近期，"方大系"旗下方大炭素（600516）拟入局杉杉集团有限公司（以下简称"杉杉集团"）重整一事引发了市场极大关注。方大炭素11月25日发 布公告称，公司拟作为产业协同方参与杉杉集团及其全资子公司实质合并重整投资人招募。此前因重整草案被否，杉杉集团的重整计划未能如 愿，如今方大炭素入局也给杉杉集团重整带来了新的曙光。 欲参与杉杉集团重整 方大炭素11月25日宣布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"宁波朋泽"）的实质合并重整投资人招募。公告显示，本 次报名参与重整投资人招募不构成关联交易，不构成重大资产重组。据悉，杉杉集团系上市公司杉杉股份的控股股东之一，宁波朋泽则是杉杉股 份第二大股东。 作为"方大系"旗下的上市公司，方大炭素于2002年登陆A股市场，所属行业为炭素行业，主要产品包括石墨电极、块状炭砖、等静压石墨、核电 用炭/石墨材料、石墨烯材料、炭/炭复合材料及炭素制品生产用主要原料煤系针状焦、低硫煅后石油焦和煤沥青。 方大炭素称，本次参与杉杉集团及其全资子公司的实质合并重整符合公司产业布局和战略发展。 回顾杉杉集团的重整之路，可谓一波三折。 今年3月，杉杉集团和宁波朋泽的实质合并重 ...

Core Viewpoint - The article discusses the recent developments regarding Fangda Carbon and its potential acquisition of Shanshan Co., highlighting the challenges faced in the restructuring process and the impact of leadership changes within Shanshan Co. [2][4][6] Group 1: Company Background - Fangda Carbon primarily engages in the production and sale of carbon products, while Shanshan Co. is a leading global supplier of lithium battery anode materials, indicating a significant synergy in the carbon-based materials sector [2]. - Fangda Carbon's controlling shareholder, Liaoning Fangda Group, has been actively expanding its presence in the capital market since 2002, including notable acquisitions and restructuring efforts [2]. Group 2: Recent Developments - On November 3, Shanshan Co. announced that its restructuring plan was rejected by the creditors' meeting, preventing "private shipping king" Ren Yuanlin from taking control [4]. - The restructuring plan failed to pass due to opposition from several creditor groups, including the general creditor group and the investor group [4]. Group 3: Leadership Changes - The fate of Shanshan Co. shifted dramatically following the sudden death of its founder, Zheng Yonggang, in 2023, leading to a power struggle over the company's control [6]. - Zheng Yonggang's son, Zheng Ju, was elected as chairman shortly after his father's death, but faced opposition from his stepmother, Zhou Ting, who claimed to be the actual controller of Shanshan Co. [6]. - Frequent management changes have impacted the company's operations, culminating in the freezing of shares held by the controlling shareholder and the initiation of restructuring proceedings for Shanshan Group in early 2025 [6].

Core Viewpoint - The restructuring plan for Shanshan Co., Ltd. has faced obstacles, leading to the selection of a new investor, Fang Wei, the richest man in Liaoning, to participate in the restructuring process [1][5]. Group 1: Restructuring Developments - The restructuring plan initially proposed by "China's private shipping king" Ren Yuanlin was rejected, as it did not receive approval from the creditors' meeting [7]. - Fang Dacarbons, under the Fang Group, has agreed to participate as a substantial investor in the restructuring of Shanshan Group and its subsidiary Ningbo Pengze Trading Co., Ltd. [3][4]. - The restructuring investment agreement previously involved Ren Yuanlin's consortium aiming to acquire 23.36% of Shanshan Co.'s shares for a total price of 3.284 billion yuan [5][7]. Group 2: Company Background and Management Changes - Shanshan Group, founded by Zheng Yonggang in 1989, has evolved from a clothing business to a leading supplier of lithium battery anode materials [9]. - Following Zheng Yonggang's sudden death in 2023, a power struggle over share inheritance emerged between his son Zheng Ju and his widow Zhou Ting, leading to significant management instability [9]. - Frequent changes in management have impacted the company's operations, culminating in the freezing of shares held by the controlling shareholder and the subsequent application for restructuring [9].

长江商报记者 黄聪 2025年6月6日，杉杉集团管理人发布了《关于意向投资人招募的公告》，依照相关法律规定公开招募和 遴选重整投资人。 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(以下简称"宁波朋泽") 的破产重整案，迎来了新的机遇。 11月24日晚间，方大炭素(600516.SH)发布公告称，公司当日召开董事会，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》，同意公司作为产业协同方参与杉杉集团及其 全资子公司宁波朋泽的实质合并重整投资人招募。 方大炭素表示，参与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。 近年来，方大炭素业绩并不理想，公司已连续近三年业绩双降，且归母净利降幅均超过50%。 2025年前三季度，方大炭素毛利率达10.17%，创下公司近18年以来新低。 杉杉集团重整一波三折 11月24日晚间，方大炭素发布公告称，公司当日召开董事会，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》，同意公司作为产业协 ...

