东方雨虹（002271）公告，2025年上半年营业收入135.69亿元，同比下降10.84%。净利润5.64亿元，同 比下降40.16%。 ...

[Item 1 Important Notice, Table of Contents and Definitions](index=2&type=section&id=Item%201%20Important%20Notice%2C%20Table%20of%20Contents%20and%20Definitions) This section provides important disclaimers, the report's structure, and definitions of key terms for clarity [Important Notice](index=2&type=section&id=Important%20Notice) The Board of Directors, Supervisory Committee, and senior management ensure the truthfulness, accuracy, and completeness of this semi-annual report, bearing legal responsibility, while forward-looking statements do not constitute substantive commitments - The company's Board of Directors approved the 2025 semi-annual profit distribution plan, proposing a cash dividend of **CNY 9.25 (tax inclusive) per 10 shares** to all shareholders[5](index=5&type=chunk) - The company advises investors to pay attention to six major risks: industry policy risk, macroeconomic environment changes and downstream industry fluctuation risk, raw material price fluctuation risk, market competition risk, technology leakage risk, and accounts receivable risk[4](index=4&type=chunk) [Table of Contents and Definitions](index=3&type=section&id=Table%20of%20Contents%20and%20Definitions) This chapter outlines the report's structure and defines key terms, such as company abbreviation, reporting period, and main products, to facilitate understanding [Item 2 Company Profile and Key Financial Indicators](index=6&type=section&id=Item%202%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section presents the company's fundamental information and a summary of its key financial performance during the reporting period [Company Profile](index=6&type=section&id=Company%20Profile) This chapter provides the company's basic information, including its stock ticker "YUHONG", stock code "002271", listing venue Shenzhen Stock Exchange, legal representative, and contact details [Key Accounting Data and Financial Indicators](index=7&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company's operating revenue and net profit attributable to shareholders both declined by 10.84% and 40.16% respectively, while net cash flow from operating activities significantly improved by 70.18% 2025 Semi-Annual Key Financial Indicators | Indicator | Current Reporting Period (CNY) | Prior Year Period (CNY) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 13,569,021,520.18 | 15,218,469,083.94 | -10.84% | | Net Profit Attributable to Shareholders | 564,438,410.91 | 943,244,314.04 | -40.16% | | Net Cash Flow from Operating Activities | -395,909,846.60 | -1,327,740,373.01 | 70.18% | | Basic Earnings Per Share (CNY/share) | 0.24 | 0.39 | -38.46% | | Weighted Average Return on Net Assets | 2.37% | 3.38% | -1.01% | | **Indicator** | **End of Current Reporting Period (CNY)** | **End of Prior Year (CNY)** | **YoY Change** | | Total Assets | 44,057,392,307.77 | 44,715,448,811.80 | -1.47% | | Net Assets Attributable to Shareholders | 22,777,018,162.43 | 24,934,259,584.77 | -8.65% | [Non-Recurring Gains and Losses and Amounts](index=8&type=section&id=Non-Recurring%20Gains%20and%20Losses%20and%20Amounts) The company's non-recurring gains and losses totaled **CNY 57.29 million** during the reporting period, primarily from government subsidies of **CNY 76.70 million** recognized in current profit, resulting in a net profit attributable to shareholders of **CNY 507 million** after deducting non-recurring items 2025 Semi-Annual Non-Recurring Gains and Losses | Item | Amount (CNY) | | :--- | :--- | | Non-Current Asset Disposal Gains/Losses | -3,017,452.72 | | Government Subsidies Recognized in Current Profit/Loss | 76,699,868.00 | | Fair Value Changes of Financial Assets/Liabilities | -5,631,978.59 | | Debt Restructuring Gains/Losses | 7,106,662.03 | | Other Non-Operating Income and Expenses | -2,724,776.59 | | **Total** | **57,292,927.61** | [Item 3 Management Discussion and Analysis](index=9&type=section&id=Item%203%20Management%20Discussion%20and%20Analysis) This section provides a comprehensive analysis of the company's operations, financial performance, and strategic initiatives during the reporting period [I. Principal Businesses Engaged in During the Reporting Period](index=9&type=section&id=I.%20Principal%20Businesses%20Engaged%20in%20During%20the%20Reporting%20Period) The company maintains high-quality, stable development, focusing on its dual core businesses of building waterproofing and mortar powder, while actively expanding into civil building materials, architectural coatings, and energy-saving insulation [Overview](index=9&type=section&id=Overview) The company prioritized risk control and high-quality, stable development, focusing on waterproofing and mortar powder as dual core businesses, while exploring overseas markets as a third growth curve - The company's strategy focuses on **waterproofing and mortar powder** as dual core businesses, actively exploring overseas markets as a third growth curve, aiming to become a global building materials system service provider[30](index=30&type=chunk)[31](index=31&type=chunk) - In the first half of 2025, combined revenue from **engineering and retail channels totaled CNY 11.41 billion**, accounting for **84.06% of total revenue**, indicating channel sales as the primary mode[32](index=32&type=chunk)[33](index=33&type=chunk) - Retail business was prioritized, achieving **CNY 5.06 billion in