广东落地首批绿色外债试点业务 首日登记约2400万美元 中新网广州10月30日电 (记者 许青青)据国家外汇管理局广东省分局消息，经国家外汇管理局批准，10 月30日，广东正式实施绿色外债试点，当日，该局辖内银行为6家企业高效办理绿色外债试点业务，登 记金额合计约2400万美元。 据了解，近年来，我国深入实施"双碳"战略，绿色产业迎来高速发展期，但绿色项目通常具有周期长、 收益回报慢的特点，开展绿色项目的企业尤其是中小企业往往面临融资渠道单一、融资能力受限等问 题。 国家外汇管理局广东省分局表示，将加大对绿色外债试点的推广力度，引导更多金融资源流入绿色低碳 领域，切实支持实体经济绿色转型和高质量发展。(完) 来源：中国新闻网 编辑：王永乐 广告等商务合作，请点击这里 本文为转载内容，授权事宜请联系原著作权人 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索"中新经纬"或"jwview")，看更多精彩财经资讯。 为解决绿色企业融资困境，该局近日印发《绿色外债试点业务指引(试行)》，通过"额度扩容+流程简 化"双管齐下支持辖内非金融企业从境外融入资金 ...

Core Insights - The company reported a revenue of 4.7 billion yuan for the first three quarters of 2025, a year-on-year decline of 8%, with a net profit attributable to shareholders of 20 million yuan, down 84% year-on-year [1] - The third quarter saw a revenue of 1.5 billion yuan, a decline of 11% year-on-year, and a net profit of -30 million yuan, a decrease of 183% year-on-year [1] Revenue Performance - Revenue growth has been under pressure, with the last four quarters showing declines of -1%, -6%, -8%, and -11% respectively [2] - The decline in revenue is attributed to weak demand in the construction industry, with new construction area down 19% year-on-year from January to September 2025 [2] Profitability Analysis - Gross margin for the first three quarters was approximately 24.3%, an increase of 1.3 percentage points year-on-year, while the third quarter gross margin was about 23.6%, up 1.4 percentage points year-on-year but down 1.3 percentage points quarter-on-quarter [2] - The company faced increased operating expenses, with a period expense ratio of approximately 18.9% for the first three quarters, up 1.0 percentage points year-on-year, and 20.8% for the third quarter, up 1.5 percentage points year-on-year [2] Cash Flow and Receivables - The cash collection ratio improved to 1.04 for the first three quarters of 2025, compared to 0.83, 0.90, and 0.98 in the previous three years [3] - Despite the improvement in cash collection, the net cash flow remained negative at -820 million yuan for the first three quarters [3] Business Strategy and Market Position - The company is actively optimizing its business structure, with a significant increase in retail and overseas business contributions [3] - Future revenue structure plans include 30% from retail, 20% from overseas, and 50% from construction and related businesses [3] Strategic Partnerships and Market Outlook - The company has established strategic cooperation with SAC Group and set up two modern production bases in Malaysia [4] - The waterproof materials industry is experiencing a significant supply exit, with production expected to decline by 38% from 2021 to 2024, indicating potential for profit recovery if demand stabilizes [4] Profit Forecast - The company is projected to achieve a net profit of approximately 50 million yuan in 2025 and 340 million yuan in 2026, with corresponding valuations of 107 and 17 times [5]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 17.19 [1][5]. Core Insights - The company reported a revenue of RMB 70.32 billion in Q3 2025, representing a year-over-year increase of 8.51% but a quarter-over-quarter decrease of 7.65%. The net profit attributable to shareholders was RMB 2.45 billion, down 26.58% year-over-year and 34.09% quarter-over-quarter, slightly below previous expectations due to slow recovery in gross margin and early impairment provisions [1]. - The cumulative revenue for the first three quarters of 2025 was RMB 206.01 billion, a decrease of 5.06% year-over-year, with a net profit of RMB 8.10 billion, down 36.61% year-over-year [1]. Revenue and Profitability - The comprehensive gross margin for the first three quarters of 2025 was 25.19%, down 3.94 percentage points year-over-year. The gross margin for Q3 2025 was 24.8%, reflecting a decline of 4.12 percentage points year-over-year and 1.91 percentage points quarter-over-quarter. This decline is attributed to slow product price recovery and the settlement of lower-margin construction income [2]. - The company managed to control its expense ratio, which was 16.61% for the first nine months of 2025, down 1.96 percentage points year-over-year. The absolute value of expenses was RMB 34.21 billion, a decrease of 15.08% year-over-year [3]. Asset Management and Financial Health - The company actively promoted asset revitalization, obtaining RMB 2 billion in debt assets during Q3, with a net accounts receivable of RMB 86.86 billion, down 18.6% year-over-year. The debt-to-asset ratio stood at 50.22%, up 6.08 percentage points year-over-year, indicating a healthy financial position [4]. - The net cash flow from operating activities for the first three quarters of 2025 was RMB 4.16 billion, an increase of 184.56% year-over-year, primarily due to improved cash collection [3]. Earnings Forecast and Valuation - The company's net profit forecasts for 2025-2027 have been revised downwards by 27.33%, 15.69%, and 6.15% to RMB 9.58 billion, RMB 16.42 billion, and RMB 22.92 billion, respectively. The corresponding EPS is projected to be RMB 0.40, RMB 0.69, and RMB 0.96 [5][15]. - The company is assigned a 25x PE valuation for 2026, leading to an upward adjustment of the target price to RMB 17.19, reflecting a potential for revenue growth despite pricing pressures [5].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company has experienced a decline in revenue and net profit due to continued weak downstream demand and tightened credit policies. The gross margin has improved slightly due to stable raw material prices and ongoing optimization of product and channel structures [7] - The company has proactively adjusted product prices in response to market conditions, indicating a potential recovery in profitability as the competitive landscape improves. This includes price increases of 3%-13% for certain waterproof coatings and 3%-7% for waterproof membranes [7] - The forecast for net profit from 2025 to 2027 shows a recovery trend, with expected net profits of 0.42 million, 1.28 million, and 2.09 million respectively, reflecting growth rates of -5.81%, 207.23%, and 64.19% [7] Financial Performance Summary - For the first three quarters of 2025, the company reported a revenue of 4.703 billion, a decrease of 8.43% year-on-year, and a net profit of 0.20 billion, down 84.08% year-on-year. The Q3 revenue was 1.483 billion, down 10.93% year-on-year, with a net profit of -0.27 billion [7] - The company's gross margin for Q3 was 23.56%, an increase of 1.38 percentage points year-on-year, while the operating cash flow showed a net outflow of 0.824 billion, which improved by 0.680 billion year-on-year [7][8] - The financial forecasts indicate a revenue decline in 2024 and 2025, with expected revenues of 6.829 billion and 6.327 billion respectively, followed by a recovery in 2026 and 2027 [6][8]

