Investment Rating - The report maintains a "Buy" rating for Dongfang Yuhong (002271.SZ) [2][7] Core Views - The company is focusing on channel transformation and strengthening its retail foundation despite challenges in the real estate sector [2][6] - The company reported a revenue of approximately 15.218 billion yuan for the first half of 2024, a year-on-year decrease of 9.69%, and a net profit of about 943 million yuan, down 29.31% year-on-year [4][5] - The retail business showed resilience with a revenue of approximately 5.438 billion yuan, up 7.66% year-on-year, accounting for 35.74% of total revenue [4][5] Summary by Sections Market Performance - The company's stock has underperformed compared to the CSI 300 index, with a significant decline of 71% as of August 2023 [3] Financial Performance - In H1 2024, the company achieved a gross margin of 29.22%, a slight increase of 0.32 percentage points year-on-year, attributed to an improved revenue structure [4][5] - The company's operating cash flow showed a significant improvement, with a net cash outflow of 1.328 billion yuan, a 66.33% reduction compared to the previous year [5] Business Strategy - The company is accelerating its global expansion, with new production bases established in Houston, Saudi Arabia, and Malaysia, aiming to enhance its competitive edge in international markets [5][6] - The company is committed to channel reform and diversification to mitigate risks associated with reliance on a single product category [6][7] Financial Projections - The report projects net profits for 2024, 2025, and 2026 to be 2.364 billion yuan, 2.658 billion yuan, and 3.102 billion yuan respectively, with corresponding EPS of 0.97, 1.09, and 1.27 yuan [7][10]

证券代码：002271 证券简称：东方雨虹 公告编号：2024-090 北京东方雨虹防水技术股份有限公司 关于 2024 年半年度计提资产减值准备的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 北京东方雨虹防水技术股份有限公司（以下简称"公司"）于2024年8月28 日召开第八届董事会第二十三次会议和第八届监事会第十四次会议，审议通过了 《关于2024年半年度计提资产减值准备的议案》，本次计提资产减值准备事项无 需提交股东大会审议。具体情况如下： 一、计提资产减值准备情况概述 为真实、公允地反映公司财务状况与2024年半年度的经营成果，依据《企业 会计准则》、《深圳证券交易所股票上市规则》及公司会计政策的相关规定，基 于谨慎性原则，公司对合并报表范围内截至2024年6月30日的各类资产进行了全 面清查，对相关资产价值出现的减值迹象进行了充分分析和评估，经减值测试， 从谨慎性角度出发，公司需计提相关资产减值准备。2024年半年度公司计提资产 减值准备总额为36,066.12万元。具体情况如下： | 项目 | 2024年半年度发生金额（万元） | | -- ...

北京东方雨虹防水技术股份有限公司 2024 年半年度非经营性资金占用及其他关联资金往来情况汇总表 编制单位：北京东方雨虹防水技术股份有限公司 单位：万元 | 非经营性资金 | | 占用方与上 | 上市公司核算 | 2024年期初 | 2024 年 1-6 | 月占 | 2024 年 | 1-6 | 月 | 2024 年 | 1-6 | 月 | 2024 | 年 6 月 | 30 | 占用形成原 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 资金占用方名称 | 市公司的关 | | 占用资金余 | 用累计发生金额 | | | 占用资金的利 | | | 偿还累计发生 | | | 日占用资金余 | | | | 占用性质 | | 占用 | | 联关系 | 的会计科目 | 额 | （不含利息） | | | 息(如有) | | | 金额 | | | 额 | | 因 | | | | 控股股东、实 | | | | | | | ...