revenue** in the first half, representing **37.28% of total revenue**, with Civil Building Materials Group contributing **CNY 4.75 billion**, or **34.99%**[34](index=34&type=chunk) - The company accelerated its overseas expansion by establishing companies in multiple countries, advancing overseas production base construction (USA, Saudi Arabia, Canada, Malaysia), and pursuing mergers and acquisitions (Hong Kong, Chile) to broaden its international market presence[36](index=36&type=chunk) [Introduction to Company's Main Businesses](index=11&type=section&id=Introduction%20to%20Company's%20Main%20Businesses) The company's core business is waterproofing, extending into civil building materials, mortar powder, and architectural coatings, with retail business as a key development focus - The company has evolved into a building materials system service provider, with **waterproofing as its core business**, extending into diverse areas such as civil building materials, mortar powder, architectural coatings, and energy-saving insulation[38](index=38&type=chunk) Retail Business Key Data (First Half 2025) | Business Segment | Operating Revenue (CNY billion) | % of Company's Total Revenue | | :--- | :--- | :--- | | **Total Retail Business** | **5.06** | **37.28%** | | Of which: Civil Building Materials Group | 4.75 | 34.99% | - The company officially launched its B2C professional service brand "Yuhong", covering six major business segments including waterproofing repair and wall renovation, serving nearly **70,000 households** in the first half[46](index=46&type=chunk) - The former Mortar Powder Technology Group and DAW (China) were integrated to form the Coatings and Mortar Powder Technology Group, aiming to provide "one-stop supply" through resource integration and ecological synergy[50](index=50&type=chunk) [Sales Model](index=17&type=section&id=Sales%20Model) The company employs a multi-tiered marketing network combining direct sales and channel models, with channel sales becoming the primary approach - The company's sales model combines direct sales and channel models, with **channel sales (including engineering and retail) currently being the primary sales method**[54](index=54&type=chunk) - The engineering market is managed by provincial integrated companies, strategic centralized procurement divisions, and specialized domain companies, through partner development to strengthen regional market penetration[55](index=55&type=chunk) - Retail channels are managed by the Civil Building Materials Group, B2C service platform, and architectural coatings retail business segment, serving general consumers through a multi-faceted marketing network including home decoration companies, building material supermarkets, and e-commerce[55](index=55&type=chunk) [Industry Overview and Company's Industry Position](index=18&type=section&id=Industry%20Overview%20and%20Company's%20Industry%20Position) The Chinese building waterproofing industry is characterized by a fragmented market, but concentration is gradually increasing towards leading enterprises, with Oriental Yuhong holding a prominent position as an industry leader - The domestic building waterproofing industry is fragmented with low market concentration, but industry concentration is increasing year by year towards leading enterprises due to stricter regulations and higher demands from downstream customers[56](index=56&type=chunk) - As an industry leader, the company ranks among the top in terms of R&D capabilities, product competitiveness, application technology, sales model, and brand influence[57](index=57&type=chunk)[58](index=58&type=chunk) [II. Analysis of Core Competencies](index=19&type=section&id=II.%20Analysis%20of%20Core%20Competencies) The company's core competencies encompass strong brand recognition, leading R&D capabilities, strategic nationwide production capacity, significant cost advantages, a multi-tiered marketing network, comprehensive product categories, advanced application technology, and a commitment to shareholder returns - **Brand Advantage**: The company's "Oriental Yuhong" brand is a recognized premium brand in the building materials sector, complemented by a matrix of sub-brands including "Yuhong Waterproofing", "Huasha", and "DAW"[59](index=59&type=chunk) - **Product R&D Advantage**: The company is a national technology innovation demonstration enterprise, possessing R&D platforms such as the National Key Laboratory for Advanced Waterproofing Materials, and actively pursuing overseas intellectual property布局[60](index=60&type=chunk)[61](index=61&type=chunk)[62](index=62&type=chunk) - **Production Capacity Layout Advantage**: The company has established production, logistics, and R&D bases in major regions across the country, enabling coordinated nationwide production and delivery to reduce logistics costs[63](index=63&type=chunk) - **Cost Advantage**: Significant cost advantages are achieved through the introduction of advanced production lines, economies of scale, strategic cooperation with upstream suppliers, and upstream extension of the industrial chain (e.g., non-woven fabrics, emulsions)[64](index=64&type=chunk) - **Marketing Network Advantage**: A multi-tiered marketing network combining direct sales and channel sales (engineering, retail) has been established, with channel sales becoming the primary model, continuously empowering partner development[65](index=65&type=chunk) - **Shareholder Returns**: The company consistently prioritizes shareholder returns through sustained dividends and share repurchases (CNY 600 million in 2024) to enhance shareholder investment value[68](index=68&type=chunk) [III. Analysis of Main Businesses](index=23&type=section&id=III.