Keshun(SZ:300737)2025-09-19 11:08Group 1: Industry Overview - The company actively responds to the "anti-involution" trend by adjusting product prices and tightening credit policies to promote healthy competition in the industry [2] - The market share of small and medium-sized waterproof enterprises has been declining due to stricter government regulations and increased competition from leading companies [2][3] - The competitive landscape has fundamentally changed, with leading companies rapidly occupying market share and creating barriers for smaller enterprises [3] Group 2: Company Development Strategy - The company aims to deepen its focus on the waterproof main business, optimizing its business structure and increasing the share of retail, repair, and overseas markets [4] - Future revenue structure is planned to be: 30% from retail, 20% from overseas, and 50% from construction and related businesses [5][6] - The company will leverage its technological advantages to accelerate the industrialization of laboratory technologies and explore new materials and technologies through mergers and acquisitions [4] Group 3: Retail Business Growth - The rapid growth of the retail business is attributed to increased brand awareness, an expanded distribution network, and a diversified product range [7] - The company plans to enhance its retail market presence, aiming for retail business to account for over 30% of total revenue by 2027 [8] - The retail network has over 80,000 distribution points, facilitating customer access and order growth [7] Group 4: Financial Performance and Projections - The company has seen an improvement in gross margin due to optimized revenue structure and cost reduction efforts [11] - The entry of a state-owned enterprise as a shareholder has enhanced business credibility and access to government projects, positively impacting order growth [12] - Raw material prices are expected to remain stable, with potential for further decreases [10]