证券代码：300737 证券简称：科顺股份 公告编号：2025-061 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 第四届董事会第十八次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 鉴于"科顺转债"距离存续届满期尚远，且综合考虑公司的基本 情况、市场环境、股价走势等因素，以及对公司长期稳健发展与内在 价值的信心，为维护全体投资者的利益、明确投资者的预期，公司董 事会决定不向下修正"科顺转债"的转股价格，且自本次董事会审议 通过次日起未来六个月内（自 2025 年 12 月 25 日至 2026 年 6 月 24 日），如再次触发"科顺转债"转股价格向下修正条款，亦不提出向 下修正方案。下一触发转股价格修正条件的期间从 2026 年 6 月 25 日 重新起算，若再次触发"科顺转债"转股价格向下修正条款，届时公 司董事会将再次召开会议决定是否行使"科顺转债"的转股价格向下 修 正 权 利 。 具 体 内 容 详 见 公 司 同 日 披 露 于 巨 潮 资 讯 网 （http://www.cninfo.com.cn）上的相 ...

关于不向下修正"科顺转债"转股价格的公告 证券代码：300737 证券简称：科顺股份 公告编号：2025-062 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 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、自 2025 年 12 月 4 日至 2025 年 12 月 24 日，公司股票已出现 任意连续三十个交易日中至少有十五个交易日的收盘价格低于当期 转股价的 85%的情形，触发"科顺转债"转股价格的向下修正条款。 2、公司于 2025 年 12 月 24 日召开第四届董事会第十八次会议审 议通过了《关于不向下修正"科顺转债"转股价格的议案》，公司董 事会决定不向下修正"科顺转债"的转股价格，且自本次董事会审议 通过次日起未来六个月内（自 2025 年 12 月 25 日至 2026 年 6 月 24 日），如再次触发"科顺转债"转股价格向下修正条款，亦不提出向 下修正方案。下一触发转股价格修正条件的期间从 2026 年 6 月 25 日 重新起算，若再次触发"科顺转债"转股价格向下修正条款，届时公 司董事会将再次召开 ...

Group 1 - The core viewpoint of the news is that Keshun Co., Ltd. has experienced a stock price increase of 15.47% this year, with a recent rise of 4.61% over the last five trading days [2] - As of December 24, Keshun's stock price reached 5.45 yuan per share, with a market capitalization of 60.49 billion yuan [1] - The company's main business involves the research, production, and sales of new building waterproof materials, with revenue composition including waterproof rolls (51.11%), waterproof coatings (27.10%), and waterproof engineering services (17.31%) [2] Group 2 - Keshun Co., Ltd. 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] - As of September 30, 2025, the top ten circulating shareholders include Hong Kong Central Clearing Limited as the sixth largest shareholder, holding 21.58 million shares [3] - The company reported a revenue of 4.703 billion yuan for the period from January to September 2025, a decrease of 8.43% year-on-year, and a net profit attributable to shareholders of 20.09 million yuan, down 84.08% year-on-year [2]

Group 1: Glass Industry - The glass industry is facing significant supply-demand contradictions, with prices expected to continue fluctuating around the bottom range before new collaborative policies or large-scale cold repairs are implemented [1] - As of early November, the average price of float glass in China is 1151.40 yuan/ton, down 1.17% from the previous week, indicating ongoing price pressure [1] - The overall profit in the float glass sector is currently in a loss state, but companies may still have sufficient cash flow to support production lines due to better overall industry profits expected in 2023-2024 [1] Group 2: Fiberglass Industry - The fiberglass industry continues to experience internal competition, with short-term demand unlikely to see significant growth [2] - The average price of 2400tex alkali-free winding direct yarn remains stable at 3535.25 yuan/ton, reflecting a lack of demand increase [2] - The industry is characterized by high capacity and supply-demand imbalance, which is expected to persist beyond 2025 [2] Group 3: Electronic Yarn Market - The electronic yarn market prices are generally stable, with some demand from the CCL market, but future demand support remains uncertain [3] - There is still strong short-term demand for high-end products, particularly in the low dielectric first and second generation markets, which continue to have supply gaps [3] - The Low-CTE market also shows a significant supply gap, with high-end product prices likely to maintain an upward trend in the short term [3] Group 4: Investment Recommendations - The cement sector is highlighted for its high dividend yield and defensive logic, with expectations of demand recovery and price stabilization [4] - Companies such as Conch Cement (600585.SH) and Huaxin Cement (600801.SH) are recommended for active attention, along with others like Shanshui Cement (000877.SZ) [4] - The consumer building materials sector is expected to see a reversal of difficulties, with policies supporting demand stabilization and cost reduction gradually reflecting in performance [4]

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].

