Core Viewpoint - The company reported a decline in revenue and net profit for the first three quarters of 2025, with revenue at 4.7 billion yuan, down 8.4% year-on-year, and net profit at 20 million yuan, down 84.1% year-on-year [1] Group 1: Financial Performance - Revenue for the third quarter was 1.48 billion yuan, a decrease of 10.9% compared to the same period last year, with a net profit of -30 million yuan, down from 30 million yuan in the previous year [1] - The decline in revenue is attributed to a reduction in domestic engineering construction projects and slower project progress, leading to decreased demand in the waterproof market [2] - The net profit decline exceeded the revenue decline due to increased credit impairment provisions and reduced other income and non-operating income [2] Group 2: Margin and Cost Management - The gross profit margin improved to 24.3% in the first three quarters, up from 23.0% in the same period last year, driven by an optimized revenue structure and growth in high-margin overseas and retail businesses [2] - The company has reduced financial expenses from 70 million yuan in the previous year to 40 million yuan, and sales expenses also saw a slight decline [2] Group 3: Cash Flow and Receivables - Operating cash flow showed significant improvement, with a net cash flow from operating activities of -820 million yuan, better than -1.5 billion yuan in the previous year, due to enhanced collection of receivables and optimized supplier payment methods [2] - Accounts receivable at the end of the period stood at 4.07 billion yuan, down from 4.73 billion yuan in the previous year [2] Group 4: Investment Outlook - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 50 million yuan, 230 million yuan, and 370 million yuan respectively, down from previous estimates [3] - Despite the downward revision, macro-level support policies for real estate and infrastructure are expected to boost industry confidence, and the waterproof industry is closely linked to new real estate projects [3] - As a leading player in the waterproof sector, the company maintains advantages in brand, channel, and customer resources, and is expected to stabilize its scale during the industry downturn [3]

Core Insights - The company reported a revenue of 4.7 billion yuan for the first three quarters of 2025, a year-on-year decline of 8%, with a net profit attributable to shareholders of 20 million yuan, down 84% year-on-year [1] - The third quarter saw a revenue of 1.5 billion yuan, a decline of 11% year-on-year, and a net profit of -30 million yuan, a decrease of 183% year-on-year [1] Revenue Performance - Revenue growth has been under pressure, with the last four quarters showing declines of -1%, -6%, -8%, and -11% respectively [2] - The decline in revenue is attributed to weak demand in the construction industry, with new construction area down 19% year-on-year from January to September 2025 [2] Profitability Analysis - Gross margin for the first three quarters was approximately 24.3%, an increase of 1.3 percentage points year-on-year, while the third quarter gross margin was about 23.6%, up 1.4 percentage points year-on-year but down 1.3 percentage points quarter-on-quarter [2] - The company faced increased operating expenses, with a period expense ratio of approximately 18.9% for the first three quarters, up 1.0 percentage points year-on-year, and 20.8% for the third quarter, up 1.5 percentage points year-on-year [2] Cash Flow and Receivables - The cash collection ratio improved to 1.04 for the first three quarters of 2025, compared to 0.83, 0.90, and 0.98 in the previous three years [3] - Despite the improvement in cash collection, the net cash flow remained negative at -820 million yuan for the first three quarters [3] Business Strategy and Market Position - The company is actively optimizing its business structure, with a significant increase in retail and overseas business contributions [3] - Future revenue structure plans include 30% from retail, 20% from overseas, and 50% from construction and related businesses [3] Strategic Partnerships and Market Outlook - The company has established strategic cooperation with SAC Group and set up two modern production bases in Malaysia [4] - The waterproof materials industry is experiencing a significant supply exit, with production expected to decline by 38% from 2021 to 2024, indicating potential for profit recovery if demand stabilizes [4] Profit Forecast - The company is projected to achieve a net profit of approximately 50 million yuan in 2025 and 340 million yuan in 2026, with corresponding valuations of 107 and 17 times [5]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company has experienced a decline in revenue and net profit due to continued weak downstream demand and tightened credit policies. The gross margin has improved slightly due to stable raw material prices and ongoing optimization of product and channel structures [7] - The company has proactively adjusted product prices in response to market conditions, indicating a potential recovery in profitability as the competitive landscape improves. This includes price increases of 3%-13% for certain waterproof coatings and 3%-7% for waterproof membranes [7] - The forecast for net profit from 2025 to 2027 shows a recovery trend, with expected net profits of 0.42 million, 1.28 million, and 2.09 million respectively, reflecting growth rates of -5.81%, 207.23%, and 64.19% [7] Financial Performance Summary - For the first three quarters of 2025, the company reported a revenue of 4.703 billion, a decrease of 8.43% year-on-year, and a net profit of 0.20 billion, down 84.08% year-on-year. The Q3 revenue was 1.483 billion, down 10.93% year-on-year, with a net profit of -0.27 billion [7] - The company's gross margin for Q3 was 23.56%, an increase of 1.38 percentage points year-on-year, while the operating cash flow showed a net outflow of 0.824 billion, which improved by 0.680 billion year-on-year [7][8] - The financial forecasts indicate a revenue decline in 2024 and 2025, with expected revenues of 6.829 billion and 6.327 billion respectively, followed by a recovery in 2026 and 2027 [6][8]

