NBSS(SH:600884) Xin Lang Cai Jing·2025-10-16 08:41Core Insights - Shanshan Holdings has recently added 6 new enforcement records, with a total enforcement amount exceeding 700 million yuan, involving multiple courts in Ningbo [1] - The financial performance of Shanshan Co., the core asset of Shanshan Holdings, has significantly declined in 2024, with a revenue of 18.68 billion yuan, down 2.05% year-on-year, and a net profit of -367 million yuan, a 147.97% decrease from the previous year [2] - A restructuring plan has been submitted for Shanshan Group, with a creditors' meeting scheduled for October 21 to vote on the plan, which could lead to a change in control to Ren Yuanlin, known as the "King of Private Shipping" in China [3][4] Financial Performance - Shanshan Co. reported a revenue of 18.68 billion yuan in 2024, a decrease of 2.05% compared to the previous year [2] - The net profit attributable to shareholders was -367 million yuan, a decline of 147.97% from a profit of 765 million yuan in the same period last year [2] - In the first half of 2025, the net profit attributable to shareholders rebounded to 207 million yuan, but still significantly lower than the 1.01 billion yuan reported in the first half of 2023 [2] Restructuring and Control Change - The restructuring plan for Shanshan Group has been submitted, with a creditors' meeting set for October 21 to vote on the proposal [3] - If the restructuring plan is approved, the new controlling entity will be Ren Yuanlin, who is the founder of Jiangsu Yangtze River Shipbuilding Group [3] - The outcome of the creditors' meeting is critical for the future of Shanshan Holdings and could reshape the competitive landscape of the Chinese new energy industry [4]