Core Points - The company announced the convening of its first employee representative assembly on September 15, 2025 [2] - The assembly approved the election of Mr. Bi Shuangxi as the employee representative director of the company's fourth board of directors [2] - Mr. Bi's term will last from the date of approval by the employee representative assembly until the end of the fourth board's term [2]

证券代码：300737 证券简称：科顺股份 公告编号：2025-050 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 董 事 会 2025 年 9 月 15 日 科顺防水科技股份有限公司 关于选举第四届董事会职工代表董事的公告 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。 科顺防水科技股份有限公司（以下简称"公司"）于 2025 年 9 月 15 日召开 2025 年第一次临时股东大会，审议通过了《关于修订〈公 司章程〉及其附件的议案》。根据修订后的《公司章程》，公司董事 会设职工代表董事一名，由公司职工通过职工代表大会、职工大会或 者其他形式民主选举产生后，直接进入董事会。 公司于 2025 年 9 月 15 日召开了 2025 年第一次职工代表大会， 经与会职工代表审议，同意选举毕双喜先生（简历详见附件）为公司 第四届董事会职工代表董事，任期自本次职工代表大会审议通过之日 起至公司第四届董事会任期届满之日止。 毕双喜先生原为公司第四届董事会董事，本次选举完成后，变更 为公司第四届董事会职工代表董事，公司第四届董事会构成人员不变。 ...

北京市中伦（深圳）律师事务所 关于科顺防水科技股份有限公司 二〇二五年九月 o 北京市中伦（深圳）律师事务所 关于科顺防水科技股份有限公司 2025 年第一次临时股东大会的 法律意见书 2025 年第一次临时股东大会的 法律意见书 致：科顺防水科技股份有限公司 根据《中华人民共和国公司法》（下称"《公司法》"）、《上市公司股东会 规则》（下称"《股东会规则》"）等有关法律法规的规定及公司现行章程（下称 "《公司章程》"）的有关规定，北京市中伦（深圳）律师事务所（下称"本所"） 接受科顺防水科技股份有限公司（下称"公司"）的委托，指派律师出席公司 2025 年第一次临时股东大会（下称"本次股东大会"），并就本次股东大会的召集和召 开程序、召集人资格、出席和列席会议人员资格、表决程序及表决结果等事宜发 表法律意见。 一、本次股东大会的召集和召开程序 为召开本次股东大会，公司董事会于 2025 年 8 月 29 日在规定的信息披露媒 体上公告了会议通知。该通知载明了会议的召开方式、召开时间和召开地点，对 会议议题进行了披露，说明了股东有权出席并可委托代理人出席和行使表决权， 明确了会议的登记方法、有权出席会议股东的 ...

(一)会议召开情况 证券代码：300737 证券简称：科顺股份 公告编号：2025-049 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 2025 年第一次临时股东大会决议公告 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。 特别提示： 1.本次股东大会无否决议案的情形； 2.本次股东大会不涉及变更以往股东大会决议的情形。 一、会议召开和出席情况 1.会议召开日期、时间 （1）现场会议召开时间：2025 年 9 月 15 日 14:30 （2）网络投票日期和时间：通过深圳证券交易所系统进行网络 投票的时间为：2025 年 9 月 15 日 9:15—9:25，9:30—11:30 和 13:00 —15:00；通过深圳证券交易所互联网投票系统投票的时间为：2025 年 9 月 15 日 9:15—15:00。 2.现场会议召开地点：佛山市顺德区容桂红旗中路工业区 38 号 之一公司 3A 楼会议室 3.会议召开方式：本次股东大会采取现场投票、网络投票相结合 的方式。 4.会议召集人：董事会 5.会议主持人：本次股东大会由董事长陈伟忠先生 ...

Group 1 - The core viewpoint of the article highlights that several companies in the fiberglass industry have raised prices by 5%-10% due to ongoing losses and factors such as US-China tariffs, indicating initial success in industry self-discipline and a potential increase in profitability for the fiberglass sector [1][2] - The China Glass Fiber Industry Association approved the "Self-Discipline Convention for the Glass Fiber and Products Industry" on December 25, 2024, with nine major companies, including China Jushi and Taishan Fiberglass, committing to this self-regulation [1][2] Group 2 - In the construction materials sector, the demand for retail building materials is recovering, supported by high demand in the second-hand housing market and subsidy policies, with strong resilience observed in leading companies [3] - The national average price of cement has decreased by 0.5% week-on-week, with a current price of 343 RMB/ton, while the cement shipment rate stands at 45.73%, indicating a slight recovery in the market [4] - The average price of float glass has weakened slightly, with a current price of 1190 RMB/ton, while photovoltaic glass prices have increased, reflecting mixed market conditions [5] - The price of direct yarn in the fiberglass/carbon-based composite market remains stable, with electronic yarn prices holding steady, indicating a stable market environment for leading companies [6]

Group 1 - The core point of the article is that Keshun Co., Ltd. has successfully won the bid for the flooring construction framework agreement for the year 2025 from Shanghai Aircraft Manufacturing Co., Ltd., becoming the only domestic company to do so [1] - The project focuses on flooring maintenance engineering, marking a significant breakthrough for Keshun in the aviation industry [1] - Shanghai Aircraft Manufacturing Co., Ltd. is a wholly-owned subsidiary of Commercial Aircraft Corporation of China (COMAC) and serves as the final assembly manufacturing center [1]

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]

