证券代码：603737 证券简称：三棵树 公告编号：2026-005 三棵树涂料股份有限公司 2025年年度业绩预增公告 2025 年 1 月 1 日至 2025 年 12 月 31 日（以下简称"报告期"）。 （二）业绩预告情况 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 重要内容提示： 本次业绩预告的具体适用情形：实现盈利，且净利润与上年同期相比上 升 50%以上。 三棵树涂料股份有限公司（以下简称"公司"）预计 2025 年年度实现归属 于上市公司股东的净利润在人民币 76,000 万元到 96,000 万元之间，与上年同期 相比，预计将增加人民币42,806万元到62,806万元，同比增加128.96%到189.21%。 公司预计 2025 年年度归属于上市公司股东的扣除非经常性损益的净利润 在人民币 55,000 万元到 75,000 万元之间，与上年同期相比，预计将增加人民币 40,277 万元到 60,277 万元，同比增加 273.57%到 409.42%。 一、本期业绩预告情况 （一）业绩预告期间 经财务 ...

每经AI快讯，1月30日，三棵树（603737）(603737.SH)公告称，预计2025年归属于上市公司股东的净利 润为7.60亿元至9.60亿元，同比增加128.96%到189.21%。业绩增长主要原因是：产品结构优化、渠道拓 展带动规模与毛利率提升；数字化转型推进提升运营效率、降低费用率；减值计提同比减少，经营质量 稳步提升。 ...

Core Insights - The article discusses the competitive landscape of the Chinese paint industry, highlighting the performance of leading companies such as SanKeTree and Beixin Building Materials, with a focus on revenue, profit margins, and product offerings [1][2]. Company Performance - In the first half of 2025, SanKeTree reported a revenue of approximately 58.16 billion yuan, while Beixin Building Materials achieved 135.58 billion yuan [2]. - SanKeTree's paint-related business revenue was 33.69 billion yuan, significantly higher than Beixin's 25.11 billion yuan [2]. - The gross profit margin for SanKeTree was 32.81%, compared to Beixin's 29.53% [2]. Product Structure - SanKeTree's revenue from wall paints accounted for over 58% of its total income, with home decoration wall paint generating 17.95 billion yuan (31% of total revenue) [6]. - The company also reported revenues of 17.32 billion yuan from base materials and auxiliary materials (30% of total revenue), and 15.74 billion yuan from engineering wall paints (27% of total revenue) [6]. Regional Distribution - In the first half of 2025, the East China region contributed 25.88 billion yuan to SanKeTree's revenue, representing 46% of total revenue [8]. - The Central China region accounted for 7.69 billion yuan (14%), while South China, Southwest, and North China contributed 13%, 12%, and 10% respectively [8]. Product Portfolio - SanKeTree's product offerings are categorized into seven major systems, including home decoration, engineering, waterproofing, furniture coatings, and artistic coatings [11]. - The company emphasizes a comprehensive product range, including latex paints, wood paints, waterproof materials, and various specialized coatings [11]. Strategic Development - The company plans to enhance brand recognition through collaborations with cultural institutions and sports teams, while also focusing on green production and ESG principles [15]. - Future strategies include expanding into industrial coatings and optimizing supply chain management to improve production efficiency and product delivery [15].

【三棵树：2025年净利同比预增128.96%-189.21%】智通财经1月30日电，三棵树(603737.SH)公告称， 预计2025年归属于上市公司股东的净利润为7.60亿元至9.60亿元，同比增加128.96%到189.21%。主要因 产品结构优化、渠道拓展带动规模与毛利率提升；数字化转型推进提升运营效率、降低费用率；减值计 提同比减少，经营质量稳步提升。 转自：智通财经 ...

三棵树公告称，预计2025年年度实现归属于上市公司股东的净利润7.6亿元 - 9.6亿元，同比增加4.28亿 元 - 6.28亿元，增幅为128.96% - 189.21%；扣非净利润5.5亿元 - 7.5亿元，同比增加4.03亿元 - 6.03亿 元，增幅为273.57% - 409.42%。业绩预增因公司调整优化产品结构、推进数字化转型、减值计提减少。 上年同期归母净利润3.32亿元，扣非净利润1.47亿元。本次业绩预告未经审计，具体数据以年报为准。 ...

三棵树公告，预计2025年年度实现归属于上市公司股东的净利润在人民币7.6亿元到9.6亿元之间，与上 年同期相比，预计将增加人民币4.28亿元到6.28亿元，同比增加128.96%到189.21%。预计2025年年度实 现归属于上市公司股东的扣除非经常性损益的净利润在人民币5.5亿元到7.5亿元之间，与上年同期相 比，预计将增加人民币4.03亿元到6.03亿元，同比增加273.57%到409.42%。 ...

