三棵树涂料股份有限公司 关于聘任董事会秘书的公告 证券代码：603737 证券简称：三棵树 公告编号：2025-073 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。 根据《公司法》《上海证券交易所股票上市规则》和三棵树涂料股份有限公 司（以下简称"公司"）《公司章程》等有关规定，公司于2025年11月5日召开第七 届董事会第一次会议，审议并通过《关于聘任公司高级管理人员的议案》，同意 聘任顾敏娜女士（简历附后）为公司董事会秘书，任期三年，自董事会审议通过 之日起至第七届董事会届满之日止。 顾敏娜女士已取得上海证券交易所颁发的董事会秘书任职资格证书，在公司 召开第七届董事会第一次会议前，顾敏娜女士的董事会秘书任职资格已经上海证 券交易所审核无异议，其任职资格符合《公司法》《上海证券交易所股票上市规 则》及《公司章程》等相关规定。 电子信箱：zqb@skshu.com.cn 地址：福建省莆田市荔城区荔园北大道518号 特此公告。 三棵树涂料股份有限公司董事会 2025 年 11 月 6 日 附件：董事会秘书简历 顾敏娜女士，中国 ...

证券代码：603737 证券简称：三棵树 公告编号：2025-070 三棵树涂料股份有限公司 2025年第一次临时股东会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 楼会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情 况： | 1、出席会议的股东和代理人人数 | 235 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 588,760,053 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股份总数的比例(%) | 79.7975 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，股东会主持 情况等。 本次会议由公司董事会召集，采取现场和网络投票相结合的方式召开。董事 长洪杰先生主持本次会议，现场会议采取记名投票的方式表决。本次会议的召集、 召开及表决方式符合《公司法》《公司章程》的规定。 (五) 公司董事和董事会秘书的出席情况 1、 公司在任董事7人，出席7人； ...

关于三棵树涂料股份有限公司 2025 年第一次临时股东会的 法 律 意 见 书 福建至理律师事务所 地址：福州市鼓楼区洪山园路华润万象城三期 TB#写字楼 22 层 邮政编码：350025 电话：（86 591）8806 5558 传真：（86 591）8806 8008 网址：www.zenithlawyer.com 致：三棵树涂料股份有限公司 福建至理律师事务所（以下简称本所）接受三棵树涂料股份有限公司（以下 简称公司）之委托，指派林涵、韩叙律师出席公司 2025 年第一次临时股东会（以 下简称本次会议），并依据《中华人民共和国公司法》（以下简称《公司法》）、《中 华人民共和国证券法》（以下简称《证券法》）、《上市公司股东会规则》、《上海证 券交易所上市公司自律监管指引第 1 号——规范运作》（以下简称《自律监管指 引第 1 号》）等有关法律、法规、规范性文件以及《三棵树涂料股份有限公司章 程》（以下简称《公司章程》）之规定出具法律意见。 对于本法律意见书，本所律师声明事项： 1 福建至理律师事务所 关于三棵树涂料股份有限公司 2025 年第一次临时股东会的法律意见书 闽理非诉字〔2025〕第 238 号 ...

证券代码：603737 证券简称：三棵树 公告编号：2025-072 三棵树涂料股份有限公司 第七届董事会第一次会议决议公告 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"）第七届董事会第一次会议于2025 年11月5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10月31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。经与会董事认真讨论，会议通 过如下决议： 一、审议并通过《关于选举公司董事长的议案》 表决结果：7票赞成，0票反对，0票弃权。 同意选举洪杰先生为公司董事长，任期三年，自本次会议审议通过之日起至 第七届董事会届满之日止。 洪杰先生简历详见公司于2025年10月18日披露的《第六届董事会第二十二次 会议决议公告》（公告编号：2025-059）。 二、审议并通过《关于选举公司各专门委员会委员的议案》 各委员简历详见公 ...

