Core Viewpoint - The company *ST Dongyi (002713.SZ) plans to suspend trading for investigation due to significant stock price fluctuations and a substantial increase of 241.59% since September 26, 2025, which deviates from its fundamentals [1] Group 1: Company Background - *ST Dongyi was established in November 1996 and primarily engages in overall home decoration design, engineering construction, and material agency services [1] - The company became the first listed home decoration company in A-shares in 2014 [1] - The departure of founder Chen Hui's ex-wife Yang Jin in 2021 marked a turning point, leading to a breakdown of the established management system and internal chaos [1] Group 2: Financial Performance - The company has reported consecutive losses over the past three years, with net losses of 744 million, 208 million, and 1.171 billion for the years 2022-2024, totaling 2.123 billion [1] - For the first nine months of 2025, the company recorded a net loss of 58.26 million [1] Group 3: Restructuring Efforts - On October 16, 2024, creditors applied for the company's restructuring, which was initiated by the Beijing First Intermediate People's Court on October 18 [2] - The restructuring aims to transition the company towards a dual business model focusing on "AI home decoration" and "computing power" [2] - As of November 11, 2025, the company signed agreements with several selected restructuring investors, receiving over 1.412 billion in total investment and performance guarantees [2] Group 4: Risks and Uncertainties - The company indicated that the success of injecting computing power business depends on the successful implementation of the bankruptcy restructuring and compliance with legal regulations [2] - There are uncertainties regarding the timing, scale, and future profitability of the asset injection, along with risks of intensified market competition and prolonged cost recovery cycles [2] - If the court accepts the restructuring application, the company's stock will face additional "delisting risk warnings," and failure to complete the restructuring by December 31, 2025, could lead to termination of its listing [3] Group 5: Stock Performance - As of the close on November 13, 2025, *ST Dongyi's stock price increased by 4.99%, reaching 17.66 yuan per share, with a market capitalization of 7.409 billion [4]

Core Viewpoint - *ST Dongyi's stock price has experienced significant volatility, with a 241.59% increase since September 26, raising concerns about its divergence from the company's fundamentals [1] Group 1: Stock Performance and Market Metrics - The stock has shown large fluctuations, with nine instances of abnormal trading behavior since the announcement of the restructuring investor selection [1] - As of November 12, *ST Dongyi's static P/E ratio was -6.03, rolling P/E ratio was -10.88, and P/B ratio was -6.06, indicating substantial differences compared to the industry averages of 26.83 for static P/E, 23.94 for rolling P/E, and 2.34 for P/B [1] Group 2: Financial Health and Risks - The company reported a negative net asset value at the end of 2024, leading to a "delisting risk warning" under Shenzhen Stock Exchange rules [2] - Continuous negative net profits for three years have resulted in a "other risk warning" from auditors, indicating significant uncertainty regarding the company's ongoing operations [2] - The company faces potential bankruptcy and delisting risks if the court does not accept its restructuring application by December 31, 2025 [2] Group 3: Regulatory Attention and Business Overview - The stock's abnormal price movements have attracted regulatory scrutiny, with the Shenzhen Stock Exchange monitoring *ST Dongyi for unusual trading activities [3] - Established in 1997, *ST Dongyi is the first listed company in the home decoration sector in A-shares, providing comprehensive home services including design, construction, and product supply [3] - For the first three quarters of 2025, the company reported revenues of 544 million, a decrease of 52.02% year-on-year, with a net loss of 58.26 million [3]

Company Announcements - 合富中国's stock price has significantly deviated from its fundamentals, with a cumulative increase of 230.84% over the past 13 trading days, leading to potential suspension for further investigation if abnormal price increases continue [1] - 摩尔线程 plans to conduct its initial public offering with a total of 70 million shares, representing 14.89% of the post-issue total share capital, with the initial inquiry date set for November 19 and subscription date for November 24 [2] - *ST东易's stock has risen by 241.59% since September 26, prompting a suspension for investigation starting November 14 [2] - 华蓝集团 is planning a change in company control, leading to a suspension of its stock from November 14 for up to 2 trading days [4] - 吉电股份 intends to invest 5.698 billion yuan in a coal power project with a total investment of 56.98 billion yuan, which is part of a national energy strategy [6] - 利德曼 plans to acquire 70% of 先声祥瑞 for 1.733 billion yuan, aiming to enter the bioproducts industry [6] - 佛塑科技 is collaborating with 紫金矿业 to establish a project company for a lithium sulfide pilot project with a total investment of 1.13 billion yuan [7] - 中芯国际 reported a 43% year-on-year increase in net profit for Q3, driven by increased wafer sales [8] Financing and Investments - 云南铜业 plans to increase its investment in 中铜国贸 by 640 million yuan to enhance its capital strength [11] - 德业股份 is preparing to issue H-shares and list on the Hong Kong Stock Exchange to expand its global presence [20] Shareholder Changes - 闽发铝业's second-largest shareholder, 黄天火, has reduced his stake by 938.15 million shares, representing 0.9995% of the total share capital [3] - 长联科技's shareholders plan to collectively reduce their holdings by up to 4.37% [14] Project Awards - 和顺电气 has been awarded a storage power supply service project by 中国石油集团, with a bid amount of approximately 40.003 million yuan [18] - 安徽建工's subsidiary has won two EPC projects with a total bid amount of 1.753 billion yuan [19]

