Far East Credit Rating Agency has recently issued the 2026 follow-up rating report for Shenma Industrial Co., Ltd. (600810), maintaining the company's issuer credit rating at AA+ with a stable outlook. The agency also upheld the AAA credit rating for "Shenma Convertible Bonds," with no changes from the previous rating results.

The report highlights that Shenma Industrial Co., Ltd., as a leading player in China's nylon industry chain, possesses significant integrated advantages. The company has a well-established industrial layout, demonstrating outstanding integrated operations across the entire value chain. Its main products maintain a solid market position, with industrial scale and market competitiveness consistently ranking among the top in the industry. The controlling shareholder, China Pingmei Shenma Group, provides strong support, offering full guarantees for the convertible bonds, along with substantial resource coordination and financial backing. In April 2026, the company's first-phase adiponitrile project commenced production, enhancing the self-sufficiency rate of raw materials and is expected to alleviate cost pressures.