%20Analysis%20of%20Main%20Businesses) During the reporting period, the company's operating revenue decreased by 10.84% to **CNY 13.57 billion** due to lower-than-expected market demand, with notable declines in waterproofing materials and engineering construction, while overseas business revenue grew by 42.16% Key Financial Data Year-over-Year Changes | Item | Current Reporting Period (CNY) | Prior Year Period (CNY) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 13,569,021,520.18 | 15,218,469,083.94 | -10.84% | Primarily due to lower-than-expected market demand | | Operating Cost | 10,122,454,071.97 | 10,771,707,300.44 | -6.03% | Primarily due to decrease in revenue | | Selling Expenses | 1,226,504,971.74 | 1,514,461,093.72 | -19.01% | Primarily due to reduction in employee compensation and promotional expenses | | Administrative Expenses | 769,688,406.70 | 919,425,391.05 | -16.29% | Primarily due to reduction in employee compensation and consulting fees | | Net Cash Flow from Operating Activities | -395,909,846.60 | -1,327,740,373.01 | 70.18% | Primarily due to a comprehensive impact including reduced cash paid for goods and services | | Net Cash Flow from Financing Activities | -991,127,478.08 | -2,153,295,436.89 | 53.97% | Primarily due to net increase in external financing | Operating Revenue Composition (by Channel) | Channel | Current Reporting Period Amount (CNY) | % of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | | Retail Channel | 5,058,665,516.42 | 37.28% | -6.98% | | Engineering Channel | 6,347,151,777.48 | 46.78% | -5.26% | | Direct Sales Business | 2,035,915,442.83 | 15.00% | -28.01% | Operating Revenue Composition (by Region) | Region | Current Reporting Period Amount (CNY) | % of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | | Mainland China | 12,992,911,535.56 | 95.75% | -12.29% | | Outside China | 576,109,984.62 | 4.25% | 42.16% | [V. Analysis of Assets and Liabilities](index=25&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) As of the end of the reporting period, the company's total assets were **CNY 44.06 billion**, a slight decrease of 1.47% from the end of the previous year, with changes in asset structure including a 4.71% decrease in cash and cash equivalents and a 4.94% increase in accounts receivable Balance Sheet Major Item Changes | Item | Amount at End of Current Reporting Period (CNY) | % of Total Assets | Change in % from Prior Year End | Significant Change Explanation | | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 5,074,625,075.72 | 11.52% | -4.71% | Primarily due to changes to meet operational needs | | Accounts Receivable | 9,408,638,907.17 | 21.36% | 4.94% | Primarily due to increase in normal performance receivables, consistent with business cycle | | Short-term Borrowings | 5,939,484,324.23 | 13.48% | 3.16% | Primarily to meet operational needs for market expansion | | Contract Liabilities | 2,638,368,456.84 | 5.99% | -2.20% | Normal changes due to business performance | | Receivables Financing | 368,808,653.02 | 0.84% | -2.50% | Primarily due to maturity and payment of bills | [VI. Analysis of Investment Status](index=27&type=section&id=VI.%20Analysis%20of%20Investment%20Status) During the reporting period, the company's investment amounted to **CNY 604 million**, a significant increase of 180.60% year-over-year, with major equity investments made through new establishments or capital increases across various sectors to expand business layout and enhance comprehensive competitiveness - The investment amount for the reporting period was **CNY 604 million**, a **180.60% year-over-year increase**[85](index=85&type=chunk) - The company made significant equity investments in multiple subsidiaries through new establishments and capital increases, including a **CNY 268 million** capital increase in Hong Kong Oriental Yuhong Investment Co., Ltd., a **CNY 200 million** capital increase in Oriental Yuhong Mortar Powder Technology Group Co., Ltd., and a **CNY 280 million** capital increase in JA Yuhong New Energy Power Development Co., Ltd[88](index=88&type=chunk)[90](index=90&type=chunk) [VIII. Analysis of Major Holding and Participating Companies](index=33&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) During the reporting period, several of the company's major subsidiaries achieved profitability, with Henan Oriental Yuhong, Oriental Yuhong Building Materials Co., Ltd., and Xuzhou Woniushan significantly contributing to the company's net profit Major Subsidiary Operating Performance (First Half 2025) | Company Name | Operating Revenue (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | | Henan Oriental Yuhong Building Materials Co., Ltd. | 758,443,729.23 | 100,876,940.39 | | Oriental Yuhong Building Materials Co., Ltd. | 987,543,205.60 | 90,805,946.85 | | Xuzhou Woniushan New Waterproofing Materials Co., Ltd. | 480,919,455.92 | 83,950,609.16 | | Tangshan Oriental Yuhong Waterproofing Technology Co., Ltd. | 855,077,913.40 | 71,496,505.47 | | Tiandingfeng Holdings Co., Ltd. | 916,952,385.95 | 63,751,785.82 | | Oriental Yuhong Civil Building Materials Co., Ltd. | 4,757,113,214.43 | 133,663,784.89 | [X. Risks Faced by the Company and