财报数据显示，2025年上半年东方雨虹实现营收135.69亿元，实现归母净利5.64亿元。其中，Q2公司实 现营收76.14亿元；归母净利3.72亿元。 尽管收入增长仍然有所承压，但经营性净现金流有所改善。2025年上半年公司经营活动产生的现金流量 净额-3.96亿元，上年同期为-13.28亿元，其中Q2净流入4.17亿元。 近日，A股上市公司东方雨虹（002271.SZ）中报新鲜出炉。 翻阅这份业绩报告，财务数据表象背后，呈现的是这家已经走过三十年风雨的企业在复杂宏观环境下， 以战略定力穿越周期，为未来蓄力的清晰脉络。 总结来看，这份半年度答卷的核心关键词是：现金流修复、双轮驱动深化、渠道优化、全球化提速。 1、经营质量优先：现金流的显著改善是最大亮点 东方雨虹深耕建筑防水核心业务，同时加速发展砂浆粉料第二主业，形成双轮驱动的发展格局。 防水主业方面，上半年，防水材料实现营收94.59亿元，占营收比重约69.71%。虽受大环境影响收入出 现一定程度的下滑，但公司展现了其强大的场景拓展与抗风险能力。 在传统地产之外，其深度渗透交通基建、水利能源、城市更新、保障房及民用零售市场，有效对冲单一 领域风险。同时公司 ...

Core Viewpoint - The financial report of Dongfang Yuhong (002271.SZ) for the first half of 2025 highlights the company's strategic resilience in navigating a complex macroeconomic environment, focusing on cash flow recovery, dual business drive, channel optimization, and accelerated globalization [1][15]. Financial Performance - In the first half of 2025, Dongfang Yuhong achieved revenue of 13.569 billion yuan and a net profit of 564 million yuan, with Q2 revenue at 7.614 billion yuan and net profit at 372 million yuan [1][6]. - The company's operating cash flow improved significantly, with a net cash flow of -396 million yuan compared to -1.328 billion yuan in the same period last year, and a Q2 net inflow of 417 million yuan [1][3]. Business Strategy - The company prioritizes operational quality, emphasizing risk control and steady operations, which has led to improved operational capital efficiency through tightened credit policies and better management of accounts receivable [3][15]. - Dongfang Yuhong is advancing its dual business model, focusing on its core waterproofing business while rapidly developing its second main business in mortar and powder materials, which accounted for 14.71% of total revenue in the first half of 2025 [5][8]. Market Positioning - The waterproofing segment generated revenue of 9.459 billion yuan, representing approximately 69.71% of total revenue, despite a decline due to external factors [5][6]. - The company has established strong barriers in the waterproofing business through extensive domestic and international distribution networks and advanced technical capabilities [5][7]. Channel Development - Dongfang Yuhong has been deepening its channel strategy, achieving a combined revenue of 11.406 billion yuan from engineering and retail channels, which accounted for 84.06% of total revenue [8][10]. - The company is enhancing its marketing channel network by integrating direct sales and channel models, allowing for better market opportunity management and risk control [9][10]. Global Expansion - The company reported overseas revenue of 576 million yuan in the first half of 2025, a 42.16% increase year-on-year, indicating a strong commitment to its globalization strategy [10][11]. - Dongfang Yuhong is actively establishing production bases overseas and has made significant acquisitions to enhance its local operational capabilities and shorten market cultivation cycles [12][13]. Long-term Outlook - The company is focused on sustainable development by sacrificing some growth speed for healthier cash flow and operational quality, which is crucial for long-term stability [14][15]. - Dongfang Yuhong's dual business strategy, channel optimization, and globalization efforts are expected to provide a solid foundation for future growth, positioning the company as a comprehensive building materials system service provider [15].

国盛证券研报指出，东方雨虹2025年上半年归母净利润5.6亿元，同比下滑40.2%，其中单Q2实现归母 净利润3.4亿元，同比下滑36.2%。民建业务展现韧性，海外业务加速布局。公司休斯敦、沙特阿拉伯达 曼、加拿大、马来西亚基地均在有序推进中，同时公司收购香港建材零售企业万昌五金建材有限公司、 香港专业建材直销公司康宝香港有限公司100%股权，拟收购智利建材超市企业ConstrumartS.A.100%股 权，海外布局持续加速。公司渠道转型持续推进，巩固防水主业，同时积极拓展砂粉、海外等新新增长 曲线，但考虑到防水需求仍在下滑中，行业竞争激烈，并且应收账款等存在减值风险，下调公司的盈利 预测，维持「买入」评级。 ...

