中国平煤神马集团正在加速资本化的步伐。据上海证券报，中国平煤神马集团党委书记、董事长李毛透 露，集团正积极推进资产证券化，旨在建立集团在海外的融资平台，支持公司出海战略。其中，河南平 煤神马超硬材料股份有限公司，已启动香港上市程序，预计最快于2026年9月完成上市；平煤股份 (601666.SH)、神马股份(600810.SH)计划赴港上市，完成"A+H"布局。 此外，截至2024年末，平煤神马集团拥有6家新三板挂牌企业，分别为天工科技(833716.NQ)、神马华威 (836171.NQ)、矿益股份(837523.NQ)、天成环保(837146.NQ)等。 本文源自：智通财经网 据悉，平煤神马集团目前旗下有4家上市公司，分别是沪深交易所上市的平煤股份(601666.SH)、神马股 份(600810.SH)、易成新能(300080.SZ)，以及北交所上市的硅烷科技(838402.BJ)。 李毛表示，集团期望在本届党委任期届满时(2028年前)，能把旗下的上市公司数量从目前的4家，扩展 到6到7家。 ...

Core Viewpoint - China Pingmei Shenma Group is accelerating its capitalization efforts, aiming to establish an overseas financing platform to support its international expansion strategy [1] Group and Company Summary - The group is actively promoting asset securitization, with Henan Pingmei Shenma Superhard Materials Co., Ltd. having initiated the Hong Kong listing process, expected to complete by September 2026 at the earliest [1] - Pingmei Shenma Group plans to expand the number of its listed companies from the current four to six or seven by the end of the current party committee's term in 2028 [1] - Currently, the group has four listed companies: Pingmei Co., Ltd. (601666.SH), Shenma Co., Ltd. (600810.SH), Yicheng New Energy (300080.SZ), and Silane Technology (838402.BJ) listed on the Beijing Stock Exchange [1] - As of the end of 2024, the group has six companies listed on the New Third Board, including Tiangong Technology (833716.NQ), Shenma Huawei (836171.NQ), Kuangyi Co., Ltd. (837523.NQ), and Tianceng Environmental Protection (837146.NQ) [1]

Group 1 - China Pingmei Shenma Group is accelerating its capitalization efforts, aiming to establish an overseas financing platform to support its international expansion strategy [1] - The company plans to advance asset securitization, with Henan Pingmei Shenma Superhard Materials Co., Ltd. initiating the Hong Kong listing process, expected to complete by September 2026 at the earliest [1] - The group aims to increase the number of its listed companies from the current four to six or seven by the end of the current party committee's term in 2028 [1] Group 2 - Currently, the group has four listed companies: Pingmei Co., Ltd. (601666.SH), Shenma Co., Ltd. (600810.SH), Yicheng New Energy (300080.SZ), and Silane Technology (838402.BJ) listed on the Beijing Stock Exchange [1] - By the end of 2024, the group will have six companies listed on the New Third Board, including Tiangong Technology (833716.NQ), Shenma Huawei (836171.NQ), Kuangyi Co., Ltd. (837523.NQ), and Tianceng Environmental Protection (837146.NQ) [1]

Core Viewpoint - China Pingmei Shenma Group is actively promoting asset securitization to establish an overseas financing platform to support its international expansion strategy [1] Group and Company Summary - Henan Pingmei Shenma Superhard Materials Co., Ltd. has initiated the Hong Kong listing process, expected to complete by September 2026 at the earliest [1] - Pingmei and Shenma plan to list in Hong Kong to achieve an "A+H" layout [1] - The group aims to have 6 to 7 listed companies by the end of the current party committee's term (by 2028) [1] - Currently, Pingmei Shenma Group has 4 listed companies: Pingmei Co., Shenma Co., Yicheng New Energy, and Silane Technology listed on the Beijing Stock Exchange [1] - By the end of 2024, the group will have 6 companies listed on the New Third Board, including Tiangong Technology, Shenma Huawei, Kunyiyuan, and Tianceng Environmental Protection [1] - The group is accelerating the process of asset capitalization and securitization through its subsidiaries, forming a tiered advancement pattern of "cultivating a batch, reserving a batch, and listing a batch" [1]