Summary of Key Points from Conference Call Records Industry Overview - **General Economic Outlook**: The Chinese economy shows signs of stabilization, with nominal GDP growth expected to enhance corporate profits. Supply contraction outpacing demand may improve industry prices and corporate earnings, highlighting opportunities in cyclical industries [1][2][3]. Real Estate Sector - **Investment Value**: The real estate sector is deemed to have high investment value, with significant growth in second-hand housing transaction volumes and a narrowing decline in listing prices. Major cities like Beijing and Shanghai have seen listing volumes drop by over 15% [1][3]. - **Policy Catalysts**: Continuous policy support for real estate investment trusts (REITs) and other measures are expected to catalyze the market. The valuation of real estate stocks is considered to have a sufficient margin of safety, with many leading companies trading at a price-to-book (PB) ratio significantly below 1 [1][3][11]. - **Market Dynamics**: The short-term data indicates positive changes in the real estate market, with a notable decrease in listings for older urban properties, as owners prefer renting or waiting for redevelopment rather than selling at lower prices [4][5]. Travel and Transportation Sector - **Positive Outlook**: The travel industry is expected to benefit from government policies promoting tourism, with signs of recovery in duty-free and hotel sectors. The airline industry anticipates strong growth in passenger traffic, with ticket prices expected to be higher than last year [1][8][9]. - **Airline Performance**: During the 2026 Spring Festival travel period, the airline industry is projected to see a 5-6% increase in passenger traffic, with improved ticket pricing compared to 2025. The industry is entering a positive development phase, with a supply growth rate of about 4% and demand growth of approximately 5.5% [9]. Home Appliance Sector - **Investment Opportunities**: The home appliance sector is currently undervalued, presenting good investment opportunities across various segments, including kitchen appliances and white goods. Leading companies are expected to maintain stable performance and high dividend payouts [1][10][11]. Coal Industry - **Market Conditions**: The coal industry is experiencing a marginal improvement in supply-demand dynamics, with a stable price recovery expected. Supply constraints are anticipated to reduce domestic coal supply by 70 million to 100 million tons in 2026, while demand remains resilient [2][19][20]. Chemical Industry - **Future Trends**: The chemical industry is gaining attention due to increased market liquidity and expectations of positive producer price index (PPI) trends. Supply-side constraints and improved demand from global markets are expected to drive price increases [17][18]. Consumer Healthcare Sector - **Recovery Signs**: The consumer healthcare sector is showing early signs of stabilization, particularly in ophthalmology and dental services. Key players in these segments are expected to benefit from a recovering market environment [16]. Food and Beverage Sector - **Market Performance**: The food and beverage sector has seen significant price increases, particularly for premium brands like Moutai. However, potential risks include the release of pent-up supply post-holiday, which could impact prices [21][22]. Construction and Building Materials - **Market Changes**: The construction materials sector is adapting to a shift in demand from new housing to renovations of existing properties. Recent data indicates a recovery in demand for glass and other materials, with expectations of price stabilization and potential increases [24][25]. Conclusion - **Investment Strategy**: Overall, the cyclical industries, particularly real estate, travel, and home appliances, present promising investment opportunities. The focus should be on companies with strong fundamentals and favorable market conditions as the economy stabilizes [1][3][8][11].

