Core Viewpoint - Poly United (Weiquan) is a leading domestic civil explosives company with a full industry chain advantage, providing integrated services in civil explosive materials and blasting engineering [1] Group 1: Business Performance - In Q3 2025, Poly United reported revenue of 4.604 billion yuan, ranking 5th in the industry out of 13 companies, exceeding the industry average of 4.111 billion yuan and the median of 2.569 billion yuan, but significantly lower than the top company, Guangdong Hongda, at 14.552 billion yuan, and the second, Yipuli, at 7.356 billion yuan [2] - The main business segments include blasting engineering construction at 2.214 billion yuan (69.57%), civil explosive product production and sales at 870 million yuan (27.33%), and other services at 98.48 million yuan (3.09%) [2] - The net profit for the company was -116 million yuan, ranking last in the industry, with the top company, Guangdong Hongda, reporting a profit of 1.19 billion yuan, and the industry average at 338 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, Poly United's debt-to-asset ratio was 83.34%, an increase from 83.01% year-on-year, significantly higher than the industry average of 44.44%, indicating substantial debt pressure [3] - The gross profit margin for Q3 2025 was 17.10%, down from 19.55% year-on-year and below the industry average of 28.51%, suggesting a need for improvement in profitability [3] Group 3: Leadership - The chairman, Liu Wensheng, has a rich background, born in 1968 with a college diploma and experience in financial management within the company [4] - The general manager, Zhang Xinmin, born in 1969, holds a bachelor's degree and has previously worked in management roles within the China Weapon Industry Group [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 43.88% to 40,800, while the average number of circulating A-shares held per account decreased by 30.50% to 11,900 [5]

Market Overview - The chemical products sector experienced a decline of 0.57% on the trading day, with Boyuan Co., Ltd. leading the losses [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Stock Performance - Notable gainers in the chemical products sector included: - Hangzhou Oxygen Plant Co., Ltd. (002430) with a closing price of 29.52, up 9.99% and a trading volume of 494,700 shares, totaling 1.43 billion yuan [1] - Pioneer New Materials (300163) closed at 4.93, up 6.94% with a trading volume of 1,542,200 shares, totaling 759 million yuan [1] - Jinrongzi (002407) closed at 26.50, up 6.26% with a trading volume of 2,445,100 shares, totaling 6.408 billion yuan [1] - Major decliners included: - Boyuan Co., Ltd. (301617) closed at 94.00, down 7.66% with a trading volume of 78,600 shares, totaling 763 million yuan [2] - Jinhua New Materials (920015) closed at 58.33, down 7.29% with a trading volume of 132,100 shares, totaling 810 million yuan [2] - Poly United (002037) closed at 10.10, down 6.13% with a trading volume of 247,400 shares, totaling 254 million yuan [2] Capital Flow - The chemical products sector saw a net outflow of 933 million yuan from institutional investors, while retail investors contributed a net inflow of 665 million yuan [2] - The capital flow for specific stocks indicated: - Hangzhou Oxygen Plant Co., Ltd. had a net inflow of 1.52 billion yuan from institutional investors, while retail investors had a net outflow of 948.96 million yuan [3] - Yongtai Technology (002326) experienced a net inflow of 1.25 billion yuan from institutional investors, with a net outflow of 2.22 billion yuan from retail investors [3] - Yahua Group (002497) had a net inflow of 1.08 billion yuan from institutional investors, while retail investors saw a net outflow of 657.87 million yuan [3]

Company Performance - Poly United (SZ 002037) reported third-quarter results on October 30, with revenue approximately 4.604 billion yuan, an increase of 9.17% year-on-year [1] - The net profit attributable to shareholders was a loss of approximately 99.24 million yuan [1] - Basic earnings per share showed a loss of 0.2051 yuan [1]

证券代码：002037 证券简称：保利联合 公告编号：2025-46 保利联合化工控股集团股份有限公司 关于召开 2025 年第二次临时股东大会的通知 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重 大遗漏。 一、召开会议的基本情况 1、股东会届次：2025 年第二次临时股东大会 2、股东会的召集人：董事会 3、本次会议的召集、召开符合《中华人民共和国公司法》《深圳证券交易所股票上市规则》《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》等法律、行政法规、部门规章、 规范性文件及《公司章程》的有关规定。 4、会议时间： （1）现场会议时间：2025 年 11 月 18 日 09:30 （2）网络投票时间：通过深圳证券交易所系统进行网络投票的具体时间为 2025 年 11 月 18 日 9:15-9:25，9:30-11:30，13:00-15:00；通过深圳证券交易所互联网投票系统投票的具体时间为 2025 年 11 月 18 日 9:15 至 15:00 的任意时间。 5、会议的召开方式：现场表决与网络投票相结合。 6、会议的股权登记日：202 ...

