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Chinese chemical-fiber producer making nylon 66 polymer, industrial yarn and tire cord for tire and textile makers.
Chinese chemical-fiber producer making nylon 66 polymer, industrial yarn and tire cord for tire and textile makers.
Sells nylon 66 polymer and industrial yarn to tire and textile makers, so profit follows the spread between its raw-material costs and product prices. It is controlled by Henan's state-owned Pingmei Shenma group, which has coal and chemical interests.
In one line: China's nylon-66 analogue to Ascend Performance Materials.
Moat: narrow (scale, process know-how). One of few integrated nylon-66 producers in China with decades of production experience.
Headquarters: Pingdingshan, Henan, China · Employees: 8,310
Size Shenma Industry (600810.SS) is a China Materials company (Industrial Specialties) with a market value of $838M, the 2650th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥5.14 on 6 Nov 2026.
Performance Over six months the shares fell 32.7%, against -24.1% for the median peer and -16.4% for the China market (cap-weighted) — 7th lowest of 21 in its peer set.
Growth Revenue fell 9.4% over the last twelve months (peer median +6.3%); the operating margin is 0.5% (peer median 6.1%).
Valuation It trades at 0.58× book value against a peer median of 2.10× (cheapest of 21).
Price implies The share price implies a return on equity of about 5.2%; Shenma Industry delivers -1.4%, so the price asks more than the business earns today.
Next results Next results expected around 26 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥12.3B | CN¥12.5B | CN¥13.9B | CN¥13.4B | CN¥14.5B |
| Revenue growth | — | -10% | +4% | -8% | — |
| Gross profit | CN¥1.79B | CN¥902M | CN¥1.36B | CN¥1.63B | CN¥1.99B |
| EBITDA | n/a | CN¥535M | CN¥862M | CN¥1.21B | CN¥1.32B |
| Net income | -CN¥115M | -CN¥217M | CN¥27.5M | CN¥149M | CN¥399M |
| Free cash flow | CN¥435M | CN¥338M | -CN¥2.38B | -CN¥1.95B | -CN¥1.29B |
| Capital expenditure | CN¥965M | CN¥1.31B | CN¥2.71B | CN¥2.26B | CN¥2.27B |
| Total debt | CN¥15.6B | CN¥14.7B | CN¥14.4B | CN¥17.4B | CN¥14.7B |
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| Measure | 600810.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -18.0% | -6.4% | 8th lowest of 21 |
| 6-month return | -32.7% | -24.1% | 7th lowest of 21 |
| Return on equity | -1.4% | 5.4% | 6th lowest of 21 |
| Price / book | 0.58× | 2.10× | cheapest of 21 |
| ROE the price implies | 5.2% | 20.0% | least demanding of 21 |
| ROE delivered | -1.4% | 4.3% | 6th lowest of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Shenma Industry 600810.SS | China | $838M | -33% | -9% | -1% | 0.58× | 5.2% | -1.4% |
| ZETTA 002256.SZ | China | $843M | -40% | +25% | 2% | 4.02× | 42.4% | 1.9% |
| Suzhou Xinguangyi Electronics 301687.SZ | China | $831M | -34% | +7% | 11% | 3.61× | 64.5% | n/a |
| Hubei Huitian New Materials 300041.SZ | China | $820M | -13% | +15% | 8% | 1.67× | 19.0% | 8.2% |
| TOCALO 3433.T | Japan | $864M | -26% | +6% | 16% | 2.06× | 20.2% | 15.9% |
| Shandong Jinjing Science & Technology 600586.SS | China | $806M | -35% | -23% | -17% | 1.15× | 10.1% | -17.3% |
| Mattr MATR.TO | Canada | $879M | +108% | +25% | 4% | 1.54× | 6.3% | 4.0% |
| Jiangsu Favored Nanotechnology 688371.SS | China | $797M | -34% | -7% | -4% | 2.82× | 38.5% | -3.9% |
| Jiangxi Black Cat Carbon Black 002068.SZ | China | $795M | -22% | +1% | -16% | 2.14× | 27.6% | -16.0% |
| SP Group A/S SPG.CO | Denmark | $788M | +17% | +18% | 19% | 2.85× | 12.1% | 18.5% |
| Hainan Development Holdings Nanhai 002163.SZ | China | $892M | -44% | -9% | -28% | 11.10× | 83.5% | -27.5% |
| Jiangsu Canlon Building Materials 300715.SZ | China | $770M | -1% | +3% | -1% | 2.83× | 21.7% | -0.7% |
| Jiangxi Guotai 603977.SS | China | $914M | -29% | +15% | 6% | 1.74× | 10.6% | 6.3% |
| Toyo Tanso 5310.T | Japan | $765M | -5% | -8% | 5% | 1.24× | 14.3% | 4.7% |
| Guangdong Tloong Technology 300063.SZ | China | $946M | -26% | +21% | 4% | 3.52× | 30.3% | 4.0% |
| Chengdu Guibao Science and Technology 300019.SZ | China | $737M | -29% | +9% | 7% | 1.82× | 19.8% | 6.9% |
| Sakata Inx 4633.T | Japan | $732M | +8% | +9% | 10% | 0.97× | 7.5% | 10.3% |
| Kama KAMAHOLD.NS | India | $725M | -19% | +13% | 12% | 0.86× | 11.8% | n/a |
| Shanghai Xinpeng Industry 002328.SZ | China | $723M | -39% | -23% | 9% | 1.42× | 11.6% | 9.4% |
| Morgan Advanced Materials MGAM.L | United Kingdom | $981M | +22% | -6% | -2% | 2.29× | 31.3% | -1.7% |
| Shandong Ruifeng Chemical 300243.SZ | China | $715M | -19% | +2% | 6% | 2.56× | 28.6% | 6.0% |