杉杉集团重整进程迎来新进展。11月24日晚，方大炭素公告称，公司拟报名参与杉杉集团及其全 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。公告指出，本次报名不构成关联交 易或重大资产重组，最终能否成为正式重整投资人仍存在不确定性。 资料显示，杉杉股份主营锂电池负极材料与偏光片业务。其中，偏光片业务包括LCD及OLED偏光 片的研发、生产与销售。2025年前三季度，公司实现营业总收入148.09亿元，同比增长 11.48%；实现归属于上市公司股东的净利润2.84亿元，同比增长1121.72%。 据了解，今年3月，杉杉集团启动与朋泽贸易的实质合并重整。本次重整的核心资产包括杉杉股份 23.32%的股权，但大部分已被质押或司法冻结。此外，资产包还包括徽商银行股权、杉杉医疗投 资、不动产及约95.98亿元应收款。 9月，TCL科技曾计划通过TCL厦门产投，与新扬子商贸、新扬船投资、中国东方深圳分公司组成 联合投资方，参与杉杉集团及其全资子公司宁波朋泽的合并破产重整。 但在11月初，杉杉股份公告称，由新扬子商贸联合体提出的重整计划草案未获债权人会议通过， 重整投资协议因此解除。11月7日，重整管理人宣布解除原投资 ...

记者丨赵云帆 编辑丨朱益民 11月24日晚间，"方大系"旗下方大炭素（600516.SH）公告，同意公司作为产业协同方参与杉杉集团有 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，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。 疑似受到消息驱动，方大炭素11月25日收盘以涨停报收，报6.51元/股；杉杉集团旗下杉杉股份 （600884.SH）收涨5.74%。 另据21世纪经济报道获悉，目前杉杉集团及宁波朋泽已经开启新一轮重组，流程仍将按照初选，终选， 以及债权人委员会投票的方式决定。 继杉杉集团首次重组草案意外流产之后，重整计划的新重整投资人遴选已经悄然开始。第一个选择广而 告之的意向投资者，为长袖善舞的"方大系"。 "上周宁波方面组织召开了一个意向投资者的沟通会，方大炭素位列其中。"有接近重组的知情人士告诉 21世纪经济报道记者："其中方大炭素不是早一届遴选的意向投资者，而是这轮遴选的全新参与方。" 该人士还向记者透露，新一轮遴选参与的投资者有先前的一些投资者，也有像方大炭素一样的新意向投 资者，还有部分过 ...

记者丨赵云帆 编辑丨朱益民 继杉杉集团首次重组草案意外流产之后，重整计划的新重整投资人遴选已经悄然开始。第一个 选择广而告之的意向投资者，为长袖善舞的"方大系"。 11月24日晚间，"方大系"旗下方大炭素（600516.SH）公告，同意公司作为产业协同方参与杉 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，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。 疑似受到消息驱动，方大炭素11月25日收盘以涨停报收，报6.51元/股；杉杉集团旗下杉杉股 份（600884.SH）收涨5.74%。 另据21世纪经济报道获悉， 目前杉杉集团及宁波朋泽已经开启新一轮重组，流程仍将按照初 选，终选，以及债权人委员会投票的方式决定 。 "上周宁波方面组织召开了一个意向投资者的沟通会，方大炭素位列其中。" 有接近重组的知 情人士告诉21世纪经济报道记者："其中方大炭素不是早一届遴选的意向投资者，而是这轮遴 选的全新参与方。" 而更为大手笔的操作则是在2021年，方大集团作为战略投资者参与海航控股的重整。 值得注意的是， 辽宁 ...

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].

Core Viewpoint - A significant block trade of 5.8168 million shares of Shanshan Co., Ltd. occurred on November 25, with a transaction value of 68.9291 million yuan, reflecting a discount of 6.77% compared to the closing price of the day [2] Summary by Relevant Sections Block Trade Details - The block trade involved a transaction volume of 5.8168 million shares and a transaction price of 11.85 yuan per share [2] - The total transaction amount was 68.9291 million yuan [2] - The buyer was Shenwan Hongyuan Securities Co., Ltd. Beijing Branch, while the seller was Huashan Securities Co., Ltd. Beijing Zhongguancun Street Securities Branch [2] Recent Trading Activity - Over the past three months, Shanshan Co., Ltd. has recorded a total of 2 block trades, with a cumulative transaction value of 124 million yuan [2] - On the same day, the closing price of Shanshan Co., Ltd. was 12.71 yuan, marking an increase of 5.74% [2] - The daily turnover rate was 4.46%, with a total trading volume of 1.008 billion yuan and a net inflow of main funds amounting to 58.5807 million yuan [2] - In the last five days, the stock has seen a cumulative decline of 5.50%, with a total net outflow of funds amounting to 115 million yuan [2] Margin Financing Data - The latest margin financing balance for Shanshan Co., Ltd. is 1.671 billion yuan, which has decreased by 15.7806 million yuan over the past five days, representing a decline of 0.94% [2]

继杉杉集团首次重组草案意外流产之后，重整计划的新重整投资人遴选已经悄然开始。第一个选择广而告之的意向投资者，为 长袖善舞的"方大系"。 11月24日晚间，"方大系"旗下方大炭素（600516）(600516.SH)公告，同意公司作为产业协同方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，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。 疑似受到消息驱动，方大炭素11月25日收盘以涨停报收，报6.51元/股；杉杉集团旗下杉杉股份（600884）(600884.SH)收涨 5.74%。 另据21世纪经济报道获悉，目前杉杉集团及宁波朋泽已经开启新一轮重组，流程仍将按照初选，终选，以及债权人委员会投票 的方式决定。 "上周宁波方面组织召开了一个意向投资者的沟通会，方大炭素位列其中。"有接近重组的知情人士告诉21世纪经济报道记 者："其中方大炭素不是早一届遴选的意向投资者，而是这轮遴选的全新参与方。" 从经营层面来看，方大炭素的主业整体呈现明显萎缩态势。2022年至2024年，方大炭素分别实现营业总收入52 ...