继杉杉集团首次重组草案意外流产之后，重整计划的新重整投资人遴选已经悄然开始。第一个选择广而告之的意向投资者，为长袖善舞的"方 大系"。 11月24日晚间，"方大系"旗下方大炭素（600516.SH）公告，同意公司作为产业协同方参与杉杉集团有限公司及其全资子公司宁波朋泽贸易有 限公司的实质合并重整投资人招募，同时授权公司管理层代表公司拟定和提交重整投资的报名资料、签署尽职调查保密协议、开展尽职调查、 提交《重整投资方案》等各项工作。 疑似受到消息驱动，方大炭素11月25日收盘以涨停报收，报6.51元/股；杉杉集团旗下杉杉股份（600884.SH）收涨5.74%。11月26日收盘，两 家公司股价均有所回落，方大炭素收跌1.54%，报6.41元/股；杉杉股份收跌3.70%，报12.24元/股。 另据21世纪经济报道获悉，目前杉杉集团及宁波朋泽已经开启新一轮重组，流程仍将按照初选，终选，以及债权人委员会投票的方式决定。 "上周宁波方面组织召开了一个意向投资者的沟通会，方大炭素位列其中。"有接近重组的知情人士告诉21世纪经济报道记者："其中方大炭素 不是早一届遴选的意向投资者，而是这轮遴选的全新参与方。" 该人士还向记 ...

产业链一体化正成为平抑金属价格波动的重要手段。 近日，锂电赛道再现签约大单。龙蟠科技（603906）日前公告其子公司与楚能新能源子公司签署《<生 产材料采购合作协议>之补充协议二》，将2025年至2030年的磷酸铁锂正极材料供货量从此前约定的15 万吨提升至130万吨，总销售金额预计超过450亿元。 近日，锂盐巨头盛新锂能（002240.SZ）最新公告称，与华友控股集团签署锂盐产品合作框架协议，约 定自2026年至2030年供应22.14万吨锂盐，以当时期货价格计算，协议金额近220亿元。 "金属在能源转型时代至关重要。若要实现净零排放目标，全球能源转型所需金属将达48亿吨。"彭博新 能源财经金属和矿业研究员徐鹏日前表示，预计十年后风电、光伏金属需求将有所下降，电池金属需求 将持续增长，锂、钴、镍、石墨等电池金属以及铜和稀土将是能源转型需求主力。 基于关键金属在时空分布上的错位特点，徐鹏认为这将给中国相关产业带来发展先机。 全球金属资源供需层面地理错配，资源供给集中在澳大利亚、东南亚、非洲、南美洲等区域，主要需求 方中国、欧美等资源相对匮乏；另外，例如锌矿等金属从发现矿山到进行开采往往需要5-10年不等的时 ...

Group 1 - Fangda Carbon announced participation in the substantive merger reorganization of Sany Group and its wholly-owned subsidiary Ningbo Pengze Trading Co., Ltd. This participation does not constitute a related party transaction or a major asset restructuring [1][2] - Sany Group is a controlling shareholder of the listed company Sany Co., Ltd., while Ningbo Pengze is the second-largest shareholder of Sany Co., Ltd. [1] - Fangda Carbon's involvement aligns with its industrial layout and strategic development, aiming to enhance its position in the negative electrode industry and achieve supply chain stability [1][3] Group 2 - The reorganization of Sany Group has faced challenges, including the rejection of the reorganization plan by creditors, leading to the announcement of continued recruitment for potential investors [2][3] - The main assets involved in the reorganization include a 23.32% stake in Sany Co., Ltd., shares in Huishang Bank, Yongshan Lithium Industry, and other real estate and receivables [2] - Sany Co., Ltd. reported a revenue of approximately 14.81 billion yuan for the first three quarters of 2025, a year-on-year increase of 11.48%, with a net profit of approximately 284 million yuan, reflecting a significant year-on-year growth of 1121.72% [2] Group 3 - Fangda Carbon's participation in the reorganization is seen as a strategy to optimize its business structure and enhance competitiveness in the market [3] - The company has faced declining profits over the past three years, with net profits decreasing from approximately 840 million yuan in 2022 to about 186 million yuan in 2024 [4] - In the first three quarters of 2025, Fangda Carbon reported a revenue of approximately 2.62 billion yuan, a year-on-year decrease of 16.79%, and a net profit of approximately 113 million yuan, down 55.89% [4]

