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 ...

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 ...

Core Viewpoint - The lithium battery materials industry is gradually recovering, prompting increased capital activities among listed companies, with Fangda Carbon (600516.SH) actively participating in the restructuring of Shanshan Group, which is the controlling shareholder of Shanshan Co., Ltd. (600884.SH) [2] Group 1: Fangda Carbon's Involvement - On November 24, Fangda Carbon announced its intention to participate as an industrial partner in the substantive merger and restructuring of Shanshan Group and its wholly-owned subsidiary, Ningbo Pengze Trading Co., Ltd. [2] - Fangda Carbon's involvement is seen as a strategic move to accelerate its entry into the lithium battery anode materials sector, especially as it faces declining performance in recent years [2][5] - The company has experienced continuous revenue and net profit declines since 2023, with a 55.89% year-on-year drop in net profit for the first three quarters of 2025 [2][5] Group 2: Shanshan Group's Restructuring - Shanshan Group entered bankruptcy restructuring in February 2025, with a court ruling in March for the substantive merger of Shanshan Group and Pengze Trading [3] - The restructuring plan previously signed with a consortium of investors was not approved by the creditors' meeting and was legally terminated in early November, leading to a restart of the investor recruitment process [4][6] - The main assets involved in the restructuring include Shanshan Group's shares in Shanshan Co., Ltd., which total 525 million shares, accounting for 23.36% of the company's total equity [4] Group 3: Market Context and Opportunities - The lithium battery anode materials sector is entering a new cycle of prosperity, driven by the commercialization of solid-state battery technology and increasing demand for power and energy storage batteries [6] - Shanshan Co., Ltd. has a strong position in the lithium battery materials market, being the first company in China to engage in the research and production of artificial graphite anode materials [6] - In the first three quarters of 2025, Shanshan Co., Ltd. achieved revenue of 14.809 billion yuan, a year-on-year increase of 11.48%, and a net profit of 284 million yuan, a significant year-on-year increase of 1121.72% [6] Group 4: Strategic Implications for Fangda Carbon - If Fangda Carbon successfully becomes the restructuring investor, it could acquire a controlling stake in Shanshan Co., Ltd. at a relatively low cost and integrate its production advantages in precursor materials with Shanshan's application capabilities [7] - The market has responded positively to Fangda Carbon's strategic move, as evidenced by a stock price surge following the announcement [7]

Core Viewpoint - The lithium battery materials industry is gradually recovering, prompting increased capital activities among listed companies, with Fangda Carbon (600516.SH) actively participating in the restructuring of Shanshan Group and its subsidiary, Ningbo Pengze Trading [1][3]. Group 1: Fangda Carbon's Involvement - Fangda Carbon announced its intention to participate as a strategic partner in the substantive merger and restructuring of Shanshan Group and Ningbo Pengze Trading, which has attracted significant market attention [1][2]. - The restructuring process of Shanshan Group has faced challenges, including the withdrawal of initial investors and the subsequent cancellation of agreements, leading to renewed efforts to recruit potential investors [2][3]. Group 2: Financial Performance of Fangda Carbon - Fangda Carbon has experienced continuous pressure on its performance, with revenue and net profit declining for two consecutive years, and a 55.89% year-on-year drop in net profit for the first three quarters of 2025 [1][3]. - The company's revenue for the first three quarters of 2025 was 2.622 billion yuan, a decrease of 16.79% year-on-year, while net profit was only 113 million yuan, marking a significant decline [3][5]. Group 3: Strategic Implications of the Restructuring - Fangda Carbon's involvement in the restructuring is seen as a strategic move to leverage its advantages in the negative electrode materials sector, aiming for integration across the supply chain and enhancing stability [3][6]. - The restructuring assets include Shanshan Group's holdings in Shanshan Co., which represent 23.36% of the total shares, along with other significant assets [2][3]. Group 4: Market Dynamics and Opportunities - The lithium battery negative electrode materials sector is entering a new growth cycle, driven by the commercialization of solid-state battery technology and increasing demand for power and energy storage batteries [5][6]. - Shanshan Co. reported a revenue of 14.809 billion yuan for the first three quarters of 2025, an increase of 11.48% year-on-year, with net profit soaring by 1121.72% due to significant improvements in sales and profitability of its negative electrode materials business [5][6].

