上半年公司实现营业收入32.20亿元，归属于上市公司股东的净利润4695.52万元。经营活动产生的现金 流量较去年同期改善61.39%。现金流同比的大幅改善，表明公司供应链管理措施有效，提升了资金链 稳定性。 现金流改善的主要原因是加强货款回收和优化供应商付款方式。通过优化客户信用管理和加大回款考核 力度，科顺股份有效提升了资金回笼效率。报告期内，公司收现比达到96.77%，同比提升4.26个百分 点。通过减少采购现金支出，与供应商协商优化付款条款，合理安排资金支付，降低了现金流出压力。 今年以来，中央经济政策多次强调"防止内卷式恶性竞争"。在此背景下，防水行业头部企业积极响应， 科顺股份于2025年7月2日率先发布工建产品调价函，呼吁防水行业"反内卷"，旨在倡导行业回归以产品 价值与服务为核心的良性竞争，积极助力破解行业困局。 报告期内，科顺股份坚持高质量发展思路，持续优化收入结构，不断开发高端市场和优质项目，毛利率 较高的海外业务、零售业务实现快速增长，新产品出货量大幅增加，减少了对低毛利、高竞争业务的依 赖。同时，公司不断加大降本增效力度，持续梳理优化各经营环节，加大对合理化降本的考核与激励， 降本工作 ...

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]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][29]. Core Views - The company experienced a revenue decline of 7.2% year-on-year in H1 2025, with total revenue reaching 3.22 billion yuan. The segments of waterproof membranes, waterproof coatings, and waterproof engineering construction reported revenues of 1.65 billion, 870 million, and 560 million yuan, respectively, showing declines of 9.8%, 9.2%, and an increase of 2.4% [1][9]. - The gross margin improved to 24.7%, up by 1.2 percentage points year-on-year, driven by the optimization of product structure and growth in higher-margin overseas and retail businesses [2][12]. - The company has reduced its net cash outflow from operating activities to 560 million yuan, a decrease of 870 million yuan compared to the same period last year, indicating improved cash flow management [3][22]. - The company has initiated plans for overseas production, completing the construction of a manufacturing base in Malaysia, which is expected to contribute to revenue growth [3][26]. Summary by Sections Financial Performance - In H1 2025, the company reported a net profit of 47 million yuan, down 50% year-on-year, with a basic earnings per share (EPS) of 0.04 yuan. The non-recurring profit and loss amounted to 61 million yuan, an increase of 9 million yuan year-on-year [1][9]. - The comprehensive gross margin for H1 2025 was 24.7%, with quarterly margins of 24.4% and 24.9% for Q1 and Q2, respectively [2][12]. - The company’s operating expenses ratio was 18.1%, an increase of 0.74 percentage points year-on-year, influenced by a decline in revenue [2][12]. Cash Flow and Receivables - The net cash outflow from operating activities was significantly reduced, with a cash collection ratio of 0.97 and a payment ratio of 1.25, indicating improved cash management [3][22]. - The total accounts receivable decreased to 5.06 billion yuan, down 430 million yuan year-on-year, reflecting the company's efforts to optimize its revenue structure and improve collection quality [3][22]. Future Outlook - The company is expected to benefit from price increases driven by industry consolidation and improved profitability, with EPS forecasts for 2025-2027 adjusted to 0.13, 0.24, and 0.34 yuan per share, respectively [3][26]. - The projected price-to-earnings (PE) ratios for 2025-2027 are 38.2, 21.5, and 15.2 times, indicating a potential recovery in profitability as growth stabilizes [3][26].

Investment Rating - The investment rating for the company is "Outperform the Market" [6][26]. Core Views - The company experienced a revenue decline of 7.2% year-on-year in H1 2025, with total revenue reaching 3.22 billion yuan. The segments of waterproof membranes, waterproof coatings, and waterproof engineering construction reported revenues of 1.65 billion, 870 million, and 560 million yuan, respectively, showing declines of 9.8%, 9.2%, and an increase of 2.4% [9]. - The gross margin improved to 24.7%, up by 1.2 percentage points year-on-year, driven by the optimization of product structure and growth in higher-margin overseas and retail businesses [2][12]. - The company has reduced its net cash outflow from operating activities to 560 million yuan, a decrease of 870 million yuan compared to the previous year, indicating improved cash flow management [3][22]. Summary by Sections Financial Performance - In H1 2025, the company reported a net profit attributable to shareholders of 47 million yuan, down 50% year-on-year, with a basic earnings per share (EPS) of 0.04 yuan. The non-recurring net profit was -14 million yuan, a decline of 132.9% year-on-year [9]. - The comprehensive gross margin for H1 2025 was 24.7%, with quarterly margins of 24.4% and 24.9% for Q1 and Q2, respectively [2][12]. - The company’s operating expenses ratio was 18.1%, an increase of 0.74 percentage points year-on-year, influenced by a decline in revenue [2]. Cash Flow and Receivables - The company achieved a net cash flow from operating activities of -560 million yuan, significantly improved from the previous year's outflow [3][22]. - As of H1 2025, total receivables decreased to 5.06 billion yuan, down 430 million yuan year-on-year, reflecting efforts to optimize revenue structure and improve collection quality [3][22]. Future Outlook - The company is expected to benefit from price increases driven by industry trends and has initiated plans for overseas production, including the completion of a manufacturing base in Malaysia [26]. - The earnings per share (EPS) forecast for 2025-2027 is adjusted to 0.13, 0.24, and 0.34 yuan, with corresponding price-to-earnings (PE) ratios of 38.2, 21.5, and 15.2 times [26].

