Core Viewpoint - The increasing popularity of large-format tiles in home decoration has led to significant challenges, particularly issues with tile adhesion and safety, prompting the need for high-performance solutions in the industry [1][10]. Group 1: Industry Challenges - Many homeowners face problems such as tile detachment, hollow sounds, and even accidents due to falling tiles, highlighting a major pain point in the home decoration market [1]. - Traditional tile adhesives often fail due to insufficient bonding strength, poor slip resistance, and limited adaptability to different tile sizes and water absorption rates [3][5]. Group 2: Company Solutions - Keshun Building Materials has developed the "Super Adhesive Large Tile Adhesive" to address these challenges, leveraging years of technical expertise in the civil building materials sector [3][10]. - The adhesive features a unique formulation that includes high-quality cement, refined aggregates, and high-performance polymers, significantly enhancing water retention and extending the working time for installation [3][5]. Group 3: Product Performance - The Super Adhesive boasts three core performance features: 1. Exceptional bonding strength, meeting the JCIT 547-2017 C2T standard, ensuring that even large tiles (750×1500mm) can be securely adhered without risk of detachment [5][8]. 2. Superior slip resistance, with a measured slip value of 0.2mm, which exceeds industry standards and ensures tiles remain in place during installation [7][8]. 3. Broad adaptability, suitable for various tile types and installation scenarios, including indoor and outdoor applications, thus preventing material waste and ensuring reliable adhesion [8][10].

Core Viewpoint - The stock price of Keshun Co., Ltd. has experienced fluctuations, with a recent decline of 2.01%, while the company has shown a year-to-date increase of 13.56% in stock price [1][2]. Company Overview - Keshun Co., Ltd. is located in Shunde District, Foshan City, Guangdong Province, and was established on October 10, 1996. It was listed on January 25, 2018. The company specializes in the research, production, and sales of new building waterproof materials, as well as providing waterproof engineering construction services [2]. - The main business revenue composition includes: waterproof membranes (51.11%), waterproof coatings (27.10%), waterproof engineering construction (17.31%), other (2.61%), and seismic isolation products (1.88%) [2]. Financial Performance - For the period from January to September 2025, Keshun Co., Ltd. achieved an operating income of 4.703 billion yuan, a year-on-year decrease of 8.43%. The net profit attributable to the parent company was 20.088 million yuan, down 84.08% year-on-year [2]. - The company has distributed a total of 6.92 billion yuan in dividends since its A-share listing, with 5.36 billion yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders of Keshun Co., Ltd. was 29,100, a decrease of 1.38% from the previous period. The average circulating shares per person increased by 1.40% to 30,450 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the sixth largest with 21.5771 million shares, a new addition. The ninth largest is the Fu Guo Research Selected Flexible Allocation Mixed A fund with 17.6863 million shares, an increase of 226,900 shares from the previous period [3].

其中涂料供应商涉及，浙江兄弟路标涂料有限公司、庞贝捷涂料（昆山）有限公司、陕西宝塔山新材料科技有限公司、北京东方雨虹防水技术股份有限公 司、海洋化工研究院有限公司、山西华豹新材料有限公司、海虹老人北亚投资有限公司、佐敦涂料（张家港）有限公司、立邦船舶涂料（上海）有限公 司、科顺防水科技股份有限公司、江苏凯伦建材股份有限公司、成都虹润制漆有限公司、阿克苏诺贝尔防护涂料（苏州）有限公司等。 | 十·师毕业 | 陕四玉给山油漆胶仿有限公司 | | --- | --- | | 金额(元) 未公布 | | | 中标时间 12月10日 | | | | 卢旺达国际机场钢结构防火涂料采购结果 | | 招标/采购单位 | 民航机场建设工程有限公司 | | 中标单位 | 佐敦涂料(张家港)有限公司 | | 金额(元) 14,904,000 | | | 中标时间 12月10日 | | | | 中储粮洪湖直属库外墙涂料采购结果 | | 招标/采购单位 | 中储粮洪湖直属库有限公司 | | 中标单位 | 北京东方雨虹防水工程有限公司 | | 金额(元) 12,495,833 | | | 中标时间 12月10日 | | | | 屋面整治 ...

12月18日，科顺股份盘中上涨2.30%，截至10:13，报5.33元/股，成交4558.96万元，换手率0.98%，总市 值59.16亿元。 资金流向方面，主力资金净流出203.96万元，特大单买入107.42万元，占比2.36%，卖出150.28万元，占 比3.30%；大单买入967.07万元，占比21.21%，卖出1128.16万元，占比24.75%。 科顺股份今年以来股价涨12.92%，近5个交易日涨2.70%，近20日跌1.30%，近60日涨4.31%。 资料显示，科顺防水科技股份有限公司位于广东省佛山市顺德区容桂红旗中路工业区38号之一，成立日 期1996年10月10日，上市日期2018年1月25日，公司主营业务涉及新型建筑防水材料研发、生产、销售 并提供防水工程施工服务。主营业务收入构成为：防水卷材51.11%，防水涂料27.10%，防水工程施工 17.31%，其他2.61%，减隔震产品1.88%。 截至12月10日，科顺股份股东户数2.91万，较上期减少1.38%；人均流通股30450股，较上期增加 1.40%。2025年1月-9月，科顺股份实现营业收入47.03亿元，同比减少8.43%；归母 ...