Core Viewpoint - The restructuring case of Sany Group and its wholly-owned subsidiary Ningbo Pengze Trade Co., Ltd. has presented new opportunities, with Fangda Carbon participating as an investor to facilitate the restructuring process [1][4]. Group 1: Fangda Carbon's Involvement - Fangda Carbon's board approved participation in the substantial merger restructuring of Sany Group and Ningbo Pengze, aiming to enhance its negative electrode industry layout and achieve supply chain stability [1][7]. - The company plans to leverage its advantages in technology, capital, and channels to improve profitability and core competitiveness through this restructuring [7][14]. Group 2: Financial Performance of Fangda Carbon - Fangda Carbon has experienced declining performance, with revenue dropping from 51.32 billion yuan in 2023 to 38.72 billion yuan in 2024, marking a year-on-year decrease of 3.54% and 24.55% respectively [10]. - The net profit attributable to shareholders has also seen a significant decline, with a drop of over 50% for three consecutive years [12]. - In the first three quarters of 2025, the gross profit margin reached a record low of 10.17%, the lowest in nearly 18 years [13]. Group 3: Sany Group's Restructuring History - Sany Group's restructuring has faced multiple challenges, with the court accepting its bankruptcy restructuring in February 2025 and subsequently initiating a substantial merger restructuring [5]. - A consortium of investors was initially selected to control 23.36% of Sany Group's shares, but the restructuring plan was not approved by creditors, leading to the dissolution of the investment agreement [6]. Group 4: Sany Group's Financial Health - Despite the restructuring challenges, Sany Group's subsidiary, Sany Shares, reported a revenue increase of 11.48% year-on-year, reaching 148.09 billion yuan in the first three quarters of 2025 [15]. - Sany Shares has established itself as a leader in the artificial negative electrode materials market and has received national recognition for its manufacturing excellence [17]. - However, Sany Shares faces significant debt pressure, with total liabilities reaching 219.68 billion yuan, including short-term borrowings of 52.93 billion yuan and long-term borrowings of 65.28 billion yuan [17].

每经记者｜黄海 每经编辑｜何小桃 董兴生 民营船王给出的重整方案被否后，杉杉集团有限公司（以下简称杉杉集团）开始重新遴选重整投资人。 11月24日晚间，方大炭素（SH600516，股价6.45元，市值259.68亿元）发布公告称，经董事会会议审议，同意公司作为产业协同方参与杉杉集团及其全资 子公司宁波朋泽贸易有限公司（以下简称"朋泽贸易"）的实质合并重整投资人招募，同时授权公司管理层代表公司拟定和提交重整投资的报名资料、签署 尽职调查保密协议、开展尽职调查、提交《重整投资方案》等各项工作。 据了解，此次流程仍将包含初选、终选以及债权人委员会投票等阶段。《每日经济新闻》记者从接近杉杉集团的人士处了解到，目前，相关报名已经结 束，考虑到联合体的存在，此次初选报名的投资人数目还不完全清楚。 记者亦从知情人士处了解到，上一轮进入最终投票阶段的江苏新扬子商贸有限公司（以下简称"新扬子"）并未报名此次招募。不过，一位接近新扬子的人 士也表示，并不排除后续与投资人之间进行财务层面合作的可能。 "方大系"参与报名 辽宁首富正式入场 公开信息显示，方大炭素的主要业务是石墨电极、块状炭砖、等静压石墨、核电用炭/石墨材料、石墨烯材 ...

Core Viewpoint - The restructuring process of Shanshan Group has made new progress, with Fangda Carbon announcing its intention to participate in the substantive merger restructuring of Shanshan Group and its wholly-owned subsidiary, Ningbo Pengze Trading Co., Ltd. [1][4] Group 1: Shanshan Group Restructuring - Fangda Carbon's participation in the restructuring does not constitute a related transaction or major asset restructuring, and there remains uncertainty about whether it will become a formal restructuring investor [1][4] - Shanshan Co., Ltd. focuses on lithium battery anode materials and polarizers, achieving an operating revenue of 14.809 billion yuan, a year-on-year increase of 11.48%, and a net profit attributable to shareholders of 284 million yuan, a year-on-year increase of 1121.72% in the first three quarters of 2025 [4] - The core assets of the restructuring include a 23.32% stake in Shanshan Co., Ltd., most of which is pledged or judicially frozen, along with shares in Huishang Bank, Shanshan Medical Investment, real estate, and approximately 9.598 billion yuan in receivables [4] Group 2: Previous Investment Attempts - In September, TCL Technology planned to participate in the merger bankruptcy restructuring through a consortium but the restructuring plan proposed by the consortium was not approved by the creditors' meeting, leading to the termination of the investment agreement [4] - On November 7, the restructuring manager announced the termination of the original investment agreement and continued to publicly recruit interested investors [4] Group 3: Fangda Carbon's Strategy - Fangda Carbon, part of the "Fangda system," aims to participate in the restructuring as an industrial synergy partner to accelerate its anode industry layout, achieve integration of the industrial chain, stabilize the supply chain, and enhance its profitability and core competitiveness [5]

图片来源：智通财经 11月25日，方大炭素新材料科技股份有限公司（600516.SH）发布公司拟参与杉杉集团及其全资子公司 实质合并重整投资人招募的公告。 公告称，方大炭素于11月24日召开第九届董事会第十四次临时会议，审议通过了《关于拟参与杉杉集团 及其全资子公司实质合并重整投资人招募的议案》，同意公司作为产业协同方参与杉杉集团有限公司及 其全资子公司宁波朋泽贸易有限公司的实质合并重整投资人招募，同时授权公司管理层代表公司拟定和 提交重整投资的报名资料、签署尽职调查保密协议、开展尽职调查、提交《重整投资方案》等各项工 作。 公告也明确提醒，方大炭素拟报名参与杉杉集团及其全资子公司朋泽贸易的实质合并重整投资人招募， 最终能否成为正式的重整投资人尚存在不确定性；若公司被确定为重整投资人，后续《重整投资协议》 等相关文件的签订及法院裁定等法律程序尚存在不确定性；本次重整投资能否顺利实施以及整合效果能 否达到投资预期存在一定的不确定性，可能导致与公司预期的经营情况存在差异。 登录新浪财经APP 搜索【信披】查看更多考评等级 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 据21世纪经济报道 ...

