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 ...

资料显示，方大炭素主营业务为石墨电极、块状炭砖等炭素制品的生产销售，与杉杉股份业务存在一定 协同效应。控股股东方面，方大炭素隶属"方大系"，实控人为方威。 据了解，杉杉集团的重整之路可谓波折不断。2023年2月，其创始人郑永刚突然离世，其子郑驹与遗孀 周婷随即陷入控制权之争，二人接连出任董事长，管理层持续动荡。 11月24日，方大炭素发布公告，经董事会审议通过，同意公司作为产业协同方参与杉杉集团及其全资子 公司宁波朋泽的实质合并重整投资人招募。 或受此影响，11月25日，方大炭素股价涨停，报收6.51元/股，市值达到262.1亿元。 对于参与重整的原因，方大炭素表示：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。 6月6日，杉杉集团发布意向投资人招募公告，明确其主要资产包括持有的杉杉股份23.32%股权、徽商 银行股权、锦州永杉锂业股权以及各类不动产和应收款项等。 此后不久，杉杉集团便出现债务逾期问题，被多家金融机构起诉，所持杉杉股份部分股权也 ...

◎记者 郭成林 杉杉集团有限公司（下称"杉杉集团"）及其全资子公司宁波朋泽贸易有限公司（下称"朋泽贸易"）的破 产重整案，在经历首次方案被债权人否决的挫折后，迎来了新的潜在拯救者。 11月24日晚，方大炭素公告称，公司拟作为产业协同方参与杉杉集团及其全资子公司实质合并重整投资 人招募。 这一最新动向，为这家总负债超过400亿元的民营巨头重整之路带来了新的可能性。 曲折重整路出现新玩家 据方大炭素公告，公司董事会已同意作为产业协同方参与杉杉集团的实质合并重整投资人招募，但最终 能否成为正式的重整投资人尚存在不确定性。 该公告没有进一步披露更多具体细节，包括投资金额、具体参与方式以及对杉杉集团未来发展的规划。 对于参与重整的原因，方大炭素在公告中明确，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。 基于此，公司认为，参与杉杉集团及其全资子公司朋泽贸易的实质合并重整符合产业布局和战略发展， 预计将对公 ...

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]

11月14日晚间，滨海能源（000695.SZ）发布公告称，董事会于当日审议通过了《关于终止公司发行股 份购买资产并募集配套资金暨关联交易的议案》。 重组预案显示，滨海能源目前的主营业务为锂电池负极材料的研发、生产和销售。近年来，虽然其业务 规模持续提升，营业收入不断增加，但因锂电产业竞争加剧，滨海能源盈利水平持续承压。 收购标的沧州旭阳原本被滨海能源视为缓解盈利压力的第二增长曲线。资料显示，沧州旭阳主要从事尼 龙新材料相关产品的研发、生产和销售，产品主要涵盖己内酰胺、尼龙6等。根据弗若斯特沙利文2024 年度数据统计，沧州旭阳是全球第二大己内酰胺企业，拥有"国内少数拥有全工艺流程的企业"之一的产 业链优势，盈利能力良好。 随着此次交易"告吹"，滨海能源试图缓解锂电池负极材料主业盈利压力、打造"负极材料+尼龙新材 料"双主业格局的努力暂告一段落。 滨海能源表示，本次交易的终止不会对现有生产经营活动和战略发展造成重大不利影响。滨海能源正在 积极推动负极材料的市场开拓、20万吨负极材料一体化项目一期及配套源网荷储绿电项目一期建设、新 型负极材料研发等经营工作，努力持续提升经营业绩。 根据滨海能源5月17日披露的重 ...

Core Viewpoint - Yang Xuegang's capital ambitions are facing setbacks as recent attempts to acquire A-share company Yihua Tong and restructure Binhai Energy have failed, highlighting challenges in expanding his investment portfolio [1][7]. Group 1: Binhai Energy's Restructuring Attempts - Binhai Energy announced the termination of its major asset restructuring plan to acquire 100% of Cangzhou Xuyang Chemical Co., which was expected to significantly enhance its business scope and financial performance [3][4]. - The proposed acquisition was characterized as a "snake swallowing an elephant" deal, with Cangzhou Xuyang's total assets exceeding Binhai Energy's by over ten times, indicating a substantial disparity in scale [3]. - The termination was attributed to changes in market conditions and failure to reach consensus on commercial terms among the parties involved [4]. Group 2: Financial Performance and Challenges - Binhai Energy has been experiencing continuous losses since 2020, with net profits reported as approximately -102 million yuan, -18.1 million yuan, and -28.1 million yuan for the years 2022 to 2024, respectively [5]. - For the first three quarters of 2023, Binhai Energy reported revenues of about 374 million yuan, a year-on-year increase of 2.03%, but still posted a net loss of approximately -49.4 million yuan [5]. - The company's financial health is concerning, with a cash balance of only 26.5 million yuan against total assets of about 2 billion yuan and total liabilities of approximately 1.8 billion yuan, resulting in a high debt-to-asset ratio of 90.45% [5][6]. Group 3: Broader Capital Ambitions - In addition to Binhai Energy, Yang Xuegang's attempt to gain control of A-share company Yihua Tong also ended unsuccessfully in September 2023, as the parties could not agree on the final terms of the transaction [7][9]. - Yihua Tong has also faced financial difficulties, with revenues of approximately 629 million yuan, 738 million yuan, and 800 million yuan from 2021 to 2024, and net losses of around -162 million yuan, -167 million yuan, and -243 million yuan during the same period [9].

