收购美特新材 雪天盐业跨界新能源

Core Viewpoint - Xue Tian Salt Industry is seeking new growth points through cross-industry investments, recently acquiring a 41% stake in Hunan Meter New Material Technology Co., Ltd., increasing its ownership from 20% to 61% to gain control over the company [1][2]. Group 1: Acquisition Details - The acquisition of Meter New Material was formalized with a share transfer agreement, with a transaction value of 261 million yuan [2]. - Xue Tian Salt Industry aims to enhance its new energy industry chain, improve profitability, and increase market competitiveness through this acquisition [2][3]. - The company previously acquired a 20% stake in Meter New Material for 114 million yuan in November 2022, indicating a strategic long-term relationship [2]. Group 2: Financial Performance - Meter New Material's performance is closely tied to the price fluctuations 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 [3]. - Projected revenues for Meter New Material 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 [3]. - The company is also developing sodium battery materials, having sold ton-level products in the first half of 2025, although this segment is still in the R&D phase and not yet mass-produced [3]. Group 3: Industry Context - Xue Tian Salt Industry's revenue has been declining, with reported revenues of 6.262 billion yuan and 5.392 billion yuan for 2023 and 2024, respectively, marking declines of 2.77% and 13.9% year-on-year [4]. - The company's net profit has also decreased significantly, with a drop of 90.37% in the first three quarters of 2025 compared to the previous year [4]. - The main products of Xue Tian Salt Industry include various types of salt and chemical products, with soda ash being a significant contributor to revenue, which has been adversely affected by falling prices [4][5]. Group 4: Challenges and Strategic Insights - The acquisition of Meter New Material aligns with Xue Tian Salt Industry's strategy to leverage its existing resources and chemical production technology to enter the new energy sector [5]. - However, the company faces challenges such as rapid technological changes in sodium battery technology, intense market competition, and the need for ongoing R&D investment [5].