证券代码：002271 证券简称：东方雨虹 公告编号：2024-089 北京东方雨虹防水技术股份有限公司 2024年半年度募集资金存放与使用情况的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 根据《上市公司监管指引第2号——上市公司募集资金管理和使用的监管要 求》和《深圳证券交易所上市公司自律监管指引第1号——主板上市公司规范运 作》有关规定，现将北京东方雨虹防水技术股份有限公司（以下简称"本公司" 或"公司"）2024年半年度募集资金存放与使用情况说明如下： 一、募集资金基本情况 （一）实际募集资金金额、资金到位时间 经中国证券监督管理委员会《关于核准北京东方雨虹防水技术股份有限公司 非公开发行股票的批复》（证监许可[2021]344号）核准，本公司于2021年3月4 日向13名特定对象非公开发行人民币普通股（A股）175,824,175股，发行价格为 人民币45.50元/股，募集资金总额为人民币7,999,999,962.50元，本次非公开发 行 股 票 募 集 资 金 扣 除 保 荐 承 销 费 3,800,000.00 元 （ 含 税 ） 后 ...

证券代码：002271 证券简称：东方雨虹 公告编号：2024-092 北京东方雨虹防水技术股份有限公司 关于召开2024年第一次临时股东大会的通知 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、召开会议的基本情况 北京东方雨虹防水技术股份有限公司（以下简称"公司"）第八届董事会第 二十三次会议审议通过了《关于召开2024年第一次临时股东大会的议案》，现将 会议有关事项通知如下： 1．股东大会届次：2024年第一次临时股东大会 2．股东大会的召集人：公司第八届董事会 3．会议召开的合法、合规性：本次股东大会会议的召开符合《公司法》、 《证券法》、《上市公司股东大会规则》、《深圳证券交易所股票上市规则》、 《深圳证券交易所上市公司自律监管指引第1号——主板上市公司规范运作》等 法律、法规、深圳证券交易所业务规则和《公司章程》等的规定。 4．会议召开的日期、时间： 现场会议时间为：2024年9月13日（星期五）下午14时30分 网络投票时间为：2024年9月13日（星期五） 其中，通过深圳证券交易所交易系统进行网络投票的具体时间为：2024年9 月13日的交 ...

证券代码：002271 证券简称：东方雨虹 公告编号：2024-087 北京东方雨虹防水技术股份有限公司 第八届监事会第十四次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 2024年8月28日，北京东方雨虹防水技术股份有限公司（以下简称"公司"） 第八届监事会第十四次会议在公司会议室以现场会议方式召开。会议通知已于 2024年8月18日通过专人送达、邮件等方式送达给全体监事。会议应到监事3人， 实到监事3人，会议的召集召开符合《公司法》及《公司章程》的相关规定。会 议由监事会主席王静女士主持，全体监事经过审议通过了如下决议： 一、审议通过了《2024 年半年度报告及其摘要》 表决结果：同意3票，反对0票，弃权0票。 经审核，监事会认为董事会编制和审议公司2024年半年度报告的程序符合法 律、行政法规及中国证监会的规定，报告内容真实、准确、完整地反映了上市公 司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 公司《2024年半年度报告全文》详见中国证监会指定信息披露网站巨潮资讯 网(http://www.cninfo.com.cn)，公 ...

北京东方雨虹防水技术股份有限公司 董事会审计委员会实施细则 第一章 总 则 第一条 为强化北京东方雨虹防水技术股份有限公司（以下称"公司"）董 事会决策功能，做到事前审计、专业审计，确保董事会对经理层的有效监督，完 善公司治理结构，根据《中华人民共和国公司法》、《中华人民共和国证券法》、 《上市公司治理准则》、《上市公司独立董事管理办法》及《北京东方雨虹防水 技术股份有限公司章程》（以下称"《公司章程》"）等有关规定，公司特设立 董事会审计委员会，并制定本实施细则。 第二条 董事会审计委员会是董事会按照股东大会决议设立的专门工作机构， 负责审核公司财务信息及其披露、监督及评估内外部审计工作和内部控制。 第二章 人员组成 第三条 审计委员会委员由三名不在公司担任高级管理人员的董事组成，其 中包括两名独立董事，委员中至少有一名独立董事为专业会计人士。 第四条 审计委员会委员由董事长、二分之一以上独立董事或者全体董事的 三分之一提名，并由董事会过半数选举产生。 第五条 审计委员会设主任委员（召集人）一名，由独立董事中会计专业人 士担任，负责主持委员会工作；主任委员在委员内选举，并报请董事会批准产生。 第六条 审计委 ...

