Summary of Dongfang Yuhong Conference Call Company Overview - **Company**: Dongfang Yuhong - **Industry**: Construction Waterproofing Key Points and Arguments Sales and Revenue Performance - Dongfang Yuhong's sales have shown signs of recovery, with waterproof membrane sales increasing by over 6% year-on-year, while waterproof coatings saw a slight decline of 0.1% [3][2] - Significant growth in sand powder sales was noted, indicating a positive trend in overall sales performance [2] - Revenue decline has narrowed, with May's decline being less severe than in the first quarter and April, suggesting marginal improvement [2][3] - Price stabilization began in April, with leading companies issuing price increase notices, signaling potential recovery in profit margins [2][3] Market Demand and Strategic Focus - The overall demand in the construction waterproofing industry is declining, but there are pockets of demand in industrial energy, urban renewal, and national key projects [2][4] - Dongfang Yuhong's public construction group is focusing on these areas to seek structural growth opportunities [2][4] - The company anticipates a slowdown in price wars by 2025, with major players unwilling to sacrifice profits for sales volume [2][5] Business Strategy and Transformation - The company is shifting its strategy to "retail first, partnership first," moving away from some large real estate clients and transitioning towards C-end and small B models [2][6] - The retail segment is expected to grow, while the direct sales business to large real estate clients is projected to decline [2][6] - Dongfang Yuhong is deepening its penetration into lower-tier markets, focusing on non-waterproof categories such as membrane repair and special mortars to drive revenue growth [2][9] International Expansion - The company is actively expanding into overseas markets, establishing a dealer network in Southeast Asia and constructing a factory in North America [3][16] - Plans are in place to produce non-woven fabric in Saudi Arabia, with capital expenditures for overseas factories expected to be between 1 billion to 1.5 billion RMB in 2025 [3][17] Financial Outlook and Adjustments - The revenue structure for 2025 remains unchanged, with expectations of growth in retail and small B segments, while direct sales to large real estate clients are expected to decline significantly [6][7] - The company is undergoing a light asset model transformation to improve cash flow and reduce accounts receivable [7][19] - The anticipated revenue from real estate procurement is projected to be around 600 to 700 million RMB, significantly lower than previous years [6][19] Challenges and Future Prospects - The public construction group has struggled to meet budget targets in recent years, with revenue declines of nearly 20% due to a sharp drop in industry demand [15] - Strategic adjustments in 2025 aim to stabilize the business and expand product categories, particularly in mortar and piping [15][19] - The company expects to see a gradual recovery in revenue starting in 2026 as the impact of structural adjustments diminishes [19] Asset Management and Optimization - Dongfang Yuhong is focusing on optimizing asset layout and reducing excess capacity by selling or leasing idle factory spaces [21][22] - The company is also negotiating with the government to return some previously acquired land to streamline operations [22] Additional Important Information - The company has made significant adjustments to its retail business structure to enhance future growth, including integrating its retail operations with the civil construction platform [8][10] - The public construction business is still heavily reliant on engineering waterproof products, while the civil construction business has diversified its revenue sources [14][15]

Core Viewpoint - The 30th anniversary of Dongfang Yuhong highlights the company's growth, commitment to quality, and innovative spirit, emphasizing the importance of teamwork and dedication in achieving new heights [1][6]. Group 1: Company Development - Dongfang Yuhong has celebrated 30 years of progress, showcasing a strong commitment to quality and innovation [1]. - The company has initiated a story collection activity to commemorate its anniversary, reflecting on the dedication and achievements of its employees [1]. Group 2: Employee Commitment - Employees express gratitude and a sense of responsibility towards their commitments, viewing them as motivation to strive for excellence [3][5]. - The company fosters a culture of support and appreciation for employees' families, enhancing their sense of belonging and happiness [9]. Group 3: Brand Protection - Dongfang Yuhong has faced challenges from counterfeit products, leading to a strong focus on brand protection and quality assurance [10][12]. - The company maintains high standards in production and has established a robust legal framework to combat infringement and restore trust in its brand [12]. Group 4: Future Aspirations - The company aims to expand its roof tile business, recognizing its potential for value creation and market growth [5][6]. - Dongfang Yuhong is committed to continuing its legacy of excellence and innovation, striving to write a new chapter in its history [12].

Core Insights - The article highlights the 30-year journey of Dongfang Yuhong, showcasing its evolution from a local company to a global leader in building materials and systems services [1][5][6] - The company emphasizes the importance of perseverance and innovation, as illustrated by various success stories from employees who have contributed to its growth and technological advancements [3][7][8] Group 1: Company Milestones - Dongfang Yuhong has established its first smart factory and completed its first overseas project, marking significant milestones in its history [1] - The introduction of the 3000-type production line in 2013 revolutionized the competition in the self-adhesive waterproofing membrane market, leading to the development of innovative products [5][6] Group 2: Employee Contributions - Employees have shared their personal stories of dedication and hard work, such as leading technical experiments and overcoming production challenges, which have collectively contributed to the company's success [3][4][7] - The company has fostered a culture of continuous learning and skill development, with employees taking on mentorship roles to train the next generation of talent in the industry [8] Group 3: Technological Advancements - The 3000-type production line has produced over 120 million square meters of high-quality waterproof membranes, establishing a solid foundation for the company's business growth in this segment [6] - The company has developed 32 advanced products and tackled various technical challenges, showcasing its commitment to innovation and excellence in the industry [3][4]

