格隆汇1月27日丨国民技术(300077.SZ)公布，预计2025年亏损9,800.00万元-12,000.00万元，扣非亏损 12,000.00万元-14,000.00万元。1、公司在保持与现有集成电路和关键元器件客户稳固合作的同时，努力 调整产品结构与客户结构、积极开拓新客户与新产品市场，公司集成电路关键元器件的销售数量、营业 收入和毛利均较上年同期增长。与此同时，公司研发投入仍保持在较高水平，重点聚焦核心市场和应用 领域做精做深做广，持续增加高端产品研发，丰富产品系列，提升核心竞争力。2、公司通过巩固存量 客户与积极开拓新客户，推动负极材料产品及石墨化代加工销量实现同比增长；同时，负极材料产品销 售价格同比上升，且公司通过持续优化产品配方、改进工艺及提高生产效率以降低产品成本。综合影响 下，公司负极材料业务的销售收入同比实现较大幅度增长，且综合毛利率同比提高，最终实现了毛利的 同比大幅增长。3、上年同期子公司内蒙古斯诺终止股权激励计划，一次性确认剩余期间股份支付费用 5,865.52万元。4、资产减值损失较上年同期减少约5,200万元，主要是存货跌价损失、开发支出减值损 失较上年同期减少。公司预计本报告 ...

南财智讯1月27日电，国民技术发布年度业绩预告，预计2025年全年归属于上市公司股东的净利润为亏 损9800万元—1.20亿元；预计2025年全年归属于上市公司股东的扣除非经常性损益的净利润为亏损1.20 亿元—1.40亿元。本报告期公司业绩变动主要受以下因素综合影响：1、公司在保持与现有集成电路和 关键元器件客户稳固合作的同时，努力调整产品结构与客户结构、积极开拓新客户与新产品市场，公司 集成电路关键元器件的销售数量、营业收入和毛利均较上年同期增长。与此同时，公司研发投入仍保持 在较高水平，重点聚焦核心市场和应用领域做精做深做广，持续增加高端产品研发，丰富产品系列，提 升核心竞争力。2、公司通过巩固存量客户与积极开拓新客户，推动负极材料产品及石墨化代加工销量 实现同比增长；同时，负极材料产品销售价格同比上升，且公司通过持续优化产品配方、改进工艺及提 高生产效率以降低产品成本。综合影响下，公司负极材料业务的销售收入同比实现较大幅度增长，且综 合毛利率同比提高，最终实现了毛利的同比大幅增长。3、上年同期子公司内蒙古斯诺终止股权激励计 划，一次性确认剩余期间股份支付费用5865.52万元。4、资产减值损失较上年同 ...

| 袁闯 | 分析师 | | --- | --- | | 执业证书编号:S0530520010002 | | | yuanchuang@hnchasing.com | | | 陈郁双 | 分析师 | | 执业证书编号:S0530524110001 | | | chenyushuang@hnchasing.com | | 晨会聚焦 晨会纪要（R3） 晨会纪要 2026 年 01 月 23 日 | 市场数据 | | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌% | | 上证指数 | 4122.58 | 0.14 | | 深证成指 | 14327.05 | 0.50 | | 创业板指 | 3328.65 | 1.01 | | 科创 50 | 1541.64 | 0.41 | | 北证 50 | 1530.24 | 0.69 | | 沪深 300 | 4723.71 | 0.01 | 上证指数-沪深 300 走势图 -6% 4% 14% 24% 34% 2025-01 2025-04 2025-07 2025-10 上证指数 沪深300 一、财信研究观点 二、重要财经资讯 【宏观经济 ...

Core Viewpoint - The negative electrode materials industry is expected to see an upward shift in profitability by 2026 due to the gradual release of overseas capacity and continuous cost reduction capabilities, benefiting leading manufacturers with strong customer structures and significant cost advantages from new production lines [1] Group 1: Industry Outlook - The negative electrode materials industry is entering a new phase characterized by stable volume, reduced costs, and price recovery, driven by stable industry structure, product upgrades, and positive export demand [1] - By 2026, China's demand for negative electrode materials is projected to exceed 370 million tons, with a growth rate of over 30% [2] - The market for negative electrode materials is expected to see price stability and gradual increases in 2025, providing a favorable environment for companies like Baichuan Co [2] Group 2: Company Developments - Baichuan Co has fully launched its integrated project for 100,000 tons of negative electrode materials, with production capacity expected to surge by 2026 [1] - The company is leveraging its energy cost advantages at the Ningdong base to stabilize raw material prices and reduce logistics and processing costs, thereby alleviating cost pressures for downstream customers [2] - Baichuan Co aims to deepen strategic cooperation with downstream power battery and energy storage companies in 2026, focusing on technological iteration and maintaining supply chain stability [2] Group 3: Strategic Positioning - Baichuan Co has established a long-term strategic layout in diversified development across chemicals, new materials, and renewable energy [3] - The company is expected to benefit from improved cash flow from its chemical main business and performance realization in the new materials chain by 2026 [3]

