这家方大集团旗下的甘肃炭素制品生产企业宣布，公司董事会已同意作为产业协同方参与杉杉集团及其全资子公司的实质合并重整投资人招募。 对于近期业绩持续承压的方大炭素而言，此举被市场解读为战略性布局锂电池负极材料领域的关键一步。 受此消息影响，11月25日方大炭素股价强势涨停，收盘报6.51元，总市值达262亿元。 新玩家入场 在杉杉集团重整陷入困境之际，方大炭素的宣布入场为重整带来了新的可能性。 方大炭素11月24日晚间公告，经公司董事会审议，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（"宁波朋泽"）的实质合 并重整投资人招募。 入局杉杉集团重整，方大炭素在公告中明确表示，公司拟以产业协同方的身份参与。 一场涉及400亿债务的民营巨头重整大戏，在首次方案遭否决后迎来实力新玩家。 方大炭素（600516）11月24日晚间的一纸公告，为杉杉集团有限公司（以下简称杉杉集团）的重整之路带来新的可能性。 来源：方大炭素公告 据方大炭素公告，截至评估基准日2025年2月25日，杉杉集团和宁波朋泽合计持有上市公司杉杉股份5.26亿股，占杉杉股份总股本23.36%。 杉杉股份是杉杉集团重整的核心资产，但值 ...

Core Viewpoint - Fangda Carbon intends to participate as an industrial partner in the restructuring of Shanshan Group and its subsidiary Ningbo Pengze, signaling a strategic shift towards the new energy sector to diversify its business and address the slowdown in traditional carbon industry growth [1][2][3] Group 1: Restructuring Participation - Fangda Carbon will submit necessary documentation and conduct due diligence as part of its involvement in the restructuring process of Shanshan Group and Ningbo Pengze [1] - The restructuring package includes a 23.32% stake in Ningbo Shanshan Co., which is a leading player in the lithium-ion battery anode material sector [2][3] - The restructuring aims to integrate resources in the anode materials and new energy fields, enhancing Fangda Carbon's supply chain stability and core competitiveness [3] Group 2: Financial Performance and Strategic Shift - Fangda Carbon's core business focuses on graphite electrodes, heavily influenced by industry cycles, with net profits declining from 10.85 billion yuan in 2021 to 1.13 billion yuan in the first three quarters of 2025 [4] - The company aims to accelerate its anode material layout and achieve industry chain integration through the restructuring, leveraging Shanshan's production capacity and technology [4] - Fangda Carbon has been developing anode materials since 2001 and has established a production line with a capacity of 2,000 tons, planning to expand to 50,000 tons [4] Group 3: Research and Development in Solid-State Batteries - Fangda Carbon has made significant progress in the field of solid-state batteries, achieving breakthroughs in key materials such as lithium-silicon-carbon anodes and sodium hard carbon anodes [5] - Despite advancements in R&D, the company has yet to convert these breakthroughs into large-scale revenue and actual orders [5][6] - The transition from laboratory breakthroughs to mass production remains a critical challenge for Fangda Carbon [6]

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].

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 ...