Core Insights - The report from Guosheng Securities highlights that Sankeshu achieved a significant year-on-year increase in net profit attributable to shareholders, reaching 744 million yuan in the first three quarters of 2025, representing an 81.22% growth [1] - In Q3 alone, the company reported a net profit of 308 million yuan, marking a 53.64% increase compared to the same period last year [1] Segment Summaries - **Performance by Product Segment**: - The home decoration wall paint and base material segments showed resilience, with retail accelerating and performance being released [1] - The waterproof membrane segment generated revenue of 255 million yuan in Q3, reflecting a year-on-year decline of 28.62%, indicating ongoing pressure in the waterproof industry [1] - Conversely, the waterproof coating segment achieved revenue of 321 million yuan in Q3, a year-on-year increase of 62.61%, benefiting from the positive trend in retail architectural coatings [1] - **Cost Management and Profitability**: - The company's cost reduction and expense control measures have continued to show results, contributing to an improvement in net profit margins [1] - As of Q3 2025, the sales net profit margin stood at 8.28%, which is considered to be in a relatively reasonable range, with potential for further improvement [1] - **Growth Outlook**: - As a leading domestic brand in architectural coatings, Sankeshu is expected to demonstrate strong growth in the medium to short term, driven by its focus on new retail formats such as "Immediate Living," "Beautiful Countryside," and "Art Paint," along with ongoing cost management [1] - The projected net profits attributable to shareholders for 2025-2027 are estimated at 950 million yuan, 1.28 billion yuan, and 1.62 billion yuan, respectively, with corresponding valuations of 34x, 26x, and 20x [1]

Core Insights - The stock price of Sankeshu fell by 2.02% on November 4, trading at 43.19 CNY per share, with a total market capitalization of 31.866 billion CNY [1] - Year-to-date, the stock has increased by 43.01%, but has seen a decline of 1.71% over the last five trading days and 9.83% over the last twenty days [1] - For the first nine months of 2025, the company reported a revenue of 9.392 billion CNY, a year-on-year increase of 2.69%, and a net profit attributable to shareholders of 744 million CNY, up 81.22% year-on-year [2] Financial Performance - The company has distributed a total of 733 million CNY in dividends since its A-share listing, with 253 million CNY distributed over the last three years [3] - As of September 30, 2025, the number of shareholders increased to 14,200, with an average of 51,849 circulating shares per shareholder, a decrease of 0.50% from the previous period [2] Shareholder Structure - The third-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 19.3144 million shares, an increase of 5.9453 million shares from the previous period [3] - New shareholder, Penghua Zhongzheng Fine Chemical Industry Theme ETF, holds 4.4417 million shares, ranking as the seventh-largest circulating shareholder [3] - Notable changes include a decrease in holdings by Southern CSI 500 ETF and Nord Value Advantage Mixed Fund, which dropped by 86,600 shares and 153,000 shares respectively [3]

Industry Investment Rating - The investment rating for the construction materials industry is "Outperform the Market" and is maintained [1] Core Views - The construction materials industry is currently at a cyclical bottom in terms of profitability, with leading companies in various segments performing in line with expectations. For instance, China Jushi in the fiberglass sector has seen a significant year-on-year improvement in profitability, while companies like Rabbit Baby have also reported substantial profit improvements due to investment income. Other leading companies such as Oriental Yuhong, Beixin Building Materials, Qibin Group, and Jianlang Hardware are also showing signs of bottoming out in their fundamentals. It is anticipated that stock prices may break out of the bottom range under the influence of policy catalysts and market style shifts [4][5] Summary by Relevant Sections Cement - Demand for cement has shown a slight month-on-month improvement, primarily due to infrastructure projects and better weather conditions, although year-on-year demand remains down. The overall demand is still in a weak recovery phase, influenced by weather disruptions and the pace of demand release. In September 2025, the monthly cement production was 154 million tons, down 8.6% year-on-year [5][10] Glass - The glass industry is experiencing a continuous decline in demand due to the impact of real estate. Short-term demand during the traditional peak season has shown limited improvement, and inventory levels among intermediaries remain relatively high. The supply-demand imbalance persists, with limited improvement in downstream terminal demand. The industry is expected to face increased environmental requirements and costs, accelerating the pace of cold repairs [5][17] Fiberglass - The fiberglass sector is witnessing a price recovery, with price increases of 5%-10% reported. The demand for electronic yarns is driven by the AI industry, leading to a significant increase in both volume and price. The demand is expected to continue growing alongside AI developments [6] Consumer Building Materials - The profitability of the consumer building materials sector has reached a bottom, with prices having no further downward space after years of competition. The sector is strongly advocating for price increases and profitability improvements, with several categories like waterproofing, coatings, and gypsum boards issuing price increase notices this year. A recovery in profitability is anticipated for leading companies in the second half of the year [6] Recent Company Announcements - Conch Cement reported Q3 revenue of 20 billion yuan, down 11.4% year-on-year, but net profit increased by 3.4% year-on-year to 1.94 billion yuan, benefiting from cost reductions and improved gross margins. Q3 revenue for Qibin Group was 4.39 billion yuan, up 18.9% year-on-year, with a net profit of 20 million yuan, marking a return to profitability [19][20][22]

