European Companies - BASF Group reported Q3 2025 sales of €15.23 billion (approximately $17.7 billion), down 3.2% year-on-year from €15.739 billion. Operating profit (EBIT) increased by 11.4% to €278 million, while net profit fell by 40% to €172 million [1] - LyondellBasell's Q3 2025 sales and other revenues were $7.727 billion, down from $8.604 billion year-on-year. The company reported a net loss of $890 million compared to a net profit of $573 million in the same period last year [2] - INEOS Group Holdings reported Q3 2025 revenue of €3.418 billion (approximately $3.97 billion), down from €4.273 billion year-on-year. Operating profit decreased to €113 million from €339 million, with a net loss of €56.5 million compared to a profit of €283 million last year [3] - Evonik Group's Q3 2025 sales were €3.391 billion (approximately $3.94 billion), down from €3.832 billion year-on-year. Adjusted EBITDA fell to €448 million from €577 million, with a net loss of €106 million compared to a net profit of €223 million [4] - Covestro reported Q3 2025 sales of €3.171 billion (approximately $3.68 billion), down 12% from €3.603 billion. EBITDA decreased by 15.7% to €242 million, with a net loss of €47 million compared to a net profit of €33 million last year [5] - DSM-Firmenich's Q3 2025 sales were €3.07 billion (approximately $3.57 billion), down 5% from €3.244 billion. Adjusted EBITDA remained stable at €540 million [6] - Sika reported Q3 2025 sales of CHF 3.078 billion (approximately $3.4 billion), down 3.8% from CHF 3.915 billion. EBITDA decreased to CHF 1.645 billion from CHF 1.702 billion, with net profit falling to CHF 871 million from CHF 923 million [8] - Henkel's Q3 2025 sales fell by 6.3% to €5.147 billion, with the adhesives technology division reporting sales of approximately $3.145 billion, down 3.3% year-on-year [9] - Arkema's Q3 2025 sales were €2.187 billion (approximately $2.54 billion), down 8.6% from €2.394 billion. EBITDA fell by 23.8% to €310 million, with adjusted net profit down 53.6% to €78 million [10] - Syensqo reported Q3 2025 sales of €1.517 billion (approximately $1.76 billion), down 7.1% from €1.633 billion. EBITDA decreased by 12.8% to €326 million, with net profit down 31.8% to €110 million [11] - LANXESS reported Q3 2025 sales of €1.338 billion (approximately $1.55 billion), down 16.3% from €1.598 billion. EBITDA fell by 35.6% to €105 million, with a net loss of €77 million compared to a profit of €1 million last year [12] - Solvay's Q3 2025 sales were €1.044 billion (approximately $1.21 billion), down 9.7% from €1.156 billion. EBITDA decreased by 10.3% to €232 million, with net profit down 15% to €88 million [13] - Clariant reported Q3 2025 sales of CHF 906 million (approximately $1.03 billion), down 9% from CHF 991 million. EBITDA increased by 14% to CHF 159 million [14] Asian Companies - Rongsheng Petrochemical reported Q3 2025 revenue of ¥79.185 billion (approximately $11.2 billion), down 5.67% year-on-year. Net profit attributable to shareholders was ¥286 million, up 1427.94% [15] - SABIC's Q3 2025 revenue was SAR 34.333 billion (approximately $9.147 billion), down from SAR 36.88 billion year-on-year. Operating profit decreased to SAR 1.663 billion from SAR 2.477 billion, with net profit falling to SAR 1.135 billion from SAR 1.763 billion [16] - Hengli Petrochemical reported Q3 2025 revenue of ¥53.496 billion (approximately $7.67 billion), down 17.98% year-on-year. Net profit attributable to shareholders was ¥1.972 billion, up 81.47% [17] - Wanhua Chemical reported Q3 2025 revenue of ¥53.324 billion (approximately $7.54 billion), up 5.52% year-on-year. Net profit attributable to shareholders was ¥3.035 billion, up 3.96% [18] - Mitsubishi Chemical Group reported H1 2025 revenue of ¥1,799.124 billion (approximately $11.5 billion), down 10.5% year-on-year. Operating profit decreased by 19.6% to ¥86.489 billion, with net profit attributable to shareholders up 169% to ¥110.132 billion [19] - Taiwan Chemical announced Q3 2025 revenue of NT$69.576 billion (approximately $2.22 billion), down from NT$86.899 billion. The company reported a net profit of NT$1.78 billion, compared to a net loss of