Government Guidance Funds - Hangzhou plans to establish a direct investment fund with a scale of 2 billion yuan, focusing on early-stage investments in technology startups, aiming to support at least 100 projects annually [5][6] - Fujian Province has launched a 1 billion yuan biopharmaceutical industry fund, targeting innovative drugs, vaccines, and medical devices [6] - Yunnan's new industry guidance fund has been established with a scale of 5 billion yuan, focusing on growth and mature non-listed enterprises [6] Market-oriented Funds - Suzhou Tai Meng No.1 Equity Investment Fund has completed registration with a total investment of 3.1 billion yuan, focusing on high-end manufacturing and health sectors [12] - Changshi Capital's hard technology phase III fund has raised 728 million yuan, targeting AI infrastructure and applications [12] - Shanghai Baoshan has launched a 500 million yuan AIC fund, focusing on new energy and high-end equipment manufacturing [13] Industry Funds - Guangzhou Baiyunshan Pharmaceutical Group plans to invest 1.4985 billion yuan in a biopharmaceutical fund, focusing on medical and healthcare sectors [16] - Shenhuo Co., Ltd. intends to invest 1.2 billion yuan in a high-quality industrial development fund, targeting new materials and intelligent manufacturing [17] - Guanghe Technology has committed 30 million yuan to a new industry fund focusing on AI and robotics [18]

证券代码：300737 证券简称：科顺股份 公告编号：2025-039 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 关于科顺转债 2025 年付息的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 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个别及连 带法律责任。 重要内容提示： 1、"科顺转债"将于 2025 年 8 月 4 日按面值支付第二年利息， 每 10 张"科顺转债"（面值 1,000.00 元）利息为人民币 5.00 元（含 税）； 经中国证券监督管理委员会"证监许可〔2023〕1281 号"文同意 注册的批复，科顺防水科技股份有限公司（以下简称"公司"）于 2023 年 8 月 4 日向不特定对象发行了 2,198.00 万张可转换公司债券，每张 面值 100 元，发行总额 219,800.00 万元。经深圳证券交易所（以下简 称"深交所"）同意，公司 219,800.00 万元可转换公司债券于 2023 年 8 月 23 日起在深交所挂牌交易，债券简称"科顺转债"，债券代码 "123216"。 根据《科顺防水科技股份有限公司 ...

Core Viewpoint - The listing of companies in the paint industry has become a double-edged sword, often leading to decline rather than growth, with many once-prominent firms now struggling to survive [1][19][25] Group 1: Performance of Listed Paint Companies - Many listed paint companies have shown disappointing performance, with a notable decline in revenue and profitability [3][5][9] - Companies like Yushanshan and Jinlitai have faced severe operational challenges, including leadership instability and financial losses [5][9][15] - The overall trend indicates that the majority of listed paint companies are experiencing a downward trajectory, with only a few exceptions like Sanjiao Tree showing stable growth [1][19] Group 2: Historical Context and Challenges - Historical leaders in the paint industry, such as Xibei Chemical and Shuanghu, have seen their fortunes decline after decades of development, often becoming targets for capital manipulation [3][5][7] - The rapid expansion and subsequent failures of companies like Xibei Chemical highlight the risks associated with aggressive growth strategies [5][9] - The case of Tianjin Lighthouse illustrates how some companies have managed to survive through strategic acquisitions, while others have faded into obscurity [3][5] Group 3: Market Dynamics and Future Outlook - The paint industry is facing significant external pressures, including market downturns and declining demand, which are exacerbating the struggles of listed companies [11][15] - Companies like Aishichuangneng and Feilu are grappling with substantial losses and strategic uncertainties, indicating a broader industry malaise [11][13] - The overall sentiment suggests that the pursuit of listing may not be the panacea for growth, as many firms are finding that it can lead to increased pressure and potential decline [19][25]