Transaction Overview - The company plans to acquire 10.27% minority shareholder equity in its subsidiary, Henan Shennma Nylon Chemical Co., Ltd., from the Jinshi Manufacturing Industry Transformation and Upgrading New Materials Fund for a cash consideration of 952 million RMB [1][2][15] - Post-transaction, the company's ownership in the nylon chemical subsidiary will increase from 61.79% to 72.06%, while Jinshi Fund's stake will decrease from 15.66% to 5.39% [1][2] Financial Information - The total assets of Henan Shennma Nylon Chemical Co., Ltd. as of December 31, 2024, were 1,210,761.69 million RMB, with total liabilities of 359,396.23 million RMB, resulting in total equity of 851,365.45 million RMB [5][9] - For the first quarter of 2025, the company's revenue was reported at 158,620.48 million RMB, with a net profit of 1,666.01 million RMB [5][9] Valuation and Pricing - The valuation of the nylon chemical subsidiary was conducted by Beijing Guorong Xinghua Asset Appraisal Co., Ltd., using both asset-based and market approaches, with the asset-based method yielding a total equity value of 927,403.11 million RMB, reflecting a 7.08% increase [9][14] - The agreed transaction price of 952 million RMB corresponds to the assessed value of the 10.27% equity stake, ensuring a fair and reasonable pricing structure [14][15] Impact on the Company - This acquisition is expected to enhance the company's control and operational efficiency over Henan Shennma Nylon Chemical Co., Ltd., thereby improving profitability and competitive strength [21][22] - The transaction will not alter the consolidation scope of the company's financial statements, as the nylon chemical subsidiary is already included [21][22]

Investment Rating - The report maintains an investment rating of "in line with the market" for the basic chemical industry [7][5]. Core Viewpoints - The basic chemical industry index rose by 4.51% in July 2025, outperforming the Shanghai Composite Index and the CSI 300 Index by 0.77 and 0.96 percentage points, respectively [10][7]. - The report suggests continued focus on the pesticide, organic silicon, and polyester filament sectors, which are expected to benefit from the anti-involution policies [5][7]. Summary by Sections Market Review - The basic chemical industry index has increased by 41.50% over the past year, ranking 14th among 30 major industries [10][7]. - In July 2025, 26 out of 33 sub-industries saw an increase, with modified plastics, polyurethane, and civil explosives leading the gains at 16.69%, 14.01%, and 12.09%, respectively [11][10]. Product Price Tracking - The report indicates a continued downward trend in chemical product prices, with 177 products showing a decrease in July 2025 [7][11]. - Notable price increases were observed in TDI, trichloromethane, and coking coal, with respective rises of 43.29%, 32.79%, and 32.56% [7][11]. Industry and Company News - The report highlights the launch of a three-year action plan by the China Pesticide Industry Association to combat issues like hidden additives and illegal production in the pesticide sector [29][30]. - A significant investment of 2.32 billion yuan by Shandong Haihua in Inner Mongolia's largest natural soda ash mine is noted, aimed at optimizing product structure and expanding development space [34][35].

| | | 2025 年第三次临时股东大会 神马实业股份有限公司 2025 年第三次临时股东大会 会议材料 2025 年 8 月 19 日 2022 年第九次临时股东大会 二、关于为控股子公司中平神马江苏新材料科技有限公司提供担 保的议案 第 1 页 共 15 页 2025 年第三次临时股东大会 议案一： 关于收购控股子公司河南神马尼龙化工有限责任公司 部分少数股东股权的议案 各位股东、各位代表： 一、交易概述 （一）本次交易的基本情况 2025 年第三次临时股东大会会议议题 一、关于收购控股子公司河南神马尼龙化工有限责任公司部分少 数股东股权的议案 1、本次交易概况 神马实业股份有限公司（以下简称"公司"、"本公司"、"上 市公司"）拟以现金方式收购金石制造业转型升级新材料基金（有限 合伙）（以下简称"金石基金"）持有的本公司之控股子公司河南神 马尼龙化工有限责任公司（以下简称"尼龙化工"）10.27%少数股东 股权（对应 45,008.89 万股），资金来源为公司自有资金。股权交易 事项完成后，本公司持有尼龙化工股权由 61.79%增加至 72.06%，金 石基金持有尼龙化工股权由 15.66%减少至 5 ...

神马股份是全球尼龙66工业丝第二大生产商，国内市占率超90%。尼龙化工作为神马股份上游核心原料 供应商，其业绩表现直接影响上市公司盈利。本次收购是神马股份近年来产业链整合的延续性动作。早 在2021年，公司通过资产重组将尼龙化工纳入合并报表，并于2022年引入金石基金增资12亿元。2024 年，尼龙化工以5.22亿元收购工程塑料公司100%股权，解决"厂中厂"历史遗留问题，优化生产协同效 率。叠加同年3.88亿元收购催化科技52.73%股权，公司已形成从原材料、核心生产到技术配套的全产业 链闭环。 神马股份表示，此次收购将有助于增强其对尼龙化工的管控能力，提升管理和运营效率。未来将继续依 托尼龙化工的技术和市场优势，提升产业链协同效应，应对行业周期波动，实现可持续发展。 中化新网讯 7月31日，神马股份（600810）发布公告称，公司拟以现金95200万元收购河南神马尼龙化 工有限责任公司10.27%的少数股东股权，交易价格为9.52亿元。交易完成后，神马实业将持有尼龙化工 72.06%的股权。 ...

