Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company is experiencing continuous retail growth, with brand value becoming increasingly prominent. The retail segment is driving up average prices, while the engineering segment maintains stable volume and pricing [8][9] - The company is positioned in a recovering paint industry, with a focus on high-margin products and services, which is expected to enhance profitability [9] Financial Performance Summary - For 1H2025, the company reported revenue of 5.816 billion yuan, a year-on-year increase of 0.97%, and a net profit attributable to shareholders of 436 million yuan, up 107.53% year-on-year [9] - The company’s gross margin increased by 3.70 percentage points to 32.35% due to a 13% decrease in raw material costs and an increase in the proportion of high-margin home decoration paint [8][9] - The net profit margin rose by 3.85 percentage points to 7.49%, supported by cost reductions and improved pricing strategies [8][9] Earnings Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is 1.081 billion, 1.335 billion, and 1.591 billion yuan, respectively, with corresponding EPS of 1.47, 1.81, and 2.16 yuan [7][9] - The projected PE ratios for 2025-2027 are 30.99x, 25.10x, and 21.06x, respectively [9] Market Performance - The company’s stock has shown a significant performance compared to the market, with a 66% increase over the last 12 months, outperforming the Shanghai Composite Index and the construction materials sector [4][9]

Group 1 - The core viewpoint of the news is that 三棵树 (603737.SH) has seen an increase in institutional investor holdings, with a total of 53 institutions holding 1.26 billion shares, representing 17.03% of the total share capital as of August 15, 2025 [1] - The top ten institutional investors hold a combined 11.78% of the shares, with an increase of 0.18 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, 35 funds increased their holdings, with a total increase ratio of 2.06%, while 5 funds decreased their holdings slightly [2] - One social security fund, the 全国社保基金四零四组合, increased its holdings by 0.30% compared to the previous period [2]

Core Viewpoint - The company, Skshu Paint Co., Ltd., has released its 2025 semi-annual report, highlighting its financial performance, operational strategies, and future development plans, with a focus on high-quality growth and investor returns [1][5][27]. Group 1: Financial Performance - For the first half of 2025, the company's operating revenue reached 581.60 million yuan, with main business income of 568.13 million yuan and other business income of 13.47 million yuan [17]. - The sales revenue from waterproof coatings was 58.60 million yuan, with a significant decline of 55.20% in sales from home decoration wall paints compared to the same period last year, while home decoration wall paint sales increased by 13.45% after excluding this factor [17]. - The company has decided not to distribute profits or increase capital reserves during this reporting period [2]. Group 2: Asset Impairment and Governance - The company has approved a proposal to recognize asset impairment, totaling approximately 100.63 million yuan, which will impact the consolidated profit by the same amount [21][22]. - The board and supervisory committee have confirmed that the semi-annual report complies with relevant laws and regulations, ensuring the accuracy and completeness of the information presented [12][25]. Group 3: Strategic Initiatives - The company is focusing on high-quality development by enhancing its retail and engineering business channels, aiming for a high-end transformation and optimizing partner profitability [28][29]. - Efforts are being made to reduce costs and improve supply chain efficiency through strategic factory layouts and digital transformation [30]. - The company is committed to enhancing brand value and has successfully integrated traditional culture into its branding strategy, which has positively impacted its market position [31]. Group 4: Corporate Governance and Investor Relations - The company is actively improving its internal governance and risk management systems, ensuring compliance with the latest regulations [33]. - It emphasizes sustainable development and social responsibility, having published its first ESG green development white paper and maintained a high ESG rating [34]. - The company is dedicated to maintaining investor relations by providing transparent communication and regular updates on its performance and strategies [37].

（编辑 姚尧） 证券日报网讯 8月15日晚间，三棵树发布公告称，2025年1月份至6月份公司营业收入为581，602.82万 元，其中主营业务收入为568，131.01万元，其他业务收入为13，471.81万元。 ...

（编辑 姚尧） 证券日报网讯 8月15日晚间，三棵树发布公告称，2025年上半年公司实现营业收入5，816，028，222.19 元，同比增长0.97%；归属于上市公司股东的净利润为435，834，527.80元，同比增长107.53%。 ...

Group 1 - The company announced the approval of the 2025 semi-annual report and its summary during the 21st meeting of the sixth board of directors [2]

（文章来源：证券日报） 证券日报网讯 8月15日晚间，三棵树发布公告称，公司第六届监事会第十三次会议审议通过《2025年半 年度报告及其摘要》《关于计提资产减值准备的议案》。 ...

证券日报网讯8月15日晚间，三棵树（603737）发布公告称，公司计划于2025年9月5日10：00-11：30举 行2025年半年度业绩说明会。 ...

Investment Rating - The report maintains an "Overweight" rating for the construction and engineering sector and the building materials sector [6]. Core Insights - Infrastructure investment growth is expected to continue, with a focus on key projects in the western region, such as the Yajiang Group and Xinjiang Tibet Railway Company, which are likely to enhance growth stability [1]. - The real estate sector is experiencing a decline in sales and new starts, but recent policy support may improve retail consumption and new construction starts [2]. - Cement production has seen a decline in both volume and price, but there are signs of price stabilization in certain regions as of mid-August [3]. - The flat glass market has shown fluctuations in prices, with a rebound in photovoltaic glass prices due to inventory reduction [4]. Summary by Sections Infrastructure Investment - From January to July 2025, infrastructure investment (excluding electricity, heat, gas, and water supply) grew by 3.2% year-on-year, while real estate and manufacturing investments declined by 12.0% and increased by 6.2%, respectively [1]. - Key projects in the western region are expected to bolster growth, with recommendations for companies like Tunnel Co., China National Materials, and others [1]. Real Estate Market - Real estate sales, new starts, and completion areas saw declines of 4.0%, 19.4%, and 16.5% year-on-year, respectively, but new policies may help improve these figures [2]. - Retail sales of building and decoration materials reached 96 billion yuan, up 2.2% year-on-year, indicating some recovery in the sector [2]. Cement Industry - Cement production from January to July 2025 totaled 958 million tons, down 4.5% year-on-year, with a significant price drop of 11.4% in July [3]. - As of mid-August, cement prices in the Yangtze River Delta region began to rise, suggesting potential stabilization in the market [3]. Glass Industry - The production of flat glass decreased by 5.0% year-on-year, with prices showing a significant drop in July but rebounding in early August due to inventory adjustments in photovoltaic glass [4]. Stock Recommendations - The report recommends buying stocks such as Tunnel Co. (600820 CH), China National Materials (600970 CH), and others, with target prices set for each [8][30].

公司代码：603737 公司简称：三棵树 三棵树涂料股份有限公司 三棵树涂料股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、 准确性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人洪杰、主管会计工作负责人朱奇峰及会计机构负责人（会计主管人员）张 路声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 本报告期不进行利润分配或资本公积金转增股本。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的公司未来计划等前瞻性陈述，不构成公司对任何投资者及相关人士的实 质承诺，敬请广大投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 公司已在本报告中详细阐述公司在生产经营过程 ...