记者丨赵云帆 编辑丨朱益民 11月24日晚间，"方大系"旗下方大炭素（600516.SH）公告，同意公司作为产业协同方参与杉杉集团有 限公司及其全资子公司宁波朋泽贸易有限公司的实质合并重整投资人招募，同时授权公司管理层代表公 司拟定和提交重整投资的报名资料、签署尽职调查保密协议、开展尽职调查、提交《重整投资方案》等 各项工作。 疑似受到消息驱动，方大炭素11月25日收盘以涨停报收，报6.51元/股；杉杉集团旗下杉杉股份 （600884.SH）收涨5.74%。 另据21世纪经济报道获悉，目前杉杉集团及宁波朋泽已经开启新一轮重组，流程仍将按照初选，终选， 以及债权人委员会投票的方式决定。 继杉杉集团首次重组草案意外流产之后，重整计划的新重整投资人遴选已经悄然开始。第一个选择广而 告之的意向投资者，为长袖善舞的"方大系"。 "上周宁波方面组织召开了一个意向投资者的沟通会，方大炭素位列其中。"有接近重组的知情人士告诉 21世纪经济报道记者："其中方大炭素不是早一届遴选的意向投资者，而是这轮遴选的全新参与方。" 该人士还向记者透露，新一轮遴选参与的投资者有先前的一些投资者，也有像方大炭素一样的新意向投 资者，还有部分过 ...

Core Viewpoint - The restructuring of Sany Group and its subsidiary Ningbo Pengze presents new opportunities, with Fangda Carbon participating as an investor to enhance its negative electrode industry layout and overall competitiveness [2][6]. Group 1: Restructuring Details - Fangda Carbon's board approved participation in the substantial merger restructuring of Sany Group and Ningbo Pengze, aiming to leverage synergies in the new energy sector [3][6]. - The restructuring process has faced challenges, with the court accepting Sany Group's bankruptcy restructuring in February 2025 and later deciding on a substantial merger restructuring in March [3][5]. - A consortium including New Yangzi Trade, New Yang Ship, TCL Investment, and Oriental Asset Management was initially selected as investors but later withdrew due to the restructuring plan not being approved by creditors [5]. Group 2: Financial Performance of Fangda Carbon - Fangda Carbon has experienced declining performance, with revenues of 5.132 billion and 3.872 billion in 2023 and 2024, respectively, reflecting year-on-year decreases of 3.54% and 24.55% [8]. - The net profit attributable to shareholders dropped significantly, with declines exceeding 50% for three consecutive years [11]. - In the first three quarters of 2025, Fangda Carbon reported revenues of 2.622 billion, down 16.79%, and a net profit of 113 million, down 55.89% [9]. Group 3: Performance of Sany Group - Despite the restructuring challenges, Sany Group's subsidiary, Sany Shares, reported a revenue increase of 11.48% year-on-year, reaching 14.809 billion in the first three quarters of 2025, with a net profit surge of 1121.72% [14]. - Sany Shares has established a dual technology engine development model focusing on negative materials and polarizers, maintaining a leading position in the global market for artificial negative materials and large-size polarizers [16][17]. - However, Sany Shares faces significant debt pressure, with total liabilities of 21.968 billion and cash reserves of only 3.15 billion as of the end of the third quarter [17].

继杉杉集团首次重组草案意外流产之后，重整计划的新重整投资人遴选已经悄然开始。第一个选择广而告之的意向投资者，为 长袖善舞的"方大系"。 11月24日晚间，"方大系"旗下方大炭素（600516）(600516.SH)公告，同意公司作为产业协同方参与杉杉集团有限公司及其全资 子公司宁波朋泽贸易有限公司的实质合并重整投资人招募，同时授权公司管理层代表公司拟定和提交重整投资的报名资料、签 署尽职调查保密协议、开展尽职调查、提交《重整投资方案》等各项工作。 疑似受到消息驱动，方大炭素11月25日收盘以涨停报收，报6.51元/股；杉杉集团旗下杉杉股份（600884）(600884.SH)收涨 5.74%。 另据21世纪经济报道获悉，目前杉杉集团及宁波朋泽已经开启新一轮重组，流程仍将按照初选，终选，以及债权人委员会投票 的方式决定。 "上周宁波方面组织召开了一个意向投资者的沟通会，方大炭素位列其中。"有接近重组的知情人士告诉21世纪经济报道记 者："其中方大炭素不是早一届遴选的意向投资者，而是这轮遴选的全新参与方。" 从经营层面来看，方大炭素的主业整体呈现明显萎缩态势。2022年至2024年，方大炭素分别实现营业总收入52 ...