神马股份: 神马股份关于2024年度募集资金存放与使用情况专项报告的更正公 告 募集资金其他使用情况 截至 2024 年 12 月 31 日，本公司不存在将募投项目节余资金用于其他募投项目或非募投项目的情况。 二、其他说明 《立信会计师事务所关于神马股份 2024 年度募集资金存放与使用情况专项报告的鉴证报告》根据上述内容同步更正。 除上述更正内容外， 《神马股份 2024 年度募集资金存放与使用情况专项报告》与《立信会计师事务所关于神马股份 2024 年度募集资金存放与使用情况专项报告的鉴证报告》其他内容不变，更正后的《神马股份 2024 年度募集资金存放与使用 情况专项报告》与《立信会计师事务所关于神马股份 2024 年度募集资金存放与使用情况专项报告的鉴证报告》将与本公 告同日在上海证券交易所网站披露。 特此公告。 证券代码：600810 证券简称：神马股份 公告编号：2025-027 神马实业股份有限公司 关于 2024 年度募集资金存放与使用情况专项报告的 更正公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容的真实性、 准确性和完整性承担法律责任。 神 ...

关于神马实业股份有限公司 2024 年度募集资金存放与使用情况 专项报告的鉴证报告 立信会计师事务所(特殊普通合伙) 关于神马实业股份有限公司2024年度募集资金存放与使用 情况专项报告的鉴证报告 信会师报字[2025]第ZB10037号 神马实业股份有限公司全体股东: 我们接受委托,对后附的神马实业股份有限公司(以下简称"神 马股份")2024年度募集资金存放与使用情况专项报告(以下简称"募 集资金专项报告")执行了合理保证的鉴证业务。 一、董事会的责任 神马股份董事会的责任是按照中国证券监督管理委员会《上市公 司监管指引第2号 -- 上市公司募集资金管理和使用的监管要求 (2022年修订)》(证监会公告〔2022〕15号)、《上海证券交易所 上市公司自律监管指引第1号 -- 规范运作》以及《上海证券交易所 上市公司自律监管指南第1号——公告格式》的相关规定编制募集资 金专项报告。这种责任包括设计、执行和维护与募集资金专项报告编 制相关的内部控制,确保募集资金专项报告真实、准确、完整,不存 在虚假记载、误导性陈述或重大遗漏。 二、注册会计师的责任 我们的责任是在执行鉴证工作的基础上对募集资金专项报告发 表鉴 ...

证券代码：600810 证券简称：神马股份 公告编号：2025-027 神马实业股份有限公司 关于 2024 年度募集资金存放与使用情况专项报告的 神马实业股份有限公司于 2025 年 3 月 20 日在上海证券交易所网站（www.sse.com.cn）披露了《神马股份 2024 年 度募集资金存放与使用情况专项报告》。经事后核查，《神马股份 2024 年度募集资金存放与使用情况专项报告》中部分信 息列示有误，现予以更正。 一、需要更正的内容 1、《神马股份 2024 年度募集资金存放与使用情况专项报告》之"四、变更募投项目的资金使用情况"。 更正前： 四、变更募投项目的资金使用情况 本公司不存在变更募投项目的资金使用情况。 更正后： 四、变更募投项目的资金使用情况 更正公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容的真实性、 准确性和完整性承担法律责任。 本公司于 2024 年 6 月 12 日召开第十一届董事会第三十七次会议、第十一届监事会第十三次会议，审议通过了《关 于部分募集资金投资项目终止的议案》，同意终止公司可转换公司债券募投项目"年产 24 万吨 ...

证券代码：600810 证券简称：神马股份 公告编号：2025-023 根据中国证券监督管理委员会《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求（2022 年修 订）》（证监会公告〔2022〕15 号）、《上海证券交易所上 市公司自律监管指引第 1 号——规范运作》以及《上海证券 交易所上市公司自律监管指南第 1 号——公告格式》的相关 规定，本公司就 2024 年度募集资金存放与使用情况作如下 专项报告： 一、募集资金基本情况 （一）非公开发行股票和可转换公司债券募集资金情况 根据中国证券监督管理委员会《关于核准神马实业股份 有限公司向中国平煤神马能源化工集团有限责任公司发行 股份和可转换公司债券购买资产并募集配套资金的批复》 （证监许可〔2020〕2019 号）： 本公司由主承销商中原证券股份有限公司采取非公开 发行方式，向特定对象非公开发行股票 82,079,343 股，发 1 行价格为每股 7.31 元，募集资金人民币 599,999,997.33 元， 扣除承销费用 11,320,754.67 元后募集资金总额为 588,679,242.66 元，扣除其他发行费用 1,379, ...

