国泰海通证券股份有限公司 2 | 1.公司已披露的公告与实际情况是否一致 | √ | | --- | --- | | 2.公司已披露的内容是否完整 | ~ | | 3.公司已披露事项是否未发生重大变化或者取得重要进展 | √ | | 4.是否不存在应予披露而未披露的重大事项 | ~ | | 5.重大信息的传递、披露流程、保密情况等是否符合公司信息披 | | | 露管理制度的相关规定 | イ | | 6.投资者关系活动记录表是否及时在本所互动易网站刊载 | ~ | | (四)保护公司利益不受侵害长效机制的建立和执行情况 | | | 现场检查手段:查阅公司《公司章程》,查阅公司关于关联交易、对外担保等事项的内 | | | 部控制制度;查阅公司董事会、监事会、独立董事、审计委员会的相关决策程序及信息 | | | 披露文件 | | | 1.是否建立了防止控股股东、实际控制人及其他关联人直接或者 | ~ | | 间接占用上市公司资金或者其他资源的制度 | | | 2.控股股东、实际控制人及其他关联人是否不存在直接或者间接 | √ | | 占用上市公司资金或者其他资源的情形 | | | 3.关联交易的审议程序是否合规且履 ...

国泰海通证券股份有限公司 关于科顺防水科技股份有限公司 2025 半年度持续督导跟踪报告 | 保荐人名称:国泰海通证券股份有限公司 | 被保荐公司简称:科顺股份 | | --- | --- | | 保荐代表人姓名:刘怡平 | 0755-23976377 | | 保荐代表人姓名:强强 | 0755-23976108 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | (1)是否及时审阅公司信息披露文件 | 是 | | (2)未及时审阅公司信息披露文件的次数 | 0次 | | 2.督导公司建立健全并有效执行规章制度的 | | | 情况 | | | (1)是否督导公司建立健全规章制度(包括 但不限于防止关联方占用公司资源的制度、 | 是 | | 募集资金管理制度、内控制度、内部审计制度、 关联交易制度) | | | (2)公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | (1)查询公司募集资金专户次数 | 每月查阅募集资金账户对账单 | | (2)公司募集资金项目进展是否与信息披露 文件一致 | 是 | | 4.公司治 ...

Core Points - The company announced the convening of its first employee representative assembly on September 15, 2025 [2] - The assembly approved the election of Mr. Bi Shuangxi as the employee representative director of the company's fourth board of directors [2] - Mr. Bi's term will last from the date of approval by the employee representative assembly until the end of the fourth board's term [2]

证券代码：300737 证券简称：科顺股份 公告编号：2025-050 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 2025 年 9 月 15 日 科顺防水科技股份有限公司 关于选举第四届董事会职工代表董事的公告 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"）于 2025 年 9 月 15 日召开 2025 年第一次临时股东大会，审议通过了《关于修订〈公 司章程〉及其附件的议案》。根据修订后的《公司章程》，公司董事 会设职工代表董事一名，由公司职工通过职工代表大会、职工大会或 者其他形式民主选举产生后，直接进入董事会。 公司于 2025 年 9 月 15 日召开了 2025 年第一次职工代表大会， 经与会职工代表审议，同意选举毕双喜先生（简历详见附件）为公司 第四届董事会职工代表董事，任期自本次职工代表大会审议通过之日 起至公司第四届董事会任期届满之日止。 毕双喜先生原为公司第四届董事会董事，本次选举完成后，变更 为公司第四届董事会职工代表董事，公司第四届董事会构成人员不变。 ...

