Core Viewpoint - The credit rating agency maintains the long-term credit rating of Keshun Waterproof Technology Co., Ltd. at AA, with a stable outlook, despite challenges in the waterproof materials industry due to reduced downstream demand and increased competition [1][3]. Company Overview - Keshun Waterproof Technology Co., Ltd. is a leading manufacturer and seller of waterproof materials in China, with a production capacity of 317 million square meters of waterproof membranes and 500,000 tons of waterproof coatings as of the end of 2024 [4][10]. - The company has a strong brand recognition and technical advantage, being ranked second among the top 500 preferred suppliers in the waterproof materials category by the China Real Estate Association for 12 consecutive years [21][22]. Financial Performance - In 2024, the company achieved an operating revenue of 6.829 billion yuan, with a profit of 55 million yuan, marking a turnaround from previous losses [10][11]. - The company's total assets reached 14.044 billion yuan, with total liabilities of 5.769 billion yuan, resulting in a debt-to-asset ratio of 64.55% [6][11]. - The company has a significant short-term debt burden, with short-term liabilities accounting for 54.53% of total debt [6]. Industry Analysis - The waterproof materials industry is facing a downturn in demand due to a decline in housing construction area, which fell by 12.7% year-on-year in 2024 [19]. - The industry is experiencing increased concentration as smaller companies exit the market, leading to a more competitive landscape for larger firms [4][20]. - The price of upstream raw materials, particularly asphalt, has been on a downward trend, which may positively impact the profit margins of waterproof material manufacturers [17][20]. Future Outlook - The company is expected to maintain its leading position in the industry by capturing market share from smaller competitors that are exiting the market [4][20]. - The introduction of new regulations aimed at improving the quality of waterproofing in construction is anticipated to boost future demand for high-quality waterproof materials [20]. - The company plans to enhance its production capacity through investment projects, which are expected to significantly increase output once operational [4][10].

云南昆明，正在举行的第9届中国—南亚博览会展馆内热闹非凡。走进1号展馆，扑面而来的是科技与创 新交织的场景——数智人互动、AI问诊、机器狗舞蹈等精彩纷呈。10家专精特新"小巨人"企业集中呈现 行业前沿成果与未来趋势，吸引到场的外国客商停住脚步，他们对"中国智造"表现出浓厚的兴趣。 云南无线电有限公司在南博会迎来首秀，其推出的智能中医健康检测仪成为焦点，吸引外商体验。基于 指尖脉搏波检测技术，检测仪实现了中医把脉的标准化、数字化和可视化，呈现5项中医健康指标和16 项西医风险预测，人工智能根据把脉结果提供药食、理疗按摩、运动等多种健康管理建议。 "在南博会上，专精特新'小巨人'企业向世界传递了中国科技创新的活力与潜力，他们带来的创新技术 与产品成为连接中外合作的新桥梁。"云南省工业和信息化厅中小企业处处长陈万春说。（记者丁怡 全、吴闫） 作为L4级无人配送行业的专精特新"小巨人"企业，新石器无人车携旗下X3、X6两款物流配送车型亮相 南博会。 企业现场负责人张模娇介绍，截至目前新石器无人车已经在全球15个国家、超250个城市累计交付部署 无人车超5000辆，自动驾驶行驶里程累计超过4200万公里。X3可以让末端 ...