NT$1.918 billion last year [20] - Nanya Plastics reported Q3 2025 revenue of NT$64.2 billion (approximately $2.04 billion), down from NT$66.4 billion. Operating profit increased to NT$1.04 billion from NT$990 million, with net profit rising to NT$4 billion from NT$490 million [21] - Formosa Plastics reported Q3 2025 revenue of NT$41.718 billion (approximately $1.33 billion), down from NT$50.492 billion. The company reported a net loss of NT$2.685 billion, compared to a loss of NT$3.092 billion last year [22] - Asahi Kasei Corporation reported H1 2025 revenue of ¥1,486.368 billion (approximately $9.54 billion), down slightly from ¥1,490.334 billion. Operating profit increased to ¥108.915 billion from ¥107.454 billion, while net profit decreased to ¥60.248 billion from ¥66.266 billion [23] - Dongfang Shenghong reported Q3 2025 revenue of ¥31.245 billion (approximately $4.5 billion), down 11.91% year-on-year. The company reported a net loss of ¥260 million [24] - Shin-Etsu Chemical reported H1 2025 revenue of ¥1,284.522 billion (approximately $8.24 billion), up 1.4% year-on-year. Operating profit decreased by 17.7% to ¥333.935 billion, with net profit down 12.3% to ¥257.844 billion [25] - Toray reported H1 2025 revenue of ¥1,234.31 billion (approximately $7.92 billion), down 4.6% year-on-year. Operating profit decreased by 19.1% to ¥642.99 billion, with net profit down 33.5% to ¥369.35 billion [26] - Hengyi Petrochemical reported Q3 2025 revenue of ¥27.925 billion (approximately $3.95 billion), down 7.07% year-on-year. Net profit attributable to shareholders was ¥4.4079 million, up 102.21% [27] - LG Chem reported Q3 2025 sales of ₩111.962 trillion (approximately $76.24 billion), down 11.3% from ₩126.2 trillion. Operating profit increased by 38.9% to ₩6.797 trillion, while net profit fell to ₩4.470 trillion from ₩10.13 trillion [28] American Companies - Dow reported Q3 2025 net sales of $9.973 billion, down from $10.879 billion year-on-year. Net profit attributable to common shareholders was $62 million, down from $214 million [36] - Ecolab reported Q3 2025 net sales of $4.165 billion, up from $3.999 billion year-on-year. Operating profit decreased by 27% to $760 million, with net profit down 21% to $585 million [37] - DuPont reported Q3 2025 net sales of $3.072 billion, up from $2.862 billion year-on-year. The company reported a net loss of $123 million, compared to a profit of $455 million last year [39] - Westlake Corporation reported Q3 2025 net sales of $2.838 billion, down from $3.117 billion. The company reported an operating loss of $766 million, compared to a profit of $180 million last year [40] - IFF reported Q3 2025 net sales of $2.694 billion, down from $2.925 billion year-on-year. Operating profit decreased by 9% to $226 million, with net profit down to $40 million from $58 million [41] - Celanese reported Q3 2025 net sales of $2.419 billion, down from $2.648 billion. The company reported an operating loss of $1.275 billion, compared to a profit of $245 million last year [42] - Eastman Chemical Company reported Q3 2025 sales of $2.202 billion, down from $2.464 billion. Net profit attributable to the company was $47 million, down from $180 million [43] - Huntsman Corporation reported Q3 2025 revenue of $1.46 billion, down from $1.54 billion. The company reported a net loss of $25 million, compared to a loss of $33 million last year [44] Industrial Gases - Linde plc reported Q3 2025 sales of $8.615 billion, up from $8.356 billion year-on-year. Operating profit increased to $2.367 billion from $2.086 billion, with net profit rising to $1.929 billion from $1.55 billion [45] - Air Liquide reported Q3 2025 revenue of €6.599 billion (approximately $7.66 billion), down from €6.762 billion year-on-year [46] - Air Products & Chemicals reported Q4 2025 sales of $3.167 billion, down from $3.188 billion. The company reported an operating profit of $16.8 million, down from $242.4 million last year, with a net profit of $4.9 million compared to $195 million [47] Crop Science - Syngenta Group reported Q3 2025 revenue of $6.4 billion, down 6% year-on-year. EBITDA increased by 28% to $900 million [48] - Bayer Group