Core Viewpoint - The company is undergoing a strategic transformation to become a building materials system service provider, focusing on customer-centric product restructuring, service ecosystem reconstruction, and business model elevation to capture the trillion-level healthy living market [1][2]. Group 1: Market Opportunities - The construction industry is expected to see new vitality by 2025, with the "Good House" initiative included in the government work report, emphasizing safety, comfort, green, and smart construction standards [2]. - The company is actively responding to the "Good House" requirements by enhancing the green and environmentally friendly attributes of its products and expanding diverse application scenarios [2]. Group 2: Technological Advancements - In 2024, the company invested 586 million yuan in R&D, leading the industry and leveraging a global collaborative innovation network [2]. - The company has established a high-level innovation platform, including key laboratories and research centers, to achieve breakthroughs in the green and environmental fields [2]. - New products launched in 2024 include a variety of green innovations such as a three-dimensional sand-modified asphalt waterproofing membrane and a bio-based waterproof coating [2][3]. Group 3: Service Upgrades - The company launched a new service brand "Yuhong" on March 15, establishing a "service golden triangle" system to promote industry-wide upgrades through standardized, transparent, and contractual services [5]. - The "Yuhong" service brand is designed to enhance customer service and facilitate the booking of professional waterproofing services through various online platforms [5]. Group 4: Value Restructuring - The "Good House" initiative is reshaping the technical and service standards of the construction industry and driving the reconstruction of value distribution within the supply chain [6]. - The company is building a green supply chain by implementing strict supplier evaluation mechanisms that prioritize environmental performance and social responsibility [6]. - The company is undergoing a three-phase leap: short-term performance foundation through policy benefits, mid-term establishment of dual competitive barriers through technology and service, and long-term evolution into a healthy living system service provider [6].

证券代码：002271 证券简称：东方雨虹 公告编号：2025-045 北京东方雨虹防水技术股份有限公司 2024 年年度权益分派实施公告 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。 特别提示： 1、根据北京东方雨虹防水技术股份有限公司（以下简称"公司"或"东方 雨虹"）于 2024 年 5 月 13 日召开 2023 年年度股东大会审议通过的《关于回购 注销第三期限制性股票激励计划激励对象已获授但尚未解除限售的限制性股票 的议案》，公司已于 2024 年 6 月 17 日完成激励对象持有的已获授但尚未解除限 售的第三期限制性股票共计 1,882.4639 万股的回购注销手续。目前公司第三期 限制性股票激励计划剩余限制性股票数量为 3.0750 万股系激励对象个人原因被 司法冻结尚未办理完回购注销手续。 目前公司尚未完成回购注销的因第三期限制性股票激励计划激励对象个人 原因被司法冻结的股权激励限售股共计 30,750 股不享有参与本次利润分配的权 利。同时，公司通过回购专用证券账户持有的本公司回购股份 47,615,662 股的 注销事宜已于 2025 年 ...

Investment Rating - The investment rating for the company is "Accumulate" (首次) [1] Core Views - The report highlights that Dongfang Yuhong is a leader in the waterproofing industry in China, undergoing a new transformation phase. The company has a history of adapting and growing through adversity, establishing a strong brand presence and market position [4][6]. - The strategic shift towards retail and away from real estate and construction is emphasized, with a focus on long-term sustainable development. The company is expected to see significant growth in its C-end business, with revenue projected to reach 9.37 billion yuan in 2024, a year-on-year increase of 14.58% [6]. - The report anticipates that the company's net profit will rebound significantly, with projections of 1.525 billion yuan in 2025, 2.130 billion yuan in 2026, and 2.771 billion yuan in 2027, reflecting a strong recovery trajectory [5][6]. Financial Summary - The closing price of the stock is 13.41 yuan, with a total market capitalization of approximately 32,032.47 million yuan and a circulating market value of 25,676.53 million yuan [3]. - The company’s revenue is projected to be 28,056 million yuan in 2024, with a year-on-year growth rate of -14.52%, followed by a recovery to 29,587 million yuan in 2025, representing a growth rate of 5.46% [5][7]. - The earnings per share (EPS) is expected to be 0.05 yuan in 2024, increasing to 0.64 yuan in 2025 and further to 0.89 yuan in 2026 [5][7].