证券代码：002271 证券简称：东方雨虹 公告编号：2025-058 北京东方雨虹防水技术股份有限公司 关于公司及全资子公司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"）与中信银行 股份有限公司济南分行（以下简称"中信银行济南分行"）签署《最高额保证合 同》，公司为中信银行济南分行与公司全资子公司济南东方雨虹建筑材料有限公 司（以下简称"济南东方雨虹"）在一定期限内连续发生的多笔债务提供连带责 任保证。保证期间为主合同项下债务履行期限届满之日起三年，即自债务人依具 体业务合同约定的债务履行期限届满之日起三年。前述担保的债权本金最高限额 为人民币 3,000 万元。 2、公司与苏州银行股份有限公司扬州分行（以下简称"苏州银行扬州分行"） 签署《保证合同》，公司为苏州银行扬州分行与公司全资子公司虹石（江苏）新 材料科技有限公司（以下简称"虹石新材料"）之间主合同项下的一系列债务提 供连带责任保证，保证期间为自债务人在各单笔主合同项下的 ...

Group 1 - The core idea of the news is that Dongfang Yuhong is launching the 2025 "Safety and Environmental Month" initiative to enhance employee safety awareness and improve safety and environmental management capabilities in its manufacturing plants [1][5] - The initiative includes activities such as "Five Ones" promotion, special inspections, emergency drills, safety and environmental risk identification, and sustainable development theme activities [1] - On June 5, Dongfang Yuhong held an "Environmental Open Day" in response to the theme "Beautiful China, I Go First," engaging students in interactive activities to promote green development concepts [1] Group 2 - The company has established a "system + technology + management" three-dimensional environmental protection system, which includes forming a special working group to improve management systems, investing in pollution treatment equipment upgrades, and implementing dual systems for environmental and energy management [5] - Dongfang Yuhong's full-chain model of "source reduction - process control - end treatment" provides a replicable practice sample for the green transformation of the building materials industry [5] - The environmental activities at the Yueyang factory not only reflect Dongfang Yuhong's commitment to sustainable development over the past thirty years but also aim to foster social consensus on green and low-carbon initiatives [5]

Group 1 - Haitai Development plans to acquire controlling stake in Zhixueyun through cash, which may constitute a major asset restructuring [3] - Shutaishen's product STSP-0601 has been included in the priority review list by the National Medical Products Administration, entering the expedited approval process [4] - Yuyin Co. confirmed no undisclosed significant matters despite stock price fluctuations exceeding 20% over three trading days [5] Group 2 - ST Four Seasons announced the resignation of three vice presidents due to personal reasons [6] - Wanda Film is set to launch a shareholder reward program, offering discounted movie vouchers and exclusive purchase options for shareholders [7] - Huamai Technology reported normal business operations focused on communication infrastructure, with no undisclosed significant information [8] Group 3 - Cuiwei Co. is currently experiencing losses in its main business due to market conditions and operational changes [9] - Dongfang Yuhong has received government subsidies totaling 11.3344 million yuan, accounting for 10.48% of the audited net profit for 2024 [10] Group 4 - Wen's Co. reported a 14.23% year-on-year increase in pig sales revenue for May, with total sales of 3.1554 million pigs generating 5.323 billion yuan [12] - Wentaike plans to reduce its stake by up to 3% through block trades and centralized bidding, amounting to 37.3374 million shares [14] - Debang Technology has reduced its shareholding by 1% through block trades, now holding 16.83% of the company [15] Group 5 - Lanjian Intelligent plans to repurchase shares worth 10 to 20 million yuan at a maximum price of 41.88 yuan per share [17] - Chengdi Xiangjiang's subsidiary has won a bid for a 440 million yuan project with China Mobile for data center power system construction [19]

证券代码：002271 证券简称：东方雨虹 公告编号：2025-057 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。 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，自公司最 近一次披露《关于获得政府补助的公告》（公告编号：2025-046）至今，公司及 下属子公司累计获得政府补助合计 11,334,411.77 元人民币，均为与收益相关的 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 10.48%，补 助形式均为现金，截至目前，上述补助已经实际收到相关款项，具体明细如下： | 序号 | 获得补助的主体 | 补助获得时间 | 补助金额（元） | | --- | --- | --- | --- | | 1 | 广东东方雨虹建筑材料有限公司 | 2025/4/14 | 1,790,000.00 | | 2 | 德爱威建设工程有限公司 | 2025/4/14 | 6,000.00 | | 3 | 太原东方雨虹建筑材料有限公司 | 2025/4/15 | ...

