证券代码：002271 证券简称：东方雨虹 公告编号：2025-115 1、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"） 及下属子公司为盘活资产，实现资金回笼，改善资产结构，优化公司财务状况， 保障公司及全体股东利益，拟出售公司及下属子公司通过购买取得并持有的部分 不动产，交易标的资产为位于北京市密云区和杭州市江干区（现已更名为上城区， 下同）的部分商铺及办公用房（以下简称"标的资产"）。 2、2025 年 11 月 11 日，公司召开第八届董事会第三十三次会议，以 11 票 赞成、0 票反对、0 票弃权、0 票回避的表决结果审议通过了《关于出售资产的 议案》。本次交易预计形成资产处置损失 2,580.85 万元，达到公司最近一个会 计年度经审计净利润的 10%以上，最终影响金额以会计师年度审计确认后的结果 为准。根据《深圳证券交易所股票上市规则》等相关规定，本次交易属于董事会 决策权限，无需提请公司股东大会审议批准。本次交易不构成关联交易，也不构 成《上市公司重大资产重组管理办法》规定的重大资产重组。 二、交易对方的基本情况 北京东方雨虹防水技术股份有限公司 关于出售资产的公告 本公司 ...

一、审议通过了《关于出售资产的议案》 表决结果：同意11票，反对0票，弃权0票。 北京东方雨虹防水技术股份有限公司 第八届董事会第三十三次会议决议公告 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。 2025年11月11日，北京东方雨虹防水技术股份有限公司（以下简称"公司"） 第八届董事会第三十三次会议在公司会议室以现场及通讯相结合的方式召开。会 议通知已于2025年11月9日通过专人送达、邮件等方式送达给全体董事和监事。 会议应到董事11人，实到董事11人，全体监事、董事会秘书列席会议，会议的召 集召开符合《公司法》及《公司章程》的相关规定。会议由董事长李卫国先生召 集并主持，全体董事经过审议通过了如下决议： 证券代码：002271 证券简称：东方雨虹 公告编号：2025-114 为盘活资产，实现资金回笼，改善资产结构，优化公司财务状况，保障公司 及全体股东利益，同意出售公司及下属子公司通过购买取得并持有的部分不动产， 交易标的资产为位于北京市密云区和杭州市江干区（现已更名为上城区）的部分 商铺及办公用房。本次交易预计形成资产处置损失2,580.85万元，达 ...

Core Viewpoint - The company plans to sell part of its real estate assets to improve its financial situation and ensure the interests of the company and its shareholders [1] Group 1: Asset Sale Details - The assets being sold include certain commercial and office properties located in Miyun District, Beijing, and Jianggan District, Hangzhou [1] - The transaction is expected to result in an asset disposal loss of 25.8085 million yuan, which exceeds 10% of the company's audited net profit for the most recent fiscal year [1]

Group 1: Non-Metallic Building Materials - The building materials industry shows signs of structural growth that gradually outweigh environmental impacts, with Q3 2025 reports indicating a recovery in revenue and profitability for several companies [2][25] - The cement sector continues to perform well overseas, particularly in Africa, while domestic demand and prices have weakened, suggesting a potential bottoming out in 2024 [4][26] - In the consumer building materials sector, revenue growth disparities among sub-industries are widening, driven by the impacts of real estate and local debt [5][27] Group 2: Biopharmaceuticals - Huadong Medicine's industrial segment maintains steady growth, with Q3 2025 revenue of 37.28 billion yuan, up 14.95% year-on-year, and net profit of 8.94 billion yuan, up 18.43% [7][8] - The medical aesthetics business faces short-term pressure due to economic factors, with a decline in revenue for both domestic and overseas operations [8] - The company is advancing its innovative pipeline, with several clinical trials ongoing for various cancer treatments [9][33] Group 3: Power Equipment and New Energy - Haibo Sichuang, a leader in energy storage, is expected to benefit from high industry demand, with Q3 2025 revenue reaching 3.39 billion yuan, a year-on-year increase of 124.4% [10][11] - The company's profitability has improved significantly, with a gross margin of 18.64% and a net margin of 9.05% in Q3 2025 [11] - The global energy storage market is projected to grow by 40%-50% in 2026, with significant contributions from both domestic and international markets [13] Group 4: Financial Engineering - The report highlights various asset allocation strategies, with the macro-factor-based strategy yielding a return of 4.23% in 2025, outperforming other strategies [14][15] - The performance of domestic asset strategies shows a positive trend, with October returns indicating a stable investment environment [15][16] - The overall economic outlook remains cautious, with manufacturing PMI indicating a contraction, while service sector activity shows slight improvement [16]

