BEIJING, April 20, 2021 /PRNewswire/ -- Beijing Oriental Yuhong Waterproof Technology Co., Ltd. (SZ 002271) (Oriental Yuhong) officially released its annual report for 2020 and first quarter report of 2021 on the night of April 15 Beijing time.
Oriental Yuhong's Performance Remained Stable and Growth Beat Market Expectations
According to the report, Oriental Yuhong's total operating revenue hit US$3.326 billion in 2020, up 19.70% from last year; net profit attributable to the listed company's shareholders reached US$519 million, a year-on-year increase of 64.03%. The reporting period saw continuous improvement in the quality of operation, with the net cash flow from operating activities registering US$605 million, a rise of 148.70% over the previous year. With steadily growing market share and long-term strong execution, Oriental Yuhong's performance growth beat market expectations.
According to the first quarter report of 2021, Oriental Yuhong's operating revenue went up by 118.13% over the same period last year, reaching US$824 million, and net profit attributable to the listed company's shareholders stood at US$45 million, an increase of 126.08% year-on-year. With increasing brand presence and industry concentration, Oriental Yuhong witnessed improving quality of operation and growing yet stable performance.
Oriental Yuhong saw improving operation across the board in 2020, as indicated by ever growing revenue in the sale of major products and construction, as well as by gradually increasing gross profit.
Throughout 2020, Oriental Yuhong tided over difficulties and resumed work and production while adhering to regular prevention and control measures amid the global pandemic. In fighting against COVID-19 at the beginning of the year, Oriental Yuhong actively participated in the emergency projects in more than 20 cities across China, including the building of Huoshenshan and Leishenshan hospitals in Wuhan. While implementing prevention and control measures, the company strived to resume all businesses, generally realizing excellent production and operation. It also strengthened cost and expense management. Consequently, Oriental Yuhong realized its 2020 business objectives.
The first quarter of 2021 saw satisfactory production and operation, better gross profit margin and expense ratio, as well as improved profitability.
Oriental Yuhong's overall production and operation in the first quarter of 2021 were in good shape. As its brand became more influential, it saw rapid growth in product sales volume compared with the same period last year, which boosted operating revenue. Meanwhile, the company improved cost and expense management, and its fast operating revenue growth sustained economies of scale, which brought down per unit cost and expense. As a result, its gross profit margin, expense ratio and profitability were further improved.
Oriental Yuhong boasts large-scale production bases and diversified channels, further expanding its market value.
Currently, Oriental Yuhong has 35 production, R&D and logistics bases in multiple regions with burgeoning demand for waterproofing. Drawing on its advantages in scale and channels, Oriental Yuhong has expanded its business scope to cover the upstream, downstream and related industrial chains of building waterproofing, including non-woven fabrics, building coating materials, building repair, energy saving and heat preservation, mortar materials, and other products, vigorously developing civil construction material, coating and building repair businesses while pursuing remarkable performance in its engineering businesses. With more and more dealers and business outlets, Oriental Yuhong's channels keep expanding vertically, contributing to the delivery of one-stop building material system services.
Over the past two decades and more, Oriental Yuhong has grown to be a brand-oriented and distinctive systematic service provider; its consistent brand recognition, reputation and image among customers is an invisible asset. As the increasing concentration ratio of downstream demand end brings out more brand value of Oriental Yuhong, it will usher in a new growth stage. The carbon neutrality era attaches increasing importance to green development and environmental protection. And the market concentration rate is increasing. So Oriental Yuhong will become a more and more valuable brand and see continuous improvement in its production capacity, which means larger market value.
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