Core Viewpoint - The company, Keshun Co., Ltd. (300737.SZ), has announced the payment of overdue taxes and penalties totaling 13.84 million yuan, which includes 10.58 million yuan in tax and 3.26 million yuan in late fees. This payment has been completed as of the announcement date, and there are no administrative penalties associated with this payment [1]. Group 1 - The total amount of overdue taxes and penalties is 13.84 million yuan [1] - The breakdown includes 10.58 million yuan in tax and 3.26 million yuan in late fees [1] - The company has completed the payment of the overdue amounts as of the announcement date [1]

Core Viewpoint - The company Keshun Co., Ltd. (300737.SZ) announced that it has completed the payment of overdue taxes and penalties totaling 13.8393 million yuan, which includes 10.5773 million yuan in tax and 3.2620 million yuan in penalties [1] Group 1 - The total amount of overdue taxes and penalties is 13.8393 million yuan [1] - The company has paid the overdue taxes and penalties in full as of the date of the announcement [1] - The payment of overdue taxes does not involve any administrative penalties [1]

Core Viewpoint - The company, Keshun Co., Ltd. (300737.SZ), announced that it has completed the payment of overdue taxes and penalties totaling 13.8393 million yuan, which includes 10.5773 million yuan in tax and 3.2620 million yuan in penalties. This payment does not involve any administrative penalties [1]. Group 1 - The total amount of overdue taxes and penalties is 13.8393 million yuan [1]. - The tax amount to be repaid is 10.5773 million yuan [1]. - The penalty amount is 3.2620 million yuan [1]. Group 2 - As of the date of the announcement, all overdue taxes and penalties have been fully paid [1]. - The repayment does not involve any administrative penalties [1].

科顺防水科技股份有限公司 关于新增开设募集资金专户并签订三方监管协议的公告 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、募集资金基本情况 经中国证券监督管理委员会出具的《关于同意科顺防水科技股份 有限公司向不特定对象发行可转换公司债券注册的批复》（证监许可 〔2023〕1281 号）同意注册，科顺防水科技股份有限公司（以下简 称"公司"）向不特定对象发行可转换公司债券 2,198.00 万张，每 张面值为人民币 100 元，募集资金总额为人民币 2,198,000,000.00 元。扣除发行费用（不含税）人民币 16,686,350.06 元后，实际募集 资金净额为人民币 2,181,313,649.94 元，上述募集资金经天健会计 师事务所（特殊普通合伙）审 验 ， 并出具了天健验〔2023〕422 号《验证报告》。公司对募集资金采取了专户存储制度，已在银行开 设专户存储上述募集资金，并签订了募集资金三方监管协议。 二、本次新增开设募集资金专项账户情况 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《关于新增开设募 ...

证券代码：300737 证券简称：科顺股份 公告编号：2025-059 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 董 事 会 一、基本情况 经自查，公司应补缴税款及滞纳金合计 1,383.93 万元，其中补 缴税款 1,057.73 万元，滞纳金 326.20 万元。截至本公告披露日，上 述税款及滞纳金已缴纳完毕，本次补缴不涉及行政处罚。 二、对公司的影响 根据《企业会计准则第 28 号——会计政策、会计估计变更和差 错更正》相关规定，上述补缴税款及滞纳金事项不属于前期会计差错， 不涉及前期财务数据追溯调整。上述补缴的税款及滞纳金将计入公司 2025 年当期损益，对公司 2025 年度归属于上市公司股东的净利润的 具体影响最终以 2025 年度经审计的财务报表为准。本次补缴款项不 会影响公司正常经营，敬请广大投资者注意投资风险。 特此公告。 科顺防水科技股份有限公司 关于公司补缴税款的公告 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。 科顺防水科技股份有限公司（以下简称"公司"）对合并报表范 围内公司就涉税事项开展了自查，现将有关 ...

