东方雨虹 20250709 摘要 公司在去年下半年价格战后，试点提价策略，发现对销量影响不大，决 定逐步恢复价格，尤其在零售端防水涂料市场（占全国 70%份额）具有 较强议价能力，提价幅度最高达十几个百分点，瓷砖胶等基础材料也适 度上调。 工程市场竞争格局变化，头部企业如宇宏、科顺和北新防水不再内卷， 陆续发布涨价函，宇宏 3 月涨价函已落地，4 月价格止跌，二季度累计 价格环比一季度略有提升，预示行业平均利润率有望恢复。 工程市场需求下行，大量防水公司退出，从业企业数量大幅下降（估计 至少 60%），价格影响力集中于宇宏、科顺和北新防水三家，若三家不 再打价格战，调价落地可行性较高。 价格战导致防水行业质量下降，部分企业产品甚至无法达标五项基本检 测指标。强条在重点工程有效，但普通项目落地效果差，需加强监管， 避免牺牲质量换取市场份额的短视行为。 2025 年上半年，民建业务一季度收入下降十几个百分点，二季度恢复 双位数增长，预计全年增长；零售业务一、二季度均增长，优于工程市 场；工程市场降幅收窄，但价格基数低影响收入。 Q&A 东方雨虹近期防水产品的提价背景及其持续性如何？ 东方雨虹近期的防水产品提价主要 ...

近年来，房地产行业景气度不佳，装修建材板块的表现整体乏善可陈，伴随市场的持续调整，机会也开 始孕育。 眼下来看，房地产行业确实不可能回到过去的行情，但不可否认，过去受地产拖累的上下游行业随着长 时间处在底部，如今伴随经济的复苏和市场出清，正逐步摆脱房地产的影响，迎来新的转机。 对东方雨虹来说，这种业务模式、渠道结构的积极变化不仅从根源上解决了应收账款问题，而且能够持 续改善公司经营现金流。而良好的经营现金净流量也是其能够进行高比例分红最核心的基石及利润分配 的源泉。 如今来看，伴随阵痛过去，东方雨虹的增长新引擎也已经启动。 一方面是，砂粉等多元业务的崛起。 近日，笔者留意到东方雨虹在互动易平台上回答了投资者一系列相关问题，展现了公司清晰的战略规 划，不妨透过这些问答和公司财报亮点挖掘其背后的投资机会。 1、存量时代，战略转型打开新成长机遇 当前，中国住宅装修需求已彻底转向存量房主导，新房驱动的黄金时代一去不复返。 过去十年，东方雨虹凭借大B端集采模式快速扩张，但随着行业步入深度调整，特别是一众房企暴雷 等，也让这一模式遭遇压力。可以看到，面对这一行业趋势，公司也开始主动收缩直销业务，转向C端 零售和小B工程渠 ...

东方雨虹 20250625 摘要 当前建筑防水行业的整体需求仍处于下行状态，行业总需求表现非常一般，整 体环境相对严峻。工程市场和零售市场的需求均持续面临下行压力。然而，局 部应用场景的需求表现尚可，例如工业能源类项目、以旧改为代表的城市更新 项目，以及国家重点工程项目（如重大水利设施）等。东方雨虹的工建集团在 这些领域也承接了相应项目。 针对 2025 年下半年，公司对市场价格走势有何判断，是否存在价格竞争反复 的可能性？ 2025 年下半年市场价格走势难以准确判断，主要取决于头部企业的策略。已 知一家传统头部防水公司明确表示不愿继续价格战，即使牺牲部分销量也希望 利润回升。公司此次率先提价，是基于降价未能有效提升销量的判断。在去年 降价较多的地区进行试点调价后，发现并未影响消费者购买决策和销量，这表 明当前价格战已失效。因此，公司近期发布了民建全国统一涨价函，本质上是 对去年降价产品进行复价。公司不希望通过价格战牺牲利润率，而是希望通过 正常的市场工作获取订单和销量，并期待市场竞争秩序回归正常。鉴于近年来 行业快速下行，大量企业出清，对市场有影响力的企业数量减少，供给端竞争 格局已达到应维护市场秩序的时间 ...

南博会东南亚馆内沉香气息弥漫，各类沉香制品吸引众多中国消费者。"中国人喜欢在喝茶时焚烧沉 香，气味舒适能让人平心静气。"一位越南客商告诉记者，他已多次参加南博会，通过展会与中国消费 者接触发现，熏香品是市场主流，而竹签香、盘香、线香等是常见熏香的形式，它们成为中国人在饮茶 时营造氛围的必备品。 目前，中国已成为沉香消费和收藏的大国。尽管中国海南等地也产沉香，但中国市场主要的沉香产品依 赖进口，其中越南沉香占中国沉香进口总数的八成以上。 中新网昆明6月24日电 (王胜嫔)"广西顾客喜欢购买草药磨砂粉，而云南顾客则更偏爱草药香皂。"24 日，首次参展南博会的泰国草药香皂商人萨维塔查特·永潘雅告诉记者。他推测，这种消费差异与两地 气候环境有关。 第9届中国-南亚博览会(下称"南博会")正在云南昆明举办。共有388个展位的东南亚馆，云集马来西亚、 新加坡、柬埔寨、越南、老挝、泰国、缅甸等国展商。 图为泰国商人在南博会上向顾客推荐草药香皂。王胜嫔 摄 中国是拥有14亿人口的大市场，不同地区的消费习惯存在差异。如萨维塔查特·永潘雅这样的东南亚客 商，试图通过参展南博会，感知适应中国消费市场差异和变化，挖掘更多商机。 近年 ...