Core Viewpoint - Fangda Carbon has decided to terminate its participation in the substantive merger and restructuring of Shanshan Group and its wholly-owned subsidiaries, raising market concerns about the abrupt end of this capital alliance [1][3]. Group 1: Announcement and Decision - On November 24, 2025, Fangda Carbon's board approved participation in the restructuring investor recruitment for Shanshan Group and quickly advanced due diligence [1][4]. - The company submitted application materials, paid a due diligence deposit of 50 million yuan, signed a confidentiality agreement, and engaged in multiple communications with Shanshan Group's management regarding key matters [1][4]. - Due to insufficient and short due diligence time, Fangda Carbon could not make a reasonable valuation judgment on the target assets, leading to the decision to withdraw [1][4]. Group 2: Complexity of Shanshan Group's Restructuring - The complexity of Shanshan Group's restructuring is a primary reason for the failure of the plan, with a total confirmed debt of 33.55 billion yuan as of September 29, 2025, and disputes over 33.2846 million shares [2][4]. - The first round of restructuring failed due to lack of approval from creditors and investors, prompting a second round with an increased base price from 8.65 yuan per share to 11.50 yuan per share [4]. Group 3: Strategic Implications and Financial Performance - Fangda Carbon initially aimed to leverage its advantages in the anode industry to accelerate integrated layout through the restructuring [2][5]. - The company stated that the termination was based on a prudent assessment of post-integration risk factors and aligned with its strategic planning in new materials and new energy sectors [5]. - For the first three quarters of 2025, Fangda Carbon reported revenue of 2.622 billion yuan, a year-on-year decrease of 16.79%, and a net profit attributable to shareholders of 113 million yuan, down 55.89% year-on-year [5]. - The company emphasized that the termination of the restructuring would not adversely affect its production operations or financial status, with cash reserves of 5.244 billion yuan as of September 30, 2025, indicating ample liquidity [5]. Group 4: Market Context - Fangda Carbon's case reflects a core contradiction in the current M&A market: the high valuation of quality assets versus the buyer's need for risk control [2][5]. - In the context of high prosperity in the new energy industry, there is a strong demand for companies to achieve technological leaps through mergers and acquisitions, but the adequacy of due diligence, asset quality, and integration feasibility remain key factors determining the success of transactions [5].

Core Viewpoint - Fangda Carbon (600516) has announced the termination of its participation in the substantive merger reorganization of the Shanshan Group and its wholly-owned subsidiaries due to insufficient due diligence and risk assessment [1][3][4]. Group 1: Company Actions and Decisions - Fangda Carbon submitted registration materials, paid a due diligence deposit of 50 million yuan, and signed a confidentiality agreement for due diligence [3]. - The company decided to terminate its participation in the merger reorganization after careful consideration of the risks and its strategic planning in the new materials and new energy sectors [3][4]. - The termination of the reorganization will not adversely affect the company's production operations or financial status [4]. Group 2: Background and Context - Previously, on November 24, 2025, Fangda Carbon's board approved participation in the merger reorganization of Shanshan Group and its subsidiary Ningbo Pengze Trading Co., aiming to leverage its advantages in the anode industry [4]. - Despite the parent company Shanshan Group facing restructuring challenges, Shanshan Co. (the listed company) maintains strong global competitiveness in its two main business segments: anode materials and polarizers [4]. - In 2024, Shanshan Co. is expected to lead the global market in artificial anode material shipments, while holding approximately 33% of the market share in large-size polarizer shipments [4]. Group 3: Market Dynamics - Many large enterprises are competing to participate in the substantive merger reorganization of Shanshan Group, with 12 groups of interested investors reported, including major companies like Fangda Carbon, China Baoan, and Tianqi Lithium [5][6]. - Prior to the bidding, several interested investors, including Fangda Carbon, withdrew from the process, leaving seven groups to submit proposals [6].

