Core Viewpoint - The stock of Sankeshu has experienced fluctuations, with a recent decline of 2.01% and a year-to-date increase of 46.92%, indicating volatility in the market performance of the company [1]. Financial Performance - As of September 30, 2025, Sankeshu reported a revenue of 9.392 billion yuan, representing a year-on-year growth of 2.69% [2]. - The net profit attributable to shareholders for the same period was 744 million yuan, showing a significant increase of 81.22% compared to the previous year [2]. Shareholder Information - The number of shareholders for Sankeshu reached 14,200, an increase of 0.50% from the previous period [2]. - The average number of circulating shares per shareholder decreased by 0.50% to 51,849 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 5.9453 million shares, and new entrants like Penghua Zhongzheng Fine Chemical Industry Theme ETF [3]. Dividend Distribution - Since its A-share listing, Sankeshu has distributed a total of 733 million yuan in dividends, with 253 million yuan distributed over the last three years [3]. Market Activity - The stock's trading volume showed a net outflow of 1.8788 million yuan from major funds, with a total market capitalization of 32.737 billion yuan [1]. - The stock has seen a recent decline of 4.66% over the last five trading days and a 3.65% decline over the last twenty days [1]. Business Overview - Sankeshu, established on July 17, 2003, specializes in the research, production, and sales of various coatings and materials, with a revenue composition that includes engineering wall paint (30.87%), base and auxiliary materials (29.79%), and home decoration wall paint (27.07%) [1]. - The company operates within the building materials sector, specifically in the coatings industry, and is involved in several concept sectors including dyes and coatings, new materials, and e-commerce [1].

Core Insights - The 8th China International Import Expo (CIIE) will be held in Shanghai from November 5 to 10, focusing on serving national strategies and introducing innovative display areas for new consumption themes and scenarios [1][2] Group 1: Event Overview - The CIIE will feature six major exhibition areas: medical devices and healthcare, automobiles and smart mobility, technical equipment, consumer goods, agricultural products, and service trade, along with an innovation incubation zone [1] - New consumption concepts such as "ice and snow economy" and "silver economy" will be highlighted, with special sections like "CIIE Sports Park" and "International Automotive Culture Display Area" [1] Group 2: Participation and Innovations - Leading global companies, including top industrial electrical firms and major grain traders, will participate, alongside multinational medical enterprises showcasing products for chronic and rare diseases [2] - Several industry leaders will debut new products, including a small-diameter controllable expansion vascular stent and a new X-ray machine for pharmaceuticals [2] Group 3: Development Empowerment - The expo will introduce new traffic by establishing a "Cross-border E-commerce Preferred Platform" and a "Cross-border E-commerce Service Area" to facilitate targeted procurement events for e-commerce platforms and new retail channels [2] - A digital service enhancement will include a smart navigation system for seamless connections within the venue and an AI digital service assistant providing multilingual real-time consultation [2]

Core Insights - AkzoNobel reported a 1% organic sales growth in Q3 2025, driven by price and product mix optimization, despite a 5% decline in sales due to unfavorable currency effects [1] - Adjusted EBITDA for Q3 2025 was €385 million, including a €26 million negative impact from currency fluctuations, compared to €394 million in Q3 2024 [1] - The adjusted EBITDA margin improved to 15.1% in Q3 2025 from 14.8% in Q3 2024, attributed to efficiency measures [1] - Net cash generated from operating activities was €331 million, up from €294 million in the same period last year [1] - The divestment of the Indian business is on track for completion in December 2025, with all regulatory approvals obtained [1] Mid-term Goals - AkzoNobel aims to achieve an adjusted EBITDA margin exceeding 16% and a return on investment between 16% and 19% through organic growth and operational excellence [2] - Post divestment of the Indian business, the company expects to maintain a net debt/adjusted EBITDA leverage ratio slightly above 2x by the end of 2025 [2] - The company plans to keep the leverage ratio around 2x in the medium term while maintaining a strong investment-grade credit rating [2] Legal Provisions - In Q3 2025, AkzoNobel recognized a €300 million provision related to the Ichthys project in Australia, with €275 million included in operating income [2] - The provision pertains to claims that meet IAS 37 recognition criteria as of September 30, 2025, while other claims not meeting these criteria are listed as contingent liabilities [2] - AkzoNobel has insurance coverage for cash outflows related to these provisions, with a maximum coverage of €500 million [2]

