实施房屋品质提升工程和物业服务质量提升行动。 ——摘自"十五五"规划建议 暖阳高照，家住四川省成都市锦江区秀水园小区的李安忙活着晾晒衣服被褥。完成防水改造不久的楼顶 干爽整洁，他将衣物挂好后，便悠然晒起太阳。 对家住顶楼的李安而言，漏水一直是件烦心事。 秀水园小区是20多年前建成交付的，房屋上了年头，楼顶防水逐渐失效。这就苦了顶楼住户：成都雨水 丰沛，夏季屋外大雨滂沱，屋内"下起小雨"；其他季节阴雨连绵，墙面又会渗水生霉。"房子不能遮风 挡雨，住起来实在不舒服。"李安家的墙刷了一遍又一遍。 近年来，成都市推进城市更新和老旧小区改造提升工程，秀水园迎来了焕新机会。锦江区公园城市建设 和城市更新局牵头制定改造方案，2024年10月正式施工，居民关注的防水整治被列入重点任务。 勘探现场并逐一走访顶楼住户后，改造项目现场技术负责人曾凌斌思路清晰："老屋顶用的是丙纶布防 水，延展性差且修复困难，需要重做。" "用上两层防水卷材，防水效果就可靠多了。"曾凌斌说，在每层防水卷材铺设后，还要进行48小时闭水 试验，"试验通过后，我们还会在卷材上加盖一层无纺布，起到巩固防渗的作用。" "楼顶排水管道根部等细节处，因为角度问题卷 ...

Summary of Key Points from the Conference Call of Keshun Co., Ltd. Company Overview - **Company**: Keshun Co., Ltd. - **Industry**: Waterproofing materials Core Insights and Arguments 1. **Revenue Expectations**: Keshun anticipates that Q2 2025 revenue will be flat or slightly down compared to the same period last year, but expects positive growth in the second half of 2025 due to a low base from the previous year [2][3] 2. **Market Demand**: The real estate sector continues to decline, while demand in municipal infrastructure and commercial construction remains strong, with overall growth in Q2 approaching 30% [2][20] 3. **Profitability Challenges**: The waterproofing industry is experiencing shrinking profitability, prompting leading companies to implement price increases to improve financial statements [2][4] 4. **Price Increase Strategy**: Keshun has initiated a price increase of 3%-5% starting July 10, 2025, with even a 1%-2% increase seen as a positive signal for gross margin improvement [2][9][10] 5. **Market Dynamics**: The competitive landscape is primarily among a few listed companies, and coordinated price increases can mitigate market share loss risks [12][41] 6. **Market Size and Share**: Total demand in the waterproofing market is estimated at approximately 100-110 billion yuan, with an effective market size of 70-80 billion yuan. The top three companies hold about 40% market share [2][13] 7. **Challenges for New Entrants**: Companies from other industries entering the waterproofing sector, such as Sankeshu and Yashi, have struggled, with expectations of declining investment and market share [2][14] 8. **Business Segments**: Keshun's business includes retail, overseas sales of waterproof materials, and commercial construction projects, with retail expected to account for nearly 20% of revenue in 2025 [2][19] 9. **Regional Expansion**: Keshun has established a joint venture factory in Xinjiang, aiming to cover local business and export to Central Asia, with sales expected to reach 30-35 million yuan in 2025 [4][23] Additional Important Insights 1. **Impact of Government Policies**: The company is preparing for the "14th Five-Year Plan" and is closely monitoring government planning to align its strategies accordingly [4][24] 2. **Urban Renewal Projects**: Keshun is focusing on urban renewal and old community renovation, with the repair segment accounting for over 40% of total business volume in the first half of 2025 [27][30] 3. **Community Store Model**: The company is expanding its community store model to enhance customer service and satisfaction, with plans to increase the number of stores significantly [30][29] 4. **Future Profitability Goals**: Keshun aims to achieve a revenue scale of 1.3 to 1.4 billion yuan in 2025, with a focus on turning losses into profits [32] 5. **Market Recovery Outlook**: The waterproofing industry is in a recovery phase, with expectations of improved market conditions in the coming years, supported by policy changes and increased infrastructure demand [41][42] This summary encapsulates the key points discussed during the conference call, highlighting Keshun's strategic direction, market conditions, and future expectations in the waterproofing industry.