中经记者 李哲 北京报道 河南省两大能源国企重组迈出关键一步。 近日，神马股份（600810.SH）、平煤股份（601666.SH）、易成新能（300080.SZ）、硅烷科技 （920402.BJ）及大有能源（600403.SH）等多家上市公司相继发布公告称，其控股股东中国平煤神马集 团（以下简称"平煤神马"）与河南能源集团有限公司（以下简称"河南能源"）拟实施战略重组。 《中国经营报》记者注意到，该重组计划已于9月28日审议通过。平煤神马和河南能源的业务范围覆盖 煤炭、化工、新能源、氢能等多个板块，两家企业在2024年的总营收规模合计超过2800亿元。 平煤神马与河南能源均为河南省国资委旗下的能源化工企业，但业务侧重点有所差异。 两大巨头战略重组 神马股份公告显示，其于9月25日收到控股股东平煤神马通知，根据河南省委、省政府决定，平煤神马 拟与河南能源实施战略重组。此次重组不会导致上市公司控股股东与实际控制人发生变更，亦不涉及持 股变动，目前仍需履行相关程序。 河南能源官网信息显示，9月28日上午，平煤神马党委常委会第一次会议审议通过双方战略重组的工作 计划。 根据2024年"中国企业500强"榜单，平煤神 ...

2025年9月25日晚间，A股市场迎来一则重磅消息：中国平煤神马集团与河南能源集团正式启动战略重 组。五家上市公司——平煤股份、神马股份、易成新能、硅烷科技、大有能源同步发布公告，宣布河南 省委、省政府推动两大省管能源巨头整合。这场重组涉及超5500亿元资产，覆盖煤炭、化工、新能源全 产业链，标志着河南能源产业进入"航母级"发展新阶段。 重组背景：政策与市场的双重驱动 此次重组并非偶然。在国企改革深化背景下，能源行业正经历从"规模扩张"向"质量提升"的转型。河南 能源集团作为省内煤炭资源储备龙头，拥有284亿吨煤炭储量、8865万吨产能及近1000万吨化工产能； 而中国平煤神马集团则以尼龙化工、硅碳材料等特色产业链见长，其尼龙66盐、工程塑料产能居亚洲前 列，硅烷气、超高功率石墨电极、碳化硅粉体产能全国领先。 市场观点认为，河南能源在基础资源端优势突出，平煤神马在技术延伸端更具竞争力，重组可实现"煤 —焦—化—新能源"全链条贯通，减少同质化竞争，降低运营成本。数据显示，2024年两家集团营收合 计达2898亿元，重组后新集团有望冲击3000亿元营收目标。 战略蓝图：打造全球功能材料领军者 3．绿色转型：推进煤 ...

Core Viewpoint - The strategic restructuring of two major energy state-owned enterprises in Henan, namely Henan Energy Group and Pingmei Shenma Group, has commenced, leading to significant stock price increases for several related companies [2][4]. Group 1: Strategic Restructuring Details - The restructuring involves five listed companies: Dayou Energy, Pingmei Shares, Yicheng New Energy, Shenma Shares, and Silane Technology, with the control remaining under the Henan Provincial State-owned Assets Supervision and Administration Commission [2][3]. - The combined total assets of the new group will exceed 500 billion yuan, with nearly 300,000 employees and a restructuring of the energy landscape in Henan [4][6]. Group 2: Financial Performance - As of mid-2023, Pingmei Shenma's total assets reached 288.48 billion yuan, while Henan Energy's total assets were 263.65 billion yuan [4]. - In the first half of 2023, Pingmei Shenma reported revenue of 78.82 billion yuan, and Henan Energy reported revenue of 63.76 billion yuan [4]. Group 3: Industry Context and Implications - The restructuring is seen as a response to the complex dynamics in the coal industry, characterized by stable demand, optimized supply, and increasing transformation pressures [5][6]. - The merger aims to address issues such as resource depletion in certain mining areas and the inefficiencies of existing coal enterprises, promoting a "strong union" to enhance resource allocation and reduce costs [5][6]. Group 4: Broader Trends in Energy Sector - The restructuring aligns with national trends of consolidating energy enterprises to enhance energy security and competitiveness, as seen in other provinces like Hunan and Sichuan [7][8]. - This trend is expected to continue, with more provinces likely to adopt similar strong union restructuring models as part of state-owned enterprise reforms and energy transition efforts [8].