Core Viewpoint - The nylon industry is experiencing significant growth, particularly in the production of nylon 66, with domestic capacity expected to exceed 8 million tons by 2025 due to breakthroughs in raw material production [2][3]. Group 1: Nylon Production and Investment - Sinopec Yangzi Petrochemical announced a project for long-chain nylon with a total investment of 304.328 million yuan, aiming to build a 50,000 tons/year YDA industrialization facility and a 18,500 tons/year special nylon polymerization facility [2]. - Kingfa Technology is working on a project for bio-based high-temperature nylon with an annual production capacity of 40,000 tons, focusing on products like bio-based high-temperature nylon PA10T/1012 [2][3]. - Shenyang Chemical is modifying its high-temperature nylon 6T resin production, with a total investment of 33 million yuan to produce 1,000 tons of high-temperature nylon resin [3]. Group 2: Special Nylon Types - Long-chain nylon varieties such as PA11, PA12, PA610, and PA1010 are gaining traction due to their low water absorption and dimensional stability, used in applications like automotive fuel lines and underwater cables [3][4]. - The market for high-temperature nylon, including PA46 and PA4T, is primarily dominated by international companies like Evonik and EMS, while domestic production is still developing [4][5]. - Transparent nylon products, with light transmittance reaching 90%, are being utilized in various industries, including home goods and electronics [4][5]. Group 3: Bio-based Nylon - Bio-based nylon is defined by the use of sustainable raw materials, with common types including nylon 11, nylon 1010, and nylon 610, produced through sugar or oil routes [6][7]. - Major global players in bio-based nylon include Arkema and BASF, with LG Chem recently launching a new bio-based nylon material derived from sugar [6][7]. - Domestic companies like Kasei Bio and Yipin Bio are actively promoting bio-based nylon applications, with a focus on upstream raw material certification [7]. Group 4: Market Trends and Future Outlook - The special nylon sector in China is still in its infancy, with many varieties yet to be developed, indicating potential growth opportunities in emerging industries like new energy vehicles [8].

Core Viewpoint - China Pingmei Shenma Group is transforming from a coal-centric enterprise to a diversified materials company, focusing on high-end nylon, semiconductor materials, and new energy materials, aiming to become a global leader in functional materials [10][15][24]. Group 1: Industry Transformation - The company has established a complete coal-based nylon chemical industry chain, producing high-performance nylon fibers and engineering plastics [10]. - Pingmei Shenma has shifted from being a coal seller to a materials producer, with non-coal revenue now accounting for over 80% of its income [16]. - The company aims to achieve over 100 billion yuan in revenue from its new energy and materials sector by 2030 [24]. Group 2: Technological Advancements - The company has achieved a semiconductor-grade silane gas purity of 99.99999%, marking a significant milestone in domestic production [22]. - The carbon silicon semiconductor powder purity has reached 8N (99.9999998%), positioning the company at the forefront of the global market [23]. - The company has developed a fully autonomous production line for key nylon-66 raw materials, reducing costs by 30% compared to imports [17]. Group 3: Smart Mining and Resource Management - The company has implemented smart mining technologies, increasing production efficiency by over 15% and reducing coal production costs from 112 yuan to below 90 yuan per ton [12][13]. - Pingmei Shenma has acquired exploration rights for 1.688 billion tons of coal in Xinjiang, expanding its resource base [13]. - The company has established strategic partnerships with major steel producers to ensure stable supply chains [12]. Group 4: New Energy and Materials Development - The new energy and materials segment achieved a revenue of 12.6 billion yuan in 2024, reflecting a 35% year-on-year growth [19]. - The company is focusing on high-end carbon materials and new energy storage solutions, with plans to invest 5 billion yuan in the next three years [20]. - The integration of various production processes has led to significant cost savings and efficiency improvements across the supply chain [20]. Group 5: Future Outlook - The company is optimistic about the long-term prospects of the coal industry, despite current price pressures, due to tightening supply and increasing demand for high-quality coking coal [13]. - Pingmei Shenma is committed to enhancing its competitive edge through cost control and innovation in production processes [14]. - The company aims to leverage its integrated supply chain to become a leader in the new energy materials market [24].