Summary of Dongfang Yuhong Conference Call Company Overview - **Company**: Dongfang Yuhong - **Industry**: Construction materials, specifically waterproofing and building materials Key Points and Arguments 1. **Customer Structure Adjustment**: Dongfang Yuhong is actively reducing reliance on large real estate clients and scaling down construction business, leading to short-term revenue pressure. Real estate procurement revenue dropped from over 14 billion yuan in 2021 to 1.2 to 1.3 billion yuan in 2024 [2][4][6] 2. **Industry Recovery Outlook**: The company anticipates a stabilization and recovery in the industry by 2026, with a significant number of competitors exiting the market, providing opportunities for leading companies like Dongfang Yuhong to increase market share [2][7] 3. **Expansion into Consumer Building Materials**: The company is diversifying into consumer building materials beyond waterproofing, including sand powder, coatings, pipes, and adhesives, aiming for a 10% growth in the civil construction sector by 2025, targeting over 10 billion yuan in sales [2][12] 4. **Sales Model Transformation**: Dongfang Yuhong is shifting from a direct sales model focused on large clients to a retail and small business model, with retail channels expected to account for 85% of sales by 2024, down from 70% direct sales five years ago [2][11] 5. **Financial Performance Improvement**: Despite a revenue decline, the company expects to stabilize with a revenue target of 30 billion yuan in 2025, supported by retail channel growth and new product categories [2][11] 6. **Cost Control Measures**: The company is focusing on cost control to improve profit margins, including organizational restructuring and strict expense management [13] 7. **Market Position in Sand Powder**: Dongfang Yuhong has established over 60 sand powder factories nationwide, aiming to leverage its channel advantages to quickly increase market share [5][17] 8. **Future of Specialty Mortar Market**: Although prices for specialty mortars are declining, the company maintains stable gross margins due to cost reductions and expects to continue benefiting from scale effects [14][15][16] 9. **Retail and Engineering Channel Strategy**: The company is transitioning to a more diversified customer structure, focusing on small business clients and utilizing partnerships for material sales [26][27] 10. **Outlook for New Product Development**: Dongfang Yuhong plans to leverage its existing resources to promote other product categories, including adhesives and coatings, while maintaining growth in its non-woven fabric business [24] Additional Important Insights - **Impact of Industry Changes**: The company has faced significant challenges due to the real estate market downturn, leading to a substantial drop in construction business revenue [4][6] - **Cash Flow Improvement**: The shift in sales model has resulted in improved cash flow metrics, with a notable increase in net operating cash flow [11] - **Focus on Non-Waterproof Products**: The company is expanding its product offerings in the consumer building materials market, which is expected to support long-term growth despite short-term demand fluctuations [10][12] - **Challenges in Engineering Sector**: The engineering division has faced challenges due to reliance on large clients and high construction costs, prompting a strategic shift towards channel partnerships [25][26][28] This summary encapsulates the key insights from the conference call, highlighting the strategic adjustments and future outlook for Dongfang Yuhong in the evolving construction materials industry.

证券代码：002271 证券简称：东方雨虹 公告编号：2025-043 北京东方雨虹防水技术股份有限公司 关于回购股份注销完成暨股份变动的公告 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。 特别提示： 2024年12月19日，公司首次实施了股份回购，同日，公司与建行北京通州分 行签订了《股票回购增持贷款合同》，并于2024年12月21日披露了《关于首次回 购公司股份暨获得回购公司股份融资支持的进展公告》（公告编号：2024-121）。 此外，公司于2025年1月4日披露了《关于回购公司股份的进展公告》（公告编号： 2025-001），2025年1月11日披露了《关于回购公司股份比例达到总股本1%的进 展公告》（公告编号：2025-004）。详见公司刊登于指定信息披露媒体《证券时 报》、《中国证券报》和巨潮资讯网（http://www.cninfo.com.cn）的相关公告。 截至目前，公司累计通过回购专用证券账户以集中竞价交易方式回购股份数 量为47,615,662股，占公司总股本的1.9544%，最高成交价为13.72元/股，最低 成交价为12.13元/股 ...

北京市金杜律师事务所 关于北京东方雨虹防水技术股份有限公司 2024 年年度股东大会的法律意见书 致：北京东方雨虹防水技术股份有限公司 北京市金杜律师事务所（以下简称本所）接受北京东方雨虹防水技术股份 有限公司（以下简称公司）的委托，根据《中华人民共和国证券法》（以下简 称《证券法》）、《中华人民共和国公司法》（以下简称《公司法》）、《上 市公司股东大会规则（2022 年修订）》（以下简称《股东大会规则》）等中华 人民共和国境内（以下简称中国境内，为本法律意见书之目的，不包括中国香 港特别行政区、中国澳门特别行政区和中国台湾地区）现行有效的法律、行政 法规、规范性文件和现行有效的《北京东方雨虹防水技术股份有限公司章程》 （以下简称《公司章程》）有关规定，指派律师出席了公司于 2025 年 3 月 21 日召开的 2024 年年度股东大会（以下简称本次股东大会），并就本次股东大会 的相关事项出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限 于： 1. 经公司 2025 年第一次临时股东大会审议通过的《公司章程》； 2. 公司分别于 2025 年 2 月 28 日、2025 年 ...

