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].

Core Viewpoint - The report highlights the financial performance and strategic initiatives of SKSHU Paint Co., Ltd. for the first half of 2025, showcasing significant growth in revenue and net profit despite challenges in the real estate sector [2][8]. Company Overview and Financial Indicators - SKSHU Paint Co., Ltd. reported a revenue of RMB 5.82 billion, a 0.97% increase year-on-year, and a net profit attributable to shareholders of RMB 435.83 million, reflecting a 107.53% increase compared to the previous year [2][8]. - The company’s total assets decreased by 1.67% to RMB 13.76 billion, while net assets increased by 9.52% to RMB 2.94 billion [2][8]. - The basic earnings per share rose by 103.45% to RMB 0.59, and the weighted average return on equity increased by 6.87 percentage points to 15.15% [2][8]. Industry Development and Main Business - The paint industry is experiencing a dual trend, with a decline in the real estate sector but growth in urban renewal and renovation projects, particularly in interior wall coatings [3][8]. - The company focuses on various products including architectural coatings, waterproof materials, flooring materials, and adhesives, aiming to provide comprehensive solutions in both retail and engineering sectors [3][8]. Market Position and Competitive Advantage - The company is positioned as a leading player in the domestic paint industry, benefiting from strong brand recognition and R&D capabilities, which are crucial as the industry consolidates [3][8]. - The competitive landscape is characterized by increasing environmental regulations and consumer demand for high-quality, low-carbon products, which the company is well-equipped to meet [3][8]. Strategic Initiatives and Future Plans - The company has implemented a strategic transformation focusing on retail business growth, particularly in high-end products and services [8][10]. - SKSHU Paint Co., Ltd. is committed to sustainability, having published its first ESG green development white paper and achieving high ratings in ESG assessments [10][20]. - The company plans to enhance its product offerings and market presence through digital transformation and supply chain optimization, aiming for a more integrated and efficient operational model [16][20].

Core Viewpoint - The company reported a slight increase in revenue while experiencing significant growth in net profit and non-recurring net profit for the first half of 2025 [1] Financial Performance - The company achieved a revenue of 5.816 billion yuan, representing a year-on-year increase of 0.97% [1] - The net profit attributable to shareholders reached 436 million yuan, showing a substantial year-on-year growth of 107.53% [1] - The non-recurring net profit was reported at 292 million yuan, marking an impressive year-on-year increase of 268.48% [1] - The basic earnings per share stood at 0.59 yuan [1]

2025 年 1-6 月公司营业收入为 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。公司主要产品产销情况如下： | 类别 | 产量（吨） | 销售重量（吨） | 销售收入（万元） 1-6 | 月收入同比变化 | | --- | --- | --- | --- | --- | | 家装墙面漆 | 261,948.11 | 265,982.28 | 157,439.52 | 8.43% | | 工程墙面漆 | 528,599.89 | 535,208.87 | 179,521.77 | -2.26% | | 基材与辅材 | 295,931.97 | 1,463,844.85 | 173,252.29 | 10.40% | | 精细化工小计 | 1,086,479.97 | 2,265,036.00 | 510,213.58 | 5.03% | | 防水卷材（m2） | 35,746,781.55 | 32,748,101.64 | 46,030.33 | -28.62% | | 装饰施工 | - | - | 11,887.10 | -23. ...

证券代码：603737 证券简称：三棵树 公告编号：2025-054 三棵树涂料股份有限公司 关于计提资产减值准备的公告 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。 三棵树涂料股份有限公司（以下简称"公司"）于 2025 年 8 月 14 日分别召开 了第六届董事会第二十一次会议和第六届监事会第十三次会议，审议并通过《关 于计提资产减值准备的议案》。为客观反映本公司资产状况和经营成果，确保会 计信息真实可靠，公司按照《企业会计准则》及公司相关财务会计制度的规定， 对各项资产进行减值测试，计提减值准备。现将本次计提减值准备的具体情况公 告如下： 一、计提资产减值准备情况概述 （一）本次计提资产减值的原因 四、董事会审计委员会的审核意见 公司本次计提资产减值准备遵照并符合《企业会计准则》和公司相关会计政 策的规定，计提资产减值准备依据充分，符合公司资产现状。本次计提资产减值 准备基于谨慎性原则，有助于更加公允地反映公司的财务状况、资产价值及经营 成果，使公司的会计信息更具有合理性。 五、监事会意见 根据《企业会计准则》和公司相 ...

