At a critical juncture when the domestic construction waterproofing market demand is adjusting and the industry is entering the stock game, Keshun Waterproofing Technology Co., Ltd. has taken a crucial step in its diversification strategy.
On May 28, 2026, Keshun Co., Ltd. officially completed the acquisition of 70% of the equity of Dalian Paint Co., Ltd. This move marks the waterproof giant’s high starting point and in-depth entry into the coatings industry through capital integration. This acquisition is not only a key move for Keshun to optimize its business structure and disperse cyclical risks, but also an important turning point for its coatings industry to move toward industrialization.
The waterproofing industry is experiencing a cold spell, and cross-border coatings have become an urgent need to break the situation.
Going back to the results of this merger and acquisition, Keshun’s heavy investment in acquiring an established paint company is not a sudden cross-border test, but a strategic choice spurred by changes in the industry environment combined with changes in its own operations.
In recent years, the in-depth adjustment of the real estate market has directly compressed new waterproofing orders, coupled with the shrinking demand in the home improvement market, the domestic waterproofing industry as a whole has shifted from rapid expansion to the stage of inventory involution, and coatings have become the preferred transformation direction of the entire industry by virtue of their high synergy with waterproofing in raw materials and channels.
Focusing on Keshun’s own financial report data, the fluctuations in revenue and profits intuitively highlight the urgency of transformation.
The company’s revenue will decline by 11.49% year-on-year in 2025, and the profit side will be under increasing pressure.
Thanks to the preliminary diversified layout, the company’s operations reached an inflection point in the first quarter of 2026. The net profit attributable to the parent company for the period was 63.5524 million yuan, and the year-on-year increase in non-net profit exceeded 126%.
The current situation of unstable main business profits and prominent cyclical risks makes it an inevitable choice for Keshun to optimize its profit structure by opening up a new track for coatings and creating a second growth curve.
The paint layout of Keshun Co., Ltd. has actually been accumulated for many years.
As early as 2018, the company set up a subsidiary to test the industrial coatings field. Although it was postponed due to market timing and other reasons, the seeds for cross-border development have been planted.
The real acceleration begins in 2025: The company not only made technological breakthroughs and successfully launched self-cleaning nano-coating technology that can be applied in photovoltaics, transportation and other fields, but also invested heavily in the production end, planning and building a water-based architectural coating project with an annual output of 50,000 tons and multi-category coating production capacity.
Entering 2026, Keshun’s organizational structure and global layout are accelerating simultaneously.
Through actions such as establishing a floor materials subsidiary and jointly establishing a coating technology company with professional partners, the company has built an increasingly clear coatings business map.
What is particularly worth mentioning is its global vision. The completion and production schedule of two modern production bases in Malaysia have enabled it to have overseas localized manufacturing capabilities covering water-based coatings, industrial anti-corrosion coatings and other products.
This series of long-term preparations from technology research and development, production capacity construction to organizational establishment paved the way for the successful integration of Dalian Paint, an old enterprise with a complete system.
After completing the preliminary preparation of technology, production capacity and channels, Keshun chose to acquire Dalian Paint and make up for its shortcomings in the field of high-end industrial coatings with the help of the accumulation of established enterprises.
Dalian Paint was founded in 1919 and is a benchmark enterprise in the domestic modern paint industry.
During its development, it has filled gaps in domestic coating technology several times: in 1957, it independently developed a series of perchlorethylene paint products; in 1958, it successfully developed automotive exterior coatings; in 1990, its “Seagull” C04-2 alkyd enamel paint won the first national quality gold medal in the national coatings industry.
Currently, its products cover coating products in multiple fields such as ships, vehicles, port machinery, locomotives, steel structure anticorrosion, industrial protection, engineering machinery, special applications, construction, and woodware.
After completing the acquisition of 70% of the equity, Keshun does not need to invest in qualification application and industrial customer development from scratch, but directly undertakes mature production lines, full-category product systems and established brand resources, realizing self-developed new nanomaterials and Dalian Paint’s traditional industrial coating processes to complement each other, and quickly opening up the entire industry chain from civil coatings to high-end industrial anti-corrosion coatings.
Relying on Dalian Paint’s resource endowment and its own omni-channel advantages, Keshun Co., Ltd. is in accordance with the 2026 business plan to subdivide the track-specific floor-to-ceiling coatings business and tap the incremental market.
On the product side, nano-self-cleaning coatings will continue to deepen the industrialization of the photovoltaic field and simultaneously explore the home decoration and civilian markets; radiation refrigeration coatings focus on new infrastructure tracks such as data centers, cold chains, and communication base stations; and the industrial anti-corrosion business will leverage Dalian Paint’s classification society and military qualifications to focus on breaking through the blue ocean market of domestic high-end ship coatings.
At the market level, the country will seize the policy dividends of urban renewal and renovation of old communities, link national dealers to the county market, and rely on projects such as old house repairs and exterior wall renovations to drive sales of architectural coatings.
In the long term, the coatings business will be deeply coordinated with waterproofing, seismic isolation, building repair and other businesses to help Keshun create a one-stop comprehensive solution for construction and building materials, continue to optimize the revenue structure, and further weaken the disruption of real estate cycle fluctuations to corporate operations.
This acquisition is not only a milestone in the development history of Keshun Co., Ltd., but also sends a clear signal to the market: the company is firmly evolving from an excellent waterproof material manufacturer to a comprehensive building materials technology enterprise with multi-category and multi-scenario service capabilities.
On the new track, Keshun’s development space has suddenly become clear.
