Core Viewpoint - The company, as a leading player in the waterproofing industry, is committed to providing high-standard products and services, with its offerings included in the recommended list by regulatory authorities [2] Group 1: Company Performance - Current performance fluctuations are primarily influenced by the slow recovery of demand in the construction waterproofing sector, the company's proactive optimization of its business structure to reduce the proportion of risky operations, and the prudent approach of provisioning for credit and asset impairments [2] - These factors reflect the cyclical adjustments in the industry and the company's strategic transformation phase [2] Group 2: Management Strategy - Under the leadership of the board, the company adheres strictly to corporate governance practices and is committed to high-quality development strategies [2] - The focus is on retail, construction, and overseas market expansion, alongside strengthening accounts receivable management and cost control to enhance operational quality [2] Group 3: Shareholder Engagement - The company places significant importance on the opinions of all shareholders and aims to fulfill its responsibilities to investors through standardized operations and continuous improvements [2] - The commitment is towards achieving long-term stable development [2]

Core Viewpoint - The financial performance of Keshun Co., Ltd. shows a significant decline in revenue and net profit, indicating potential challenges in the company's operations and market conditions [2]. Group 1: Financial Performance - As of January 20, Keshun Co., Ltd. reported a revenue of 4.703 billion yuan for the period from January to September 2025, representing a year-on-year decrease of 8.43% [2]. - The net profit attributable to shareholders for the same period was 20.088 million yuan, down 84.08% year-on-year [2]. - Cumulative cash dividends since the company's A-share listing amount to 6.92 billion yuan, with 5.36 billion yuan distributed over the past three years [3]. Group 2: Shareholder and Market Activity - As of February 6, Keshun Co., Ltd. had a total of 29,600 shareholders, a decrease of 2.39% from the previous period [2]. - The average number of circulating shares per shareholder increased by 2.45% to 29,965 shares [2]. - On February 6, the company experienced a financing buy-in of 29.2335 million yuan, with a net financing outflow of 520,700 yuan, indicating a high level of trading activity [1]. Group 3: Business Operations - Keshun Co., Ltd. specializes in the research, production, and sales of new building waterproof materials, as well as providing waterproof engineering construction services [1]. - The revenue composition of the company includes waterproof membranes (51.11%), waterproof coatings (27.10%), waterproof engineering construction (17.31%), and other products (2.61%) [1].

Core Viewpoints - The traditional building materials sector is expected to bottom out and recover due to a combination of factors such as the slowdown in new real estate demand and the gradual release of stock renovation demand, with consumer building materials benefiting significantly [4] - The special fiberglass electronic cloth sector is experiencing high demand due to the explosion of computing power needs, and companies with outstanding technical advantages and production capacity reserves are favored [4] - Infrastructure investment opportunities are promising, particularly in sectors related to urban renewal and underground pipeline construction [4] Cement Sector - Cement demand is expected to stabilize as confidence in the housing market strengthens, with a potential bottoming out of demand [26][29] - The production of cement is declining due to weak demand from the real estate sector, with a forecasted production volume of 1.693 billion tons in 2025, down 6.9% year-on-year [29] - The average price of cement is recovering due to industry self-discipline and effective supply control, with policies aimed at eliminating backward production capacity expected to accelerate this trend [33] Fiberglass Sector - The fiberglass sector is expanding its application fields, with strong demand for electronic fiberglass cloth driven by the growth of computing power needs [36][41] - The apparent consumption of fiberglass in China has increased from 187,000 tons in 2012 to 624,000 tons in 2023, with a compound annual growth rate of 11.56% [40] - The demand for high-performance computing and AI applications is significantly increasing, leading to a structural change in demand for fiberglass materials [44] Glass Sector - The demand for flat glass is under pressure due to a decline in housing completion areas, with consumption levels expected to continue decreasing [51] - The glass industry is facing high inventory levels, with total inventory reaching 58.227 million weight boxes as of December 11, 2025, indicating a need for supply-side adjustments [51] - The photovoltaic glass sector is experiencing growth, but overall glass prices are under pressure due to capacity expansion and declining demand [51] Consumer Building Materials - The consumer building materials sector is seeing a release of stock demand, with policies aimed at stabilizing the housing market expected to support sales and completion rates [62] - The renovation demand is anticipated to recover as macroeconomic policies stimulate consumption, with a significant portion of demand coming from homes built 10-15 years ago [66] - The urban renewal initiatives and the establishment of a housing pension system are expected to further boost demand for consumer building materials [66] Recommended Investment Targets - Companies such as Rabbit Baby (兔宝宝, 002043) and Beixin Building Materials (北新建材, 000786) are highlighted for their strong market positions and competitive advantages in the consumer building materials sector [4][103] - International Composites (国际复材, 301526) is recommended for its strong performance in the special fiberglass cloth sector [4] - Companies like Jinjing Technology (金晶科技, 600586) and Puhua Co., Ltd. (濮耐股份, 002225) are noted for their promising second growth curves in TCO glass and high-activity magnesium oxide businesses, respectively [4]