证券代码：603737 证券简称：三棵树 公告编号：2025-055 三棵树涂料股份有限公司 2025年度"提质增效重回报"行动方案 半年度评估报告 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。 为积极践行以投资者为本的发展理念，进一步促进三棵树涂料股份有限公司 （以下简称"公司"或"三棵树"）高质量发展，维护全体股东利益，公司于 2025 年 4 月 26 日发布了《2025 年度"提质增效重回报"行动方案》。2025 年上半年， 公司重视企业经营发展质量，做到经营业绩与盈利能力两手抓，坚定不移走好高 质量发展之路。现将 2025 年度"提质增效重回报"行动方案的相关落实暨进展情 况报告如下： 一、聚焦经营主业，高质量发展迈向新台阶 （一）渠道精耕，高端转型 零售业务方面，公司矢志提供极致健康的产品与服务，并致力于持续优化合 作伙伴的盈利模式与经营方式。坚持品牌的高端化、年轻化、服务化与数智化发 展路径，不断推广并迭代升级"健康+"标准，以提升交付服务的卓越品质。同时， 深度推进"国漆国色"、"国漆国货"、"国漆国匠"三大 ...

●会议召开时间：2025 年 9 月 5 日（星期五）10:00-11:30 证券代码：603737 证券简称：三棵树 公告编号：2025-056 三棵树涂料股份有限公司 关于召开2025年半年度业绩说明会的公告 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： ● 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 " 上 证 路 演 中 心 " （ http://roadshow.sseinfo.com） ●会议召开方式：上证路演中心视频录播和网络互动 ●会议问题征集：投资者可于 2025 年 8 月 28 日（星期四）至 9 月 4 日（星 期四）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过三棵树 涂料股份有限公司（以下简称"公司"）邮箱（zqb@skshu.com.cn）进行提问。公 司将在说明会上对投资者普遍关注的问题进行回答。 公司于 2025 年 8 月 16 日在上海证券交易所网站（www.sse.com.cn）披露了 公司《2025 年半年度报告》，为便于广大投资者更全 ...

证券代码：603737 证券简称：三棵树 公告编号：2025-051 三棵树涂料股份有限公司 第六届董事会第二十一次会议决议公告 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。 三棵树涂料股份有限公司（以下简称"公司"）第六届董事会第二十一次会议 于2025年8月14日在公司二楼会议室以现场结合通讯方式召开，会议通知及材料 于2025年8月4日以书面、电子发送等方式送达全体董事。应出席本次会议的董事 7名，实际出席会议的董事7名，公司监事及高级管理人员列席了会议。本次会议 的召集、召开符合《公司法》和《公司章程》的相关规定。本次会议由董事长洪 杰先生主持，经与会董事认真讨论，会议通过如下决议： 一、审议并通过《2025年半年度报告及其摘要》 三、审议并通过《关于<2025年度"提质增效重回报"行动方案半年度评估报 告>的议案》 表决结果：7票赞成，0票反对，0票弃权。 《2025年半年度报告》详见公司指定信息披露网站上海证券交易所网站 （www.sse.com.cn），《2025年半年度报告摘要》详见公司指定信息披露媒体《中 ...

Group 1 - The company announced a revenue of 5.816 billion yuan for the first half of 2025, representing a year-on-year growth of 0.97% [1] - The net profit for the same period was 436 million yuan, showing a significant year-on-year increase of 107.53% [1] - The company will not distribute profits or increase share capital from capital reserves during this reporting period [1]

二、审议并通过《关于计提资产减值准备的议案》 表决结果：3 票赞成，0 票反对，0 票弃权。 证券代码：603737 证券简称：三棵树 公告编号：2025-052 三棵树涂料股份有限公司 第六届监事会第十三次会议决议公告 本公司监事会及全体监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。 三棵树涂料股份有限公司（以下简称"公司"）第六届监事会第十三次会议于 2025 年 8 月 14 日在公司二楼会议室以现场结合通讯方式召开，会议通知及会议 材料于 2025 年 8 月 4 日以书面、电子发送等方式送达全体监事。应出席本次会 议的监事 3 名，实际出席会议的监事 3 名，董事会秘书米粒先生列席了本次会议。 本次会议的召集、召开符合《公司法》和《公司章程》的相关规定。本次会议由 监事会主席彭永森先生主持，经与会监事认真讨论，会议通过如下决议： 一、审议并通过《2025 年半年度报告及其摘要》 表决结果：3 票赞成，0 票反对，0 票弃权。 监事会认为：1、公司 2025 年半年度报告的编制和审核议程符合法律、法规、 《公司章程》和内部管理制度的各项 ...