Core Insights - Guizhou listed companies have shown significant growth in both revenue and net profit, with 25 companies reporting profits and 19 companies achieving year-on-year revenue growth in the first half of 2025 [1][2][3] Revenue Performance - In the first half of 2025, Guizhou listed companies achieved a total revenue of 172.85 billion yuan, representing a year-on-year increase of 6.03% and a 52.29% increase compared to the same period in 2021 [2] - The revenue growth rate of Guizhou listed companies is ranked 4th nationally and 3rd in the western region, surpassing the GDP growth rate of Guizhou by 0.73 percentage points [2] - Among these companies, 18 have revenues exceeding 1 billion yuan, and 6 have revenues exceeding 5 billion yuan, with Kweichow Moutai leading at 89.39 billion yuan [2] Profitability - Guizhou listed companies reported a total net profit of 50.26 billion yuan in the first half of 2025, ranking 9th nationally and 2nd in the western region, with a year-on-year increase of 5.37% and a 60.45% increase compared to 2021 [3] - 71.43% of the companies reported profits, with Kweichow Moutai again leading at 45.40 billion yuan [3] Innovation and R&D - A total of 33 Guizhou listed companies disclosed R&D expenditures, totaling 2.52 billion yuan, a slight increase of 0.04% year-on-year and a 70.18% increase compared to 2021 [4] - 6 companies reported R&D expenditures exceeding 100 million yuan, with Zhongwei Co. leading at 545 million yuan [4] International Business - 13 companies reported overseas business income totaling 18.29 billion yuan, reflecting an 18.66% year-on-year increase, with Zhongwei Co. achieving 10.78 billion yuan in overseas revenue [5] Investor Returns - In the first half of 2025, 7 Guizhou listed companies announced interim dividend plans, with a total dividend amount of 591 million yuan, nearly quadrupling from the previous year [7] - 8 companies engaged in share buybacks, investing a total of 7.14 billion yuan, ranking 6th nationally [7]

Market Performance - The chemical products sector increased by 0.37% on September 1, with *ST Jintai leading the gains [1] - The Shanghai Composite Index closed at 3875.53, up 0.46%, while the Shenzhen Component Index closed at 12828.95, up 1.05% [1] Top Gainers in Chemical Sector - *ST Quantai (300225) closed at 5.79, up 12.21% with a trading volume of 366,800 shares and a turnover of 204 million yuan [1] - Kangda New Materials (002669) closed at 15.46, up 10.04% with a trading volume of 305,700 shares [1] - Jianye Co. (603948) closed at 32.09, up 10.01% with a trading volume of 25,800 shares [1] - Dinglong Technology (603004) closed at 24.42, up 10.00% with a trading volume of 78,100 shares [1] - Zanyu Technology (002637) closed at 12.02, up 9.97% with a trading volume of 154,400 shares [1] Top Losers in Chemical Sector - Akole (603722) closed at 51.95, down 7.99% with a trading volume of 75,000 shares and a turnover of 392 million yuan [2] - Jiabiyou (688089) closed at 27.36, down 5.07% with a trading volume of 122,100 shares [2] - Andyshi (66ZOO9) closed at 10.07, down 4.82% with a trading volume of 271,400 shares [2] Capital Flow Analysis - The chemical products sector experienced a net outflow of 361 million yuan from institutional investors, while retail investors saw a net inflow of 243 million yuan [2][3] - Kangda New Materials (002669) had a net inflow of 1.21 billion yuan from institutional investors, but a net outflow of 55.12 million yuan from retail investors [3] - Zanyu Technology (002637) had a net inflow of 61.87 million yuan from institutional investors, with a net outflow of 32.00 million yuan from retail investors [3]