| 日期 | 当日涨跌幅（%） | 换手率（%） | 主力资金净流入（万元） | | --- | --- | --- | --- | | 2025.10.27 | 9.94 | 6.53 | 2282.48 | | 2025.10.24 | 9.97 | 2.52 | 3486.05 | | 2025.10.23 | 0.32 | 2.10 | -247.45 | | 2025.10.22 | 0.98 | 2.29 | 473.73 | | 2025.10.21 | 2.50 | 2.02 | 395.09 | | 2025.10.20 | 1.01 | 2.02 | -1.30 | | 2025.10.17 | -3.10 | 3.21 | -416.08 | | 2025.10.16 | 4.62 | 5.56 | 857.91 | | 2025.10.15 | -4.26 | 2.41 | -74.71 | | 2025.10.14 | 2.69 | 3.01 | 120.81 | （文章来源：证券时报网） 据天眼查APP显示，亚士创能科技(上海)股份有限公司成立于2009年02月13日，注册资本42 ...

Summary of North New Building Materials Conference Call Industry Overview - The gypsum board industry is facing challenges due to macroeconomic downturns and a 18.9% decrease in new construction area, leading to reduced demand and price pressure [2][3][4] - Customers are shifting towards more cost-effective alternatives, further impacting prices [2][3] - Increased competition from foreign brands and cross-industry entrants has intensified pressure in the low-end market [2][3] Company Performance and Strategies - North New Building Materials has seen a doubling in sales of its home decoration product series (e.g., Longpan Guochao series, Taishan series) in the retail and rural markets from January to September, which is expected to drive overall volume and price increases [2][4] - The company is optimistic about a price increase for gypsum boards in 2026, supported by signs of rational recovery in the industry as small and high-end brands begin to raise prices [2][4] - The company is investing in technological innovations, such as the TF version and its derivatives, to enhance product attributes and replace other materials [2][4] - A new 2000 square meter production line is under construction, expected to release 20 million square meters of capacity, significantly improving pricing and profit margins [2][4] Financial Performance - The waterproof business has achieved positive revenue and profit growth despite adverse external conditions, benefiting from the company's strong capabilities and future development certainty [5][6] - Beijing Jiaboli's net profit exceeded 300 million yuan in the first three quarters of 2025, driven by market share pursuit, cost reduction, and improved operational quality [5][6] Future Outlook - The company plans to continue internal development while pursuing external expansion in the waterproof and coating sectors, targeting large-scale acquisitions in the construction coating market and focusing on niche areas like automotive and marine coatings [5][6][8] - North New Building Materials is actively pursuing globalization, focusing on greenfield projects in Southeast Asia and Africa, while using acquisitions in developed markets [8][9] Market Dynamics - The company is addressing the competitive landscape by simplifying competition and enhancing product differentiation, particularly in strategic locations [13][23] - The company aims to expand the gypsum board market by introducing new applications and products, such as fire-resistant applications, to increase market capacity [23][24] Challenges and Responses - The company acknowledges challenges in the gypsum board sector, including price pressure and competition, and is implementing measures to enhance internal collaboration and optimize production layouts [15][18] - North New Building Materials is committed to maintaining a balanced growth strategy, focusing on value-driven operations rather than just scale [12] Conclusion - North New Building Materials is navigating a challenging market environment with strategic innovations, a focus on quality, and a commitment to expanding its market presence both domestically and internationally. The company is optimistic about future price increases and growth opportunities in various segments, including waterproofing and coatings.