Group 1 - Multiple local government funds have been established focusing on sectors such as semiconductors, new materials, advanced manufacturing, medical and pharmaceutical, artificial intelligence, new consumption, high-end equipment manufacturing, new energy, and next-generation information technology [1][3][7] - The total scale of the newly established funds includes a 50 billion RMB fund in Guangxi, a 50 billion RMB fund in Yunnan, and a 10 billion RMB biopharmaceutical fund in Fujian [5][7][19] - Tianjin has introduced a policy allowing local government contributions to reach up to 80% for venture capital funds, emphasizing support for early-stage investments in hard technology [2][28][29] Group 2 - Shenhua Co. has invested 12 billion RMB in a high-quality industrial development fund, focusing on upstream and downstream industries in strategic emerging sectors [22][23] - Keshun Co. has participated in establishing a merger and acquisition fund with a total commitment of 4.81 billion RMB, targeting advanced manufacturing and new materials [24][25] - Sichuan's Bo Rui Rong Ben Fund aims to support technology companies in early to growth stages, with a total scale of 7 billion RMB [10][11] Group 3 - The establishment of the Guangxi Technology Achievement Transformation Fund aims to support seed to growth-stage technology companies, with a total scale of 20 billion RMB [8] - Chengdu has launched a future industry fund exceeding 100 billion RMB, focusing on nurturing future industries and facilitating capital connections [15][16][17] - The Longjiang Special Vehicle Investment Fund has been established with a total scale of 50 billion RMB, focusing on specialized vehicles and components [21]

Core Viewpoint - The company is actively exploring a second growth curve and accelerating its strategic transformation by establishing an industrial merger and acquisition fund in collaboration with professional investment institutions [1][2]. Group 1 - The company approved the establishment of an industrial merger and acquisition fund with a total subscription scale of 481 million yuan, aiming to invest in cutting-edge technology fields such as new generation information technology, new materials, new technologies, and advanced manufacturing [1][2]. - The subsidiary Zhuhai Hengqin Yidong Investment Partnership (Limited Partnership) will contribute 240 million yuan of its own funds to the fund, partnering with related parties including Guangdong Shunde High-tech Venture Capital Management Co., Ltd. and Guangdong Shunde Science and Technology Innovation Management Group Co., Ltd. [1][2]. - The fund's objective is to promote industrial innovation, intelligent transformation, and quality improvement and efficiency enhancement within the company [2].

Core Viewpoint - Company plans to establish an industrial merger fund to explore investment opportunities amid performance pressure [1][2] Group 1: Company Financial Performance - Company has faced significant performance pressure in recent years, with revenues of 77.71 billion yuan in 2021, 76.61 billion yuan in 2023, and 79.44 billion yuan [2] - The net profit attributable to the parent company has declined sharply, from 6.73 billion yuan in 2021 to a loss of 3.38 billion yuan in 2023 [2] - In 2024, the company is expected to return to profitability with a net profit of 0.44 billion yuan, but in Q1 2025, both revenue and net profit decreased by 6.06% and 23.19%, respectively [3] Group 2: Stock Performance - The company's stock price has experienced a significant decline, dropping 72.7% from a peak of 20.77 yuan per share in May 2021 to 5.67 yuan per share by July 23, 2025 [3] - However, there has been a recent recovery in stock price, increasing by 19.12% from 4.76 yuan per share at the beginning of July 2025 [3] Group 3: Investment Fund Details - The company’s subsidiary plans to invest 240 million yuan in a new industrial merger fund, which has a total subscription scale of 481 million yuan [1] - The fund will focus on investments in cutting-edge technology fields such as new generation information technology, new materials, and advanced manufacturing [1] - The fund's establishment involves related party transactions, with the company's supervisor being the general manager of the investment partner [1]

关于科顺防水科技股份有限公司 国泰海通证券股份有限公司 与专业投资机构共同投资设立产业并购基金 暨关联交易的核查意见 国泰海通证券股份有限公司(以下简称"国泰海通"或"保荐人")作为科 顺防水科技股份有限公司(以下简称"科顺股份"或"公司")创业板向不特定 对象发行可转换公司债券的保荐人,根据《证券发行上市保荐业务管理办法》《深 圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司自律监管指引第 2 号 -- 创业板上市公司规范运作》等法规和规范性文件要求,对科顺股份与专 业投资机构共同投资设立产业并购基金暨关联交易的事项进行审慎核查,核查情 况及具体核查意见如下: 一、与专业投资机构共同投资设立产业并购基金概述 (一) 本次交易的基本情况 科顺防水科技股份有限公司(以下简称"公司")第四届董事会第十五次会 议审议通过了《关于与专业投资机构共同投资设立产业并购基金暨关联交易的议 案》,为积极探索公司第二增长曲线,加快公司战略转型升级,进一步促进公司 的持续快速发展,同意子公司珠海横琴逸东投资合伙企业(有限合伙)(以下简 称"横琴逸东"）作为有限合伙人,以自有资金出资人民币 24,000.00 万元,与 专 ...

