证券代码：002271 证券简称：东方雨虹 公告编号：2025-055 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"）与中信银行 股份有限公司杭州建德支行（以下简称"中信银行杭州建德支行"）签署《最高 额保证合同》，公司为中信银行杭州建德支行与公司全资子公司杭州东方雨虹建 筑材料有限公司（以下简称"杭州东方雨虹"）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 5,000 万元。 2、公司与中国工商银行股份有限公司濮阳华龙支行（以下简称"工商银行 濮阳华龙支行"）签署《最高额保证合同》，公司为工商银行濮阳华龙支行与公 司全资子公司河南东方雨虹建筑材料有限公司（以下简称"河南东方雨虹"）之 间主合同项下的一系列债务提供连带责任保证，保证期间为自主合同项 ...

证券代码：002271 证券简称：东方雨虹 公告编号：2025-056 北京东方雨虹防水技术股份有限公司 关于公司控股股东部分股份解除质押及质押展期的公告 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、股东部分股份解除质押及质押展期基本情况 北京东方雨虹防水技术股份有限公司（以下简称"公司"）近日接到公司控 股股东、实际控制人李卫国先生函告，获悉李卫国先生所持有本公司的部分股份 办理了解除质押及质押展期手续，具体事项如下： （二）股东部分股份质押展期基本情况 | 是否为控 | 占其 | 占公 | 是否 | 展期 | 股股东或 | 本次质押 | 是否 | 质押 | 原质 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 | 所持 | 司总 | 为补 | 后质 | 质权 | 质押 | 第一大股 | 展期数量 | 为限 | 起始 | ...

Summary of Dongfang Yuhong Conference Call Company Overview - **Company**: Dongfang Yuhong - **Industry**: Waterproofing and construction materials Key Points and Arguments Financial Performance and Asset Management - Dongfang Yuhong is accelerating the monetization of receivable assets, with a potential impairment provision of 30% expected in 2025. In 2024, the average discount for sold receivable properties was around 30%, leading to a reported loss of approximately 200 million yuan [2][4][5] - As of March 31, 2025, the fair value assessment of receivables was approximately 2 billion yuan, with total assets ready for disposal around 2.5 billion yuan [3] - The company has fully provisioned for impairments, with an average of 40% for receivables [5] Revenue and Market Trends - In Q1 2025, revenue from waterproof and non-waterproof products was evenly split. Retail shipments decreased, with store revenue down 19%, but a recovery is expected starting in May [2][6] - The company anticipates that its sales in the public construction sector will reach 1 billion yuan in 2025, with a gross margin of 27%-28% [2][13][14] - The overall market for waterproofing materials is experiencing a downturn, but Dongfang Yuhong's market share is increasing due to the exit of many competitors [4][17] Product Pricing and Sales Strategy - Price adjustments were made in late 2024 for certain products, particularly low-end waterproof materials and C-class tile adhesives, with prices stabilizing from April 2025 [2][8][9] - The company is focusing on expanding its sand powder business through retail and self-built channels, with a significant restructuring of its engineering market team to adapt to declining demand [12][13] Transformation and Strategic Direction - Since 2022, Dongfang Yuhong has been transitioning away from real estate and construction, focusing on retail and small B customer channels. This shift initially impacted revenue but is showing positive results in 2025 [16] - The company is also prioritizing the repair and renovation market, leveraging its extensive network of 300,000 retail outlets to enhance C-end sales [22][24] International Business and Cost Management - The overseas business saw a doubling of revenue in Q1 2025, with expectations to reach 1.5 billion yuan for the year [4][25] - Cost control measures include personnel optimization and organizational restructuring, leading to a 3% reduction in expense ratios in Q1 2025 [26] Market Outlook and Challenges - The overall industry remains in a demand downturn, with expectations of a bottoming out in 2026. The company is adapting to these changes through structural adjustments and exploring new growth avenues [15][17] - The public construction sector is expected to see increased demand, particularly in areas like high-standard farmland construction and municipal projects [21][28] Customer Base and Revenue Sources - Approximately 35%-40% of revenue comes from retail, with the remainder from non-residential sectors, including industrial and municipal projects [19][20] - The company is focusing on high-quality clients in non-residential sectors, including government and industrial clients, to diversify its revenue streams [20] Additional Important Insights - The company is experiencing improved cash flow management through a phased repayment mechanism with partners, enhancing its bargaining power [29] - Despite a decrease in overall market prices, the company is seeing growth in sales volume, particularly in the gypsum powder market, indicating a successful adaptation to market conditions [18][30][31]

