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 ...

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 ...

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 ...

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 ...

Core Viewpoint - The company, Oriental Yuhong, is facing significant scrutiny over its decision to distribute high dividends despite a drastic decline in net profit, raising concerns about its financial health and potential motives behind the dividend strategy [1][4]. Financial Performance - In 2024, Oriental Yuhong's net profit plummeted by 95.24% to only 108 million yuan, while it planned to distribute dividends amounting to 4.419 billion yuan, which is 41 times its net profit for the year [1]. - The company adjusted its dividend plan to 2.21 billion yuan, but this still raised concerns about its ability to maintain shareholder returns amidst declining profits [1]. - The company's cash reserves, including cash and trading financial assets, stood at 7.797 billion yuan, which could support the dividend but also masked underlying financial risks [1]. Debt and Liquidity Concerns - Prior to the dividend announcement, Oriental Yuhong's debt-to-asset ratio was 43.4%, with interest-bearing debt at 15.11%. If the full dividend is paid, the debt-to-asset ratio would rise to 48.14% and interest-bearing debt to 16.8% [2]. - By the end of 2024, the company's short-term debt reached 5.539 billion yuan, nearly equal to its remaining cash after dividends, indicating potential liquidity issues if cash flow does not improve [2]. - The company revealed a debt restructuring plan, indicating financial operations may rely on "mutual indebtedness," with significant amounts owed to suppliers and customers [2]. Bad Debt Risk - Oriental Yuhong has seen a continuous increase in credit impairment losses, escalating from 2.18 billion yuan in 2020 to 8.87 billion yuan in 2024, indicating rising bad debt risks [2][3]. Shareholder Dynamics - The controlling shareholder, Li Weiguo, holds 21.79% of the company, with 79.58% of his shares pledged, potentially leading to conflicts of interest regarding the high dividend payout [4]. - The adjusted dividend plan could provide Li Weiguo with approximately 491 million yuan, which may alleviate his financial pressure from share pledges [4]. Market Position and Strategic Adjustments - Oriental Yuhong's market share has declined from 17% in 2021 to 12.5% in 2024, with competitors gaining ground [5]. - The company is attempting strategic adjustments, including reducing direct sales to real estate companies and enhancing engineering and retail channel layouts, but these efforts have yet to yield significant results [5]. - Sales expenses increased by 16% in 2024, further compressing profit margins amid industry downturns, raising doubts about future profitability [5]. Conclusion - While the high dividend may temporarily boost market sentiment, the underlying financial risks, operational pressures, and potential conflicts of interest present significant concerns for investors [6].

Group 1: Revenue and Market Position - The company aims for a revenue target of RMB 30 billion for 2025, focusing on the renovation and upgrading of existing buildings as a key business area [22][14] - As of March 10, 2025, the total number of shareholders is 194,622 [2] - The company achieved overseas revenue of RMB 877 million in 2024, a year-on-year increase of 24.73%, accounting for 3.12% of total revenue [7] Group 2: Product and Business Development - The company plans to enhance its product offerings in non-waterproof sectors, including mortar powder, building decoration coatings, and energy-saving insulation [22][14] - In 2024, the company sold over 5 million tons of mortar powder, generating revenue of RMB 4.2 billion [3] - The company is actively expanding its market share in non-real estate sectors, focusing on infrastructure construction and urban renewal projects [2][13] Group 3: Financial Management and Risks - Accounts receivable over three years have increased significantly to over RMB 2 billion, with a bad debt ratio of 25% [24][15] - The company has implemented strict risk control measures for accounts receivable, including a zero-tolerance policy for overdue accounts [15][11] - The company reported a net profit of RMB 9.991 billion for 2024, with investment income of RMB 10.85 billion primarily from subsidiary dividends [9] Group 4: Research and Development - The company increased its R&D personnel by 26.94% in 2024, with a notable rise in bachelor's degree holders by 47.32% [5] - The focus of R&D is on smart manufacturing, green technology, and advanced materials to enhance product quality and reduce carbon emissions [6] Group 5: Shareholder Engagement and Stock Performance - The company has implemented share buybacks and increased cash dividends to enhance shareholder returns [7][17] - The stock price has remained low in recent years, prompting the company to focus on stable operations and improving profitability [7][17]

Group 1 - A new company named Dongfang Yuhong Guangyingda (Shanxi) Building Materials Co., Ltd. has been established with a registered capital of 5 million yuan [1] - The legal representative of the new company is Dai Chuanqi [1] - The business scope of the company includes network technology services, network and information security software development, information system integration services, and Internet of Things technology services [1] Group 2 - The company is jointly held by Dongfang Yuhong and other stakeholders [1]

Group 1: Profit Distribution Adjustment - The company has adjusted the 2024 profit distribution plan to multiple distributions to enhance stability, sustainability, and predictability in investor returns [2][3] - The decision to adjust the profit distribution plan is based on extensive communication with investors and aligns with national policies promoting increased dividend frequency [2][3] - The adjusted plan aims to maintain a strong cash reserve, improve liquidity, and enhance the company's ability to respond to risks [2][3][4] Group 2: Financial Performance and Challenges - The company's revenue and profit are expected to decline in 2024, primarily due to a shift in business model and customer structure optimization [6][8] - The retail channel achieved revenue of 10.209 billion yuan, a year-on-year increase of nearly 10%, while the engineering channel also saw growth [7] - Despite the overall decline, the company’s operating cash flow improved significantly, with a net cash flow from operating activities of 3.457 billion yuan, up 64.39% year-on-year [7][9] Group 3: Debt and Financial Health - The company maintains a low debt ratio, with a total asset-liability ratio of 43% and a interest-bearing debt ratio of only 15%, indicating a strong financial structure [9][12] - The cash dividend plan will not adversely affect the company's normal operations or debt repayment capabilities [10][12] - The company has sufficient bank credit and low financing rates, allowing for increased liquidity if needed [12] Group 4: Future Growth Strategies - The company plans to expand its overseas market presence and focus on new product development and technological innovation [4][11] - The shift to a channel sales model prioritizing retail and engineering partners is expected to enhance market share and operational efficiency [11] - The adjusted profit distribution strategy aligns with the company's seasonal business characteristics and investment rhythm in overseas supply chain development [12]