Core Viewpoint - The strategic restructuring of Henan Energy Group and China Pingmei Shenma Group is aimed at enhancing operational efficiency and expanding their market presence, with both companies being significant players in the energy sector of Henan Province [1][2]. Group 1: Company Overview - China Pingmei Shenma Group and Henan Energy Group are both controlled by the Henan Provincial State-owned Assets Supervision and Administration Commission, with projected revenues of 168.8 billion yuan and 121 billion yuan respectively by the end of 2024 [1]. - Henan Energy Group has a registered capital of 21 billion yuan and operates in coal, chemical new materials, electricity, and renewable energy, with coal reserves of 28.4 billion tons and a chemical production capacity of nearly 10 million tons [1][2]. - China Pingmei Shenma Group was formed from the merger of Pingmei Group and Shenma Group in 2008 and has several listed subsidiaries, including six on the New Third Board [1][2]. Group 2: Strategic Developments - The restructuring aims to promote asset securitization and establish overseas financing platforms to support international expansion, with plans to have 6 to 7 listed companies by 2028 [3]. - Pingmei Shenma Group is actively pursuing listings in Hong Kong, with specific plans for Henan Pingmei Shenma Superhard Materials Co., Ltd. to complete its listing process by September 2026 [3]. Group 3: Recent Transactions and Projects - On September 25, 2023, Shenma Co. announced a plan to acquire a 2.16% minority stake in its subsidiary, Henan Shenma Nylon Chemical Co., increasing its ownership from 72.06% to 74.22% [4]. - Shenma Co. has made significant investments in its nylon chemical subsidiary, including a previous acquisition of a 10.27% stake for 952 million yuan, raising its total stake to 72.06% [4]. Group 4: Innovations and Achievements - Shenma Co. has made advancements in high-temperature nylon materials, with the first batch of equipment for a 1,000-ton/year high-temperature nylon 6T resin project arriving, which is expected to fill a gap in high-performance nylon materials in China [5]. - The company has successfully developed an 11-dtex ultra-high-strength nylon 66 industrial yarn, marking a significant technological achievement in the aviation tire material sector [5].

Core Viewpoint - The strategic restructuring of Henan Energy Group and China Pingmei Shenma Group is a significant milestone for both companies and a crucial step in the high-quality development of Henan's petrochemical and related industries [1][2] Group Overview - Henan Energy Group has a registered capital of 21 billion yuan, employs 137,000 people, and has coal resources of 28.4 billion tons with a chemical production capacity of nearly 10 million tons [3] - China Pingmei Shenma Group, formed from the merger of two Fortune 500 companies, has assets exceeding 280 billion yuan and leads in various chemical and energy sectors [3] Financial Performance - China Pingmei Shenma Group ranked 159th in the 2023 China Top 500 Enterprises with a revenue of 168.84 billion yuan for 2024, while Henan Energy Group ranked 221st with a revenue of 121.05 billion yuan [1] Strategic Importance - The restructuring aims to enhance resource integration, reduce homogenization competition, and build a complete industrial ecosystem from energy production to chemical product processing and recycling [1][2] - It is expected to strengthen the companies' asset scale and risk resistance, enabling them to better address challenges in the energy and chemical industries [2] Regional Economic Impact - The merger is anticipated to stabilize and expand employment, support the development of small and medium-sized enterprises, and attract more upstream and downstream companies to Henan [2] - The restructuring aligns with national strategies and is expected to inject strong momentum into Henan's economic development [2] Industry Trends - The restructuring of Henan Energy Group and China Pingmei Shenma Group reflects a broader trend of specialized restructuring among local energy state-owned enterprises across China [4]

严琛在发布会上用综合质效实现新提升、产业结构实现新升级、创新发展实现新突破、数字赋能实现新 进展、绿色低碳实现新气象、产业生态实现新改善"六个新"概括了河南制造业"十四五"发展成果。 "十四五"期间，我省紧紧抓住"7+28+N"产业链群这个战略抓手，工业发展实现质的有效提升和量的合 理增长。规上工业41个行业大类实现全覆盖，工业经济总量稳居中西部省份第一位，过去四年规上工业 增加值年均增速6.1%、高于全国0.2个百分点，工业投资年均增速16.7%、高于全国6.1个百分点，扛起 了"工业大省挑大梁"的重担。郑南商许超硬材料集群、洛阳现代农机装备集群成功创建国家先进制造业 集群，长垣市门桥式起重机械、襄城县碳硅新材料等9个集群被认定为国家级中小企业特色产业集群。 全省着力打造新能源汽车、新材料等新增长引擎，比亚迪、宁德时代、洛阳百万吨乙烯等一批重点项目 加快建设或建成投产，全省汽车整车产量突破百万辆。 坚持围绕产业链布局创新链，河南累计建设省实验室27家、省级产业研究院55家、制造业创新中心19 家、中试基地61家。规上工业企业研发活动"四有"覆盖率提升到77.76%。促进数字技术与实体经济深度 融合，深入实施 ...

Group 1 - The core viewpoint of the article highlights the acquisition of a 10.27% minority stake in Nylon Chemical by Shenma Co., which will increase its ownership from 61.79% to 72.06% for a transaction price of 9.52 billion yuan [2] - Nylon Chemical, established in 1996, has a registered capital of 4.384 billion yuan and primarily produces nylon 66 salt, which is used in nylon fibers and engineering plastics [2] - In 2024, Nylon Chemical reported an operating income of 6.875 billion yuan and a net profit of 221 million yuan, while in the first quarter of 2025, it achieved an operating income of 1.586 billion yuan and a net profit of 16.66 million yuan [2][3] Group 2 - The acquisition is expected to enhance Shenma Co.'s profitability and competitive strength in the nylon chemical sector [2] - In 2024, Shenma Co. experienced a significant decline in net profit, reporting 33.53 million yuan, a decrease of 77.57% year-on-year, with a non-recurring net profit of approximately -92.4 million yuan, marking the first loss in 12 years [3] - The financial forecast for the first half of 2025 indicates a further decline in net profit to approximately -37.5 million yuan and a non-recurring net profit of -67.4 million yuan [3]