中化新网讯 近日，方大炭素新材料科技股份有限公司(以下简称方大炭素)发布公告称，拟报名参与杉杉 集团有限公司(以下简称杉杉集团)及其全资子公司宁波朋泽贸易有限公司(以下简称宁波朋泽)的实质合 并重整投资人招募。 受宏观经济周期波动、下游需求调整及行业竞争加剧等多重因素影响，方大炭素传统业务增长承压。在 业绩整体平稳的表象下，主动开辟新能源材料赛道作为第二增长曲线，已成为方大炭素突破发展瓶颈、 实现长远布局的必然选择。此前，方大炭素已与宁德时代达成战略合作，携手研发锂电负极材料与固态 电池电解质。若能成功整合杉杉股份的产能与市场资源，方大炭素在新能源材料领域将形成"研发合作 +产能整合"的双线推进态势，全产业链协同优势将进一步凸显，核心竞争力有望得到全面提升。 公告披露，截至2月25日，杉杉集团与宁波朋泽合计持有上市公司宁波杉杉股份有限公司(以下简称杉杉 股份)5.26亿股股份，占杉杉股份总股本的23.32%。若方大炭素入局，不仅将为杉杉集团的债务化解与 业务重整注入强劲产业动能，更有望重塑二者在新能源材料领域的竞争格局，推动"炭素+新能源材 料"双主业架构从战略构想落地为产业现实。 ...

（文章来源：证券日报） 证券日报网讯 12月15日晚间，方大炭素发布公告称，公司2025年第二次临时股东大会审议通过《关于 取消监事会并修订的议案》等多项议案。 ...

方大炭素作为亚洲最大、世界领先的优质炭素制品生产供应基地，核心产品石墨电极主要应用于电弧炉 炼钢领域，业绩与钢铁行业景气度高度关联。近年来，受宏观经济周期波动、下游需求调整及行业竞争 加剧等多重因素影响，公司传统业务增长承压。在业绩整体平稳的表象下，主动开辟新能源材料赛道作 为第二增长曲线，已成为方大炭素突破发展瓶颈、实现长远布局的必然选择。 此次以产业协同方身份参与重整，对方大炭素而言是一场精准卡位的战略布局。公司主营的煤系针状 焦、石油焦等产品，是锂电负极材料生产的关键前驱体；同时在硅碳负极、固态电池领域积累了多项技 术储备，与杉杉股份形成天然业务协同。此前，方大炭素已与宁德时代达成战略合作，携手研发锂电负 极与固态电池电解质。若能成功整合杉杉股份的产能与市场资源，方大炭素在新能源材料领域将形 成"研发合作+产能整合"的双线推进态势，全产业链协同优势将进一步凸显，核心竞争力全面提升。 此次重整的背后，是方大炭素控股股东辽宁方大集团实业有限公司（以下简称"方大集团"）"产融结 合、赋能重构"模式的延伸。方大集团此前在多家企业的并购重组中实现扭亏为盈，此次方大炭素以产 业协同方身份参与，其雄厚的资金实力为整合 ...

Group 1 - The restructuring plan proposed by Ren Yuanlin, known as the "private shipping king," has failed, leading Shanshan Group to initiate a new selection process for restructuring investors [1][2] - Fangda Carbon New Material Technology Co., Ltd. has announced its participation as an industrial synergy partner in the recruitment of substantial merger restructuring investors for Shanshan Group and its wholly-owned subsidiary, Ningbo Pengze Trading Co., Ltd. [1] - The restructuring process will include stages such as preliminary selection, final selection, and voting by the creditors' committee [1] Group 2 - The initial registration for investors has concluded, but the exact number of applicants remains unclear due to the presence of consortiums [2] - Jiangsu Xinyangzi Trading Co., Ltd., led by Ren Yuanlin, did not register for this recruitment, although there is a possibility of future financial collaboration with other investors [2][3] - A previous agreement was signed on September 29, where a consortium including Jiangsu Xinyangzi and others aimed to acquire 23.36% of Shanshan's shares for a total price of 3.284 billion yuan [2] Group 3 - The rejection of the restructuring plan indicates a significant setback for the capital plan led by the four-party consortium attempting to take control of Shanshan [3] - Ren Yuanlin's background in shipbuilding has raised concerns regarding his ability to ensure the sustainable development of Shanshan's core business in the new energy sector [5] Group 4 - Fangda Carbon's main business includes the production and sales of graphite electrodes, carbon bricks, and other carbon-based materials, with total assets exceeding 400 billion yuan and annual sales projected to exceed 300 billion yuan in 2024 [5][6]

