重要内容提示： 1.回购公司股份基本情况 证券代码：002271 证券简称：东方雨虹 公告编号：2024-115 北京东方雨虹防水技术股份有限公司 回购报告书 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。 北京东方雨虹防水技术股份有限公司（以下简称"公司"）拟使用自有资 金或自筹资金以集中竞价交易方式回购部分公司已在境内发行的人民币普通股 （A股）股票，用于注销并减少公司注册资本。拟用于回购的资金总额不低于人 民币5亿元（含本数），且不超过人民币10亿元（含本数），回购价格不超过人 民币19.30元/股（含本数）。按本次拟用于回购的资金总额上限人民币10亿元 测算，预计回购股份数量约为51,813,471股，约占公司总股本的比例为2.13%； 按本次拟用于回购的资金总额下限人民币5亿元测算，预计回购股份数量约为 25,906,736股，约占公司总股本的比例为1.06%。本次回购股份数量不超过公司 已发行股份总额的10%，具体回购股份数量以回购期限届满时实际回购的股份数 量为准。回购股份实施期限为自公司股东大会审议通过本次回购股份方案之日 起不超过12个月。 ...

财联社11月12日讯（记者 李洁） 流拍2次的成都地标级酒店，成功易主。 11月12日有消息称，融创旗下的成都环球中心天堂洲际大饭店，已经按以物抵债的形式转给了东方雨 虹。 对此，知情人士向记者表示，该消息属实，成都环球中心天堂洲际大饭店已由东方雨虹持有。 公开资料显示，成都环球中心天堂洲际大饭店是环球融创会展文旅集团旗下资产。而环球融创会展文旅 集团是融创旗下子公司，其中融创西南集团持股51.65%，环球融创会展文旅集团有限公司董事长邓鸿 个人持股23.03%。 而成都环球中心天堂洲际大饭店，是融创于2019年从云南城投手中收购而来。 据融创中国2019年11月27日公告，其以152.69亿元的对价收购云南城投集团持有的环球世纪及时代环球 （目标公司）51%股权。交易完成后，环球世纪及时代环球成为融创中国的间接附属公司，并更名重组 为环球融创会展文旅集团，交易涉及成都、武汉、长沙、昆明等城市的18个项目，其中即包括本次的成 都环球中心天堂洲际大饭店。 随着融创出现资金困境，成都环球中心天堂洲际大饭店也被摆上拍卖台，并遭遇2次流拍。 该项目首次拍卖是在2024年1月25日至1月26日。当时北京市第二中级人民法 ...

股东持股情况的公告 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。 证券代码：002271 证券简称：东方雨虹 公告编号：2024-112 北京东方雨虹防水技术股份有限公司 关于回购股份事项前十名股东和前十名无限售条件 注：以上股东的持股数量为合并普通账户和融资融券信用账户后的持股数量总和。 | 序号 | 股东名称 | 持股数量（股） | 占无限售条件股份 总数的比例（%） | | --- | --- | --- | --- | | 1 | 香港中央结算有限公司 | 328,379,179 | 16.99 | | 2 | 李卫国 | 102,303,222 | 5.29 | | 3 | 德弘美元基金管理公司－德弘美元基金二 期 | 45,969,375 | 2.38 | | 4 | 中国工商银行股份有限公司－华泰柏瑞沪 | 38,285,577 | 1.98 | | | 深 300 交易型开放式指数证券投资基金 | | | | 5 | 中国建设银行股份有限公司－易方达沪深 300交易型开放式指数发起式证券投资基金 | 25,007,153 | 1.29 | | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company is experiencing pressure on its performance, with a notable decline in revenue and net profit for the first three quarters of 2024. However, there are signs of improvement in operational quality, particularly in cash flow management [4][5] - The company is actively pursuing channel transformation and global expansion to seek new growth points, with a significant portion of revenue coming from engineering and retail channels [2][4] Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 21.699 billion yuan, a year-on-year decrease of 14.44%. The net profit attributable to shareholders was 1.277 billion yuan, down 45.73% year-on-year [4] - In Q3 2024 alone, the company reported a revenue of 6.480 billion yuan, a decline of 23.84% year-on-year and 19.69% quarter-on-quarter. The net profit for this quarter was 334 million yuan, reflecting a year-on-year decrease of 67.23% and a quarter-on-quarter decrease of 43.91% [4] - The operating cash flow for the first three quarters was -492 million yuan, which is an improvement of 89.66% compared to the same period last year, indicating better cash collection and operational quality [4] Revenue and Profit Forecast - The revenue forecasts for 2024-2026 have been adjusted to 29.062 billion yuan, 30.856 billion yuan, and 34.369 billion yuan respectively, down from previous estimates. The net profit forecasts for the same period are now 1.566 billion yuan, 2.137 billion yuan, and 2.645 billion yuan [5] - The current stock price corresponds to a price-to-earnings (P/E) ratio of 21.7, 15.9, and 12.9 for the years 2024, 2025, and 2026 respectively [5] Market Position and Strategy - The company is focusing on enhancing its channel development strategy and expanding its international presence through various initiatives, including establishing overseas companies and warehouses, and pursuing international research and development [2][4] - The engineering and retail channels accounted for 79.76% of total revenue in the first half of 2024, showing an 8.44% year-on-year growth, indicating a shift towards these sales models [2]