经审核，监事会认为董事会编制和审议公司 2025 年第三季度报告 的程序符合法律、行政法规及中国证监会的规定，报告内容真实、准 确、完整地反映了公司的实际情况，不存在任何虚假记载、误导性陈 述或者重大遗漏。 证券代码：002037 证券简称：保利联合 公告编号：2025-47 保利联合化工控股集团股份有限公司 第七届监事会第十六次会议决议公告 本公司及监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"）第七届 监事会第十六次会议通知于 2025 年 10 月 15 日通过电子邮件发出， 会议于 2025 年 10 月 28 日以通讯表决方式召开。本次会议应参加表决 监事 3 名，实际参加表决监事 3 名。本次会议的召集、召开符合《公 司法》和《公司章程》的规定。根据《深圳证券交易所股票上市规则》 的有关规定，现将会议审议通过的议案公告如下： 一、议案审议情况 1.审议通过《关于公司 2025 年第三季度报告的议案》 表决结果：同意 3 票，反对 0 票，弃权 0 票。 具体内容详见同日刊载于《中国证券报》《证券时报》及巨 ...

证券代码：002037 证券简称：保利联合 公告编号：2025-44 保利联合化工控股集团股份有限公司 具体内容请详见同日刊载于《中国证券报》《证券时报》及在巨 潮资讯网（www.cninfo.com.cn）上的《2025 年第三季度报告》。 本议案已经董事会风控与审计委员会 2025 年第四次工作会审议 通过。 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）第七届董 事会第十九次会议通知于 2025 年 10 月 15 日通过电子邮件发出，会议 于 2025 年 10 月 28 日以通讯表决方式召开。本次会议应参加表决董事 7 名，实际参加表决董事 7 名。本次会议的召集和召开符合《中华人 民共和国公司法》和《公司章程》的规定。根据《深圳证券交易所股 票上市规则》的有关规定，现将会议审议情况公告如下： 一、议案审议情况 1.审议通过《关于公司 2025 年第三季度报告的议案》 表决结果：同意 7 票，反对 0 票，弃权 0 票。 2.审议通过《关于召开公司 2025 年第二次临时股东大会的议案》 表决结果：同 ...

Financial Performance - The company's revenue for the third quarter was ¥1,421,906,791.17, a decrease of 13.91% compared to the same period last year[5] - The net profit attributable to shareholders was -¥39,257,155.26, representing a decline of 550.22% year-on-year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥38,983,502.12, down 282.74% from the previous year[5] - The basic and diluted earnings per share were both -¥0.0811, a decrease of 548.80% compared to the same period last year[5] - The net profit for the current period was a loss of ¥115,578,876.68, compared to a loss of ¥80,258,470.64 in the previous period, reflecting a deterioration in performance[20] - The basic and diluted earnings per share for the current period were both -0.2051, compared to -0.1200 in the previous period, indicating a decline in profitability per share[20] Assets and Liabilities - The total assets at the end of the reporting period were ¥16,855,215,152.09, a decrease of 1.15% from the end of the previous year[5] - Total current assets decreased from 9,727,565,901.94 CNY to 9,506,333,737.40 CNY, a decline of approximately 2.27%[16] - Cash and cash equivalents decreased from 1,555,038,627.75 CNY to 1,304,396,105.94 CNY, a reduction of about 16.14%[16] - The total liabilities decreased to ¥14,047,487,305.51 from ¥14,199,062,510.36, indicating a reduction in financial obligations[18] - Non-current liabilities increased significantly to ¥3,881,878,384.61, up from ¥2,876,656,464.35, showing a shift in the company's debt structure[18] - The total assets decreased to ¥16,855,215,152.09 from ¥17,051,184,434.32, indicating a contraction in the asset base[18] - The total equity attributable to the parent company decreased to ¥1,877,298,998.99 from ¥1,928,037,170.02, reflecting a decline in shareholder value[18] Cash Flow - The net cash flow from operating activities decreased by ¥59,300,543.25, an increase of 66.25% year-on-year[9] - The net cash flow from investing activities increased by ¥66,970,000, a growth of 38.32% compared to the previous year[9] - The net cash flow from financing activities decreased by ¥33,429,000, a decline of 95.92% year-on-year[9] - Operating cash flow for the current period was -59,300,543.25 CNY, an improvement from -175,728,800.71 CNY in the previous period[21] - Total cash inflow from operating activities increased to 4,224,099,023.99 CNY, up from 3,755,201,335.64 CNY year-over-year[21] - Cash outflow from operating activities rose to 4,283,399,567.24 CNY, compared to 3,930,930,136.35 CNY in the prior period[21] - Net cash flow from investing activities was -107,801,518.20 CNY, an improvement from -174,768,837.13 CNY in the previous year[21] - Cash inflow from financing activities totaled 3,358,949,919.05 CNY, down from 4,046,119,778.98 CNY year-over-year[22] - Net cash flow from financing activities was 14,220,156.41 CNY, a decrease from 348,506,777.79 CNY in the previous period[22] - The ending cash and cash equivalents balance was 1,041,790,771.60 CNY, compared to 910,447,652.30 CNY at the end of the previous period[22] - Cash inflow from the issuance of new investments was 5,784,000.00 CNY, significantly higher than 220,000.00 CNY in the prior period[22] - Cash outflow for the purchase of fixed assets was 135,579,126.41 CNY, down from 178,551,291.59 CNY year-over-year[21] Shareholder Information - The largest shareholder, Poly Jiulian Holdings Group, holds 29.65% of shares, totaling 143,478,060 shares[13] - Guizhou Baojiu Security Group is the second-largest shareholder with a 14.84% stake, amounting to 71,829,494 shares[13] - The total liabilities and equity structure remains stable with no significant changes reported in the shareholder financing activities[13] - There are no changes in the top 10 shareholders' participation in margin trading or securities lending activities[13] Operating Performance - Total operating revenue for the current period reached ¥4,604,349,087.89, an increase of 9.1% compared to ¥4,217,524,291.52 in the previous period[19] - Total operating costs increased to ¥4,704,462,144.92, up 9.3% from ¥4,302,072,208.72 in the previous period[19] - Research and development expenses rose to ¥117,629,159.91, an increase from ¥106,744,301.64, highlighting a commitment to innovation[19] Audit Information - The company did not undergo an audit for the third quarter financial report[23]

