Core Viewpoint - Oriental Yuhong's performance has significantly declined, with a 10.84% decrease in revenue and a 40.16% drop in net profit for the first half of 2025, primarily due to lower-than-expected market demand [2][3]. Financial Performance - The company's revenue for the first half of 2025 was 13.569 billion yuan, down 10.84% year-on-year, while net profit attributable to shareholders was 564 million yuan, a decrease of 40.16% [3]. - As of June 30, 2025, accounts receivable stood at 9.409 billion yuan, accounting for 21.36% of total assets, an increase of 4.94% from the end of the previous year [3]. - The company made a provision for asset impairment of approximately 406 million yuan, with bad debt losses from accounts receivable reaching 377 million yuan, impacting the financial results significantly [3]. Strategic Adjustments - Oriental Yuhong is actively working to reduce its reliance on the real estate sector and decrease accounts receivable. The company has shifted to a sales model prioritizing retail and engineering channels, which now account for 84.06% of total revenue [4]. - The company has successfully transitioned from a direct sales model focused on large real estate clients to a channel-based model, improving operational quality and related metrics [4]. Dividend Policy - Despite the significant drop in net profit, Oriental Yuhong plans to distribute a cash dividend of 9.25 yuan per 10 shares, totaling approximately 2.21 billion yuan [5][6]. - The company adjusted its 2024 dividend plan in response to market conditions, reducing the payout from 18.50 yuan per 10 shares to 9.25 yuan, while ensuring overall stability in investor returns [6]. Market Conditions - The construction materials industry is experiencing a downturn, with the national building materials and home furnishings market facing significant challenges, including rising costs and increased competition [7]. - In response to these pressures, many companies, including Oriental Yuhong, have raised product prices to maintain healthy market competition [10]. International Expansion - Oriental Yuhong is pursuing international growth by acquiring a 100% stake in Chilean company Construmart S.A. for approximately 1.23 billion USD (about 880 million yuan), which operates around 31 building materials supermarkets in Chile [8][9]. - The acquisition aims to leverage supply chain advantages from China and enhance Construmart's market competitiveness, while also providing operational experience that can benefit domestic retail operations [9].

Transaction Overview - The company announced the acquisition of 100% equity in Chilean Construmart S.A. for approximately $123 million, equivalent to about 880 million RMB, to expand its international market presence and retail channels [1][2] - The acquisition is part of the company's strategic initiative to enhance its internationalization efforts and build a global retail channel for construction materials [1][12] Financial Performance of Construmart - As of December 31, 2024, Construmart reported total assets of 1,477.27 billion Chilean Pesos (approximately 1.095 billion RMB), total liabilities of 809.50 billion Chilean Pesos (approximately 600 million RMB), and net assets of 667.78 billion Chilean Pesos (approximately 495 million RMB) [4] - For the year 2024, Construmart achieved revenue of 2,822.68 billion Chilean Pesos (approximately 2.093 billion RMB) and a net profit of 476.6 billion Chilean Pesos (approximately 0.35 billion RMB) [4] - As of May 31, 2025, Construmart's total assets increased to 1,525.97 billion Chilean Pesos (approximately 1.131 billion RMB) with total liabilities of 824.30 billion Chilean Pesos (approximately 611 million RMB) [5] Strategic Rationale - The acquisition aims to leverage Construmart's strong brand influence and market position in Chile's construction materials retail sector, which is a key market in Latin America [11][12] - The company intends to integrate its supply chain advantages with Construmart's operational capabilities to enhance market competitiveness and explore new growth opportunities in international channels [12][13] Shareholding Structure Post-Transaction - After the acquisition, the shareholding structure will reflect that the company's wholly-owned subsidiary will hold 99% of Construmart, while another subsidiary will hold the remaining 1% [1][4] Regulatory and Approval Process - The transaction is subject to necessary regulatory approvals in China, and the company will work closely with relevant authorities to facilitate the process [1][2]

-地点：公司会议室 -参与单位名称：平安证券股份有限公司 -上市公司接待人员姓名：董事会秘书王芳女士 2.调研主要内容 近日，广州海鸥住宅工业股份有限公司接待了平安证券股份有限公司的特定对象调研。以下为本次调研 的详细情况： 1.调研基础信息 -投资者活动关系类别：特定对象调研 -时间：2025年5月22日10:00 - 11:00 -中美贸易战对公司的影响：公司主营业务集中在卫浴及厨房产品制造与销售，出口美国业务占整体营 收约30%。为应对2018年以来中美贸易摩擦，公司2019年在越南建立水龙头生产基地，2022年开始出 货，降低潜在风险。同时与客户密切沟通应对策略。后续公司将关注贸易态势与政策，研判涉美业务， 调整经营策略，开拓欧洲、海外及国内市场，构建外销风险防线。 -公司 智能家居 类业务发展情况：公司智能家居板块由控股子公司珠海爱迪生独立运营，依托自有品 牌，专注暖通、空调智能控制等产品研发、生产与应用。拥有研发中心，获多项专利与科技成果，产品 通过多项国际与国内认证，具有节能等优势，销路遍布欧美发达国家。珠海爱迪生为新三板创新层非上 市公众公司，获多项荣誉称号，拥有30多项专利。目前着重开拓国内 ...