东方雨虹又被抛弃了

Core Viewpoint - The major shareholder of Dongfang Yuhong, Li Weiguo, has significantly reduced his stake in the company for the second time within a year, reflecting ongoing challenges in the waterproofing industry due to the downturn in the real estate market [2][6]. Group 1: Shareholder Actions - Li Weiguo has successfully completed a share reduction plan, selling a total of 46.3287 million shares, which accounts for 1.9395% of the company's total share capital [2]. - The average selling price during this reduction was approximately 11.75 yuan per share, resulting in cash proceeds of about 544 million yuan [2]. - Following this reduction, Li Weiguo's shareholding decreased from 22.68% to 20.74% [2]. Group 2: Financial Performance - Dongfang Yuhong reported a revenue of 28.06 billion yuan in 2024, a year-on-year decline of 14.5%, with a further decline of 10.8% in the first half of 2025 [3]. - The company's net profit plummeted from 2.27 billion yuan in 2023 to 108 million yuan in 2024, a decrease of 95.24% [3]. - As of mid-2025, accounts receivable reached 9.409 billion yuan, representing 69.34% of revenue, leading to significant bad debt provisions [3]. Group 3: Dividend Policy and Regulatory Scrutiny - Despite poor financial performance, the company proposed a dividend of 5.881 billion yuan, later adjusted to 2.2 billion yuan after regulatory scrutiny [3][4]. - The Beijing Securities Regulatory Bureau issued a warning regarding the company’s financial transactions that involved transferring 69.5 million yuan to Li Weiguo without proper disclosure [4]. Group 4: Business Strategy and Challenges - Dongfang Yuhong is implementing a transformation strategy, focusing on non-real estate sectors such as infrastructure and municipal engineering, with non-real estate revenue accounting for 41% in the first half of 2025 [4]. - The company is also pursuing an acquisition strategy, including a recent purchase of a Chilean retailer for approximately 1.23 billion USD, despite facing high premiums and long return cycles [5]. - The company aims to increase its overseas revenue share to over 15% within three years, but this strategy is challenged by high initial investments and geopolitical uncertainties [5][6].