At the beginning of 2026, two key news came out in the construction waterproofing industry: First, many leading waterproofing companies officially announced price adjustments, and the prices of asphalt waterproofing membranes and coatings were increased by 5%-10%; second, high-end residential, municipal engineering, underground pipe corridors and other projects have increased the waterproofing warranty from the past 5 years to 25 years or even the same life as the building. Waterproofing durability has become the core competitive point of the industry.
Waterproofing seems to be a niche building material, but it is related to construction safety and people’s livelihood needs. It is also a high-quality segment of the A-share building materials sector.
In the past, everyone thought that waterproofing was just “painting and laying cloth”, but now waterproof materials that can achieve an ultra-long life of 25 years have already completed technological iterations. The core products are polymer waterproofing membranes and non-cured rubber asphalt. Together with upgraded construction techniques, they completely break the pain points of traditional waterproofing that is prone to leakage and has a short lifespan.
1. Dismantling of core technology: 25-year durability relies not on “thickening” but “cleverness”
(1) Polymer waterproofing membrane: polymer “protective film”, the core of resistance to aging and deformation
Traditional waterproofing membranes mostly use asphalt as the core, which is prone to cracking and aging under exposure to sunlight, low temperature, acid and alkali erosion, and can only last for 5-8 years at most. This is also the root cause of the short-term guarantee of waterproofing quality in the past.
Polymer waterproofing membranes completely abandon the single asphalt material. They use synthetic rubber and synthetic resin (such as TPO, PVC, EPDM) as core raw materials, with special additives and fillers, and are made into rollable sheet materials through internal mixing, extrusion, and calendering processes. They are essentially a layer of high-strength, high-toughness “polymer protective film.”
The principle of its durability is very simple: First, the molecular structure is stable, the polymer chains are tightly combined, and it is resistant to ultraviolet rays, acid and alkali, high and low temperatures, and is not easy to degrade under outdoor exposure and underground humid environments. Its anti-aging ability is 3-3 times that of traditional asphalt membranes.
5 times; secondly, it has excellent mechanical properties, high tensile strength and large elongation. When the building base layer settles, expands and contracts to produce cracks, the rolled material can follow the deformation without tearing, and there will be no water channeling problem of “cracks and water leakage”; thirdly, the material is dense and has no capillary pores, so water cannot penetrate at all. A single layer can reach the first-level waterproof standard without the need for multiple layers, which not only ensures the waterproof effect but also extends the service life.
(2) Non-cured rubber asphalt: “chewing gum-style” paste, a key partner for self-healing and leak-proofing
If polymer waterproofing membrane is a “rigid protective layer”, then non-cured rubber asphalt is a “flexible sealing layer”. Only when the two are used together can a long life of 25 years be achieved.
This material is made of rubber and asphalt as the core, with temperature control agents and fillers added. Its biggest feature is that it remains a sticky paste for a long time, does not solidify into a film, and has creep properties and self-healing properties like chewing gum.
Its core functions have three points: first, to seal cracks in the base layer, and small holes and pores on the base surface can be filled with paste to prevent moisture from seeping into the gaps in the base layer; second, to adapt to the deformation of the base layer and the thermal expansion and contraction of the building
, When settling, the paste will follow the flow and shift, always fitting the base surface, without delamination or cracking; third, it has self-healing ability. When the waterproof layer is slightly damaged, the paste will automatically flow to fill the damage, and leakage can be blocked without manual repair.
Moreover, its solid content is as high as 99%, almost non-volatile, environmentally friendly and has long-lasting performance. It is constructed in combination with polymer membranes to form a “hard and soft” waterproofing system, which directly extends the waterproofing life from 5 years to 25 years.
(3) Upgrading of construction technology: 30% materials and 70% construction, the last link of life guarantee
For waterproofing durability, materials account for 30% and construction accounts for 70%. In the past, traditional waterproofing had a short lifespan, largely due to extensive construction.
Nowadays, the construction technology adapted to long-life materials has been standardized and refined:
- Non-cured rubber asphalt: Use a special sol machine to heat to 160 –
180℃, evenly spray/scrape 2mm thick to ensure 100% bonding with the base surface, no hollowing, no bottoming; - Polymer waterproof membrane: using pre-paved anti-adhesive and hot air welding processes, the overlapping edges are tightly sealed to prevent
In case of joint leakage, the underground project will be laid bare and then poured with concrete, integrating it with the building structure; - Strictly control the base treatment throughout the entire process, clean the dust and debris on the base surface, ensure a strong bond, and eliminate late leakage risks from the construction end.
