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].

Group 1 - The core point of the article is that Xue Tian Salt Industry plans to acquire a 41% stake in Hunan Meite New Materials Technology Co., Ltd. for approximately 261 million yuan, which will increase its total ownership to 61% and make it the controlling shareholder of Meite New Materials [2][4] - The transaction is classified as a related party transaction and does not constitute a major asset restructuring [4] - Meite 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 [4] Group 2 - In 2024, Meite New Materials is projected to achieve a revenue of 629 million yuan and a net profit of 3.5974 million yuan, while in the first three quarters of 2025, it is expected to generate a revenue of 640 million yuan and a net profit of 35.6096 million yuan [4] - Xue Tian Salt Industry, established in 2011, is the first modern joint-stock enterprise in the national salt industry, focusing on salt and salt chemicals [4] - Xue Tian Salt Industry has faced significant performance pressure in recent years, with net profits declining by 7.86% and 57.13% in 2023 and 2024, respectively [4] Group 3 - To advance its strategic transformation, Xue Tian Salt Industry is enhancing its layout in the new energy sector, leveraging its salt chemical raw materials and basic chemical platform to support Meite New Materials [5] - Meite New Materials is expected to become an important platform for Xue Tian Salt Industry's sodium-ion battery and other new energy materials businesses, facilitating the company's extension into high-tech and high-value-added sectors [5]

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]

Core Viewpoint - Hunan Salt Industry Group and its concerted actors increased their stake in Xue Tian Salt Industry by acquiring 17,127,900 shares for a total amount of 102,474,996.65 yuan, raising their ownership from 62.01% to 63.08% [1] Summary by Category Shareholding Changes - The total shares acquired by Hunan Salt Industry Group and its concerted actors amounted to 17,127,900 shares [1] - The total investment made for this acquisition was 102,474,996.65 yuan [1] - The ownership percentage increased from 62.01% to 63.08% following the acquisition [1]

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].

证券代码：600929 证券简称：雪天盐业 公告编号：2025-061 关于控股股东及其一致行动人累积增持公司股份 权益变动触及 1%刻度的提示性公告 持股 5%以上股东湖南盐业集团有限公司（以下简称湖南盐业集团或信 息披露义务人）及其一致行动人保证向本公司提供的信息真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息 一致。 本次变动情况：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，以集中竞价的交易方式累计增持雪天盐业集团股份有限公司（以 下简称公司或雪天盐业）股份 17,127,900 股，增持金额 102,474,996.65 元，增 持完成后，湖南盐业集团及其一致行动人权益变动触及 1%整数倍。 一、 信息披露义务人及其一致行动人的基本信息 1.身份类别 | | √控股股东/实际控制人及其一致行动人 | | --- | --- | | | □其他 5%以上大股东及其一致行动人 | | 投资者及其一致行动人的身份 | □合并口径第一大股东及其一致行动人（仅适用 | | | 于无控股股东、实 ...

格隆汇12月3日丨雪天盐业(600929.SH)公布，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，以集中竞价的交易方式累计增持雪天盐业集团股份有限公司股份1712.79万股，增持金额1.02亿 元，增持完成后，湖南盐业集团及其一致行动人权益变动触及1%整数倍。 ...