智通财经网·2025-10-21 14:45Core Viewpoint - The ability of *ST Dongyi to inject computing power industry business depends on the success of bankruptcy reorganization, compliance with relevant laws and regulations, and obtaining necessary approvals [1] Summary by Relevant Sections - Asset Injection Uncertainty - The timing, scale, and future profitability of the asset injection are highly uncertain [1] - Potential risks include intensified market competition leading to overall industry profit margin decline and extended cost recovery periods [1] - Investment Risks - The proposed donation of the Halinger Intelligent Computing Center by industry investors has not yet been completed, posing risks of insufficient future funding and extended construction timelines [1] - Increased market competition may result in underutilization of cabinet space at the Halinger center, potentially leading to lower-than-expected profitability [1] - Investor and Order Risks - The revenue and profit scale of industry investors are relatively small, and the company may lack the qualifications to undertake new orders from the same controlling entity, Chang Kong Construction [1] - Risks include failure to introduce orders according to the operational plan and overall decline in order scale and profit levels due to intensified market competition [1] - Reorganization Agreement Risks - Although the investment-related agreement for the reorganization has been signed, there are risks that the investors may not fulfill their funding obligations as per the agreement [1] - There is a possibility that the agreement could be terminated, revoked, deemed ineffective, or unfulfilled [1]