Countermeasures](index=34&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces key risks including industry policy, macroeconomic and downstream fluctuations, raw material price volatility, market competition, technology leakage, and accounts receivable, which it actively addresses through diversified business expansion, channel reform, procurement system improvements, technological innovation, brand building, and strict accounts receivable management - **Macroeconomic Environment and Downstream Industry Fluctuation Risk**: The company mitigates real estate market volatility by expanding into affordable housing, infrastructure, and other diverse business areas, developing retail and renovation markets, and exploring overseas markets[105](index=105&type=chunk)[106](index=106&type=chunk) - **Raw Material Price Fluctuation Risk**: The company controls costs through a mature procurement system, economies of scale, technological iteration, and upstream extension of the industrial chain (e.g., non-woven fabrics, emulsions)[106](index=106&type=chunk)[107](index=107&type=chunk) - **Accounts Receivable Risk**: The company prioritizes risk control, established a risk control center to assess client performance capabilities, and vigorously promotes full-staff, full-process accounts receivable management, while optimizing channel structure and increasing channel sales proportion to control the scale of new accounts receivable[109](index=109&type=chunk)[110](index=110&type=chunk) [Item 4 Corporate Governance, Environment and Society](index=39&type=section&id=Item%204%20Corporate%20Governance%2C%20Environment%20and%20Society) This section details the company's profit distribution plan, employee incentive programs, environmental disclosures, and social responsibility initiatives [Profit Distribution and Capital Reserve Conversion to Share Capital in This Reporting Period](index=39&type=section&id=Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20in%20This%20Reporting%20Period) The company proposed a 2025 semi-annual profit distribution plan to distribute a cash dividend of **CNY 9.25 (tax inclusive) per 10 shares**, totaling approximately **CNY 2.21 billion** in cash, with the total cash distribution (including share repurchases) accounting for 100% of the total profit distribution 2025 Semi-Annual Profit Distribution Plan | Item | Amount/Ratio | | :--- | :--- | | Dividend per 10 shares (CNY, tax inclusive) | 9.25 | | Cash Dividend Amount (CNY, tax inclusive) | 2,209,518,932.30 | | Cash Dividend Amount (via other means, e.g., repurchase) (CNY) | 599,909,104.17 | | Total Cash Dividend (including other means) (CNY) | 2,809,428,036.47 | | % of Total Profit Distribution from Total Cash Dividend | 100% | [Implementation of Company's Equity Incentive Plans, Employee Stock Ownership Plans or Other Employee Incentive Measures](index=39&type=section&id=Implementation%20of%20Company's%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%20or%20Other%20Employee%20Incentive%20Measures) During the reporting period, the company cancelled **9.07 million** stock options from the 2021 stock option incentive plan due to employee departures or unmet performance targets, while the 2021 employee stock ownership plan remains valid, with 938 employees holding 0.08% of company shares as of the reporting period end - The company cancelled **9.07 million** stock options from the 2021 stock option incentive plan that no longer met exercise conditions[120](index=120&type=chunk) - As of the end of the reporting period, the 2021 employee stock ownership plan had **938 remaining employees**, holding a total of **2 million shares**, accounting for **0.08%** of the company's total share capital[121](index=121&type=chunk)[123](index=123&type=chunk) [Environmental Information Disclosure](index=42&type=section&id=Environmental%20Information%20Disclosure) The company and its nine major subsidiaries are included in the list of enterprises required to disclose environmental information by law, demonstrating the company's transparency and compliance in environmental matters, with no environmental accidents occurring during the reporting period - The company and its **9 major subsidiaries** are included in the list of enterprises required to disclose environmental information by law, with **no environmental accidents** occurring during the reporting period[125](index=125&type=chunk) [Social Responsibility](index=42&type=section&id=Social%20Responsibility) The company actively fulfills its social responsibilities by continuously conducting the "Serving the Public, Rejecting Leakage" charity event, providing free leakage inspection and repair services to communities - The company has continuously carried out the "Serving the Public, Rejecting Leakage" charity event for **19 consecutive years**, providing free leakage inspection and repair services to communities[128](index=128&type=chunk) - The company actively participates in rural talent revitalization, providing professional training for rural construction craftsmen, and cares for special education groups, assisting people with disabilities in employment[129](index=129&type=chunk) [Item 5 Significant Matters](index=45&type=section&id=Item%205%20Significant%20Matters) This section covers significant related party transactions, major contracts and their performance, and other important developments during the reporting period [Significant Related Party Transactions](index=46&type=section&id=Significant%20Related%20Party%20Transactions) During