Core Insights - The article emphasizes the importance of long-termism in business strategy, advocating for a focus on resilience and pragmatism rather than short-term gains [2][7] - The "Five Purposes" principle guides the company's strategic direction, ensuring alignment with national, social, customer, employee, and shareholder interests [3] Strategic Determination - The "Five Purposes" principle is described as the company's genetic makeup and soul, providing clarity and direction even in challenging times [3] - The company maintains a focus on its core business in building materials, avoiding blind diversification and instead enhancing capabilities through deep engagement with existing technologies and services [3] - A bottom-line thinking approach prioritizes quality and sustainable development, fostering resilience and the ability to navigate market fluctuations [3] Operational Resilience - The "Technology + Service" dual-driven model is identified as key to sustained growth, creating competitive barriers and advantages [4] - Continuous investment in R&D for new materials and processes is seen as essential for establishing industry standards and technical barriers [4] - The company recognizes that customers seek not just products but also long-term safety, leading to the development of a comprehensive service system that enhances customer relationships [4] Organizational Vitality - The concept of "continuous struggle" is embedded in the company's culture, driving ongoing evolution and adaptation [5] - An innovation culture encourages viewing market fluctuations as opportunities for strengthening core capabilities, maintaining agility in response to changes [6] - A value-driven incentive and evaluation system ensures that organizational efforts are aligned with long-term value creation, fostering a cycle of achievement and growth [6] Return to Essence - The company’s three-decade journey underscores the importance of focusing on core competencies, operational resilience, and organizational vitality as foundations for sustainable growth [7] - The commitment to long-termism and internal value cultivation is highlighted as a unique competitive advantage, providing a reference for other companies pursuing high-quality growth [7]

证券代码：002271 证券简称：东方雨虹 公告编号：2025-095 北京东方雨虹防水技术股份有限公司 关于收购智利 Construmart S.A.100%股权进展 暨交割完成的公告 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。 一、本次交易概述 为战略性拓展海外市场，搭建国际化建筑建材零售渠道，进一步实现国际化 战略布局，北京东方雨虹防水技术股份有限公司（以下简称"公司"）全资子公 司东方雨虹海外建设发展（上海）有限公司（OYH OVERSEAS DEVELOPMENT GROUP CO.,LTD.，以下简称"东方雨虹海外发展公司"）及东方雨虹国际贸易（上海） 有限公司（OYH INTERNATIONAL TRADE (SHANGHAI) CO.,LTD.，以下简称"东方 雨虹国际贸易公司"）于北京时间2025年7月16日（智利时间2025年7月15日）与 INVERSIONES RTB SpA（以下简称"RTB"）、INVERSIONES DOÑA TATI LIMITADA （以下简称"Doña Tati"）、INVERSIONES DE ATAC ...

Core Viewpoint - The company has successfully completed the acquisition of 100% equity in Chilean company Construmart S.A. for approximately $123 million, equivalent to about 880 million RMB [1] Group 1 - The acquisition was executed by the company's wholly-owned subsidiaries, Oriental Yuhong Overseas Construction Development (Shanghai) Co., Ltd. and Oriental Yuhong International Trade (Shanghai) Co., Ltd. [1] - Following the transaction, Oriental Yuhong Overseas Development will hold a 99% stake in Construmart, while Oriental Yuhong International Trade will own a 1% stake [1]

Core Viewpoint - Chengdu Oriental Yuhong (002271) has established a new subsidiary focused on manufacturing and selling non-metallic mineral products and insulation materials [1] Company Summary - Chengdu Oriental Yuhong has formed a new company named Chengdu Oriental Yuhong Building Materials Co., Ltd. [1] - The legal representative of the new company is Zhong Sheng [1] - The business scope includes manufacturing non-metallic mineral products, insulation and soundproof materials, and sales of anti-corrosion materials [1] - The new company is wholly owned by Oriental Yuhong [1]

Core Points - The controlling shareholder and actual controller of Beijing Oriental Yuhong Waterproof Technology Co., Ltd., Li Weiguo, has completed his share reduction plan [1][3] - The share reduction was disclosed on July 3, 2025, with a plan to reduce up to 46,382,189 shares, accounting for no more than 1.94% of the total share capital [1][2] Summary by Sections Share Reduction Details - Li Weiguo executed the share reduction through two methods: - **Centralized bidding**: From September 5 to September 26, 2025, he reduced 23,825,237 shares at an average price of 11.81 CNY per share, within a price range of 11.37 to 12.79 CNY [2] - **Block trading**: From August 29 to October 10, 2025, he reduced 22,503,500 shares at an average price of 11.69 CNY per share, within a price range of 11.26 to 12.22 CNY [2] - In total, Li Weiguo reduced 46,328,737 shares, which is 1.9395% of the total share capital [2] Shareholding Changes - Prior to the reduction, Li Weiguo held 53,028,887 shares, representing 22.2214% of the total share capital; after the reduction, he holds 48,447,415 shares, representing 20.2819% [2] - The shareholding of Li Xingguo remained unchanged at 1,090,935.5 shares, accounting for 0.4567% of the total share capital [2] - Combined, the shareholding of both individuals decreased from 54,171,224.2 shares (22.6781%) to 49,538,350.5 shares (20.7386%) [2] Compliance and Impact - The share reduction was conducted in compliance with relevant laws and regulations, including the Company Law of the People's Republic of China and the Regulations on the Management of Acquisitions of Listed Companies [3] - The company confirmed that the share reduction will not affect its governance structure or ongoing operations, nor will it lead to a change in control [3]

