钴酸锂价格触底反弹，美特新材有望增强公司盈利能力。当前美特新材主要产品包括钴酸锂、三元正极 材料和钠电正极材料等，2024 年实现营业收入6.29 亿元、净利润359.74 万元。2025 年前三季度，美特 新材实现营业收入6.40 亿元、净利润3560.96 万元，接近去年全年净利润的10 倍。业绩大涨的主要是因 为公司核心产品钴酸锂的价格在快速反弹。据百川盈孚数据，截至2025 年12 月5 日，钴酸锂市场均价 38.1 万元/吨，较年初增长176.29%。预计美特新材能够有效提升公司主营业务收入和利润规模，提高公 司盈利能力和市场竞争力。 投资建议：公司明确沿核心主业盐及资源进行延链补链强链，构建"聚焦资源、以盐为轴、一体三翼、 两轮驱动"的新产业格局。我们预计公司25-27年归母净利润分别为0.41、1.54、3.05 亿元，同比增速 为-86.42%、+273.33%、+98.13%，首次覆盖，给予"推荐"评级。。 风险提示：1.产品价格下行风险；2.资产收购不及预期；3.原材料价格波动；4.新项目回报不及预期等。 事件：据公司公告，公司拟购买控股股东湖南盐业集团控制的美特新材41%的股权，本次收购 ...

上市企业：苏盐井神（603299）,中盐化工（600328）,雪天盐业（600929）,苏盐井神（603299）,山东海 化（000822）,三友化工（600409）,云南盐化（002053） 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 根据国家统计局数据显示：2025年10月中国原盐产量为631万吨，同比下降1.8%；2025年1-10月中国原 盐累计产量为5145.9万吨，累计下降1.2%。 2020-2025年1-10月中国原盐产量统计图 相关报告：智研咨询发布的《2026-2032年中国盐行业投资机会分析及市场前景趋势报告》 ...

Core Viewpoint - Xue Tian Salt Industry Group Co., Ltd. is attempting to find growth in its performance by expanding into the new energy sector through the acquisition of a 41% stake in Hunan Meter New Materials Technology Co., Ltd. from its controlling shareholder, which will increase its ownership to 61% and make it the controlling shareholder [1][2]. Group 1: Acquisition Details - The acquisition is valued at 261 million yuan and aims to enhance Xue Tian Salt's revenue and profit scale while improving its competitiveness in the new energy industry [2][3]. - Meter New Materials primarily produces lithium cobalt oxide, ternary cathode materials, and sodium battery cathode materials, which are used in the production of new energy batteries [2]. Group 2: Financial Performance - Meter New Materials has shown unstable performance, with a net profit loss of 239,400 yuan in 2024, which surged to a profit of 35.607 million yuan in the first three quarters of 2025, indicating significant volatility [6]. - Xue Tian Salt's revenue for 2024 was 5.392 billion yuan, a decrease of 13.9% year-on-year, and its net profit fell by 57.13% to 304 million yuan [6]. Group 3: Strategic Challenges - The transition to new energy is fraught with challenges, including technological hurdles, lack of direct business synergy between Xue Tian Salt and Meter New Materials, and financial pressures due to ongoing investments in new energy research and production [7]. - The sodium battery business of Meter New Materials has not yet achieved large-scale production, limiting its immediate contribution to Xue Tian Salt's overall profits [7].

公告显示，本次交易构成关联交易，不构成重大资产重组。此前，雪天盐业已持有美特新材20%股权，本次收购完成后，雪天盐业将合计持有美特新材61% 的股份，成为美特新材的控股股东。 公开资料显示，美特新材主营业务为钴酸锂的生产和销售，拥有设计产能7500吨，核定产能为5500吨生产线。钠电方面，美特新材已组建专业技术管理团队 推进核心技术研发，但尚未实现规模化量产，营收占比较小。美特新材当前主要产品包括钴酸锂、三元正极材料和钠电正极材料等，下游主要应用于新能源 电池产品的生产制造。 财务数据显示，2024年，美特新材实现营收6.29亿元，实现净利润359.74万元；2025年前三季度，美特新材实现营收6.4亿元，实现净利润3560.96万元。 12月2日，雪天盐业（600929.SH）发布公告称，拟收购控股股东湖南盐业集团有限公司控制的湖南美特新材料科技有限公司（下称"美特新材"）41%股权， 预计交易价格为2.61亿元。 公开资料显示，雪天盐业成立于2011年，是全国盐行业首家产销一体、跨省联合的现代股份制企业，主营盐及盐化工。 雪天盐业近年业绩明显承压。雪天盐业2023年、2024年净利润同比分别下降7.86% ...

