Core Viewpoint - The company reported a decline in revenue and net profit for Q2 2025, with a notable increase in overseas business growth despite domestic demand pressures [1][2]. Group 1: Financial Performance - Q2 2025 revenue was 76.14 billion, a decrease of 5.64% year-on-year; net profit attributable to shareholders was 3.72 billion, down 37.52% year-on-year; and net profit excluding non-recurring items was 3.35 billion, down 36.20% year-on-year [1]. - The company declared an interim dividend of 22.10 billion, resulting in a dividend yield of 7.76% [1]. - The overall revenue for the first half of the year decreased by 10.84%, primarily due to a contraction in direct sales related to real estate and weakened demand from both B-end and C-end customers [1]. Group 2: Product and Channel Performance - In H1, revenue from waterproof membranes, coatings, and sand powder was 55.13 billion, 39.46 billion, and 19.96 billion respectively, with year-on-year changes of -8.84%, -17.11%, and -6.24% [1]. - Revenue by channel showed retail, engineering, and direct sales generating 50.59 billion, 63.47 billion, and 20.36 billion respectively, with year-on-year changes of -6.98%, -5.26%, and -28.01% [1]. - Retail business accounted for 37.28% of total revenue, an increase of 1.54 percentage points year-on-year [1]. Group 3: Geographic Performance - Overseas revenue reached 5.76 billion, marking a significant increase of 42.16% year-on-year, driven by the establishment of production lines and channel acquisitions in Southeast Asia, North America, and the Middle East [1]. Group 4: Profitability and Cost Management - H1 gross margin was 25.40%, a decrease of 3.82 percentage points year-on-year, with specific margins for waterproof membranes and coatings at 22.60% and 36.54%, down 5.23 and 1.04 percentage points respectively [2]. - The expense ratio was 17.06%, down 1.54 percentage points, with sales, management, and R&D expense ratios at 9.04%, 5.67%, and 1.66%, showing year-on-year reductions [2]. - The company reported asset and credit impairment losses of 4.06 billion, primarily due to increased provisions for accounts receivable, with an impairment loss rate of 2.99%, up 0.62 percentage points [2]. Group 5: Future Outlook - The company forecasts net profit attributable to shareholders for 2025-2027 to be 11.28 billion, 15.19 billion, and 19.09 billion respectively, with year-on-year growth rates of 943%, 35%, and 26% [2]. - Corresponding EPS for these years are projected to be 0.47, 0.64, and 0.80 yuan, with the latest closing price reflecting a 3-year PE of 25.25x, 18.75x, and 14.92x [2].

财报数据显示，2025年上半年东方雨虹实现营收135.69亿元，实现归母净利5.64亿元。其中，Q2公司实 现营收76.14亿元；归母净利3.72亿元。 尽管收入增长仍然有所承压，但经营性净现金流有所改善。2025年上半年公司经营活动产生的现金流量 净额-3.96亿元，上年同期为-13.28亿元，其中Q2净流入4.17亿元。 近日，A股上市公司东方雨虹（002271.SZ）中报新鲜出炉。 翻阅这份业绩报告，财务数据表象背后，呈现的是这家已经走过三十年风雨的企业在复杂宏观环境下， 以战略定力穿越周期，为未来蓄力的清晰脉络。 总结来看，这份半年度答卷的核心关键词是：现金流修复、双轮驱动深化、渠道优化、全球化提速。 1、经营质量优先：现金流的显著改善是最大亮点 东方雨虹深耕建筑防水核心业务，同时加速发展砂浆粉料第二主业，形成双轮驱动的发展格局。 防水主业方面，上半年，防水材料实现营收94.59亿元，占营收比重约69.71%。虽受大环境影响收入出 现一定程度的下滑，但公司展现了其强大的场景拓展与抗风险能力。 在传统地产之外，其深度渗透交通基建、水利能源、城市更新、保障房及民用零售市场，有效对冲单一 领域风险。同时公司 ...

