“左手卖右手买” 东方雨虹缘何双线操作

Core Viewpoint - The company is strategically selling domestic assets to improve cash flow while simultaneously acquiring a stake in a Brazilian company to expand its international market presence, indicating a dual approach to navigate industry challenges and seek growth opportunities [1][4][8]. Asset Disposal - The company has decisively sold multiple properties in Beijing and Hangzhou, expecting an asset disposal loss of 25.81 million yuan, with the properties originally valued at 52.39 million yuan sold for only 18.49 million yuan, reflecting a significant depreciation in value [3][5]. - The asset disposal is aimed at revitalizing assets, improving financial conditions, and enhancing operational efficiency amid a slowing market [3][5]. International Expansion - The company plans to invest approximately 1.08 billion Brazilian reais (about 144 million yuan) to acquire 60% of Novakem, a Brazilian chemical company, as part of its strategy to tap into emerging market infrastructure demands [1][4]. - This acquisition is part of a broader strategy to build a global industrial ecosystem, with previous investments including a 1.23 billion USD acquisition of a Chilean retailer [4][7]. Market Conditions - The domestic waterproof materials market is experiencing a downturn, with a projected 16.8% decline in total production for 2024 compared to previous years, leading to increased competition and reduced profit margins [5][6]. - The company's gross margin has decreased from 30.53% in 2021 to 25.80% in 2024, reflecting the challenging market environment [5]. Revenue Trends - Despite domestic revenue challenges, the company's international revenue has shown consistent growth, with figures rising from 356 million yuan in 2021 to 877 million yuan in 2024, indicating a strategic shift towards international markets [7][8]. - The proportion of international revenue in total revenue has increased from 1.12% to 3.12% over the same period, highlighting the growing importance of overseas markets [7]. Channel Strategy - The company is shifting its domestic sales strategy from a focus on large real estate clients to a more diversified approach that emphasizes retail and engineering channels, with retail and engineering channel revenues now accounting for 84.06% of total income [9]. - The new channel strategy includes enhancing partner capabilities and improving service quality for end customers, indicating a focus on long-term growth and market adaptation [9].