Investment Rating - The industry rating is "Outperform the Market" (maintained rating) [5] Core Viewpoints - Infrastructure investment continues to show high growth, with significant increases in water, electricity, fuel, and thermal investments, as well as water conservancy investments, which have seen year-on-year growth rates of +25.5% and +30.7% respectively in the first four months of 2025 [1][2] - The issuance of special bonds has accelerated, with a cumulative increase of 1,190.4 billion yuan in special bonds in the first four months of 2025, an increase of 467.9 billion yuan year-on-year, leading to optimism about the conversion of physical workload in infrastructure [1] - The report emphasizes the cyclical investment opportunities in coal chemical industries and suggests paying attention to the transformation opportunities of certain small and medium-sized construction companies [1] Summary by Sections Real Estate and Construction Data - From January to April 2025, real estate sales area decreased by 2.8% year-on-year, with new construction area down by 23.8% and construction area down by 9.7% [2] - In the same period, the completion area saw a year-on-year decline of 16.9% [2] Cement Industry - Cement production in the first four months of 2025 was 495 million tons, a decrease of 2.8% year-on-year, with April's production down by 5.3% [3] - The average cement shipment rate was 36%, remaining stable year-on-year, but the price pressure continues due to weak market demand [3] Glass Industry - Flat glass production from January to April 2025 was 31.86 million weight boxes, down 4.8% year-on-year, with April's production also declining [4] - The market demand for float glass was weak, leading to increased inventory levels among producers [4]

证券代码：002271 证券简称：东方雨虹 公告编号：2025-054 北京东方雨虹防水技术股份有限公司 关于部分股票期权注销完成的公告 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。 特别提示： 1、北京东方雨虹防水技术股份有限公司（以下简称"公司"）本次注销 2021 年股票期权激励计划授予的股票期权数量合计 907.0625 万份，涉及激励对象 2,823 名。本次注销股票期权事宜符合法律、行政法规、部门规章、规范性文件、 《公司章程》及《北京东方雨虹防水技术股份有限公司 2021 年股票期权激励计 划（草案）》（以下简称"《2021 年股票期权激励计划》"）等相关规定。 2、经中国证券登记结算有限责任公司深圳分公司审核确认，公司本次股票 期权注销事宜已于 2025 年 5 月 16 日办理完成，共计 2,823 名激励对象持有的已 获授但尚未行权的全部股票期权 907.0625 万份已注销。 3、截至本公告披露日，一名激励对象持有的本次应予以注销的 2.5 万份股 票期权因个人原因被司法冻结，本次无法办理注销手续，待该部分股票期权解除 冻结后，公司将及 ...

1995年，东方雨虹在湖南长沙创立，以防水材料为起点，开启了中国建筑建材行业的革新征程。 一直以来，东方雨虹始终将防水主业作为发展锚点，在防水领域，企业持续加大研发投入，不断优化产 品性能，其研发的多款高性能防水材料，广泛应用于重大基建项目与民用建筑，树立了行业技术标杆。 2025年，东方雨虹迎来而立之年，三十载风雨兼程，这家企业已经从区域性公司成长为全球建筑建材系 统服务商的标杆。 在行业跌宕起伏的浪潮中，东方雨虹以战略定力穿越周期，以长期主义抵御风浪，以持续奋斗实现了稳 健经营，用三十年时间书写了中国制造业的韧性成长样本。从深耕国内市场到拓展海外版图，从专注单 一防水业务到构建多元业务体系，东方雨虹的发展历程，可谓是一部中国民营企业在市场经济中勇立潮 头、砥砺前行的生动教科书。 01以主业为锚点，构筑多元化业务增长极 当"多元化扩张"成为许多企业的战略选择时，东方雨虹始终将防水主业作为战略锚点，通过持续的技术 迭代和场景深耕，将单一防水材料供应商升级为建筑建材系统服务商。东方雨虹这种"守正创新"的战略 定力，在渠道变革中展现得尤为显著。 在发展初期，东方雨虹主要依赖大客户直销模式，这种模式虽在一定阶段助力 ...

Investment Rating - The industry rating is "Recommended" [4] Core Views - The report highlights the potential for increased demand in the construction materials sector, driven by various factors including government projects and rising prices in carbon fiber [1][6] - The report emphasizes the importance of companies with strong operational resilience and high dividends, particularly in the consumer building materials segment [6] - The report suggests that domestic investment expectations are strengthening, with a focus on infrastructure and construction companies benefiting from increased demand [6][9] Summary by Sections Construction Materials - Beneficiaries include companies like Guangdong Hongda, Xuefeng Technology, and Guotai Group due to high demand in civil explosives and major projects like the Yarlung project entering the construction phase [1] - Carbon fiber price increases are noted, with companies such as Zhongfu Shenying and Jilin Chemical Fiber expected to benefit from emerging demand [1] - Companies with strong operational resilience and high dividends, such as Dongfang Yuhong and Weixing New Materials, are recommended for their potential to benefit from domestic consumption stimulus [1][6] Cement Market - The national average cement price is reported at 378.67 RMB/ton, with a decline of 1.1% week-on-week, particularly in regions like North China and East China [3][27] - Cement demand has shown slight recovery but remains 6-7% lower year-on-year, with supply pressures continuing to affect pricing [3][27] - Recommendations include leading cement companies like Conch Cement and Huaxin Cement, which are expected to benefit from domestic demand and industry self-discipline measures [6] Real Estate Market - The report indicates a short-term low overall market sentiment in the new and second-hand housing markets, with new housing transaction area down 12% year-on-year [2][22] - The report tracks transaction data across major cities, highlighting a mixed performance in the real estate sector [2][22] Emerging Opportunities - The report identifies opportunities in the domestic ship coating market, with companies like Maijia Xincai and Songji Co. expected to benefit from rising demand and domestic substitution trends [6][9] - The "Belt and Road" initiative is seen as a catalyst for international engineering projects, with companies like China State Construction and China Metallurgical Group recommended for potential benefits [6][9]

