起点锂电·2025-12-13 11:08Core Viewpoint - The article discusses the ongoing competition among various companies to acquire control of the Shanshan Group, particularly in the context of its restructuring process, highlighting the strategic interests of different players in the lithium battery supply chain [4][20]. Group 1: Participants in the Restructuring - China Baoan and Bettery have announced their intention to participate in the restructuring of Shanshan Group, with China Baoan submitting a guarantee deposit of 50 million yuan and initiating due diligence [6]. - Hunan Salt Industry Group has also registered as an interested investor, completing a 50 million yuan guarantee deposit [7]. - Fangda Carbon has expressed its interest in the restructuring, with market speculation suggesting a strategic move into negative electrode materials, leading to a significant increase in its stock price [10]. Group 2: Strategic Intentions - Hunan Salt Industry Group aims to integrate capital with its industrial operations to enhance its presence in the new energy materials sector, leveraging its extensive salt resources [9][15]. - Fangda Carbon's participation is seen as a way to stabilize its supply chain in the negative electrode industry, although it faces financial challenges, including high debt levels [17][18]. - The consortium formed by Xinyangzi Trading, TCL Industrial Investment, and Dongfang Asset Management plans to acquire a 23.36% stake in Shanshan but faced legal challenges that have complicated their restructuring efforts [11]. Group 3: Competitive Analysis - Bettery and Shanshan are leading players in the global negative electrode materials market, with Bettery reporting a revenue of 7.838 billion yuan and a net profit of 479 million yuan in the first half of 2025, indicating strong growth [13]. - Hunan Salt Industry Group's acquisition of Shanshan is viewed as a critical step in its strategic transformation, aiming to create a dual-driven growth model by integrating salt and new energy sectors [16]. - Fangda Carbon's business model focuses on carbon-based products, and its success in acquiring Shanshan would depend on overcoming significant operational and financial hurdles [18].