点击蓝字关注我们 长江商报记者 沈右荣 股价一飞冲天的"家装第一股"*ST东易（002713.SZ）前途未卜。 11月13日晚，*ST东易发布停牌核查公告。自2025年9月26日签署重整投资协议以来，公司股价累计上涨了241.59%，九次出现异常波动，严重背离公司基 本面。 *ST东易深陷经营困境。2022年至2024年的三个年度，公司合计亏损21.30亿元，2025年前三季度，公司依旧亏损，且营业收入大幅下降至5.44亿元。更大 的困境在于资不抵债，截至2025年9月底，公司资产负债率高达172.40%，公司基本上没有再融资能力。 种种迹象表明，华著科技及拟注入的资产并不优质。 *ST东易，能否成功续命，重整完成是否有一个好的未来，均存变数。 视觉中国图 退市大限临近股价飙涨 继*ST正平、ST中迪之后，又一只ST"大牛股"发布停牌核查公告。 11月13日晚间，*ST东易发布关于股价严重异动暨停牌核查的公告。公告称，公司股票自2025年9月26日晚以来，至11月13日价格涨幅达241.59%，股价波 动较大，期间出现九次异常波动，严重背离公司基本面。公司将就股票交易波动情况进行核查。 *ST东易股价大涨，源 ...

长江商报消息●长江商报记者 沈右荣 股价一飞冲天的"家装第一股"*ST东易（002713.SZ）前途未卜。 11月13日晚，*ST东易发布停牌核查公告。自2025年9月26日签署重整投资协议以来，公司股价累计上涨了 241.59%，九次出现异常波动，严重背离公司基本面。 *ST东易深陷经营困境。2022年至2024年的三个年度，公司合计亏损21.30亿元，2025年前三季度，公司依旧亏 损，且营业收入大幅下降至5.44亿元。更大的困境在于资不抵债，截至2025年9月底，公司资产负债率高达 172.40%，公司基本上没有再融资能力。 *ST东易股价大涨，源于司法重整，以及注入算力资产预期。公司公告称，2025年只剩下一个半月，如果在2025 年底前，公司未能进入重整程序并执行完毕重整计划，公司将面临被终止上市的风险。 产业投资人北京华著科技有限公司（简称"华著科技"）为*ST东易重整投资人，拟注入算力资产。 种种迹象表明，华著科技及拟注入的资产并不优质。 *ST东易，能否成功续命，重整完成是否有一个好的未来，均存变数。 退市大限临近股价飙涨 继*ST正平、ST中迪之后，又一只ST"大牛股"发布停牌核查公告。 1 ...

Core Viewpoint - Chow Tai Fook Investment Holdings Limited is providing significant support to ST Jinggu by transferring 51% of its subsidiary, Shanghai Boda Digital Technology Co., Ltd., to the listed company without any payment or obligations, while also offering a loan of 60 million yuan to improve liquidity [1][2]. Group 1: Historical Issues - ST Jinggu's core subsidiary, Huiyin Wood Industry, which previously contributed 90% of its revenue, is facing severe financial distress, with all nine bank accounts frozen and production lines halted due to multiple legal disputes totaling 146 million yuan, representing 153.31% of the company's net assets [2]. - To mitigate the debt and operational risks associated with Huiyin Wood Industry, Chow Tai Fook Investment is acquiring 51% of its shares and will cover any losses incurred by ST Jinggu related to this subsidiary [2]. Group 2: Current Financial Situation - ST Jinggu is in a precarious financial position, needing to increase its main business revenue to avoid delisting risks, especially after the divestment of Huiyin Wood Industry [2]. - Chow Tai Fook Investment's injection of computing assets aims to establish a dual business model of "computing power + forestry" to enhance ST Jinggu's revenue base [2]. Group 3: Future Prospects - The newly injected asset, Boda Digital Technology, was established on April 28 this year with a registered capital of 300 million yuan and is currently fully owned by Chow Tai Fook Investment [2]. - Boda Digital Technology has generated revenue of 640.61 million yuan and a net profit of 220.07 million yuan from May to July, with a net asset value of 197 million yuan as of the end of July [3][4]. - The company operates 135 computing power devices, primarily leased to a single client under a 60-month contract, indicating a need for further client diversification and operational capacity [4].

