On October 30, Shenma Shares (600810) disclosed its third-quarter report, revealing a significant quarter-on-quarter improvement in the company's performance. In the third quarter alone, the company achieved a net profit attributable to shareholders of RMB 4.4047 million, successfully turning losses into profits compared to the second quarter. Meanwhile, the net cash flow generated from operating activities surged by 1,008.58% year-on-year to RMB 880 million for the first three quarters, marking a notable enhancement in cash flow and providing strong momentum for future growth.

Although the company’s performance has come under some pressure this year due to fluctuations in product sales prices, it has already established a solid foundation for navigating economic cycles by leveraging its integrated industry-wide strategy and achieving breakthroughs in core technologies.

Nylon 66 is produced by salt formation and subsequent polymerization of adipic acid and hexamethylenediamine. For years, the production of adiponitrile—the upstream raw material for hexamethylenediamine—has remained monopolized by a handful of overseas giants, leading to significant price fluctuations and unstable supply, which severely hinder the development of the nylon 66 industry.

According to the latest operating data announcement disclosed by Shenma Shares, the average procurement price of adiponitrile in July-September 2025 fell by 6.0% year-on-year, while the price of Nylon 66 declined by 17.84%, creating a notably widening price gap—often referred to as the "scissors spread."

To break through technological bottlenecks in the industrial chain and further strengthen its self-sufficiency in raw materials, Shenma Shares is actively advancing a 50,000-ton-per-year adiponitrile project. The project employs the internationally recognized butadiene-based process and is expected to achieve seamless integration across the entire "adiponitrile—hexamethylenediamine—nylon 66 salt—nylon 66 chips" production chain.

Additionally, in June of this year, Pingmei Shenma’s 100,000-ton-per-year adiponitrile-to-adipic acid facility went into operation. This plant utilizes the country’s first fully domestically developed technology, which directly produces aminohexanenitrile via caprolactam amidation and dehydration, followed by hydrogenation to produce hexamethylenediamine—bypassing the traditional adiponitrile process altogether. As a result, it significantly reduces reliance on imported raw materials.

Meanwhile, in the upstream raw-material segment, leveraging the resource advantages of Pingmei Shenma Group, Shenma Shares has invested in and constructed a 400,000-ton-per-year coal-to-hydrogen-ammonia project, which ensures a stable supply of both synthetic ammonia and hydrogen. As the supply of raw materials becomes increasingly reliable, the company can also achieve significant cost savings through optimized use of key materials.

In September, Henan Energy Group and China Pingmei Shenma Group officially announced their strategic restructuring. The powerful alliance between these two energy giants initially drew significant market attention. Some investors noted that Shenma Shares is poised to become the "listed chemical platform" following the merger of the two groups, with strong expectations for asset injections. This move is expected to further highlight the company's resource advantages and integrated operational strengths.