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！ 1月4日晚间，方大炭素（600516）披露《关于终止参与杉杉集团及其全资子公司实质合并重整的公 告》。 此前，方大炭素于2025年11月24日召开第九届董事会第十四次临时会议，审议通过《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》，同意公司参与杉杉集团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。 彼时方大炭素表示，通过发挥自身在负极产业的技术、资本、渠道等优势，作为产业协同方参与杉杉集 团及其全资子公司朋泽贸易的实质合并重整，有利于公司加快负极产业布局，实现产业链一体化和供应 链长期稳定安全，充分发挥公司固态电池等新能源产业协同效应，增强公司盈利能力，提升公司核心竞 争力。 虽然母公司杉杉集团深陷重整泥潭，但上市公司杉杉股份（维权）"负极材料+偏光片"两大业务引擎具 备着强大的全球竞争力。鑫椤资讯数据显示，2024年，杉杉股份人造负极材料出货量蝉联全球第一。在 偏光片业务方面，CINNO Research数据显示，2024年杉杉股份在大尺寸偏光片的出货面积份额约为 33%，继续稳坐全球第一的宝座。 ...

每经AI快讯，三利谱（SZ 002876，收盘价：23.45元）12月29日晚间发布公告称，公司第五届2025年第 八次董事会会议于2025年12月29日在深圳市光明新区公明办事处楼村社区第二工业区同富一路5号公司 会议室以现场结合通讯表决方式召开。会议审议了《关于2026年度日常关联交易预计的议案》等文件。 每经头条（nbdtoutiao）——绕开光刻机"卡脖子"，中国新型芯片问世！专访北大孙仲：支撑AI训练和 具身智能，可在28纳米及以上成熟工艺量产 （记者 王晓波） 2025年1至6月份，三利谱的营业收入构成为：偏光片行业占比99.33%，其他业务占比0.67%。 截至发稿，三利谱市值为41亿元。 ...

Group 1 - The article discusses the restructuring of Singshan Group, which is facing significant financial challenges with over 40 billion yuan in debt, and highlights the interest from major investors like Fangda Carbon and Hunan Salt Industry Group [5][10][20] - Singshan Group's restructuring process has been complicated, with the first plan being rejected due to issues raised by creditors, leading to a second round of investor recruitment with higher entry requirements [11][34] - The core asset of Singshan Group is its stake in Singshan Co., which is valued at approximately 7 billion yuan based on its market capitalization of around 30 billion yuan [22][27] Group 2 - Singshan Co. has shown a recovery in its financial performance, with a revenue of 14.81 billion yuan in the first three quarters of the year, representing a year-on-year growth of 11.48%, and a net profit of 284 million yuan, up 1121.72% [27][28] - The company is a leader in the lithium battery anode materials sector and is expected to maintain its position in the rapidly growing markets of new energy vehicles and consumer electronics [28][30] - Singshan Group also holds various other assets, including financial stakes and real estate, which could provide additional value during the restructuring process [30][31] Group 3 - The restructuring plan must be submitted by December 8, with a final decision expected by December 20, creating a tight timeline for the involved parties [32][33] - The previous restructuring plan faced criticism for not clearly addressing how to improve Singshan Co.'s operational status and debt repayment strategies, which could hinder the approval of the new plan [34][36] - The competition between Fangda Carbon and Hunan Salt Industry Group for the restructuring highlights the differing strengths of each, with Hunan Salt potentially having an advantage due to its state-owned background and possible partnerships with financial institutions [36][37]

Core Viewpoint - The article discusses the financial struggles and potential restructuring of Singshan Group, highlighting the interest from significant investors and the challenges faced in the restructuring process [4][6][28]. Group 1: Capital Involvement - Singshan Group's restructuring has attracted notable investors, including Fangda Carbon and Hunan Salt Industry Group, both of which have relevant industrial backgrounds and financial capabilities [6][11][14]. - The second round of investor recruitment for Singshan Group has seen increased interest compared to the first round, indicating the group's perceived value despite its financial difficulties [10][15]. Group 2: Financial Status and Assets - Singshan Group has reported over 40 billion yuan in debts, yet it possesses significant assets, including a 23.37% stake in Singshan Co., valued at approximately 7 billion yuan based on the company's market capitalization [18][19]. - Singshan Co. has shown a recovery in its financial performance, with a revenue of 14.81 billion yuan in the first three quarters of the year, marking an 11.48% increase year-on-year, and a net profit of 284 million yuan, up 1121.72% [22][23]. Group 3: Restructuring Challenges - The restructuring process is under tight deadlines, with a critical date of December 20 for the submission of a viable restructuring plan, raising concerns about the feasibility of a successful outcome [29][30]. - Previous restructuring proposals faced criticism for lacking clarity on improving operational conditions and debt resolution, which may hinder future proposals from gaining approval [30][31]. Group 4: Competitive Landscape - Among the competing investors, Fangda Carbon has substantial backing but faces challenges due to its own high debt levels, while Hunan Salt Industry Group, with its state-owned background, may have an advantage in gaining creditor trust [32][33].