Core Viewpoint - The financial performance of Poly United (002037) shows mixed results, with a significant increase in revenue but a decline in net profit, indicating potential challenges in profitability and cash flow management [1][2]. Financial Performance Summary - Total revenue for the first half of 2025 reached 3.182 billion yuan, a year-on-year increase of 24.03% compared to 2.566 billion yuan in 2024 [1]. - The net profit attributable to shareholders was -59.98 million yuan, reflecting a 15.32% decrease from -52.01 million yuan in the previous year [1]. - The gross profit margin decreased to 17.49%, down 17.23% year-on-year from 21.13% [1]. - The net profit margin was -2.55%, slightly worsening from -2.53% in the previous year [1]. - The total of selling, administrative, and financial expenses amounted to 488 million yuan, accounting for 15.32% of revenue, a decrease of 23.71% year-on-year [1]. - The company's accounts receivable increased to 5.783 billion yuan, a 9.58% rise from 5.277 billion yuan [1]. Cash Flow and Debt Analysis - The cash flow situation is concerning, with cash and cash equivalents at 1.33 billion yuan, a decrease of 1.18% from 1.346 billion yuan [1]. - The company has a high accounts receivable to profit ratio of 14,726.2%, indicating potential issues in cash collection [3]. - The interest-bearing debt decreased to 6.21 billion yuan, down 10.48% from 6.937 billion yuan [1]. - The company has a negative average operating cash flow over the past three years, raising concerns about its liquidity [3]. Business Model Insights - The company's performance is primarily driven by research and marketing efforts, necessitating a deeper examination of the underlying factors influencing these drivers [2]. - Historical data indicates a weak return on invested capital (ROIC), with a median ROIC of 4.34% over the past decade, highlighting challenges in capital efficiency [1].

Core Viewpoint - Poly United (Rights Protection) Chemical Holdings Group Co., Ltd. has released a revised comparison table of its Articles of Association, indicating significant adjustments that will impact the company's governance structure and operational management [1] Summary by Relevant Sections Company Organization and Operations - Multiple provisions related to company organization and operations have been revised. For instance, the new regulation specifies that a new legal representative will be determined within thirty days from the resignation of the current one. The terms regarding share issuance have been clarified, including the rights and issuance conditions of the same type of shares. The description of the issued stocks has been updated from "domestic shares" to "A-shares" for greater specificity. Additionally, the methods for increasing capital have been standardized, including provisions for issuing shares to specific and non-specific objects [2] Shareholder Rights and Obligations - Adjustments have been made to the rights and obligations of shareholders. The rights of shareholders to access company information have been expanded, allowing them to review and copy a broader range of documents, including meeting minutes. Eligible shareholders can also access the company's accounting books and vouchers. The procedures and conditions for shareholders to request a shareholders' meeting have been clarified and detailed. In terms of obligations, the term "withdrawal of shares" has been revised to "recovery of capital," making the language more precise [3] Company Governance Structure - The provisions related to the company's governance structure have been further refined. The division of powers between the shareholders' meeting and the board of directors has been clarified, with adjustments made to the powers of the shareholders' meeting as the company's authority body, such as the election and replacement of directors. The responsibilities of specialized committees under the board of directors have been further detailed, enhancing the roles of the risk control and audit committees. The nomination, responsibilities, and performance requirements for independent directors have also been improved, with specific requirements for their independence and supervision mechanisms added [4] Other Important Provisions - In terms of external guarantees, the procedures and requirements for the company to provide guarantees for related parties have been clarified. The profit distribution policy has been specified, including conditions for dividend intervals, which must be approved by the board of directors and the risk control and audit committee, with a minimum interval of six months between two dividends. Additionally, provisions regarding company mergers, divisions, and liquidation have been revised to further standardize related procedures and responsibilities. This revision of the Articles of Association is a significant adjustment made by Poly United in response to the company's development needs and legal requirements, aimed at enhancing governance and operational efficiency, protecting the rights of shareholders and the company, and laying a solid foundation for sustainable and healthy development [5]