Core Viewpoint - The renovation and building materials sector experienced a slight increase of 0.44% on August 1, with Yangzi New Materials leading the gains, while the overall market indices, Shanghai Composite and Shenzhen Component, saw declines of 0.37% and 0.17% respectively [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3559.95, down 0.37% [1] - The Shenzhen Component Index closed at 10991.32, down 0.17% [1] - Yangzi New Materials (002652) saw a significant increase of 9.95%, closing at 4.20 [1] Group 2: Individual Stock Performance - Other notable performers included: - Sentai Co. (301429) with a rise of 3.34%, closing at 20.09 [1] - Keshin New Materials (833580) increased by 2.79%, closing at 15.11 [1] - Jingxue Energy-saving (301010) rose by 2.61%, closing at 18.48 [1] - Youbang Ceiling (002718) increased by 2.22%, closing at 17.02 [1] Group 3: Capital Flow - The renovation and building materials sector saw a net outflow of 133 million yuan from institutional investors, while retail investors contributed a net inflow of 130 million yuan [2] - The overall capital flow for individual stocks showed mixed results, with some stocks experiencing significant inflows while others faced outflows [3]

Investment Rating - The report maintains an investment rating of "Buy-A" with a 6-month target price of 13.77 CNY, compared to the current stock price of 12.03 CNY [4]. Core Views - The company reported a revenue of 13.569 billion CNY in the first half of 2025, a year-on-year decrease of 10.84%, and a net profit attributable to shareholders of 564 million CNY, down 40.16% year-on-year. The decline is attributed to market demand downturn and intense price competition [1][2]. - The company is experiencing a continuous optimization of its channel structure, with retail and engineering channels accounting for 84% of total revenue in H1 2025. Retail channel revenue share increased by 1.54 percentage points [2]. - The company is actively responding to industry price competition by raising prices on certain waterproof products, which is expected to improve profitability in the second half of 2025 [8]. Revenue Performance - In H1 2025, the company achieved revenue of 135.69 billion CNY, with a quarterly breakdown showing Q1 and Q2 revenues down 16.71% and 5.64% year-on-year, respectively. The decline in Q2 was less severe compared to Q1 [1]. - Revenue from retail, engineering, and direct sales channels in H1 2025 was 50.59 billion CNY, 63.47 billion CNY, and 20.36 billion CNY, with respective year-on-year growth rates of -6.98%, -5.26%, and -28.01% [2]. Product and Regional Analysis - In H1 2025, revenue from waterproof membranes, coatings, mortar, and engineering construction was 5.513 billion CNY, 3.946 billion CNY, 1.996 billion CNY, and 849 million CNY, with respective growth rates of -8.84%, -17.11%, -6.24%, and -32.34% [3]. - The company achieved overseas revenue of 576 million CNY in H1 2025, representing a year-on-year increase of 42.16%, with ongoing construction of overseas bases and plans to acquire a 100% stake in Chilean building materials supermarket Construmart S.A. [3]. Profitability and Cash Flow - The overall gross margin for H1 2025 was 25.40%, a decrease of 3.82 percentage points year-on-year. The gross margin for Q2 2025 was 26.71%, an increase of 2.97 percentage points from Q1 [4]. - The company reported a net cash outflow from operating activities of 396 million CNY in H1 2025, which was an improvement compared to a net outflow of 932 million CNY in the same period last year [8]. Future Outlook - The company forecasts revenues of 25.436 billion CNY, 26.554 billion CNY, and 27.833 billion CNY for 2025, 2026, and 2027, respectively, with expected net profits of 1.227 billion CNY, 1.439 billion CNY, and 1.696 billion CNY, indicating significant growth in net profit in 2025 [9].

Core Viewpoint - Dongfang Yuhong's mid-term performance is under pressure, but the company is accelerating its overseas acquisition strategy and international layout to create new growth opportunities [1] Group 1: Company Performance - The company is facing industry demand and internal competition pressures, prompting it to optimize its channel structure and operational quality through organizational adjustments [1] - The company's waterproof main business market share continues to increase, with growth potential in non-housing segments, non-waterproof businesses, and overseas market expansion [1] Group 2: Strategic Initiatives - Recently, the company announced the acquisition of a leading Chilean building materials retail supermarket, which aims to establish an international building materials retail channel through overseas mergers and acquisitions [1] - The overseas expansion strategy is expected to create a new growth curve for the company [1] Group 3: Financial Forecast - Due to market demand and price competition pressures, the company's net profit forecast for 2025-2027 has been adjusted to 1.495 billion, 2.006 billion, and 2.356 billion yuan, respectively, down from previous estimates of 1.625 billion, 2.482 billion, and 3.107 billion yuan [1] - The corresponding price-to-earnings ratios are projected to be 19.2X, 14.3X, and 12.2X for the respective years [1] - The company maintains a "buy" rating, considering that the effects of business structure adjustments are beginning to show [1]