Group 1 - China Baoan announced its participation as the lead investor in the restructuring of Shanshan Group and its wholly-owned subsidiary Ningbo Pengze, aiming for industrial synergy [1] - Bettery, a subsidiary of China Baoan, is a leading player in the global anode materials market, with revenue reaching 6.279 billion yuan in the first half of 2025, a year-on-year increase of 32.83% [1] - In the first three quarters of this year, China Baoan and Bettery achieved revenues of 16.812 billion yuan and 12.384 billion yuan, respectively, with year-on-year growth of 14.87% and 20.6% [1] Group 2 - The restructuring process of Shanshan Group began in February 2025, with total debts confirmed at 33.55 billion yuan and additional contingent debts of 8.439 billion yuan as of September 29 [2] - A previous restructuring proposal of 3.284 billion yuan was rejected, leading to a renewed recruitment process that prioritized investors with backgrounds in polarizers and/or anode industries [2] - Other companies, such as Fangda Carbon and Hunan Salt Industry, have also expressed interest in participating in the restructuring to enhance their industrial layouts [2]

Group 1 - The core event involves China Baoan's announcement to participate in the restructuring of Shanshan Group and its subsidiary Ningbo Pengze, leading a consortium of investors [2] - China Baoan has submitted registration materials and paid a due diligence deposit of 50 million yuan, and is preparing a restructuring investment proposal [2] - In 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 decreased by 26.51% to 283 million yuan [2] Group 2 - The restructuring involves two leading companies in the anode materials sector, BETTERY and Shanshan Co., which are the top two in global anode material shipments [3] - If the consortium is confirmed as the restructuring investor, it may trigger an antitrust review process, introducing uncertainty regarding the approval of the review [3] Group 3 - According to the State Council's regulations on operator concentration, if the combined revenue of the involved operators exceeds 12 billion yuan, prior notification to antitrust authorities is required [4] - The revenue of BETTERY and Shanshan Co. for the first half of 2025 already exceeds the notification threshold, indicating potential antitrust scrutiny if the consortium gains control [4] Group 4 - Shanshan Group's major assets include its stake in Shanshan Co., shares in Huishang Bank, and various real estate and receivables, with the control of Shanshan Co. being a key target for investors [5] - A previous restructuring investment agreement involving multiple parties failed to pass the voting process, indicating challenges in the restructuring efforts [5] Group 5 - The recruitment of new investors for the restructuring was announced on November 7, with a preference for those with backgrounds in polarizers or anode industries [6] - Companies like Fangda Carbon and Hunan Salt Industry Group have expressed interest in participating in the restructuring, aiming to enhance their positions in the new energy materials sector [6]

Group 1 - The core issue revolves around the bankruptcy restructuring case of Shanshan Group, with China Baoan leading a consortium to participate in the restructuring process [1][3] - China Baoan has submitted registration materials and paid a due diligence deposit of 50 million yuan, indicating its commitment to the restructuring [1] - As of the first three quarters of 2025, China Baoan reported a revenue of 16.812 billion yuan, a year-on-year increase of 14.87%, while its net profit decreased by 26.51% to 283 million yuan [1] Group 2 - The potential merger involving Beiterui and Shanshan Group, both leaders in the anode materials sector, may trigger antitrust reviews due to their combined revenue exceeding regulatory thresholds [3] - According to the regulations, if the combined revenue of the involved parties exceeds 12 billion yuan and at least two parties have revenues over 800 million yuan in China, prior notification to antitrust authorities is required [3] - The outcome of the antitrust review will be a critical factor in determining the success of the restructuring process [3] Group 3 - Shanshan Group's major assets include its equity in Shanshan Co., Huishang Bank, and various real estate and receivables, with control over Shanshan Co. being the most sought-after asset by potential investors [5] - As of December 10, 2025, Shanshan Group had 400 million shares released from a freeze, representing 12.49% of its holdings, while 3.2 billion shares remained frozen [5] - A consortium involving Shanshan Group and other investors previously signed a restructuring investment agreement, but the draft plan was not approved [5] Group 4 - The new round of capital competition has begun, with various companies expressing interest in participating in the restructuring of Shanshan Group [6] - Fangda Carbon, part of the Fangda Group, has also announced its intention to participate, aiming to enhance its anode industry layout and achieve supply chain stability [6] - Hunan Salt Industry Group has registered as an interested investor, focusing on accelerating its layout in the new energy materials sector [6]

Core 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]