Core Viewpoint - The restructuring of Shanshan Group has attracted significant players, including China Baoan, which aims to lead a consortium for the substantial merger and restructuring of Shanshan Group and its subsidiary Ningbo Pengze Trading Co., Ltd [2] Group 1: Restructuring Background - Shanshan Group has faced a debt crisis and control disputes following the sudden death of its founder Zheng Yonggang in February 2023, leading to management instability and a significant decline in operational performance [3] - In 2024, Shanshan Co., Ltd. reported its first annual loss since listing, with a net loss of 367 million yuan, a year-on-year decline of 147.97%, and total liabilities reaching 23.673 billion yuan, with a short-term debt gap of 5.355 billion yuan [3] - The ongoing debt pressure triggered judicial restructuring procedures, with the Ningbo Intermediate People's Court accepting the bankruptcy restructuring case on February 25, 2025 [3] Group 2: Initial Restructuring Efforts - The first round of restructuring nearly succeeded when a consortium signed an investment agreement to acquire 23.36% control of Shanshan Co. for 3.284 billion yuan, but it ultimately failed due to the rejection of the plan by creditor groups [4][5] - A key factor in the failure was a lawsuit from a former intended investor, which disrupted the restructuring process [4] Group 3: New Round of Restructuring - Following the failure of the first round, a new round of investor recruitment was initiated on November 7, with a focus on investors with backgrounds in polarizers and/or anode materials [5][6] - The investment proposals include acquiring 100% equity of the debtor or forming a consortium with specific investment conditions [6] - Notable participants in the new round include Fangda Carbon and Hunan Salt Industry Group, with China Baoan completing preliminary preparations and submitting required materials [6] Group 4: Strategic Advantages and Market Implications - China Baoan and its subsidiary Bettery have a strong synergy in the lithium battery anode materials sector, with Bettery being the global leader in anode material shipments for 15 consecutive years [6] - The potential collaboration between the "global anode leader" and "artificial graphite leader" could enhance cost competitiveness and market positioning [7] - The restructuring has evolved into a battle for industry consolidation in the new energy materials sector, with significant implications for the future of the lithium battery materials industry [7]

Group 1 - The core issue revolves around the bankruptcy restructuring case of Shanshan Group, with China Baoan leading a consortium to participate in the restructuring process [1][3] - China Baoan has submitted registration materials and paid a due diligence deposit of 50 million yuan, indicating its commitment to the restructuring [1] - As of the first three quarters of 2025, China Baoan reported a revenue of 16.812 billion yuan, a year-on-year increase of 14.87%, while its net profit decreased by 26.51% to 283 million yuan [1] Group 2 - The potential merger involving Beiterui and Shanshan Group, both leaders in the anode materials sector, may trigger antitrust reviews due to their combined revenue exceeding regulatory thresholds [3] - According to the regulations, if the combined revenue of the involved parties exceeds 12 billion yuan and at least two parties have revenues over 800 million yuan in China, prior notification to antitrust authorities is required [3] - The outcome of the antitrust review will be a critical factor in determining the success of the restructuring process [3] Group 3 - Shanshan Group's major assets include its equity in Shanshan Co., Huishang Bank, and various real estate and receivables, with control over Shanshan Co. being the most sought-after asset by potential investors [5] - As of December 10, 2025, Shanshan Group had 400 million shares released from a freeze, representing 12.49% of its holdings, while 3.2 billion shares remained frozen [5] - A consortium involving Shanshan Group and other investors previously signed a restructuring investment agreement, but the draft plan was not approved [5] Group 4 - The new round of capital competition has begun, with various companies expressing interest in participating in the restructuring of Shanshan Group [6] - Fangda Carbon, part of the Fangda Group, has also announced its intention to participate, aiming to enhance its anode industry layout and achieve supply chain stability [6] - Hunan Salt Industry Group has registered as an interested investor, focusing on accelerating its layout in the new energy materials sector [6]