Investment Rating - The industry rating is "Recommended" [4] Core Views - The "14th Five-Year Plan" emphasizes urban renewal and underground pipeline renovation, with an expected investment demand exceeding 5 trillion yuan for over 700,000 kilometers of pipeline construction [6] - The report highlights the impact of renewed tariff conflicts and the acceleration of industry self-discipline, recommending companies with strong pricing power and cost advantages in the cement and waterproof sectors [6] - The report notes that the special electronic fabric sector is experiencing high demand, with companies like China Jushi and China National Materials Technology benefiting from this trend [7] Summary by Sections Investment Suggestions - Recommended companies benefiting from urban pipeline renovation include Qinglong Pipe Industry, Donghong Co., and China Liansu [6] - In the cement sector, companies like Huaxin Cement and Conch Cement are recommended due to their cost and scale advantages amid tariff conflicts [6] - The waterproof industry is seeing frequent price increases, with recommendations for Oriental Yuhong and Keshun Co. [6] - In the photovoltaic glass sector, companies such as Qibin Group, Fuyao Glass, and Xinyi Solar are recommended due to price increases [6] - The report suggests strong resilience in operations for companies like Sanhe Tree and high dividend yield firms like Rabbit Baby and Weixing New Materials [6] - The fire alarm leader Qingniao Fire is recommended due to its upcoming commercialization of fire-fighting robots [7] - The report highlights the strong performance of special electronic fabrics, recommending China Jushi and China National Materials Technology [9] Market Trends - The national cement market price increased by 0.4% week-on-week, with price rises in regions like Guizhou and Jiangsu [22][23] - The average price of float glass decreased by 4.40% to 1243.68 yuan/ton, indicating a shift from an upward trend to a decline [64] - The photovoltaic glass market remains stable, with mainstream order prices for 2.0mm coated panels at around 13 yuan/square meter [72]