证券代码：002271 证券简称：东方雨虹 公告编号：2025-094 确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 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"）于 2025年7月3日披露了《关于控股股东、实际控制人减持股份预披露公告》，李卫 国先生计划在本公告披露之日起15个交易日后的3个月内（自2025年7月24日至 2025年10月23日，中国证监会、深圳证券交易所相关法律法规、规范性文件规定 不得进行减持的时间和情形除外）以大宗交易和/或集中竞价交易方式减持本公 司股份不超过46,382,189股（占本公司总股本比例不超过1.94%）。 公司于2025年9月10日披露了《关于控股股东、实际控制人及一致行动人权 益变动触及1%整数倍的公告》，李卫国先生于2025年8月29日至2025年9月9日期 间通过深圳证券交易所大宗交易和集中竞价交易方式累计减持公司股份 1,619.8200万股，占公司总股本比例0.6781%，本次权益变动后，李卫国先生及 其一致行动人李兴国先生持股比例由22.6781%减少至22.0000% ...

Core Insights - The report maintains a positive outlook on the building materials sector, highlighting a divergence in performance among companies, with demand being a central theme [2][4] - The report emphasizes that the construction materials industry is experiencing a mixed performance, with some companies benefiting from improved competitive dynamics while others face challenges due to demand and pricing pressures [7][10] Group 1: Consumer Building Materials - The consumer building materials segment shows a divergence in performance, with companies like Sanhe Tree and Oriental Yuhong expected to achieve significant growth due to improved competition and reduced pricing pressures [10][11] - The revenue for Q3 is anticipated to remain flat or decline for most building materials companies, but some may see slight year-on-year increases due to favorable competitive conditions [10][11] - Cost factors such as stable or declining prices for key materials like asphalt and PVC positively impact margins for waterproofing and coating companies [10][11] Group 2: Cement Industry - The cement industry faces weak demand from both real estate and infrastructure sectors, with production volumes declining by 5.6% and 6.2% year-on-year in July and August respectively [12][13] - The average price of cement in Q3 2025 was 343.86 RMB/ton, reflecting a decrease of 8.74% quarter-on-quarter and 10.55% year-on-year, indicating significant pricing pressure [12][13] - The report notes that the industry is currently at a low profitability level due to high inventory and rising production costs driven by coal prices [13] Group 3: Glass Industry - The glass industry is experiencing downward pressure on prices and profitability due to declining demand from the real estate sector, with the average price in Q3 2025 at 68.25 RMB/weight box, down 4.42% quarter-on-quarter [19] - High inventory levels persist in the glass sector, with 5,329 million weight boxes reported by the end of September, exacerbating the pricing challenges [19][20] - The report indicates that while raw material costs have decreased, the overall impact on profitability remains negative due to significant price declines [19] Group 4: Glass Fiber Industry - The glass fiber industry is characterized by structural demand differentiation, with high-end products performing better than low-end offerings, leading to a mixed profitability landscape [21] - The average price for non-alkali glass fiber yarn in Q3 2025 was 4,270 RMB/ton, reflecting a year-on-year decline of 44 RMB/ton, indicating pricing challenges [21] - The report highlights that the industry is facing high inventory levels, with 860,000 tons reported by the end of September, contributing to ongoing profitability pressures [21] Group 5: Company Performance Forecast - The report provides a forecast for various companies in the building materials sector, with Oriental Yuhong expected to achieve a net profit of 374-442 million RMB in Q3 2025, reflecting a year-on-year growth of 12%-32% [26] - Sanhe Tree is projected to see a significant increase in net profit, with estimates ranging from 329-366 million RMB, indicating a growth of 64%-83% year-on-year [26] - Other companies like Huaxin Cement and Conch Cement are also highlighted for their potential profitability improvements, with net profit forecasts indicating positive growth trends [26]