Core Viewpoint - The restructuring case of Shanshan Group has attracted significant attention, with China Baoan leading a consortium to participate in the substantial merger and restructuring of Shanshan Group and its wholly-owned subsidiary, Ningbo Pengze Trading Co., Ltd [1] Group 1: Company Involvement and Financial Performance - China Baoan has submitted application materials and paid a due diligence deposit of 50 million yuan to participate in the restructuring process [1] - For the first three quarters of 2025, China Baoan reported revenue of 16.812 billion yuan, a year-on-year increase of 14.87%, while its net profit attributable to shareholders decreased by 26.51% to 283 million yuan [1] - During the same period, Beiterui achieved revenue of 12.384 billion yuan, up 20.60% year-on-year, with a net profit of 768 million yuan, reflecting a 14.37% increase [1] Group 2: Market Dynamics and Competitive Landscape - Beiterui and Shanshan Co., Ltd. are the top two companies in global anode material shipments, indicating a highly competitive market [3] - The potential acquisition of Shanshan Group could trigger antitrust reviews due to the combined revenue exceeding 12 billion yuan, which may affect the restructuring process [3] - The restructuring process has seen various companies, including Fangda Carbon and Hunan Salt Industry Group, express interest in participating, indicating a new round of capital competition in the industry [6]

杉杉集团实质合并重整的资本棋局再添重量级玩家。12月12日晚间，中国宝安（000009.SZ）发布公告称，公司已 通过董事会决议，将作为重整投资联合体牵头人，联合旗下子公司贝特瑞（920185.BJ）及其他潜在投资人，参与 杉杉集团有限公司（下称"杉杉集团"）及其全资子公司宁波朋泽贸易有限公司（下称"宁波朋泽"）的实质合并重 整投资人招募。 回溯杉杉集团的重整之路，其背后是一场由债务危机、控制权纷争交织而成的困局。2023年2月，杉杉系创始人郑 永刚突发心脏病离世，随即引发了其子郑驹与继母周婷之间的控制权之争，这场内斗直接导致公司管理层频繁更 迭，经营稳定性遭受重创。 2024年，杉杉股份（600884.SH）迎来上市以来的首次年度亏损，归母净亏损达3.67亿元，同比大幅下滑 147.97%；截至2024年末，杉杉股份总负债攀升至236.73亿元，有息负债占比达67.29%，短债缺口高达53.55亿 元，资金链危机全面爆发。 债务压力的持续发酵最终触发了司法重整程序。2025年2月25日，浙江省宁波市鄞州区人民法院裁定受理杉杉集团 破产重整一案；3月20日，法院进一步裁定对杉杉集团与宁波朋泽进行实质合并重整， ...

备受关注的杉杉集团破产重组案又现新剧情，中国宝安（000009）拟入局。 12月12日晚，中国宝安公告称，董事会审议通过了《关于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》，同意公司作为重整投资联合体 (下称"联合体")牵头人，联合下属子公司贝特瑞新材料集团股份有限公司(以下简称"贝特瑞")及其他潜在投资人参与杉杉集团及其全资子公司宁波朋泽贸 易有限公司(下称"宁波朋泽")的实质合并重整投资人招募。 目前，中国宝安按照杉杉集团管理人发布的公告要求，已提交了报名材料，缴纳了尽职调查保证金5000万元，并委托了中介机构开展尽职调查。公司董事 局授权公司管理层拟定和提交重整投资方案，参与现场述标以及可能的竞争性谈判的工作。 中国宝安称，公司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，联合体是否被确定为最终的重整投资人存在不确定性。 杉杉集团由知名浙商郑永刚创立，旗下杉杉股份（600884），是全球锂电池负极材料与偏光片行业龙头，但郑永刚不幸病故。杉杉集团的破产重整备受资 本市场关注，最终谁会成为重整参与方，不妨拭目以待。 因债务问题，2025年2月，浙江省宁波市鄞州区人民法院作出《民事裁 ...