Group 1: Industry Overview - The lithium battery anode material industry showed a positive growth trend in the first three quarters of 2025, with most listed companies reporting significant revenue increases, except for Shanhe Intelligent, which experienced a decline [2][5] - The fastest revenue growth among listed companies was recorded by Shangtai Technology, with a year-on-year increase of 52.09% [2][5] - The overall net profit of the lithium battery anode industry increased significantly, with over half of the listed companies turning from negative to positive net profit, except for Xiangfenghua, which saw a decline [5][6] Group 2: Company Performance Beiterui - Beiterui achieved a revenue of 123.8 billion yuan in the first three quarters of 2025, a year-on-year increase of 20.6%, with a net profit of 7.68 billion yuan, up 14.37% [12][13] - The gross margin decreased by 0.59 percentage points, while the net margin increased by 1.2 percentage points [12][13] Singshan Co., Ltd. - Singshan reported a revenue of 148.1 billion yuan, a year-on-year increase of 11.48%, and a net profit of 2.84 billion yuan, up 1121.72% [15][16] - Both gross and net margins improved, with gross margin rising by 1.42 percentage points and net margin by 1.83 percentage points [15][16] Putailai (Zicheng Technology) - Putailai achieved a revenue of 108.3 billion yuan, a year-on-year increase of 10.06%, and a net profit of 17 billion yuan, up 37.25% [20][21] - The gross margin increased by 3.36 percentage points, and the net margin rose by 2.59 percentage points [20][21] Zhongke Electric (Zhongke Xingcheng) - Zhongke Electric reported a revenue of 59.04 billion yuan, a year-on-year increase of 52.03%, and a net profit of 4.02 billion yuan, up 118.85% [24][25] - The gross margin decreased by 0.93 percentage points, while the net margin increased by 2.12 percentage points [24][25] Shangtai Technology - Shangtai Technology achieved a revenue of 55.06 billion yuan, a year-on-year increase of 52.09%, and a net profit of 7.11 billion yuan, up 23.08% [28][29] - Both gross and net margins showed a downward trend, with gross margin decreasing by 2.73 percentage points and net margin by 3.04 percentage points [28][29] Xiangfenghua - Xiangfenghua reported a revenue of 11.31 billion yuan, a year-on-year increase of 8.16%, but a net profit decline of 64.64%, amounting to 0.2 billion yuan [33][34] - Both gross and net margins decreased, with gross margin down by 7.38 percentage points and net margin down by 3.62 percentage points [33][34] Yicheng New Energy - Yicheng New Energy achieved a revenue of 30.10 billion yuan, a year-on-year increase of 12.79%, but reported a net loss of 2.65 billion yuan, although this was a 55.2% improvement from the previous year [36][37] - Both gross and net margins improved, with gross margin up by 1.71 percentage points and net margin up by 16.1 percentage points [36][37] Suotong Development - Suotong Development reported a revenue of 127.6 billion yuan, a year-on-year increase of 28.66%, and a net profit of 6.54 billion yuan, up 201.81% [39][40] - Both gross and net margins increased, with gross margin up by 4.84 percentage points and net margin up by 3.49 percentage points [39][40] Shanhe Intelligent - Shanhe Intelligent achieved a revenue of 50.57 billion yuan, a year-on-year decrease of 2.08%, but a significant net profit increase of 177.57%, amounting to 0.97 billion yuan [41][42] - The gross margin decreased by 0.41 percentage points, while the net margin increased by 1.09 percentage points [41][42] Guomin Technology - Guomin Technology reported a revenue of 9.58 billion yuan, a year-on-year increase of 16.73%, but a net loss of 0.74 billion yuan, although this represented a 50.63% reduction in losses [44][45] - Both gross and net margins improved, with gross margin up by 0.03 percentage points and net margin up by 12.32 percentage points [44][45]

