Core Points - The company announced the completion and termination of its fourth employee stock ownership plan, with all shares sold and assets converted to monetary assets [2] - The company held board meetings and a shareholder meeting in September and October 2020 to approve relevant proposals regarding the employee stock ownership plan [2] - The management committee will conduct asset liquidation and distribution following the termination of the employee stock ownership plan [2]

Core Points - The fourth employee stock ownership plan of Sanke Tree (603737.SH) has been fully executed and all company stocks held under this plan have been sold [1] - The assets held by the employee stock ownership plan are now entirely monetary assets [1] - The implementation of this stock ownership plan has been completed and terminated, with the management committee set to conduct asset liquidation and distribution [1]

Core Viewpoint - The company, Sankeshu (三棵树), has completed the sale of all stocks held under its fourth employee stock ownership plan, transitioning all assets to monetary assets [1] Group 1 - The fourth employee stock ownership plan has been fully executed and terminated [1] - The management committee will proceed with the relevant asset liquidation and distribution work following the completion of the stock ownership plan [1]

三棵树涂料股份有限公司（以下简称"公司"）分别于2020年9月9日、2020年10 月13日召开第五届董事会第十一次会议和2020年第四次临时股东大会，审议并通 过《关于<三棵树涂料股份有限公司第四期员工持股计划（草案）>及其摘要的议 案》等相关议案。公司于2020年11月2日召开第五届董事会第十三次会议，审议并 通过《关于修订<三棵树涂料股份有限公司第四期员工持股计划（草案）及其摘要> 的议案》《关于修订<三棵树涂料股份有限公司第四期员工持股计划管理办法>的 议案》，决定对第四期员工持股计划规模上限等条款进行调整。 证券代码：603737 证券简称：三棵树 公告编号：2025-076 三棵树涂料股份有限公司 关于第四期员工持股计划出售完毕暨终止的公告 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法律责任。 截至本公告披露日，第四期员工持股计划持有的公司股票已全部出售完毕， 所持有的资产均为货币性资产。根据《三棵树涂料股份有限公司第四期员工持股 计划（草案）（修订稿）》《三棵树涂料股份有限公司第四期员工持股计划管理 办法（修订稿）》的 ...

Core Viewpoint - The stock price of Sankeshu has shown a significant increase of 46.90% year-to-date, despite recent declines in the last five, twenty, and sixty trading days [2] Group 1: Stock Performance - As of November 20, Sankeshu's stock price rose by 2.25% to 43.63 CNY per share, with a trading volume of 76.50 million CNY and a turnover rate of 0.24% [1] - The stock has experienced a decline of 5.07% over the last five trading days, 1.60% over the last twenty days, and 4.68% over the last sixty days [2] Group 2: Company Overview - Sankeshu Co., Ltd. is located in Putian City, Fujian Province, and was established on July 17, 2003, with its IPO on June 3, 2016 [2] - The company specializes in the research, production, and sales of construction coatings, wood coatings, waterproof materials, flooring materials, insulation materials, integrated boards, and base materials [2] - The revenue composition includes: engineering wall paint (30.87%), base and auxiliary materials (29.79%), home decoration wall paint (27.07%), waterproof membranes (7.91%), others (2.32%), and decorative construction (2.04%) [2] Group 3: Financial Performance - For the period from January to September 2025, Sankeshu achieved a revenue of 9.392 billion CNY, representing a year-on-year growth of 2.69%, while the net profit attributable to shareholders increased by 81.22% to 744 million CNY [2] - Since its A-share listing, the company has distributed a total of 1.102 billion CNY in dividends, with 622 million CNY distributed over the last three years [3] Group 4: Shareholder Structure - As of September 30, 2025, the number of shareholders increased by 0.50% to 14,200, with an average of 51,849 circulating shares per person, a decrease of 0.50% [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the third-largest shareholder with 19.3144 million shares, an increase of 5.9453 million shares from the previous period [3] - New entrants among the top shareholders include Penghua CSI Subdivision Chemical Industry Theme ETF and Southern CSI 500 ETF, while some funds have exited the top ten list [3]