Group 1 - The establishment of Sanke Tree (Hainan) International Trade Co., Ltd. has been reported, with a registered capital of 50 million yuan [1] - The company's business scope includes domestic trade agency, sales of surface functional materials, and trade brokerage [1] - Sanke Tree (603737) holds 100% indirect ownership of the newly established company [1]

Group 1 - Recently, Sankeshu (Hainan) International Trade Co., Ltd. was established with a registered capital of 50 million RMB [1] - The legal representative of the new company is Hong Shengyuan [1] - The business scope includes domestic trade agency, sales of surface functional materials, and trade brokerage [1] Group 2 - The company is wholly owned by Sankeshu (603737) through indirect holdings [1]

Core Insights - Huizhou Moma Precision Coating Technology Co., Ltd. has recently been established with a registered capital of 10 million RMB [1] Company Overview - The company is engaged in a wide range of activities including technology services, development, consulting, and transfer [1] - It also focuses on internet sales, information consulting, domestic trade agency, and import-export activities [1] - The manufacturing and sales of various products such as coatings, rubber products, plastic products, paper products, synthetic materials, and new membrane materials are part of its operations [1] Regulatory Aspects - The company is involved in the sale and production of medical devices, categorized into first and second-class medical devices [1] - Certain activities require approval from relevant authorities before commencement, particularly for third-class medical devices [1]

Core Viewpoint - The company has demonstrated stable profit growth in a complex market environment, achieving a revenue of 3.841 billion yuan and a net profit of 296 million yuan in the first three quarters of 2025, reflecting robust development [1] Group 1: Financial Performance - In the first three quarters of 2025, the company reported a net profit of 338 million yuan after excluding the impact of one-time tax payments, indicating a steady growth trend [1] - The company faced a tax payment of 29.2073 million yuan and late fees of 12.6152 million yuan, which affected the net profit attributable to shareholders by 41.8226 million yuan [1] Group 2: Business Strategy - The company has adjusted its operational strategy, optimizing market layout and promoting dual main business collaboration to counter external uncertainties, showcasing strong operational resilience [1] - The company is focusing on customer structure optimization and product quality upgrades in its core home textile business, which has solidified its development foundation [1] Group 3: Domestic Market Focus - The company is enhancing demand exploration and brand upgrading in the domestic market, activating growth potential through refined operations and high-end promotions [2] - The signing of a brand ambassador for the "Jieyu Master Series" aims to attract younger consumers, injecting new vitality into domestic business growth [2] Group 4: New Materials Business - The new materials segment is entering a rapid order increase phase, becoming a significant growth driver for the company [2] - The functional coating materials business has made breakthroughs in the automotive and marine sectors, with successful certifications and orders obtained [2] Group 5: Electrolyte Additives Business - The company has seen a rebound in VC product prices, with production capacity and cost optimization efforts beginning to yield results [3] - The average price of battery-grade VC has increased by nearly 10% since early October, indicating potential for further profit growth [3]

Investment Rating - The report maintains an "Overweight" rating for the company with a target price of RMB 61.16 [1][4]. Core Insights - The company reported a revenue of RMB 1.35 billion for the first three quarters of 2025, a year-on-year decrease of 3.3%, while the net profit attributable to shareholders increased by 18% to RMB 165 million [1]. - The growth potential of new coating products and the expected contribution from fundraising projects support the maintained "Overweight" rating [1]. - The company has successfully completed certifications for its marine coatings in Norway, China, and the United States, which is expected to accelerate product rollout [3]. Summary by Sections Financial Performance - In Q3, the company achieved a net profit of RMB 55 million, down 16% year-on-year and 7.7% quarter-on-quarter, aligning with expectations [1]. - The gross margin improved by 3.3 percentage points year-on-year to 23.8% due to a rise in the proportion of new energy coatings and improved raw material costs [2]. Product Development and Market Expansion - The company’s new energy coatings saw a significant increase in sales, with a year-on-year growth of 86% to 16,000 tons and revenue growth of 80% to RMB 480 million in the first three quarters [2]. - The marine coatings have completed necessary certifications, and the company is expanding its overseas market presence, particularly in Europe [3]. Profit Forecast and Valuation - The profit forecast for 2025-2027 has been adjusted to RMB 230 million, RMB 300 million, and RMB 360 million respectively, reflecting a downward revision of 12%, 3%, and 5% [4]. - The target price of RMB 61.16 corresponds to a 22x PE for 2026, considering the company's smaller scale compared to peers [4].