2025年的最后一天，在一片欢天喜地的牛市气氛中，默默无闻的A股上市公司友邦吊顶发布了一则公告，为这一年画上了令人唏嘘的句号。 公告显示，创始人时沈祥、骆莲琴夫妇将以17.13亿元的总价转让公司控制权。这家曾开创集成吊顶品类、被誉为"集成吊顶第一股"的细分行业标杆，经 历业绩下跌，股价受挫后，最终选择易主离场。 而这家公司离去的身影，在整个家居建材行业里并非形单影只。 整个2025年，家居行业的控制权变更事件密集上演：顾家家居被美的系企业接盘，皮阿诺易主初芯集团，亚振家居完成控制权交割，都曾引发市场或多或 少的关注。 即便并未彻底交出控制权，出售部分股份换取现金流的企业也不在少数。索菲亚、梦天家居等曾经的明星企业均在其列。 这股汹涌的"家居卖身潮"，本质是一场行业重构。当房地产增量时代的红利彻底消退，家居企业彻底失去了发展的空间。曾经的行业巨头在"存量深耕"的 淘汰赛阶段，纷纷败下阵来。 谢幕 友邦吊顶的退场，称得上是家居行业黄金时代落幕的缩影。 作为集成吊顶的发明者和挂墙系统的开创者，友邦吊顶于2014年在深交所上市后，凭借先发优势和技术壁垒，成为了建材行业的细分领域代表企业之一。 但从财报数据来看，这家行 ...

Core Viewpoint - The company *ST Haihua (formerly Qinghai Huading) is undergoing another change in actual control, with the new controllers being Zhu Jiayang, Zhang Shundi, and Zhang Dong, marking at least the fourth change in control since its listing in 2000. The company is facing significant operational challenges and is on the brink of delisting due to continuous losses and a declining market value [2][20]. Company Control Changes - The actual control of *ST Haihua has changed hands multiple times, with the latest shift occurring on October 17, 2025, when the control moved from Wang Feng to Zhu Jiayang, Zhang Shundi, and Zhang Dong [2][20]. - Since its listing, the company has transitioned from state-owned to management-led and now to private capital control, with each transition failing to deliver on promises of revitalization [9][20]. Historical Context - Established in 1998, *ST Haihua was initially a state-owned enterprise with significant government backing, holding a dominant position in the heavy machinery sector [3][9]. - The company has experienced a series of ownership changes, with the first major shift occurring in 2006 when Qinghai Tianxiang attempted to gain control through a share auction [4][5]. Financial Performance - The company has struggled financially, with revenue declining from 918 million yuan in 2017 to 535 million yuan in 2022, and a net loss of 418 million yuan in 2019 [11][13]. - Despite attempts to pivot to new business areas, such as cultural and clean energy sectors, the company has continued to report losses, with a net loss of 159 million yuan in 2023 and 89.94 million yuan in 2024 [15][16]. Market Position and Challenges - *ST Haihua, once a leader in the heavy machinery market, has seen its market value plummet to 2.3 billion yuan, teetering on the edge of delisting [2][9]. - The company has been criticized for its lack of coherent business strategy, with each new controller failing to invest in core resources and instead using the company as a financing platform [17][18]. Future Outlook - The new controllers face the challenge of reversing the company's fortunes and addressing the delisting risk, with market observers keenly watching for any new business resources or strategic shifts [20].