reported Q3 2025 sales of €9.66 billion, down from €9.968 billion. EBIT loss was €543 million, compared to a loss of €382.2 million last year, with a net loss of €963 million compared to a loss of €4.183 billion last year [49] - Corteva, Inc. reported Q3 2025 net sales of $2.618 billion, up from $2.326 billion year-on-year. The company reported a net loss of $320 million, compared to a loss of $524 million last year [50] Fertilizers - Nutrien reported Q3 2025 sales of $6.007 billion, up from $5.348 billion year-on-year. Net profit increased to $469 million from $25 million [51] - Yara International ASA reported Q3 2025 revenue of $4.108 billion, up from $3.654 billion. Operating profit increased to $470 million from $309 million, with net profit rising to $320 million from $286 million [52] - The Mosaic Company reported Q3 2025 net sales of $3.452 billion, up from $2.811 billion. Operating profit increased to $340 million from $115 million, with net profit rising to $411 million from $122 million [53] - CF Industries reported Q3 2025 net sales of $1.659 billion, up from $1.37 billion. Net profit attributable to common shareholders was $353 million, compared to $276 million last year [54] Coatings - PPG Industries reported Q3 2025 net sales of $4.082 billion, up from $4.032 billion year-on-year, with net profit remaining stable at $444 million [55] - AkzoNobel reported Q3 2025 revenue of €2.547 billion (approximately $2.96 billion), down from €2.668 billion. The company reported an operating loss of €29 million, compared to a profit of €259 million last year, with a net loss of €194 million compared to a profit of €163 million last year [56] - Nippon Paint Holdings reported YTD revenue of ¥1,318.378 billion (approximately $8.467 billion), up 7.8% year-on-year. Operating profit increased by 36.4% to ¥190.579 billion, with net profit rising by 38.6% to ¥134.336 billion [57] - Sherwin-Williams reported Q3 2025 net sales of $6.358 billion, up from $6.163 billion. Net profit increased to $833 million from $806 million, with the paint retail group reporting sales of $3.837 billion, up 5.1% [58] - Axalta Coating Systems Ltd. reported Q3 2025 net sales of $1.288 billion, down from $1.32 billion. Operating profit increased to $204 million from $193 million, with net profit rising to $110 million from $101 million [59] - Three Trees reported YTD revenue of ¥9.392 billion (approximately $1.33 billion), up 2.69% year-on-year. Net profit attributable to shareholders was ¥744 million, up 81.22% [60]

Group 1: Cement Industry - The effect of capacity reduction is expected to become evident by 2026, improving the supply-demand balance and enhancing price recovery, leading to gradual profit restoration for companies [1] - In November, cement prices are expected to trend weakly due to seasonal demand reduction, despite a significant increase in kiln stoppage rates and a marginal decrease in clinker inventory [2] - The cement price is anticipated to stabilize until March next year, supported by high stoppage rates in northern regions and strong price stabilization intentions from companies [2] Group 2: Glass Fiber Industry - Demand for high-end coarse yarn has slightly declined, but mainstream electronic yarn demand continues to support price increases, with a marginal rise in coarse yarn prices [3] - The electronic yarn market shows stable demand, with prices increasing slightly, while high-end products maintain a favorable market outlook due to limited new capacity release [3] Group 3: Consumer Building Materials - Retail demand for home decoration materials weakened in October, with a year-on-year decline of 8.3%, while the cumulative retail sales from January to October grew by only 0.5% [4] - The ongoing urban renewal strategy is expected to release demand for renovation and old housing improvement, enhancing the market penetration of high-quality green building materials [4] Group 4: Float Glass Industry - The float glass market shows no significant changes in demand, with reduced production capacity leading to a contraction in total industry supply, yet prices continue to decline due to high inventory levels [5] - Short-term demand is expected to remain weak, but inventory pressure may ease, leading to a forecast of price stabilization [5] Group 5: Investment Recommendations - Companies to watch in the cement sector include Huaxin Cement, Shangfeng Cement, and Anhui Conch Cement [5] - In the glass fiber sector, focus on China Jushi and China National Materials [5] - For consumer building materials, recommended companies include Oriental Yuhong, Beixin Building Materials, Weixing New Materials, Sankeshu, and Tubao [5] - In the float glass sector, Qibin Group is highlighted for investment [5]