雪天盐业集团股份有限公司 2025 年第一次临时股东大会 会议材料 股票代码：600929 二〇二五年十二月十二日 1 雪天盐业集团股份有限公司 2025 年第一次临时股东大会参会须知 为维护投资者的合法权益，保障股东在雪天盐业集团股份有限公 司（以下简称公司）2025 年第一次临时股东大会期间依法行使权利， 确保股东大会的正常秩序和议事效率，根据《中华人民共和国公司法》 （以下简称《公司法》）《雪天盐业集团股份有限公司公司章程》（以下 简称《公司章程》）《股东大会议事规则》的有关规定，特制定本须知： 一、请按照本次股东大会会议通知（2025 年 11 月 25 日刊登于上 海证券交易所网站（www.sse.com.cn），公告编号：2025-058）中规定 的时间和登记方法办理参加会议手续，证明文件不齐或手续不全的， 谢绝参会。 二、公司设立股东大会办事处，具体负责大会有关各项事宜。 三、股东参加股东大会依法享有发言权、质询权、表决权等权利， 同时也应履行法定义务，自觉维护会场秩序，尊重其他股东的合法权 益。进入会场后，请关闭手机或调至静音状态。 四、大会秘书处按照有关要求会前向股东书面征集了相关问题， 会 ...

Group 1 - Hunan Salt Industry Group has officially registered as an intended restructuring investor for Shanshan Group, completing a deposit of 50 million yuan, marking a strategic move to accelerate its layout in the new energy and new materials sector [1] - The restructuring aims to integrate capital with industry, solidifying the "Salt + New Energy" industry layout and fostering a second growth curve for the group [1] - Hunan Salt Industry Group is a state-owned enterprise with a registered capital of 1 billion yuan, established to manage the province's salt industry and is actively seeking policy guidance and resource support for the restructuring [1][2] Group 2 - Hunan Salt Industry Group's main business includes salt, salt chemicals, and new energy materials, with total assets amounting to 20.561 billion yuan by the end of 2023 [2] - The group plans to leverage its strong industrial foundation and mature capital platform, along with collaborations with research institutions, to inject new vitality into Shanshan Co., Ltd.'s ongoing development [2] - Shanshan Group, along with its subsidiary Pengze Trading, was ordered to undergo substantial merger restructuring due to significant debt-related lawsuits, with a court ruling set for March 20, 2025 [2][3] Group 3 - In September, a consortium of restructuring investors, including Shanshan Group and others, signed a restructuring investment agreement, but the draft plan failed to pass a vote [3] - On November 24, the "Fangda System" announced its intention to participate in the restructuring of Shanshan Group, indicating increased market interest in the restructuring process [3] - Shanshan Co., Ltd. is a leader in the global lithium battery anode materials and polarizer industry, aligning well with Hunan Salt Industry Group's focus on new energy and materials [3]

证券日报网讯12月3日晚间，雪天盐业（600929）发布公告称，湖南盐业集团及其一致行动人于2025年9 月3日至2025年12月3日，以集中竞价交易方式累计增持公司股份17，127，900股，增持金额102，474， 996.65元，占公司总股本的1.044%，权益变动后合计持股比例由62.01%升至63.08%。 ...

Core Viewpoint - Xue Tian Salt Industry (600929.SH) plans to acquire a 41% stake in Hunan Meter New Materials Technology Co., Ltd. for 260 million yuan, increasing its total ownership to 61% after the acquisition, marking a significant move towards diversification beyond its core salt business [2][3]. Group 1: Investment Details - The acquisition is part of Xue Tian Salt's strategy to enhance its business portfolio, following a previous investment of 51 million yuan in a fiber research institute [2]. - The total investment in Meter New Materials will amount to approximately 370 million yuan, reflecting a 41.16% increase in the company's valuation from 245 million yuan to 629 million yuan over three years [3]. - The company aims to improve its revenue and profit scale through this acquisition, which is expected to enhance its competitiveness in the new energy sector [3]. Group 2: Financial Performance - Xue Tian Salt's revenue for 2024 is projected to decline by 13% to 5.39 billion yuan, with a 57% drop in net profit to 304 million yuan [6]. - In the first three quarters of 2025, the company reported a 21% decrease in revenue to 3.24 billion yuan and a 90% decline in net profit, marking the lowest performance since its listing in 2018 [6][8]. - The company's reliance on the soda ash industry, which constitutes about 27% of its business, has led to significant performance volatility due to cyclical downturns in this sector [7]. Group 3: Market Context - The soda ash industry has entered a downward cycle, with prices dropping over 40% in 2024, further impacting Xue Tian Salt's financials [9]. - The company is attempting to shift its product structure towards high-end salt products, but this strategy may not sufficiently counteract the declining prices of soda ash and related products in the short term [9]. - Xue Tian Salt is also investing in a large-scale project in Hunan, which is expected to increase production capacity significantly, but this may lead to higher financial costs amid falling profits [11][12].