证券代码：002271 证券简称：东方雨虹 公告编号：2025-044 北京东方雨虹防水技术股份有限公司 2024 年年度股东大会决议公告 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。 特别提示： 1、本次股东大会未出现否决提案的情形。 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 1、本次股东大会的召开时间 现场会议时间为：2025年3月21日（星期五）下午14时30分 网络投票时间为：2025年3月21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：2025年3 月21日的交易时间，即上午9:15—9:25，9:30—11:30和下午13:00—15:00；通 过深圳证券交易所互联网投票系统进行网络投票的具体时间为：2025年3月21日 上午9:15至下午15:00期间的任意时间。 2、股权登记日：2025年3月14日（星期五） 3、会议召开地点：北京市亦庄经济技术开发区科创九街19号院C座一层101 会议室 4、会议召开方式：采用现场投票与网络投票相结合的方式召开 5、会议召集 ...

Core Viewpoint - The article highlights the recent trend of public fund managers increasing their positions in companies with strong profit growth, particularly in the livestock and energy sectors, as they adjust their portfolios following the disclosure of 2024 annual reports [1][4]. Group 1: Livestock Sector Performance - Companies in the livestock sector, such as Muyuan Foods, have shown significant performance improvements, attracting attention from fund managers. Muyuan Foods reported a revenue of 137.947 billion yuan, a year-on-year increase of 24.43%, and a net profit of 17.881 billion yuan, marking a turnaround from losses [4][5]. - Fund managers have notably increased their holdings in Muyuan Foods, with notable increases from various ETFs managed by Huatai-PineBridge and other funds [4][5]. - The animal nutrition additive producer, Andisu, also saw a revenue of 15.534 billion yuan, up 17.83%, and a net profit of 1.204 billion yuan, reflecting a substantial year-on-year growth of 2208.66% [4][5]. Group 2: High Dividend Stocks - High dividend-paying industry leaders, such as Fuyao Glass, Muyuan Foods, and Baofeng Energy, are favored by institutional investors, with expected cash dividends exceeding 2 billion yuan [7]. - For instance, the waterproofing company Oriental Yuhong saw significant increases in holdings from national social security funds and various mutual funds, indicating strong institutional interest [7]. Group 3: Chemical and Energy Sector Insights - Companies in the chemical and energy sectors, including Chuanjin Nuo and Shanghai Petrochemical, have also reported strong performance, attracting fund manager interest [8][9]. - Fund managers believe that industries facing overcapacity, such as photovoltaics and chemicals, may benefit from policy support aimed at supply-side reforms, potentially leading to a market turning point [9]. - Baofeng Energy, a leader in the coal chemical industry, has seen new major shareholders, indicating growing institutional confidence in the sector [8][9].

一、获取补助的基本情况 北京东方雨虹防水技术股份有限公司（以下简称"公司"）获悉，公司下属 子公司天津东方雨虹新材料科技有限公司于近日获得政府补助 24,510,000.00 元人民币。前述补助为与收益相关的政府补助，占公司 2024 年度经审计的归属 于上市公司股东净利润的 22.66%，补助形式为现金，与公司日常经营活动相关， 具有可持续性，截至本公告披露日，前述补助已经实际收到相关款项。 二、补助的类型及其对上市公司的影响 1、补助的类型 证券代码：002271 证券简称：东方雨虹 公告编号：2025-041 北京东方雨虹防水技术股份有限公司 关于获得政府补助的公告 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。 公司依据《企业会计准则第 16 号—政府补助》的相关规定确认上述事项并 划分补助的类型，上述均为与收益相关的政府补助，合计金额 24,510,000.00 元 人民币。 2、补助的确认和计量 依据《企业会计准则第 16 号—政府补助》的相关规定，公司收到的上述与 资产相关的政府补助确认为递延收益，并在相关资产的使用寿命内按照合理、系 统的方法分 ...

证券代码：002271 证券简称：东方雨虹 公告编号：2025-042 北京东方雨虹防水技术股份有限公司 关于为下属公司提供担保的进展公告 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。 一、担保情况概述 （一）本次担保基本情况 1、北京东方雨虹防水技术股份有限公司（以下简称"公司"）与江苏银行 股份有限公司上海黄浦支行（以下简称"江苏银行上海黄浦支行"）签署《最高 额保证合同》，公司为江苏银行上海黄浦支行与公司控股子公司上海东方雨虹防 水技术有限责任公司（以下简称"上海技术公司"）之间签订的主合同项下一系 列债务提供连带责任保证。保证期间为自前述保证合同生效之日起至主合同项下 债务履行期届满之日后满三年之日止。前述担保的最高债权本金为人民币 10,000 万元。 2、公司与上海浦东发展银行股份有限公司芜湖分行（以下简称"浦发银行 芜湖分行"）签署《最高额保证合同》，公司为浦发银行芜湖分行与公司全资子 公司芜湖东方雨虹建筑材料有限公司（以下简称"芜湖东方雨虹"）之间主合同 项下一系列债务提供连带责任保证。保证期间为自每笔债权合同债务履行期届满 之日起至该债权合 ...