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]

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 ...

Core Insights - The article highlights the evolution of Dongfang Yuhong from a regional waterproof materials company to a global benchmark in the construction materials industry over 30 years, emphasizing its resilience and strategic focus on long-term growth [1][3][10] Group 1: Business Strategy - Dongfang Yuhong maintains its waterproof business as a strategic anchor while diversifying into multiple business lines, transitioning from a single supplier to a comprehensive construction materials service provider [3][5] - In 2024, the company shifted its sales model from high-risk direct sales to a retail and engineering channel model, achieving a combined revenue of 235.62 billion yuan, accounting for 83.98% of total revenue, with a year-on-year growth of 8.10% [3][5] - The company has invested significantly in R&D to enhance product performance in the waterproof sector, establishing itself as a technical benchmark in the industry [3][5] Group 2: Service Ecosystem - Dongfang Yuhong has transformed its business model from product-centric to service-oriented, launching the "Yuhong Service" brand in 2025 to cover the entire lifecycle of housing services [6][9] - The service platform integrates offline resources like physical stores and repair stations with online channels, allowing for efficient service delivery and customer engagement [7][9] - The company emphasizes high-quality service standards and rapid response mechanisms to enhance customer satisfaction and loyalty [9] Group 3: Global Expansion - Dongfang Yuhong is actively pursuing an "overseas priority" strategy, with overseas business revenue reaching 8.79 billion yuan in 2024, a year-on-year increase of 24.73% [10][12] - The company has established production bases in Malaysia and is expanding its presence in various countries, including the U.S., Canada, and several Southeast Asian nations, to support local operations [12][13] - The global strategy focuses on "localized operations + technological empowerment," showcasing China's manufacturing capabilities on the international stage [13]