Core Insights - The company's third-quarter profit fluctuations were influenced by three main factors [1] - The pre-baked anode industry saw a slight decrease in procurement benchmark prices in the third quarter, impacting profit margins [1] - The price differential between medium-sulfur and high-sulfur petroleum coke has narrowed, slightly reducing the cost advantages from intelligent blending technology [1] - A major overhaul of the roasting furnace at Jiayuguan Suotong Carbon Materials Co., Ltd. occurred in the third quarter [1] - The pre-baked anode industry is expected to improve in the fourth quarter, with procurement benchmark prices in October and November showing a month-on-month increase [1] - The price differential between medium-sulfur and high-sulfur petroleum coke is expanding [1]

Core Viewpoint - The restructuring plan for Shanshan Group has entered a new phase with the selection of new investors, with Fangda Carbon as a prominent participant aiming to leverage synergies in the negative electrode industry [1][3][2]. Group 1: Restructuring Process - Shanshan Group and its subsidiary Ningbo Pengze have initiated a new round of restructuring, following a previous failed attempt, with a selection process involving initial and final selections, as well as a creditors' committee vote [2]. - The new selection process has been optimized, extending the application period from 7 days to 18 days and allowing for a separate deadline for submitting investment proposals [8]. Group 2: Investor Participation - Fangda Carbon has publicly announced its participation as a strategic investor in the restructuring of Shanshan Group, aiming to enhance its own supply chain stability and competitive edge in the negative electrode market [3][4]. - The new round of investor selection includes both previous investors and new entrants like Fangda Carbon, with some past investors opting out [2]. Group 3: Financial Performance - Fangda Carbon has experienced a decline in its main business revenue, with total revenues dropping from 52.30 billion yuan in 2022 to an estimated 38.72 billion yuan in 2024, and a significant decrease in net profit [7]. - The company reported a net profit of only 1.13 billion yuan in the first three quarters of the current year, with a notable loss in its non-recurring profit [7]. Group 4: Asset Valuation - The restructuring plan highlights Shanshan Group's key assets, including a 23.32% stake in Shanshan Co., which is highly sought after by potential investors [9]. - The minimum bid price for shares in the new round of selection is set at 11.50 yuan, which is higher than the previous round's minimum of 8.65 yuan [8].