Core Insights - The home furnishing industry is experiencing a pronounced "Matthew Effect," with leading companies outperforming while smaller firms struggle [1][8] - The top ten listed home furnishing companies reported a combined revenue of 1158.47 billion yuan for the first three quarters, reflecting a slight year-on-year decline of approximately 0.5% [2][3] - Despite some companies showing growth, the overall trend in the industry remains downward, with many firms facing significant revenue drops [4][6] Group 1: Revenue Performance - Dongfang Yuhong leads the industry with a revenue of 206 billion yuan, followed closely by Beixin Building Materials at 199.05 billion yuan [2] - Companies like Kuka Home and Oppein Home also reported revenues exceeding 100 billion yuan, indicating strong positions in their respective segments [1] - The revenue gap widens significantly after the top four, with the fifth-ranked Sanjiasu failing to reach the 100 billion yuan mark [1][2] Group 2: Industry Trends - The overall revenue of the top ten companies has decreased compared to the previous year, with six out of ten companies reporting a year-on-year decline [3][4] - The National Building Materials Home Furnishing Market Index (BHI) indicates a slight improvement in market conditions, but the year-on-year decline persists [3] - The sales revenue of large-scale building materials and home furnishing markets in September was 1308.38 billion yuan, showing a month-on-month increase but a year-on-year decline of 8.02% [4] Group 3: Strategic Adjustments - Companies are increasingly focusing on international expansion as a key strategy for growth, with Kuka Home planning a significant investment in Indonesia [5][6] - Dongfang Yuhong has also pursued overseas opportunities, including acquisitions in Hong Kong and Malaysia, indicating a shift towards global markets [6] - The differentiation between leading and trailing companies is becoming more pronounced, with top firms leveraging brand strength and market channels to capture greater market share [7][8] Group 4: Market Dynamics - The building materials sector is particularly affected by the downturn in the real estate market, with leading companies showing resilience while smaller firms struggle [7][9] - The disparity in performance among companies is attributed to differences in market positioning and channel strategies, with stronger firms benefiting from robust distribution networks [9] - The ongoing demand for home renovation and upgrades presents opportunities for growth, even amid overall market challenges [8][9]

Core Viewpoint - Oriental Yuhong's stock price has shown fluctuations with a year-to-date increase of 15.36%, while facing a revenue decline in the first nine months of 2025 [1][2]. Group 1: Stock Performance - On November 12, Oriental Yuhong's stock rose by 2.07%, reaching 12.84 CNY per share, with a trading volume of 84.56 million CNY and a turnover rate of 0.35% [1]. - The company has a total market capitalization of 30.671 billion CNY [1]. - Year-to-date, the stock price has increased by 15.36%, with a 2.31% rise over the last five trading days, a 4.89% decline over the last 20 days, and a 10.93% increase over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Oriental Yuhong reported a revenue of 20.601 billion CNY, a year-on-year decrease of 5.06%, and a net profit attributable to shareholders of 810 million CNY, down 36.61% year-on-year [2]. - The company has distributed a total of 10.714 billion CNY in dividends since its A-share listing, with 7.603 billion CNY distributed in the last three years [3]. Group 3: Shareholder Information - As of October 31, 2025, the number of shareholders for Oriental Yuhong reached 152,500, an increase of 1.03% from the previous period, while the average circulating shares per person decreased by 1.02% to 12,556 shares [2]. - The largest circulating shareholder is Hong Kong Central Clearing Limited, holding 379 million shares, an increase of 6.3304 million shares from the previous period [3].

Core Insights - The "Rainbow Master Skills Competition" organized by Oriental Yuhong has successfully concluded, showcasing the value and brilliance of industrial workers in the construction industry [1][3][18] - The Chinese real estate market is transitioning from "incremental development" to "stock quality improvement," emphasizing the importance of high-quality delivery and long-term service [3][7] Group 1: Competition and Skill Development - The competition has evolved over 13 years, from the first selection of outstanding craftsmen in 2013 to a comprehensive system covering five major units by 2025 [5][7] - The competition serves as a platform for practical training, aligning with the upgraded service standards of Oriental Yuhong, thus internalizing rigorous SOP processes into construction standards for workers [9][12] Group 2: Industry Transformation and Quality Improvement - The construction industry is undergoing a significant transformation, focusing on quality enhancement rather than mere scale expansion, with skilled professionals being the core driving force [7][10] - Oriental Yuhong aims to provide systematic solutions that address the diverse needs of homeowners, moving beyond single-process services to comprehensive project solutions [7][10] Group 3: Strategic Initiatives and Future Plans - The company is committed to enhancing the professionalization of industrial workers, linking their skill development directly to corporate growth and industry upgrades [10][12] - Future initiatives include deepening industry-academia collaboration and expanding standardized training systems to elevate the overall quality of the workforce [9][14] Group 4: Service Model and Market Approach - Oriental Yuhong is shifting its focus to the C-end market, addressing long-standing pain points in the construction sector by empowering and incentivizing industrial workers [10][14] - The launch of the "Rainhong Service" brand aims to provide a standardized, reliable service model that ensures quality delivery and builds trust within the industry [17][18]

