2022年6月，地区法院裁定山东方圆有色等20家公司实质合并重组，中国东方广东省分公司凭借在 不良资产领域的专业积淀，敏锐捕捉到项目价值，决心以金融"手术刀"为企业切除"病灶"，注入新生动 能。 精准布局 近日，中国东方资产管理股份有限公司（以下简称"中国东方"）广东省分公司参与投资的山东方圆 有色破产重组项目顺利实现退出。通过为期两年多的投资，中国东方广东省分公司联手重组投资人深圳 市中金岭南有色金属股份有限公司（以下简称"中金岭南"）盘活存量资产超60亿元，化解不良资产370 多余亿元，475家债权人债权获依法清偿，1600余名职工实现稳定就业，遗留社保欠缴问题同步解决， 实现了"涅槃重生"。据了解，项目重组实施后于2024年入选国家发展改革委《绿色低碳先进技术示范项 目清单（第一批）》。 困局突围 山东方圆有色等20家企业主营铜冶炼以及金、银、镍、铅、锌等金属材料加工等业务，是区域铜冶 炼产业的核心力量，连续多年入围中国有色金属工业50强、山东省百强、中国企业500强，曾为地方经 济发展注入强劲动力。2019年以来，受市场行情波动、融资结构失衡、企业管理失范等因素影响，企业 爆发严重债务危机陷入经营困境 ...

Core Viewpoint - The article discusses the rise and fall of Duofe Group, highlighting its rapid expansion through leveraging and acquisition of distressed assets, which ultimately led to significant financial difficulties and legal issues for the company [1][6][10]. Company Background - Duofe Group, founded by Hu Xingrong, initially gained prominence by capitalizing on opportunities presented by the 2008 global financial crisis, particularly in acquiring and revitalizing unfinished real estate projects [2][4]. - By 2015, Duofe Group had expanded significantly, operating in over 20 cities and generating annual revenues exceeding 10 billion yuan [4]. Financial Performance - In 2024, Duofe Group reported revenues of 218.9 billion yuan and total assets of 143.3 billion yuan, placing it among the top 50 private enterprises in China [5]. - The trading segment of Duofe Group saw revenues surge from 25.8 billion yuan in 2019 to 206.8 billion yuan in 2022, although this growth raised concerns about the sustainability and profitability of its business model [8]. Challenges and Issues - Since 2022, Duofe Group has faced numerous legal challenges, including 18 judicial cases in Wenzhou with total amounts executed reaching 28.5 million yuan, and issues related to unpaid debts leading to its subsidiaries being labeled as "dishonest debtors" [6]. - The company's aggressive expansion strategy has resulted in a deteriorating financial situation, with significant debt issues emerging in 2023, including nearly 1 billion yuan in frozen equity and tax arrears [8][9]. Industry Insights - The situation of Duofe Group reflects a broader trend in the industry where companies that rely heavily on aggressive expansion and capital operations without solid operational foundations often encounter severe financial distress [10]. - Other companies, such as Xuesong Group and Zhengwei Group, have experienced similar downfalls due to over-leveraging and financial mismanagement, underscoring the importance of building core competencies rather than solely depending on capital market maneuvers [10].