Core Viewpoint - The entry of Fangda Carbon into the restructuring of Shanshan Group presents new possibilities for the company, which is facing significant debt challenges amounting to 40 billion [2][3]. Group 1: Fangda Carbon's Involvement - Fangda Carbon announced its participation as an industrial synergy partner in the substantive merger restructuring of Shanshan Group and its wholly-owned subsidiary, Ningbo Pengze Trading Co., Ltd. [3][11]. - The company aims to strategically position itself in the lithium battery anode materials sector through this involvement [2][15]. - Following the announcement, Fangda Carbon's stock price surged to a closing price of 6.51 yuan, with a total market capitalization of 26.2 billion yuan [2]. Group 2: Shanshan Group's Assets - Shanshan Group and Ningbo Pengze collectively hold 526 million shares of Shanshan Co., accounting for 23.36% of its total share capital [6]. - The restructuring asset package includes 100% equity of Zhongjing Sihai Industrial Co., Ltd., which primarily holds a 3.64% stake in Huishang Bank and approximately 1.882 billion yuan in debt [7]. - Additional assets include a 50% partnership interest in Ningbo Xingtong Chuangfu Enterprise Management Partnership, real estate holdings, and accounts receivable valued at approximately 9.598 billion yuan [8][9]. Group 3: Financial Performance and Challenges - Fangda Carbon's revenue for 2024 is projected at 3.872 billion yuan, a year-on-year decline of 24.55%, with a net profit of only 186 million yuan, down 55.31% [16]. - The company has experienced a continuous decline in revenue and net profit for three consecutive years, with net profit declines exceeding 50% [16][21]. - The sales gross margin has decreased significantly, with the latest figure at 10.17%, down 19.02 percentage points from the previous year [18][19]. Group 4: Strategic Implications - The integration of Shanshan Co. is seen as a strategic opportunity for Fangda Carbon to achieve a dual-driven strategy of "carbon + new energy" [24]. - Shanshan Co. is recognized as a leading supplier of artificial graphite anode materials, with a strong growth trajectory in the lithium battery materials sector [22][23]. - Successful integration could significantly optimize Fangda Carbon's revenue structure, potentially contributing approximately 4.36 billion yuan to its revenue from Shanshan Co.'s operations [24][25].

Core Viewpoint - The article discusses the recent developments regarding Fangda Carbon and its potential acquisition of Shanshan Co., highlighting the challenges faced in the restructuring process and the impact of leadership changes within Shanshan Co. [2][4][6] Group 1: Company Background - Fangda Carbon primarily engages in the production and sale of carbon products, while Shanshan Co. is a leading global supplier of lithium battery anode materials, indicating a significant synergy in the carbon-based materials sector [2]. - Fangda Carbon's controlling shareholder, Liaoning Fangda Group, has been actively expanding its presence in the capital market since 2002, including notable acquisitions and restructuring efforts [2]. Group 2: Recent Developments - On November 3, Shanshan Co. announced that its restructuring plan was rejected by the creditors' meeting, preventing "private shipping king" Ren Yuanlin from taking control [4]. - The restructuring plan failed to pass due to opposition from several creditor groups, including the general creditor group and the investor group [4]. Group 3: Leadership Changes - The fate of Shanshan Co. shifted dramatically following the sudden death of its founder, Zheng Yonggang, in 2023, leading to a power struggle over the company's control [6]. - Zheng Yonggang's son, Zheng Ju, was elected as chairman shortly after his father's death, but faced opposition from his stepmother, Zhou Ting, who claimed to be the actual controller of Shanshan Co. [6]. - Frequent management changes have impacted the company's operations, culminating in the freezing of shares held by the controlling shareholder and the initiation of restructuring proceedings for Shanshan Group in early 2025 [6].

Core Viewpoint - The restructuring plan for Shanshan Co., Ltd. has faced obstacles, leading to the selection of a new investor, Fang Wei, the richest man in Liaoning, to participate in the restructuring process [1][5]. Group 1: Restructuring Developments - The restructuring plan initially proposed by "China's private shipping king" Ren Yuanlin was rejected, as it did not receive approval from the creditors' meeting [7]. - Fang Dacarbons, under the Fang Group, has agreed to participate as a substantial investor in the restructuring of Shanshan Group and its subsidiary Ningbo Pengze Trading Co., Ltd. [3][4]. - The restructuring investment agreement previously involved Ren Yuanlin's consortium aiming to acquire 23.36% of Shanshan Co.'s shares for a total price of 3.284 billion yuan [5][7]. Group 2: Company Background and Management Changes - Shanshan Group, founded by Zheng Yonggang in 1989, has evolved from a clothing business to a leading supplier of lithium battery anode materials [9]. - Following Zheng Yonggang's sudden death in 2023, a power struggle over share inheritance emerged between his son Zheng Ju and his widow Zhou Ting, leading to significant management instability [9]. - Frequent changes in management have impacted the company's operations, culminating in the freezing of shares held by the controlling shareholder and the subsequent application for restructuring [9].

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].