Financial Performance - The net profit attributable to the parent company for 2024 is CNY 33,529,751.5, with a distributable profit of CNY 437,994,051.86[7]. - The company’s operating revenue for 2024 was CNY 13,968,410,639.05, representing a 4.08% increase compared to CNY 13,420,731,137.29 in 2023[24]. - The net profit attributable to shareholders decreased significantly by 77.57% to CNY 33,529,751.50 from CNY 149,456,379.11 in the previous year[24]. - The basic earnings per share dropped by 78.57% to CNY 0.03 from CNY 0.14 in 2023[25]. - The weighted average return on equity decreased by 1.44 percentage points to 0.42% compared to 1.86% in 2023[25]. - The company reported a significant decline in net profit after deducting non-recurring gains and losses, which was CNY -92,395,867.64, a decrease of 204.80% from CNY 88,166,400.88 in 2023[24]. - The company’s net assets attributable to shareholders decreased by 10.87% to CNY 7,163,297,346.30 from CNY 8,036,472,658.28 in 2023[24]. - The company achieved a net profit margin of 35.5%, indicating strong profitability in its operations[135]. Dividend and Shareholder Returns - The company plans to distribute a cash dividend of CNY 0.50 per 10 shares, totaling CNY 48,733,694[7]. - The total cash dividend amount (including tax) for the last three fiscal years is RMB 325,778,238.84[168]. - The total amount for share repurchase and cancellation over the last three fiscal years is RMB 199,841,235.14[168]. - The cumulative amount of cash dividends and share repurchases over the last three fiscal years is RMB 525,619,473.98[168]. - The cash dividend ratio over the last three fiscal years is 342.57%[168]. - The company is committed to improving shareholder returns, with a proposed dividend increase of 5% for the upcoming fiscal year[138]. Operational Efficiency and Investments - The company has implemented a stock incentive plan, granting 9.826 million restricted shares to 215 management and core personnel, enhancing motivation and creativity[37]. - The company has invested a total of 421.76 million yuan in share repurchase tools to stabilize investor confidence and enhance market trust[37]. - The company is focusing on high-quality development in the nylon industry, supported by government policies encouraging the production of high-end products[78]. - The company plans to enhance its market expansion strategies and invest in new product development to improve future performance[50]. - The company plans to invest in a new production base in Thailand with an initial registered capital of 5 million THB, where it will hold a 70% stake[57]. - The company has significant investments in construction projects, with a 65.28% increase in construction in progress to ¥6,847,865,360.48 from ¥4,143,155,840.46[73]. Research and Development - The company holds 22 authorized invention patents and 49 utility model patents, showcasing its strong research and development capabilities[45]. - The company has 689 R&D personnel, accounting for 8.5% of the total workforce, with a focus on enhancing the quality of nylon 66 chips and developing new nylon 66 resins[65][67]. - The company invested approximately 50.48 million yuan in R&D, representing 3.61% of its total revenue, focusing on technology upgrades and sustainable development[83]. - Research and development investments increased by 18%, focusing on sustainable technologies and product innovation[141]. Environmental and Social Responsibility - The company has implemented carbon reduction measures, successfully reducing carbon dioxide equivalent emissions by 24,229.93 tons during the reporting period[197]. - The company has established a mechanism for environmental protection and is classified as a key pollutant discharge unit by environmental authorities[182]. - The company invested approximately 91.36 million yuan in environmental protection during the reporting period[181]. - The company provided material discounts totaling 585,200 RMB, benefiting 3,200 individuals through various forms of assistance such as industrial poverty alleviation and consumer support[198]. Governance and Compliance - The company has established a robust governance structure with independent directors ensuring oversight[134]. - The company is committed to improving its governance structure and ensuring compliance with relevant laws and regulations to maintain operational independence[127]. - The company maintains an independent financial department with a separate accounting system and bank accounts, ensuring no financial overlap with the controlling shareholder[129]. - The company has not reported any significant changes in its competitive landscape or business operations due to the actions of its controlling shareholder[129]. Market Expansion and Strategy - The company plans to expand its market presence in Southeast Asia, targeting a 15% market share by 2025[135]. - The company is actively managing raw material procurement to lower overall costs and improve market competitiveness[116]. - The company is facing increased competition in the nylon 66 industry, prompting strategies to optimize product structure and improve product quality[120]. - The company is currently developing flame-retardant nylon 66 resin for spinning applications[68]. Financial Health and Projections - The expected operating income for 2024 is 14.3 billion yuan, with operating costs of 12.5 billion yuan and expenses of 1.4 billion yuan, reflecting a revenue decrease of 1.6% compared to the previous year[120]. - The company has maintained a strong liquidity position, with cash reserves amounting to 42.2 million, ensuring financial stability for future investments[135]. - The company reported a significant increase in revenue, achieving a total of 1.2 billion CNY for the fiscal year, representing a 15% year-over-year growth[138].