中国经济网北京12月8日讯三棵树（603737）(603737.SH)12月5日(上周五)晚间披露的关于对外提供担保 的公告显示，2025年12月5日，公司与福建华通银行股份有限公司(以下简称"华通银行")签署了《合作 协议》，华通银行在人民币4亿元的贷款额度内，向经华通银行审批通过的公司经销商提供贷款，上述 经销商未履行还款义务时，公司或公司指定的子公司将代经销商偿还贷款，代偿的本金总金额不超过人 民币4,000万元。该业务为前期合作业务的延续。 经2024年年度股东大会审议通过的公司及子公司对子公司提供的担保总额不超过人民币95亿元，占公司 最近一期经审计净资产的353.69%；公司及子公司对外担保总额(不含对子公司担保)不超过人民币3.50亿 元，占公司最近一期经审计净资产的13.03%。 截至2025年12月3日，公司及子公司对外担保余额为人民币327,820.75万元，占公司最近一期经审计净资 产的122.05%，其中，公司及子公司对外担保余额(不含对子公司担保)为人民币4,144.05万元，占公司最 近一期经审计净资产1.54%。公司不存在逾期担保的情况。 ...

Investment Rating - The report maintains a rating of "Buy" for several key stocks in the construction materials sector, including Yao Pi Glass, Yinlong Co., Puxin Co., San Ke Shu, and Wei Xing New Materials, while recommending "Hold" for Bei Xin Materials [8]. Core Insights - The construction materials sector is experiencing weak demand, with a focus on the impact of government policies to stimulate growth. The report highlights the potential for recovery in municipal engineering projects and the importance of monitoring the government's debt management strategies [1][2]. - The cement market is characterized by a slight increase in prices and production, but overall demand remains weak, particularly in residential construction. The report suggests that a more robust macroeconomic support is needed for a significant recovery [17][28]. - The glass manufacturing sector is facing supply-demand imbalances, but self-regulated production cuts in photovoltaic glass may alleviate some pressure. The report emphasizes the need to watch for price stability in this segment [1][5]. - The fiberglass market shows signs of bottoming out, with price wars ending and demand from wind power projects expected to rise. The report indicates a positive outlook for high-end electronic fiberglass products [6][7]. - Consumer building materials are benefiting from improved second-hand housing transactions and consumption stimulus policies, with a recommendation to focus on companies with strong market share potential [1][7]. Summary by Sections Cement Industry Tracking - As of December 5, 2025, the national cement price index is 352.47 CNY/ton, with a week-on-week increase of 1.77%. Cement output reached 2.971 million tons, up 0.2% from the previous week [17]. - The utilization rate of cement clinker production lines is 39.65%, reflecting a 1.21 percentage point increase week-on-week. However, the overall demand remains in a year-on-year contraction phase [17][28]. Glass Industry Tracking - The average price of float glass as of December 4, 2025, is 1163.86 CNY/ton, with a week-on-week increase of 1.40%. Inventory levels are high, with a total of 56.75 million weight boxes reported [2][5]. - The report notes that while northern regions are experiencing reduced demand, southern regions are seeing price adjustments as manufacturers attempt to balance supply and demand [5][6]. Fiberglass Industry Tracking - The market for fiberglass remains stable, with limited demand recovery. The report indicates that electronic fiberglass prices have seen a slight increase, suggesting a tightening supply situation [6][7]. Consumer Building Materials Tracking - The demand for consumer building materials continues to show weak recovery, with upstream raw material prices fluctuating. The report highlights the importance of monitoring these price changes for investment decisions [7]. Carbon Fiber Industry Tracking - The carbon fiber market remains stable, with production increasing by 25.83% week-on-week. However, the report indicates that profitability remains under pressure due to high production costs [7].

