Investment Rating - The investment rating for the company is maintained as "Buy" [1] Core Insights - The company has shown strong performance in the retail sector, particularly in the home improvement segment, with significant growth in sales volume despite pricing pressures. The revenue from home decoration wall paint reached 2.491 billion RMB, reflecting an 11.8% year-on-year increase, while the overall revenue from retail new business models has supported rapid income growth [2][3] - The company is well-positioned to benefit from the ongoing urban renewal initiatives and the substantial demand in the existing housing market, with a focus on the renovation segment, which accounts for over 50% of the home decoration paint market [3][4] - The company is actively participating in rural revitalization efforts, maintaining the leading market share in imitation stone paint at 7.6%, and has expanded its coverage in rural areas to nearly 20% [4] Summary by Sections Financial Performance - For the first nine months of 2025, the company achieved a comprehensive gross margin of 32.81%, an increase of 4.2 percentage points year-on-year, with the gross margin for Q3 reaching 33.6% [2] - The projected net profit for the company is estimated at 9.15 billion RMB for 2025, with a compound annual growth rate of 60.47% over three years [5] Market Position - The company has established over 3,000 "immediate living" community renovation stores, aligning with consumer needs in the existing housing market [3] - The company’s market share in the engineering paint sector is steadily increasing, projected to reach approximately 13% [3] Valuation - The target price for the company is set at 53.19 RMB, based on a 35x PE valuation for 2026, reflecting the strong retail attributes of the paint sector and the potential for market share growth in the domestic market [5]

Summary of the Conference Call for SanKe Tree Company Overview - SanKe Tree is a leading domestic paint brand in China, primarily focused on the architectural coatings sector. The company was established in 2002 and went public in 2016. As of 2024, it has ranked first in the domestic paint industry for six consecutive years, with its headquarters located in Putian, Fujian. [3][2] Financial Performance - Despite the downturn in the real estate market, SanKe Tree achieved a profit of approximately 700 million RMB in the first three quarters of 2025, representing a year-on-year growth of over 80%. [2][3] - The company's revenue and profit growth was rapid from 2011 to 2021, but it faced challenges starting in 2022 due to the real estate market decline. [3] Industry Insights - The architectural coatings industry is expected to have a strong long-term growth potential due to short repaint cycles and product upgrades. The demand for interior wall paints is increasing due to enhanced environmental and functional properties, leading to price increases. [2][5] - The industry is currently undergoing a consolidation phase, with smaller companies exiting the market, while leading firms like Nippon Paint and SanKe Tree are alleviating price wars through price increases. [6] Market Position - Nippon Paint, as the industry leader, has a revenue scale of over 25 billion RMB, approximately double that of SanKe Tree. [7] - SanKe Tree has strategically increased its focus on architectural and home decoration coatings, which now account for nearly 90% of its product mix. [3] Retail Market Strategy - SanKe Tree is actively expanding its retail market presence through the "Ma Shang Zhu" community store model, which has led to the establishment of over 1,000 stores by 2025, significantly boosting order volume and performance contributions. [2][9] - The company is also exploring high-end products like artistic paints in first- and second-tier cities to enhance profitability and brand image. [11] Beautiful Countryside Business - SanKe Tree has established a leading position in the beautiful countryside business, with sales of imitation stone paint reaching 1.1 billion RMB in 2024, capturing about 5% market share. [10] - The imitation stone paint market has grown from over 5 billion RMB in 2014 to over 20 billion RMB in 2024, indicating strong demand in rural self-built housing. [10] Future Outlook - SanKe Tree plans to continue expanding its "Ma Shang Zhu" community stores and beautiful countryside business, which are expected to enhance overall profitability. [11] - The company is optimistic about maintaining a good growth trajectory and improving net profit levels in the future, with a positive rating on its development outlook. [11]

