Industry Overview - The industrial detonator is a key explosive device used in mining and engineering blasting operations, categorized into electric and non-electric detonators [1][6] - In recent years, China's industrial detonator production and sales have been declining due to structural adjustments and technological upgrades, with 2024 production and sales expected to be 672 million and 658 million units, respectively, reflecting year-on-year changes of -7.18% and -9.74% [1][6] - The industry’s production-sales ratio showed a trend of rising and then falling, maintaining above 100% from 2021 to 2023 but dropping to 97.92% in 2024 due to shrinking demand and supply-side inertia [1][6] Market Dynamics - The industrial detonator industry has a low concentration level, with CR4 and CR8 at 36.90% and 62.05% respectively in 2024, indicating a low-concentration oligopoly market [12] - The market is characterized by dynamic competition, with Yunnan Minexplosion previously leading the market but being surpassed by Sichuan Yahua and Northern Special Energy in 2024 [12] Product Trends - Electronic detonators are expected to fully replace traditional detonators, with a significant increase in their production share from 18% in 2021 to 43% in 2022, and nearly complete replacement by 2023 [18] - The advantages of electronic detonators include higher safety, reliability, and intelligent management capabilities, which are crucial for mining and infrastructure projects [18] Policy Influence - Recent policies have emphasized the transition to electronic detonators, with the Ministry of Industry and Information Technology mandating the cessation of non-electronic detonator production and sales by mid-2022 [10][18] - The "14th Five-Year Plan" for the civil explosive industry promotes safety, environmental sustainability, and intelligent manufacturing, driving the growth of electronic detonators [18] Company Performance - Yipuli Co., Ltd. reported a 33.85% decline in industrial detonator sales revenue to 568 million yuan in 2024, accounting for 6.65% of total revenue [14] - Huazhong Chemical Group Co., Ltd. experienced a 22.38% decrease in industrial detonator sales revenue to 525 million yuan in 2024, representing 47.68% of its total revenue [16] Future Outlook - The industry is expected to see increased concentration as leading companies expand through capacity replacement, technological upgrades, and mergers [19][20] - Technological innovation and smart upgrades are driving the industry towards a greener and more efficient future, with a focus on digital management and low-pollution production processes [21]

Meeting Information - The annual general meeting of Poly United Chemical Holdings Group Co., Ltd. is scheduled for June 20, 2025, at 9:30 AM [1] - Shareholders can participate through on-site voting or online voting via the Shenzhen Stock Exchange [2][3] Voting Details - The online voting period is from June 20, 2025, 9:15 AM to 3:00 PM [2][8] - Shareholders must register by June 17, 2025, at 3:00 PM to be eligible to vote [2][5] Agenda Items - The meeting will discuss several proposals, including the expected daily related transactions for 2025 and the application for the registration of 500 million yuan medium-term notes [3][4] - Other proposals include the 2024 annual reports from the board and supervisory committee, profit distribution plan, and the reappointment of the auditing firm for 2025 [9] Registration Process - Shareholders wishing to attend the meeting must register in advance, either in person or via mail, fax, or letter [5][6] - Registration must be completed by June 18, 2025, and on-site registration will not be accepted on the day of the meeting [6] Contact Information - For inquiries, shareholders can contact Yang Yang or Wang Ling at the provided phone numbers [6]

证券代码：002037 证券简称：保利联合 公告编号：2025-22 保利联合化工控股集团股份有限公司 关于召开 2024 年年度股东大会的通知公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 根据保利联合化工控股集团股份有限公司（以下简称保利联合 或公司）第七届董事会第十七次会议决议，公司董事会定于 2025 年 6 月 20 日召开 2024 年年度股东大会，现将有关事项通知如下： 一、召开会议的基本情况 1.股东大会届次：2024 年年度股东大会 2.会议召集人：公司董事会 3.会议召开的合法、合规性：本次股东大会的召集符合有关法 律、行政法规、部门规章、规范性文件和《公司章程》的规定。 4.会议召开的日期和时间： （1）现场会议召开时间：2025 年 6 月 20 日（星期五）上午 9:30。 （2）网络投票时间：通过深圳证券交易所交易系统进行投票的 具体时间为：2025 年 6 月 20 日 9:15-9:25，9:30-11:30 和 13:00-15:00；通过深圳证券交易所互联网投票系统进行投票的具体 时间为：2025 年 6 月 20 日 ...