北京市中伦（深圳）律师事务所 关于科顺防水科技股份有限公司 二〇二五年九月 o 北京市中伦（深圳）律师事务所 关于科顺防水科技股份有限公司 2025 年第一次临时股东大会的 法律意见书 2025 年第一次临时股东大会的 法律意见书 致：科顺防水科技股份有限公司 根据《中华人民共和国公司法》（下称"《公司法》"）、《上市公司股东会 规则》（下称"《股东会规则》"）等有关法律法规的规定及公司现行章程（下称 "《公司章程》"）的有关规定，北京市中伦（深圳）律师事务所（下称"本所"） 接受科顺防水科技股份有限公司（下称"公司"）的委托，指派律师出席公司 2025 年第一次临时股东大会（下称"本次股东大会"），并就本次股东大会的召集和召 开程序、召集人资格、出席和列席会议人员资格、表决程序及表决结果等事宜发 表法律意见。 一、本次股东大会的召集和召开程序 为召开本次股东大会，公司董事会于 2025 年 8 月 29 日在规定的信息披露媒 体上公告了会议通知。该通知载明了会议的召开方式、召开时间和召开地点，对 会议议题进行了披露，说明了股东有权出席并可委托代理人出席和行使表决权， 明确了会议的登记方法、有权出席会议股东的 ...

(一)会议召开情况 证券代码：300737 证券简称：科顺股份 公告编号：2025-049 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 2025 年第一次临时股东大会决议公告 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。 特别提示： 1.本次股东大会无否决议案的情形； 2.本次股东大会不涉及变更以往股东大会决议的情形。 一、会议召开和出席情况 1.会议召开日期、时间 （1）现场会议召开时间：2025 年 9 月 15 日 14:30 （2）网络投票日期和时间：通过深圳证券交易所系统进行网络 投票的时间为：2025 年 9 月 15 日 9:15—9:25，9:30—11:30 和 13:00 —15:00；通过深圳证券交易所互联网投票系统投票的时间为：2025 年 9 月 15 日 9:15—15:00。 2.现场会议召开地点：佛山市顺德区容桂红旗中路工业区 38 号 之一公司 3A 楼会议室 3.会议召开方式：本次股东大会采取现场投票、网络投票相结合 的方式。 4.会议召集人：董事会 5.会议主持人：本次股东大会由董事长陈伟忠先生 ...

Group 1 - The core point of the article is that Keshun Co., Ltd. has successfully won the bid for the flooring construction framework agreement for the year 2025 from Shanghai Aircraft Manufacturing Co., Ltd., becoming the only domestic company to do so [1] - The project focuses on flooring maintenance engineering, marking a significant breakthrough for Keshun in the aviation industry [1] - Shanghai Aircraft Manufacturing Co., Ltd. is a wholly-owned subsidiary of Commercial Aircraft Corporation of China (COMAC) and serves as the final assembly manufacturing center [1]

Core Viewpoint - The company has achieved significant improvements in operational quality and business transformation in the first half of 2025, despite a complex market environment [1] Financial Performance - The company reported a revenue of 3.22 billion yuan and a net profit attributable to shareholders of 46.96 million yuan in the first half of 2025 [2] - Cash flow from operating activities improved by 61.39% year-on-year, indicating effective supply chain management and enhanced financial stability [2] - The cash collection ratio reached 96.77%, an increase of 4.26 percentage points compared to the previous year [2] Strategic Initiatives - The company has implemented a strategy to enhance operational quality and promote high-quality development, including adjusting business structure and stabilizing product pricing [2] - The company has adopted a "反内卷" (anti-involution) strategy to encourage healthy competition in the waterproofing industry, focusing on product value and service [2][3] Market Expansion - The company is focusing on high-quality development by optimizing revenue structure and developing high-end markets, leading to rapid growth in overseas and retail businesses [3] - The company aims to upgrade its international strategy from "product export" to "local manufacturing," establishing modern production bases in Malaysia [4] - The company has built a strong business foundation in regions such as the Middle East, Asia, North America, and Europe, with a focus on Southeast Asia as a key development area [4] Future Outlook - The company has outlined a development plan for the next 5-10 years, aiming to significantly increase the proportion of overseas business and diversify its market presence [5] - The company is adapting to the post-construction era, focusing on the residential construction market and transforming into a provider of comprehensive solutions for civil construction materials [5][6] - The demand for waterproofing and coating materials is expected to grow due to rising residential quality expectations and a recovering real estate market [6]

