财说丨东方材料亏损背后，接连跨界暗藏风险

Core Viewpoint - 2025 is a tumultuous year for Dongfang Materials (603110.SH), marked by significant ownership changes, financial struggles, and operational challenges, leading to a projected annual loss [1][8]. Ownership Changes - The actual controller Xu Guangbin's shareholding plummeted from 13.54% to 1.34% due to debt issues, resulting in the loss of his status as the largest shareholder [3][4]. - Xu Guangbin faced 22 instances of judicial enforcement and consumption restrictions, severely impacting the company's stability and market confidence [1][3]. - New shareholder Teliang, after acquiring shares through judicial auction, violated a commitment not to increase or decrease holdings within 12 months, prompting regulatory scrutiny [5][6]. Financial Performance - Dongfang Materials' core businesses, ink and adhesive products, which account for over 90% of revenue, are suffering from industry downturns, leading to declining revenue and profits [8][9]. - For the first three quarters of 2025, the company reported revenue of 279 million yuan, a year-on-year decline of 7.41%, and a net profit of 3.19 million yuan, down 75% [9]. - The company anticipates a net loss of 5.94 million to 7.11 million yuan for the entire year of 2025, a stark contrast to a profit of 13.96 million yuan in 2024 [9][10]. Operational Challenges - Despite declining revenue, sales expenses increased by 10.55% to 24.67 million yuan in the first three quarters of 2025, indicating a misalignment in cost management [9][10]. - The company has not effectively optimized its product structure or improved technology, instead relying on cross-industry ventures that have not yielded positive results [10][11]. Cross-Industry Ventures - Dongfang Materials attempted to pivot into the AI and computing power sectors, but these efforts have not generated significant returns, leading to operational losses [11][12]. - The company invested 18 million yuan in a high-risk nanocarbon material firm, which has been consistently losing money and has a high debt ratio, raising concerns about its viability [14][15].