Core Points - The company has elected a new employee director, Kong Dingfeng, to the seventh board of directors for a term of three years [1][3] - The first meeting of the seventh board was held on November 5, 2025, where several key resolutions were passed, including the election of the chairman and the establishment of various committees [4][5][8] Group 1: Election of Employee Director - Kong Dingfeng was elected as the employee director of the company, meeting all legal and regulatory qualifications [1][3] - The election ensures that the number of employee representatives on the board does not exceed half of the total board members, complying with relevant laws [1] Group 2: First Meeting of the Seventh Board - The first meeting of the seventh board was conducted with all seven directors present, confirming compliance with legal and procedural requirements [4][5] - Hong Jie was elected as the chairman of the board for a term of three years [5] - The board established several specialized committees, including the Strategy and ESG Committee, Audit Committee, Nomination Committee, and Compensation and Assessment Committee, with designated chairs for each [6][7] Group 3: Appointment of Senior Management - The board approved the appointment of Hong Jie as the general manager and several other senior management positions, all for a term of three years [8] - The appointments include Lin Dedian and Mi Li as deputy general managers, and Zhu Qifeng as the deputy general manager and financial director [8] Group 4: Appointment of Board Secretary - Gu Minna was appointed as the board secretary, with her qualifications verified and approved by the Shanghai Stock Exchange [14][18] - Gu Minna has a background in law and has held various legal positions prior to her appointment [18]

Group 1 - The core viewpoint of the articles highlights the robust performance of the chemical ETF and the overall improvement in profitability within the basic chemical sector, particularly in sub-sectors like pesticides and fluorochemicals, which saw significant year-on-year profit increases of 201% and 124.6% respectively [1][2] - As of November 6, the chemical ETF (516020) showed a steady performance with a 1.0% increase in price and a trading volume of 6.3452 million yuan, bringing the fund's total size to 2.599 billion yuan [1] - Key stocks within the ETF, such as Yuntianhua, Enjie Co., and Xingfa Group, demonstrated strong performance with respective increases of 3.29%, 3.26%, and 2.77%, while stocks like Duofuduo, Sankeshu, and Beiyuan Group experienced declines [1] Group 2 - Donghai Securities noted a structural optimization in the supply side of the basic chemical industry, driven by domestic "anti-involution" policies and rising overseas raw material costs, which have led to the shutdown of European and American enterprises [1] - The industry is expected to reshape the global supply chain due to China's cost and technological advantages, with a long-term optimistic outlook supported by supply improvements and low prices, while short-term caution is advised due to falling oil prices and weak demand [1] - According to Zhongyin International, the basic chemical industry is currently at a historical 72% percentile for price-to-earnings ratio at 24.39 times and 54% percentile for price-to-book ratio at 2.21 times, indicating potential investment opportunities in undervalued leading companies and emerging sectors like semiconductors and new energy materials [2]

Core Viewpoint - The company, Sankeshu (三棵树), announced the election of Ms. Kong Dingfeng as the employee director of the seventh board of directors [1] Group 1 - The announcement was made on the evening of November 5 [1] - Ms. Kong Dingfeng's election reflects the company's commitment to employee representation in its governance structure [1]

Group 1 - The company, Sankeshu (SH 603737), announced the appointment of Gu Minna as the secretary of the board of directors for a term of three years, effective from the date of board approval until the end of the seventh board term [1] - For the fiscal year 2024, the revenue composition of Sankeshu is as follows: fine chemicals account for 85.26%, waterproof membranes for 10.9%, building decoration for 2.15%, and other businesses for 1.7% [1] - As of the report date, Sankeshu has a market capitalization of 31.7 billion yuan [1]

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：2025-071 三棵树涂料股份有限公司 关于第七届董事会职工董事选举结果的公告 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。 为进一步完善三棵树涂料股份有限公司（以下简称"公司"）治理结构，保证公 司董事会的正常运作，根据《公司法》《公司章程》等相关法律和规范性文件的 规定，结合公司实际情况，公司董事会成员中应包含一名职工董事。 公司于近日召开了职工代表大会，经与会职工代表表决，同意选举孔丁峰女 士（简历附后）为公司第七届董事会职工董事，任期三年，自职工代表大会审议 选举通过之日起至第七届董事会届满之日止。 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：职工董事简历 孔丁峰女士，中国国籍，1983 年出生，工学博士学历。历任中国科学院上海 高等研究院助理研究员、立邦涂料（中国）有限公司高新技术项目经理。2020 年 进入公司，现任公司科学研究院兼技术中心经营管理部总监。 截至本公告披露日，孔丁峰女士未直接持有公司股份，与持有公司 5%以上 ...

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 ...