Core Viewpoint - Shenyang Chemical's net profit for 2024 decreased by 77.57%, while revenue increased by 4.08%, indicating significant challenges in profitability despite a slight growth in sales [3][4]. Financial Performance - The company reported a revenue of 13.97 billion yuan in 2024, up from 13.42 billion yuan in 2023, reflecting a year-on-year growth of 4.08% [4]. - The net profit attributable to shareholders was 33.53 million yuan, a sharp decline from 149.46 million yuan in the previous year, marking a decrease of 77.57% [4]. - The company experienced a non-operating loss of 92.40 million yuan, which is a 204.80% increase in losses compared to the previous year [3][4]. Factors Affecting Profitability - The decline in net profit was attributed to several factors, including: - A reduction in profit of 19.47 million yuan due to changes in sales volume and product prices [4]. - An increase in sales expenses leading to a loss of 0.22 million yuan [4]. - A decrease in research and development expenses resulting in a loss of 4.12 million yuan [4]. - A decrease in investment income leading to a loss of 3.30 million yuan [4]. - Other factors contributing to losses included credit impairment losses and asset impairment losses [4]. Future Plans - The company plans to invest in a new production base in Thailand, focusing on a 20,000 tons/year nylon 66 differentiated fiber project [5]. - The initial registered capital for the subsidiary in Thailand is set at 500,000 Thai Baht, with Shenyang Chemical contributing 70% of the capital [5][6].

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company experienced a decline in performance in 2024, with a revenue of 13.97 billion yuan, a year-on-year increase of 4%, and a net profit attributable to shareholders of 34 million yuan, a year-on-year decrease of 78% [3][4] - The nylon industry is facing a downturn, impacting the company's performance, particularly in the sales prices of nylon products [4] - The company is actively enhancing its nylon industry chain layout and expanding into Southeast Asian markets, including establishing a subsidiary in Thailand [5][6] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 139.7 billion yuan, with a net profit of 0.34 billion yuan, reflecting a significant decline compared to the previous year [3][4] - The sales volume of nylon 66 chips was 181,000 tons, up 4% year-on-year, while the average selling price decreased by 1.3% to 17,430 yuan/ton [4] - The company’s nylon 66 industrial yarn sales increased by 15.4% year-on-year, but the average selling price fell by 9.9% [4] Industry Positioning - The company is a leading player in the nylon 66 industry and is expected to benefit from future industry improvements [7] - The company is expanding its product offerings and enhancing its competitive edge through strategic partnerships and new projects [5][6] Future Outlook - The company has introduced a stock incentive plan to boost confidence in future growth, with performance targets set for 2025-2027 [6] - Profit forecasts for 2025-2027 have been adjusted downward due to the current industry conditions, with expected net profits of 0.45 billion yuan, 0.89 billion yuan, and 1.32 billion yuan respectively [7][10]

神马股份 20250321 摘要 • 2024 年己二酸行业普遍亏损，公司因产业链联控维持 99.99%高开工率， 内部消耗部分并外销约 50%。预计 2025 年行业无明显回暖，但公司不降 低产能。 • PA66 切片价格自 2024 年初持续下跌，目前约 17,500 元/吨，预计 2025 年或有修复。价格下跌主因新增产能释放，但有效性存疑，客户群 体稳定且原材料供给不足。 • 工业丝毛利稳定在 20%左右，得益于产品品质高、客户粘性大（国际主流 轮胎汽车厂商，验证周期长）。帘子布利润受售价降低及原材料苯价格上 涨影响。 • 民用领域盈利水平预计高于去年，受益于 20 万吨投料试车带来的折旧分 摊改善。公司整体销售和生产成本有所降低，未来销售价格预计提升，综 合毛利率预计维持在 11%-14%之间。 • 泰国项目预计 2025 年 7 月投产，初期工业丝 1 万吨，后续帘子布 1 万吨， 面向国内稳定轮胎企业客户及全球前十大轮胎企业，毛利率预计高于国内， 总体盈利能力较强，且目前无关税风险。 Q&A 公司 2024 年的营业收入和毛利率情况如何？ 公司 2024 年民用 66 帘子布的整体营收约为 21 ...

