Group 1 - The core point of the article is that Dongfang Yuhong (SZ 002271) held its third temporary board meeting of the ninth session on November 19, 2025, to discuss the appointment of the internal audit director and other documents [1] - For the first half of 2025, Dongfang Yuhong's revenue composition was as follows: waterproof materials sales accounted for 69.71%, mortar powder accounted for 14.71%, other products accounted for 8.39%, waterproof engineering services accounted for 6.26%, and other businesses accounted for 0.94% [1] - As of the report date, Dongfang Yuhong's market capitalization was 30.3 billion yuan [1]

（编辑 郭之宸） 本报讯 （记者袁传玺）天眼查App显示，近日，东方雨虹国际贸易（北京）有限公司成立，注册资本1亿元，经营范围包 括非金属矿及制品销售、货物进出口、技术进出口、会议及展览服务、离岸贸易经营等。股东信息显示，该公司由东方雨虹全 资持股。 ...

Core Viewpoint - Kairun Co., Ltd. announced the acquisition of an 18% stake in Suzhou Jiazhi Color Optoelectronics Technology Co., Ltd. for approximately 172 million yuan, increasing its ownership from 51% to 69%, which is expected to enhance operational efficiency and employee cohesion [1] Company Summary - Kairun Co., Ltd. plans to acquire the stake in Jiazhi Color for about 172 million yuan, which will raise its ownership to 69% [1] - The acquisition aligns with the interests of the company and its shareholders, aiming to improve business management efficiency [1] - As of the latest report, Kairun's market capitalization stands at 4.4 billion yuan [1] Revenue Composition - For the first half of 2025, Kairun's revenue composition is as follows: - Waterproof materials sales: 63.15% - Waterproof engineering construction: 21.1% - Display panel testing and repair equipment: 10.13% - Other businesses: 5.62% [1]

Core Viewpoint - Oriental Yuhong's stock price has shown fluctuations, with a year-to-date increase of 14.02%, but a decline in revenue and net profit for the first nine months of 2025, indicating potential challenges ahead for the company [1][2]. Financial Performance - As of October 31, 2025, Oriental Yuhong reported a revenue of 20.601 billion yuan, a year-on-year decrease of 5.06%, and a net profit attributable to shareholders of 810 million yuan, down 36.61% year-on-year [2]. - The company has cumulatively distributed dividends of 10.714 billion yuan since its A-share listing, with 7.603 billion yuan distributed in the last three years [3]. Stock Market Activity - On November 18, 2025, Oriental Yuhong's stock price fell by 2.01% to 12.69 yuan per share, with a trading volume of 216 million yuan and a turnover rate of 0.88%, resulting in a total market capitalization of 30.313 billion yuan [1]. - The net outflow of main funds was 30.3615 million yuan, with significant selling pressure observed in large orders [1]. Shareholder Structure - As of September 30, 2025, the number of shareholders increased to 152,500, with an average of 12,556 circulating shares per person, a decrease of 1.02% from the previous period [2][3]. - The largest circulating shareholder is Hong Kong Central Clearing Limited, holding 379 million shares, an increase of 6.3304 million shares from the previous period [3].

在智能制造体系建设上，东方雨虹开发适应全球运营需求的技术架构、装备系统和控制程序，"无人车 间""黑灯车间"等数字化工厂已成为企业智能制造的标准配置。上百套数字化系统支撑东方雨虹研产供 销服全链路的智能化运营，打通供应链与营销端的数字化壁垒，实现研发过程精准化，原材料采购质量 可控化、生产过程精益化、产品检验准确化、销售过程高效化、施工过程标准化，构建起交付能力体 系。 在智能服务领域，东方雨虹打造的"无人仓"系统实现跨工厂排产计算、生产过程执行管控、质量管理、 设备管理等全模块覆盖。从生产线贴标签、扫码入库到成品出库，从车辆调度到物流跟踪，仅需两名员 工即可完成整个生产基地的仓储和发货工作，生产效率提升4.2倍，树立行业智能制造新标杆。 全球布局拓展持续增长空间 截至11月11日，东方雨虹防水卷材年发货量突破7亿平方米，充分展现出东方雨虹从制造到交付的全链 路高效协同。 智能制造体系 支撑大规模交付能力 这一里程碑的实现，源于东方雨虹全球近70家生产研发物流基地所构建的产业生态体系。 在生产硬件方面，东方雨虹整合全球资源，引进美国阿迪、意大利柏阿图、德国爱立许等生产线，并自 主研发具有自主知识产权的有胎无胎 ...