证券代码：002271 证券简称：东方雨虹 公告编号：2024-111 截至目前，李卫国先生及其一致行动人李兴国先生所持质押股份情况如下： | | | | 本次质 | 本次质 | | | | 已质押股份情况 | 未质押股份情况 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 押前质 | 押后质 | 占其所 | 占公司 | 已质押股 | | 未质押 | | | 股东 | 持股数量 | 持股 | | | | | 份限售和 | 占已质 | 股份限 | 占未质 | | | | | 押股份 | 押股份 | 持股份 | 总股本 | | | | | | 名称 | （股） | 比例 | | | | | 冻结、标 | 押股份 | 售和冻 | 押股份 | | | | | 数量 | 数量 | 比例 | 比例 | | | | | | | | | | | | | 记数量 | 比例 | 结数量 | 比例 | | | | | （股） | （股） | | | | | | | | | | | | | | | （股） | | （股） ...

证券代码：002271 证券简称：东方雨虹 公告编号：2024-110 北京东方雨虹防水技术股份有限公司 关于回购股份事项前十名股东和前十名无限售条件 | 序号 | 股东名称 | 持股数量（股） | 占 无 限 售 条 件 股 份 总 数 的 比 | | --- | --- | --- | --- | | | | | 例（%） | | 1 | 香港中央结算有限公司 | 317,672,228 | 16.44 | | 2 | 李卫国 | 102,303,222 | 5.29 | | 3 | 德弘美元基金管理公司－德弘美元基金二 | 45,969,375 | 2.38 | | 期 | | | | | 4 | 中国工商银行股份有限公司－华泰柏瑞沪 | 38,163,177 | 1.98 | | 深 | 300 交易型开放式指数证券投资基金 | | | | 5 | 中国建设银行股份有限公司－易方达沪深 300 交易型开放式指数发起式证券投资基 | 25,161,653 | 1.30 | | 金 | | | | | 6 | 全国社保基金四零三组合 | 20,176,169 | 1.04 | | 7 | 许利民 | 18 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% compared to the benchmark index within the next 6 to 12 months [5]. Core Views - The company reported a significant decline in revenue and net profit for the first three quarters of 2024, with revenue down 14.44% year-on-year and net profit down 45.73% year-on-year [1]. - Despite the challenging market conditions, the company is transitioning its sales model from a focus on large real estate clients to a more diversified approach targeting small businesses and individual consumers, which has improved operational quality [1]. - The company is positioned as a leader in the waterproofing industry, with ongoing optimization of its channel structure and a focus on international expansion, which is expected to provide growth opportunities despite current demand pressures [1]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved revenue of 21.699 billion, net profit of 1.277 billion, and net profit excluding non-recurring items of 1.099 billion, reflecting year-on-year declines of 14.44%, 45.73%, and 49.41% respectively [1]. - The third quarter alone saw revenue of 6.480 billion, net profit of 0.334 billion, and net profit excluding non-recurring items of 0.263 billion, with year-on-year declines of 23.84%, 67.23%, and 71.69% respectively [1]. - The overall gross margin for the first three quarters was 29.13%, with a slight year-on-year increase of 0.07 percentage points [1]. Business Transformation - The company has shifted its sales strategy to focus on small businesses and individual consumers, with these segments now accounting for 80% of revenue, while revenue from large real estate clients has decreased by over 60% [1]. - The cash flow from operating activities for the first three quarters increased by 89.66% year-on-year, with a cash collection ratio of 1.15 in the third quarter [1]. Market Position and Future Outlook - The company is leveraging its market leadership in the waterproofing sector to enhance its channel structure and expand into new product categories, achieving revenue growth in challenging market conditions [1]. - The report anticipates that the company will benefit from industry supply adjustments, channel optimization, and international market expansion, providing a favorable growth outlook despite current demand pressures [1].