备受关注的杉杉集团破产重组案又现新剧情，中国宝安（000009）拟入局。 12月12日晚，中国宝安公告称，董事会审议通过了《关于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》，同意公司作为重整投资联合体 (下称"联合体")牵头人，联合下属子公司贝特瑞新材料集团股份有限公司(以下简称"贝特瑞")及其他潜在投资人参与杉杉集团及其全资子公司宁波朋泽贸 易有限公司(下称"宁波朋泽")的实质合并重整投资人招募。 目前，中国宝安按照杉杉集团管理人发布的公告要求，已提交了报名材料，缴纳了尽职调查保证金5000万元，并委托了中介机构开展尽职调查。公司董事 局授权公司管理层拟定和提交重整投资方案，参与现场述标以及可能的竞争性谈判的工作。 中国宝安称，公司参与杉杉集团及其全资子公司宁波朋泽的实质合并重整投资人招募，联合体是否被确定为最终的重整投资人存在不确定性。 杉杉集团由知名浙商郑永刚创立，旗下杉杉股份（600884），是全球锂电池负极材料与偏光片行业龙头，但郑永刚不幸病故。杉杉集团的破产重整备受资 本市场关注，最终谁会成为重整参与方，不妨拭目以待。 因债务问题，2025年2月，浙江省宁波市鄞州区人民法院作出《民事裁 ...

Core Viewpoint - The restructuring of Shanshan Group, which has over 40 billion in debt, is attracting significant interest from major investors, including private and state-owned enterprises, amid uncertainties about its future viability [2][3][15]. Group 1: Restructuring Process - Shanshan Group's first restructuring plan was rejected, leading to a second recruitment of potential investors, which attracted notable players like Fang Wei's company and a state-owned enterprise from Hunan [3][6]. - The second recruitment had stricter criteria, emphasizing the need for investors with backgrounds in polarizers and/or anode materials [6][30]. - The deadline for submitting formal restructuring investment proposals is December 8, with a final decision expected by December 20 [27]. Group 2: Financial Situation - Shanshan Group's reported debts exceed 40 billion, yet it possesses valuable assets, including a 23.37% stake in Shanshan Co., valued at approximately 7 billion based on the company's market cap [15][18]. - Shanshan Co. has shown a recovery in performance, with a revenue of 14.81 billion and a net profit of 284 million in the first three quarters of the year, marking a significant year-on-year increase [22][23]. - The company is a leader in lithium battery anode materials and polarizers, with a strong market position that supports its valuation [23][24]. Group 3: Investor Profiles - Fang Wei's company, backed by the "Fangda System," has substantial assets exceeding 400 billion, but its financial performance has been mixed, raising questions about its willingness to invest heavily in Shanshan's restructuring [9][31]. - Hunan Salt Industry Group, with a solid industrial foundation and state backing, is positioned to gain trust from creditors, potentially forming alliances with financial institutions to strengthen its bid [13][30]. - The competition between these investors highlights the strategic importance of Shanshan Group's assets and its operational capabilities [14][26].

12月3日，湖南盐业集团宣布，近日公司以意向重整投资人身份正式报名参与杉杉集团有限公司的 破产重整，并已完成5000万元保证金缴纳。 公开资料显示，湖南盐业集团是湖南省人民政府批准设立的国有独资企业，前身为2002年成立的 湖南省轻工盐业集团。截至2023年底，集团注册资本10亿元，资产总额205.61亿元，下辖11家 一级子公司及多个生产与营销机构，包括子公司雪天盐业。 湖南盐业集团表示，杉杉股份作为全球锂电池负极材料与偏光片行业龙头，其产业矩阵与集团重 点发展的新能源、新材料板块高度契合。通过此次重整，集团有望快速切入锂电核心供应链，获 取关键技术与市场资源。 【集邦Display显示产业交流群】 = TrendForce 集 邦 咨 询 显示器研究中心 面板产业链市场供需及价格报告 面板产业市况季度报告 面板价格" Plus"和市况更新月度报告 . 面板价格预测月度报告 · · . 面板出货追踪月度报告 季度面板产能状况季度报告 . . 面板厂产能利用率月度分析报告（稼动率） 同时，湖南盐业集团将发挥资本赋能作用，凭借自身产业基础、资本平台及与复旦大学等高校科 研机构的合作，输出产业协同、资源整合与创新 ...

