Core Viewpoint - Oriental Yuhong is actively expanding its business ecosystem by acquiring upstream raw material resources and entering overseas markets, aiming to diversify its operations beyond its core waterproofing business [1][2]. Group 1: Upstream Industry Chain Development - The decline in Oriental Yuhong's performance reflects the overall challenges faced by the construction industry, particularly the shrinking demand for waterproof materials since 2021 due to issues in the real estate market [2]. - The company plans to invest 1 billion yuan in a new materials industrial park in Jiangxi, which will include mining, white cement, special mortar, and building coatings [2]. - The acquisition of mining rights for marble in Jiangxi will enable the company to secure a stable supply of raw materials and enter new markets such as marble slabs and calcium carbonate fine powders [2][3]. Group 2: Strategic Significance - The new industrial park is seen as a core driver for expanding the industrial segment, which is expected to become a new growth engine for the company, improving cash flow and operational quality [3]. - By controlling key raw material supplies, the company aims to reduce price volatility risks and optimize its cost structure, enhancing its competitive edge in the industry [3]. Group 3: International Retail Expansion - Oriental Yuhong is pursuing international expansion through the acquisition of a 100% stake in Chilean building materials retailer Construmart for approximately 1.23 billion USD (about 880 million yuan) [4][5]. - Construmart, established in 1986, operates around 31 stores in Chile and is projected to generate approximately 2.093 billion yuan in revenue in 2024 [4]. - The acquisition is intended to leverage the company's supply chain and cost management advantages while benefiting from Construmart's established brand and distribution network in Chile [5]. Group 4: Ongoing International Strategy - The company has also completed a share cooperation project with Hong Kong building materials retailers to further its international strategy and expand overseas market presence [6].

科顺股份预计 2025 年二季度收入与去年同期持平或略降，但下半年有 望实现正增长，主要受益于去年下半年较低的基数。地产板块持续下滑， 但市政基建和工商建筑领域需求良好，二季度总体增长接近 30%。 防水行业盈利能力普遍缩窄，头部企业积极推动提价以改善报表。科顺 股份自 7 月 10 日起在零售端和工程端实施提价，预计实现 3%-5%的涨 价，即使涨幅仅 1%-2%，也被视为积极信号，有助于毛利率提升。 科顺股份的提价策略动态管理，取决于市场需求和同行落实情况。若下 半年需求企稳或同行普遍跟随提价，则提价难度降低。当前竞争主要集 中在几家上市公司之间，协同涨价可降低市场份额流失风险。 科顺股份预估总需求约为 1,000-1,100 亿元，有效市场约为 700-800 亿元。头部前三家企业合计市占率约 40%。跨行业进入防水领域的公司， 如三棵树和亚士等，转型并不成功，预计投入和市占率将逐渐走低。 科顺股份业务方向包括零售、防水材料海外销售及工商类建筑项目。 2025 年零售业务占比预计接近 20%，海外销售占比预计达到 6-7%。 地产相关收入占比预计继续降低。 Q&A 科顺股份 20250714 摘要 请介 ...

Core Viewpoint - The Jingmen Chemical Circular Industry Park is advancing its "oil-to-special" project, marking a new phase in the optimization and upgrading of the petrochemical industry, which is crucial for regional economic development [1] Group 1: Industry Development - The petrochemical industry is a pillar of the Jingmen Chemical Circular Industry Park, which has successfully attracted 28 downstream enterprises, creating a complete industrial ecosystem from basic raw materials to high-end new materials [2] - The park has implemented a "one enterprise, one policy" approach to optimize land use, reviving six inefficient enterprises and freeing up hundreds of acres for new projects [2] - The park is focusing on technological innovation and supporting enterprises in applying for provincial-level technical transformation projects to upgrade production processes [2] Group 2: Industrial Chain Collaboration - The park is enhancing industrial chain collaboration by attracting Fortune 500 and specialized projects, effectively connecting upstream and downstream enterprises within the carbon one industrial chain [3] - The lithium battery materials industry chain is thriving, with a complete lifecycle resource recycling model established, expected to generate a total output value of 20 billion yuan upon full production [3] - The park has achieved a virtuous cycle of "large projects driving the gathering of supporting enterprises and the development of industrial clusters" [3] Group 3: Quality and Precision in Development - The park emphasizes high-quality development by providing tailored solutions for enterprises facing labor shortages and financing difficulties, fostering collaboration among enterprises [4] - Significant investments are being made in key industries, such as a 1.5 billion yuan expansion of a photoinitiator project, which is expected to add 3.5 billion yuan in output value [4] Group 4: Niche Market Focus - The park adopts a "small but refined" approach, particularly in the waterproof materials industry, where it has attracted leading companies to form a specialized industrial chain expected to exceed 2 billion yuan in total output value [5] Group 5: Talent Development - The park prioritizes talent development by establishing a chemical safety skills training base and forming a talent alliance to integrate resources from universities and leading enterprises [6] - The collaboration with Wuhan University of Engineering aims to create a seamless connection between talent training and industry needs, enhancing the innovation vitality of the biopharmaceutical industry chain [6] - The biopharmaceutical sector has expanded its product matrix to cover 324 varieties across six categories, becoming a key driver of regional economic growth [6]