2025年6月16日，立邦刷新防水工(四星)分级认证暨国家建材行业防水工(中级)职业技能评价启动仪式在上海举行。立邦刷新"一试双证"的培训和认证模式， 将立邦企业服务标准与国家职业资格认证结合，标志着刷新防水服务迈入标准化、专业化发展新阶段。中国建筑防水协会副秘书长胡希宝先生、立邦中国首 席运营官孙荣隆先生、立邦中国TUC事业群总裁孙洋先生、立邦中国iColor首席运营官于文丽女士、立邦中国产业人才发展中心总经理付俊英女士、立邦中 国集团品牌公关中心副总裁吴雅琳女士、立邦中国TUC事业群产品本部副总裁李敏、立邦中国TUC事业群应用服务本部副总裁陈国栋先生、立邦刷新服务商 代表及三十位优秀防水工匠们参与启动仪式。 立邦刷新防水工分级认证暨国家建材行业防水工职业技能评价启动 中国建筑防水协会副秘书长胡希宝先生在致辞中表示："住房和城乡建设部提出'好房子'要满足绿色、低碳、智能、安全耐久、健康舒适等核心要求，而防 水作为房屋建筑的'隐形卫士'，修复和治理是刷新服务的前置性工作，也是关键性工作。通过系统化的培训和认证，能够让服务团队掌握更专业的防水知识 与施工技能，从源头上减少因防水不当导致的墙面发霉、起皮、脱落等问 ...

中新网甘肃新闻6月6日电 (郭玉 安琪)近年来，武威市税务部门聚焦企业涉税需求，持续在落实税惠政 策上加力，在优化税费服务上给力，在助企纾困解难上添力，着力推动政策红利精准快速直达经营主 体，有效助推新质生产力和制造业高质量发展。 中车武威民勤新能源装备制造项目作为武威市市列重大项目，不仅承载着推动地区新能源产业转型升级 的重任，更是驱动经济增长、培育发展新动能的关键引擎。项目全部建成达产后，可与民勤县现有的塔 筒、叶片、整机、光伏组件等新能源装备制造项目互补，形成风、光、储产业主设备完整产业链，助推 民勤乃至武威新能源高端装备制造实现高质量发展。 "合规经营、诚信纳税不仅是对法律法规的严格遵守，更是对社会责任的积极践行。税务部门十分关心 和支持企业的发展，不仅面对面问需送策，还积极开展税务合规培训，为我们量身定制《风险防范手 册》。在税务部门的引导下，公司定期开展税务风险评估，排查潜在涉税风险，确保税务管理的规范性 和透明性，为企业可持续发展奠定了坚实基础。"武威时代创富新能源有限公司总经理薛剑超表示。 服务量身定制 企业创新再添动能 甘肃宇邦建筑防水材料有限公司位于天祝县宽沟工业园区内，是一家集生产、施工 ...

在建筑防水领域深耕二十余载的郑恩成先生,作为山东金隆防水科技股份有限公司总经理,始终以技术创 新驱动行业发展。继"沥青防水卷材烟气治理系统"等多项专利技术取得显著应用成效后,郑恩成不仅获 聘为两本国际期刊的编委,同时,其近期发表的三篇论文还先后被国内核心期刊收录,这些成就无疑进一步 巩固了其在建筑防水材料领域的领先地位。 创新突破: 核心技术破解行业痛点 在其近期发表的《某施工项目中水泥基渗透结晶型防水材料的应用》一文中,郑恩成将一种新型无机防 水材料——水泥基渗透结晶型防水材料应用到某施工项目中进行试验与分析,验证了该材料在地下结构 中的优异性能。这项研究为地下防水工程提供了可靠的技术支持,在理论上深化了对水泥基渗透结晶材 料防水机理的认识,在工程应用上具有重要的推广价值。郑恩成称,未来还将针对极端环境条件与材料的 长期性能开展更深入的研究,为复杂工程的防水施工提供更完善的解决方案。 持续创新,赋能建筑行业高质量发展 实践创新: 探索沥青防水卷材的多元应用 郑恩成的《沥青防水卷材在建筑防水中的应用研究》一文则详细阐述了沥青防水卷材在多种建筑结构中 的应用设计。其通过具体工程案例,展示了如何针对不同建筑特点和 ...