证券代码：002271 证券简称：东方雨虹 公告编号：2025-072 北京东方雨虹防水技术股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、召开会议的基本情况 （2）公司董事、监事和高级管理人员； （3）北京市金杜律师事务所律师。 会议室。 北京东方雨虹防水技术股份有限公司（以下简称"公司"）第八届董事会第 三十一次会议审议通过了《关于召开 2025 年第二次临时股东大会的议案》，现 将会议有关事项通知如下： 《证券法》、《上市公司股东会规则》、《深圳证券交易所股票上市规则》、《深 圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》等法 律、法规、深圳证券交易所业务规则和《公司章程》等的规定。 现场会议时间为：2025 年 8 月 18 日（星期一）下午 14 时 30 分 网络投票时间为：2025 年 8 月 18 日（星期一） 其中，通过深圳证券交易所交易系统进行网络投票的具体时间为：2025 年 8 月 18 日的交易时间，即上午 9:15—9:25，9:30—11:30 和下午 13:00—15:00； 通过深圳证券 ...

证券代码：002271 证券简称：东方雨虹 公告编号：2025-069 北京东方雨虹防水技术股份有限公司 关于 2025 年半年度计提资产减值准备及核销资产的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 北京东方雨虹防水技术股份有限公司（以下简称"公司"）于2025年7月31 日召开第八届董事会第三十一次会议和第八届监事会第十九次会议，审议通过了 《关于2025年半年度计提资产减值准备及核销资产的议案》，本次计提资产减值 准备及核销资产事项无需提交股东大会审议。具体情况如下： 一、计提资产减值准备及核销资产情况概述 （一）计提资产减值准备情况 本公司考虑有关过去事项、当前状况以及对未来经济状况的预测等合理且有 依据的信息，以发生违约的风险为权重，计算合同应收的现金流量与预期能收到 的现金流量之间差额的现值的概率加权金额，确认预期信用损失。 本公司对于处于不同阶段的金融工具的预期信用损失分别进行计量。金融工 具自初始确认后信用风险未显著增加的，处于第一阶段，本公司按照未来12个月 内的预期信用损失计量损失准备；金融工具自初始确认后信用风险已显著增加但 尚 ...

证券代码：002271 证券简称：东方雨虹 公告编号：2025-071 北京东方雨虹防水技术股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、债务重组概述 北京东方雨虹防水技术股份有限公司（以下简称"公司"）为加快债权清收， 实现资金回笼，改善资产结构，优化公司财务状况，保障公司及全体股东利益， 公用房、车位、持有的股权资产等（以下简称"抵债资产"）用于抵偿其所欠付 公司款项，相关债权的账面价值共计 83,870.21 万元，其中已过户房产对应债权 账面价值 58,902.67 万元、股权资产对应债权账面价值 21,122.56 万元、未过户 已售出或已抵出资产对应债权账面价值 3,844.98 万元；公司作为债权人与相关 债务人签订折让协议涉及相关债权的账面价值为 70.84 万元；此外，公司作为债 务人向债权人抵出抵债资产或自有房产用于抵偿公司欠款，相关债务的账面价值 共计 5,856.33 万元，以上交易构成债务重组（统称"本次债务重组"）。 本次债务重组，公司作为债权人的债务重组账面价值共计 83,941.05 万元， 占公司最近一期经 ...

Core Viewpoint - In the first half of 2025, Dongfang Yuhong (002271.SZ) reported significant improvements in financial performance, with a revenue of 13.57 billion yuan and a net profit of 507 million yuan, reflecting a 70.18% year-on-year increase in operating cash flow. The company emphasizes a strategy of high-quality and stable development, prioritizing risk management and operational quality [1]. Group 1: Business Focus and Growth Engines - Dongfang Yuhong is focusing on its core business in construction waterproofing while accelerating the development of its second main business in mortar powder, creating a dual-driven growth model. The waterproofing sector is expanding into various infrastructure projects and public service areas, while also targeting renovation and upgrading of existing buildings [3]. - The mortar powder business achieved a revenue of 1.996 billion yuan in the first half of 2025, accounting for 14.71% of the total revenue, becoming a significant driver of growth for the company [3]. Group 2: Channel Development and Management - The company has been enhancing its channel development strategy, achieving a total revenue of 11.406 billion yuan from engineering and retail channels, which constitutes 84.06% of total revenue. This indicates a further increase in the proportion of channel sales [3]. - The engineering channel is adopting a "platform + creator" model to empower partners, while the retail channel is integrating online and offline strategies to enhance service capabilities, with retail revenue reaching 5.059 billion yuan, representing 37.28% of total revenue [3]. Group 3: Global Expansion - Dongfang Yuhong is deepening its global layout by establishing branches in multiple countries and advancing the construction of overseas bases in Houston, Saudi Arabia, and Canada, with the Malaysian base entering trial production. The company has also completed acquisitions in Hong Kong and is planning to acquire 100% of Chile's Construmart S.A. [5]. - In the first half of 2025, the company achieved overseas revenue of 576 million yuan, marking a 42.16% year-on-year increase, and aims to enhance its international sales capabilities and brand recognition [5].