Core Viewpoint - Xue Tian Salt Industry Group Co., Ltd. plans to acquire a 41% stake in Hunan Meter New Materials Co., Ltd., increasing its total ownership to 61%, thereby becoming the controlling shareholder, which aligns with its strategy to focus on resources and expand into the new energy sector [2][3]. Group 1: Acquisition and Strategic Intent - The acquisition of Meter New Materials is a key move for Xue Tian Salt Industry to enter the new energy sector, particularly in sodium battery anode materials [2][3]. - This strategic integration aims to leverage the synergy between Xue Tian Salt Industry's salt chemical industry and Meter New Materials' capabilities, enhancing cost control and supply chain security [4][6]. Group 2: Financial Performance of Meter New Materials - Meter New Materials reported a revenue of 640 million yuan for the first three quarters of 2025, surpassing its total revenue of 630 million yuan for 2024, with a net profit of 35.61 million yuan, significantly up from 3.6 million yuan in 2024 [3]. - The net assets of Meter New Materials increased from 410 million yuan at the end of 2024 to 446 million yuan by September 2025, marking an 8.68% growth, while total assets rose from 859 million yuan to 1.111 billion yuan, a 29.36% increase [3]. Group 3: Technological Advancements and Future Plans - Xue Tian Salt Industry is not limited to sodium batteries; it has established a fiber research institute in collaboration with academic experts to innovate in smart fiber materials, extending its "salt + new energy" strategy [5][6]. - The fiber research institute aims to develop mass production processes and optimize core technologies for smart fiber materials, facilitating the company's transition from traditional salt chemicals to new energy applications [5][6]. Group 4: Industry Position and Future Outlook - As a significant player in the salt and salt chemical industry, Xue Tian Salt Industry is positioned to achieve a transformation from a single salt product focus to a diversified portfolio including new energy materials and smart fibers [6]. - The company's dual-driven strategy of "salt + new energy" is expected to create a differentiated competitive advantage in the new energy sector, contributing to its high-quality development [6].

Core Viewpoint - The acquisition of a 41% stake in Hunan Meter New Materials Technology Co., Ltd. by Xue Tian Salt Industry for approximately 261 million yuan raises concerns due to the company's declining performance and the target company's unstable financial results [1][3]. Group 1: Xue Tian Salt Industry's Performance - Xue Tian Salt Industry is facing significant performance challenges, with a net profit of 304 million yuan in 2024, representing a 57.13% year-on-year decline [1]. - The company's gross profit margin decreased from 29.85% in 2021 to 26.61% in 2024, while operating profit margin fell from 10.52% to 7.04%, and net profit margin dropped from 8.40% to 5.64% during the same period [1]. - Total operating revenue for 2024 was 5.392 billion yuan, down 13.90% year-on-year, indicating a lack of growth in core business [1]. Group 2: Acquisition Details - The acquisition price for the 41% stake in Meter New Materials will be 261 million yuan, increasing Xue Tian Salt Industry's ownership from 20% to 61% [1]. - Meter New Materials specializes in the production and sales of lithium cobalt oxide, with a designed capacity of 7,500 tons and a certified capacity of 5,500 tons [2]. Group 3: Meter New Materials' Performance - Meter New Materials reported a net loss of 2.6413 million yuan in 2024, but this figure surged to 35.607 million yuan in the first three quarters of 2025, indicating significant volatility in performance [3]. - The company's sodium battery cathode material business is still in the research and development stage and has not yet achieved large-scale production, which limits immediate growth prospects [3]. Group 4: Market and Industry Risks - The acquisition exposes Xue Tian Salt Industry to multiple risks, as Meter New Materials' products are limited to the consumer electronics sector and do not target the rapidly growing electric vehicle market [4]. - The lithium battery industry is experiencing cyclical adjustments, with significant fluctuations in raw material prices and increasing competition, which could impact future performance [4]. - The demand for lithium cobalt oxide is closely tied to the consumer electronics market, which is currently facing a slowdown, raising concerns about growth potential [4].