Industry Overview - Waterproof membranes are essential functional materials in the construction industry, comprising a significant part of the building materials industry. They mainly include SBS/APP modified bitumen waterproof membranes, self-adhesive membranes, and polymer waterproof membranes. Among these, polymer waterproof membranes are rapidly increasing their market share due to their durability, corrosion resistance, environmental friendliness, and ease of construction [1][18] - The market demand for polymer waterproof membranes has seen explosive growth due to accelerated urbanization and continuous investment in infrastructure. The market size for polymer waterproof membranes in China is projected to reach approximately 21.808 billion yuan in 2024 [1][18] Market Dynamics - The production of waterproof materials in China has maintained a steady growth rate of around 10% since 2015, with a significant increase in 2020 due to heightened demand. In 2023, the production of waterproof materials reached 5.81 billion square meters, a year-on-year increase of 19.16%. The production is expected to further increase to approximately 6.525 billion square meters in 2024 [14][15] - The polymer waterproof membrane market is expected to continue growing, supported by government policies favoring green building materials and increasing environmental regulations [1][18] Competitive Landscape - The market for polymer waterproof membranes in China is characterized by low concentration and a large number of companies. Major domestic players include Oriental Yuhong, Beixin Waterproof, and Kairun Building Materials, among others. There are also many small and medium-sized enterprises with varying product quality [21][22] - The competitive landscape is evolving, with larger companies expanding and smaller firms facing pressure, potentially leading to increased market concentration in the future [21] Industry Development Trends - The polymer waterproof membrane industry is expected to accelerate its focus on environmental sustainability, emphasizing the development and application of solvent-free and low-VOC materials. Traditional materials will gradually be replaced by recyclable high polymer materials [27] - Future advancements will focus on enhancing performance, including weather resistance, puncture resistance, and lifespan. Innovations such as self-healing materials and specialized membranes for unique applications will drive the industry towards high-end and professional development [28] - The integration of smart technologies in production and application processes is anticipated, with IoT and AI optimizing quality control and enabling real-time monitoring of material performance [29] - The industry will also prioritize ease of construction, developing products that reduce reliance on skilled labor and streamline installation processes [30]

点击上图▲立即收听 " 近几年 ' 内卷式 ' 竞争的出现，并非是企业、雇员变得 ' 急功近利 ' 所致，其背后有深刻的宏观经济背景，受经济周期变化、体制机制问题和技术发展规律综合影响。 文 / 巴九灵（微信公众号：吴晓波频道） 一股"刀刃向内"的改革正在一些重点行业展开。 汽车行业在这轮行动中最出圈，轰轰烈烈的60天账期革命备受关注，与此同时，近日，全国工商联汽车经销商商会又向各大汽车生产厂家提出缩 短返利兑现账期、简化返利政策、取消复杂限制条件等呼吁，打响了"反内卷"第二枪。 据路透社报道，中国新能源一家头部企业近期在多家工厂取消夜班、将部分产线产能削减至少1/3，并推迟新增产线计划。 还有"二师兄"。近期， 多家头部猪企接相关部门要求，去产能、二育调控、头部企业带头稳价格，集团场暂停能繁母猪扩产，出栏体重也需要控 制在120公斤左右。 光伏行业在主动踩刹车。自7月起，国内头部光伏玻璃企业计划集体减产30％，预计供应量将由此前的约64GW降至约45GW。 水泥行业则在展开自查。中国水泥协会发布文件，要求各会员企业对照备案产能与实际产能差异，依法依规按备案日产能和年产能组织生产。 " 7月的第一天， 中央财 ...