Investment Rating - The industry rating is "Recommended" [4] Core Views - The "14th Five-Year Plan" emphasizes urban renewal and underground pipeline renovation, with an expected investment demand exceeding 5 trillion yuan for over 700,000 kilometers of pipeline construction [6] - The report highlights the impact of renewed tariff conflicts and the acceleration of industry self-discipline, recommending companies with strong pricing power and cost advantages in the cement and waterproof sectors [6] - The report notes that the special electronic fabric sector is experiencing high demand, with companies like China Jushi and China National Materials Technology benefiting from this trend [7] Summary by Sections Investment Suggestions - Recommended companies benefiting from urban pipeline renovation include Qinglong Pipe Industry, Donghong Co., and China Liansu [6] - In the cement sector, companies like Huaxin Cement and Conch Cement are recommended due to their cost and scale advantages amid tariff conflicts [6] - The waterproof industry is seeing frequent price increases, with recommendations for Oriental Yuhong and Keshun Co. [6] - In the photovoltaic glass sector, companies such as Qibin Group, Fuyao Glass, and Xinyi Solar are recommended due to price increases [6] - The report suggests strong resilience in operations for companies like Sanhe Tree and high dividend yield firms like Rabbit Baby and Weixing New Materials [6] - The fire alarm leader Qingniao Fire is recommended due to its upcoming commercialization of fire-fighting robots [7] - The report highlights the strong performance of special electronic fabrics, recommending China Jushi and China National Materials Technology [9] Market Trends - The national cement market price increased by 0.4% week-on-week, with price rises in regions like Guizhou and Jiangsu [22][23] - The average price of float glass decreased by 4.40% to 1243.68 yuan/ton, indicating a shift from an upward trend to a decline [64] - The photovoltaic glass market remains stable, with mainstream order prices for 2.0mm coated panels at around 13 yuan/square meter [72]

Core Viewpoint - Keshun Co., Ltd. (300737.SZ) reported its Q3 2025 results, highlighting a decrease in institutional ownership compared to the previous quarter [1] Institutional Ownership - As of October 24, 2025, five institutional investors disclosed holdings in Keshun Co., totaling 170 million shares, which represents 15.27% of the company's total share capital [1] - The institutional ownership decreased by 1.58 percentage points compared to the previous quarter [1] Public Fund Holdings - One public fund, the Fu Guo Research Selected Flexible Allocation Mixed A, increased its holdings slightly in this period [1] - One public fund, the Jing Shun Resource Monopoly Mixed A, reported a slight decrease in holdings compared to the previous quarter [1] - A total of 113 public funds did not disclose their holdings this quarter, including notable funds such as Jing Shun Chang Cheng China Return Mixed A and others [1]