北京东方雨虹防水技术股份有限公司 董事会薪酬与考核委员会实施细则 第一章 总 则 第一条 为进一步建立健全北京东方雨虹防水技术股份有限公司（以下称"公 司"）董事及高级管理人员的考核和薪酬管理制度，完善公司治理结构，根据《中 华人民共和国公司法》、《中华人民共和国证券法》、《上市公司治理准则》、 《上市公司独立董事管理办法》及《北京东方雨虹防水技术股份有限公司章程》 （以下称"《公司章程》"）等有关规定，公司特设立董事会薪酬与考核委员会， 并制定本实施细则。 第二条 薪酬与考核委员会是董事会按照股东大会决议设立的专门工作机构， 主要负责制定公司董事及高级管理人员的考核标准并进行考核；负责制定、审查 公司董事及高级管理人员的薪酬政策与方案，对董事会负责。 第三条 本实施细则所称董事是指在本公司支取薪酬的正副董事长、董事， 高级管理人员是指董事会聘任的总裁、副总裁、财务负责人和董事会秘书。 （一）根据董事及高级管理人员岗位的主要范围、职责、重要性以及其他相 关企业相关岗位的薪酬水平制定薪酬计划或方案； （二）薪酬计划或方案主要包括但不限于绩效评价标准、程序及主要评价体 系，奖励和惩罚的主要方案和制度等； 第二章 ...