2025.07. 03 根据东方雨虹7月2日公告，李卫国拟在公告后15个交易日起的3个月内，通过大宗交易或集中竞价 减持不超过4638.22万股，按当日收盘价10.78元/股计算，套现金额预计约为5亿元，减持资金将 主要用于偿还个人债务。 这已是李卫国2024年以来第二次大规模减持。去年2月初到3月中旬，李卫国以16.08元/股的均 价，减持东方雨虹4053万股，套现6.52亿元。 除了减持，东方雨虹还在业绩大幅下滑的情况下，连续进行高额现金分红。 本文字数：2168，阅读时长大约4分钟 作者 | 第一 财经 王方然 东方雨虹控股股东李卫国，再度启动大额减持计划。 根据东方雨虹7月2日披露，李卫国拟减持该公司不超过1.94%的股份，按当天收盘价测算，可套现 金额约5亿元，所得资金将主要用于偿债。此前，李卫国已在2024年一季度减持，共套现6.52亿 元。 在业绩断崖式下滑的背景下，东方雨虹仍高额分红。2024年，该公司净利润仅1.08亿元，同比暴跌 95%，现金分红却高达22.1亿元。按21.79%的持股比例计算，李卫国通过分红独揽4.82亿元现 金。第一财经梳理发现，2023年至今，通过减持套现和高额分红， ...

【导读】东方雨虹实控人李卫国拟减持不超1.94%的股份，预计套现约5亿元 中国基金报记者 南深 7月2日深夜，曾经的防水材料龙头、有"防水茅"之称的东方雨虹，其实控人又抛出减持计划。 公告显示，持有东方雨虹5.31亿股（占公司总股本的22.22%）的控股股东、实际控制人李卫国计划在公告披露之日起15个交易日后的3个月内，以大宗交 易和/或集中竞价交易方式减持公司股份不超过4638.22万股（占公司总股本的比例不超过1.94%）。按7月3日收盘价计，此番减持预计可套现约5亿元。 公告称减持目的为偿还债务 对于此次李卫国的减持原因，公告称"主要用于偿还债务"，拟减持股份来源则基本是其首次公开发行股票并上市前已持有的股份（包括首次公开发行股票 后资本公积转增股本部分）。 记者注意到，目前李卫国的持股质押用于融资的比例相当高，甚至出现了展期的情况。2025年5月22日东方雨虹发布的公告显示，李卫国持有的4857.4万 股股份（约占总股本的2%）原定于4月18日质押到期，但其没有归还，而是展期一年到2026年4月17日，质押权利人是中金财富证券。 公告还显示，未来一年内，李卫国、李兴国（主要是李卫国）到期的质押股份累计 ...

【导读】东方雨虹实控人李卫国拟减持不超 1.94% 的股份，预计套现约 5 亿元 中国基金报记者 南深 7 月 2 日深夜，曾经的防水材料龙头、有 " 防水茅 " 之称的东方雨虹，其实控人又抛出减持 计划。 公告显示，持有东方雨虹 5.31 亿股（占公司总股本 的 22.22% ）的控股股东、实际控制人 李卫国计划在公告披露之日起 15 个交易日后的 3 个月内，以大宗交易和 / 或集中竞价交易 方式减持公司股份不超过 4638.22 万股（占公司总股本 的 比例不超过 1.94% ）。按 7 月 3 日收盘价计，此番减持预计可套现约 5 亿元。 公告称减持目的为偿还债务 对于此次李卫国的减持原因， 公告称 " 主要用于偿还债务 " ，拟减持股份来源则基本是其首 次公开发行股票并上市前已持有的股份（包括首次公开发行股票后资本公积转增股本部 分）。 记者注意到，目前李卫国的持股质押用于融资的比例相当高，甚至出现了展期的情况。 2025 年 5 月 22 日东方雨虹发布的公告显示，李卫国持有的 4857.4 万股股份（约占总股本的 2% ）原定于 4 月 18 日质押到期，但其没有归还，而是展期一年到 2026 ...

东方雨虹控股股东李卫国，再度启动大额减持计划。 根据东方雨虹7月2日披露，李卫国拟减持该公司不超过1.94%的股份，按当天收盘价测算，可套现金额约5亿元，所得 资金将主要用于偿债。此前，李卫国已在2024年一季度减持，共套现6.52亿元。 在业绩断崖式下滑的背景下，东方雨虹仍高额分红。2024年，该公司净利润仅1.08亿元，同比暴跌95%，现金分红却 高达22.1亿元。按21.79%的持股比例计算，李卫国通过分红独揽4.82亿元现金。第一财经梳理发现，2023年至今，通 过减持套现和高额分红，李卫国及其一致行动人已累计套现约23亿元。 由于此前频繁质押东方雨虹股权，随着该股持续下挫、质押到期将近，李卫国资金压力沉重。截至5月底，李卫国及 其一致行动人股权质押比例，已高达75.85%，未来半年内到期的质押股份，就达到2.4亿股。 再次大额减持 实际控制人债务规模有多大？ 根据东方雨虹7月2日公告，李卫国拟在公告后15个交易日起的3个月内，通过大宗交易或集中竞价减持不超过4638.22 万股，按当日收盘价10.78元/股计算，套现金额预计约为5亿元，减持资金将主要用于偿还个人债务。 这已是李卫国2024年以来第二 ...