Core Viewpoint - *ST Dongyi (002713.SZ) has experienced a significant stock price increase of 241.59% from September 26, 2025, to November 13, 2025, following the announcement regarding the selection of restructuring investors and the signing of the restructuring investment agreement, indicating substantial volatility in its stock price [1] Summary by Sections - Stock Price Movement - The stock price of *ST Dongyi increased by 241.59% during the specified period [1] - There were nine instances of abnormal price fluctuations on October 10, 14, 17, 22, 28, November 3, 6, 11, and 13, which significantly deviated from the company's fundamentals [1] - Company Actions - The company will conduct an investigation into the stock trading fluctuations [1] - Following the company's application, the stock will be suspended from trading starting November 14, 2025, until the investigation is completed and relevant announcements are made, with an expected suspension period of no more than three trading days [1]

智通财经APP讯，*ST东易(002713.SZ)发布公告，公司股票自2025年9月26日晚披露《关于遴选重整投 资人结果及签署重整投资协议暨预重整进展的公告》以来，至2025年11月13日价格涨幅为241.59%,股价 波动较大，期间于10月10日、10月14日、10月17日、10月22日、10月28日、11月3日、11月6日、11月11 日、11月13日出现九次异常波动，严重背离公司基本面。公司将就股票交易波动情况进行核查。经公司 申请，公司股票自2025年11月14日开市起停牌，待核查结束并披露相关公告后复牌，预计停牌时间不超 过3个交易日。 ...

北京商报讯(记者马换换李佳雪)11月13日晚间，*ST东易（002713）披露公告称，公司将就股票交易波 动情况进行核查，公司股票自11月14日开市起停牌，待核查结束并披露相关公告后复牌，预计停牌时间 不超过3个交易日。 公告显示，*ST东易自9月26日晚披露《关于遴选重整投资人结果及签署重整投资协议暨预重整进展的 公告》以来，至11月13日价格涨幅为241.59%，股价波动较大，期间出现九次异常波动，严重背离公司 基本面。公司当前的市盈率、市净率与同行业情况有较大差异。 *ST东易表示，公司是否能注入算力产业业务取决于破产重整能否成功实施、资产注入是否符合相关法 律法规及监管规定、能否取得相关批准。注入相关资产的时间、规模及未来盈利能力存在较大不确定 性，可能面临市场竞争加剧可能导致的行业整体利润率下滑、投入成本回收周期延长等风险，以及现有 业务与新增业务无法协同的风险。目前，临近12月31日已不足两个月，公司尚未收到法院关于受理公司 重整的文书，若在12月31日前公司未能进入重整程序并执行完毕重整计划，公司将面临被终止上市的风 险。 ...

证券代码：002713 证券简称：*ST东易 公告编号：2025-080 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、误导性陈述或者重 大遗漏。 特别风险提示： 1、公司股票自 2025 年 9 月 26 日晚披露《关于遴选重整投资人结果及签署重整投 资协议暨预重整进展的公告》以来，至 2025 年 11 月 13 日价格涨幅为 241.59%,股价波 动较大，期间于 10 月 10 日、10 月 14 日、10 月 17 日、10 月 22 日、10 月 28 日、11 月 3 日、11 月 6 日、11 月 11 日、11 月 13 日出现九次异常波动，严重背离公司基本面。 公司将就股票交易波动情况进行核查。经公司申请，公司股票(证券简称:*ST 东易;证 券代码:002713)自 2025 年 11 月 14 日开市起停牌，待核查结束并披露相关公告后复牌， 预计停牌时间不超过 3 个交易日。公司提醒广大投资者注意二级市场交易风险。 2、截至 2025 年11 月 12日，公司股票的静态市盈率为-6.03 倍，滚动市盈率为-10.88 倍，市净率为-6.06 倍。根据中证指数有限公司 ...

