Chang Jiang Shang Bao·2025-11-25 23:33Core Viewpoint - The restructuring of Sany Group and its subsidiary Ningbo Pengze presents new opportunities, with Fangda Carbon participating as an investor to enhance its negative electrode industry layout and overall competitiveness [2][6]. Group 1: Restructuring Details - Fangda Carbon's board approved participation in the substantial merger restructuring of Sany Group and Ningbo Pengze, aiming to leverage synergies in the new energy sector [3][6]. - The restructuring process has faced challenges, with the court accepting Sany Group's bankruptcy restructuring in February 2025 and later deciding on a substantial merger restructuring in March [3][5]. - A consortium including New Yangzi Trade, New Yang Ship, TCL Investment, and Oriental Asset Management was initially selected as investors but later withdrew due to the restructuring plan not being approved by creditors [5]. Group 2: Financial Performance of Fangda Carbon - Fangda Carbon has experienced declining performance, with revenues of 5.132 billion and 3.872 billion in 2023 and 2024, respectively, reflecting year-on-year decreases of 3.54% and 24.55% [8]. - The net profit attributable to shareholders dropped significantly, with declines exceeding 50% for three consecutive years [11]. - In the first three quarters of 2025, Fangda Carbon reported revenues of 2.622 billion, down 16.79%, and a net profit of 113 million, down 55.89% [9]. Group 3: Performance of Sany Group - Despite the restructuring challenges, Sany Group's subsidiary, Sany Shares, reported a revenue increase of 11.48% year-on-year, reaching 14.809 billion in the first three quarters of 2025, with a net profit surge of 1121.72% [14]. - Sany Shares has established a dual technology engine development model focusing on negative materials and polarizers, maintaining a leading position in the global market for artificial negative materials and large-size polarizers [16][17]. - However, Sany Shares faces significant debt pressure, with total liabilities of 21.968 billion and cash reserves of only 3.15 billion as of the end of the third quarter [17].