事件 2025 年 11 月 26 日，公司公告其全资子公司北新防水有限公司将 以 4.18 亿元的总价，分别受让远大洪雨(唐山)防水材料有限公司 和远大洪雨(宿州)建材科技有限公司各 80%股权。 事件点评 （1）"防水翼"再添一员，补强华北份额。2019 年公司通过联合 重组进入防水材料业务领域，2019-2022 年进入收购高峰期。本次 收购在 2022 年即公布过收购计划、但并未履行，即拟以 6.0 亿元 的对价收购唐山远大洪雨 63.3%以及宿州远大洪雨 70%股权，本次 收购比例和对价有所变化，对价下调估计和防水行业较 22 年景气 度下滑有关。完成收购后，公司预计新增沥青防水卷材/高分子防 水卷材/防水涂料产能 12000 万平米/4000 万平米/159000 吨。 2025H1 北新防水业务收入 24.9 亿左右，同比增长 6%左右，实现 净利润 1.4 亿，同比增长 6%，净利率约 5.6%。 （2）结合拟收购标的的行业影响力看、收购估值相对合理。从行 业估值水平来看，东方雨虹/科顺股份 pb-lf 分别为 1.44x/1.27x。 1）公司收购远大洪雨（唐山）80%股权的对价为 3.36 ...

Core Insights - Zheng Encheng, General Manager of Shandong Jinlong Waterproof Technology Co., Ltd., has been driving industry development through technological innovation for over 20 years [1] - His recent achievements include multiple patents and publications in international journals, solidifying his leading position in the waterproof materials sector [1][5] Innovation Breakthroughs - Zheng's recent paper on cement-based crystalline waterproof materials demonstrated their excellent performance in underground structures, providing reliable technical support for waterproof engineering [2] - Future research will focus on extreme environmental conditions and long-term material performance to offer comprehensive solutions for complex waterproof projects [2] In-depth Analysis - A study on the durability of waterproof membranes analyzed key factors affecting their longevity, such as material aging and environmental influences [3] - The paper proposed scientific evaluation methods and strategies for optimizing membrane selection, construction processes, and maintenance management [3] Practical Innovations - Zheng's research on asphalt waterproof membranes detailed their application in various building structures, showcasing tailored solutions for different architectural features [4] - Specific case studies highlighted the importance of selecting appropriate membrane types and construction methods, particularly in critical areas like eaves and ridges [4] Academic Leadership - Zheng's appointment as an editorial board member for two international journals reflects his significant influence in the academic community [5] - His role will involve participating in peer review and topic planning, contributing to global academic exchange in the field of waterproof materials [5] Future Outlook - Zheng's continuous innovation and commitment to high-quality development in the waterproof materials sector are expected to yield further breakthroughs and solutions [6][7] - The industry anticipates his ongoing contributions to address new challenges and enhance the quality of construction in China and globally [7]