it is not involved in any "green channel" application for listing, stating that its listing process is proceeding normally [6] - Zhongjian Technology's board approved the development of an "intelligent boutique" project, focusing on collaboration with a leading terminal equipment provider for robotics applications [6] - CATL announced a share buyback of 15.99 million A-shares, representing 0.3628% of its total A-share capital, with a total transaction amount of 4.386 billion yuan [7] - Yanjian Co. is planning a major asset restructuring by acquiring control of Ningbo Yongqiang Technology Co., Ltd., with its stock set to be suspended from trading [7] - Fangda Carbon's decision to terminate its participation in the merger and restructuring of Shanshan Group was due to insufficient due diligence and strategic considerations in the new materials and energy sectors [7] Industry News - The Ministry of Culture and Tourism reported that during the New Year holiday, 142 million domestic trips were made, with total spending reaching 84.789 billion yuan [1] - Hainan's duty-free shopping during the New Year holiday saw sales of 442,000 items, with 83,500 shoppers spending 71.2 million yuan, marking a 128.9% year-on-year increase [2] - The State Council released a solid waste comprehensive management action plan aiming for significant improvements by 2030, including a target of 4.5 billion tons of annual comprehensive utilization of major solid waste [3] - Shanghai's government aims to develop a low-altitude economy with a core industry scale of around 80 billion yuan by 2028, establishing a complete industrial chain for new low-altitude aircraft [3]