证券代码：300737 证券简称：科顺股份 公告编号：2025-037 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 第四届董事会第十五次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 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个 别及连带法律责任。 表决结果：同意票 7 票，反对票 0 票，弃权票 0 票。 三、备查文件目录 第四届董事会第十五次会议决议 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 第十五次会议于 2025 年 7 月 23 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 7 月 22 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，公司监事和其他高级管理人员列席了会议。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《关于与专业投资机构共同投资设立产业并购基 金暨关联交易的议案》 议案内容： 为积极 ...

证券代码：300737 证券简称：科顺股份 公告编号：2025-038 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 关于与专业投资机构共同投资设立产业并购基金 暨关联交易的公告 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、与专业投资机构共同投资设立产业并购基金概述 （一）本次交易的基本情况 科顺防水科技股份有限公司（以下简称"公司"）第四届董事会 第十五次会议审议通过了《关于与专业投资机构共同投资设立产业并 购基金暨关联交易的议案》，为积极探索公司第二增长曲线，加快公 司战略转型升级，进一步促进公司的持续快速发展，同意子公司珠海 横琴逸东投资合伙企业（有限合伙）（以下简称"横琴逸东"）作为 有限合伙人，以自有资金出资人民币 24,000.00 万元，与专业投资机 构暨公司关联方广东顺德高新创业投资管理有限公司（以下简称"高 新创投"）、广东顺德科创管理集团有限公司（以下简称"科创集团"） 共同设立产业并购基金。 本次产业并购基金总认缴规模为 4.81 亿元，主要拟通过直接或 间接的方式投资于新一代信息技术、新材料、新科技、先进 ...

Investment Rating - The report provides a comprehensive valuation table for various companies in the building materials industry, indicating a range of price-to-earnings (PE) and price-to-book (PB) ratios for 2025E and 2026E [1] Core Insights - The report highlights the expected growth in net profit for several companies, with notable increases such as 90 million CNY for Conch Cement in 2025E and 100 million CNY in 2026E, reflecting a strong market position [1] - The PE ratios for the companies vary significantly, with Conch Cement at 15.3 for 2025E and 13.8 for 2026E, while companies like Jidong Cement show a much higher PE of 37.2 for 2025E [1] - The report emphasizes the valuation metrics, with companies like China National Building Material having a low PB ratio of 0.34, indicating potential undervaluation [1] Summary by Category Cement - Conch Cement has a total market value of 138.1 billion CNY, with projected net profits of 90 million CNY in 2025E and 100 million CNY in 2026E, and a PE of 15.3 for 2025E [1] - Huaxin Cement is valued at 31.9 billion CNY, with net profits expected to reach 25 million CNY in 2025E and 30 million CNY in 2026E, showing a PE of 12.7 for 2025E [1] - Other notable companies include Tianshan Shares with a market value of 43.1 billion CNY and projected net profits of 15 million CNY in 2025E [1] Consumer Building Materials - Rabbit Baby is projected to have net profits of 7.5 million CNY in 2025E and 8.5 million CNY in 2026E, with a PE of 11.2 for 2025E [1] - China Liansu is valued at 14.5 billion CNY, with expected net profits of 22 million CNY in 2025E and 24 million CNY in 2026E, showing a low PE of 6.6 for 2025E [1] Glass and Fiberglass - Shandong Pharmaceutical Glass has a market value of 15.1 billion CNY, with projected net profits of 10.5 million CNY in 2025E and 11.5 million CNY in 2026E, and a PE of 14.3 for 2025E [1] - China Jushi is valued at 51.5 billion CNY, with net profits expected to reach 35 million CNY in 2025E and 40 million CNY in 2026E, showing a PE of 14.7 for 2025E [1] New Materials - Zhongfu Shenying has a market value of 19.3 billion CNY, with projected net profits of 0.5 million CNY in 2025E and 1.5 million CNY in 2026E, reflecting a very high PE of 385.0 for 2025E [1] - Jilin Carbon Valley is valued at 8.5 billion CNY, with expected net profits of 1 million CNY in 2025E and 1.3 million CNY in 2026E, showing a PE of 85.0 for 2025E [1]