Core Points - The lawsuit for investor compensation against Yili Clean Energy (600277) due to false statements has been resubmitted to the court, with ongoing efforts to accept more claims from investors [1][2] - The company has been found to have committed financial fraud from 2016 to 2022, including inflating profits, assets, and revenues through various deceptive practices [1][2] - The company provided guarantees to its controlling shareholder and related parties, and facilitated fund transfers through various financial agreements [2] Financial Misconduct - From 2016 to 2022, Yili Clean Energy inflated profits by amounts ranging from 1,928.89 thousand to 8,268.53 thousand, which represented 3.76% to 9.37% of the reported profit totals for those years [1] - The company also inflated assets by amounts ranging from 70,010.00 thousand to 311,519.33 thousand, accounting for 2.06% to 8.49% of the reported total assets [1] - Revenue was inflated by amounts ranging from 70,879.63 thousand to 354,577.68 thousand, representing 5.70% to 22.62% of the reported revenue [1] Legal Context - Investors who purchased Yili Clean Energy stock between April 18, 2017, and April 24, 2024, may still initiate claims based on the identified violations [2] - The statute of limitations for claims against Poly Union (002037) is running out, with some cases already reaching settlement agreements [2][3] - Poly Union was found to have understated bad debt provisions, leading to inflated net profits in 2019, 2020, and 2021, with the latter year showing a 124.47% overstatement of net profit [2]

证券代码：002037 证券简称：保利联合 公告编号：2025-42 保利联合化工控股集团股份有限公司 关于诉讼事项的公告 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。 被告一：贵州习水林旅投资有限公司；被告二：习水县财政局； 被告三：贵州绿色产业扶贫投资基金（有限合伙）；被告四：习水土 城红色文化旅游创新区管理委员会。 3.案件起因 2016 年 9 月 30 日，原告与被告一签订《习水县县城北部片区一 期建设项目融资代建框架协议》。根据协议约定，保利新联承建的习 1 保利联合化工控股集团股份有限公司（以下简称公司）根据《深 圳证券交易所股票上市规则》相关规定，现将公司及控股子公司新增 诉讼事项相关情况公告如下： 一、新增重大诉讼事项 1.诉讼事项受理的基本情况 子公司保利新联爆破工程集团有限公司（以下简称"保利新联"） 因被告欠付工程款事项向贵州省习水县人民法院提起诉讼，标的金额 为 29,865.58 万元。2025 年 10 月 11 日法院正式受理，但尚未开庭审 理。 2.诉讼各方当事人 原告：保利新联爆破工程集团有限公司 由于新增案件尚未开庭审理 ...

Core Viewpoint - Poly United (Rights Protection) experienced a stock price increase of 2.05% on October 10, reaching 10.97 CNY per share, with a total market capitalization of 5.308 billion CNY [1] Financial Performance - For the first half of 2025, Poly United achieved operating revenue of 3.182 billion CNY, representing a year-on-year growth of 24.03%. However, the net profit attributable to shareholders was -59.98 million CNY, a decrease of 15.32% compared to the previous year [2] Stock Market Activity - The stock price of Poly United has increased by 43.21% year-to-date, with a 3.10% rise over the last five trading days, a 3.01% decline over the last 20 days, and a 15.47% increase over the last 60 days [1] - The company has appeared on the "Dragon and Tiger List" three times this year, with the most recent appearance on August 1, where it recorded a net buy of -21.4022 million CNY [1] Business Overview - Poly United, established on July 18, 2002, and listed on September 8, 2004, is located in Guiyang, Guizhou Province. Its main business includes the research, production, and sales of civil explosive products, as well as engineering services [2] - The revenue composition of Poly United is as follows: blasting engineering construction accounts for 69.57%, civil explosive product production and sales for 27.33%, and other services for 3.09% [2] Shareholder Information - As of June 30, the number of shareholders for Poly United was 28,300, a decrease of 0.40% from the previous period, with an average of 17,074 circulating shares per shareholder, an increase of 0.40% [2] Dividend Information - Since its A-share listing, Poly United has distributed a total of 478 million CNY in dividends, with no dividends paid in the last three years [3]

Core Viewpoint - The article discusses the settlement of a compensation case for investors of Poly United (002037) through mediation, highlighting ongoing efforts to accept further claims and the importance of updated compensation conditions for investors [1][2]. Summary by Sections Legal Proceedings - The law firm Shanghai Jiucheng, represented by lawyer Xu Feng, has reached a compensation agreement for investors of Poly United through mediation [1]. - The law firm is continuing to accept claims from other investors and is advancing subsequent case filings [1]. Regulatory Findings - On January 16, 2024, Poly United announced receipt of an administrative penalty decision from the Guizhou Regulatory Bureau of the CSRC, revealing several violations from 2019 to 2021 [1]. - Specific violations included improper termination of accounts receivable recognition and misclassification of risk groups, leading to under-provisioning for bad debts [1]. Financial Impact - The violations resulted in significant financial discrepancies: - In 2019, under-provisioning for bad debts amounted to approximately 43.12 million yuan, inflating net profit by about 36.65 million yuan, which was 19.95% of the disclosed amount [2]. - In 2020, the under-provisioning reached approximately 77.75 million yuan, inflating net profit by about 65.89 million yuan, accounting for 43.24% of the disclosed amount [2]. - In 2021, the under-provisioning was approximately 235.77 million yuan, inflating net profit by about 200.27 million yuan, which was 124.47% of the disclosed amount, affecting the company's profitability [2]. Investor Claims - Investors who purchased Poly United shares between April 28, 2020, and April 28, 2023, and sold or held the shares after April 28, 2023, are still eligible to file claims, with limited time remaining for litigation [2].

Group 1 - The company is actively developing cutting-edge technology for wireless electronic detonators based on industry development trends [1] - The current status of the company's research and development is at the R&D stage [1]

Group 1 - The company is actively developing cutting-edge technology for wireless electronic detonators, currently in the research and development stage [2]

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]