Hz info:After nearly 30 years in the building waterproofing industry, Keshun Waterproof Technologies Co., Ltd. (Keshun) is transitioning toward becoming a "one-stop civil building material solutions provider." Recently, its wholly-owned subsidiary Dezhou Keshun invested RMB 8 million to expand an annual production line of 16,100 tons of coatings. This marks another key move in Keshun¡¯s cross-border expansion into the coatings field, following bases in Anhui and Western Guangdong.

Capacity Expansion: Extending High-Value-Added Coatings Layout

Keshun is deepening its high-value-added coatings layout through capacity expansion. Dezhou Keshun is expanding its coatings production line in the Linyi High-End Chemical Industrial Park, adding equipment such as polyurea reactors to its existing workshop. This upgrade will achieve an annual capacity of 16,100 tons of coatings, including 8,000 tons of polyurethane grouting materials, 2,500 tons of polyurea waterproof coatings, 3,000 tons of epoxy floor coatings, and 2,600 tons of anticorrosive coatings. This expansion builds on its existing waterproofing business. Upon full operation, the project is expected to generate annual sales revenue of RMB 80.5 million and a total profit of RMB 48.3 million, serving as a key pivot for the company¡¯s extension into high-value-added fields like industrial coatings.

Founded in 1996 as a comprehensive building waterproofing service provider, Keshun now operates 38 subsidiaries and over ten R&D production bases. Its 2024 financial report shows that despite a 14.04% YoY revenue decline to RMB 6.829 billion due to real estate impacts, net profit attributable to shareholders surged 113% to RMB 44.07 million. Waterproof coatings contributed RMB 1.786 billion in revenue, accounting for 26.17% of total revenue. Although this segment declined 5.68% YoY, its gross margin of 33.67% far exceeded the 19.23% margin of waterproof membranes. In contrast, waterproof membranes, while maintaining a 52.06% revenue share, fell 15.38% YoY, exposing bottlenecks in traditional core businesses.

In its 2025 operational plan, Keshun explicitly focuses on its core building waterproofing business while synergistically developing seismic reduction/isolation, coatings, piping, self-cleaning coatings, and specialty mortars to form a "one-stop" solution. Key initiatives include strengthening technological leadership through platforms like its academician workstation to advance green, low-carbon R&D, and optimizing capacity layout by building smart manufacturing bases for efficient supply chain coordination.

The plan also outlines deepening channel network development, cultivating new quality productive forces to expand into emerging sectors like industrial plants/data centers/new energy, strengthening partnerships with state-owned enterprises to support national infrastructure, boosting home retail services to build an ecosystem, advancing global expansion, and refining its "Concentric Circle" product ecosystem. These strategies aim to build multidimensional growth pillars across building safety, green energy, and more.

The Dezhou Keshun project not only reinforces its industrial coatings layout but also strongly aligns with its 2025 strategy of deepening business diversification and building a multi-industry system.

Capacity Synergy & Global Layout: Building a Worldwide Service Network

To drive strategic implementation, Keshun is strengthening north-south capacity synergy and global expansion. Its Western Guangdong Fo-Mao Cooperative Park base has been upgraded to a regional headquarters, with a total investment of RMB 350 million in phased construction. Phase I will rapidly launch 100,000 tons of dry-mix mortar and 10,000 tons of water-based coatings via customized plants; Phase II will expand into high-end categories like polymer waterproof membranes, enabling full-product coverage for Yangjiang, Maoming, Zhanjiang, Eastern Guangxi, and Hainan markets.

This base synergizes with the Anhui Keshun smart production base (RMB 510 million investment), which covers waterproof coatings, membranes, dry-mix mortar, and architectural coatings. The two bases form an R&D and supply network across South and East China through technology sharing and market coordination. They enhance regional service capabilities while introducing new products like architectural coatings, providing one-stop building material solutions for the Yangmaozhan Economic Circle and neighboring provinces.

Globally, Keshun partnered with SAC Group to build two modern production bases in Malaysia. The Perak Huadu Yaye base spans over 400,000 sq. ft., featuring automated lines and smart control systems to produce 27 million liters annually of water-based architectural/waterproof/industrial coatings. Full-process quality control ensures stable output. The Johor Bahru base integrates production, R&D, and warehousing, focusing on high-performance industrial coatings like floor paints and heavy-duty anticorrosive paints. Leveraging Malaysia¡¯s location, it shortens supply chains and enhances delivery efficiency and localized services across Southeast Asia. These moves fortify domestic synergy while providing robust support for global strategy execution.

Product Innovation: Solving Building Application Pain Points

Keshun¡¯s strategy relies not only on forward-looking capacity layouts but also on precise product matrix support. Seizing opportunities in China¡¯s trillion-scale renovation market, Keshun uses technology to address building maintenance pain points. As urbanization shifts to a stock-phase, 65% of building waterproofing projects will enter renovation cycles within 6-8 years. Leak repair costs can be 5x higher than new builds, pushing the industry toward eco-friendly, efficient, and diversified solutions.

Keshun¡¯s water-based multi-functional protective enamel exemplifies this shift. Using functional group cross-linking technology, it molecularly bonds eco-fillers with emulsion, slashing VOC content while combining "primer protection + topcoat decoration." It suits diverse substrates (metal/concrete/wood) for scenarios like railings, doors/windows, and furniture. Its dense film resists moisture and salt spray, meeting C1-C2 civilian anticorrosion needs and enabling eco-efficient indoor/outdoor renovation.

In exposed building waterproofing, Keshun launched its RunTu Series in July 2025. Centered on "long-term protection," it uses four core technologies and eight "black tech" products to tackle leaks, rust, and aging.

Meanwhile, wholly-owned subsidiary Shunyijie¡¯s self-cleaning nano-coating expands Keshun¡¯s tech boundaries from building structures to peripheral systems. Using superhydrophobic/superhydrophilic tech, it forms invisible shields that extend service life by 3-5 years for building facades and highway signs while cutting maintenance costs by 40%. Applied to vehicles, it triples corrosion resistance and reduces car washes by 60%. In photovoltaics, it enables 1,800-day cleaning-free operation, boosting power generation by 5%+. This breakthrough solves aging and high-maintenance issues while providing full-lifecycle solutions for municipal, transport, and new energy sectors.

From water-based enamel to RunTu Series and nano-coatings, from domestic stock markets to emerging sectors, from building upgrades to green energy crossovers, Keshun¡¯s multi-category products transform "one-stop solutions" into tangible value, fueling sustainable strategic transformation.

Strategic Partnerships: Opening New Growth Curves

To support strategy execution, Keshun advances capital operations and industrial synergy. On July 23, Keshun announced its wholly-owned subsidiary Zhuhai Hengqin Yidong Investment Partnership would invest RMB 240 million to establish an RMB 481 million industrial M&A fund with Guangdong Shunde Hi-Tech Venture Capital Management and affiliate Guangdong Shunde Science & Technology Innovation Group.

The fund will focus on industrial upgrades, smart transformation, and quality/efficiency improvements, accelerating Keshun¡¯s second growth curve and strategic transition. This move reflects Keshun¡¯s intent to diversify development through capital-industrial synergy.