2025年9月27日，德国必优集团在深圳隆重举行品牌上市挂牌仪式。这不仅是集团从企业到公众品牌的重要跃升，更标志着中国建材行业正迎来一个全新的 发展动力源泉。 19年坚守，品质铸就品牌 自成立以来，德国必优集团始终坚持"品质为先"的发展理念。19年来，集团专注解决建材行业产品同质化、施工难题及环保挑战，从原材料研发到生产工 艺，每一个环节都精益求精。凭借雄厚的研发实力和严格的质量管控，必优集团的产品已覆盖涂料、腻子、砂浆等建材核心领域，赢得行业与市场的高度认 可。 I and The Press An 11 ... 10 ... 1 国际视野，本土深耕 作为德国背景的建材集团，必优坚持国际标准与本土需求相结合，兼顾质量、环保与施工便利。旗下产品不仅通过多项国际检测认证，也在中国市场形成了 稳健的口碑和信赖度，为建材企业升级与家装项目提供可靠支持。 挂牌上市，迈入品牌高速发展新时代 挂牌上市不仅为集团带来了资本的助力，更为品牌发展注入全新动力。未来，德国必优集团将加速技术创新、拓展全国市场布局，并推动建材行业绿色化、 智能化、标准化发展，为行业树立新的标杆。 未来可期 从坚守到突破，从质量到品牌，德国必优集团正 ...

截至9月26日，负责厦门港出入境货船查验的厦门边检总站东渡边检站今年第三季度已查验出入境(港) 船舶3500余艘次，船员7100余人次，同比分别增长4.9%和5.3%。 厦门港增开东盟航线 前8月东盟为厦门最大贸易伙伴 中新网厦门9月26日电 (林永传 胡嘉睿)26日18时30分，随着新加坡籍"腾达"号货轮完成装卸作业后缓缓 驶离厦门港海天码头、驶向菲律宾马尼拉，标志着厦门港成功增开了一条通往东盟国家的航线。 据厦门边检总站东渡边检站相关负责人介绍，该航线是新加坡航运公司旗下马尼拉新航线，以厦门港为 起点，挂靠厦门、汕头、香港及马尼拉等多个东南亚核心港口，主要装载屋面瓦、乳胶漆、聚丙烯等大 宗商品货物。 该负责人说，为更好服务新航线，厦门边检总站东渡边检站执勤二队靠前服务，主动对接船舶代理和相 关港航企业，征询企业服务需求，实时掌握船舶船员和载运货物等相关动态信息，通过"7x24小时"预约 通关、"线上申报+绿色通道"、查验前置等服务举措，压缩船舶通关时长，提高作业效率和码头周转 率。 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 ...

Group 1 - The core event is the listing ceremony of German Biyou Group in Shenzhen on September 27, marking a significant milestone in the company's 19-year development journey and a major signal in the building materials industry [1] - German Biyou Group has maintained a "quality breakthrough" development path since its establishment, continuously innovating processes to form a solid product matrix, thus maintaining both profit and reputation in a highly homogeneous market [9] - The listing represents a leap for German Biyou into a public brand and an important opportunity for capital empowerment, facilitating national market expansion and global strategy implementation [11] Group 2 - The listing enhances German Biyou's brand awareness and serves as a model for breakthrough development in the building materials industry, addressing issues of homogeneity and inefficient competition through product innovation and marketing empowerment [13] - The company has a comprehensive service offering, providing one-stop solutions to construction enterprises, enhancing market competitiveness for decoration companies, and ensuring a healthy living environment for end consumers [23] - German Biyou Group is a comprehensive enterprise engaged in research, production, sales, and brand authorization in building materials, with over 500 domestic and 11 overseas franchise factories, and is set to be listed in Hong Kong [21][22]

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].