the reporting period, the company engaged in ordinary course related party transactions with Beijing GeoEnviron Engineering & Technology Inc., controlled by the same ultimate controller, primarily involving material procurement and sales, with transaction amounts within the annual approved limits and fair pricing Related Party Transactions with Beijing GeoEnviron Engineering & Technology Inc. | Related Party Transaction Type | Amount Incurred in Current Period (CNY million) | Approved Transaction Limit (CNY million) | | :--- | :--- | :--- | | Sales of Goods/Provision of Services | 4.13 | 60.00 | | Procurement of Goods/Acceptance of Services | 282.64 | 710.00 | [Significant Contracts and Their Performance](index=48&type=section&id=Significant%20Contracts%20and%20Their%20Performance) This chapter primarily discloses the company's significant guarantee situations, with actual external guarantees totaling **CNY 47.53 million** and actual guarantees to subsidiaries totaling **CNY 6.05 billion** as of the reporting period end Company Guarantee Summary (As of End of Reporting Period) | Guarantee Type | Total Actual Guarantee Balance at End of Reporting Period (CNY million) | | :--- | :--- | | External Guarantees (excluding subsidiaries) | 47.53 | | Guarantees to Subsidiaries | 6,054.17 | | **Total Actual Guarantees** | **6,101.70** | | % of Total Actual Guarantees to Company's Net Assets | 26.79% | [Explanation of Other Significant Matters](index=62&type=section&id=Explanation%20of%20Other%20Significant%20Matters) The company disclosed the progress of several external investment projects for production, R&D, and headquarters bases, indicating continuous advancement and improvement of its nationwide production capacity layout - The Guangzhou Huadu Greater Bay Area Green Building Materials Industrial Park project has partially commenced production, while the International Green Building Materials Center project is still under construction[183](index=183&type=chunk) - The Jinan Tianqiao District Green Building Materials Production Base project is in the trial production phase[184](index=184&type=chunk)[185](index=185&type=chunk) - Parts of the production lines at the Wuhan Green Building Materials Production Base project have commenced operation[185](index=185&type=chunk) - Parts of the production lines at the Jiangxi Ji'an New Materials Industrial Park project have commenced operation, and relevant mining permits have been obtained for the associated mines[186](index=186&type=chunk)[187](index=187&type=chunk) [Item 6 Share Changes and Shareholder Information](index=65&type=section&id=Item%206%20Share%20Changes%20and%20Shareholder%20Information) This section details changes in the company's share capital and provides information on its shareholders during the reporting period [I. Share Change Information](index=65&type=section&id=I.%20Share%20Change%20Information) During the reporting period, the company's total share capital decreased from **2.44 billion shares** to **2.39 billion shares**, primarily due to the cancellation of **47,615,662 repurchased shares** and the annual unlocking of restricted shares held by senior executives - During the reporting period, the company's total share capital decreased by **47,615,662 shares**, with the total share capital after the change being **2,388,699,866 shares**[194](index=194&type=chunk) - The main reasons for the share change were: 1) annual unlocking of restricted shares held by senior executives; 2) the company completing the cancellation procedures for **47,615,662 repurchased shares**[194](index=194&type=chunk) - The company's 2024 share repurchase plan has been fully implemented, with a total transaction amount of approximately **CNY 600 million**, and all repurchased shares have been cancelled[195](index=195&type=chunk)[197](index=197&type=chunk) [III. Number of Shareholders and Shareholding Information](index=68&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholding%20Information) As of the end of the reporting period, the company had **194,641 common shareholders**, with the controlling shareholder and actual controller, Li Weiguo, holding **22.22%** of shares, some of which are pledged - As of the end of the reporting period, the company had a total of **194,641 common shareholders**[202](index=202&type=chunk) Top Ten Shareholders' Shareholding Information | Shareholder Name | Shareholder Nature | Shareholding Ratio | Number of Shares Held at End of Reporting Period | Pledged/Marked/Frozen Status | | :--- | :--- | :--- | :--- | :--- | | Li Weiguo | Domestic Natural Person | 22.22% | 530,802,887 | Pledged 410,872,200 | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 15.58% | 372,227,639 | Not Applicable | | Xu Limin | Domestic Natural Person | 3.03% | 72,269,250 | Not Applicable | | DH Capital USD Fund Management Co., Ltd. - DH Capital USD Fund II | Overseas Legal Person | 1.92% | 45,969,375 | Not Applicable | | Kuwait Investment Authority | Overseas Legal Person | 1.34% | 32,105,065 | Not Applicable | [Item 7 Bond-Related Information](index=72&type=section&id=Item%207%20Bond-Related%20Information) This section provides details on any bond-related matters during the reporting period [Bond-Related Information](index=72&type=section&id=Bond-Related%20Information) The company has no bond-related information to disclose for this reporting period - The company has **no bond-related