DYRS(SZ:002713) Chang Jiang Shang Bao·2025-11-17 06:15Core Viewpoint - *ST Dongyi's stock price has surged significantly, but the company's future remains uncertain due to severe operational difficulties and impending delisting risks [1][3][8]. Financial Performance - From 2022 to 2024, *ST Dongyi incurred a total loss of 2.13 billion yuan, with revenues of 2.524 billion yuan, 2.934 billion yuan, and 1.296 billion yuan, reflecting year-on-year changes of -41.18%, +16.26%, and -55.84% respectively [6]. - In the first three quarters of 2025, the company reported revenues of 544 million yuan, a year-on-year decline of 52.02%, and a net loss of 58 million yuan [7]. - As of September 30, 2025, the company's debt-to-asset ratio reached 172.40%, indicating severe insolvency [7]. Stock Price Movement - Since signing a restructuring investment agreement on September 26, 2025, *ST Dongyi's stock price has increased by 241.59%, with nine instances of abnormal fluctuations [1][3]. - The stock experienced 23 limit-up days out of 28 trading days from September 29 to November 13, 2025, with a total trading volume of 7.364 million hands and a turnover of 7.297 billion yuan [3]. Restructuring and Investment - The company is undergoing a restructuring process, with Beijing Huazhu Technology Co., Ltd. as the proposed investor, planning to inject computing power assets [1][11]. - However, the quality of the assets to be injected by Huazhu Technology is questioned, as the company has a debt-to-asset ratio of 97.93% and a net profit of only 5.21 million yuan in 2024 [11]. Future Outlook - The company faces a delisting risk if it fails to complete the restructuring process by December 31, 2025, and has not yet received court approval for the restructuring [8][10]. - Even if the restructuring is completed, uncertainties remain regarding the future profitability and operational synergy of the injected computing power business [12].