Core Viewpoint - The article highlights the significance of the "Rainwater Management System" in sponge city construction, emphasizing its role in optimizing urban rainwater runoff control through ecological elements like buildings, roads, green spaces, and water systems [1] Group 1: Technology and Innovation - The Dongfang Yuhong Taohuayuan Zero Slope Organized Drainage and Water Storage System supports the construction of resilient urban water ecosystems through innovative technology and quality [3] - This system has been recognized as a core product in the sponge city construction technology system and has been included in the first batch of the Ministry of Housing and Urban-Rural Development's directory of advanced applicable technologies and products for sponge city construction [5] - The system integrates various functions such as infiltration, retention, storage, purification, utilization, and drainage, effectively addressing issues like water seepage and leakage [7] Group 2: Application and Benefits - The system is designed to manage water resources in community green spaces, landscape water bodies, and public activity areas, creating a complete operational chain for rapid drainage, tiered purification, and recycling [9] - During rainfall, initial rainwater is filtered and stored in underground modules, which can then be used for irrigation, landscape replenishment, and municipal water needs, effectively replacing traditional water supply during peak irrigation periods [9] - The system enhances community flood control capabilities by safely draining excess rainwater during extreme weather events, ensuring the stability of residents' daily lives [9] Group 3: Smart Features and Sustainability - The system features intelligent detection capabilities, with sensors providing real-time feedback on rainfall intensity and water level changes, optimizing drainage paths and adjusting storage capacity dynamically [11] - Its modular design allows for flexible configuration to meet diverse needs in both flood-prone and drought-affected areas, demonstrating significant technical adaptability in new city construction and old city renovation [11] - The core components are made from high-performance composite materials, ensuring durability and low maintenance needs compared to traditional products, thus providing sustainable support for urban water management facilities [13] Group 4: Future Prospects - The Dongfang Yuhong Taohuayuan Zero Slope Organized Drainage and Water Storage System has become a key support for regional water ecological governance projects in Xiong'an New Area, with expectations for broader application in sponge city construction across more cities as technology evolves [15]

2025 年1 月7 日，凯伦股份发布公告，与苏州矽彩光电、苏州和彩、苏州源彩及陈显锋先生签订框架协 议，凯伦将以支付现金的方式购买目标公司不高于51%的股权，交易包括股权转让和股权收购两项事 宜，4 月28 日公告完成工商变更。凯伦股份在此次收购佳智彩的框架协议中签订业绩对赌协议，承诺佳 智彩在25-27 年累计扣非归母净利润不低于2.4 亿元。考虑到公司未来转型后具备较高业绩提升空间， 且主业有望触底后实现困境反转，同时公司收购佳智彩的面板检测设备业务有望放量、半导体检测设备 业务有望带来优异成长空间，首次覆盖给予"买入"评级。 凯伦股份：主业防水经营承压，转型检测设备元年凯伦股份原深耕防水材料业务，25 年转型显示面板 和半导体检测设备领域。股权结构相对分散，无单一绝对控股方，实控人及一致行动人持股占三四成。 公司有24 家参控股子公司，目前以苏州总部为中心，产能辐射全国。20 年及之前公司防水主业稳步增 长，21 年后经营承压，防水卷材业绩贡献收窄，防水涂料和施工贡献加大，24 年利润转亏至-5.4 亿 元。 测算凯伦股份防水业务总收入分别达24.27/25.18/26.29 亿元，同比分别+2%/+ ...

装修新房时,很多业主最担心的不是瓷砖选什么颜色,也不是橱柜怎么布局,而是那些看不见的隐蔽工程 ——尤其是厨卫防水。一旦防水没做好,轻则墙面返潮、瓷砖空鼓,重则渗水到楼下,不仅影响自家生活质 量,还可能引发邻里纠纷。面对市场上五花八门的防水品牌,不少业主感到无从下手:究竟哪个品牌值得信 赖?哪种防水方案才能真正解决问题?今天,我们就来聊聊防水行业的老牌劲旅——老顽固,看看它如何用 墙刚地柔的科学方案,帮万千家庭彻底告别厨卫漏水烦恼。 厨卫防水没做好,入住后麻烦不断 环保健康让家人安心 现代家庭越来越重视装修材料的环保性,而防水作为隐蔽工程,其环保性能往往被忽视。劣质防水材料可 能长期释放甲醛、苯等有害物质,污染室内空气。老顽固所有产品均通过中国环境标志认证、法国A+级 室内空气检测和国际Intertek绿叶认证,部分产品甚至达到0甲醛、0苯、0APEO的极致环保标准。这意味 着,选择老顽固不仅防水效果好,还能为家人创造一个更健康的居住环境。 很多业主在装修时容易犯一个错误:把大部分预算花在看得见的地方,比如高档瓷砖、进口卫浴,却对隐蔽 工程能省则省。殊不知,防水工程恰恰是最不能马虎的环节。想象一下,入住后不久, ...

