21世纪经济报道·2025-12-14 12:45Core Viewpoint - The restructuring case of Shanshan Group has attracted significant attention, with China Baoan leading a consortium to participate in the substantial merger and restructuring of Shanshan Group and its wholly-owned subsidiary, Ningbo Pengze Trading Co., Ltd [1] Group 1: Company Involvement and Financial Performance - China Baoan has submitted application materials and paid a due diligence deposit of 50 million yuan to participate in the restructuring process [1] - For the first three quarters of 2025, China Baoan reported revenue of 16.812 billion yuan, a year-on-year increase of 14.87%, while its net profit attributable to shareholders decreased by 26.51% to 283 million yuan [1] - During the same period, Beiterui achieved revenue of 12.384 billion yuan, up 20.60% year-on-year, with a net profit of 768 million yuan, reflecting a 14.37% increase [1] Group 2: Market Dynamics and Competitive Landscape - Beiterui and Shanshan Co., Ltd. are the top two companies in global anode material shipments, indicating a highly competitive market [3] - The potential acquisition of Shanshan Group could trigger antitrust reviews due to the combined revenue exceeding 12 billion yuan, which may affect the restructuring process [3] - The restructuring process has seen various companies, including Fangda Carbon and Hunan Salt Industry Group, express interest in participating, indicating a new round of capital competition in the industry [6]