NBSS(SH:600884) Jing Ji Guan Cha Wang·2025-10-04 03:33Core Viewpoint - The power struggle within the Zheng family over Shanshan Group has concluded with the company entering a restructuring process, marking a significant change in control and management, led by the new actual controller Ren Yuanlin [1][2][4]. Group 1: Control Change and Restructuring - Shanshan Group and its subsidiaries have signed a restructuring investment agreement with a consortium including Jiangsu Xinyangzi Trading, TCL Industrial Investment, and others, indicating a fundamental change in the company's control [1][4]. - The restructuring will involve the acquisition of 23.36% of Shanshan's shares through various methods, with Ren Yuanlin emerging as the new actual controller [4][5]. - The restructuring includes a strict 36-month lock-up period for all parties involved, ensuring stability in control and signaling long-term commitment to the market [5]. Group 2: Financial Performance and Challenges - Shanshan's financial performance has been declining, with net profits dropping for three consecutive years, including a loss of 367 million yuan in 2024 due to intensified industry competition and cost pressures [6][7]. - However, in the first half of 2025, Shanshan reported a net profit of 207 million yuan, a remarkable increase of 1079.59% year-on-year, attributed to stabilized prices of anode materials and optimized customer structure [7][8]. - The company's stock price has surged over 160% from its low in April 2025 to the end of September, reflecting investor confidence in the restructuring and performance recovery [9]. Group 3: Strategic Outlook and Industry Context - Shanshan has established a dual business strategy focusing on lithium battery anode materials and polarizer production, but both sectors face significant challenges [9][10]. - The new actual controller Ren Yuanlin's background in finance and investment may provide necessary support for Shanshan's strategic upgrades and industry collaboration [9][10]. - The case of Shanshan highlights the broader challenges faced by private enterprises in China regarding succession, strategic transformation, and capital operations [10].