Snowsky Salt(SH:600929) Bei Ke Cai Jing·2025-12-05 14:24Core 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].