Core Insights - The article emphasizes the need for a self-revolution within the company, termed "scraping bones to detoxify," to achieve sustainable and high-quality development [1][3][4] Group 1: Company Challenges and Strategic Shift - The company faces "structural severe ailments" rather than minor issues, indicating a serious need for change [3] - The strategy of "scraping bones to detoxify" involves abandoning reliance on external funding and creating a healthy cash flow cycle among the company, customers, and partners [3] - This marks a fundamental shift in the company's operational logic from pursuing scale to focusing on quality and self-sustainability [3][4] Group 2: Cultural and Psychological Transformation - The chairman highlights the importance of reshaping the company's culture and mindset, urging the team to avoid blame and complacency [4] - The transformation is fundamentally about changing people's mindsets and overcoming organizational inertia [4] - The chairman's call for a "clear, determined, and enterprising mindset" serves as a foundation for upcoming reforms, representing a form of "soft infrastructure" for the company's transformation [4] Group 3: Industry Implications - The proactive approach of the company serves as a strong example for the entire construction materials industry, signaling a shift towards a new phase focused on healthy cash flow and operational quality [3] - The article acts as a declaration of the company's entry into a new development stage, indicating a willingness to endure short-term pain for long-term stability and health [4] - The commitment to change reflects the determination of the company to adapt and thrive amid the broader context of industrial upgrading and economic transformation in China [4][5]

Investment Rating - The report maintains a "Positive" investment rating for the industry [11] Core Insights - The real estate sales continue to weaken, with a focus on policy expectations. In October 2025, the total sales amount of the top 100 real estate companies decreased by 40.6% year-on-year, and the sales area dropped by 40.0% year-on-year, indicating a significant expansion in the decline [5][6] - Cement prices have slightly decreased month-on-month, while glass inventory has also decreased [6][28] - The report continues to recommend the African supply chain and special fabrics, highlighting opportunities in AI special fabrics due to rising demand and high supply barriers [8] Summary by Sections Real Estate Market - The sales data has deteriorated since Q4, with a notable decline in both sales amount and area. The latest high-frequency transaction data shows a year-on-year decrease of 45% in the rolling transaction area of commercial housing in 30 major cities [5][6] - The downward pressure in the real estate market has been evident since April 2023, and the probability of policy easing is gradually increasing [5] Cement Market - As of early November, the domestic cement market demand has remained relatively stable, with a month-on-month price decrease of 0.1%. The average national cement price is 355.97 yuan/ton, down 0.48 yuan/ton month-on-month and down 73.55 yuan/ton year-on-year [6][28] - The cement inventory rate is at 69.52%, which is an increase of 0.37 percentage points month-on-month [28] Glass Market - The domestic float glass market prices have shown slight fluctuations, with some price increases due to local production halts. The average national glass price is 64.81 yuan per weight box, up 0.34 yuan per weight box month-on-month but down 13.43 yuan year-on-year [42] - The total inventory of glass in key monitored provinces is 6016 million weight boxes, a decrease of 184 million weight boxes month-on-month [41][42] Special Fabrics - The report emphasizes the potential of AI special fabrics, driven by increased demand and the high barriers to supply. Companies like Zhongcai Technology are positioned to benefit from domestic substitution in this sector [8]

Core Insights - The 13th "Craftsman Rainbow China" competition successfully concluded in Chengdu, showcasing the growth of China's premixed mortar capacity to the world's largest [1] - The competition serves as a professional platform for craftsmen to demonstrate skills and promote communication, driving the upgrade of tiling techniques towards professionalism and refinement [3] Industry Developments - The industry is undergoing a significant transformation from product-driven to service-driven models, with companies like Oriental Yuhong implementing a "product + service" dual-drive model [5] - The "Small and Micro Partner" program aims to connect urban and rural talent, enhancing the quality of home services across broader markets [5] Competition Highlights - The finals featured 75 top craftsmen selected from across the country, competing in various categories, demonstrating solid skills and practical experience [7] - Winners included craftsmen from different regions, showcasing excellence in large tile laying, small tile laying, beautification, waterproofing, and putty coating [8] Strategic Initiatives - The competition has evolved into a platform for industry empowerment, focusing on enhancing craftsmen's service capabilities and market opportunities through systematic training and entrepreneurial incubation [10] - The rise of digitalization has led to craftsmen building personal brands via social media, with Oriental Yuhong supporting this trend to help craftsmen showcase skills and expand market opportunities [12] Market Positioning - Oriental Yuhong leverages a unique market competitiveness through a combination of excellent craftsmen, quality products, and integrated services [14] - The company is actively responding to national rural revitalization strategies by providing standardized professional services to support the construction of beautiful rural areas [14] Service Ecosystem - The service framework includes six major business systems, offering consumers a one-stop solution from installation to maintenance, while creating a conducive environment for craftsmen [15] - The company aims to continue developing a comprehensive vocational development pathway for craftsmen through standardization, digital empowerment, and ecological collaboration [15]