证券代码：600810 证券简称：神马股份 公告编号：2025-111 | 主要原 材料 | 2025 平均采购价 （元/吨） | 年 | 7-9 月 | 2024 | 年7-9 均采购价 （元/吨） | 月平 | 同比 | 2025 年 4-6 平均采购价 （元/吨） | 月 | 环比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 己二腈 | | | 15,428 | | | 16,412 | -6.00% | | 15,597 | -1.08% | | 精苯 | | | 5,494 | | | 7,932 | -30.74% | | 5,595 | -1.81% | 二、主要产品的价格变动情况（不含税） | 系列名称 | 主要产品 | 2025 年 7-9 月 平均售价（元/ | 2024年7-9月 平均售价（元 | 同比 | 2025 年 4-6 月平均售价 | 环比 | | --- | --- | --- | --- | --- | --- | --- | | | | 吨） | /吨） | | （元/吨） ...

Core Insights - Hengli Petrochemical reported a revenue of 157.38 billion yuan and a net profit attributable to shareholders of 5.02 billion yuan for the first three quarters of 2025, with a significant net profit of 1.97 billion yuan in Q3, marking an 81.47% year-on-year increase and substantial quarter-on-quarter improvement [1] - The company has maintained strong operational resilience by flexibly adjusting its product structure and enhancing cost control in response to weak external macro demand [1] Group 1 - Hengli Petrochemical is one of the earliest private large-scale refining and chemical enterprises in China, with a comprehensive capacity including a 20 million tons/year integrated refining project and various chemical production facilities [1] - The company has established a modern industrial system that integrates "world-class chemical refining" and "modern coal chemical" projects, supporting a "big chemical" strategic platform through deep integration of oil and coal [1] - Hengli Petrochemical has a well-established capacity layout in downstream chemical new materials, including differentiated fibers, functional films, engineering plastics, and biodegradable new materials [1] Group 2 - The company is focused on enhancing its cost advantages through continuous internal cost reduction and efficiency improvement, alongside high-value-added technological upgrades and boutique project construction [2] - Hengli Petrochemical has a diverse product structure, including oil-related aromatics, olefins, and coal chemical products, as well as a rich downstream product layout in industrial and functional materials [2] - The company has implemented a high cash dividend policy, returning 26.1 billion yuan to investors since its restructuring, which is 40.43% of the cumulative net profit during the same period [2]

Core Viewpoint - Hengli Petrochemical reported strong financial performance in Q3 2025, with a significant year-on-year profit increase despite challenging macroeconomic conditions [1][2]. Financial Performance - For the first three quarters of the year, Hengli Petrochemical achieved operating revenue of 157.384 billion yuan and a net profit attributable to shareholders of 5.023 billion yuan, with operating cash flow of 20.134 billion yuan [1]. - In Q3 alone, the company recorded a profit of 1.972 billion yuan, representing an 81.47% year-on-year increase and a substantial improvement compared to Q2 [1]. Operational Strategy - The company has maintained a leading position in the industry by flexibly adjusting its product structure and enhancing cost control in response to market changes and cost fluctuations [1][2]. - Hengli Petrochemical employs a strategy of "oil when suitable, ethylene when suitable, aromatic when suitable, and chemical when suitable," allowing it to prioritize high-margin products [2]. Industry Position and Capabilities - As one of the earliest private large-scale refining enterprises in China, Hengli Petrochemical has established a modern industrial system with integrated capacities, including a 20 million tons/year refining project and various chemical production facilities [1]. - The company has a comprehensive product layout in downstream chemical new materials, including differentiated fibers, functional films, engineering plastics, and biodegradable materials [1]. Competitive Advantages - Hengli Petrochemical possesses strategic advantages in full industry chain development, comprehensive operational capabilities, high-end R&D-driven market competitiveness, and efficient management through smart and lean practices [2]. - The company has implemented continuous cost improvements and accelerated the construction of high-value-added projects, reinforcing its cost advantage [2]. Shareholder Returns - Hengli Petrochemical is noted for its commitment to high cash dividends, having distributed a total of 26.1 billion yuan in cash dividends since its listing, which is 40.43% of the cumulative net profit during the same period [3]. - The company plans to enhance its shareholder value return mechanism, ensuring long-term, stable, and sustainable returns as profitability and cash dividend capacity improve [3].