Investment Rating - The industry investment rating is "Positive" and maintained [10] Core Views - Focus on the expectation of glass cold repairs and emphasize high-quality leading companies in consumer building materials [5][6] - Cement prices continue to decline, while glass inventory has slightly decreased month-on-month [7][8] - The real estate policy outlook is improving, suggesting a focus on high-quality leading companies in consumer building materials [5][6] Summary by Sections Cement - National cement prices have continued to decline, with a current average price of 355.00 yuan/ton, down 0.65 yuan/ton month-on-month and down 77.10 yuan/ton year-on-year [26] - The cement market is entering the off-season, with a national shipment rate of approximately 45%, down 0.3 percentage points month-on-month and down 2.5 percentage points year-on-year [7][26] - The northern market is experiencing a seasonal decline in demand, while some southern regions show slight recovery [7][25] Glass - The domestic float glass market prices have stabilized after a decline, with a current average price of 60.59 yuan/weight box, down 0.59 yuan/weight box month-on-month and down 15.51 yuan/weight box year-on-year [39] - The production capacity of float glass has slightly decreased, with 218 out of 283 production lines currently in operation, and a daily melting capacity of 156,155 tons [8][36] - Inventory levels in key monitored provinces have decreased, with a total inventory of 59.32 million weight boxes, down 730,000 weight boxes month-on-month [38][39] Consumer Building Materials - High-quality leading companies in consumer building materials are expected to have bottom value, with recommendations for companies like SanKeTree, TuBaoBao, and WeiXing New Materials [6] - From a cyclical bottom and structural optimization perspective, companies in waterproofing and coatings are recommended due to significant supply exits and increased market share for leading companies [6] - If market conditions improve, the expected price performance ranking is waterproofing > coatings > pipes/hardware/gypsum board [6] Special Fabrics - Attention is drawn to the opportunities in AI special fabrics after recent adjustments, with domestic leaders like ZhongCai Technology benefiting from domestic substitution trends [9]

Group 1 - The core viewpoint highlights the increasing pressure in the construction materials industry, with a focus on the expected rise in real estate policies and the potential for quality leading companies in consumer building materials to gain value [2][3] - The industry is experiencing a significant downward trend, with expectations for policy tools aimed at reducing housing burdens, such as interest subsidies or tax deductions, to support housing demand [2][3] - Key companies recommended for investment include Sanhe Tree, Rabbit Baby, and Weixing New Materials, which are seen as having bottom value and potential to benefit from policy changes [2][3] Group 2 - Cement prices have slightly decreased, with demand in southern regions recovering while northern regions face weakened demand due to cold weather [3] - The national cement enterprise shipment rate is approximately 45.5%, reflecting a month-on-month decline of about 0.4 percentage points [3] - In the glass market, prices are trending downward, with an increase in inventory levels, indicating ongoing pressure on production and sales [4] Group 3 - The focus on African supply chains includes recommendations for Huaxin Cement and Keda Manufacturing, which are expected to benefit from overseas performance and domestic market recovery [5] - The stock chain is highlighted for its potential recovery, with leading companies in consumer building materials expected to see demand restoration and structural optimization [5] - Special electronic fabrics are noted for their growth potential due to high demand and supply barriers, with companies like Zhongcai Technology positioned to benefit from domestic substitution [5][6]

Investment Rating - The report maintains a "Positive" investment rating for the building materials industry [12]. Core Viewpoints - The report highlights an increase in expectations regarding real estate policies, suggesting a focus on high-quality consumer building materials leaders. The industry is experiencing intensified downward pressure, but the anticipated policy tools aim to reduce housing burdens, which could support residential demand [6][9]. - The report recommends focusing on quality leaders in consumer building materials, such as SanKeTree, TuBaoBao, and WeiXing New Materials, as they possess bottom value and are expected to benefit from policy changes and operational turning points [6][9]. - The report notes a slight decline in cement prices and a shift in glass inventory from decrease to increase, indicating ongoing challenges in the market [7][8]. Summary by Sections Basic Situation - Cement prices have slightly decreased, with a national average of 355.65 yuan/ton, down 1.45 yuan/ton week-on-week and down 76.77 yuan/ton year-on-year. The cement output rate is approximately 45.5%, reflecting a 0.4 percentage point decrease [24][32]. - The glass market is operating weakly, with a national average price of 61.55 yuan per weight box, down 1.84 yuan per weight box week-on-week and down 15.22 yuan year-on-year. The inventory of glass has increased, indicating pressure on the market [38][40]. Recommendations - The report continues to recommend investments in the African supply chain and existing supply chain leaders, highlighting companies like Huaxin Cement and Keda Manufacturing as key players benefiting from demand recovery and structural optimization [9]. - It emphasizes the importance of focusing on quality leaders in the consumer building materials sector, particularly those with strong business models and growth potential, such as SanKeTree and TuBaoBao [9]. Market Trends - The report indicates that the downward slope of the industry is increasing, with a focus on the expected rise in real estate policies. The core reasons for the pressure on housing prices in major cities are linked to income and inflation expectations, as well as the rental-to-sale ratio being inverted with mortgage rates [6][9].