Investment Rating - The report maintains a "Positive" outlook for the building materials industry [2] Core Insights - The building materials sector continues to experience historical lows in 2024 and 2025, but signs of improvement are emerging [4][12] - Revenue for the building materials sector in 2024 is projected at CNY 682.93 billion, a year-on-year decline of 12.41%, ranking second to last among 31 industries [4][16] - In Q1 2025, the sector's revenue decline narrowed to 1.60%, with a revenue of CNY 129.83 billion, improving its ranking to 18th among industries [5][40] - The net profit margin and return on equity (ROE) are at historical lows, with the sector's net profit margin dropping to 2.61% in 2024 [25][28] Summary by Sections 1. Industry Performance Overview - The building materials sector's revenue and net profit continue to decline in 2024, remaining at the bottom of industry rankings [4][16] - Q1 2025 shows a narrowing revenue decline and improvements in net profit and cash flow, with a net profit of -CNY 243 million, a 74.02% year-on-year increase [5][44] 2. Segment Performance - In Q1 2025, segments like cement and glass fiber show positive revenue growth, with cement revenue up 0.11% and glass fiber up 25.24% [6][55] - Most segments, except for pipes, show improvements in net profit year-on-year, with cement, glass fiber, refractory materials, and coatings ending their respective revenue declines [6][58] 3. Investment Strategy - The report suggests that leading companies in the sector can achieve better growth in a challenging environment through internal and external development strategies [8][81] - The anticipated recovery of the real estate sector is expected to stabilize demand for building materials, leading to valuation recovery in the industry [8][84] - Recommended companies include Beixin Building Materials, Weixing New Materials, Shandong Pharmaceutical Glass, and others [8][84]

Group 1 - The company has demonstrated strong execution capabilities by significantly reducing costs and improving efficiency, leading to a substantial decrease in operating expense ratios in Q1 2025 [1] - In Q1 2025, the company's sales, management, R&D, and financial expenses were 540 million, 362 million, 99 million, and 13 million respectively, showing year-on-year decreases of 28.26%, 34.08%, 21.87%, and 57.42% [1] - The company is preparing for a prolonged competitive environment by optimizing internal operations and reducing personnel costs, achieving the largest decline in operating expense ratios in the industry [1] Group 2 - The consumer building materials industry is transitioning to a demand-driven model focused on existing homes, with renovation needs for second-hand and self-owned homes becoming predominant [2] - In 2023, the ratio of renovation demand for second-hand homes to new homes was approximately 6:4, indicating a shift in market dynamics [2] - The industry is facing a fragmented order landscape, necessitating a diversified and integrated supply capability for sustained growth [2] Group 3 - The company has evolved into a platform-type enterprise centered around waterproofing, expanding into related product categories such as mortar, plastic pipes, and coatings [3] - In 2024, non-waterproof business revenue accounted for 26.55% of total revenue, with the mortar business generating 4.152 billion, representing 14.8% of total revenue [3] - Revenue forecasts for the company from 2025 to 2027 are projected at 28.376 billion, 31.699 billion, and 35 billion respectively, with significant growth in net profit anticipated [3]

伦敦时间2025年5月9日，国际权威品牌评估机构品牌金融（BrandFinance）发布《2025年中国品牌价值500强》榜单。中国品牌总价值突破2万亿美元，同 比增长3%，展现出强劲的全球竞争力。其中， 作为亚洲最大的防水系统服务商，东方雨虹今年首次上榜并位列第412名，也是防水行业唯一上榜品牌。 | 2025 2024 | | | | | 2025 | 品牌价值 | 2024 | 2025 品牌强 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 排名 | 排名 | | 品牌 | 产业 | 品牌价值 | 变化率% | 品牌价值 | 度评级 | | 401 | 425 | | 瑞昌 | 半导体 | B | 글 | B | ਛ | | 402 | 307 | > | 富力集团 | 房地产 | D | D | D | D | | 403 | 388 | V | 天能集团 | 汽车零件 | 0 | D | D | D | | 404 | 456 | A | 深圳能源集团 | 公用事业 | B | D | D | D | | 405 | 489 ...