Investment Rating - Industry Rating: Outperform the market (maintained rating) [4] Core Views - The fiberglass sector remains the best performer within the building materials sub-sector, with prices maintaining high levels and special fiber cloth contributing to profit growth. A price increase of 5-10% for fiberglass is expected, leading to continued growth in Q4 performance [2][18] - Cement profits have significantly narrowed year-on-year due to weak demand in Q3 and poor execution of staggered production, resulting in price declines. However, export varieties (e.g., Huaxin Cement) and companies in Tibet have shown relatively better performance [2][18] - The photovoltaic glass segment has performed well, supported by strong demand and inventory reduction, with positive price increases observed in September. Overall, traditional building materials have not shown significant improvement in supply and demand, but the real estate sector is expected to stabilize next year, with many products currently valued at relative lows [2][18] Summary by Sections Market Review - Last week (October 27-31, 2025), the CSI 300 index fell by 0.43%, while the building materials sector (CITIC) rose by 1.57%, with fiberglass and glass performing relatively well. Notable stock gains included Pioneer New Materials (43.5%), Yashi Chuangneng (31.7%), Fujian Cement (24.6%), Hainan Development (22.6%), and Fuyao Glass (13.6%) [1][10] Recommended Stocks - The recommended stocks include Huaxin Cement, Western Cement, China National Building Material, Keda Manufacturing, Honghe Technology, China Jushi, and Sankeshu [3][18]

Core Insights - The report maintains a positive outlook on the building materials sector, suggesting that the consumption building materials segment is showing signs of recovery and improvement in performance [4][6]. Market Performance - The building materials sector has experienced a decline of 11% over the past 12 months, while the Shanghai Composite Index has seen a decrease of 4% [2]. Q3 Performance Analysis - Q3 results indicate a sequential improvement in performance for many consumption building materials companies, with notable revenue growth for companies like Dongfang Yuhong (+8.5%), Sankeshu (+5.6%), and Tubao Bao (+5.0%) [6]. - The report highlights that the revenue recovery is primarily driven by optimized channel strategies, although price pressures remain [6]. - Companies such as Dongfang Yuhong and Tubao Bao have shown a decrease in gross margin, while Sankeshu has managed to increase its gross margin by 4.9 percentage points due to lower titanium dioxide prices and the promotion of high-margin products [6]. Future Outlook - The report anticipates a potential rebound in Q4 and next year, driven by a low base from the previous year and the gradual implementation of price increases [6]. - It notes that the construction area completed from January to September has decreased by 15.3%, but the decline has narrowed, indicating a possible recovery in building material demand [6]. Investment Recommendations - The report suggests prioritizing investments in leading building materials companies, emphasizing the "Matthew Effect" where top companies will gain market share as smaller firms exit the market [6]. - It recommends focusing on high-growth segments such as coatings and waterproofing, with specific companies like Sankeshu, Dongfang Yuhong, Tubao Bao, and Keshun being highlighted as key investment opportunities [6].

Core Viewpoint - The successful launch of the Shenzhou 21 manned spacecraft marks a significant milestone for China's space industry, with the company SanKeShu (三棵树) releasing new aerospace-themed products to enhance domestic manufacturing capabilities and innovation [1][2]. Group 1: Company Developments - SanKeShu has been a partner of China's space program for 20 years, emphasizing the importance of original innovation and core technology development in its operations [2]. - The company aims to integrate aerospace-grade standards into its production processes, ensuring high-quality and health-compliant products [2][3]. - The launch of new aerospace-themed products includes industrial coatings, adhesives, and waterproof materials, showcasing the company's latest research and development achievements [3][4]. Group 2: Product Innovations - The new high-performance polysiloxane coatings and acrylic high-strength tapes are designed to provide aerospace-level safety and durability for industrial applications [3][4]. - SanKeShu's radiation-cooling energy-saving coatings and versatile gypsum boards redefine application boundaries with superior fire resistance, sound insulation, and moisture resistance [4]. - The thermoplastic polyolefin (TPO) waterproof membranes are engineered for high-reliability applications in critical infrastructure, promising a maintenance-free lifespan of 20 years [4][5]. Group 3: Industry Context - The launch of these products aligns with China's strategic shift from a "catch-up" to an "original innovation" approach in technology development [2][5]. - The integration of aerospace technology into the industrial chain positions aerospace standards as a new benchmark for industry advancement [6]. - The company is committed to enhancing its innovation capabilities to establish "Chinese paint" as a foundational element of high-end manufacturing [6].