X 香港股權交易展示中心 www.hkgotc.com 9月27日，德国必优集团将在深圳举行品牌上市挂牌仪式。这一事件不仅是集团19年发展征程的重要里程碑，更被视为建材行业发展格局中的一次重磅信 号。 > 首页 > 關於同意德國必 關於同意德國必優集團有限公司掛牌的公告 c 2025-08-18 © 浏览次数: 7 次 ← 返回列表 德國必優集團有限公司所提交申請材料齊備，符合HKGOTC相關完備性要求。HKGOTC同意該公司掛牌，並已為該公司分配了公 (公司簡稱:德國必優集團、公司代碼:HK 32658)。 友情链接: 香港交易所 | 鳳凰網 | 大公網 | 招銀國際 | 國信香港 | 紐約證券交易所 | 納斯達克證券交易所 | 倫敦 本公司竭力確保其提供的資料準確及可靠, 惟不保證該資料的準確性,亦不對任何因資料不確或遺漏所引致之 或損害負上責任 (不論是民事侵權行為責任或合約責任或其他責任) 2021 香港股權交易展示中心 霍交易展刃 l 輸入企業名稱或者代碼 首頁 我要掛牌 市場動態 法律聲明 企業展示 信息披露 信息披露 Information Disclosure 一、19年坚守，厚积薄发 【上一 ...

与油漆打了大半辈子交道的"亚洲漆王"走了。 8月12日，吴德南控股集团创办人、立邦品牌创始人吴清亮去世，享年98岁。吴氏家族发表声明称，吴 清亮在新加坡家人的陪伴下安详离世。 今年5月，吴清亮以净值130亿美元（约合934亿元人民币）的个人财富登上《福布斯》全球富豪榜第182 位，位居新加坡第一。 白手起家的"亚洲漆王" 白手起家的吴清亮，用近一个世纪的人生诠释了从贫苦少年到商业巨擘的奋斗历程。 1927年，吴清亮出生于新加坡，祖籍广东省潮州市潮安区浮洋镇大吴村。他早年丧父，与母亲及姐弟相 依为命，13岁便被迫辍学开始打工，卖过渔网、开过汽水厂，再到五金店销售员，每一次挫折都构成了 他人生的历练，并帮助他积累了从商经验。 看准市场，入华深耕 1990年，立时集团开始筹划进入中国。 1992年，立时集团在中国注册成立第一家公司，成为较早进入 中国的跨国企业之一。 彼时国内还没有涂料的概念，吴清亮曾回忆说自己回到潮州老家，发现很多地方用白水泥、白石灰来涂 墙。这也让初到中国的立邦发展并不顺利，"前期投资的规模很大，亏得很惨。" 但吴氏仍然坚持自己 对中国市场的判断："中国市场太大了，我看准了中国绝对不会让我失望。 ...

Summary of the Conference Call for SanKe Tree Company Overview - **Company**: SanKe Tree - **Industry**: Building Coatings Key Points Industry and Market Dynamics - SanKe Tree maintains operational resilience during the real estate downturn through strategic adjustments and channel transformations, effectively managing accounts receivable and bad debt risks, laying a foundation for future growth [2][3][6] - The building coatings market is expected to see significant growth driven by two main trends: substantial market share increase potential and rising repainting demand [2][7] - The retail market for building materials is currently the most important, with a total demand area of approximately 1.7 billion square meters from 2024 to 2026, while the incremental market faces pressure due to urbanization and real estate downturn [16] Company Performance - In the first half of 2025, SanKe Tree reported a slight revenue increase, outperforming many competitors who experienced revenue declines of over 10% [6][12] - The company anticipates a net profit of 380 to 460 million RMB for the first half of 2025, reflecting an increase of 81% to 119% year-on-year [12] Strategic Focus and Future Growth - The core logic for SanKe Tree's future development includes enhancing market share and increasing repainting demand, with current retail market share at less than 8% compared to Nippon Paint's 30% [4][7] - The company has introduced three new business transformation strategies, including accelerating the layout of stock renovation and offline channels, leveraging rural beautification subsidies, and creating a high-end product matrix with artistic paints [12][20] - SanKe Tree aims to achieve a profit of approximately 800 to 1,000 million RMB by 2025, with long-term goals to match Nippon Paint's revenue of over 20 billion RMB [11][30] Competitive Positioning - SanKe Tree has established a competitive advantage in the building coatings market, maintaining a strong market position alongside Nippon Paint [3] - The company has a comprehensive product system covering various segments, including imitation stone paint, latex paint, waterproof coatings, adhesives, and more, enhancing customer stickiness through a one-stop service model [23] Risk Management - The company has effectively managed accounts receivable risks, with a single-item impairment exposure of approximately 261 million RMB in 2024, representing 79% of its total [29] - The short-term outlook for the engineering coatings market remains weak, with an expected annual decline of 2.3% from 2024 to 2026, but SanKe Tree is shifting focus from large B direct sales to small B distribution channels to mitigate risks [28] Market Trends - The second-hand housing market is expected to remain robust, with a projected 60% share of transactions in 2024, driving demand for related products [17] - Home renovation is a strong demand driver, with retail sales of building materials showing positive month-on-month growth since 2025 [18][19] Conclusion - SanKe Tree is positioned for sustainable growth through strategic adjustments, effective risk management, and a focus on enhancing market share and product offerings in the building coatings industry [2][11][30]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 53.19, based on a 40x PE for 2026 [1][6]. Core Views - The company is transitioning from incremental to stock demand in the domestic market, focusing on three new retail formats to enhance brand strength and drive sustainable revenue growth [1][14]. - The company is expected to see a profit margin inflection point and operational performance elasticity due to steady market share gains in the small B and C-end markets, alongside improved product and channel offerings [1][14]. Summary by Sections Retail Business - The company is targeting a total home decoration demand area of approximately 1.7 billion square meters from 2024 to 2026, with a compound annual growth rate (CAGR) of 5.0% for stock renovation demand, leading to a retail paint market exceeding RMB 60 billion annually [2][14]. - The company's retail market share is projected to reach about 7.9% in 2024, indicating significant room for growth compared to competitors [2][14]. Engineering Coatings - The company has shifted its channel strategy towards engineering distribution, with small B distribution revenue maintaining steady growth at a CAGR of 13.1% from 2020 to 2024, despite a decline in large B direct sales [3][16]. - The engineering coatings market is estimated to be around RMB 50-60 billion annually, with the company's market share expected to stabilize around 13% [3][16]. Market Positioning - The company is evolving from a single paint manufacturer to a comprehensive service provider, integrating paint, consulting, and construction services, which is expected to become a new growth driver [4][15]. - The company has established a solid position in the engineering market, with a stable market share and improved accounts receivable turnover, indicating a controlled risk environment [14][16]. Profit Forecast and Valuation - The company has adjusted its net profit forecasts for 2025-2027 to RMB 7.8 billion, RMB 9.8 billion, and RMB 12.1 billion, respectively, reflecting a CAGR of 54.0% [5][14]. - The target price of RMB 53.19 is based on a 40x PE for 2026, with the company expected to benefit from the rapid replication of new business formats and reduced impairment risks [5][14].