Core Viewpoint - The company, Sankeshu Coatings, has announced a guarantee agreement with Fujian Huato Bank, allowing for a loan of up to RMB 400 million to its approved distributors, with the company potentially covering up to RMB 40 million in case of default by the distributors [2][4]. Group 1: Guarantee Details - The company signed a cooperation agreement with Huato Bank on December 5, 2025, to provide loans to approved distributors, with a maximum guarantee amount of RMB 40 million [2]. - The company has previously approved a total guarantee limit of RMB 350 million for loans to qualified distributors, valid until the next annual shareholders' meeting [3][9]. - The guarantee is structured as a joint liability guarantee, covering the principal amount of the loans [6][14]. Group 2: Risk Control Measures - The company and Huato Bank will conduct thorough investigations and ratings of the distributors' qualifications to ensure their financial stability and repayment capability [8]. - Distributors must submit confirmed orders to apply for financing, ensuring that the loan funds are used for specific purposes [8]. - Distributors are required to provide counter-guarantees, including assets from themselves or their controlling parties, to mitigate risks [8]. Group 3: Board Opinions and Approval - The company's board approved the guarantee proposal during meetings held on April 24 and May 16, 2025, confirming that the guarantees fall within the previously established limits [9][22]. - The company has a total guarantee amount of up to RMB 9.5 billion approved for subsidiaries, which is 353.69% of the latest audited net assets [10][22]. - As of December 3, 2025, the total external guarantee balance is RMB 3.278 billion, representing 122.05% of the latest audited net assets, with no overdue guarantees reported [10][22].

每经头条（nbdtoutiao）——秒光、售罄！银行大额存单成稀缺资源，2%以上产品很难抢，有的门槛高 达1000万元！专家：存款利率或长期下行 （记者 王晓波） 每经AI快讯，三棵树（SH 603737，收盘价：46.69元）12月5日晚间发布公告称，经2024年年度股东大 会审议通过的公司及子公司对子公司提供的担保总额不超过人民币95亿元，占公司最近一期经审计净资 产的353.69%；公司及子公司对外担保总额不超过人民币3.5亿元，占公司最近一期经审计净资产的 13.03%。截至2025年12月3日，公司及子公司对外担保余额为人民币约32.78亿元，占公司最近一期经审 计净资产的122.05%，其中，公司及子公司对外担保余额为人民币4144.05万元，占公司最近一期经审计 净资产1.54%。 2024年1至12月份，三棵树的营业收入构成为：精细化工占比85.26%，防水卷材占比10.9%，建筑装饰 占比2.15%，其他业务占比1.7%。 截至发稿，三棵树市值为344亿元。 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每日经济新闻 ...

证券代码：603737 证券简称：三棵树 公告编号：2025-077 三棵树涂料股份有限公司 关于对外提供担保的公告 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。 一、担保情况概述 （一） 担保的基本情况 2025 年 12 月 5 日，三棵树涂料股份有限公司（以下简称"公司"）与福建华 通银行股份有限公司（以下简称"华通银行"）签署了《合作协议》，华通银行在 人民币 4 亿元的贷款额度内，向经华通银行审批通过的公司经销商提供贷款，上 述经销商未履行还款义务时，公司或公司指定的子公司将代经销商偿还贷款，代 偿的本金总金额不超过人民币 4,000 万元。该业务为前期合作业务的延续，具体 内容详见公司披露的《关于对外提供担保的公告》（公告编号：2024-062）。 （二） 内部决策程序 公司于 2025 年 4 月 24 日、2025 年 5 月 16 日分别召开了第六届董事会第十 九次会议和 2024 年年度股东大会，审议并通过了《关于对外提供担保的议案》， 同意公司及子公司以连带责任保证方式对银行等金融机构、供应链综合服务平 ...

