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財言H1 | 三樹生機盎然

來源：家居百科時間：2025年08月19日 15:59

Sankechuang 2025 Half-Year Report: Impressive Performance Despite Market Challenges

Sankechuang Half-Year Report Image

??Spring brings warmth to the river, and the branches and leaves of Sankechuang in the first half of 2025 are flourishing under the warm gaze of the capital market. This 2025 half-year report is not only an answer to Sankechuang's performance but also a deep repair of the enterprise's internal functions. With the careful sorting and optimization of Sankechuang's business logic, the dormant profit has finally absorbed abundant nourishment,煥發(fā)生機, and the corporate blood - cash flow, has also shown a more abundant and fresh look at this moment.

??Under the background of the downgrading real estate industry and the intensifying competition in the construction coating market, Sankechuang Co., Ltd. (603737.SH, hereinafter referred to as "Sankechuang") has handed in an impressive answer in the first half of 2025. Although the revenue only increased slightly, the performance of the parent company's net profit is outstanding, and the cash flow has also improved significantly, showing the effectiveness of the company's strategic transformation and cost control. In the current market environment, this is indeed not easy.

??Revenue slightly increased ?Net profit doubled

Sankechuang Revenue Growth Image

??According to the semi-annual report of 2025, Sankechuang achieved an operating revenue of 58.16 billion yuan in the first half of the year, a year-on-year increase of 0.97%, and the overall scale of income remained stable. Compared with the slight increase in the income end, the company's profitability has been significantly restored: the net profit attributable to the shareholders of the listed company reached 4.36 billion yuan, with a year-on-year increase of 107.53%; the net profit after excluding non-recurring gains and losses reached 2.92 billion yuan, with a year-on-year increase of 268.48%.

??The core reason for the significant increase in profits in the absence of obvious growth in the income end lies in the improvement of gross profit margin and the decrease in operating expenses. The report shows that the operating costs decreased by 4.27%, mainly benefiting from the downward trend in raw material prices and the optimization of product structure. In addition, sales expenses decreased by 4.53%, and management expenses and financial expenses also decreased by 0.77% and 26.02% respectively, reflecting the significant effectiveness of the company's cost control.

??This means that even in an adverse market environment, Sankechuang has still achieved profit restoration through internal adjustment and operational efficiency improvement, showing the operating resilience of the company as an industry leader.

Sankechuang Profit Growth Image

??Cash flow turns positive ?Collection improves

??The cash flow situation is particularly noteworthy. In the first half of the year, the company achieved a net cash flow from operating activities of 3.51 billion yuan, compared to -0.42 billion yuan in the same period last year, with an improvement of nearly 4 billion yuan. The company explained that this was mainly due to the increase in accounts receivable.

??For enterprises mainly engaged in engineering coating business, accounts receivable and cash flow have always been the most concerned risk points in the market. In the first half of 2025, Sankechuang strengthened the collection efforts, making the operating cash flow return to a positive value. This not only improved the efficiency of capital operation but also to a certain extent alleviated the debt pressure faced by the enterprise.

??However, the cash and cash equivalents of the company were 12.89 billion yuan, down 23.79% from the end of the previous year. On the one hand, it reflects the continuous investment in production and operation and investment of the company; on the other hand, it also indicates that the liquidity reserve has decreased. The continuous improvement of future cash flow still depends on the efficient collection of accounts receivable.

Sankechuang Cash Flow Improvement Image

??High accounts receivable ?Debt structure adjustment

??From the perspective of assets and liabilities, the debt-to-asset ratio of Sankechuang successfully decreased by 0.7% in the first quarter, but the 76.45% debt-to-asset ratio still needs to be vigilant. Although this does not significantly affect the normal operation of the company's daily business, it will generally drag on the company's strategic transformation or scale overseas.

??The accounts receivable balance of Sankechuang is 35.77 billion yuan, accounting for more than 26% of total assets, and increased by 10.6% year-on-year. In the context of the downgrading real estate industry and the tight financing of real estate enterprises, the high accounts receivable means that Sankechuang still faces certain collection risks, but it is also a reflection of the company's business expansion in a good direction.

??In terms of liabilities, the short-term borrowing of the company is 20.47 billion yuan, down 11.52% from the end of the previous year; the long-term borrowing is 13.99 billion yuan, up 8.93% year-on-year. Overall, the company is optimizing the debt structure through reducing short-term liabilities and increasing long-term financing, in order to reduce the pressure of short-term repayment. This adjustment is helpful to maintain the stability of the company's capital, but at the same time it also reflects that the company still has a large financing demand for future development.

??It is noteworthy that the total assets of the company are 137.59 billion yuan, down 1.67% year-on-year, while the net assets have increased to 29.42 billion yuan, up 9.52% year-on-year. This indicates that while the company's scale has slightly shrunk, the equity of the shareholders has been enhanced, and the financial stability has been improved.

??Industry differentiation intensifies ?Existing market becomes the main force for growth

??From the perspective of the industry, the China coatings market in 2025 continued to show a differentiated pattern. The real estate market is低迷, the demand for new construction projects is insufficient, and it directly exerts pressure on building coating enterprises. However, at the same time, the rapid growth in renovation demand driven by urban renewal, second-hand housing decoration, old city renovation, and aging-appropriate transformation has opened up new space for the industry.

??Under this background, Sankechuang actively adjusts its strategy: on the one hand, it focuses on the retail end, through "ShangMaZhu", artistic paint, imitating stone paint and other products and services, creating one-stop home renewal solutions; on the other hand, in the engineering end, it focuses on urban renewal, green building, and small B end (such as education, science, culture, health, tourism, and hotels and tourism) scenarios, and weakens its dependence on traditional real estate bulk business. These measures have helped the company achieve revenue stability and profit growth in the context of the overall decline of the industry.

??Strategic transformation results are evident

??In recent years, Sankechuang has been promoting the transformation from "coatings manufacturer" to "coatings + service" comprehensive supplier. In the first half of 2025, the company continued to strengthen the service capability of the retail end, launched the "ShangMaZhu 3.0" renewal strategy, focusing on one-stop home solution, further close to consumer needs. In the engineering end, the company focuses on green low-carbon, intelligent manufacturing, and continues to expand into new tracks such as industrial coatings and waterproof materials.

??The improvement of financial data to some extent verifies the effectiveness of this transformation. The improvement of gross profit margin, the decrease in expenses, and the improvement of cash flow all show the progress of the company in management efficiency and market positioning. In the future, with the increase of industry concentration, Sankechuang, as a leading brand, is expected to further benefit.

??Conclusion

??On the whole, in the first half of 2025, Sankechuang achieved a doubling of profits and a positive cash flow, reflecting that the company has achieved profit restoration through product structure optimization and cost control. At the same time, the decrease in cash and high accounts receivable also reveal potential liquidity risks.

??It is worth noting that as of the date of this article, by August 18, the stock price and market value of Sankechuang have been significantly restored, with the stock price from around 20 yuan per share in September 2024 to 44.56 yuan per share, an increase of 122.8%, with a market value of 328 billion yuan, leaving room for imagination for the future capital operation of Sankechuang.

??In the future, the sustainable growth of Sankechuang will depend on two aspects: first, whether it can further expand in the new tracks such as retail and urban renewal and reduce its dependence on the real estate industry; second, whether it can continue to optimize the cash flow management to maintain a stable capital chain. For investors, the impressive performance of Sankechuang in the first half of the year more reflects a stage of repair rather than a fully high growth trend. How to seize opportunities and control risks in the structural changes of the industry will be the key to whether the company can achieve long-term stable development.

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