Zheng Quan Ri Bao Wang·2025-11-25 11:19Core Viewpoint - Fangda Carbon intends to participate as an industrial partner in the restructuring of Shanshan Group and its subsidiary Ningbo Pengze, signaling a strategic shift towards the new energy sector to diversify its business and address the slowdown in traditional carbon industry growth [1][2][3] Group 1: Restructuring Participation - Fangda Carbon will submit necessary documentation and conduct due diligence as part of its involvement in the restructuring process of Shanshan Group and Ningbo Pengze [1] - The restructuring package includes a 23.32% stake in Ningbo Shanshan Co., which is a leading player in the lithium-ion battery anode material sector [2][3] - The restructuring aims to integrate resources in the anode materials and new energy fields, enhancing Fangda Carbon's supply chain stability and core competitiveness [3] Group 2: Financial Performance and Strategic Shift - Fangda Carbon's core business focuses on graphite electrodes, heavily influenced by industry cycles, with net profits declining from 10.85 billion yuan in 2021 to 1.13 billion yuan in the first three quarters of 2025 [4] - The company aims to accelerate its anode material layout and achieve industry chain integration through the restructuring, leveraging Shanshan's production capacity and technology [4] - Fangda Carbon has been developing anode materials since 2001 and has established a production line with a capacity of 2,000 tons, planning to expand to 50,000 tons [4] Group 3: Research and Development in Solid-State Batteries - Fangda Carbon has made significant progress in the field of solid-state batteries, achieving breakthroughs in key materials such as lithium-silicon-carbon anodes and sodium hard carbon anodes [5] - Despite advancements in R&D, the company has yet to convert these breakthroughs into large-scale revenue and actual orders [5][6] - The transition from laboratory breakthroughs to mass production remains a critical challenge for Fangda Carbon [6]