Core Viewpoint - 聚石化学 is a significant player in the modified plastics sector in China, focusing on the research, production, and sales of phosphorous chemicals and modified plastics, with strong technical research capabilities [1] Group 1: Business Performance - In Q3 2025, 聚石化学 reported revenue of 2.963 billion yuan, ranking 6th among 21 companies in the industry [2] - The company's net profit for the same period was 17.17 million yuan, placing it 15th in the industry [2] - The main business composition includes plastic products at 777 million yuan (39.30%), modified plastic particles at 509 million yuan (25.76%), and finished oil and additives at 370 million yuan (18.71%) [2] Group 2: Financial Ratios - As of Q3 2025, 聚石化学's asset-liability ratio was 72.10%, higher than the previous year's 67.65% and above the industry average of 45.98% [3] - The gross profit margin for Q3 2025 was 13.00%, an increase from 11.93% year-on-year but lower than the industry average of 14.74% [3] Group 3: Executive Compensation - The chairman, 陈钢, received a salary of 1.2351 million yuan in 2024, an increase of 20,400 yuan from 2023 [4] - The general manager, 杨衷核, has been in the role since July 2025, with a background in chemical industry management [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders for 聚石化学 decreased by 5.11% to 4,754 [5] - The average number of circulating A-shares held per shareholder increased by 5.38% to 25,500 [5]

Group 1 - Liu Jingkang, founder and chairman of YingShi Innovation, praised DJI's chairman Wang Tao, calling him the only king capable of monopolizing the consumer electronics and consumer goods market, stating that "one cannot achieve monopoly solely through product technology and marketing" [1] - DJI announced significant price reductions on multiple products, with some items seeing price drops exceeding 1,000 yuan, which became a trending topic on Weibo [3] - Liu Jingkang suggested that the price cuts at DJI might be influenced by YingShi's actions, offering a 100 yuan voucher to customers who purchased DJI products between October 2 and October 8 as an apology [5] Group 2 - DJI entered the panoramic camera market in July this year with the launch of the Osmo360, which directly competes with YingShi's core business [6] - YingShi also ventured into the drone market by releasing the world's first panoramic drone, with Liu Jingkang expressing that the motivation for entering the drone sector was the potential for market growth, while also showing great respect for DJI [8]

Core Viewpoint - Liu Jingkang, chairman of Yingshi Innovation, expressed deep admiration for Wang Tao, chairman of DJI Innovation, highlighting him as the only true monopolist in consumer electronics and consumer goods, stating that such a monopoly is unprecedented and unlikely to be replicated in the future [1] Summary by Categories - **Industry Leadership** - Wang Tao is recognized as a dominant figure in the consumer electronics and consumer goods sectors, achieving a level of monopoly that is considered unmatched historically [1] - **Monopoly Insights** - Liu Jingkang emphasized that achieving such a monopoly requires more than just superior product technology and marketing skills, indicating the complexity of market dominance [1]

格隆汇10月28日丨聚石化学(688669.SH)发布三季报，2025年前三季度实现营业总收入29.63亿元，同比 下降7.17%；归属母公司股东净利润576.84万元，上年同期亏损939.03万元；基本每股收益为0.05元。 ...

Group 1 - The core viewpoint of the article highlights the financial performance of 聚石化学 (Jushi Chemical) for the third quarter of 2023, indicating a decline in revenue and net profit compared to the previous year [1] - For the first three quarters of 2025, the company reported revenue of approximately 2.963 billion yuan, representing a year-on-year decrease of 7.17% [1] - The net profit attributable to shareholders of the listed company was approximately 5.77 million yuan, with a basic earnings per share of 0.0475 yuan [1] Group 2 - As of the report, the market capitalization of 聚石化学 is 2.9 billion yuan [1] - The article also mentions a broader market context, noting that the A-share market has surpassed 4,000 points, indicating a significant market resurgence after a decade of stagnation [1] - The technology sector is identified as a key driver reshaping the market dynamics, suggesting a transition to a "slow bull" market pattern [1]

