SKSHU(SH:603737) Chang Jiang Shang Bao·2025-10-19 23:38Core Viewpoint - The leading domestic paint company, Sankeshu (603737.SH), is advancing its retail strategy transformation and cost optimization to break through in a fiercely competitive market environment. Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 9.392 billion yuan, a year-on-year increase of 2.69% [1][2] - The net profit attributable to shareholders reached 744 million yuan, up 81.22% year-on-year [1][2] - The net profit excluding non-recurring gains and losses was 565 million yuan, reflecting a growth of 126.37% [1][2] - The net cash flow from operating activities was 1.088 billion yuan, an increase of 18.73% [1][8] - The net profit for the first nine months has already reached 2.24 times that of the entire year of 2024 [3] Strategic Initiatives - The company is focusing on retail business, particularly the "Immediate Living" service and downstream dual-package service models for artistic and imitation stone paints, which have become its competitive advantages [1][4] - Sankeshu is enhancing its supply chain efficiency to reduce costs and improve profit margins [1][7] - The company has completed 1,323 R&D projects in the first half of 2025, surpassing the total for the entire year of 2024 [4] Product Development - The company is developing a comprehensive product solution in the retail sector, including latex paints, artistic paints, and adhesives, while also focusing on green building materials in the engineering sector [4] - In the industrial adhesive sector, Sankeshu is targeting the renewable energy, automotive, and home appliance industries with functional adhesive solutions [5] Cost Management - The company has implemented various measures to reduce costs, resulting in a decrease of approximately 67 million yuan in operating expenses [7][8] - The average procurement price of key raw materials has decreased, expanding profit margins [7][8] - The total sales, management, R&D, and financial expenses for the first nine months were approximately 2.129 billion yuan, a reduction of about 0.67 billion yuan year-on-year [8] Dividend Distribution - Based on stable performance, the company has announced a profit distribution plan for the first three quarters, proposing a cash dividend of 0.50 yuan per share, totaling 369 million yuan [1][8] - Including this distribution, the total cash dividends paid since its listing have exceeded 1.102 billion yuan, surpassing 50% of the total fundraising amount [1][8]