9月30日晚间，杉杉股份发布公告称，公司控股股东杉杉集团及其全资子公司朋泽贸易与重整投资人组 成的联合体签署了重整投资协议。联合体由新扬子商贸、新扬船、TCL产投和东方资管深圳分公司组 成。 截至目前，新扬子商贸对外投资企业达57家，涉及金属、船舶、化工、投资管理等领域。2024年，新扬 子商贸实现营收10.63亿元，同比增长86%，并实现投资收益4.73亿元，当年实现净利润4.45亿元。 而此次重整还需从杉杉集团董事长郑永刚离世说起。2023年郑永刚的突然离世，引发了家族内部控制权 争夺，管理层动荡直接导致杉杉集团的资金链出现危机。最终在今年3月，杉杉集团被法院裁定破产重 整。三个月后，管理人发布意向投资人招募公告，正式进入司法重整程序。 着眼于公司基本面，杉杉股份目前专注于锂电池负极材料和偏光片双主业发展。据上海有色网数据显 示，2025年上半年，其子公司杉杉科技在人造石墨领域出货量稳居行业第一，占负极行业总出货量的 21%。 根据协议，将由新扬子商贸牵头和新扬船共同设立一家有限合伙企业作为本案投资人持股平台，其中新 扬子商贸系该平台的第一大有限合伙人。通过"直接收购+与服务信托组建合伙企业收购+剩余保留 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 TCL科技集团股份有限公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误导 性陈述或者重大遗漏。 ■ TCL科技聚焦半导体显示和新能源光伏主业发展，持续关注产业链关键战略环节及核心价值节点动态， 不断提升供应链的韧性和效率，维护产业生态，实现企业可持续的高质量发展。基于此，以及对标的公 司长期发展潜力的认同，公司通过TCL厦门产投，与新扬子商贸、新扬船投资、中国东方深圳分公司组 成联合投资方，投标参与杉杉股份控股股东杉杉集团及其全资子公司宁波朋泽的合并破产重整（以下简 称"本次重整"）。 联合投资方于近日收到本次重整管理人（以下简称"管理人"）通知，联合投资方被确定为重整投资人。 2025年9月29日，联合投资方与管理人、杉杉集团、宁波朋泽签署《重整投资协议》。 TCL厦门产投参与本次重整的投资额为不超过人民币5亿元。本次重整实施完成后，TCL厦门产投将获 得杉杉集团及宁波朋泽持有的43,700,900股杉杉股份股票，占杉杉股份总股本的1.94%（最终取得股份 数量以交易协议约定的调整条款以及债权人会议表决通过且法院裁定批准的重整计划（草案） ...

【DT新材料】 获悉， 9月30日， 宁波杉杉股份有限公司 （下称"杉杉股份"）公告披露，公司控股股东 杉杉集团 及其全资子公司宁波朋泽贸易有限公 司、杉杉集团管理人（系浙江省宁波市鄞州区人民法院指定的杉杉集团和朋泽贸易合并重整案管理人，下称"管理人"）与 江苏新扬子商贸有限公司 、 江苏新扬船投资有限公司 、 厦门TCL科技产业投资合伙企业 （有限合伙）和中国东方资产管理股份有限公司深圳市分公司等重整投资人组成的联合体 签署了《重整投资协议》）。 根据公告，重整投资人拟通过 "直接收购+与服务信托组建合伙企业收购+剩余保留股票表决权委托 "三种方式合计取得杉杉集团、朋泽贸易持有的杉杉 股份23.36%股票的控制权， 对价共计约 32.84亿元 。 如上述重整成功，杉杉股份的控制权将发生变更，控股股东将变更为投资人持股平台，公司实际控制人将变更为 任元林 。 现年72岁的 任元林 是 国内最大的民营造船企业 扬子江船业 的创始人，在业内有"中国民营船王"之称。2007年，扬子江船业在新加坡上市。 扬子江 金控则是扬子江船业于2021年分拆出来的投资业务部门，并于2022年4月在新加坡证券交易所挂牌上市 。新扬 ...

Core Viewpoint - The power struggle within the Zheng family over Shanshan Group has concluded with the company entering a restructuring process, marking a significant change in control and management, led by the new actual controller Ren Yuanlin [1][2][4]. Group 1: Control Change and Restructuring - Shanshan Group and its subsidiaries have signed a restructuring investment agreement with a consortium including Jiangsu Xinyangzi Trading, TCL Industrial Investment, and others, indicating a fundamental change in the company's control [1][4]. - The restructuring will involve the acquisition of 23.36% of Shanshan's shares through various methods, with Ren Yuanlin emerging as the new actual controller [4][5]. - The restructuring includes a strict 36-month lock-up period for all parties involved, ensuring stability in control and signaling long-term commitment to the market [5]. Group 2: Financial Performance and Challenges - Shanshan's financial performance has been declining, with net profits dropping for three consecutive years, including a loss of 367 million yuan in 2024 due to intensified industry competition and cost pressures [6][7]. - However, in the first half of 2025, Shanshan reported a net profit of 207 million yuan, a remarkable increase of 1079.59% year-on-year, attributed to stabilized prices of anode materials and optimized customer structure [7][8]. - The company's stock price has surged over 160% from its low in April 2025 to the end of September, reflecting investor confidence in the restructuring and performance recovery [9]. Group 3: Strategic Outlook and Industry Context - Shanshan has established a dual business strategy focusing on lithium battery anode materials and polarizer production, but both sectors face significant challenges [9][10]. - The new actual controller Ren Yuanlin's background in finance and investment may provide necessary support for Shanshan's strategic upgrades and industry collaboration [9][10]. - The case of Shanshan highlights the broader challenges faced by private enterprises in China regarding succession, strategic transformation, and capital operations [10].

