Snowsky Salt(SH:600929) Sou Hu Cai Jing·2025-12-22 12:17Core Viewpoint - Xue Tian Salt Industry is seeking new growth points through cross-industry investments, recently acquiring a 41% stake in Hunan Meter New Materials Technology Co., Ltd., increasing its ownership to 61% and becoming the controlling shareholder [1][3]. Group 1: Acquisition Details - The acquisition price for Meter New Materials is 261 million yuan, with the payment to be made in installments from self-owned or self-raised funds [3]. - Xue Tian Salt previously held a 20% stake in Meter New Materials, acquired for 114 million yuan in November 2022, aimed at extending its soda ash industry chain [3]. - The acquisition is expected to enhance the company's main business revenue and profit scale, improving its competitiveness in the new energy sector [3]. Group 2: Financial Performance - Meter New Materials' performance is closely tied to the price of lithium cobalt oxide, which saw a rebound from approximately 140,000 yuan/ton in early 2025 to nearly 350,000 yuan/ton by November [4]. - Projected revenues for Meter New Materials are 629 million yuan in 2024 and 640 million yuan in the first three quarters of 2025, with net profits of 3.6 million yuan and 35.6 million yuan respectively [4]. - The company is also developing sodium-ion battery materials, but this segment is still in the research phase and has not yet achieved mass production [4]. Group 3: Industry Context - Xue Tian Salt's revenue has been declining, with reported revenues of 6.262 billion yuan and 5.392 billion yuan for 2023 and 2024, representing year-on-year declines of 2.77% and 13.9% respectively [5]. - The company's net profit for 2024 dropped significantly by 57.13% to 304 million yuan, with a further decline in 2025's first three quarters, where revenue fell by 21.99% to 3.244 billion yuan and net profit decreased by 90.37% to 32.6 million yuan [5]. - The main products of Xue Tian Salt include various types of salt and chemical products, with soda ash being a significant contributor to revenue, accounting for nearly 30% [5]. Group 4: Market Challenges - The price of soda ash has been in a downward trend since early 2024, with light soda ash prices dropping by 45.23% and heavy soda ash by 43.3% [6]. - The acquisition of Meter New Materials aligns with Xue Tian Salt's strategy to leverage its chemical production expertise and resources, but it faces challenges in technology, market competition, and management due to the rapid evolution of sodium-ion technology [6].