Group 1 - The core point of the news is that SanKeTree conducted two block trades on November 19, with a total trading volume of 2.361 million shares and a total transaction amount of 98.9247 million yuan, at a price of 41.90 yuan, which is a discount of 1.80% compared to the closing price of the day [2][3] - The closing price of SanKeTree on the same day was 42.67 yuan, reflecting a decline of 1.68%, with a turnover rate of 0.28% and a total transaction amount of 87.3699 million yuan, indicating a net outflow of main funds amounting to 3.4276 million yuan [2][3] - Over the past five days, the stock has accumulated a decline of 5.68%, with a total net outflow of funds amounting to 6.0674 million yuan [2][3] Group 2 - The latest margin financing balance for SanKeTree is 56.8744 million yuan, which has increased by 9.0176 million yuan over the past five days, representing an increase of 18.84% [3] - SanKeTree Co., Ltd. was established on July 17, 2003, with a registered capital of 737.817473 million yuan [3] - The block trade details show that 1.66 million shares were traded for 69.554 million yuan, and 0.701 million shares were traded for 29.3707 million yuan, with both transactions occurring at the same price of 41.90 yuan [3]

Core Points - The company, 三棵树, announced a total guarantee amount of up to RMB 9.5 billion for its subsidiaries, which accounts for 353.69% of its latest audited net assets [1] - The total external guarantee amount is capped at RMB 350 million, representing 13.03% of the latest audited net assets [1] - As of November 16, 2025, the external guarantee balance is approximately RMB 3.168 billion, which is 117.94% of the latest audited net assets [1] - The revenue composition for the year 2024 is as follows: fine chemicals 85.26%, waterproof membranes 10.9%, building decoration 2.15%, and other businesses 1.7% [1] - The current market capitalization of the company is RMB 32.4 billion [1]

Investment Rating - The report maintains a "Positive" investment rating for the building materials industry [12] Core Insights - The report highlights that the decline in real estate and infrastructure data is expanding, with a focus on policy expectations. The sales data for real estate remains weak, with a significant year-on-year drop in sales volume and area in October [6][7] - Cement shipments have seen a slight increase, while glass inventory has decreased marginally. The report continues to recommend investments in the African supply chain and existing supply chains, while also highlighting opportunities in AI specialty fabrics [2][9] Summary by Sections Real Estate and Infrastructure - From January to October, the sales revenue and area of commercial housing decreased by 9.6% and 6.8% year-on-year, respectively. In October alone, the declines were 24.3% and 18.8%, indicating a significant worsening compared to September [6] - New construction and completion data for real estate are both weak, with completion area down 16.9% year-on-year from January to October, and new construction area down 19.8% [7] Cement and Glass Market - In November, cement demand in southern regions showed a slight recovery, while the decline in northern regions slowed. The cement shipment rate in key areas is approximately 46%, a slight increase of 0.3 percentage points month-on-month, but down 6.2% year-on-year [8] - The glass market is experiencing weak price performance, with a total inventory of 59.62 million weight boxes, a decrease of 540,000 weight boxes week-on-week [40][41] Investment Recommendations - The report recommends companies such as Huaxin Cement and Keda Manufacturing in the African supply chain, highlighting their strong performance and market advantages [9] - For existing supply chains, it suggests focusing on stable leaders that may benefit from demand recovery and structural optimization, with specific mentions of companies like Sanke Tree and Tubaobao [9]

证券代码：603737 证券简称：三棵树 公告编号：2025-075 三棵树涂料股份有限公司 关于为子公司提供担保的公告 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法律责任。 重要内容提示： 担保对象及基本情况 | | 被担保人名称 | 安徽三棵树涂料有限公司 （以下简称"安徽三棵树"） | | --- | --- | --- | | | 本次担保金额 | 人民币 12,000 万元 | | 担保对象一 | 实际为其提供的担保余额 | 人民币 万元 35,632 | | | 是否在前期预计额度内 | 是 | | | 本次担保是否有反担保 | 否 | | 担保对象二 | 被担保人名称 | 上海三棵树防水技术有限公司 | | | | （以下简称"三棵树防水"） | | | 本次担保金额 | 人民币 万元 8,000 | | | 实际为其提供的担保余额 | 人民币 9,974.23 万元 | | | 是否在前期预计额度内 | 是 | | | 本次担保是否有反担保 | 否 | 累计担保情况 | 对外担保逾期的累计金额（万元） | 0 | | ...

南财智讯11月18日电，三棵树公告，公司拟与中国银行股份有限公司滁州分行签署《最高额保证合 同》，为全资子公司安徽三棵树涂料有限公司提供最高债权限额人民币1.20亿元的连带责任保证担保。 本次担保事项在公司2025年度预计担保额度内，无需另行提交董事会或股东大会审议。担保范围包括主 债权本金、利息、违约金、实现债权的费用等，保证期间为各笔债务履行期限届满之日起三年。 ...