information** for the reporting period[211](index=211&type=chunk) [Item 8 Financial Report](index=73&type=section&id=Item%208%20Financial%20Report) This section contains the company's unaudited semi-annual consolidated and parent company financial statements, providing a comprehensive overview of its financial position, operating results, and cash flows [Financial Statements](index=73&type=section&id=Financial%20Statements) This chapter presents the company's unaudited 2025 semi-annual consolidated and parent company financial statements, including the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity, comprehensively reflecting the company's financial position at the end of the reporting period and its operating results and cash flows during the period Consolidated Balance Sheet Summary (June 30, 2025) | Item | Period-End Balance (CNY) | Period-Beginning Balance (CNY) | | :--- | :--- | :--- | | **Total Assets** | **44,057,392,307.77** | **44,715,448,811.80** | | Total Current Assets | 22,789,689,914.55 | 24,342,835,711.42 | | Total Non-Current Assets | 21,267,702,393.22 | 20,372,613,100.38 | | **Total Liabilities** | **20,950,159,133.12** | **19,401,434,047.07** | | Total Current Liabilities | 18,548,733,890.39 | 17,318,485,971.09 | | Total Non-Current Liabilities | 2,401,425,242.73 | 2,082,948,075.98 | | **Total Owners' Equity** | **23,107,233,174.65** | **25,314,014,764.73** | | Total Owners' Equity Attributable to Parent Company | 22,777,018,162.43 | 24,934,259,584.77 | Consolidated Income Statement Summary (First Half 2025) | Item | First Half 2025 (CNY) | First Half 2024 (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 13,569,021,520.18 | 15,218,469,083.94 | | Total Operating Costs | 12,561,168,756.32 | 13,739,602,438.91 | | Operating Profit | 796,143,105.46 | 1,292,047,217.39 | | Total Profit | 792,125,093.84 | 1,290,719,148.40 | | Net Profit | 547,138,492.69 | 930,416,762.83 | | Net Profit Attributable to Parent Company Shareholders | 564,438,410.91 | 943,244,314.04 | Consolidated Cash Flow Statement Summary (First Half 2025) | Item | First Half 2025 (CNY) | First Half 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -395,909,846.60 | -1,327,740,373.01 | | Net Cash Flow from Investing Activities | -844,114,549.68 | -776,219,442.43 | | Net Cash Flow from Financing Activities | -991,127,478.08 | -2,153,295,436.89 | | Net Increase in Cash and Cash Equivalents | -2,232,751,697.05 | -4,251,282,469.24 | [Notes to Consolidated Financial Statements](index=132&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) This chapter provides detailed explanations for each major item in the consolidated financial statements, including cash and cash equivalents, accounts receivable, inventories, fixed assets, construction in progress, goodwill, short-term borrowings, accounts payable, revenue, costs, and various expenses - Cash and cash equivalents at period-end totaled **CNY 5.08 billion**, of which **CNY 505 million** was restricted, primarily for deposits and frozen funds due to litigation[387](index=387&type=chunk) - Accounts receivable book balance at period-end was **CNY 12.18 billion**, with **CNY 2.77 billion** provided for bad debts, resulting in a book value of **CNY 9.41 billion**, including **CNY 2.47 billion** of accounts receivable for which bad debt provisions were individually recognized[404](index=404&type=chunk)[406](index=406&type=chunk) - New goodwill of **CNY 343 million** was added this period, primarily due to the acquisition of MAN CHEONG METALS AND BUILDING MATERIALS COMPANY LIMITED and other companies, bringing the period-end goodwill original book value to **CNY 704 million**[509](index=509&type=chunk)[511](index=511&type=chunk) - Short-term borrowings at period-end amounted to **CNY 5.94 billion**, an increase of **CNY 1.33 billion** from the beginning of the period, primarily consisting of pledged and guaranteed borrowings[527](index=527&type=chunk) [Item 9 Other Submitted Data](index=253&type=section&id=Item%209%20Other%20Submitted%20Data) This section includes additional data submitted by the company, such as investor relations activities [Registration Form for Investor Relations Activities During the Reporting Period](index=253&type=section&id=Registration%20Form%20for%20Investor%20Relations%20Activities%20During%20the%20Reporting%20Period) During the reporting period, the company engaged with numerous institutional investors, including Guotai Haitong Securities, China Merchants Fund, and Ruiyuan Fund, through various channels to discuss key operational issues - The company communicated with multiple institutional investors during the reporting period, discussing operating performance for **FY2024 and Q1 2025**[870](index=870&type=chunk)[872](index=872&type=chunk) - Investor concerns included: reasons for high cash dividends and their impact on operations, pressure from the actual controller's pledged equity, changes in gross profit margin, progress on property-for-debt disposal, development and integration of mortar powder and coatings businesses, civil building materials group operations, and overseas business expansion[870](index=870&type=chunk)[872](index=872&type=chunk)[873](index=873&type=chunk)

东方雨虹（002271）公告，全资子公司东方雨虹海外发展公司及东方雨虹国际贸易公司拟以自有资金合 计出资约1.23亿美元(按北京时间2025年7月16日协议签署日中国人民银行公布的汇率中间价换算约8.80 亿人民币，最终交易金额将根据锁箱日至交割日期间漏损情况进行调减，以实际交割时确认为准)收购 智利Construmart S.A.100%股权。本次交易完成后，东方雨虹海外发展公司将持有Construmart99%股 权，东方雨虹国际贸易公司将持有Construmart1%股权。 ...