第一章 总则 第一条 为进一步建立健全保利联合化工控股集团股份有限公司（以下简称 "公司"）董事及高级管理人员的薪酬管理制度，完善公司治理结构，根据《中 华人民共和国公司法》《上市公司治理准则》《深圳证券交易所上市公司自律监 管指引第 1 号--主板上市公司规范运作》《公司章程》及其他有关规定，制定本 工作细则。 第二条 董事会薪酬与考核委员会是董事会下设的专门工作机构，主要负责 制定公司董事、高级管理人员的考核标准并进行考核，制定、审查董事、高级管 理人员的薪酬政策与方案。 第二章 人员组成 保利联合化工控股集团股份有限公司 董事会薪酬与考核委员会工作细则 第三条 薪酬与考核委员会成员由 3 名董事组成，其中独立董事 2 名。 第四条 薪酬与考核委员会委员由董事长、二分之一以上独立董事或者全体 董事的三分之一提名,并由董事会选举产生。 第五条 薪酬与考核委员会设主任委员（召集人）1 名，由独立董事担任,负 责主持委员会工作；主任委员在委员内选举,并报请董事会批准产生。 第六条 薪酬与考核委员会任期与董事会任期一致，委员任期届满，可连选 连任。期间如有委员不再担任公司董事职务，自动失去委员资格，并由委员会根 ...

保利联合化工控股集团股份有限公司 股东会议事规则 第一章 总 则 第一条 为规范保利联合化工控股集团股份有限公司（以下简称"公司"） 股东会的职责和权限，保证公司股东会规范、高效、平稳运作及股东依法行使职 权，根据《中华人民共和国公司法》（以下简称《公司法》）、《中华人民共和 国证券法》、《上市公司治理准则》、《上市公司股东会规则》及其他有关法律、 法规和《保利联合化工控股集团股份有限公司章程》（以下简称《公司章程》） 的规定，特制定本规则。 第二条 股东会的召集、提案、通知、召开等事项适用本规则。 公司应当严格按照法律、法规、规范性文件及《公司章程》和本规则的相关 规定召开股东会，保证股东能够依法行使权利。 公司董事会应当切实履行职责，认真、按时组织股东会。公司全体董事应当 勤勉尽责，确保股东会正常召开和依法行使职权。 第四条 股东会分为年度股东会和临时股东会。年度股东会每年召开一次， 并应于上一个会计年度结束之后的 6 个月之内举行。临时股东会不定期召开。 有下列情形之一的，公司在事实发生之日起 2 个月以内召开临时股东会： （一）董事人数不足《公司法》规定人数或者《公司章程》所定人数的三分 之二时； （ ...

保利联合化工控股集团股份有限公司 市值管理制度 第一章 总则 第一条 为加强保利联合化工控股集团股份有限公司（以下简 称"公司"或"保利联合"）的市值管理工作，进一步规范公司的 市值管理行为，维护公司、投资者及其他利益相关者的合法权益， 依据《中华人民共和国公司法》《中华人民共和国证券法》《深圳证 券交易所股票上市规则》《上市公司信息披露管理办法》《上市公 司监管指引第10号——市值管理》等法律法规、规范性文件，结 合本公司实际情况，特制定本制度。 第二条 本制度所称市值管理，是指以提高公司质量为基础， 为提升公司投资价值和股东回报能力而实施的战略管理行为。 第二章 市值管理的目的与基本原则 第三条 市值管理的主要目的是提高上市公司质量，依法合 规运用各类方式提升公司投资价值。公司应当牢固树立回报股东 意识，通过制定正确发展战略、完善公司治理、专注主业、稳健 经营、培育核心竞争力，创造公司价值，推动经营水平和发展质 量提升。同时，提高信息披露质量和透明度，通过资本运作工具 和预期管理实现公司市值和内在价值的动态均衡，推动公司投资 价值提升，合理反映公司质量。 第三章 市值管理的机构与职责 第五条 公司市值管理 ...