Core Viewpoint - Keshun Co., Ltd. (300737.SZ) reported its Q3 2025 results, highlighting a decrease in institutional ownership compared to the previous quarter [1] Institutional Ownership - As of October 24, 2025, five institutional investors disclosed holdings in Keshun Co., totaling 170 million shares, which represents 15.27% of the company's total share capital [1] - The institutional ownership decreased by 1.58 percentage points compared to the previous quarter [1] Public Fund Holdings - One public fund, the Fu Guo Research Selected Flexible Allocation Mixed A, increased its holdings slightly in this period [1] - One public fund, the Jing Shun Resource Monopoly Mixed A, reported a slight decrease in holdings compared to the previous quarter [1] - A total of 113 public funds did not disclose their holdings this quarter, including notable funds such as Jing Shun Chang Cheng China Return Mixed A and others [1]

Group 1 - The core point of the article is that Keshun Co., Ltd. (SZ 300737) held its 17th meeting of the fourth board of directors on October 24, 2025, to review the proposal for the third quarter report of 2025 [1] - For the first half of 2025, Keshun's revenue composition was as follows: waterproof materials accounted for 78.2%, waterproof engineering construction accounted for 17.31%, and other businesses accounted for 4.49% [1] - As of the time of reporting, Keshun's market capitalization was 5.6 billion yuan [1] Group 2 - A notable event mentioned is a well-known brand spending 170 million yuan to purchase 2,000 shares of a target company with a registered capital of only 10,000 Hong Kong dollars, raising questions about the necessity of the acquisition [1]

Core Viewpoint - Keshun Co., Ltd. announced that it has no overdue external guarantees, no guarantees involved in litigation, and no losses incurred due to guarantees resulting in adverse judgments [2] Summary by Relevant Categories - **Company Guarantees** - Keshun Co., Ltd. confirmed that there are no overdue external guarantees [2] - The company has no guarantees that are currently involved in any litigation [2] - There are no losses that the company has to bear due to guarantees resulting in adverse judgments [2]

Core Viewpoint - The company reported a decline in both revenue and net profit for the first three quarters of 2025 compared to the previous year [1] Financial Performance - The company's operating revenue for the first three quarters was 4.703 billion yuan, a year-on-year decrease of 8.43% [1] - The net profit attributable to shareholders was 20.088 million yuan, reflecting a significant year-on-year decrease of 84.08% [1] - The net loss attributable to shareholders after deducting non-recurring gains and losses was 57.7441 million yuan [1] - Basic earnings per share were reported at 0.02 yuan [1]

证券代码：300737 证券简称：科顺股份 公告编号：2025-057 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 关于为全资子公司提供担保的公告 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。 一、担保情况概述 科顺防水科技股份有限公司（以下简称"公司"）于 2025 年 10 月 24 日召开第四届董事会第十七次会议，审议通过了《关于为全资 子公司提供担保的议案》，为满足全资子公司日常经营的资金需求， 公司董事会同意公司为全资子公司重庆科顺供应链管理有限公司（以 下简称"重庆科顺供应链"）向银行申请 20,000 万元人民币综合授 信提供担保，担保方式包括但不限于一般保证、连带责任保证、抵押、 质押等方式，担保期限为三年，自相关担保协议签署之日起生效，担 保额度在有效期限内可以循环使用。 五、累计对外担保数量及逾期担保的数量 二、被担保人基本情况 | 公司名称 | 重庆科顺供应链管理有限公司 | | --- | --- | | 成立日期 | 2019 年 12 月 4 日 | | 注册地址 | 重庆市渝北区龙兴镇两江大道 618 ...