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]

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]

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]

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 ...

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]

Core Viewpoint - The 30th anniversary of Dongfang Yuhong coincides with the ninth "China Brand Day," highlighting the company's evolution from a local waterproof materials manufacturer to a globally influential brand in the construction materials industry, emphasizing the importance of technology and service in enhancing brand value [1][2]. Group 1: Technological Strength - Since its establishment in 1995, Dongfang Yuhong has focused on technological innovation, redefining waterproofing as a critical aspect of building safety rather than just a hidden engineering task [2]. - The company has developed advanced products such as the bio-based waterproof coating with 38% bio-based content, certified by USDA, and the lightweight soundproof plaster with a 50% noise reduction effect, showcasing its commitment to integrating functionality with environmental considerations [2][5]. - Dongfang Yuhong's solutions have been applied in significant projects globally, including the Great Bay Area Bridge and Beijing Daxing International Airport, marking its role in the internationalization of Chinese construction [5][6]. Group 2: Service Commitment - The company has initiated the "Service for the People, Reject Leakage" community service campaign, addressing the leakage issues in old residential areas, which affect approximately 30% of such buildings nationwide [6][8]. - This initiative aims to provide free diagnostics and repairs, demonstrating the company's dedication to improving living conditions and fostering community stability [6][8]. - Dongfang Yuhong's approach reflects a shift from merely selling products to offering comprehensive lifecycle services, aligning with user needs and enhancing brand loyalty [8][10]. Group 3: Brand Development - Dongfang Yuhong emphasizes that the essence of a strong Chinese brand lies in its technological foundation and quality, aiming to elevate "Made in China" to "Chinese Brand" on the global stage [6][10]. - The company's narrative contributes to China's transition from a "brand power" to a "brand strong" nation, showcasing its commitment to quality and trust [10].

一、股东部分股份解除质押基本情况 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 办理了解除质押手续，具体事项如下： | 股东 | 是否为控股股东 或第一大股东及 | 本次解除质 押股份数量 | 占其所持 | 占公司总 | 起始日 | | 解除日期 | | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 其一致行动人 | （股） | 股份比例 | 股本比例 | | | | | | | 李卫国 | 是 | 8,200,000 | 1.54% | 0.34% | 2024 年 4 月 日 | 9 | 2025 5 月 9 | 年 日 | 中国银河证 券股份有限 | | | | | | | | | | | 公司 | 二、股东股份累计质押基本情况 证券代码：002271 证券简称：东方雨虹 公告编号：2025-053 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的公告 本公司及董事会全体成员保证信息披露的 ...

Investment Rating - The report maintains a "Strong Buy" rating for Dongfang Yuhong, with a target price of 15 CNY per share [2][9]. Core Views - The company experienced a decline in revenue and net profit in 2024, with total revenue of 28.056 billion CNY, down 14.52% year-on-year, and a net profit of 108 million CNY, down 95.24% year-on-year. The first quarter of 2025 also saw a revenue drop of 16.71% year-on-year to 5.955 billion CNY, with a net profit of 190 million CNY, down 44.68% year-on-year [2][9]. - Despite the revenue decline, the company is optimizing its channels and improving cash flow, with a significant increase in cash flow from operating activities in the first quarter of 2025 [9]. Financial Summary - **2024 Financial Performance**: - Total revenue: 28,056 million CNY - Year-on-year growth rate: -14.5% - Net profit: 108 million CNY - Year-on-year growth rate: -95.2% - Earnings per share (EPS): 0.05 CNY - Price-to-earnings ratio (P/E): 250 [5][10] - **2025 Financial Projections**: - Expected total revenue: 29,877 million CNY - Expected net profit: 1,438 million CNY - Expected EPS: 0.60 CNY - Expected P/E: 19 [5][10] - **2026 and 2027 Projections**: - 2026 expected total revenue: 32,232 million CNY, net profit: 1,765 million CNY, EPS: 0.74 CNY, P/E: 15 - 2027 expected total revenue: 35,858 million CNY, net profit: 2,332 million CNY, EPS: 0.98 CNY, P/E: 12 [5][10]. Market Performance - The company’s stock price has shown a significant decline of 35% over the past year, compared to the Shanghai and Shenzhen 300 index [8].