证券代码：603737 证券简称：三棵树 公告编号：2025-078 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 根据《上海证券交易所股票上市规则》《上海证券交易所上市公司自律监管 指引第 1 号-规范运作》等相关文件的规定，本次担保均在预计额度内，无需单 独提交公司董事会或股东会审议。 被担保人类型 法人 被担保人名称 安徽三棵树涂料有限公司 被担保人类型及上市公 司持股情况 全资子公司 主要股东及持股比例 公司直接持股 100% 法定代表人 蔡元清 统一社会信用代码 91341182MA2RAMDL4J 成立时间 2017 年 11 月 30 日 注册地 明光市化工集中区经四路 1 号 注册资本 人民币 31,000 万元 公司类型 有限责任公司（自然人投资或控股的法人独资） 经营范围 涂料、防水材料、保温新材料、胶粘剂、及其他化工产 二、被担保人基本情况 | | 品、包装物生产、销售；环保型微薄木装饰贴面板、人 造板、硅酸钙板纤维 ...

Investment Rating - The industry investment rating is "Positive" and maintained [10] Core Views - Focus on the expectation of glass cold repairs and emphasize high-quality leading companies in consumer building materials [5][6] - Cement prices continue to decline, while glass inventory has slightly decreased month-on-month [7][8] - The real estate policy outlook is improving, suggesting a focus on high-quality leading companies in consumer building materials [5][6] Summary by Sections Cement - National cement prices have continued to decline, with a current average price of 355.00 yuan/ton, down 0.65 yuan/ton month-on-month and down 77.10 yuan/ton year-on-year [26] - The cement market is entering the off-season, with a national shipment rate of approximately 45%, down 0.3 percentage points month-on-month and down 2.5 percentage points year-on-year [7][26] - The northern market is experiencing a seasonal decline in demand, while some southern regions show slight recovery [7][25] Glass - The domestic float glass market prices have stabilized after a decline, with a current average price of 60.59 yuan/weight box, down 0.59 yuan/weight box month-on-month and down 15.51 yuan/weight box year-on-year [39] - The production capacity of float glass has slightly decreased, with 218 out of 283 production lines currently in operation, and a daily melting capacity of 156,155 tons [8][36] - Inventory levels in key monitored provinces have decreased, with a total inventory of 59.32 million weight boxes, down 730,000 weight boxes month-on-month [38][39] Consumer Building Materials - High-quality leading companies in consumer building materials are expected to have bottom value, with recommendations for companies like SanKeTree, TuBaoBao, and WeiXing New Materials [6] - From a cyclical bottom and structural optimization perspective, companies in waterproofing and coatings are recommended due to significant supply exits and increased market share for leading companies [6] - If market conditions improve, the expected price performance ranking is waterproofing > coatings > pipes/hardware/gypsum board [6] Special Fabrics - Attention is drawn to the opportunities in AI special fabrics after recent adjustments, with domestic leaders like ZhongCai Technology benefiting from domestic substitution trends [9]

Core Viewpoint - The stock of Sankeshu experienced a decline of 2.01% on December 2, with a current price of 44.86 CNY per share and a total market capitalization of 33.098 billion CNY. The company has seen a year-to-date stock price increase of 51.04% but has faced fluctuations in the short term [1]. Financial Performance - For the period from January to September 2025, Sankeshu reported a revenue of 9.392 billion CNY, reflecting a year-on-year growth of 2.69%. The net profit attributable to shareholders reached 744 million CNY, marking a significant increase of 81.22% compared to the previous year [2]. Shareholder Information - As of September 30, 2025, the number of shareholders for Sankeshu increased to 14,200, up by 0.50%. The average number of circulating shares per shareholder decreased by 0.50% to 51,849 shares [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. New shareholder Penghua Zhongzheng Fine Chemical Industry Theme ETF has entered as the seventh-largest shareholder with 4.4417 million shares [3]. Dividend Distribution - Since its A-share listing, Sankeshu has distributed a total of 1.102 billion CNY in dividends, with 622 million CNY distributed over the past three years [3].