截至发稿，杉杉股份市值为299亿元。 每经AI快讯，杉杉股份（SH 600884，收盘价：13.3元）12月12日晚间发布公告称，公司于2024年12月 26日在上海证券交易所网站发布了《关于控股股东部分股份被冻结的公告》，披露了控股股东杉杉集团 有限公司（下称"杉杉集团"）所持公司部分股份被浙江省宁波市中级人民法院轮候冻结的情况。公司于 近日获悉，浙江省宁波市中级人民法院已于2025年12月10日解除对相关股份的轮候冻结，本次解除轮候 冻结股份4000万股。 2024年1至12月份，杉杉股份的营业收入构成为：偏光片占比55.26%，负极材料占比43.88%，其他业务 占比0.86%。 每经头条（nbdtoutiao）——实施城乡居民增收计划、降准降息等工具灵活高效运用、增加普通高中学 位……深度解读中央经济工作会议 （记者 王晓波） ...

（编辑 任世碧） 证券日报网讯 12月12日晚间，杉杉股份发布公告称，公司于2024年12月26日在上海证券交易所网站发 布了《关于控股股东部分股份被冻结的公告》（公告编号：临2024-082），披露了控股股东杉杉集团有 限公司（简称"杉杉集团"）所持公司部分股份被浙江省宁波市中级人民法院轮候冻结的情况。公司于近 日获悉，浙江省宁波市中级人民法院已于2025年12月10日解除对相关股份的轮候冻结，本次解除轮候冻 结股份40，000，000股。 ...

证券代码：600884 证券简称：杉杉股份 公告编号：临 2025-085 宁波杉杉股份有限公司 全资子公司宁波朋泽贸易有限公司（下称"朋泽贸易"）进行实质合并重整，并 指定北京市中伦（上海）律师事务所、浙江甬泰律师事务所、浙江中兴会计师事 务所（特殊普通合伙）为其管理人。本次解除轮候冻结系因管理人依照《中华人 民共和国企业破产法》第十九条向相关法院申请解除对杉杉集团的财产保全措施， 相关法院受理管理人申请并解除了上述股份的轮候冻结。 宁波杉杉股份有限公司（下称"公司"）于 2024 年 12 月 26 日在上海证券交 易所网站发布了《关于控股股东部分股份被冻结的公告》（公告编号：临 2024-082），披露了控股股东杉杉集团有限公司（下称"杉杉集团"）所持公司部 分股份被浙江省宁波市中级人民法院轮候冻结的情况。 公司于近日获悉，浙江省宁波市中级人民法院已于 2025 年 12 月 10 日解除 对相关股份的轮候冻结，现将有关事项公告如下： 注："剩余被冻结/标记股份数量"未包含轮候冻结数量。本次解除轮候冻结后，杉杉 集团累计被轮候冻结数量为 444,429,316 股，占其持有公司股份总数的 138.76% ...

二、其他相关说明 浙江省宁波市鄞州区人民法院已于 2025 年 3 月 20 日裁定杉杉集团及其下属 1 证券代码：600884 证券简称：杉杉股份 公告编号：临 2025-085 宁波杉杉股份有限公司 关于控股股东部分股份解除轮候冻结的公告 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。 宁波杉杉股份有限公司（下称"公司"）于 2024 年 12 月 26 日在上海证券交 易所网站发布了《关于控股股东部分股份被冻结的公告》（公告编号：临 2024-082），披露了控股股东杉杉集团有限公司（下称"杉杉集团"）所持公司部 分股份被浙江省宁波市中级人民法院轮候冻结的情况。 公司于近日获悉，浙江省宁波市中级人民法院已于 2025 年 12 月 10 日解除 对相关股份的轮候冻结，现将有关事项公告如下： 注："剩余被冻结/标记股份数量"未包含轮候冻结数量。本次解除轮候冻结后，杉杉 集团累计被轮候冻结数量为 444,429,316 股，占其持有公司股份总数的 138.76%，占公司总 股本的 19.76%。 公司郑重提醒广大投资者，公司 ...

杉杉股份公告称，近日获悉浙江省宁波市中级人民法院于2025年12月10日，解除对控股股东杉杉集团 4000万股股份的轮候冻结，占其所持股份比例12.49%，占公司总股本比例1.78%。此次解除轮候冻结， 系管理人向相关法院申请解除财产保全措施所致。目前，杉杉集团和朋泽贸易合计持有公司股份占总股 本23.36%，累计被司法冻结、标记股份525,561,392股，累计被轮候冻结股份497,974,072股。 ...