Core Viewpoint - The Shanghai Municipal Market Supervision Administration conducted a quality inspection of building waterproofing materials, revealing that all 15 batches tested were compliant with relevant standards, indicating a strong quality assurance in the local market [1] Group 1: Inspection Results - A total of 15 batches of waterproofing materials were sampled, with no non-compliant products found [1] - The inspection included 14 batches from local Shanghai manufacturers and 1 batch from an external province [1] - The inspection was conducted according to the SHSSXZ0013-2025 guidelines for product quality supervision [1] Group 2: Product Details - Various types of waterproofing materials were tested, including SBS modified asphalt and polymer modified asphalt products [1] - The production dates of the tested samples ranged from March to May 2025, showcasing recent manufacturing activity [1] - Notable manufacturers involved in the inspection included Shanghai Oriental Yuhong Waterproof Technology Co., Ltd. and Shanghai North New Moon New Materials Group Co., Ltd. [1]

Investment Rating - The industry rating is "Recommended" [4] Core Views - The report highlights the benefits of the new national fire safety standards and the commercialization of fire-fighting robots, recommending Qingniao Fire Protection as a leading beneficiary [6] - The cement industry is experiencing self-discipline and price increases under the "anti-involution" initiative, with recommendations for Huaxin Cement and Conch Cement [6] - The photovoltaic glass industry is seeing price increases from a bottoming out, with recommendations for Qibin Group, Fuyao Glass, and Xinyi Solar [6] - The report emphasizes the high demand for specialty electronic fabrics, recommending China Jushi, China National Materials, and International Composites [6] - The report suggests investing in companies with strong operational resilience and high dividends, such as Weixing New Materials and Tubao [6] Summary by Sections Cement Industry - National cement market prices decreased by 0.4% week-on-week, with average shipment rates below 45% in key regions [2][28] - Price adjustments varied by region, with increases in Hebei and Jiangxi, while declines were noted in Beijing, Tianjin, Jiangsu, Zhejiang, and Anhui [2][28] - The report anticipates continued price fluctuations in the cement market due to insufficient demand support [28] Glass Industry - The average price of float glass increased to 1289.81 CNY/ton, a rise of 5.31% from the previous week [2][67] - The industry maintains a production capacity utilization rate of 82.20%, with no significant changes in production lines [67] Real Estate Market - In the 41st week, new home transaction volume in 30 major cities decreased by 46% year-on-year and 33.94% month-on-month [3][23] - The report indicates a slight improvement in second-hand housing transactions in 15 monitored cities, with a year-on-year increase of 15% [3][23] Specialty Electronic Fabrics - China Jushi reported a revenue of 9.109 billion CNY in the first half of 2025, a year-on-year increase of 17.70% [6] - The company is advancing low-dielectric product development, with significant growth in net profit [6] Investment Opportunities - The report identifies investment opportunities in regions like Xinjiang due to increased infrastructure investments related to the 70th anniversary celebrations [7] - Recommendations include companies like Tianshan Shares and Xinjiang Jiaojian, which are expected to benefit from regional investments [7]

Summary of Dongfang Yuhong Conference Call Company Overview - **Company**: Dongfang Yuhong - **Industry**: Waterproofing materials within the construction materials sector Key Points and Arguments Industry Dynamics - The waterproofing industry has experienced a significant supply-side clearing, primarily due to the implementation of new waterproofing regulations and the collective procurement model during the real estate bubble, which led to excessive investments and pressure on balance sheets and cash flows [2][4][5] - The industry is expected to transition into an oligopoly, with leading companies like Dongfang Yuhong, Beixin Building Materials, and Keshun Holdings controlling approximately 40% of the market share [2][6][7] Company Performance - Dongfang Yuhong has increased its market share to 22% as of 2024, positioning itself as a leader in the industry [2][5][8] - The company has implemented price increases since early 2025, which have been followed by other leading firms, contributing to improved profit margins [6][9] - The company is expected to see a recovery in profitability, with projections indicating that operational profits could exceed 2 billion in 2025, and potentially reach between 2.5 billion to 3 billion in 2026 due to overseas expansion [13] Future Growth Potential - Dongfang Yuhong has significant growth potential through optimizing product structure, enhancing service quality, and adjusting pricing strategies [2][8] - The company is focusing on channel transformation, with retail channels accounting for 36% of total sales, and plans to expand its special mortar business, which currently contributes over 15% to total revenue [10][12] - The anticipated recovery in the waterproofing industry is expected to reach a turning point in 2025, similar to trends observed in the cement industry [9] Strategic Initiatives - Future strategies include enhancing the proportion of engineering and retail channels, which currently make up 70%-80% of total sales [11] - The company plans to expand its product categories, including special mortars and construction sealants, and is actively pursuing overseas market opportunities, such as the acquisition of a Chilean building materials retail supermarket [12] Market Outlook - The overall market for waterproofing materials is expected to stabilize and gradually recover over the next two years, with leading companies likely to benefit from collaborative price increases [7][9] Additional Important Insights - The competitive landscape is shifting, making it increasingly difficult for smaller companies to gain market share, thereby solidifying the position of leading firms like Dongfang Yuhong [7][8] - The company’s resilience and strategic adjustments have positioned it favorably to navigate the current market challenges and capitalize on future opportunities [10][13]