Group 1 - The core point of the article is that Keshun Co., Ltd. (SZ 300737) held its 17th meeting of the fourth board of directors on October 24, 2025, to review the proposal for the third quarter report of 2025 [1] - For the first half of 2025, Keshun's revenue composition was as follows: waterproof materials accounted for 78.2%, waterproof engineering construction accounted for 17.31%, and other businesses accounted for 4.49% [1] - As of the time of reporting, Keshun's market capitalization was 5.6 billion yuan [1] Group 2 - A notable event mentioned is a well-known brand spending 170 million yuan to purchase 2,000 shares of a target company with a registered capital of only 10,000 Hong Kong dollars, raising questions about the necessity of the acquisition [1]

Core Viewpoint - Keshun Co., Ltd. announced that it has no overdue external guarantees, no guarantees involved in litigation, and no losses incurred due to guarantees resulting in adverse judgments [2] Summary by Relevant Categories - **Company Guarantees** - Keshun Co., Ltd. confirmed that there are no overdue external guarantees [2] - The company has no guarantees that are currently involved in any litigation [2] - There are no losses that the company has to bear due to guarantees resulting in adverse judgments [2]

Core Viewpoint - The company reported a decline in both revenue and net profit for the first three quarters of 2025 compared to the previous year [1] Financial Performance - The company's operating revenue for the first three quarters was 4.703 billion yuan, a year-on-year decrease of 8.43% [1] - The net profit attributable to shareholders was 20.088 million yuan, reflecting a significant year-on-year decrease of 84.08% [1] - The net loss attributable to shareholders after deducting non-recurring gains and losses was 57.7441 million yuan [1] - Basic earnings per share were reported at 0.02 yuan [1]

证券代码：300737 证券简称：科顺股份 公告编号：2025-057 债券代码：123216 债券简称：科顺转债 科顺防水科技股份有限公司 关于为全资子公司提供担保的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、担保情况概述 科顺防水科技股份有限公司（以下简称"公司"）于 2025 年 10 月 24 日召开第四届董事会第十七次会议，审议通过了《关于为全资 子公司提供担保的议案》，为满足全资子公司日常经营的资金需求， 公司董事会同意公司为全资子公司重庆科顺供应链管理有限公司（以 下简称"重庆科顺供应链"）向银行申请 20,000 万元人民币综合授 信提供担保，担保方式包括但不限于一般保证、连带责任保证、抵押、 质押等方式，担保期限为三年，自相关担保协议签署之日起生效，担 保额度在有效期限内可以循环使用。 五、累计对外担保数量及逾期担保的数量 二、被担保人基本情况 | 公司名称 | 重庆科顺供应链管理有限公司 | | --- | --- | | 成立日期 | 2019 年 12 月 4 日 | | 注册地址 | 重庆市渝北区龙兴镇两江大道 618 ...

证券代码：300737 证券简称：科顺股份 公告编号：2025-055 债券代码：123216 债券简称：科顺转债 科顺防水科技股份有限公司 第四届董事会第十七次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、会议召开情况 科顺防水科技股份有限公司（以下简称"公司"）第四届董事会 第十七次会议于 2025 年 10 月 24 日在公司会议室以现场和通讯方式 召开，会议通知已于 2025 年 10 月 20 日发出。本次会议应出席的董 事 7 人，实际出席并参与表决的董事 7 人，会议由董事长陈伟忠先生 主持，公司董事会秘书、高级管理人员列席会议。本次会议的召开符 合《中华人民共和国公司法》和《公司章程》的有关规定。 二、会议表决情况 经参会董事审议，依法表决，本次会议审议通过了以下议案： （一）审议通过《关于公司 2025 年第三季度报告的议案》 表决结果：同意票 7 票，反对票 0 票，弃权票 0 票。 （二）审议通过《关于新增开设募集资金专户并授权签订三方监 管协议的议案》 董事会同意公司新增开设募集资金专项账户，用于部分闲置募集 资金暂 ...