Core Viewpoint - Fangda Carbon has agreed to participate as an industrial synergy partner in the substantive merger and restructuring of Shanshan Group and its wholly-owned subsidiary Ningbo Pengze, which has positively impacted its stock price and market capitalization [1] Group 1: Fangda Carbon's Involvement - Fangda Carbon's participation in the restructuring is aimed at accelerating its negative electrode industry layout, achieving industrial chain integration, and ensuring long-term stability and security of the supply chain [1] - The company aims to leverage synergies from its solid-state battery and other new energy sectors to enhance profitability and core competitiveness [1] Group 2: Shanshan Group's Background - Shanshan Group has faced significant challenges, including the sudden death of its founder in February 2023, leading to a power struggle between his son and widow [1] - The company has encountered debt default issues and has been sued by multiple financial institutions, resulting in the judicial marking and freezing of some of its shares [1] - In March 2023, a court ruled for the merger restructuring of Shanshan Group and its subsidiary Pengze [1] Group 3: Shanshan Group's Financial Performance - Shanshan Group's main assets include a 23.32% stake in Shanshan Co., bank shares, and various real estate and receivables [2] - Shanshan Co. reported a revenue of 14.809 billion yuan in the first three quarters of the year, a year-on-year increase of 11.48%, and a net profit of 284 million yuan, up 1121.72% [2] - Despite the positive performance, Shanshan Co. has a total debt of 21.968 billion yuan, with short-term loans of 5.293 billion yuan and long-term loans of 6.528 billion yuan, while cash on hand is only 3.15 billion yuan [2]

Core Viewpoint - The restructuring of Shanshan Group and its subsidiary, Pengze Trading, faces new potential support from Fangda Carbon, which aims to participate as a strategic investor in the substantial merger restructuring process [1][3][12] Group 1: Restructuring Developments - Fangda Carbon announced its intention to participate in the restructuring of Shanshan Group, which has over 40 billion yuan in total liabilities, indicating a new possibility for the company's recovery [2][3] - The previous restructuring plan was rejected by creditors, highlighting the challenges faced in the process [8][9] - The restructuring has seen various players involved, with a consortium previously selected as investors, but their plan was not approved due to significant opposition from key creditor groups [7][9] Group 2: Financial Performance - Despite the restructuring challenges, Shanshan Co., the core asset of Shanshan Group, reported a revenue of 14.809 billion yuan for the first three quarters of the year, a year-on-year increase of 11.48%, and a net profit of 284 million yuan, a staggering increase of 1121.72% [11] - Shanshan Co. has established a dual technology engine development pattern with its anode materials and polarizer businesses, maintaining a leading position in both sectors [11] Group 3: Strategic Implications - Fangda Carbon's involvement is seen as a strategic move to leverage its advantages in the anode industry, aiming for integrated industrial chain development and long-term supply chain stability [4][12] - The collaboration is expected to enhance Fangda Carbon's profitability and core competitiveness, aligning with its strategic development goals [4][12]

Core Viewpoint - The company has approved participation in the restructuring investment recruitment of Shanshan Group and its wholly-owned subsidiary Ningbo Pengze Trading Co., Ltd, aiming to enhance its negative electrode industry layout and supply chain stability [1] Group 1 - The board meeting is scheduled for November 24, 2025, to review the proposal for participation in the restructuring [1] - The company aims to achieve industrial chain integration and improve profitability and core competitiveness through this restructuring [1] - There are uncertainties regarding the restructuring investment, including the possibility of becoming a formal restructuring investor and the effectiveness of the integration [1]

Core Viewpoint - The company has made significant progress in the battery materials sector, achieving technological breakthroughs in key materials such as lithium-silicon-carbon anodes, sodium hard carbon anodes, and oxide solid-state electrolytes [1] Group 1: Technological Advancements - The company has successfully reached industry-leading performance levels for its core performance indicators during laboratory testing of battery materials [1] - Key materials have undergone scale-up testing, confirming their viability for further development [1] Group 2: Industrialization Efforts - The company is actively advancing pilot projects related to these materials, aiming for accelerated industrialization and large-scale production [1]