Core Viewpoint - The industrial explosives industry in China is maturing, with significant increases in production capacity and output, driven by expanding applications and demand in various sectors such as mining and infrastructure construction [1][4][19]. Group 1: Industry Definition and Classification - Industrial explosives, also known as civil explosives, are explosive mixtures primarily composed of oxidizers and fuels, designed based on the principle of oxygen balance [2]. - Common types include ammonium nitrate explosives, emulsified explosives, and nitroglycerin explosives, characterized by low cost, simple manufacturing, and reliable application [2]. Group 2: Current Development Status - The production capacity and output of industrial explosives in China have significantly increased, with the domestic output projected to reach 4.4937 million tons in 2024, up from 3.5417 million tons in 2016 [4][6]. - The most widely used types of explosives include gel emulsified explosives, porous ammonium oil explosives, and expanded ammonium nitrate explosives, which together account for 91.35% of total production [4]. Group 3: Industry Chain - The upstream of the industrial explosives industry includes suppliers of raw materials such as ammonium nitrate, TNT, and sodium nitrate, with ammonium nitrate being the primary raw material [8][10]. - The midstream consists of research and production manufacturers, while the downstream customer base includes engineering blasting units involved in mining and construction [8]. Group 4: Competitive Landscape - The industrial explosives market in China is fragmented, with numerous companies including Yipuli, Poly United, Hongda Blasting, and Yahua Group leading the industry [12][14]. - Key players have established competitive advantages through integrated operations, technological capabilities, and extensive distribution networks [14][15][17]. Group 5: Industry Development Trends - The industry is transitioning from extensive growth to a focus on safety, environmental sustainability, and smart technology, driven by innovation and regulatory compliance [19]. - Future growth will be supported by mining demand, infrastructure investment, and emerging application scenarios, while companies must balance cost control with technological upgrades [19].

Group 1: Company Strategy and Measures - The company aims to strengthen its core business and improve its performance through various measures, including enhancing accounts receivable collection and expanding sales capabilities [2][3] - Specific actions include accelerating key project construction, optimizing procurement management to reduce costs, and expanding market presence in rich mineral areas [3][4] Group 2: Financial Performance - In Q1 2025, the company's revenue increased by 21.23% compared to the same period last year [4] - The company reported a revenue of 6 billion in 2018, with a net profit of 177 million, but has struggled to maintain growth post-acquisition [5] Group 3: Asset Injection and Corporate Governance - The asset injection from subsidiaries will occur once specific financial conditions are met, including two consecutive years of positive net profit [3][5] - The company is committed to improving investor relations and is considering enhancing communication channels, such as establishing a public account [6][7] Group 4: Market Expansion and Project Development - The company plans to actively explore opportunities in the mining and integrated blasting market, particularly in regions like Xinjiang and Inner Mongolia [6][7] - It has secured contracts for significant mining projects, indicating a focus on expanding its operational footprint [6][7]

Investment Rating - The report indicates a positive outlook for the chemical industry, suggesting a new cycle may begin due to improved domestic supply and demand, increased global market share, and declining crude oil prices [3][4]. Core Viewpoints - The chemical industry is expected to enter a new cycle driven by domestic supply-demand improvements and global market share growth, despite potential short-term impacts from overseas demand [3][5]. - The report highlights that the supply side is gradually improving due to reduced fixed asset investment growth and government policies aimed at curbing excessive competition [5][10]. - On the demand side, domestic consumption is anticipated to recover steadily, supported by government initiatives to boost consumption and stabilize the economy [26][33]. - Cost factors are favorable, with significant declines in international crude oil and domestic coal prices, which will support the profitability of chemical products [42][49]. - The report recommends specific companies within various segments of the chemical industry, including refrigerants, amino acids, military and new materials, and fertilizers, indicating potential investment opportunities [5][57]. Summary by Sections Supply Side - The report notes that the chemical industry has faced profitability pressures since 2022, but the current production cycle is nearing its end, which may lead to gradual improvement in profitability as capacity is digested [11][12]. - China's global market share in chemical products has been steadily increasing, with 2023 figures showing a 43.1% share of global sales [25][20]. Demand Side - The report emphasizes that domestic demand is expected to recover, aided by government policies aimed at stimulating consumption and investment [26][33]. - The real estate sector shows signs of stabilization, which could further support demand for chemical products [33]. Cost Side - The report highlights a significant decline in crude oil prices, with Brent crude falling by 14.71% since the beginning of 2025, which is expected to positively impact the cost structure of the chemical industry [42][38]. - Domestic coal and natural gas prices have also shown a downward trend, enhancing the cost competitiveness of chemical products [49][47]. Valuation - The report indicates that the valuation of the basic chemical and petrochemical sectors is at historical lows, suggesting substantial room for recovery as market conditions improve [54][50].