每经头条（nbdtoutiao）——A股突破4000点！十年沉寂终迎爆发，科技主线重塑市场，"慢牛"新格局开 启！ （记者 曾健辉） 截至发稿，聚石化学市值为29亿元。 每经AI快讯，聚石化学（SH 688669，收盘价：23.5元）10月28日晚间发布公告称，公司第七届第五次 董事会会议于2025年10月27日以现场结合通讯的方式召开。会议审议了《关于续聘会计师事务所的议 案》等文件。 2024年1至12月份，聚石化学的营业收入构成为：化工新材料占比62.2%，石化材料占比24.57%，精细 化工占比10.03%，其他占比2.39%，其他业务占比0.81%。 ...

关于续聘会计师事务所的公告 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个别及连带责任。 重要内容提示： 拟续聘的会计师事务所名称：中兴华会计师事务所（特殊普通合伙） 一、拟聘任会计师事务所的基本情况 （一）机构信息 1、基本信息 中兴华会计师事务所（特殊普通合伙）成立于 1993 年，2000 年由国家工商 管理总局核准，改制为"中兴华会计师事务所有限责任公司"。2009 年吸收合并 江苏富华会计师事务所，更名为"中兴华富华会计师事务所有限责任公司"。2013 年公司进行合伙制转制，转制后的事务所名称为"中兴华会计师事务所（特殊普 通合伙）"（以下简称"中兴华所"）。注册地址：北京市丰台区丽泽路 20 号院 1 号楼南楼 20 层。首席合伙人李尊农。上年度末合伙人数量 199 人、注册会计师 人数 1052 人、签署过证券服务业务审计报告的注册会计师人数 522 人。 证券代码：688669 证券简称：聚石化学 公告编号：2025-062 广东聚石化学股份有限公司 中兴华所 2024 年度经审计的业务收入 203,338.19 万元 ...

证券代码：688669 证券简称：聚石化学 公告编号：2025-063 广东聚石化学股份有限公司 关于召开2025年第四次临时股东会的通知 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 重要内容提示： 一、召开会议的基本情况 （一） 股东会类型和届次 2025年第四次临时股东会 召开日期时间：2025 年 11 月 13 日 14 点 30 分 召开地点：广东省清远市高新技术产业开发区雄兴工业城 B6 广东聚石化学 股份有限公司二楼会议室 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2025 年 11 月 13 日 至2025 年 11 月 13 日 股东会召开日期：2025年11月13日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 （二） 股东会召集人：董事会 （三） 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合 的方式 （四） 现场会议召开的日期、时间和地点 网投票平台的投票时间为股东会召开当日的 9:15-15 ...

证券代码：688669 证券简称：聚石化学 公告编号：2025-060 广东聚石化学股份有限公司 第七届董事会第五次会议决议公告 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、准确性和完整性依法承担法律责任。 一、董事会会议召开情况 广东聚石化学股份有限公司（以下简称"公司"）第七届董事会第五次会议 于 2025 年 10 月 27 日以现场结合通讯的方式召开。会议通知及相关材料于 2025 年 10 月 23 日以通讯形式送达公司全体董事。本次会议应出席董事 9 人，实际 出席董事 9 人。会议由董事长陈钢先生主持，公司高级管理人员列席了本次会 议。本次会议的召集、召开和表决程序符合《中华人民共和国公司法》《上海 证券交易所科创板股票上市规则》等相关法律法规、行政法规、规范性文件和 《广东聚石化学股份有限公司章程》的有关规定，会议决议合法、有效。 二、董事会会议审议情况 本次会议由董事长陈钢先生主持，经全体董事表决，形成决议如下： （一）审议通过《关于 2025 年第三季度报告的议案》 同意续聘中兴华会计师事务所（特殊普通合伙）为公司 2025 年度审 ...