Core Viewpoint - The company, Dongfang Yuhong, has been providing high-quality and comprehensive building material system solutions for major infrastructure projects and various types of buildings since its establishment, indicating a strong market presence and commitment to quality [1] Group 1: Company Overview - Dongfang Yuhong has a diverse application of its products and services across various sectors, including residential, commercial, and industrial construction [1] - The company’s solutions are utilized in significant infrastructure projects such as housing construction, high-speed railways, subways, urban railways, highways, urban bridges, airports, and water conservancy facilities [1] Group 2: Market Opportunities - The company is focused on closely monitoring the progress of relevant projects to actively seize market opportunities [1]

Group 1 - In July, A-shares ended with all three major indices rising, with the Shanghai Composite Index up 3.74% to 3573.21 points, the Shenzhen Component Index up 5.2% to 11009.77 points, and the ChiNext Index up 8.14% to 2328.31 points [1] - Over 400 listed companies announced shareholder reductions in July, involving more than 800 instances of shareholding reductions, particularly in the electronic, pharmaceutical, and new materials sectors [1] - The total number of companies with proposed single reductions exceeding 500 million yuan reached 18, with examples including Oriental Yuhong, which planned to reduce up to 46.38 million shares, accounting for 1.94% of total shares, with an estimated cash-out of about 500 million yuan [1] Group 2 - Major shareholders and actual controllers were the primary entities reducing their holdings, with over 60 actual controllers announcing reductions in July [3] - The National Integrated Circuit Industry Investment Fund reduced its holdings in several stocks, including Sai Microelectronics and Shengke Communication, due to fund expiration or capital needs [4] - Personal funding needs were the main reason for reductions, with some notable exceptions, such as the controlling shareholder of Hongqiang Co., who planned to use the funds for a non-profit elderly care project [5] Group 3 - The stock price increase in the market has driven many major shareholders to cash out, indicating a natural occurrence of reductions as stock prices rise [5] - The market's continuous expansion and the increasing number of stocks available for trading suggest that reductions will become more normalized [5] - Economic analysts emphasize that each reduction should be analyzed individually, as motivations for reductions can vary significantly among major shareholders [5]

北京商报讯（记者 翟枫瑞）随着全球化浪潮的深入推进，家居行业正加速开启海外市场拓展。中国海关总署最新数据显示，2024年我国家具及其零件出口 规模达4830.34亿元，同比增长7.0%；其中，12月单月出口额506.87亿元，同比增长3.3%，环比增幅20.19%。出口规模增长的背后，是企业在"海外优先"战 略指引下的积极探索。 从业绩来看，东方雨虹2024年其他国家或地区实现营收8.77亿元，同比增长24.73%。东方雨虹表示，2024年公司进一步加强海外市场调研、完善海外组织管 理体系，强化国际供应链布局和渠道建设。 值得注意的是，东方雨虹越南首家零售专卖店近日开业。作为东方雨虹深耕东南亚市场的重要举措之一，越南首家零售专卖店的开业标志着东方雨虹东南亚 战略布局迈入全新阶段。北京商报记者了解到，目前东方雨虹已在11个国家推进海外生产基地的落地。 对于未来海外业务推进计划，王文萍表示，今年下半年，东方雨虹将以"贸易+投资+并购"三线并进策略推进海外业务发展。在贸易方面，国际工程业务部 门负责"借船出海"的战略部署，主要通过与国内已有良好合作基础的中资总包企业合作，将产品和服务带向海外市场。在投资层面，制造集 ...

近日，北京连续极端强降雨造成重大灾害，多家企业宣布捐款捐物驰援受灾地区。众多企业迅速响应，纷纷伸出援手，资金、物资齐上阵。 小米公益基金会微博7月29日发文称，小米公益基金会为应对华北地区强降雨引发的洪涝和地质灾害，捐赠了500万元现金及35万元应急物资，用于支持过 渡安置、灾后重建工作以及提供灾区急需的紧急援助。此次捐赠的应急物资包括充电宝、对讲机、手电筒等，以满足受灾地区的紧急需求。 7月29日，新东方与东方甄选决定捐赠100万元现金以及50万元应急物资，用于北京及河北等受灾地区的应急救援。 此外，小米公益基金会还启动了应急物资政社协同保障机制，通过小米公益平台联合爱德基金会发起"共筑爱的安全家"项目，面向公众募集爱心善款，以 进一步支持灾区人民。 当日，字节跳动公益基金会宣布捐赠1000万元，将联合深圳壹基金公益基金会、北京平澜公益基金会、中国红十字基金会等多家公益机构，为京津冀等受 灾严重地区精准调配资源。除了提供卫生用品、生活安置、儿童物资等应急物资，还支持灾后益童乐园、益校计划等专项工作，助力受灾群众渡过难关， 重建家园。 同时，抖音、今日头条上线#抗击暴雨#专题，启动救灾捐赠功能。目前，字节跳动 ...