Industry Overview - Self-adhesive membranes are a new type of waterproof material characterized by low-temperature flexibility, self-healing properties, and strong adhesion, allowing for quick construction at room temperature and compliance with environmental standards [1][2] - The production of self-adhesive membranes in China is projected to grow from 402 million square meters in 2015 to 1.477 billion square meters by 2024, driven by advancements in technology and expanding applications [1][8] Industry Development History - The self-adhesive membrane industry in China began in the 1990s with the introduction of products from international brands, followed by local production efforts [4] - By 2000, advancements in technology led to mass production of self-adhesive waterproof membranes, and industry standards were established in 2002 to ensure product quality [4][5] Industry Supply Chain - The supply chain consists of upstream raw material suppliers (asphalt, polymer resins, polyethylene films), midstream manufacturers who produce various self-adhesive membrane products, and downstream applications in construction and infrastructure [6] - The production of petroleum asphalt, a key component, has seen fluctuations, with a projected output of 34.508 million tons in 2024, down from 62.88 million tons in 2020 [6][7] Market Demand and Trends - The self-adhesive membrane industry is closely linked to the real estate sector, which is currently experiencing a downturn, impacting demand [7] - However, infrastructure investment remains robust, with a 3.2% year-on-year growth in the first half of 2025, providing some demand for self-adhesive membranes [7][8] Competitive Landscape - Major players in the self-adhesive membrane industry include Beijing Oriental Yuhong Waterproof Technology Co., Ltd. and Keshun Waterproof Technology Co., Ltd., which leverage technology and brand strength to maintain market leadership [9][11] - Smaller companies focus on niche products and regional markets due to limited resources compared to larger firms [9] Future Industry Trends - The industry is expected to see increased concentration as stricter environmental regulations and rising production costs lead to the elimination of less competitive firms [14] - Companies are expanding internationally to seek new growth opportunities, with notable efforts from leading firms to establish overseas operations [15] - Government policies are increasingly supportive of high-performance waterproof materials, enhancing the growth prospects for self-adhesive membranes [16]

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, indicating challenges in the market and a need for operational adjustments [1][2][4]. Group 1: Financial Performance - In H1 2025, the company achieved revenue of 3.22 billion yuan, a decrease of 7.2% year-on-year, and a net profit attributable to shareholders of 50 million yuan, down 50% year-on-year, with a net profit excluding non-recurring items turning negative [1]. - The operating cash flow for H1 2025 was -560 million yuan, an improvement of 890 million yuan year-on-year [1]. - For Q2 2025, revenue was 1.83 billion yuan, down 8.1% year-on-year, with a net profit of 10 million yuan, a decline of 84.3% year-on-year, and a negative net profit excluding non-recurring items [1]. Group 2: Business Adjustments - In response to weak industry demand, the company is actively adjusting its business structure, stabilizing product pricing, tightening credit policies, and enhancing customer risk management to promote high-quality development [2]. - In H1 2025, revenue from waterproof membranes, waterproof coatings, and engineering construction was 1.65 billion yuan, 870 million yuan, and 560 million yuan, respectively, with declines of 9.8%, 9.2%, and an increase of 2.4% [2]. Group 3: Profitability and Cost Management - The company's gross margin for H1 2025 was 24.7%, an increase of 1.2 percentage points year-on-year, attributed to revenue structure optimization and growth in high-margin overseas and retail businesses [3]. - The expense ratio for the period was 18.1%, up 0.7 percentage points year-on-year, with specific expense ratios for sales, management, finance, and R&D being 8.2%, 5.0%, 0.8%, and 4.0%, respectively [3]. - The net profit margin for H1 2025 was 1.3%, down 1.2 percentage points year-on-year, while Q2 2025 saw a gross margin of 24.9% and a net profit margin of 0.2% [3]. Group 4: Future Outlook - Due to weak downstream demand and intense market competition, the company has revised its net profit forecasts for 2025 and 2026 to 104 million yuan and 277 million yuan, respectively, representing decreases of 72% and 45% from previous estimates [4]. - The company anticipates benefiting from a recovery in the real estate sector and aims to enhance operational quality and optimize its business structure [4].