Core Insights - The renovation and building materials sector increased by 0.32% on November 27, with Luyang Energy leading the gains [1] - The Shanghai Composite Index closed at 3875.26, up 0.29%, while the Shenzhen Component Index closed at 12875.19, down 0.25% [1] Sector Performance - The following companies in the renovation and building materials sector showed notable price increases: - Luyang Energy (002088) closed at 11.96, up 2.49% with a trading volume of 98,100 shares and a transaction value of 261 million [1] - Keshun Co. (300737) closed at 5.29, up 2.32% with a trading volume of 213,700 shares and a transaction value of 112 million [1] - Beixin Building Materials (000786) closed at 25.13, up 2.20% with a trading volume of 272,100 shares and a transaction value of 682 million [1] Capital Flow - The renovation and building materials sector experienced a net outflow of 372 million from institutional investors, while retail investors saw a net inflow of 171 million [2] - The following companies had significant capital flows: - Puhua Co. (002225) had a net outflow of 23.07 million from institutional investors [3] - Zhongqi New Materials (001212) had a net inflow of 19.08 million from institutional investors [3] - Beijing Lier (002392) had a net inflow of 16.85 million from institutional investors [3]

Summary of Conference Call on Real Estate and Related Industries Industry Overview - The conference call primarily discusses the real estate industry and its related sectors, particularly focusing on the current economic pressures and the need for policy interventions to stabilize the market [1][5][4]. Key Points and Arguments 1. **Economic Downturn**: There is increasing downward pressure on the macro economy in Q4, with weak real estate data indicating a decline in both sales area and amount year-on-year and month-on-month. Housing prices are accelerating downward, necessitating intervention through stable real estate policies [1][3][4]. 2. **Policy Intervention**: The current timing is deemed appropriate for the introduction of new real estate policies to alleviate pressures on banks' net interest margins and mortgage delinquency rates. High-quality leading real estate companies are already showing upward momentum, suggesting a high credibility of policy rumors [1][5]. 3. **Investment Value**: The real estate and its industrial chain are considered to be at a long-term bottom with a favorable chip structure. In a declining risk appetite environment, these sectors possess investment value, particularly benefiting from demand-side policies like loan interest subsidies [1][6]. 4. **Building Materials Sector**: The building materials industry is not uniform; segments such as cement are showing profit improvements, while coatings have been recovering for nearly a year. Waterproof materials are also showing signs of improvement, indicating potential investment opportunities [1][8]. 5. **Government Policies**: Local governments are actively introducing policies for quality housing construction, raising standards for green building materials and waterproof materials. The waterproof materials price index has bottomed out, signaling an industry clearing phase where leading companies have begun to raise prices [1][9]. Additional Insights 1. **Market Sentiment**: Despite a generally low market sentiment, the real estate and building materials sectors are performing relatively well, driven by rumors of three key policy points: interest subsidies for new personal housing loans, increased personal income tax deductions for mortgage borrowers, and reduced housing transaction taxes [2]. 2. **Sales Data**: In October, sales area decreased by 19% year-on-year and 8% month-on-month, while sales amount fell by 24% year-on-year and 13% month-on-month. The average selling price has dropped by 6.9% this year, with a month-on-month decline of 5.4% in October [3][4]. 3. **Future Opportunities**: There are potential opportunities for mergers and acquisitions in the building materials and real estate sectors due to increased fiscal pressure on local governments, which may lead to higher government asset securitization ratios. Companies with state-owned backgrounds, such as Donghu Gaoxin and Gaoxin Development, are highlighted as potential beneficiaries [3][13]. Noteworthy Companies and Performance 1. **Oriental Yuhong**: The company reported a positive revenue growth in Q3, with improving gross margins and net profits. It has also reduced management costs through layoffs and is expanding into new business areas and overseas production [10]. 2. **North New Materials**: This company is noted for its low valuation (approximately 10 times earnings), a dividend yield of about 3%, and significant cash reserves for capital expenditures. Expected performance for the year is around 3.6 billion yuan, with revenue between 33-35 billion yuan [10]. 3. **Three Trees**: The coatings sector, represented by Three Trees, has shown continuous performance improvement, with stock prices doubling over the past year due to cost reductions enhancing gross margins [11]. Sector-Specific Trends 1. **Tile Industry**: Although currently less favorable, companies like Dongpeng Holdings are expected to benefit from market recovery due to pre-allocated channel expenses that could convert into profits when the market rebounds [12]. 2. **Investment Recommendations**: The focus should be on leading companies in waterproofing, coatings, and board materials, as these sectors are showing signs of recovery and potential growth [12].