Summary of the Conference Call for Dongfang Yuhong Industry Overview - The price war in the industry is easing, and the real estate market is stabilizing, leading to potential growth opportunities for Dongfang Yuhong [2][4] - New regulations implemented in 2023 have raised waterproofing standards, benefiting high-quality companies like Dongfang Yuhong [2] Company Performance and Strategy - Dongfang Yuhong has expanded its market share due to the exit of small and medium enterprises, resulting in increased industry concentration [2][4] - The company has raised prices multiple times despite weak demand, positively impacting gross margins and indicating an improving industry trend [2][5] - The strategic focus has shifted from infrastructure to real estate companies, establishing partnerships with major firms like Vanke and implementing a partner system and equity incentives [2][4] - The company is transitioning from reliance on direct sales to developing channel and retail businesses, with retail channel revenue increasing to 36% and engineering channel revenue decreasing to below 48% [2][9] Financial Performance - In the first three quarters of 2025, revenue was approximately 20.6 billion, a 5% year-on-year decline, while net profit attributable to shareholders dropped by 37% to 800 million [11] - The decline in profit is attributed to overall revenue drop, pricing pressure, and cost structure adjustments, although operating cash flow improved significantly to 1.42 billion [11] - The company expects net profits for 2025, 2026, and 2027 to be 970 million, 1.49 billion, and 2.01 billion respectively, with anticipated stability in the real estate market aiding performance [3][12] Product Revenue Breakdown - In 2024, revenue from waterproof membranes is expected to account for 42%, coatings for 31%, and mortar powder for 15%, with non-waterproof business revenue increasing significantly [10] Challenges and Opportunities - The company faces challenges in cash collection, particularly in the real estate sector, but has made strategic adjustments to mitigate these issues [8] - The competitive landscape is shifting, with stronger companies like Dongfang Yuhong gaining more market share as weaker players exit the market [4][6] Conclusion - Dongfang Yuhong is well-positioned to capitalize on the improving market conditions and regulatory changes, with a strategic focus on enhancing its retail and channel business while managing cash flow and profitability effectively [2][12]

Core Viewpoint - Oriental Yuhong plans to sell properties in Beijing and Hangzhou, expecting a loss of 25.81 million yuan, which is over 10% of its audited net profit for the last fiscal year [1][4] Group 1: Asset Sale Details - The company intends to sell part of its real estate holdings, including 10 properties in Beijing and 13 in Hangzhou, to improve asset liquidity and financial structure [1][3] - The 10 properties in Beijing were purchased less than 5 months ago, indicating a rapid turnover of assets [2][3] - The sale includes 3 shops and 8 office spaces in Beijing, totaling 1,492.05 square meters, with the majority acquired in July 2023 [5] Group 2: Financial Impact - The expected loss from the asset sale is 25.81 million yuan, with the original value of the assets being approximately 52.39 million yuan and a net book value of about 44.30 million yuan after impairment [3][4] - The company has previously recorded a total asset disposal gain of 173,700 yuan from other sales [4] Group 3: Market Context - The decision to sell is part of a strategic adjustment due to weak market demand and liquidity in the real estate sector, which has seen declining transaction volumes in recent years [4] - Other companies in the A-share market, such as Aerospace Software and Shanghai Phoenix, have also announced property sales, indicating a broader trend among listed firms [4]

Core Viewpoint - The company, Oriental Yuhong, is planning to sell part of its real estate assets, which is expected to result in significant asset disposal losses, reflecting ongoing financial challenges in the real estate sector [1][4]. Group 1: Asset Disposal - Oriental Yuhong announced the sale of certain real estate assets located in Beijing and Hangzhou, with an expected asset disposal loss of 25.81 million yuan, exceeding 10% of the company's audited net profit for the most recent fiscal year [1]. - The book value of the assets being sold is 52.39 million yuan, with a recorded impairment provision of 8.09 million yuan, resulting in a net book value of 44.29 million yuan. The sale price is only 18.49 million yuan, which is less than half of the net book value, leading to a loss of over 25 million yuan [4]. - This is not the first asset sale by the company; on October 28, it also announced the sale of two properties in Beijing, with a book value of 50.62 million yuan and a sale price of 23.13 million yuan, resulting in a loss of 23.46 million yuan [5]. Group 2: Financial Performance - The company has experienced a significant decline in performance since 2022, with net profit projected to be just over 100 million yuan in 2024, which is less than 3% of its peak [6]. - For the third quarter of 2025, the company reported a 36% decline in net profit, primarily due to over 600 million yuan in impairment losses on accounts receivable, which has become a critical factor affecting profitability [6]. - As of the third quarter, the company's accounts receivable and notes receivable amounted to 9.3 billion yuan, still over 80% of the peak level, indicating potential for further impairment provisions [7]. Group 3: Market Position - The company's stock price has been on a continuous decline, with an 80% drop from its peak, and as of November 12, the market capitalization stood at 30.67 billion yuan [8].

Core Viewpoint - Oriental Yuhong (SZ 002271) announced plans to sell part of its real estate assets to improve financial conditions and ensure shareholder interests [1] Group 1: Company Actions - The company aims to revitalize assets and achieve capital recovery by selling certain properties it owns in Beijing and Hangzhou [1] - The transaction involves commercial and office properties located in the Miyun District of Beijing and the Jianggan District of Hangzhou [1] Group 2: Financial Performance - For the first half of 2025, Oriental Yuhong's revenue composition is as follows: waterproof materials sales account for 69.71%, mortar powder for 14.71%, other sales for 8.39%, waterproof engineering construction for 6.26%, and other businesses for 0.94% [1] - As of the report date, the company's market capitalization stands at 30.7 billion yuan [1]

Core Viewpoint - Oriental Yuhong announced the convening of its 33rd meeting of the 8th Board of Directors on November 11, 2025, to discuss asset sale proposals [1] Company Summary - For the first half of 2025, Oriental Yuhong's revenue composition is as follows: waterproof materials sales accounted for 69.71%, mortar powder accounted for 14.71%, other businesses accounted for 8.39%, waterproof engineering services accounted for 6.26%, and other business activities accounted for 0.94% [1] - As of the report date, Oriental Yuhong's market capitalization is 30.7 billion yuan [1]