Core Viewpoint - The company emphasizes the importance of long-termism and ESG (Environmental, Social, Governance) principles as essential for sustainable growth and resilience in the building materials industry, especially during cyclical fluctuations [1][5]. Group 1: Company Development and Strategy - Since its establishment in 1995, the company has adhered to a strict quality management system, ensuring that it does not produce non-standard products, which has helped it secure a significant market share in China [2][4]. - The company has evolved from a waterproof supplier for the Beijing Olympic venues to a global building materials service provider, operating in over 150 countries and regions [1][2]. - The strategic focus includes deepening its core waterproof business, expanding into sand powder as a second growth engine, exploring new applications in pipe industry and maintenance, accelerating localization of production, and targeting both lower-tier markets and consumer brands [4][5]. Group 2: ESG Commitment and Sustainable Development - The company has been a pioneer in ESG practices, having published its ESG report for 17 consecutive years, integrating ESG principles into its entire supply chain [5][7]. - In terms of environmental initiatives, the company has implemented distributed photovoltaic systems across 25 production bases, reducing carbon emissions by 38,600 tons annually, and has developed numerous green products that have received extensive environmental certifications [5][7]. - The company promotes social value by sharing knowledge through initiatives like the "Rainhong Academy" and participating in international projects that align Chinese construction standards with local needs, thereby enhancing sustainable construction practices [7]. Group 3: Future Outlook - The company aims to redefine the industry through resilience and long-term strategies, with a clear path to transition from a Chinese brand to a global brand, leveraging its core waterproof business and expanding into related sectors [5][7].

Core Viewpoint - Company plans to establish an industrial merger fund to explore investment opportunities amid performance pressure [1][2] Group 1: Company Financial Performance - Company has faced significant performance pressure in recent years, with revenues of 77.71 billion yuan in 2021, 76.61 billion yuan in 2023, and 79.44 billion yuan [2] - The net profit attributable to the parent company has declined sharply, from 6.73 billion yuan in 2021 to a loss of 3.38 billion yuan in 2023 [2] - In 2024, the company is expected to return to profitability with a net profit of 0.44 billion yuan, but in Q1 2025, both revenue and net profit decreased by 6.06% and 23.19%, respectively [3] Group 2: Stock Performance - The company's stock price has experienced a significant decline, dropping 72.7% from a peak of 20.77 yuan per share in May 2021 to 5.67 yuan per share by July 23, 2025 [3] - However, there has been a recent recovery in stock price, increasing by 19.12% from 4.76 yuan per share at the beginning of July 2025 [3] Group 3: Investment Fund Details - The company’s subsidiary plans to invest 240 million yuan in a new industrial merger fund, which has a total subscription scale of 481 million yuan [1] - The fund will focus on investments in cutting-edge technology fields such as new generation information technology, new materials, and advanced manufacturing [1] - The fund's establishment involves related party transactions, with the company's supervisor being the general manager of the investment partner [1]