人民财讯11月13日电，*ST东易（002713）11月13日公告，公司股票自9月26日晚披露《关于遴选重整 投资人结果及签署重整投资协议暨预重整进展的公告》以来，至11月13日价格涨幅为241.59%，股价波 动较大，期间出现九次异常波动，严重背离公司基本面。公司将就股票交易波动情况进行核查。经申 请，公司股票自11月14日开市起停牌，待核查结束并披露相关公告后复牌，预计停牌不超过3个交易 日。 ...

Core Viewpoint - Dongyi Risheng Home Decoration Group Co., Ltd. is undergoing a judicial reorganization process, with a significant investment of 1.413 billion yuan received, marking a critical phase in its restructuring efforts aimed at debt resolution and business transformation [1][4]. Financial Overview - As of October 2024, Dongyi Risheng reported total assets of 1.339 billion yuan, a market valuation of 1.511 billion yuan, total liabilities of 1.856 billion yuan, and a negative net asset of -517 million yuan, resulting in an asset-liability ratio of 117.98% [2]. - The reorganization plan categorizes debts into five types, with secured debts at 57 million yuan, employee debts at 335 million yuan, tax debts at 15 million yuan, and ordinary debts at 1.16 billion yuan [2]. Restructuring Plan - The restructuring plan includes cash payments for secured, employee, and tax debts, while ordinary debts exceeding 80,000 yuan will be converted into equity at a conversion price of 14.97 yuan per share, with a repayment rate of 11.24% [2]. - The plan involves a capital increase through capital reserves, diluting existing shareholders' rights, with new shares distributed to industry and financial investors, as well as ordinary creditors [3]. Investment and Obligations - The industry investor consortium, led by Beijing Huazhu Technology Co., Ltd., will receive 150 million shares, representing 15.77% of the total shares, in exchange for a cash investment of 345 million yuan [3]. - The industry investors are obligated to donate equity in a computing center and ensure a minimum of 500 million yuan in renovation orders over three years [3]. Future Development Strategy - The company aims to transform into a technology-driven enterprise with two main business lines: the "AI Smart Home" model and a computing center operation [8][9]. - The "AI Smart Home" model will integrate AI design tools and establish an experience center, while the computing center will focus on high-performance computing services [9]. Financial Projections - The restructuring plan sets ambitious revenue targets, aiming for 800 million yuan in 2026, 1.2 billion yuan in 2027, and 1.8 billion yuan in 2028, with profitability expected by 2027 [10]. - Approximately 400 million yuan of the restructuring funds will be allocated for employee and small debt repayments, with the remainder supporting operational recovery and market promotion [10].

Core Insights - Dongyi Risheng is undergoing a critical restructuring phase, having signed agreements with several restructuring investors and received a total of 1.412 billion yuan in investment and performance guarantees [1][7][10] Financial Performance - Dongyi Risheng's financial performance has deteriorated significantly, with net profit declining by 1041.31% since 2022, leading to losses exceeding 1 billion yuan in 2024 [3][4] - Revenue figures show a downward trend from 42.92 billion yuan in 2021 to an expected 12.96 billion yuan in 2024, reflecting a 55.84% year-on-year decline [4] Restructuring and Investment - The restructuring agreement involves Huazhu Technology becoming the controlling shareholder, with Zhang Jianhua as the actual controller of the company [1][7] - Huazhu Technology, which focuses on integrated services for intelligent computing centers, will lead Dongyi Risheng's transformation towards a dual business model of "AI home decoration + computing power" [6][7] Government Involvement - The restructuring plan includes significant involvement from state-owned enterprises, with Shenzhen招商平安资产管理 leading the investment platform, holding nearly 70% of the investment share [8] - The participation of state-owned assets is seen as a potential stabilizing factor for Dongyi Risheng amid its financial struggles [8][12] Future Outlook - If the restructuring is successful, Dongyi Risheng may transition from a traditional home decoration company to a "new home decoration + industrial service" platform, similar to the early model of Red Star Macalline [7][12] - The company faces challenges in regaining market trust and ensuring the successful implementation of its new business model, which will be crucial for its recovery [11][12]