Core Insights - The renovation and building materials sector experienced a significant increase of 3.6% on February 4, with Jianlang Hardware leading the gains [1] - The Shanghai Composite Index closed at 4102.2, up 0.85%, while the Shenzhen Component Index closed at 14156.27, up 0.21% [1] Sector Performance - Jianlang Hardware (002791) saw a closing price of 25.70, with a rise of 10.02% and a trading volume of 166,500 shares, amounting to a transaction value of 410 million yuan [1] - Keshun Co., Ltd. (300737) closed at 7.55, up 8.63%, with a trading volume of 725,400 shares and a transaction value of 531 million yuan [1] - Dongfang Yuhong (002271) closed at 18.26, increasing by 6.97%, with a trading volume of 795,100 shares and a transaction value of 1.427 billion yuan [1] - Other notable performers included Tubaobao (002043) with a 5.67% increase and Beixin Building Materials (000786) with a 5.61% increase [1] Capital Flow - The renovation and building materials sector saw a net inflow of 203 million yuan from institutional investors, while retail investors experienced a net outflow of 1.44 billion yuan [2] - The main capital inflow was observed in Dongfang Yuhong, with a net inflow of 129 million yuan, representing 9.07% of the total [3] - Beixin Building Materials had a net inflow of 119 million yuan, accounting for 7.70% of the total, while Keshun Co., Ltd. had a net inflow of 66.34 million yuan, representing 12.49% [3]

Group 1 - The core point of the article is that Keshun Co., Ltd. (stock code: 300737) reported a total of 29,598 shareholders as of January 20, 2026 [1]

证券日报网讯2月3日，科顺股份（300737）在互动平台回答投资者提问时表示，公司已通过全国性的生 产基地网络与渠道体系持续拓展业务，北方市场属于公司整体布局的重要组成部分。当前公司整体经营 战略聚焦于高质量发展，通过调整业务结构、强化风险管控与开拓新兴市场，致力于提升长期竞争力和 盈利水平。 ...

证券日报网讯2月3日，科顺股份（300737）在互动平台回答投资者提问时表示，公司当前的业绩波动是 行业整体需求周期下行与公司主动进行战略调整的共同体现。公司正坚定推进高质量发展，通过深化零 售渠道布局、拓展海外新兴市场及优化工建业务结构，持续增强经营韧性。同时，公司积极把握城市更 新、绿色建筑等政策机遇，依托技术研发与品牌优势抢占市场份额，行业集中度提升的趋势将为头部企 业带来长期成长空间。管理层始终以股东利益为核心，通过强化风控、降本增效及创新驱动，努力提升 运营质量与持续盈利能力。 ...

Core Viewpoint - The company is actively engaged in technological research and market expansion in the field of integrated photovoltaic buildings, having developed a mature waterproof integrated system and solutions for photovoltaic roofs [2] Group 1: Technological Development - The company has leveraged its expertise in polymer materials to create a "waterproof + photovoltaic" collaborative product, primarily using TPO materials known for their excellent aging resistance and wind uplift performance [2] - Customized solutions have been developed for various application scenarios, including patented flexible welding photovoltaic supports for concrete and metal roofs [2] Group 2: Market Implementation - The company has successfully implemented multiple distributed photovoltaic waterproof integration projects, including its own park, achieving comprehensive benefits in power generation, waterproofing, and thermal insulation [2] - Strategic partnerships have been established with industry chain partners to jointly promote the development of integrated photovoltaic building business [2]

证券日报网讯 2月3日，科顺股份在互动平台回答投资者提问时表示，公司已持续强化信用管理，通过 成立应收账款管理中心、完善客户资信评估、加大专项催收与资产盘活力度等措施提升回款效率。目 前，公司正着力优化收入结构，聚焦零售、工建及海外等高回款质量业务，从严管控信用账期，以系统 性降低应收款项规模与风险，推动经营质量持续改善。 （文章来源：证券日报） ...

科顺股份在投资者互动平台回答称，公司已持续强化信用管理，通过成立应收账款管理中心、完善客户 资信评估、加大专项催收与资产盘活力度等措施提升回款效率。目前，公司正着力优化收入结构，聚焦 零售、工建及海外等高回款质量业务，从严管控信用账期，以系统性降低应收款项规模与风险，推动经 营质量持续改善。 ...