Core Viewpoint - Chow Tai Fook Investment Holdings Limited is providing significant support to ST Jinggu, including a 51% stake transfer of its subsidiary, Shanghai Boda Digital Technology Co., Ltd., to ST Jinggu without any payment or obligations, alongside a loan application of 60 million yuan to alleviate liquidity issues [2][3][4] Group 1: Historical Context - ST Jinggu's core subsidiary, Huiyin Wood Industry, which previously contributed 80-90% of its revenue, is currently facing operational challenges, with all nine bank accounts frozen and production lines halted due to multiple civil loan disputes [3][4] - The company has disclosed 26 legal cases with a total amount of 146 million yuan, representing 153.31% of the latest audited net assets attributable to shareholders [4] Group 2: Current Financial Situation - Chow Tai Fook Investment's actions aim to isolate Huiyin Wood Industry's debts and operational risks, while also committing to cover any actual losses incurred by ST Jinggu related to Huiyin Wood Industry until the completion of the stake transfer [4][5] - ST Jinggu is at risk of triggering delisting warnings due to a potential sharp decline in its main business scale after the divestment of Huiyin Wood Industry [4][5] Group 3: Future Prospects - Chow Tai Fook Investment is injecting computing power assets into ST Jinggu to establish a dual business model of "computing power + forestry," which is expected to enhance revenue generation [4][5] - Shanghai Boda Digital Technology Co., Ltd. was established on April 28 this year, with a registered capital of 300 million yuan, and will hold 51% of its shares post-transaction [5][6] Group 4: Financial Performance of Boda Digital - From May to July, Boda Digital reported revenues of 640.61 million yuan and a net profit of 220.07 million yuan, with a net asset value of 197 million yuan as of the end of July [5][6] - The company has signed a five-year contract with a single client, generating an average monthly revenue of over 600,000 yuan [6][7]

Core Viewpoint - ST Jinggu (ST景谷) has received support from its major shareholder, Zhou Dafu Investment, which plans to donate 51% equity of Boda Digital Technology Co., Ltd. to the company without any payment or obligations [2][3] Group 1: Company Overview - ST Jinggu's major shareholder, Zhou Dafu Investment, will sign an asset donation agreement to transfer 51% of Boda Digital's equity to ST Jinggu, which will then consolidate Boda Digital into its financial statements [2] - Boda Digital, established in April 2025, has a registered capital of 195 million yuan, fully paid by Zhou Dafu Investment by July 31, 2025 [2] - Boda Digital operates in the computing power industry, possessing a batch of computing power equipment procured in June 2025, and has signed a framework agreement with only one client [2] Group 2: Financial Performance - Boda Digital reported revenue of 6.4061 million yuan and a net profit of 2.2007 million yuan from May to July 2025, with total assets of 278 million yuan and net assets of 197 million yuan as of July 2025 [2] - ST Jinggu's financial performance is struggling, with a revenue of 123 million yuan in the first half of 2025, a year-on-year decline of 45.03%, and a net loss of 124 million yuan [3] - The company has been in a loss position since 2005, with a net loss of 75.1445 million yuan after excluding non-recurring gains and losses [3] Group 3: Financial Position and Risks - The total equity value of Boda Digital is 224 million yuan, reflecting a 13.61% increase over its book value, while the value of the 51% equity is 114 million yuan [3] - ST Jinggu's total assets are 757 million yuan, with total liabilities of 589 million yuan, resulting in an asset-liability ratio of 77.74% and cash reserves of only 25.4104 million yuan [5] - The company is seeking a loan of 60 million yuan from Zhou Dafu Investment to supplement its working capital, with a borrowing rate of 3% per year [5]