证券代码：300665 证券简称：飞鹿股 份债券代码：123052 债券简称：飞鹿 转债 株洲飞鹿高新材料技术股份有限公司投资者关系活动记录表 编号：2025-001 | | ☐特定对象调研 ☐分析师会议 | | --- | --- | | | ☐媒体采访 业绩说明会 | | 投资者关系活动类别 | ☐新闻发布会 ☐路演活动 | | | ☐现场参观 | | | ☐其他（请文字说明其他活动内容） | | 参与单位名称及人员姓 | 广大A股投资者 | | 名 | | | 时间 | 2025年5月13日 15:00-17:00 | | 地点 | 价值在线（https://www.ir-online.cn/）网络互动 | | 上市公司接待人员姓名 | 董事长 章健嘉 | | | 董事兼总裁 范国栋 | | | 独立董事 唐有根 | | | 董事兼董事会秘书 易佳丽 | | | 财务总监 韩驭安 | | | 1、公司在轨道交通装备、新能源、民用建筑等各业 务领域2024年的市场拓展情况如何？未来有哪些重点布 局方向？ 2024年度，公司在各业务板块市场拓展如下：一是在 | | 投资者关系活动主要内 | 轨道交通领域， ...

Core Viewpoint - The company reported a significant decline in revenue and net profit for Q1 2025, primarily due to weak market demand and ongoing structural adjustments in its business operations [1][2]. Revenue Performance - In Q1 2025, the company achieved revenue of 59.55 billion, a year-on-year decrease of 16.71% [1]. - The decline in revenue is attributed to weak demand in the real estate and infrastructure sectors, with new housing starts down 24.40% year-on-year [1]. - The company is undergoing structural adjustments, with direct sales in real estate procurement and engineering contracting continuing to shrink, impacting short-term revenue growth [1]. Profitability Analysis - The net profit attributable to shareholders for Q1 2025 was 1.92 billion, down 44.68% year-on-year [2]. - The gross margin for Q1 2025 was 23.73%, a decrease of 5.95 percentage points from 29.68% in the same period last year, influenced by a higher proportion of low-margin new products and intense competition in the waterproofing business [2]. - The net profit margin for Q1 2025 was 2.99%, down 1.79 percentage points year-on-year [2]. Cost Management - The company has made progress in controlling expenses, with total operating expenses for Q1 2025 amounting to 10.13 billion, down from 14.58 billion in the previous year [2]. - The sales expense ratio, management expense ratio, R&D expense ratio, and financial expense ratio all showed improvements compared to the previous year [2]. Cash Flow and Receivables - The net cash flow from operating activities for Q1 2025 was -8.13 billion, a significant improvement from -18.89 billion in the same period last year [3]. - The company has been improving its net cash ratio over the past two years, reflecting better expense control and working capital management [3]. - Accounts receivable increased to 88.22 billion from 78.52 billion at the beginning of the year, while other receivables decreased significantly, indicating ongoing efforts to manage historical issues [3]. Investment Outlook - The company aims to explore opportunities in sand powder products and deepen its retail channel while prioritizing partner relationships and accelerating overseas market expansion [4]. - Revenue projections for 2025-2027 are 283.78 billion, 292.73 billion, and 305.72 billion, with net profits of 14.22 billion, 18.99 billion, and 24.03 billion respectively [4]. - The projected price-to-earnings ratios for 2025-2027 are 19.2, 14.4, and 11.4 times, maintaining a "buy" rating [4].