保利联合化工控股集团股份有限公司 董事会战略决策委员会工作细则 第二条 董事会战略决策委员会是董事会下设的专门工作机构，主要负责对 公司长期发展战略和重大投资决策进行研究并提出建议。 第一条 为适应保利联合化工控股集团股份有限公司（以下简称"公司"） 战略发展需要，增强公司核心竞争力，健全投资决策程序，完善公司治理结构， 根据《中华人民共和国公司法》《上市公司治理准则》《深圳证券交易所上市公 司自律监管指引第 1 号--主板上市公司规范运作》《公司章程》及其他有关规定, 制定本工作细则。 第二章 人员组成 第一章 总则 第六条 战略决策委员会任期与董事会任期一致，委员任期届满，可连选连 任。期间如有委员不再担任公司董事职务，自动失去委员资格，并由委员会及时 根据上述第三条至第五条规定补足委员人数。 第七条 公司战略投资中心为战略决策委员会的日常办事机构，负责战略决 策委员会的工作联络和会议组织等工作，董事会秘书、董事会办公室负责战略决 策委员会与董事会的协调。 第三章 职责权限 第八条 战略决策委员会的主要职责权限： （一）对公司长期发展战略规划进行研究并提出建议； （二）对《公司章程》规定须董事会批准的重大 ...

保利联合化工控股集团股份有限公司 董事会风控与审计委员会工作细则 第二章 人员组成 第一章 总则 第一条 为强化保利联合化工控股集团股份有限公司(以下简称"公司")董事会 决策功能,完善公司治理结构，根据《中华人民共和国公司法》《上市公司治理准则》 《深圳证券交易所上市公司自律监管指引第1号--主板上市公司规范运作》《公司章 程》及其他有关规定,制定本工作细则。 第二条 董事会风控与审计委员会是董事会下设的专门工作机构，主要负责审核 公司财务信息及其披露、监督及评估内外部审计工作和内部控制。 （一）监督及评估外部审计工作，提议聘请或更换外部审计机构； 第三条 风控与审计委员会成员由3名董事组成，为不在公司担任高级管理人员的 董事，其中独立董事2名，委员会的召集人应当为会计专业人士。公司董事会成员中 的职工代表可以成为审计委员会成员。 第四条 风控与审计委员会委员由董事长、二分之一以上独立董事或者全体董事 的三分之一提名，并由董事会选举产生。 第五条 风控与审计委员会设主任委员（召集人）1名，由独立董事中的会计专业 人士担任,负责主持委员会工作；主任委员在委员内选举,并报请董事会批准产生。 第六条 风控与审计委 ...

保利联合化工控股集团股份有限公司 董事会提名委员会工作细则 第一章 总则 第一条 为规范保利联合化工控股集团股份有限公司（以下简称"公司"） 董事、高级管理人员的产生，优化董事会组成，完善公司治理结构，根据《中华 人民共和国公司法》《上市公司治理准则》《深圳证券交易所上市公司自律监管 指引第 1 号--主板上市公司规范运作》《公司章程》及其他有关规定,制定本工 作细则。 第二条 董事会提名委员会是董事会下设的专门工作机构，主要负责拟定董 事、高级管理人员的选择标准和程序，对董事、高级管理人员人选及其任职资格 进行遴选、审核。 第二章 人员组成 第三条 提名委员会成员由 3 名董事组成，其中独立董事 2 名。 第四条 提名委员会委员由董事长、二分之一以上独立董事或者全体董事的 三分之一以上提名，并由董事会选举产生。 第五条 提名委员会设主任委员（召集人）1 名，由独立董事担任，负责主 持委员会工作；主任委员在委员内选举，并报请董事会批准产生。 第六条 提名委员会任期与董事会任期一致，委员任期届满，可连选连任。 期间如有委员不再担任公司董事职务，自动失去委员资格，并由委员会根据上述 第三条至第五条规定补足委员人数 ...