尽调仓促难判估值 方大炭素终止参与杉杉集团重整

Core Viewpoint - The company, Fangda Carbon New Material Technology Co., Ltd., has decided to terminate its participation in the substantial merger and restructuring of Shanshan Group and its wholly-owned subsidiary, Ningbo Pengze Trading Co., Ltd., after a month of initial engagement due to insufficient due diligence time and inability to make a reasonable valuation of the target assets [1][2]. Group 1 - The company initially announced its intention to participate in the restructuring as an industrial synergy partner, leveraging its advantages in the anode industry to enhance its supply chain stability and profitability [1]. - After submitting registration materials and paying a due diligence deposit of 50 million yuan, the company engaged in multiple communications regarding key aspects such as asset valuation and strategic planning [2]. - The decision to withdraw was based on a cautious assessment of potential risks and the company's strategic planning in the new materials and new energy sectors [2]. Group 2 - The company's core business focuses on carbon products, particularly graphite electrodes used in electric arc furnace steelmaking, which are significantly affected by industry cycles [2]. - Financial data indicates a continuous decline in the company's performance since 2021, with net profits decreasing from 1.085 billion yuan in 2021 to 113 million yuan in the first three quarters of 2025 [2]. - The company emphasized that the termination of the restructuring participation would not adversely affect its operational and financial status, nor harm the interests of the company and minority shareholders [2].