Macro Strategy - The domestic economy is expected to face slight pressure in the second half of the year, but the annual growth target of 5% remains achievable, supported by policy measures such as a 500 billion yuan financial tool and consumer incentives [21][22] - Key risks include the potential decline in exports, pressure on consumption growth, and a slowdown in real estate investment, which may have a greater impact on the economy in the latter half of the year [21][22] Fixed Income - The report discusses why domestic commercial banks are unlikely to reduce their balance sheets, citing factors such as the need to support the economy during a slowdown, the current accommodative monetary policy, and the role of state-owned banks in financing key sectors [2][24] - The report emphasizes that the probability of a sector-wide balance sheet reduction is low, although some smaller banks may face pressure to do so [2][24] Industry Analysis - The report on FuChuang Precision (688409) maintains profit forecasts for 2025-2027 at 320 million, 480 million, and 650 million yuan, respectively, with a "buy" rating due to long-term growth potential despite short-term pressures [4] - LiBert (605167) experienced revenue pressure in the first half of the year, with a focus on expanding into new industries, leading to a revised profit forecast of 232 million and 264 million yuan for 2025-2026 [5] - JianLang Hardware (002791) is adjusting profit forecasts to 175 million, 272 million, and 328 million yuan for 2025-2027, maintaining a "buy" rating based on expected recovery and operational adjustments [6] - HuaFeng Measurement and Control (688200) maintains profit forecasts of 460 million, 540 million, and 600 million yuan for 2025-2027, with a "buy" rating due to strong demand in the high-end testing market [7] - FuBo Group (03738.HK) is positioned well in the AI-driven content industry, with profit forecasts of 230 million, 310 million, and 390 million HKD for 2025-2027, maintaining a "buy" rating [8] - YiXin Group (02858.HK) is expected to achieve net profits of 1.126 billion, 1.398 billion, and 1.701 billion yuan for 2025-2027, with a "buy" rating based on competitive advantages in automotive finance [9] - ZhongKe International (688981) is highlighted as a leading player in the semiconductor industry, with a focus on advanced process technology [9] - The report on Tianqi Lithium (002466) adjusts profit forecasts to 450 million, 860 million, and 1.44 billion yuan for 2025-2027, maintaining a "buy" rating based on resource advantages [16] - The report on Jidong Cement (000401) indicates a significant reduction in losses and improved profitability, with revised profit forecasts of 270 million and 590 million yuan for 2025-2026 [11][14]

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, attributed to market demand pressure and intensified competition, while also focusing on risk management and business structure adjustments [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 3.22 billion yuan, a year-on-year decrease of 7.23%, and a net profit attributable to shareholders of 47 million yuan, down 49.98% [1]. - Q2 2025 revenue was 1.825 billion yuan, a decline of 8.1% year-on-year, with a net profit of 6.45 million yuan, down 84.32% [1]. - The revenue breakdown for H1 2025 showed waterproof membranes, coatings, and engineering construction generating 1.646 billion, 873 million, and 557 million yuan respectively, with year-on-year changes of -9.79%, -9.15%, and +2.36% [1]. Profitability and Cost Management - The gross profit margin improved to 24.68%, an increase of 1.23 percentage points, due to ongoing optimization of revenue and product structure, as well as cost reduction efforts [2]. - The gross profit margins for waterproof membranes, coatings, and engineering construction were 22.89%, 38.15%, and 7.67%, with year-on-year changes of +1.87, +4.22, and -6.11 percentage points respectively [2]. - The company reported a credit impairment loss of 138 million yuan in H1 2025, compared to 127 million yuan in the same period last year, due to extended aging of receivables from real estate risk clients [2]. Cash Flow and Dividends - Operating cash flow improved, with a net cash flow from operating activities of -561 million yuan, an improvement from -1.43 billion yuan in the previous year, attributed to better cash collection and optimized supplier payment methods [2]. - The company plans to distribute a cash dividend of 0.5 yuan per share (including tax), with a payout ratio of 118% [2]. Future Outlook and Investment Rating - As a leading player in the waterproofing industry, the company is actively adjusting its channels and customer structure while focusing on cost reduction and risk management, which is expected to enhance operational quality and profitability [3]. - The company has initiated price increases for some channels and products, which may positively impact profitability in the second half of the year [3]. - The company is exploring a second growth curve by establishing an industrial merger and acquisition fund with professional investment institutions, focusing on new materials and technologies [3]. - Profit forecasts for 2025-2027 have been adjusted to 168 million, 273 million, and 326 million yuan respectively, with corresponding PE ratios of 34X, 21X, and 18X [3].

Investment Rating - The investment rating for the company is "Accumulate" [8] Core Views - The company is experiencing revenue pressure, but there is an improvement in gross margin and operational quality [8] - The company is actively adjusting its business structure and enhancing customer risk management in response to declining demand and increased competition [8] - The company has implemented price increases for certain channels and products, which is expected to positively impact profitability in the second half of the year [8] - The company is exploring a second growth curve by establishing an industrial merger and acquisition fund focused on new materials and technologies [8] Financial Performance Summary - In H1 2025, the company achieved revenue of 3.22 billion yuan, a year-on-year decrease of 7.23%, with a net profit attributable to shareholders of 47 million yuan, down 49.98% year-on-year [8] - The gross margin for H1 2025 was 24.68%, an increase of 1.23 percentage points year-on-year, driven by optimization of revenue and product structure [8] - The company reported a net cash flow from operating activities of -561 million yuan in H1 2025, an improvement from -1.43 billion yuan in the same period last year [8] - The company plans to distribute a cash dividend of 0.5 yuan per share (including tax), with a dividend payout ratio of 118% [8] Earnings Forecast and Valuation - The company’s projected net profit for 2025-2027 is adjusted to 168 million, 273 million, and 326 million yuan respectively, with corresponding P/E ratios of 34X, 21X, and 18X [8] - The company’s revenue is expected to decline by 14.04% in 2024, followed by a decrease of 4.99% in 2025, before recovering in subsequent years [9]