Investment Rating - The report maintains a "Recommended" rating for the company [1][6] Core Views - The company reported a revenue of 21.7 billion yuan for Q3 2024, a year-on-year decline of 14.4%, with a net profit attributable to shareholders of 1.28 billion yuan, down 45.7% year-on-year [3][4] - The decline in revenue is attributed to weak downstream demand and the company's cautious approach in managing high-risk customer shipments [4] - Operating cash flow has significantly improved, with a net cash flow from operating activities increasing by 42.7 billion yuan to -4.9 billion yuan, primarily due to enhanced collection efforts [4] - The company plans to repurchase shares worth between 500 million to 1 billion yuan, reflecting confidence in its stock price [4] Financial Summary - For the first three quarters, the company’s revenue decreased by 14.4% year-on-year, with a gross margin remaining stable at 29.1% [4] - The company expects net profits for 2024-2026 to be 1.84 billion yuan, 2.28 billion yuan, and 2.6 billion yuan respectively, with corresponding P/E ratios of 19, 16, and 14 [5] - The company’s total assets are projected to be 49.53 billion yuan in 2024, with a debt ratio of 42.9% [7] - The report indicates a stable gross margin trend, with expectations for gradual improvement in operational quality due to channel reforms and new product developments [5][9]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [5][4]. Core Views - The company experienced a slight decline in revenue and a significant drop in profits, but cash flow has improved markedly, and the stock buyback plan reflects confidence in the company's long-term value [1][4]. - The company’s gross margin is expected to improve due to a slight decrease in costs, with a focus on enhancing business structure and increasing retail proportion [2][4]. - The report highlights that the company’s expense ratio has not effectively diluted due to declining revenue, but operating cash flow has shown significant improvement [3][4]. Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 21.7 billion, a year-on-year decrease of 14.4%, with net profit attributable to the parent company at 1.277 billion, down 45.7% [1]. - The gross margin for the first three quarters was 29.1%, a slight increase of 0.07 percentage points year-on-year, while the third quarter gross margin was 28.92%, a decrease of 0.46 percentage points [2]. - The expense ratio for the first three quarters was 18.56%, an increase of 2.73 percentage points year-on-year, with the third quarter expense ratio at 18.49%, up 3.84 percentage points [3]. - The company’s operating cash flow for the first three quarters was -492 million, a decrease in outflow by 4.27 billion year-on-year, with a significant inflow of 835 million in the third quarter [3]. Stock Buyback Plan - The company announced a stock buyback plan with a total fund of no less than 500 million and no more than 1 billion RMB, with a buyback price not exceeding 19.30 RMB per share, representing 1.06%-2.13% of the total share capital [4].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a revenue of 21.699 billion yuan for the first three quarters of 2024, a year-on-year decrease of 14.44%, with a net profit attributable to shareholders of 1.277 billion yuan, down 45.73% year-on-year. In Q3 alone, revenue was 6.48 billion yuan, a decline of 23.84% year-on-year, and net profit was 334 million yuan, down 67.23% year-on-year [2] - The company is facing pressure on quarterly revenue, but continues to optimize its channel structure in response to changing demand. The direct sales channel is expected to see a significant decline, while retail and engineering distribution channels maintain slight growth [2] - Gross margin remains relatively stable at 28.92% in Q3, with a slight year-on-year decrease. However, the expense ratio has increased significantly, reaching 18.5% in Q3, up 3.8 percentage points year-on-year, primarily due to the larger decline in revenue and relatively rigid sales and management expenses [2] - Operating cash flow has improved, with a net cash inflow of 839 million yuan in Q3, compared to a net outflow of 4.76 billion yuan in the same period last year. The company has made significant efforts in receivables collection, resulting in a notable decrease in accounts receivable and notes [3] - The company is actively adjusting its organizational structure to cover untapped markets and expand into non-real estate projects, which is expected to enhance operational quality. The market share in the waterproofing sector continues to rise, and there is potential for growth in non-real estate and non-waterproofing segments [3] Financial Forecasts - The company has revised its net profit forecasts for 2024-2026 to 1.62 billion, 2.31 billion, and 2.76 billion yuan respectively, down from previous estimates of 1.93 billion, 2.65 billion, and 3.15 billion yuan. The corresponding P/E ratios are projected to be 21X, 15X, and 12X [3]