Core Viewpoint - Binhai Energy has announced the termination of its plan to acquire 100% equity of Cangzhou Xuyang Chemical Co., Ltd. through a share issuance and related fundraising due to changes in market conditions and failure to reach consensus on commercial terms with transaction parties [1][4]. Group 1: Termination of Acquisition - The company held a board meeting on November 14, where it approved the termination of the asset acquisition and fundraising plan [1]. - The initial announcement regarding the acquisition was made on April 30, 2025, with subsequent meetings and disclosures leading up to the termination [4]. - The decision to terminate was made after careful consideration and negotiations, aiming to protect the interests of the company and its shareholders [4]. Group 2: Business Operations and Financial Performance - Binhai Energy's main business focuses on the research, production, and sales of lithium battery anode materials, with ongoing efforts to expand market reach and develop new materials [5]. - The company reported a revenue of 374.75 million yuan for the first three quarters of 2025, reflecting a year-on-year increase of 2.03%, while the net profit attributable to shareholders was a loss of 49.44 million yuan [5][6]. - In Q3 2025, the revenue was 139 million yuan, showing a 14% increase year-on-year, but the net profit attributable to shareholders was still a loss of 12.33 million yuan [5][6]. - The termination of the acquisition is not expected to significantly impact the company's existing operations or strategic development [5].

Group 1 - Victory Co., Ltd. plans to acquire gas-related assets controlled by its controlling shareholder and will resume trading on November 11 [2][3] - The acquisition will involve issuing shares and cash payments, targeting assets including 100% equity of Zhongyou Zhuhai and 100% equity of Tiandali Tong [2] - The transaction is expected to enhance the company's profitability and deepen its gas industry chain layout [3] Group 2 - Zhongbei Communication signed a comprehensive service framework agreement worth 1 billion yuan with Xiamen Hongxin Electronic Technology Group [5] - The contract is valid for 60 months and will allow Zhongbei to recognize revenue based on performance obligations [5] Group 3 - Shangtai Technology plans to invest approximately 4.07 billion yuan to build a project with an annual production capacity of 200,000 tons of lithium-ion battery anode materials [6] Group 4 - ST Gaohong's stock will be delisted on November 11, 2025, as decided by the Shenzhen Stock Exchange [8] - ST Huatuo's application to remove other risk warnings has been approved, and its stock will resume trading on November 12, 2025 [9] Group 5 - New Peng Co., Ltd. signed an investment cooperation agreement with Jabil Inc. for a battery energy storage system project, with a total investment of approximately 15 million USD [10] - The project aims to develop and manufacture large battery storage systems, with completion expected by the end of 2026 [10] Group 6 - Yunnan Baiyao's board elected Zhang Wenxue as chairman and Dong Ming as vice chairman for a three-year term [11] - Maiwei Co., Ltd. extended its concerted action agreement among major shareholders for another year [11] Group 7 - Ganfeng Lithium announced progress on the PPGS lithium salt lake project, with an environmental impact assessment report issued [12] - The project aims to submit a large investment application to the Argentine government in 2026 [12] Group 8 - Fangzhi Technology plans to acquire 100% equity of Zhixiang Technology for 116 million yuan, which will become a wholly-owned subsidiary [13] - Zhixiang Technology specializes in AI and smart space technology applications [13] Group 9 - Jiangsu Suopu is undergoing maintenance on its methanol and acetic acid production facilities, expected to resume production by November 10, 2025 [17]

Core Viewpoint - 福鞍股份 is focused on improving operational performance and enhancing profitability through strategic initiatives and partnerships, particularly in the gas turbine manufacturing sector. Group 1: Financial Performance - 福鞍股份 reported a revenue of 879 million yuan and a net profit of 42.9 million yuan for the first three quarters of 2025, with basic earnings per share at 0.14 yuan [1] - The company attributes its positive cash flow this year to better customer payment collection [1] Group 2: Business Segments - 福鞍股份 operates in three main segments: equipment manufacturing, environmental protection, and lithium battery anode materials [1] - The equipment manufacturing segment focuses on producing and selling large cast steel components for major technical equipment [1] - The environmental protection segment, managed by its subsidiary, provides flue gas treatment and energy management services [1] Group 3: Capacity and Partnerships - The company has reported that its casting capacity utilization and heavy processing capabilities are nearly saturated, with plans for capital investment to enhance capacity based on market demand [2] - 福鞍股份 has a strong partnership with Mitsubishi, supplying cast steel components for steam and gas turbines, with ongoing successful collaboration [2] Group 4: Strategic Investments - 福鞍股份 plans to establish a joint venture with 乐山高新投 and 乐山股权基金 to create a gas turbine manufacturing base in 乐山高新区, focusing on various processing workshops and a full-load testing platform [3] - The investment decision is aligned with the company's long-term strategic needs and aims to enhance profitability and risk resilience [3] - The cooperation agreement with 乐山高新投 has been officially signed, with the project expected to take twelve months for construction [4]