Financial Performance - The company's operating revenue for the first half of 2024 was ¥15,218,469,083.94, a decrease of 9.69% compared to ¥16,851,932,121.34 in the same period last year[10]. - Net profit attributable to shareholders was ¥943,244,314.04, down 29.31% from ¥1,334,270,475.95 year-on-year[10]. - The net profit after deducting non-recurring gains and losses was ¥835,937,709.96, a decline of 32.74% compared to ¥1,242,925,809.32 in the previous year[10]. - Basic earnings per share decreased by 26.42% to ¥0.39 from ¥0.53 year-on-year[10]. - Total assets at the end of the reporting period were ¥47,291,791,536.93, down 7.59% from ¥51,173,993,594.77 at the end of the previous year[10]. - Net assets attributable to shareholders decreased by 3.58% to ¥27,358,691,225.50 from ¥28,374,014,507.51 at the end of the previous year[10]. - The net cash flow from operating activities improved to -¥1,327,740,373.01, a 66.33% increase from -¥3,943,075,794.43 in the same period last year[10]. - The company achieved operating revenue of CNY 15,218,469,083.94, a decrease of 9.69% compared to the previous year due to unmet downstream demand[60]. - Operating costs were CNY 10,771,707,300.44, down 10.10% year-on-year, primarily due to the decline in revenue scale[60]. - Research and development expenses increased by 13.79% to CNY 287,073,985.09, mainly due to rising material costs[60]. Risk Factors and Challenges - The company has no significant adverse risk factors affecting its profitability and future development strategy[2]. - The company continues to face risks such as industry policy changes and fluctuations in raw material prices[2]. - The company faces risks from industry policy changes, particularly regarding environmental standards and regulations, which could affect operations[91]. - The company is actively expanding its market presence in non-real estate sectors, including infrastructure and renovation projects, to mitigate risks from the real estate market fluctuations[93]. - The company has implemented a comprehensive raw material procurement system to manage risks associated with price volatility in key materials like asphalt and petrochemical products[95]. Strategic Initiatives and Expansion - The company is actively expanding its overseas presence, having established local companies in countries such as Vietnam, Malaysia, Singapore, and the USA, to enhance its global business network[20][21]. - The company is developing a TPO waterproofing material production line and a North American R&D center in Houston, Texas, to meet the demand in the North American and global construction materials market[21]. - The company is focusing on diversifying its product offerings in the construction materials sector, including waterproofing, adhesives, and energy-saving insulation, to enhance its market competitiveness[15][16]. - The company is enhancing its channel development strategy, focusing on both engineering and retail channels to improve overall sales performance and market penetration[17]. - The company is exploring international markets as part of its global strategic layout[94]. - The company is actively pursuing additional acquisitions to bolster its product offerings and expand its service capabilities in the construction sector[189]. - The company is expanding its market presence in Southeast Asia, targeting a 30% increase in sales from this region by the end of 2024[194]. Product Development and Innovation - The company is committed to innovation in its retail segment, focusing on high-tech, environmentally safe products tailored for various consumer needs, which has led to a 13.23% revenue increase in its civil construction group[19]. - The company has launched new products such as lightweight waterproof mortar and flooring systems, enhancing its product offerings in the construction materials sector[37]. - The company has introduced a new lightweight tile adhesive technology, enhancing product performance and environmental sustainability[55]. - The company has developed an integrated system for urban greening and rainwater resource management, showcasing its commitment to innovative solutions[49]. - New product development includes the launch of advanced waterproofing solutions, expected to capture a larger market share in the upcoming quarters[189]. - The company has launched innovative low-carbon products, such as low-carbon adhesive technology, which improves performance while significantly reducing carbon emissions[167]. Environmental Commitment - The company strictly adheres to environmental protection laws and regulations, ensuring compliance with various pollution discharge standards during its operations[148]. - The company has achieved various environmental certifications, including CE certification, USDA bio-label certification, and multiple green product certifications, demonstrating its commitment to quality and environmental standards[169]. - The company is committed to reducing carbon emissions by implementing a comprehensive greenhouse gas accounting system and actively taking measures to decrease emissions in its production and operational processes[166]. - The company has implemented new emission control standards in line with national regulations to reduce environmental impact[157]. - The company is focusing on enhancing its wastewater treatment processes to further lower discharge concentrations in the future[158]. Shareholder Returns and Capital Management - The board approved a profit distribution plan, proposing a cash dividend of ¥1.00 per 10 shares[2]. - The company has implemented 16 cash dividend distributions since its listing in 2008, totaling CNY 48.33 billion, with a cash dividend of CNY 14.73 billion for 2023, representing 64.80% of the net profit attributable to shareholders[59]. - A cash dividend of 6.00 CNY per 10 shares (including tax) is proposed, totaling 1,461,770,866.80 CNY, which represents 100% of the profit distribution[102]. - The company is committed to maintaining a minimum cash dividend ratio of 20% in profit distributions, reflecting its growth stage and significant capital expenditure plans[101]. Market Outlook and Future Guidance - The company has provided a future outlook with a revenue guidance of 2,500 million for the full year, representing a 20% increase year-over-year[189]. - The overall market outlook remains positive, with the company anticipating a 5% increase in industry demand for waterproofing solutions in the next fiscal year[190]. - The company has outlined a positive outlook for the future, projecting a revenue growth of 20% for the second half of 2024, driven by new product launches and market expansion strategies[192]. Corporate Governance and Compliance - The company has not reported any issues or problems in the use and disclosure of raised funds[83]. - The company has not engaged in any asset or equity acquisition or sale transactions during the reporting period[181]. - There were no significant litigation or arbitration matters during the reporting period[178]. - The company did not experience any non-operating fund occupation by controlling shareholders or related parties during the reporting period[177].

| 股东 | 是否为控 股股东或 | 本次质押数 | 占其所 | 占公司 | 是否 | 是否 为补 | 质押起始 | 质押到期 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 第一大股 | | 持股份 | 总股本 | 为限 | | | | 质权人 | 质押 | | 名称 | 东及其一 | 量（股） | 比例 | 比例 | 售股 | 充质 | 日 | 日 | | 用途 | | | 致行动人 | | | | 是 | 押 | | | | | | | | | | | （高 | | 2024 年 8 | 2024 年 | 广发证券 | 补充 | | 李卫国 | 是 | 1,500,000 | 0.28% | 0.06% | 管锁 | 是 | | 10 月 27 | 股份有限 | | | | | | | | | | 月 23 日 | | | 质押 | | | | | | | 定 | | | 日 | 公司 | | | | | | | | 股） | | | | | | 证券代码：002271 证券简称：东方雨虹 公告编 ...