神马实业股份有限公司 2025 年第一次临时股东大会 会议材料 2025 年 3 月 27 日 2022 年第九次临时股东大会 | 2025 年第一次临时股东大会会议议题 1 | | --- | | 议案一： 1 | | 关于为全资子公司平煤神马融资租赁有限公司提供担保的议案 1 | | 议案二： 2 | | 关于为公司控股子公司河南神马锦纶科技有限公司提供担保的议案2 | | 议案三： 3 | | 关于为公司控股子公司河南神马尼龙化工有限责任公司下属全资子 | | 公司提供担保的议案 3 | | 议案四 4 | | 关于为公司控股子公司平顶山神马帘子布发展有限公司提供担保的 | | 议案 4 | | 议案五 5 | | 关于为参股子公司河南首恒新材料有限公司提供担保的议案 5 | 2025 年第一次临时股东大会 2025 年第一次临时股东大会会议议题 四、关于为公司控股子公司平顶山神马帘子布发展有限公司提供 担保的议案。 五、关于为参股子公司河南首恒新材料有限公司提供担保的议案。 2025 年第一次临时股东大会 议案一： 关于为全资子公司平煤神马融资租赁有限公司提供担 保的议案 各位股东、各位代表： 一、关 ...

Summary of Shenyang Chemical Co., Ltd. Conference Call Company Overview - **Company**: Shenyang Chemical Co., Ltd. (神马股份) - **Date**: March 20, 2025 Key Financials - **Total Revenue for 2024**: 28 billion CNY with a gross margin of 13% [4] - **Revenue Breakdown**: - Nylon 66 chips: 9.6 billion CNY, gross margin 6.4% [4] - Adipic acid: 12 billion CNY, gross margin 2.05% [4] - Nylon civilian silk: 3 billion CNY, gross margin approximately 5% [4] - **Q1 2025 Performance**: Revenue and operational performance remained stable compared to Q1 2024, with slight improvement from Q4 2024, mainly due to increased sales of nylon civilian silk [42] Product Performance - **Nylon 66 Chips**: Price decreased from 18,500 CNY/ton to 17,500 CNY/ton in Q4 2024 due to increased capacity and reduced demand [4][5] - **Tire Fabric**: Margins decreased due to changes in tire demand and increased supply [4][5] - **Industrial Silk**: Maintained stable profits due to stable customer relationships [4][5] Market Dynamics - **Global Market Share**: Tire fabric and industrial silk account for 30% of global production, with only 1% growth in global tire demand [6] - **New Entrants**: Current market expansion is primarily from existing players increasing capacity [6] Expansion Plans - **Thailand Operations**: Established Shenyang Long Thailand Company to produce industrial silk and tire fabric, with plans to transfer some nylon 66 chip production to Thailand [7][8] - **Production Timeline**: Expected trial production for industrial silk in July 2025, with tire fabric production starting in Q4 2025 [8] Profitability and Cost Management - **Catalytic Technology**: Projected profit of approximately 60 million CNY for 2024, with a net profit of 30-31 million CNY and a gross margin of 30%-40% [17] - **Cost Management**: Focus on reducing costs through self-sufficient raw materials and expanding modified nylon production capacity [28] Future Outlook - **Potential Growth Areas**: Safety airbag silk and nylon 66 projects are expected to have significant growth potential due to stable market demand [35] - **Profit Recovery**: Profitability in 2025 may face pressure due to declining sales prices and rising raw material costs, with recovery dependent on macro market conditions [36] Industry Challenges - **Overcapacity Risks**: The nylon fiber industry is currently facing overcapacity, necessitating strategic adjustments to manage supply and demand [32][44] - **Price Trends**: The price of nylon 66 has been declining, with potential for further decreases if domestic production increases [30][34] Additional Insights - **Long-term Contracts**: Engaged in long-term contracts with suppliers like NVIDIA, ensuring stable raw material quality despite higher costs [14] - **Investment in Technology**: Collaborating with companies like Eastman for deep cooperation in civilian silk production [11] This summary encapsulates the key points from the conference call, highlighting the financial performance, market dynamics, expansion plans, and future outlook for Shenyang Chemical Co., Ltd.