Core Insights - The company focuses on two core businesses: lithium battery anode materials and polarizers, contributing to the development of the new energy and new display industries [1] Group 1: Lithium Battery Anode Materials - The company’s 6C products are currently in mass supply to consumer and power sectors, leading in market share [1] - To address the challenges of silicon-based material expansion and fast charging limitations, the company has developed a new CVD silicon-carbon anode using gas-phase nanotechnology to control silicon particle size, suppress expansion, and enhance cycling performance [1] - The company has introduced ultra-long cycle graphite, utilizing non-stop graphitization technology to form a super-crystal wave structure, significantly improving material compression and expansion resistance, supporting battery cell cycle life exceeding 15,000 times, and meeting energy storage market demands [1] Group 2: Polarizers - The company holds over 1,800 patents covering global markets including China, Japan, South Korea, and Europe [1] - Through a combination of independent research and acquisition integration, the company has achieved a technological leap from LCD polarizers to a dual-category of "LCD + OLED" [1]

南方财经9月25日电，尚太科技(001301.SZ)2025年9月24日公告，计划向不特定对象发行可转换公司债 券，募集资金总额不超过17.34亿元，用于年产20万吨锂电池负极材料一体化项目。公司近年来负极材 料业务持续扩张，2024年负极材料出货量达21.65万吨，同比增长54%；2025年上半年继续保持高速增 长。但行业竞争加剧导致产品均价从2022年的3.92万元/吨降至2024年的2.17万元/吨。2024年公司实现 营收52.29亿元，净利润8.38亿元。 公司同时针对深交所的问询函做出回复。关于产能消化问题，公司回应称，本次扩产与下游锂电池厂商 的产能规划相匹配。2024年全球锂电池出货量1545.1GWh，对应负极材料新增需求约153万吨，而行业 主要扩产项目合计约161万吨。公司2024年负极材料产能利用率达127.35%，在手订单充足；且新产品 聚焦快充、储能等高端需求，有效规避同质化竞争。关于重大安全生产事故的影响，公司披露2023年10 月和2024年11月分别发生一起安全事故，造成人员伤亡；公司因此受到行政处罚。无极县和昔阳县应急 管理局均已认定，事故不构成重大违法违规，不属于情节严重 ...

Core Viewpoint - The company has provided a detailed response to the Shenzhen Stock Exchange regarding its application for issuing convertible bonds, outlining its operational status and fundraising project plans [1] Group 1: Operational Analysis - The company's main business includes negative electrode materials and graphitized coke, with sales revenue for negative electrode materials over the past three years being 4.198 billion, 3.736 billion, and 4.707 billion yuan, showing an 11.01% year-on-year decrease in 2023 due to market competition and price declines [2] - The gross profit margins have decreased over the years, recorded at 41.65%, 27.74%, and 25.72% [2] - Net profit attributable to the parent company was 1.289 billion, 722.9 million, and 838.3 million yuan over the same period [2] - Accounts receivable have consistently increased, with a 66.67% rise at the end of 2023 compared to 2022 [2] - The asset-liability ratios were 41.41%, 23.64%, and 32.38% respectively [2] - The company reported negative cash flow from operating activities over the past three years, with figures of -794.4 million, -416.4 million, and -284.4 million yuan [2] Group 2: Business Segment Analysis - The negative electrode materials segment contributed over 85% to the company's revenue during the reporting period, with sales prices declining from 2022 to 2024, but showing a slight increase in the first half of 2025 [2] - The company has implemented a differentiated product strategy to enhance competitiveness, with projected revenue growth of 25.97% in 2024 and 68.42% in the first half of 2025 [2] - The carbon products segment, primarily graphitized coke, has a lower revenue contribution and is subject to significant price fluctuations based on raw material costs and downstream demand [2] Group 3: Fundraising Project Insights - The company plans to raise up to 1.734 billion yuan for a new integrated production project for 200,000 tons of lithium battery negative electrode materials annually [3] - The project is expected to have a tax-adjusted static investment recovery period of 8.11 years and an internal rate of return of 12.82% [3] - The project aligns with industry growth trends and the company's market position, with plans to manage capacity and customer distribution effectively [3] - There are risks associated with land use and environmental approvals for the project, but the company has prepared countermeasures [3]