Core Insights - The report maintains a positive outlook on the building materials sector, emphasizing the potential for recovery in consumer building materials and cement industries [1][4] - The performance of consumer building materials has shown significant differentiation, with companies like Sanke Tree demonstrating strong alpha, while the overall market remains under pressure due to real estate challenges [6][7] - The cement industry has experienced a notable decline in costs, leading to a counterintuitive increase in net profits despite lower production levels [6][8] Consumer Building Materials - In H1 2025, the performance of consumer building materials was mixed, with Sanke Tree outperforming its peers due to an optimized competitive landscape and strong brand effects [6][7] - The real estate sector remains under pressure, with a reported decline in construction and sales areas of 16.5% and 4.0% year-on-year respectively [6][7] - Sanke Tree's gross margin improved significantly, with increases of 2.7 and 4.3 percentage points in Q1 and Q2, attributed to high-margin products and enhanced service quality [6][7] - Other companies like Rabbit Baby also saw stable performance due to product structure optimization, while competition in waterproofing and piping remains intense [6][7] Cement Industry - The cement sector faced a "strong then weak" trend in H1 2025, with production down 4.3%, marking the lowest level since 2010 [6][8] - Despite revenue declines for major players like Conch Cement and Huaxin Cement, gross margins improved due to falling coal prices, resulting in profit growth for these companies [6][8] - The average price per ton for major cement companies increased year-on-year, with Conch Cement and Huaxin Cement seeing price rises of 5.6 and 25.7 respectively [6][8] - Starting in August, some regions began to raise prices, indicating potential improvements in supply-demand dynamics for the second half of the year [8]

Market Overview - On September 1, the renovation and building materials sector rose by 0.01% compared to the previous trading day, with Kexin New Materials leading the gains [1] - The Shanghai Composite Index closed at 3875.53, up 0.46%, while the Shenzhen Component Index closed at 12828.95, up 1.05% [1] Top Gainers in the Sector - Kexin New Materials (833580) closed at 17.19, up 17.42% with a trading volume of 142,500 shares and a transaction value of 228 million yuan [1] - Beijing Lier (002392) closed at 8.83, up 9.96% with a trading volume of 540,400 shares and a transaction value of 46.9 million yuan [1] - Other notable gainers include Yabao Ceiling (002718) up 2.85%, and Puren Co. (002225) up 2.26% [1] Top Losers in the Sector - Beixin Building Materials (000786) closed at 26.27, down 1.61% with a trading volume of 178,000 shares [2] - Sankeshu (603737) closed at 47.93, down 1.50% with a trading volume of 55,400 shares [2] - Other notable losers include Zhongtie Assembly (300374) down 1.29%, and Ruitai Technology (002066) down 0.92% [2] Capital Flow Analysis - The renovation and building materials sector experienced a net outflow of 171 million yuan from institutional investors, while retail investors saw a net inflow of 101 million yuan [2] - Speculative funds had a net inflow of 69.83 million yuan into the sector [2]

Core Viewpoint - The company reported a decline in revenue for H1 2025, but a significant increase in net profit, indicating a mixed performance amid ongoing industry price competition [1][2]. Group 1: Financial Performance - In H1 2025, the company achieved revenue of 3.22 billion yuan, a year-over-year decrease of 7.23%, while net profit attributable to shareholders was 46.96 million yuan, up 49.98% year-over-year [1]. - The second quarter saw revenue of 1.83 billion yuan, down 8.10% year-over-year but up 30.83% quarter-over-quarter [1]. - The comprehensive gross margin for H1 2025 was 24.68%, an increase of 1.23 percentage points year-over-year, attributed to an optimized revenue structure and increased high-end market sales [2]. Group 2: Revenue Structure and Cost Management - Revenue from waterproof membranes and coatings decreased by 9.79% and 9.15% respectively, while construction business revenue increased by 2.36% [2]. - The company’s operating expenses ratio was 18.06%, up 0.74 percentage points year-over-year, with sales expenses increasing due to enhanced market development efforts [2]. - Financial expenses decreased by 49.56% year-over-year, primarily due to reduced interest expenses [2]. Group 3: Strategic Initiatives - The company established a 240 million yuan investment in a 481 million yuan industrial merger fund to target cutting-edge technology sectors, aiming to drive innovation and efficiency [3]. - The company is focusing on the renovation of old residential areas to capture demand in the home decoration materials market, reinforcing its leading position in the waterproof materials sector [3]. Group 4: Profit Forecast and Valuation - The company revised down its net profit forecasts for 2025-2027 by 27.65%, 10.23%, and 4.31% to 184 million, 330 million, and 433 million yuan respectively [4]. - The target price was adjusted to 5.81 yuan, based on a 35 times PE valuation for 2025, reflecting a higher valuation average among comparable companies [4].