ORIENTAL YUHONG(SZ:002271) Di Yi Cai Jing·2025-08-04 07:26Core Viewpoint - The company, Oriental Yuhong, has shown significant improvement in its financial performance and strategic transformation, focusing on reducing reliance on the real estate sector and enhancing its channel sales, particularly in retail and new business areas [1][3][7]. Financial Performance - In the first half of 2025, Oriental Yuhong achieved total revenue of 13.569 billion yuan and a net profit attributable to shareholders of 564 million yuan [1]. - The company's cash flow from operating activities was -396 million yuan, an improvement of 932 million yuan compared to the same period last year, marking three consecutive years of cash flow improvement [1][8]. - The channel sales revenue reached 11.406 billion yuan, accounting for 84.06% of total revenue, a significant increase from 66% in 2023 [3]. Business Transformation - The company has successfully reduced its dependence on real estate and construction businesses, with engineering and other business revenues only accounting for 20.36 million yuan and 1.27 million yuan, respectively, making up less than 16% of total revenue [3]. - Retail business revenue reached 5.059 billion yuan, representing 37.28% of total revenue, indicating a strong performance in this segment [4][5]. New Business Development - The company has made notable progress in expanding new business areas, particularly in products like mortar powder, which generated revenue of 1.996 billion yuan in the first half of 2025, accounting for 14.7% of total revenue [5][6]. - The company is also extending its supply chain by acquiring mining rights to enhance the stability of raw material supply for its products [6][7]. International Expansion - Oriental Yuhong has accelerated its international market expansion, achieving overseas revenue of 576 million yuan in the first half of 2025, which is 4.25% of total revenue, up from 2.66% in the previous year [9]. - The company has established a global presence with 68 production and R&D bases and is actively building new production facilities in various countries [9][10]. Strategic Acquisitions - The company announced plans to acquire a leading Chilean building materials supermarket, Construmart, for approximately 1.23 billion USD (about 8.8 billion yuan), indicating a strategic move to strengthen its retail presence in Latin America [12]. Dividend Policy - Oriental Yuhong has proposed a mid-term dividend of 9.25 yuan per 10 shares, reflecting its commitment to returning value to shareholders while maintaining a stable financial outlook [13].