证券代码：002037 证券简称：保利联合 公告编号：2025-20 保利联合化工控股集团股份有限公司 关于申请注册发行 5 亿元中期票据的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 保利联合化工控股集团股份有限公司（以下简称公司） 为进一步拓宽公司的融资渠道，调整公司的债务结构，满足 公司经营发展需要，于 2025 年 4 月 23 日分别召开第七届董 事会第十七次会议、第七届监事会第十四次会议，审议通过 《关于公司申请注册发行 5 亿元中期票据的议案》，同意公 司在中国银行间市场交易商协会申请发行总额度不超过人 民币 5 亿元（含）的中期票据。上述事项尚需提交公司股东 大会审议。现将有关情况公告如下： 一、公司符合注册发行中期票据的条件 根据《公司法》《证券法》《银行间债券市场非金融企 业债务融资工具管理办法》等规定，公司对照发行中期票据 的资格和条件，结合公司实际情况进行自查，公司不是失信 责任主体，公司符合现行法律、法规及规范性文件关于注册 和发行中期票据的规定，具备发行中期票据的条件和资格。 二、本次中期票据的发行方案 1.发行人：保利联合 ...

目 录 | 一、审计报告……………………………………………………… 1—6 | 第 | | 页 | | --- | --- | --- | --- | | 二、财务报表……………………………………………………… 第 7—16 | | | 页 | | （一）合并资产负债表…………………………………………… 第 | | 7 | 页 | | （二）母公司资产负债表………………………………………… 第 | | 8 | 页 | | （三）合并利润表………………………………………………… 第 | | 9 | 页 | | （四）母公司利润表………………………………………………第 | | 10 | 页 | | （五）合并现金流量表……………………………………………第 | | 11 | 页 | | （六）母公司现金流量表…………………………………………第 | | 12 | 页 | | （七）合并所有者权益变动表……………………………… 第 13-14 | | | 页 | | （八）母公司所有者权益变动表…………………………… 第 15-16 | | | 页 | 三、财务报表附注……………………………………………… 第 17—1 ...

目 录 专项审计说明 天健审〔2025〕1-1273 号 保利联合化工控股集团股份有限公司全体股东： 我们接受委托，审计了保利联合化工控股集团股份有限公司（以下简称保利 联合公司）2024 年度财务报表，包括 2024 年 12 月 31 日的合并及母公司资产负 债表，2024 年度的合并及母公司利润表、合并及母公司现金流量表、合并及母 公司所有者权益变动表，以及财务报表附注，并出具了审计报告。在此基础上， 我们审计了后附的保利联合公司管理层编制的 2024 年度《非经营性资金占用及 其他关联资金往来情况汇总表》（以下简称汇总表）。 一、对报告使用者和使用目的的限定 本报告仅供保利联合公司年度报告披露时使用，不得用作任何其他目的。我 们同意将本报告作为保利联合公司年度报告的必备文件，随同其他文件一起报送 并对外披露。 为了更好地理解保利联合公司 2024 年度非经营性资金占用及其他关联资金 往来情况，汇总表应当与已审的财务报表一并阅读。 一、非经营性资金占用及其他关联资金往来情况的专项 审计说明…………………………………………………………第 1—2 页 二、非经营性资金占用及其他关联资金往来情况汇总表………… ...

目 录 一、关于营业收入扣除情况的专项核查意见………………………第 1—2 页 二、2024 年度营业收入扣除情况表…………………………………第 3—4 页 | | | 关于营业收入扣除情况的专项核查意见 天健审〔2025〕1-1272 号 保利联合化工控股集团股份有限公司全体股东： 我们接受委托，审计了保利联合化工控股集团股份有限公司（以下简称保利 联合公司）2024 年度财务报表，包括 2024 年 12 月 31 日的合并及母公司资产负 债表，2024 年度的合并及母公司利润表、合并及母公司现金流量表、合并及母 公司所有者权益变动表，以及财务报表附注，并出具了审计报告。在此基础上， 我们核查了后附的保利联合公司管理层编制的《2024 年度营业收入扣除情况表》 （以下简称扣除情况表）。 一、对报告使用者和使用目的的限定 本报告仅供保利联合公司年度报告披露时使用，不得用作任何其他目的。我 们同意将本报告作为保利联合公司年度报告的必备文件，随同其他文件一起报送 并对外披露。 为了更好地理解保利联合公司 2024 年度营业收入扣除情况，扣除情况表应 当与已审的财务报表一并阅读。 二、管理层的责任 保利联合公司管 ...