证券代码：300737 证券简称：科顺股份 公告编号：2025-060 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 关于预计触发转股价格向下修正条件的提示性公告 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。 一、可转换公司债券基本情况 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创业板向不特定对象发行可转 换公司债券募集说明书》（以下简称"《可转债募集说明书》"）的有关 规定，"科顺转债"转股期自 2024 年 2 月 19 日至 20 ...

Group 1 - The report highlights that the building materials industry has shown a strong performance since 2025, particularly in fiberglass, cement, and refractory materials, benefiting from significant price increases and improved supply-demand dynamics [1][12][14] - The consensus on "anti-involution" among companies has led to supply reductions or maintenance, while structural demand growth is observed in specific segments such as specialty electronic fabrics in fiberglass and overseas market expansion in cement [1][12] - The report anticipates that the building materials industry will continue to present structural opportunities in 2026, with specific focus on segments like float glass, tiles, pipes, and sanitary ware, which are still in the process of bottoming out [1][12] Group 2 - The report indicates that the cement industry is expected to see a profit recovery in 2025, with the profit turning point occurring before revenue, driven by capacity management and a decrease in coal prices [5][6][12] - The overseas market for cement is highlighted as a key growth area, with significant projects expected to contribute to earnings in 2026, such as Huaxin Cement's project in Malawi and West Cement's project in Uganda [5][6][12] - The fiberglass sector is projected to experience significant profit recovery, with multiple rounds of price increases and expanding demand from downstream applications, particularly in wind energy and electric vehicles [5][6][12] Group 3 - The report notes that the float glass sector continues to face challenges, with high inventory levels and weak demand leading to price pressures, while the industry is expected to undergo a reshuffling due to cost differentiation [6][12][25] - The report emphasizes the importance of focusing on leading companies in the building materials sector that possess strong brand competitiveness, scale advantages, and well-established distribution channels to capture dual benefits of market share growth and profit improvement [6][12][25] - Investment recommendations include focusing on leading companies in various segments such as waterproof materials, coatings, pipes, and tiles, as well as cement companies with strong cash flow and dividend commitments [6][12][25]

Core Insights - The report emphasizes the importance of identifying investment opportunities in the building materials sector as it transitions from a period of intense competition to one focused on value extraction and growth [1]. Group 1: Investment Opportunities in the Building Materials Sector - Four key investment themes are highlighted: traditional building material leaders emerging from the bottom of the cycle, overseas capacity expansion, high-demand new materials, and policy support for industry consolidation [5]. - Traditional building material leaders are expected to recover first, with a focus on alpha opportunities as the sector stabilizes [14]. - The overseas expansion of building material capacity is driven by high demand in foreign markets, particularly in Africa, where Chinese companies are increasingly investing [20][22]. Group 2: Consumer Building Materials - The consumer building materials sector is stabilizing, with a narrowing decline in real estate indicators expected in 2026, leading to a potential rebound in demand [15]. - Strong alpha leaders in the sector are anticipated to achieve positive revenue growth first, with companies like Sanke Tree and Dongfang Yuhong highlighted as key players [15][16]. - Profit margins are expected to improve in 2026 due to price stabilization, structural optimization, and enhanced operational efficiency [15]. Group 3: Glass Fiber Industry - The glass fiber market is projected to maintain a tight supply-demand balance, with demand expected to grow by 5.8% in 2025 and 4.6% in 2026 [5][25]. - The report notes that the profitability of traditional glass fiber products is on an upward trajectory, with leading companies benefiting from differentiated product advantages [5][28]. Group 4: Cement Industry - The domestic cement market is facing a decline in demand, with expectations of a 7% drop in 2025 and a 6% drop in 2026, while overseas markets remain robust [5][31]. - The report suggests that supply-side policies will play a crucial role in stabilizing the market, with potential profitability improvements anticipated in 2026 [5][36]. Group 5: Glass Industry - The glass industry is expected to see supply optimization as a key theme in 2026, with a slight decline in demand for float glass anticipated [5][40]. - The photovoltaic glass segment is projected to experience a balanced supply-demand situation, with potential profitability improvements if production resumes [5][45].

证券日报网讯 12月11日，科顺股份在互动平台回答投资者提问时表示，股价波动受多重因素影响，包 括宏观经济环境、行业周期、市场情绪及投资者预期等。公司管理层始终高度重视市值管理和投资者关 系维护，通过业绩说明会、路演等活动积极传递经营亮点。当前公司基本面持续改善，包括毛利率提 升、海外及零售业务高增长等，管理层将继续通过优化业务结构、强化现金流管理等措施提升内在价 值。 （文章来源：证券日报） ...

Core Viewpoint - The company, Keshun Co., Ltd. (stock code: 300737), reported that as of December 10, 2025, the total number of shareholders is 29,126 [1] Summary by Categories - **Company Information** - Keshun Co., Ltd. has a total of 29,126 shareholders as of the specified date [1]

证券日报网讯12月11日，科顺股份（300737）在互动平台回答投资者提问时表示，截至2025年11月10 日，公司股东总数为29521户。 ...