折掉近千亿，中国防水大王，大破防

Core Viewpoint - The company, Oriental Yuhong, known as the "waterproof king," has faced significant performance declines since the downturn in the real estate market, leading to a substantial loss in market value and questioning its ability to return to its former glory [1][56]. Group 1: Company Background and Achievements - Oriental Yuhong was founded 30 years ago by Li Weiguo, who started the waterproofing business after experiencing water leakage in his own home [1][28]. - The company has become the global leader in waterproofing materials, with sales of waterproof membranes that could circle the Earth 400 times [3]. - From 2008 to 2021, the company's revenue surged from 712 million to 31.93 billion, a 44-fold increase, while net profit rose from 44.12 million to 4.205 billion, a 95-fold increase [55]. Group 2: Recent Performance and Challenges - In 2024, Oriental Yuhong's net profit plummeted to 108 million, a staggering 95.24% decrease year-on-year [3][84]. - The company's stock price has dropped from over 60 to around 25, nearly halving in value [15]. - The company is facing significant challenges with accounts receivable, which reached 7.341 billion in 2024, significantly higher than its net profit [76]. Group 3: Employee Stock Ownership Plan - In 2021, Li Weiguo initiated an employee stock ownership plan, raising 1.377 billion from 1,411 employees, with a promise to guarantee returns [11][9]. - However, the stock price collapse has led to significant losses for employees, with Li expected to compensate around 1.8 billion [17][27]. - Li has resorted to large-scale share pledges and cashing out to meet financial obligations, including selling 40.53 million shares for 650 million in 2024 [20][21]. Group 4: Strategic Shifts and Future Plans - The company is attempting to pivot its strategy by focusing on consumer needs, expanding into non-waterproof products, and enhancing its global presence [81]. - In 2025, Oriental Yuhong plans to accelerate its global expansion, with new production bases in Malaysia and Canada [82]. - Despite these efforts, the company’s recent financial reports indicate a decline in core business segments, raising concerns about its recovery trajectory [84].