Summary of the Conference Call for SanKe Tree Company Overview - **Company**: SanKe Tree - **Industry**: Building materials, specifically paint and coatings Key Points and Arguments Strategic Shift - SanKe Tree is actively transforming from an engineering-focused business model to a retail-oriented approach, enhancing its market competitiveness by developing retail partnerships and dual-package services [2][3] - The shift aims to mitigate risks associated with the real estate sector's volatility, as retail markets are more stable and profitable, particularly benefiting from renovation demands following second-hand home transactions [2][4] Retail Business Growth - Retail revenue is expected to contribute approximately 200 million RMB in profit by 2025, with significant growth potential anticipated [2][13] - The company plans to increase its retail business share from 10%-20% in 2022-2023 to 40%-50% by 2025 [9] Market Positioning - To compete with foreign enterprises like Nippon Paint, SanKe Tree initially focused on lower-tier cities to build scale and brand advantage before expanding to higher-tier cities [2][7] - The company is also expanding its dual-package store model, which has allowed it to capture market share and strengthen brand influence [7][8] Expansion Plans - By the end of 2025, SanKe Tree aims to have 4,000-5,000 community stores, with plans to open 2,000-3,000 new stores annually over the next two to three years [4][12] - The rapid expansion is facilitated by recruiting numerous small and medium-sized distributors, which reduces the financial burden on individual distributors [9][10] Competitive Landscape - SanKe Tree's revenue growth is outpacing that of Nippon Paint, which has a revenue scale of over 20 billion RMB and annual operating profits exceeding 3 billion RMB [14] - Despite the growth, surpassing Nippon Paint in the short term (3-5 years) remains challenging [15] Market Outlook - The building materials industry, particularly the paint sector, is gaining attention due to the increasing renovation demand in China's real estate market, which has shifted to a focus on existing homes [16] - SanKe Tree's dual focus on engineering and retail, along with its expansion into industrial coatings and international markets, positions it well for future growth [17] Financial Projections - The retail business is projected to generate 2-3 billion RMB in profit in 2026, potentially exceeding 3 billion RMB in 2027, indicating strong performance certainty for the upcoming years [13] Additional Important Insights - The retail market is crucial for building material companies due to its stability and higher profitability, especially in the context of renovation needs following second-hand home sales [6] - Strong brand power is essential for competitive advantage in the retail market, and SanKe Tree is leveraging its traditional distributor network to enhance its market presence [6][8]

Core Viewpoint - The renovation and building materials sector experienced a slight increase, closing at 18,076.57 points with a growth rate of 0.91%, driven by several stocks in the sector showing positive performance [1]. Group 1: Stock Performance - Keshun Co. closed at 7.61 CNY per share, leading the sector with a growth rate of 13.58% [1]. - Dongfang Yuhong closed at 17.95 CNY per share, with a growth rate of 7.87%, ranking second in the sector [1]. - Sankeshu closed at 57.88 CNY per share, achieving a growth rate of 7.58%, ranking third in the sector [1]. - Kangxin New Materials closed at 3.81 CNY per share, leading the decline with a drop of 8.19% [1]. - Xiong Plastic Technology closed at 10.38 CNY per share, with a decline of 3.98%, ranking second in losses [1]. - Mona Lisa closed at 16.46 CNY per share, with a decline of 3.23%, ranking third in losses [1]. Group 2: Market Outlook - China Galaxy's research report indicates that both consumption and investment are working together to expand domestic demand, with consumption upgrades driving the high-quality transformation of building materials [1]. - The Central Economic Work Conference mentioned plans to "deeply implement special actions to boost consumption" by 2026, which aligns with the 14th Five-Year Plan's suggestion to "remove unreasonable restrictions on consumption" [1]. - It is anticipated that by 2026, housing purchase restrictions in various regions will gradually be relaxed, enhancing expectations for a recovery in the home decoration market and boosting demand for building materials [1].

Core Viewpoint - The renovation and building materials sector experienced a significant increase of 3.24% on January 29, with Keshun Co., Ltd. leading the gains. The Shanghai Composite Index closed at 4157.98, up 0.16%, while the Shenzhen Component Index closed at 14300.08, down 0.3% [1]. Group 1: Stock Performance - Keshun Co., Ltd. (300737) closed at 7.61, up 13.58%, with a trading volume of 942,800 shares and a transaction value of 700 million yuan [1]. - Dongfang Yuhong (002271) closed at 17.95, up 7.87%, with a trading volume of 951,200 shares and a transaction value of 1.684 billion yuan [1]. - Sankeshu (603737) closed at 57.88, up 7.58%, with a trading volume of 108,600 shares and a transaction value of 620 million yuan [1]. - Jianlang Hardware (002791) closed at 24.27, up 6.92%, with a trading volume of 1,227,300 shares and a transaction value of 548 million yuan [1]. - Other notable stocks include Tubaobao (002043) at 16.68, up 6.45%, and Weixing New Materials (002372) at 12.51, up 4.86% [1]. Group 2: Capital Flow - The renovation and building materials sector saw a net inflow of 141 million yuan from institutional investors, while retail investors experienced a net outflow of 54.71 million yuan [2]. - The main capital inflow was observed in Dongfang Yuhong, with a net inflow of 134 million yuan, while Keshun Co., Ltd. had a net inflow of approximately 87.29 million yuan [3]. - Other companies like Wanlishi (002785) and Weixing New Materials (002372) also saw significant net inflows of 39.40 million yuan and 37.56 million yuan, respectively [3].