科顺股份半年报：毛利率上升经营质量提升和业务转型双丰收

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]