Core Viewpoint - The company, Oriental Yuhong, has been providing high-quality and comprehensive building material system solutions for major infrastructure projects both domestically and internationally since its establishment [1] Group 1 - The company's products and system services are widely applied in various fields, including residential buildings, high-speed railways, subways and urban railways, highways and urban bridges, airports, and water conservancy facilities [1] - The company is actively monitoring the progress of relevant projects to seize market opportunities [1] Group 2 - The company has contributed to significant projects such as comprehensive utility tunnels, affordable housing, industrial and warehouse logistics, old housing renovation, urban village transformation, and urban renewal [1]

在东方雨虹三十周年庆典上，在《新技术、新材料、新未来》主题分享中，东方雨虹制造集团副总裁兼 控股技术中心总监刘金景，以亲历者视角回溯东方雨虹科技征程关键阶段，系统介绍东方雨虹实力雄厚 的科研团队构成与持续创新发展轨迹，并重点介绍当前东方雨虹重点攻关和应用的十大关键技术领域。 2009年8月1日，这一天是研发的重要里程碑，技术中心大楼启用，此后，国家级企业技术中心、博士后 科研工作站、北美研发中心相继落成，这些不是招牌，是创新的平台，是从基础研究、技术突破、成果 转化到产业融合的全链条的创新平台！是"生产一代、推广一代，中试一代，开发和探索一代"的保障平 台，这是梦想燎原的沃土！ 今天，东方雨虹和北大强强联合组建先进防水材料全国重点实验室，就是要聚焦行业科学技术问题，就 是要突破技术难题，就是要打造先进防水材料领域科学研究阵地、技术创新高地和高层次人才培养基 地，这是梦想绽放的舞台！ 市场是技术创新的指挥棒，东方雨虹的创新来源于市场并服务于市场。机场、桥隧、地铁、管廊、核 电，学校、医院、工厂、居民建筑等，市场更加多元化、复杂化、国际化，好技术才有好材料，好材料 才有好未来。30年来我们不做一平米的非标产品，我 ...

Industry Overview - The liquid ammonia storage tank is a specialized equipment for storing and transporting liquid ammonia, with a history dating back to the late 19th century. Its development has been driven by advancements in chemical industry and increasing demand in agriculture, medicine, and food sectors [1][4][14] - The market size of China's liquid ammonia storage tank industry is projected to reach approximately 7.788 billion yuan in 2024, representing a year-on-year growth of 10.12% [1][14] - The first phase of the world's largest green hydrogen ammonia project, with an initial capacity of 320,000 tons, was officially put into operation on July 8, 2025. This project includes a milestone liquid ammonia storage tank project that is the first large-scale low-temperature tank for storing green ammonia globally [1][14] Industry Development Background - The demand for liquid ammonia has been increasing, with production expected to grow from 45.51 million tons in 2018 to 62.10 million tons in 2024, reflecting a compound annual growth rate of 5.32% [7] - The growth in liquid ammonia production has spurred the demand for specialized storage equipment, leading to rapid technological advancements in liquid ammonia storage tanks [7] Industry Chain - The upstream of the liquid ammonia storage tank industry includes raw materials and equipment, such as special steel, low-temperature alloys, insulation materials, sealing materials, and welding materials. The core equipment includes compressors, refrigeration units, and safety valves [10] - The midstream involves the production and manufacturing of liquid ammonia storage tanks, while the downstream applications span across chemical, construction, aerospace, biomedical, and environmental sectors [10] Industry Trends - The trend towards larger liquid ammonia storage tanks is driven by increasing production capacity and import/export demands. The industry is moving towards 50,000-ton capacity tanks to reduce land use and operational costs [22] - The integration of smart technologies, such as IoT sensors and AI monitoring systems, is enhancing safety and efficiency in the liquid ammonia storage tank sector [23] - The green transformation of liquid ammonia storage tanks is essential, focusing on low-energy, corrosion-resistant materials and the adoption of BOG recovery systems to minimize carbon emissions [24] Key Companies - Major companies in the liquid ammonia storage tank market include CIMC Enric, Blue Science and Technology, and various domestic manufacturers that dominate the mid to low-end market, while international brands focus on high-end large storage tanks [15][18][20]