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, attributed to market demand pressure and intensified competition, while also focusing on risk management and business structure adjustments [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 3.22 billion yuan, a year-on-year decrease of 7.23%, and a net profit attributable to shareholders of 47 million yuan, down 49.98% [1]. - Q2 2025 revenue was 1.825 billion yuan, a decline of 8.1% year-on-year, with a net profit of 6.45 million yuan, down 84.32% [1]. - The revenue breakdown for H1 2025 showed waterproof membranes, coatings, and engineering construction generating 1.646 billion, 873 million, and 557 million yuan respectively, with year-on-year changes of -9.79%, -9.15%, and +2.36% [1]. Profitability and Cost Management - The gross profit margin improved to 24.68%, an increase of 1.23 percentage points, due to ongoing optimization of revenue and product structure, as well as cost reduction efforts [2]. - The gross profit margins for waterproof membranes, coatings, and engineering construction were 22.89%, 38.15%, and 7.67%, with year-on-year changes of +1.87, +4.22, and -6.11 percentage points respectively [2]. - The company reported a credit impairment loss of 138 million yuan in H1 2025, compared to 127 million yuan in the same period last year, due to extended aging of receivables from real estate risk clients [2]. Cash Flow and Dividends - Operating cash flow improved, with a net cash flow from operating activities of -561 million yuan, an improvement from -1.43 billion yuan in the previous year, attributed to better cash collection and optimized supplier payment methods [2]. - The company plans to distribute a cash dividend of 0.5 yuan per share (including tax), with a payout ratio of 118% [2]. Future Outlook and Investment Rating - As a leading player in the waterproofing industry, the company is actively adjusting its channels and customer structure while focusing on cost reduction and risk management, which is expected to enhance operational quality and profitability [3]. - The company has initiated price increases for some channels and products, which may positively impact profitability in the second half of the year [3]. - The company is exploring a second growth curve by establishing an industrial merger and acquisition fund with professional investment institutions, focusing on new materials and technologies [3]. - Profit forecasts for 2025-2027 have been adjusted to 168 million, 273 million, and 326 million yuan respectively, with corresponding PE ratios of 34X, 21X, and 18X [3].

Investment Rating - The investment rating for the company is "Accumulate" [8] Core Views - The company is experiencing revenue pressure, but there is an improvement in gross margin and operational quality [8] - The company is actively adjusting its business structure and enhancing customer risk management in response to declining demand and increased competition [8] - The company has implemented price increases for certain channels and products, which is expected to positively impact profitability in the second half of the year [8] - The company is exploring a second growth curve by establishing an industrial merger and acquisition fund focused on new materials and technologies [8] Financial Performance Summary - In H1 2025, the company achieved revenue of 3.22 billion yuan, a year-on-year decrease of 7.23%, with a net profit attributable to shareholders of 47 million yuan, down 49.98% year-on-year [8] - The gross margin for H1 2025 was 24.68%, an increase of 1.23 percentage points year-on-year, driven by optimization of revenue and product structure [8] - The company reported a net cash flow from operating activities of -561 million yuan in H1 2025, an improvement from -1.43 billion yuan in the same period last year [8] - The company plans to distribute a cash dividend of 0.5 yuan per share (including tax), with a dividend payout ratio of 118% [8] Earnings Forecast and Valuation - The company’s projected net profit for 2025-2027 is adjusted to 168 million, 273 million, and 326 million yuan respectively, with corresponding P/E ratios of 34X, 21X, and 18X [8] - The company’s revenue is expected to decline by 14.04% in 2024, followed by a decrease of 4.99% in 2025, before recovering in subsequent years [9]