Investment Rating - The report maintains an "Overweight" rating for the construction materials sector [1] Core Viewpoints - The construction materials sector is experiencing fluctuations at the bottom of the PMI index, with expectations for a gradual recovery in demand driven by government policies and market dynamics [4][16] - The report emphasizes the potential for recovery in the home decoration materials segment, particularly with the implementation of "old-for-new" subsidies and service consumption stimulus policies [4][16] Summary by Sections 1. Sector Overview - The construction materials sector has shown a slight increase of 0.18% in the past week, outperforming the Shanghai Composite Index and the Wind All A Index, which decreased by -1.08% and -0.02% respectively [4] - The report highlights that the cement market price is currently at 367.8 RMB/ton, down by 3.0 RMB/ton from the previous week and down by 6.3 RMB/ton compared to the same period last year [20][21] 2. Cement Market - The average cement inventory ratio is reported at 65.7%, an increase of 0.4 percentage points from the previous week, but down by 2.5 percentage points year-on-year [25] - The average daily cement shipment rate is 47.8%, up by 1.4 percentage points from the previous week but down by 5.3 percentage points compared to last year [25] - The report notes that the cement price is expected to stabilize or slightly rebound in the coming months due to supply-side adjustments and demand recovery [12][19] 3. Glass Fiber Market - The report indicates that the profitability of the glass fiber sector remains low, with many second and third-tier companies operating at breakeven or loss [13] - The demand for high-end products in wind power and thermoplastics is expected to continue growing, which may support profitability for leading companies [13] - The report recommends companies like China Jushi and suggests monitoring others such as Zhongcai Technology and Shandong Fiberglass [13] 4. Glass Market - The glass sector is facing weak terminal demand, with inventory levels remaining high and price pressures expected to increase as the market enters a seasonal downturn [14][15] - The report recommends Qibin Group as a leading player in the glass market, with a focus on its cost advantages and growth potential in photovoltaic glass [14] 5. Home Decoration Materials - The report highlights the positive impact of government policies aimed at boosting domestic demand and stabilizing the real estate market, which is expected to enhance the demand for home decoration materials [16] - Companies such as Beixin Building Materials and Arrow Home are recommended for their strong growth potential and market positioning [16]

Group 1 - The Ministry of Industry and Information Technology reported that the integrated circuit production increased by 5.4% year-on-year from January to April [1] - The National Bureau of Statistics indicated that the official manufacturing PMI rose to 49.5 in May, while the non-manufacturing sector continued to expand, and both import and export indices showed improvement [3] - The Hong Kong government officially published the Stablecoin Regulation, marking its enactment as law [5] Group 2 - The top ten stocks in A-shares for May showed significant gains, with the strongest stock, Zhongyou Technology, increasing by 157.28% [7][9] - A total of 7 stocks were replaced in the CSI 300 index, with 50 stocks in the CSI 500 index, and 100 stocks in the CSI 1000 index, effective from June 16 [20][21] - The commentary suggests that the adjustment of index samples will lead to new capital fluctuations in the market, indicating a potential bull market for A-shares in the upcoming months [22]

Core Viewpoint - The article highlights the significance of the "Rainwater Management System" in sponge city construction, emphasizing its role in optimizing urban rainwater runoff control through ecological elements like buildings, roads, green spaces, and water systems [1] Group 1: Technology and Innovation - The Dongfang Yuhong Taohuayuan Zero Slope Organized Drainage and Water Storage System supports the construction of resilient urban water ecosystems through innovative technology and quality [3] - This system has been recognized as a core product in the sponge city construction technology system and has been included in the first batch of the Ministry of Housing and Urban-Rural Development's directory of advanced applicable technologies and products for sponge city construction [5] - The system integrates various functions such as infiltration, retention, storage, purification, utilization, and drainage, effectively addressing issues like water seepage and leakage [7] Group 2: Application and Benefits - The system is designed to manage water resources in community green spaces, landscape water bodies, and public activity areas, creating a complete operational chain for rapid drainage, tiered purification, and recycling [9] - During rainfall, initial rainwater is filtered and stored in underground modules, which can then be used for irrigation, landscape replenishment, and municipal water needs, effectively replacing traditional water supply during peak irrigation periods [9] - The system enhances community flood control capabilities by safely draining excess rainwater during extreme weather events, ensuring the stability of residents' daily lives [9] Group 3: Smart Features and Sustainability - The system features intelligent detection capabilities, with sensors providing real-time feedback on rainfall intensity and water level changes, optimizing drainage paths and adjusting storage capacity dynamically [11] - Its modular design allows for flexible configuration to meet diverse needs in both flood-prone and drought-affected areas, demonstrating significant technical adaptability in new city construction and old city renovation [11] - The core components are made from high-performance composite materials, ensuring durability and low maintenance needs compared to traditional products, thus providing sustainable support for urban water management facilities [13] Group 4: Future Prospects - The Dongfang Yuhong Taohuayuan Zero Slope Organized Drainage and Water Storage System has become a key support for regional water ecological governance projects in Xiong'an New Area, with expectations for broader application in sponge city construction across more cities as technology evolves [15]