| 序号 | 股东 | 持股比例 | 持股变化 | | | --- | --- | --- | --- | --- | | 1 | 保利联合化工控股集团股份有限公司 | 85.5409% | 由 83.4077%变化至 | 85.5409% | 1 | 2 | 贵州省新型工业化发展股权投资基金 | 14.4591% | 无变化 | | --- | --- | --- | --- | | | 合伙企业（有限合伙） | | | 证券代码：002037 证券简称：保利联合 公告编号：2025-43 保利联合化工控股集团股份有限公司 关于诉讼事项的进展公告 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（以下简称保利联合或 公司）分别于 2024 年 12 月 7 日、2025 年 6 月 10 日在《中国证券 报》《证券时报》及巨潮资讯网（www.cninfo.com.cn）披露了《关 于诉讼、仲裁事项及相关进展的公告》（2024-50）、《关于诉讼 事项的进展公告》（2025-23）。上述已披露诉讼案件中"与罗勇、 张建军新增资本 ...

Group 1 - China Poly Group Corporation issued a statement clarifying that it has no involvement in any activities related to "Hong Kong Poly Stablecoin" or "Poly Stablecoin Fund" [1] - The companies registered in Hong Kong, such as "Poly Digital Industry Group Co., Ltd." and "Poly Digital Asset Issuance Co., Ltd.", have no equity or affiliation with Poly Group and are not involved in any investment or business relationships with it [1] - Poly Group urges the public to be vigilant and cautious in investment collaborations and to report any illegal activities to the police [1] Group 2 - Poly Group is a large central enterprise approved by the State Council and directly managed by the State-owned Assets Supervision and Administration Commission, established 40 years ago [4] - The company has developed a diversified business system known as "5+1", covering various sectors including trade, real estate, culture, technology, engineering, and finance, with operations in over 100 cities in China and nearly 100 countries globally [4] - Poly Group ranks 173rd in the 2024 Fortune Global 500 and has received an A grade in performance assessment from the State-owned Assets Supervision and Administration Commission 13 times [4] - The company has 10 main subsidiaries, employs 90,000 staff, and has 5 publicly listed companies [4]

Market Overview - As of 14:00, the Shanghai Composite Index is at 3859.80 points, with an increase of 0.52% [1] - The total trading volume of A-shares today is 1,431.28 billion yuan [1] Technical Analysis - A total of 84 A-shares have seen their 5-day moving average cross below the 10-day moving average [1] - The stocks with the largest distance between their 5-day and 10-day moving averages include: - Yunnan Zhenye: 5-day MA is -2.45% below the 10-day MA [1] - Qiangli New Materials: 5-day MA is -2.22% below the 10-day MA [1] - Feirongda: 5-day MA is -2.14% below the 10-day MA [1] Individual Stock Performance - Yunnan Zhenye (002428): Today's change is -0.93%, with a 5-day MA of 27.71 yuan and a 10-day MA of 28.41 yuan [1] - Qiangli New Materials (300429): Today's change is +0.53%, with a 5-day MA of 13.95 yuan and a 10-day MA of 14.26 yuan [1] - Feirongda (300602): Today's change is +1.03%, with a 5-day MA of 33.00 yuan and a 10-day MA of 33.72 yuan [1] - Other notable stocks include: - Warner Pharmaceuticals (688799): Today's change is +0.43%, with a 5-day MA of 55.41 yuan [1] - Blue Ying Equipment (300293): Today's change is +0.34%, with a 5-day MA of 24.48 yuan [1] Additional Stock Data - The following stocks also show a downward trend in their 5-day moving averages compared to their 10-day moving averages: - Nanya New Materials (688519): -0.90% change, 5-day MA of 74.18 yuan [1] - Aerospace Morning Light (600501): -2.84% change, 5-day MA of 23.60 yuan [1] - Haichen Pharmaceutical (300584): +1.92% change, 5-day MA of 57.39 yuan [1]