Financial Performance - The company's operating revenue for the third quarter was approximately CNY 986.58 million, a decrease of 0.81% compared to the same period last year[4] - The total profit for the year-to-date period was approximately CNY 11.82 million, reflecting a decrease of 7.17% year-on-year[4] - The net profit attributable to shareholders for the third quarter was approximately CNY 2.89 million, while the year-to-date net profit was approximately CNY 5.77 million[4] - Total operating revenue for the first three quarters of 2025 was CNY 2,963,304,503.96, a decrease of 7.16% compared to CNY 3,192,286,393.39 in the same period of 2024[19] - Net profit for the first three quarters of 2025 was CNY 17,170,404.21, a significant recovery from a net loss of CNY 5,084,136.03 in the same period of 2024[20] - The gross profit margin for the first three quarters of 2025 improved, with operating profit recorded at CNY 11,975,993.40 compared to a loss of CNY 16,691,786.46 in 2024[20] - The company reported a basic and diluted earnings per share of CNY 0.05 for the first three quarters of 2025, recovering from a loss of CNY 0.08 per share in the same period of 2024[21] Cash Flow - The net cash flow from operating activities for the third quarter was approximately CNY 34.48 million, down 22.14% compared to the previous year[4] - In the first three quarters of 2025, the net cash flow from operating activities was ¥160,476,330.60, compared to ¥164,801,030.17 in the same period of 2024, showing a slight decrease of 2%[22] - Total cash inflow from operating activities in 2025 was ¥3,484,495,442.36, while cash outflow was ¥3,324,019,111.76, resulting in a net cash inflow of ¥160,476,330.60[22] - Cash inflow from investment activities in 2025 was ¥43,748,990.56, significantly higher than ¥10,731,228.81 in 2024, marking an increase of approximately 307%[23] - The net cash flow from investment activities was -¥134,953,892.96 in 2025, compared to -¥380,964,245.69 in 2024, indicating an improvement of 64%[23] - Cash inflow from financing activities totaled ¥1,478,252,256.80 in 2025, while cash outflow was ¥1,526,411,124.63, resulting in a net cash outflow of -¥48,158,867.83[23] Assets and Liabilities - Total assets at the end of the reporting period were approximately CNY 5.39 billion, an increase of 5.46% from the end of the previous year[5] - The total liabilities increased to CNY 2.73 billion, compared to CNY 2.54 billion at the end of 2024, indicating a rise of approximately 7.5%[16] - Total liabilities increased to CNY 3,884,360,492.41 in 2025 from CNY 3,619,763,326.04 in 2024, reflecting a growth of 7.33%[19] - Total equity increased to CNY 1,503,416,488.70 in 2025 from CNY 1,489,268,484.22 in 2024, indicating a growth of 0.87%[19] Research and Development - Research and development expenses totaled approximately CNY 34.76 million for the quarter, representing 3.52% of operating revenue, an increase of 0.2 percentage points year-on-year[5] - Research and development expenses for the first three quarters of 2025 were CNY 100,707,191.80, up from CNY 95,908,291.01 in 2024, showing a year-over-year increase of 7.88%[19] Shareholder Information - The company’s major shareholder, Guangzhou Shipan Stone Investment Management Co., Ltd., holds a 39.43% stake, with no shares under pledge or freeze[12] Other Income - The company recognized government subsidies amounting to approximately CNY 17.09 million during the quarter, contributing to its non-recurring gains[7] - The company achieved investment income of CNY 17,007,477.31 in 2025, a significant increase from CNY 1,811,817.23 in 2024[19] Comprehensive Income - Other comprehensive income after tax for the first three quarters of 2025 was CNY -4,099,593.18, compared to CNY 1,803,925.78 in 2024, indicating a decline in comprehensive income[20] Current Assets - As of September 30, 2025, total current assets amounted to approximately CNY 2.60 billion, an increase from CNY 2.38 billion as of December 31, 2024, representing a growth of about 9.1%[15] - The company's cash and cash equivalents increased to CNY 179.81 million from CNY 151.82 million, reflecting a growth of approximately 18.5%[15] - Accounts receivable rose to CNY 1.08 billion, up from CNY 901.33 million, indicating an increase of around 20.2%[15] - The company's inventory decreased to CNY 724.12 million from CNY 754.13 million, showing a decline of about 4.0%[15] - The company reported a significant increase in other receivables, which rose to CNY 74.11 million from CNY 23.22 million, a growth of about 218.5%[15]