中国宝安火线入局，杉杉重整再临深渊

Core Viewpoint - China Baoan has entered the restructuring process of Shanshan Group, which is facing significant challenges, including potential antitrust reviews and industry competition issues [3][5][34]. Group 1: Restructuring Involvement - China Baoan announced its role as the lead investor in the restructuring of Shanshan Group, alongside its subsidiary, Bettery, and other potential investors [3][21]. - A due diligence deposit of 50 million yuan has been paid by China Baoan to facilitate the investigation process [3][21]. - The deadline for the restructuring is approaching on December 20, raising concerns about Shanshan Group's ability to avoid bankruptcy [5][23]. Group 2: Financial Performance - China Baoan reported a revenue of 20.23 billion yuan for 2024, a decrease of 34.1% year-on-year, with a net profit drop of 77.2% to 173 million yuan [9][27]. - Bettery, a key subsidiary, also experienced a revenue and profit decline of over 43% [9][27]. - Despite a slight recovery in revenue for China Baoan in the current year, net profit continues to decline, indicating reliance on Bettery's performance [11][29]. Group 3: Antitrust and Competition Risks - The potential merger of Bettery and Shanshan could trigger antitrust reviews due to their combined revenue exceeding 17 billion yuan, which raises concerns about market concentration [12][31]. - The merger could lead to a market share exceeding 40% in the anode materials sector, prompting scrutiny from regulatory bodies in China and abroad [14][32]. - Concerns from downstream battery manufacturers about supply chain stability have been expressed, indicating industry-wide apprehension regarding the merger [14][32]. Group 4: Restructuring Challenges - Previous potential investors, such as Fangda Carbon and Hunan Salt Industry Group, have withdrawn from the restructuring process, complicating Shanshan's situation [5][33]. - The restructuring faces additional challenges due to direct competition between Bettery and Shanshan in the anode materials market, which could lead to regulatory complications [34]. - Shanshan's financial situation is precarious, with total liabilities of 21.968 billion yuan and cash reserves of only 3.15 billion yuan, necessitating a swift resolution to the restructuring [17][35].