Core Viewpoint - The article forecasts the industry landscape and corporate competition strategies for 2026, emphasizing demand as the starting point for analysis, with recommendations for sectors including fiberglass, consumer building materials, glass, and cement [2] Group 1: Fiberglass - The fiberglass sector is expected to maintain a favorable supply-demand balance, with a projected net increase in production of 400,000 to 500,000 tons by 2026, driven by high-end products like wind power yarn [6][10] - The high-end special fabric market is anticipated to continue its growth, with significant price increases expected for wind power yarn and potential price adjustments for ordinary yarn and electronic fabrics [5][7] - The industry is likely to see rational expansion with limited new capacity, as new entrants face challenges in achieving excess returns due to high initial costs [6][10] Group 2: Consumer Building Materials - The consumer building materials sector is under pressure, with new construction expected to decline by 16% year-on-year in 2026, and completions down by 7% [3][12] - Positive signals are emerging, including price increases for waterproofing materials and gypsum boards, alongside a reduction in cost rates and easing of impairment risks [3][11] - The market is witnessing a consolidation phase where leading companies are expected to recover profitability, benefiting from improved demand and supply optimization [11][15] Group 3: Glass and Cement - The glass sector is undergoing a "de-involution" process, with supply reductions anticipated as companies respond to ongoing losses, particularly in the float glass segment [3][24] - Cement demand is projected to decline by 7% in 2026, with supply-side policies aimed at curbing overproduction expected to play a crucial role in market dynamics [27][28] - The industry is expected to see a gradual recovery in pricing as supply and demand begin to balance, aided by a decrease in coal prices which may alleviate profit pressures [28][25]

Core Insights - The article provides a summary of bidding results for paint-related products from December 5 to December 19, highlighting various suppliers and their awarded contracts [1][6]. Group 1: Bidding Results - Zhejiang Brothers Road Marking Paint Co., Ltd. won a contract for highway marking materials with a bid amount of 351,593 yuan [2]. - Pangbei Jie Paint (Kunshan) Co., Ltd. was awarded a contract for wind power engineering paint, with the bid amount not disclosed [2]. - Shaanxi Baota Mountain New Materials Technology Co., Ltd. secured a contract for epoxy nitro magnetic paint, with the bid amount not disclosed [2]. - Beijing Oriental Yuhong Waterproof Technology Co., Ltd. won a contract for mortar, amounting to 3,290,700 yuan [2][8]. - Ocean Chemical Research Institute Co., Ltd. was awarded a contract for aircraft bottom paint, with the bid amount not disclosed [2][8]. - Shanxi Huabao New Materials Co., Ltd. won a contract for locomotive water-based paint, with the bid amount not disclosed [2][8]. - Haihong Laoren North Asia Investment Co., Ltd. secured a contract for aluminum powder paint, with the bid amount not disclosed [3][9]. - Jordan Paints (Zhangjiagang) Co., Ltd. won a contract for paint and diluents for a new energy manufacturing workshop, with the bid amount not disclosed [3][9]. - Nippon Marine Coatings (Shanghai) Co., Ltd. was awarded a contract for marine paint, amounting to 555,402 yuan [3][9]. - Jiangsu Kairun Building Materials Co., Ltd. won a contract for SBS modified asphalt waterproofing materials, with the bid amount not disclosed [9][10]. Group 2: Supplier Involvement - The suppliers involved in the bidding process include Zhejiang Brothers Road Marking Paint Co., Ltd., Pangbei Jie Paint (Kunshan) Co., Ltd., Shaanxi Baota Mountain New Materials Technology Co., Ltd., Beijing Oriental Yuhong Waterproof Technology Co., Ltd., Ocean Chemical Research Institute Co., Ltd., Shanxi Huabao New Materials Co., Ltd., Haihong Laoren North Asia Investment Co., Ltd., Jordan Paints (Zhangjiagang) Co., Ltd., Nippon Marine Coatings (Shanghai) Co., Ltd., Keshun Waterproof Technology Co., Ltd., Jiangsu Kairun Building Materials Co., Ltd., Chengdu Hongrun Paint Co., Ltd., and AkzoNobel Protective Coatings (Suzhou) Co., Ltd. [1][6].

Group 1 - The core viewpoint of the news is that Keshun Co., Ltd. has experienced fluctuations in stock price and financial performance, with a notable decrease in revenue and net profit for the year 2025 [1][2]. - As of December 18, Keshun's stock price increased by 2.30% to 5.33 CNY per share, with a total market capitalization of 5.916 billion CNY [1]. - The company has seen a year-to-date stock price increase of 12.92%, with a recent 5-day increase of 2.70% and a 20-day decrease of 1.30% [1]. Group 2 - Keshun Co., Ltd. reported a revenue of 4.703 billion CNY for the period from January to September 2025, reflecting a year-on-year decrease of 8.43%, while the net profit attributable to shareholders was 20.088 million CNY, down 84.08% year-on-year [2]. - The company has distributed a total of 6.92 billion CNY in dividends since its A-share listing, with 5.36 billion CNY distributed over the past three years [3]. - As of September 30, 2025, Keshun's top ten circulating shareholders included Hong Kong Central Clearing Limited as the sixth largest shareholder, holding 21.5771 million shares, marking a new entry [3].

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 ...