Core Viewpoint - The transfer of shares from Tan Guoying to Chen Yun marks a significant change in the control of Huafeng Co., with Chen Yun set to become the actual controller of the company [1][2][3] Share Transfer Details - Tan Guoying plans to transfer a total of 34 million shares (16% of total share capital) to Chen Yun in stages, starting with 10.7 million shares (5.04% of total share capital) for a total price of RMB 160 million [1][2] - The share transfer price is set at RMB 15 per share, with the first phase completed before further transfers can occur, expected between November 2026 and January 2027 [2] Voting Rights Delegation - A voting rights delegation agreement has been signed, allowing Chen Yun to exercise voting rights for an additional 32.1 million shares (15.11% of total share capital) held by Tan Guoying until the completion of the subsequent share transfer [3] Financial Background of Tan Guoying - Tan Guoying has cumulatively cashed out approximately RMB 351 million from share sales since November 2019, including three rounds of share reductions and a recent transfer [4][8] - Her business journey began in 1995 with the establishment of Zhaoqing Huafeng Electronic Aluminum Foil Co., and she has played a pivotal role in the company's growth and transition to the new energy materials sector [5][6] Chen Yun's Background - Chen Yun, born in 1975, has a strong background in capital markets, having co-founded companies like Helitai and Sanlipu, both of which have successfully gone public [9][10] - Currently, he is the founder, chairman, and general manager of Shengbaolai, holding a 60% stake in the company, which specializes in new automotive films and related products [10] Future Prospects - There is speculation that Shengbaolai may seek to achieve a backdoor listing through Huafeng Co. in the near future, following the completion of the share transfer [11]

Core Viewpoint - The transfer of shares from the aging chairman Tan Guoying to the capital expert Chen Yun marks a significant change in the control of Huafeng Co., Ltd. (002806.SZ), with potential implications for the company's future direction and strategy [1][3][4]. Group 1: Share Transfer Details - Tan Guoying plans to transfer a total of 34 million shares (16% of the total share capital) to Chen Yun through a phased agreement [3][4]. - The first phase involves the transfer of 10.7 million shares (5.04% of the total share capital) at a price of 15 RMB per share, totaling 1.6 billion RMB [3][4]. - The remaining 23.3 million shares will be transferred later, contingent upon the completion of the initial transfer and regulatory compliance [3][4]. Group 2: Financial Implications - Since November 2019, Tan Guoying has conducted three rounds of share reductions, cashing out approximately 1.91 billion RMB, bringing the total cashing amount to 3.51 billion RMB with the latest transfer [9][10]. - The share transfer price of 15 RMB per share reflects a strategic valuation of the company amidst the leadership transition [3][4]. Group 3: Background of Key Individuals - Tan Guoying, aged 75, has a long history in the industry, founding Huafeng Electronics in 1995 and leading the company to its listing in 2016 [6][7][8]. - Chen Yun, aged 50, is a seasoned player in the capital market, known for his roles in the successful listings of He Li Tai and San Li Pu, and currently serves as the founder and CEO of Sheng Bao Lai [11][12]. - There are speculations that Sheng Bao Lai may seek to achieve a backdoor listing through Huafeng Co., Ltd. in the near future [2][13].

11月24日，华锋股份披露筹划易主并停牌的公告。公告显示，公司于当日午间确认接盘方为陈运， 陈运拟取得公司控制权。公司股票自11月24日起停牌。 华锋股份表示，截至公告披露日，谭帼英持有公司约4280.07万股，占公司总股本的20.14%；具体 收购方案以双方签署的正式股份转让协议为准，本次事项仍处于意向阶段，具有不确定性。 公告称，陈运或其控制的第三方拟一次性或分期收购谭帼英持有的公司股权，并可能通过表决权委 托方式取得公司控制权。若交易最终完成，公司控股股东及实际控制人将发生变更。 公开资料显示，陈运（1975年9月生）曾为合力泰与三利谱两家公司联合创始人并担任董事、副总 经理职务，2018年自合力泰退出。合力泰主要为消费电子、智能家居等领域提供液晶触控显示模组 与OLED触显模组等解决方案。三利谱自2017年上市，主要从事偏光片产品的研发与生产。 华锋在公告中提示，本次签署的股权转让意向协议仅为初步意向，交易存在不确定性。市场关注点 在于，若控制权变更最终实现，华锋股份是否会出现业务重组或向偏光片/光学材料领域倾斜，以及 对原有新能源汽车与电极箔业务的影响。（集邦Display整理） 【集邦Displa ...