Core Viewpoint - The company is preparing for its 2024 Annual General Meeting (AGM) with specific guidelines to ensure order and efficiency, while also addressing its financial performance and strategic direction in a challenging market environment [1][2][3]. Meeting Guidelines - The AGM will only allow entry to shareholders, board members, and invited guests, with strict measures to maintain order [1]. - Shareholders must provide proof of shareholding and register 10 minutes before the meeting [1]. - Shareholders wishing to speak must register in writing, with speaking time limited to 5 minutes per shareholder [2]. - Voting will be conducted both on-site and online, with specific time slots for each [3]. Financial Performance - In 2024, the company reported a revenue of CNY 2,052.48 million, a decrease of 34.01% compared to 2023 [21]. - The net profit attributable to shareholders was -CNY 329.28 million, a decline of 647.21% year-on-year [21]. - The company’s total assets as of December 31, 2024, were CNY 6,341.14 million, with net assets of CNY 1,309.45 million [21]. Industry Overview - The construction materials industry, including coatings and insulation, is facing challenges due to a complex economic environment, with a significant decline in new housing starts and sales [7][8]. - The market for construction coatings is approximately CNY 900 billion, with the overall industry capacity reaching around CNY 4 trillion when including services [8]. - The company remains a key player in the industry, focusing on enhancing competitiveness and expanding its market share despite the downturn [10][11]. Strategic Initiatives - The company aims to strengthen operational efficiency and focus on quality revenue, while also addressing historical debts and enhancing its marketing strategies [14][19]. - Plans for 2025 include applying for a credit limit of up to CNY 650 million from financial institutions to support growth [26]. - The company is also proposing to cancel the supervisory board and establish an audit committee to streamline governance [30].

Group 1: Shuiyang Co., Ltd. - Shuiyang Co., Ltd. aims for globalization, planning to expand three store formats in the top ten global cities, focusing on the US, China, UK, and France [1] - The RV brand business is primarily in the US, with minimal short-term impact from tariffs; the company plans to adjust its team and ensure business operations and brand upgrades in the US market this year [1] - EDB is expected to achieve around 20% revenue growth this year, with a focus on offline channels and reducing head sales [1] - The PA brand saw over 300% growth last year and is expected to maintain 100% growth this year, with efforts to strengthen global channel construction and product line expansion [1] - The company is reducing investment in celebrity endorsements and focusing more on offline experience stores and stable channel development [1] Group 2: Longci Technology - Longci Technology has a minimal direct export to the US, thus limited impact from US tariff policies [2] - The company aims for a long-term permanent magnet production capacity of 60,000 tons, with an expected capacity of 50,000 tons this year [2] - The Vietnam factory's permanent magnet capacity has expanded to 10,000 tons per year, while the Thailand soft magnet factory plans for 8,000 tons capacity [2] - The company is focusing on developing chip inductors and automotive inductors, leveraging customer synergy to penetrate the automotive inductor market [2] Group 3: Dongfang Yuhong - Dongfang Yuhong's overseas business revenue grew rapidly in Q1 2025, with the Malaysia factory completed in Q1 [3] - The company is enhancing operational efficiency through organizational restructuring, redundancy elimination, and workflow simplification [3] - The company is focusing on expanding its product categories, with non-waterproof product revenue accounting for half of total revenue this year [3] - The integration of the architectural coating business with the sand powder group aims to achieve supply chain and process synergy, enhancing cost reduction and efficiency [3]

证券代码：002271 证券简称：东方雨虹 北京东方雨虹防水技术股份有限公司投资者关系活动记录表 | 投资者关系活动 | √特定对象调研 □分析师会议 | | --- | --- | | 类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 | | 活动参与人员 | 鲍雁辛、花健祎、巫恺洋、潘莹练（国泰海通）；孙丹童（文渊资本）； | | | 刘俊诚、冯喜建（博时基金）；戴钢（鹏华基金）；张珂、WensiXIE | | | （Dragonstone Capital）；田超平（循远资产）；杨伊淳（明河投资）； | | | 叶智深（淡水泉）；熊宏婷 Jamie（萨默塞特资产）；方家逸（锦绣中和 | | | 投资）；徐婕（长江证券资产）；赵文龙（中国人寿资产）；黄向前（深 | | | 圳市尚诚资产）；史国财、夏俊杰（仁桥资产）；苏华立（睿郡资产）； | | | 李峙屹（富国基金）；吴亮（沣杨资产）；张涛、欧阳俊明（相生资产）； | | | 鄭宗傑（国泰证券投资信托）；刘厚胜（清和泉资本）；苏谋东（万家基 | | | 金）；段胜辉（泰康资产）；陈方泽（P ...