Group 1 - Shengde Xintai won a bid for a thermal power steel pipe project worth approximately 217 million yuan, accounting for 8.15% of its audited revenue for 2024 [1] - High-speed Electric's subsidiary won a project for the Shanghai-Nanjing-Hefei high-speed railway, with a bid amount of 71.76 million yuan [1] - Cangge Mining's subsidiary received a construction permit for a lithium-boron mining project, with a construction area of 106,900 square meters [2] Group 2 - China Electric Power Construction signed a mining transportation project contract in Guinea worth approximately 5.063 billion yuan, with a total duration of about 72 months [3] - Guobang Pharmaceutical's subsidiary completed the registration of an equity investment fund focusing on strategic emerging industries [4] - Deshi Co. obtained two invention patents related to oil and gas field development [5][26] Group 3 - Xue Tian Salt Industry expects a significant decrease in net profit for the first half of 2025, projecting a decline of 76.34% to 80.29% [6] - Rundu Co. received a drug registration certificate for moxifloxacin hydrochloride tablets, used for treating various bacterial infections [7] - China Nuclear Power reported a 15.65% increase in power generation in the first half of the year, with nuclear power generation up by 12.01% [8] Group 4 - Suqian Liansheng obtained two invention patents related to wastewater treatment methods [9] - Boshi Co. signed a 109 million yuan operation and maintenance service contract for solid product packaging [11] - *ST Sailong's subsidiary received a drug registration certificate for torasemide injection, used for various medical conditions [13] Group 5 - North Bay Port reported a 10.95% increase in cargo throughput for the first half of 2025, with container throughput also showing growth [14] - Kaiwei Te expects a revenue increase of 56.17% to 90.87% for the first half of 2025 [15] - Wankai New Materials plans to reduce production and conduct maintenance on 60,000 tons of PET capacity, affecting overall performance [16] Group 6 - Haiwang Bio's HW130 injection successfully completed Phase I clinical trials, showing good safety and tolerability [19] - Zhenai Meijia received a total of 22.8 million yuan in compensation for land acquisition, which will significantly impact its 2025 performance [20] - Changyuan Electric reported a 23.58% decrease in power generation in June, with a notable decline in thermal power generation [21] Group 7 - Shouxiangu's subsidiary completed the registration of two health food products [22] - Kailun Co. announced the resignation of its deputy general manager and board secretary [23] - Xibu Muye reported a 2.15% year-on-year increase in fresh milk production in June [24] Group 8 - Deshi Co. obtained two invention patents related to oil and gas field development [26] - Jingwei Huikai plans to acquire a 12.44% stake in Nuo Si Micro for 149 million yuan [27] - Electric Alloy completed the registration of its subsidiary in Mexico [29] Group 9 - Meinuohua expects a net profit increase of 142.84% to 174.52% for the first half of 2025 [30] - Guizhou Moutai repurchased approximately 3.38 million shares, accounting for 0.2692% of its total share capital [31][32] - Warner Pharmaceutical received approval for the listing application of a raw material drug for treating respiratory diseases [34] Group 10 - Yuan Dong Bio's independent director is under investigation for serious violations [35] - Dash Intelligent signed a contract for a smart project worth 11.88 million yuan [36] - Dayou Energy plans to transfer 586,500 tons of coal production capacity replacement indicators [37] Group 11 - Foton Motor reported a 150.96% increase in new energy vehicle sales in the first half of 2025 [39] - Renfu Pharmaceutical's shareholder plans to increase its stake by 1% to 2% [40] - Zongshen Power expects a net profit increase of 70% to 100% for the first half of 2025 [42] Group 12 - Yingboer plans to sell its wholly-owned subsidiary for 239 million yuan [44] - Changan Automobile reported a 1.59% increase in total vehicle sales in the first half of 2025 [46] - Fulian Precision signed a cooperation framework agreement with Sichuan Development Longmang [48] Group 13 - Nengte Technology plans to repurchase shares worth 300 million to 500 million yuan [50] - Longsoft Technology's controlling shareholder donated 3.43% of the company's shares [51] - Data Port's shareholders plan to reduce their holdings by up to 2% [52]