Core Insights - Hengli Group ranks 3rd in the 2025 China Private Enterprises 500 Strong list with a revenue of 871.5 billion yuan, marking its fifth consecutive year in this position [1] - The company has a workforce of 210,000, significantly larger than Tencent's 112,100 employees, highlighting its substantial scale in the industry [1] Group 1: Business Strategy - Hengli Group has established a complete industrial chain from crude oil to consumer products, including petrochemicals and textiles, which is rare in the industry [2] - The company began its journey in 1994 by acquiring a local textile factory for 3.69 million yuan, quickly turning it profitable within a year [2] - In 2002, Hengli expanded into upstream chemical fiber production, investing 2.2 billion yuan to establish Jiangsu Hengli Chemical Fiber Co., becoming a leader in the chemical fiber industry [4] Group 2: Market Adaptation - Hengli's strategic moves during economic downturns, such as acquiring production lines during the 1997 Asian financial crisis and investing in equipment during the 2008 financial crisis, allowed it to capitalize on recovery periods [8] - The company entered the petrochemical sector in 2010 with the establishment of the Dalian Changxing Island Industrial Park, which became a significant project for private enterprises in China's refining industry [4] Group 3: Recent Developments - Hengli is currently expanding into shipbuilding through Hengli Heavy Industry, acquiring the idle STX (Dalian) shipyard and building large oil tankers and bulk carriers [8][9] - The shipbuilding division has already launched over 70 vessels and has orders scheduled until 2029, positioning itself as a major player in the global shipbuilding market [9] - Hengli Heavy Industry is also preparing for a backdoor listing, with leadership transitions indicating a focus on nurturing the next generation of management [12]

证券代码：600810 证券简称：神马股份 公告编号：2025-075 | | 主要产品 | 2025 年 4 至 6 月平均售 价（元/吨） | 2024 年 4 至6月平均 售价（元/ 吨） | 2025年1至 3 月平均售 价（元/吨） | 同比 （%） | 环比 （%） | | --- | --- | --- | --- | --- | --- | --- | | 合成 | 尼龙66工业丝 | 24026 | 25808 | 24359 | -6.90 | -1.37 | | 纤维 产品 | 尼龙66帘子布 | 27202 | 29875 | 27022 | -8.95 | 0.67 | | | 民用丝 | 14162 | 18056 | 16029 | -21.57 | -11.65 | | 聚酰 胺产 | 尼龙 66 切片 | 14796 | 19063 | 15628 | -22.38 | -5.32 | | 品 | 尼龙 6 切片 | 8962 | 12853 | 10039 | -30.27 | -10.73 | | 中间 体产 | 己二酸 | 6325 | 8467 | 7040 | -2 ...

根据《上海证券交易所上市公司自律监管指引第 3 号——行业信 息披露》附件《第十三号——化工》的相关规定，现将公司 2025 年第 一季度主要经营数据公告如下： 二、主要产品的价格变动情况（不含税） 证券代码：600810 证券简称：神马股份 公告编号：2025-040 神马实业股份有限公司 2025 年第一季度主要经营数据公告 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。 | 2024 | 年 | 1 | 2024年10 | 2025 | 年 | 1 | 至 | 至 | 3 | 月平 | 至12月平 | 环比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 主要产品 | 3 | 月平均售 | 同比（%） | 均售价 | 均售价 | （%） | 价（元/吨） | | | | | | | （元/吨） | （元/吨） | | | | | | | | | | | | 1 主要产品 2025 年 1 至 3 月 ...

证券代码：600810 证券简称：神马股份 公告编号：2025-025 神马实业股份有限公司 2024 年主要经营数据公告 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。 根据《上海证券交易所上市公司自律监管指引第 3 号——行业信 息披露》附件《第十三号——化工》的相关规定，现将公司 2024 年主 要经营数据公告如下： 1 主要产品 2024 年产量 （吨） 2024 年销量 （吨） 2024 年收入 （万元） 尼龙 66 工业丝 60680 60613 153961 尼龙 66 帘子布 71113 70676 209807 尼龙 66 切片 186926 181076 278844 尼龙 6 切片 84063 79210 96114 精己二酸 171227 169854 123534 民用丝 17217 17294 30901 双酚 A 15376 3873 3150 PC 48887 37416 46114 一、主要产品的产量、销量及收入实现情况 三、主要原材料的价格变动情况（不含税） | 主要原材料 | 2024 ...