Core Viewpoint - The article highlights the journey and achievements of Dongfang Yuhong over the past 30 years, emphasizing its commitment to quality, innovation, and social responsibility in the construction and building materials industry [3][12][20]. Group 1: Company Overview - Dongfang Yuhong has transformed from a local private enterprise into a leading giant in the building waterproofing industry, demonstrating resilience and adaptability over three decades [11][12]. - The company has achieved significant growth, with revenue increasing from 712 million to 28.056 billion yuan from 2008 to 2024, representing a compound annual growth rate of approximately 26% [14]. Group 2: Industry Challenges - The waterproofing industry in China faces issues such as low market concentration, excessive competition, and the prevalence of counterfeit products, which pose risks to both small and medium enterprises [6][12]. - The industry is characterized by a high degree of product homogeneity, with around 2,000 companies producing similar products, leading to intense price competition [6][12]. Group 3: Innovation and Development - Dongfang Yuhong is focusing on material upgrades, intelligent construction technologies, and expanding application scenarios to enhance its competitive edge [7][8]. - The company has developed innovative products such as a 6-meter wide TPO waterproof membrane and intelligent equipment for on-site application, addressing specific challenges in high-pressure environments [13]. Group 4: Social Responsibility and Community Engagement - Dongfang Yuhong has been actively involved in community service, providing free leakage consultations and support to over 140,000 people across more than 1,200 communities [14][21]. - The company has established a comprehensive corporate social responsibility framework, integrating sustainable development principles into its operations [20][21]. Group 5: Global Expansion Strategy - The company aims to expand its international presence, having established operations in over 150 countries and regions, and is focusing on building overseas production bases [23][24]. - Dongfang Yuhong's acquisition of a leading Chilean building materials supermarket is part of its strategy to enhance its international retail capabilities [26]. Group 6: Future Vision - The company envisions becoming a global leader in core categories such as waterproofing, piping, and coatings, with a goal to achieve top brand influence and service capability worldwide within the next 30 years [26][27]. - Dongfang Yuhong emphasizes the importance of cultural integration and local team building in its global operations to foster trust and recognition [27].

Core Viewpoint - The interview with Li Weiguo, Chairman of Dongfang Yuhong, highlights the company's journey from a local enterprise to a leading player in the construction waterproofing industry, emphasizing innovation, quality, and social responsibility as key drivers of its success [2][3][19]. Company Overview - Dongfang Yuhong has evolved from a small local business to a giant in the waterproofing industry over the past 30 years, marking significant milestones in its growth and development [9][12]. - The company has achieved substantial revenue growth, with revenue increasing from 712 million to 28.056 billion yuan from 2008 to 2024, representing a compound annual growth rate of approximately 26% [12]. Industry Challenges - The waterproofing industry in China faces issues such as low market concentration, high competition among small enterprises, and the prevalence of counterfeit products, which pose significant risks to quality and safety [5][6][11]. - Li Weiguo pointed out that many small companies resort to unhealthy marketing practices, leading to financial risks and a lack of standardization in the industry [5][6]. Innovation and Technology - Dongfang Yuhong is committed to technological innovation, focusing on material upgrades and the development of intelligent construction techniques to enhance efficiency and quality [6][7][10]. - The company has established a national key laboratory and holds 1,916 patents, reinforcing its position as a technology leader in the waterproofing sector [10][12]. Quality Assurance - The company prioritizes product quality, adhering to a strict policy of not producing substandard products, and has implemented rigorous quality control measures throughout its production process [11][17]. - Dongfang Yuhong has built a reputation for reliability, having served numerous key national projects and engaged in community service initiatives to enhance public trust [11][18]. Global Expansion - Dongfang Yuhong has expanded its operations internationally, with business activities in over 150 countries and regions, and has established production bases in various locations to support local operations [19][20]. - The acquisition of Chilean building materials retailer Construmart marks a strategic move to enhance its international retail capabilities [21]. Social Responsibility - The company actively engages in community development and disaster relief efforts, demonstrating its commitment to social responsibility and sustainable development [18][24]. - Dongfang Yuhong has been recognized for its contributions to education and environmental protection, reflecting its dedication to corporate social responsibility [18][24]. Future Outlook - Looking ahead, Dongfang Yuhong aims to solidify its position as a global leader in the construction materials sector, with ambitious goals for the next 30 years [22][25]. - The company emphasizes the importance of maintaining its core values and culture while adapting to changing market dynamics and consumer needs [22][24].