Group 1 - The core viewpoint of the news is the performance and characteristics of Xiangfeng Convertible Bonds, which are currently trading at 136.657 yuan with a decline of 2.02% and a conversion premium rate of 18.62% [1] - Xiangfeng Convertible Bonds have a credit rating of "AA-" and a maturity period of 6 years, with interest rates increasing from 0.30% in the first year to 3.00% in the sixth year [1] - The conversion price for the bonds is set at 27.44 yuan, with the conversion period starting on April 16, 2024 [1] Group 2 - Shanghai Xiangfenghua Technology Co., Ltd. was established in June 2009 and listed on the Shenzhen Stock Exchange's Growth Enterprise Market on September 17, 2020 [2] - The company specializes in the research, production, and sales of high-end graphite and silicon-carbon anode materials for lithium-ion batteries, as well as nuclear graphite and graphene for high-temperature gas-cooled reactors [2] - The company's products are widely used in various fields, including new energy vehicles, energy storage stations, consumer electronics, electric tools, and electric bicycles, with major clients including BYD, LG Energy, Guoxuan High-Tech, Samsung SDI, and CATL [2] Group 3 - For the first half of 2025, Xiangfenghua reported a revenue of 687.6 million yuan, a year-on-year decrease of 2.8%, and a net profit attributable to shareholders of -2.9459 million yuan, a decline of 107.7% [2] - The company’s non-recurring net profit was -14.8 million yuan, reflecting a significant year-on-year decrease of 159.65% [2] - As of August 2025, the concentration of shareholding in Xiangfenghua is relatively high, with 22,660 shareholders and an average of 4,792 circulating shares per person, amounting to an average holding value of 145,000 yuan [2]

Investment Rating - The report assigns a "Buy" rating for the company [5]. Core Views - The company has achieved significant growth in negative electrode sales, outpacing industry growth rates, and has a notable cost advantage due to its advanced graphitization technology and integrated production model [4][66]. - The company is positioned as a key supplier of artificial graphite negative materials in China, with a market share of 12.7%, ranking fourth in the industry [66]. Financial Performance - In the first half of 2025, the company reported revenue of 3.388 billion yuan, a year-on-year increase of 61.8%, driven by increased production capacity and a 65% rise in sales volume of negative materials [7][10]. - The net profit attributable to shareholders for the same period was 479 million yuan, up 34.4% year-on-year, with a net profit margin of 14.1% [32][34]. - The company forecasts revenues of 7.319 billion yuan, 9.747 billion yuan, and 11.705 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 1.035 billion yuan, 1.329 billion yuan, and 1.681 billion yuan [5][76]. Operational Efficiency - The company maintains a healthy capital structure with a debt-to-asset ratio of 37.3%, indicating a conservative financial structure [47]. - The cash flow situation shows a significant increase in operating cash flow in Q2 2025, reaching 591 million yuan, a year-on-year increase of 309.8% [52]. Technological Advantages - The company has a strong focus on R&D, with a 65.7% increase in R&D investment in the first half of 2025, aimed at developing next-generation artificial graphite negative materials [20][74]. - The integrated production model allows the company to control costs effectively and enhance production efficiency [66][74]. Market Position - The company has established itself as a significant player in the artificial graphite negative material market, with a production capacity expected to reach 500,000 tons by 2025 [66]. - The report highlights the company's competitive edge in the market due to its advanced graphitization technology and ongoing product innovation [69][72].

Core Viewpoint - The company has demonstrated significant operational improvements in the first half of 2025, with strong growth in key financial metrics and ongoing project advancements in the battery materials sector [2][3]. Group 1: Operational Performance - In the first half of 2025, the company achieved a total asset increase to 10.408 billion, a 12.34% rise from the end of 2024 [2] - Net assets grew to 6.528 billion, reflecting a 4.19% increase year-over-year [2] - Sales volume of anode materials surged to 141,200 tons, marking a 68.49% year-on-year growth [2] - Net profit attributable to shareholders reached 479 million, a 34.37% increase compared to the same period in 2024 [2] Group 2: Project Development - The company is making steady progress in solid-state battery and overseas projects, with plans for mass production in the silicon-based anode materials sector by Q3 2025 [3] - The Malaysian project for 50,000 tons of lithium battery anode materials and the Shanxi project for 200,000 tons are set to commence construction in Q3 and Q4 of 2025, respectively [3] - The integrated production capacity for artificial graphite anode materials is expected to exceed 500,000 tons by mid to late 2026 [3] Group 3: Cash Flow and Cost Management - The company reported a decline in operating cash flow due to factors such as customer payment methods and increased business scale [4] - To address raw material price fluctuations, the company is passing costs to customers and enhancing production efficiency [4] - Inventory levels have risen due to expanded production capacity, with current inventory turnover efficiency being constrained [4]