东方雨虹2025年半年报：营收135.7亿元，现金流大幅改善

Core Viewpoint - In the first half of 2025, Dongfang Yuhong (002271.SZ) reported significant improvements in financial performance, with a revenue of 13.57 billion yuan and a net profit of 507 million yuan, reflecting a 70.18% year-on-year increase in operating cash flow. The company emphasizes a strategy of high-quality and stable development, prioritizing risk management and operational quality [1]. Group 1: Business Focus and Growth Engines - Dongfang Yuhong is focusing on its core business in construction waterproofing while accelerating the development of its second main business in mortar powder, creating a dual-driven growth model. The waterproofing sector is expanding into various infrastructure projects and public service areas, while also targeting renovation and upgrading of existing buildings [3]. - The mortar powder business achieved a revenue of 1.996 billion yuan in the first half of 2025, accounting for 14.71% of the total revenue, becoming a significant driver of growth for the company [3]. Group 2: Channel Development and Management - The company has been enhancing its channel development strategy, achieving a total revenue of 11.406 billion yuan from engineering and retail channels, which constitutes 84.06% of total revenue. This indicates a further increase in the proportion of channel sales [3]. - The engineering channel is adopting a "platform + creator" model to empower partners, while the retail channel is integrating online and offline strategies to enhance service capabilities, with retail revenue reaching 5.059 billion yuan, representing 37.28% of total revenue [3]. Group 3: Global Expansion - Dongfang Yuhong is deepening its global layout by establishing branches in multiple countries and advancing the construction of overseas bases in Houston, Saudi Arabia, and Canada, with the Malaysian base entering trial production. The company has also completed acquisitions in Hong Kong and is planning to acquire 100% of Chile's Construmart S.A. [5]. - In the first half of 2025, the company achieved overseas revenue of 576 million yuan, marking a 42.16% year-on-year increase, and aims to enhance its international sales capabilities and brand recognition [5].