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 the loss of control by its actual controller Xu Guangbin due to debt issues, a significant drop in shareholding, and a new shareholder's violation of commitments, alongside declining revenues and profits in its core business of inks and adhesives, leading to an expected annual loss [1][21]. Shareholder Changes - Xu Guangbin's debt crisis has led to a drastic reduction in his shareholding from 13.54% to 1.34%, resulting in the loss of his position as the largest shareholder [3][5]. - Xu has been involved in 22 instances of judicial enforcement and consumption restrictions, severely impacting the company's operational stability and market confidence [3][23]. - The new shareholder, Jiangsu Teliang New Materials Technology Co., Ltd., acquired 12 million shares (5.96% of total shares) through judicial auction but violated a commitment not to increase or decrease holdings within 12 months shortly after the acquisition [6][26]. Business Performance - Dongfang Materials' core business of inks and adhesives, which accounts for over 90% of revenue, is facing significant challenges due to industry downturns and intense competition, leading to declining revenues and profits [11][29]. - For the first three quarters of 2025, the company reported revenues of 279 million yuan, a year-on-year decline of 7.41%, and a net profit attributable to shareholders of 3.19 million yuan, down 75% year-on-year [30]. - 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 net profit of 13.96 million yuan in 2024 [12][30]. Cross-Industry Ventures - In response to the pressures on its core business, Dongfang Materials has attempted to diversify into new areas, including the AI-driven computing power sector and investments in nanocarbon materials, but these efforts have been controversial and unprofitable [13][20]. - The computing power business, managed by two subsidiaries, reported combined revenues of only 13.16 million yuan with significant operating losses, indicating a lack of profitability [14][32]. - The investment in the nanocarbon materials company, which has a high debt ratio and has reported continuous losses, raises concerns about the viability and risk of such ventures [19][36].