Investment Rating - The report maintains a "Buy" rating for the company [7][5]. Core Views - The company reported a revenue of 13.569 billion RMB in 1H25, a year-on-year decrease of 10.84%, with a net profit attributable to shareholders of 564 million RMB, down 40.16% year-on-year [1][5]. - The decline in revenue is attributed to price pressures in the waterproofing segment, while new product categories and regions showed strong performance [2][5]. - The company is actively pursuing debt restructuring and asset protection through property acquisition, alongside ongoing overseas expansion efforts [4][5]. Summary by Sections Financial Performance - In 1H25, the company achieved revenues of 55.13 billion RMB from waterproofing materials, 39.46 billion RMB from coatings, 19.96 billion RMB from powder materials, and 11.38 billion RMB from other main businesses, with year-on-year changes of -8.84%, -17.11%, -6.24%, and +46.97% respectively [2][5]. - The gross profit margin for 1H25 was 25.4%, a decrease of 3.82 percentage points year-on-year, with specific margins of 22.60% for waterproofing materials, 36.54% for coatings, and 26.59% for powder materials [3][5]. - The company reported a net cash flow from operating activities of -396 million RMB in 1H25, an improvement of 930 million RMB year-on-year [3][5]. Debt and Asset Management - As of 1H25, the company had a debt restructuring book value of 840 million RMB and had transferred properties worth 2.34 billion RMB to secure asset safety [4][5]. - The company plans to distribute a cash dividend of 9.25 RMB per 10 shares, reflecting a commitment to shareholder returns [4][5]. Future Outlook - The revenue forecasts for 2025-2027 have been adjusted downwards by 4.9%, 5.4%, and 4.9% respectively, with net profit estimates reduced by 20.21%, 20.70%, and 17.31% [5][10]. - The target price has been revised to 13.80 RMB, corresponding to a 25x PE valuation for 2025 [5][8].

Group 1 - The company is accelerating its overseas business expansion and developing international markets through various strategies such as establishing overseas companies, promoting overseas investments and mergers, building factories abroad, and enhancing overseas supply chains and talent cultivation [2] - The company is currently advancing its overseas supply chain layout and channel construction, with production bases being established in locations such as Houston, USA, Saudi Arabia, Malaysia, and Canada [2]

公告指出，交易完成后，东方雨虹海外发展公司将持有Construmart 99%股权，东方雨虹国际贸易想·公 司将持有1%股权。 2025年8月1日，东方雨虹(002271.SZ)公告称，公司全资子公司拟拟以自有资金合计出资约1.23亿美元收 购交易对方持有的智利Construmart S.A.100%股权。 ...

