ORIENTAL YUHONG(SZ:002271) Jing Ji Guan Cha Wang·2025-12-09 04:53Core Viewpoint - The company, Beijing Oriental Yuhong Waterproof Technology Co., Ltd., is optimizing its asset structure by selling non-production real estate assets, which is seen as a strategic move to focus on its core business and enhance its competitive position in the market [1] Group 1: Asset Optimization - The company plans to sell non-production real estate assets held by its subsidiaries, which is interpreted as a proactive choice for strategic focus rather than a loss [1] - Continuous asset disposals are aimed at concentrating resources on the main business, thereby strengthening its core operations [1] Group 2: Global Expansion - The company is accelerating its global strategy through a combination of trade, investment, and acquisitions, with significant actions taken since November [2] - It intends to acquire 60% of Brazilian Novakem for approximately 144 million yuan and is constructing a production and R&D base in Mexico, expected to be operational by 2026 with an annual capacity of 100,000 tons of sand powder and 20,000 tons of water-based coatings [2] - The company completed the acquisition of Chilean construction retail leader Construmart S.A. for about 123 million USD, establishing a dual support layout in the Latin American market [2] - International production capacity has been established in key regions including Houston, USA, Saudi Arabia, and Malaysia, with the Malaysian factory expected to begin trial production in the first half of 2025 [2] - Overseas revenue has increased from 246.7 million yuan in 2020 to 877 million yuan in 2024, representing a growth of 255%, with further growth expected in 2025 [2] Group 3: Sand Powder Business Development - The sand powder business has achieved significant scale, with production capacity increasing from 1.8 million tons in 2021 to a target of 10 million tons by 2025, supported by 68 production and logistics bases nationwide [3] - The company is extending its operations upstream by investing in a new materials industrial park in Jiangxi and acquiring marble mining rights, which will lower production costs and allow entry into high-margin sectors [3] - The establishment of a silica sand production base in Guangdong is expected to generate an annual output value of 135 million yuan, positioning the company among the leading glass sand processing enterprises in the country [3] Group 4: Market Recognition and Future Strategy - The company's strategic adjustments have been recognized by the capital market, with over 50 domestic and foreign institutions acknowledging the long-term growth logic in its overseas expansion and sand powder business [4] - The company plans to continue investing in overseas capacity construction and the sand powder industry chain, aiming to become a global leader in building materials system services through a dual-driven development model [4] - This proactive strategic focus is expected to open up broader growth opportunities during a critical period of industry transformation [4]