2. Profit model of A-share listed companies: How to make stable money by relying on long-life waterproofing?
Technology implementation will eventually be transformed into profits. The leading companies in the A-share waterproofing industry have already established a mature profit system relying on high-end products such as polymer waterproofing membranes and non-cured rubber asphalt. Among them, the three leading companies are the most representative:
1. Oriental Yuhong (002271): the absolute leader in the industry, all categories +
Omni-channel profit
As the leader in the domestic waterproofing industry with a market share of over 20%, Oriental Yuhong is a pioneer in high-end long-life waterproofing, with a full range of products including TPO, PVC polymer waterproofing membranes, and non-cured rubber asphalt coatings.
The profit model is clear: the first is the engineering channel, which connects real estate companies, municipalities, and infrastructure projects, focusing on 25-year durable waterproofing systems. With its brand and technical advantages, it has won large orders, and the product premium is higher than the industry average; the second is the retail channel, aiming at home improvement waterproofing needs.
The company has launched high-end waterproof products for civilian use and entered the third and fourth tier markets, with revenue continuing to grow. The third is cost control, large-scale procurement of raw materials, and the deployment of green factories to hedge against the pressure of rising prices of raw materials such as asphalt. At the same time, it relies on technological upgrades to increase the proportion of high-end products and increase gross profit margins.
2. Keshun Co., Ltd. (300737): Focus on engineering waterproofing, high-end products to improve efficiency and increase revenue
Keshun Co., Ltd. focuses on the field of engineering waterproofing, focusing on the deployment of polymer waterproofing membranes and non-cured rubber asphalt composite waterproofing systems, which are suitable for infrastructure projects with extremely high waterproofing durability requirements such as high-speed rails, subways, and underground pipe galleries.
The core of profitability relies on “high-end products + customized services” to provide 25-year durable waterproofing solutions for different project needs. Compared with traditional low-end waterproofing, the gross profit margin of high-end products is 10% – 15% higher. At the same time, it optimizes construction services and provides integrated waterproofing construction services to earn dual profits from products + construction. It relies on infrastructure expansion to achieve steady performance growth.
3. Karen Co., Ltd. (300715): Specialized in segmented fields, specializing in polymer waterproofing to make profits
Kelen Co., Ltd. focuses on polymer self-adhesive film waterproofing membranes, deeply cultivates underground engineering, photovoltaic roofing and other subdivisions, focusing on the demand for 25-year ultra-long life waterproofing.
The profit model focuses on “differentiated competition”, avoids low-end price wars, and specializes in the high-end polymer waterproofing market. The products are adapted to strict waterproofing scenarios and rely on technical patents to form barriers and obtain excess profits. At the same time, it is tied to high-quality infrastructure and new energy projects, with strong customer stickiness and stable revenue growth.
3. Future Outlook: How can long-life waterproofing benefit life and create market value?
(1) For ordinary people: bid farewell to the worries of water leakage, and live with more peace of mind
The most direct beneficiaries of the popularization of 25-year durable waterproofing are ordinary people: residential roofs, bathrooms, and basements no longer leak frequently, and there is no need to spend repeated repairs.
money for maintenance and waterproofing; the leakage rate of municipal roads, underground pipe galleries, subways and other public facilities has been greatly reduced, and travel and living facilities have become more stable; projects such as photovoltaic roofing and old community renovation rely on long-life waterproofing to simultaneously increase the service life and indirectly reduce the operation and maintenance costs of people’s livelihood.
(2) For enterprises: profit margins expand and industry concentration increases
For waterproofing companies, long-life waterproofing products have higher gross profit margins, and with the clearing of low-end production capacity in the industry, the revenue and profits of leading companies are expected to continue to grow.
Taking Oriental Yuhong as an example, for every 10% increase in the proportion of high-end waterproof products, gross profit margin can increase by 3-5 percentage points, and performance growth is very resilient; small and medium-sized waterproof companies are unable to deploy high-end products due to insufficient technology and are gradually eliminated by the market, and the market share of leading companies will further increase.
(3) Industry market space: Trillion-level track, long-term growth certainty
The current market size of my country’s construction waterproofing industry exceeds 200 billion yuan. With the renovation of old communities, the expansion of new infrastructure, and the explosion of demand for new energy roof waterproofing,
Coupled with the mandatory upgrade of waterproofing warranty, it is expected that the industry scale will exceed 300 billion yuan in 2030. Among them, high-end long-life products such as polymer waterproofing membranes and non-cured rubber asphalt will increase their market share from the current 30% to more than 60%, becoming the core engine of industry growth.
Investment summary: The transformation of waterproof materials from a short-term warranty of 5 years to a long life of 25 years is essentially an industry upgrade driven by technological iteration. It may seem like a niche building materials track, but it hides solid investment opportunities.
Ordinary investors do not need to delve into complex chemical principles. They only need to grasp the core: high technical barriers, concentrated leadership, and rigid demand to grasp the investment logic of this track.
As industry standards further tighten in the future, the profit advantages of head waterproofing companies will become increasingly obvious, becoming a segmentation direction worthy of long-term attention in the building materials sector.