Group 1: Qingdao Bank - Qingdao Bank reported a net profit of 3.065 billion yuan for the first half of 2025, representing a year-on-year increase of 16.05% [1] - The bank achieved an operating income of 7.662 billion yuan, up 7.50% year-on-year [1] - Established in November 1996, Qingdao Bank primarily provides deposit, loan, and payment services [1] Group 2: Fuanna - Fuanna plans to repurchase shares worth between 55.85 million yuan and 104 million yuan, with a maximum repurchase price of 11 yuan per share [1] - The repurchased shares will be used for employee stock ownership plans or equity incentive plans [1] - Founded in August 1994, Fuanna specializes in the research, design, production, and sales of textile home products [1] Group 3: Zhengdan Co., Ltd. - Zhengdan Co., Ltd. reported a net profit of 630 million yuan for the first half of 2025, a significant year-on-year increase of 120.35% [1] - The company achieved an operating income of 1.429 billion yuan, up 3.37% year-on-year [1] - The company plans to distribute a cash dividend of 3 yuan per 10 shares [1] Group 4: Huilv Ecology - Huilv Ecology's subsidiary plans to increase its investment in a light module production base from 200 million yuan to 800 million yuan [3] - The project will be constructed in phases in the Ezhou Airport Economic Zone, focusing on production facilities and high-end optical communication equipment [3] - Established in January 1990, Huilv Ecology provides a full range of services in landscape engineering and design [3] Group 5: Shandong Highway - Shandong Highway plans to participate in a capital increase project for Weihai Bank, with a total fundraising of up to 3 billion yuan [5] - The company intends to subscribe to no more than 106 million shares at a price of 3.29 yuan per share [5] - Founded in November 1999, Shandong Highway focuses on investment and operation of transportation infrastructure [5] Group 6: Aoshikang - Aoshikang plans to issue convertible bonds not exceeding 1 billion yuan for high-end printed circuit board projects [6] - The bonds will have a maturity of six years [6] - Established in May 2008, Aoshikang specializes in the research, production, and sales of high-density printed circuit boards [6] Group 7: Darui Electronics - Darui Electronics intends to acquire 80% of Weisi Technology for a total of 1.34 billion yuan [7] - The acquisition includes a capital increase of 30 million yuan for Weisi Technology [7] - Founded in September 2003, Darui Electronics focuses on the development and production of consumer electronic components [7] Group 8: Wanhu Chemical - Wanhu Chemical's shareholder plans to reduce their stake by up to 0.54%, equating to a maximum of 17 million shares [8] - The reduction is due to the shareholder's personal financial needs [8] - Established in December 1998, Wanhu Chemical specializes in polyurethane and fine chemicals [8] Group 9: Changhua Chemical - Changhua Chemical plans to raise up to 230 million yuan through a private placement for a carbon dioxide polyether project [10] - The total investment for the project is 743 million yuan [10] - Founded in October 2010, Changhua Chemical focuses on the research, production, and sales of polyether products [10] Group 10: New Aluminum Era - New Aluminum Era plans to invest at least 500 million yuan in a project to produce 800,000 lightweight high-strength automotive components [11] - The company will also invest in an aluminum alloy recycling project in Chongqing [11] - Established in December 2015, New Aluminum Era specializes in the development and production of aluminum components for electric vehicle battery systems [11] Group 11: Oriental Yuhong - Oriental Yuhong reported a net profit of 564 million yuan for the first half of 2025, a year-on-year decrease of 40.16% [12] - The company achieved an operating income of 13.569 billion yuan, down 10.84% year-on-year [12] - The company plans to distribute a cash dividend of 9.25 yuan per 10 shares [12] Group 12: Yisheng Co., Ltd. - Yisheng Co., Ltd. reported a net profit of 6.1551 million yuan for the first half of 2025, a significant year-on-year decrease of 96.64% [13] - The company achieved an operating income of 1.321 billion yuan, down 3.98% year-on-year [13] - The company plans to distribute a cash dividend of 1.5 yuan per 10 shares [13] Group 13: Guangzhou Port - Guangzhou Port expects to complete a cargo throughput of 50.233 million tons in July, a year-on-year increase of 3.1% [14] - The port anticipates a container throughput of 2.272 million TEUs in July, up 1.2% year-on-year [14] - Established in December 2010, Guangzhou Port provides comprehensive services including cargo handling and logistics [14] Group 14: Tibet Tourism - Tibet Tourism announced it may apply for a trading suspension if significant stock trading anomalies continue [16] - The company's stock has seen a cumulative increase of 135.98% over nine consecutive trading days [16] - Founded in June 1996, Tibet Tourism focuses on tourism services and related businesses [16] Group 15: Jiayao Co., Ltd. - Jiayao Co., Ltd. announced a plan to reduce its stake by up to 4.95%, equating to a maximum of 5.5715 million shares [18] - The reduction is due to the shareholders' management needs [18] - Established in August 1999, Jiayao Co., Ltd. specializes in the research, production, and sales of wet wipes [18] Group 16: Heyuan Gas - Heyuan Gas plans to reduce its stake by up to 2%, equating to a maximum of 2.1124 million shares [19] - The reduction will occur through both centralized bidding and block trading [19] - Founded in November 2003, Heyuan Gas focuses on the research, production, and sales of various gas products [19] Group 17: Dalian Friendship - Dalian Friendship announced that its controlling shareholder reached a settlement agreement regarding a litigation case [4] - The controlling shareholder plans to inform the company upon receiving the court's ruling [4] - Established in July 1992, Dalian Friendship primarily operates in retail, hospitality, and real estate [4] Group 18: Daxin City - Daxin City plans to privatize and delist, with a total repurchase amount of approximately 2.932 billion HKD [20] - The repurchase will involve 4.73 billion shares at a price of 0.62 HKD per share [20] - Founded in October 1993, Daxin City focuses on real estate development and management [20] Group 19: *ST Taihe - *ST Taihe announced that a shareholder's shares have been judicially frozen due to a contractual dispute [21] - The frozen shares account for 10.56% of the total share capital [21] - Established in December 2010, *ST Taihe focuses on water environment ecological construction and maintenance [21] Group 20: Qianli Technology - Qianli Technology's subsidiary plans to transfer technology intellectual property for 345 million yuan [22] - The transaction involves a project technology transfer agreement with Ningbo Geely Automotive Research Institute [22] - Founded in December 1997, Qianli Technology specializes in the research, production, and sales of passenger vehicles and motorcycles [22]