Company Overview - Jiangsu Yazhen Home Co., Ltd. has been established with a registered capital of 10 million RMB, fully owned by Yazhen Home Co., Ltd. [1] - The legal representative of the new company is Gao Yinnan [1] Business Scope - The company’s business scope includes residential interior decoration, industrial design services, furniture manufacturing and sales, production and sales of furniture accessories, installation and maintenance services for furniture, manufacturing and sales of smart home consumer devices, and various other related services [1] - The company is also involved in import and export activities, property management, and sales of construction materials [1] Corporate Structure - Jiangsu Yazhen Home Co., Ltd. is classified as a limited liability company with no fixed term of operation [1] - The company is registered under the manufacturing industry, specifically in the furniture manufacturing sector [1]

Core Viewpoint - The article discusses the impact of the ongoing tariff war initiated by Trump on China's domestic prices, highlighting the significant downward pressure on prices due to insufficient domestic demand and external shocks from tariffs [2][4]. Group 1: Impact of Tariff War on Prices - The Producer Price Index (PPI) in June 2025 fell to -3.6%, the lowest since August 2023, while the Consumer Price Index (CPI) remained around 0, indicating persistent low price levels in China [4][6]. - The tariff war has exacerbated the downward pressure on domestic prices, with global economic growth expectations declining and commodity prices, such as oil, dropping significantly [5][19]. - The decline in international oil prices has had a notable input drag on domestic prices, with PPI for the petroleum industry showing significant year-on-year declines [6][19]. Group 2: Export Dynamics and Price Changes - Direct exports to the U.S. have decreased significantly, with certain goods like textiles and furniture experiencing price drops due to increased tariffs [7][8]. - Export prices have fallen sharply, with the average price of clothing imports from China to the U.S. dropping by 17.4% and 8.3% in April and May 2025, respectively [8][11]. - The shift of exports to domestic sales has led to increased competition and price reductions in the domestic market, particularly in labor-intensive sectors [21][22]. Group 3: Future Price Trends and Policy Recommendations - The article suggests that the price trajectory in the second half of 2025 will depend on domestic consumption and investment policies, while external shocks from the tariff war remain a concern [18][20]. - Recommendations include expanding non-U.S. market exports, supporting foreign trade enterprises, and preventing excessive price competition in the domestic market to stabilize prices [26][28][29]. - The need to enhance domestic effective demand is emphasized as a critical factor in addressing the ongoing low price levels in China [29].

Core Viewpoint - The national standard "Guidelines for Environmental Awareness Design of Furniture" will be officially implemented on January 1, 2026, aiming to integrate environmental awareness into the entire lifecycle of furniture products, promoting a transition towards a green and sustainable furniture industry [1][2] Group 1: Raw Material Procurement - Emphasis on considering the impact on human health and the environment during the design phase, avoiding or reducing the use of harmful materials, and selecting recyclable materials [1] Group 2: Production and Manufacturing - Focus on energy consumption and pollutant emissions during production, ensuring that the release of harmful chemicals and dust concentrations do not exceed specified limits [1] Group 3: Transportation and Sales - Consideration of the environmental friendliness of packaging materials, promoting the use of recyclable and biodegradable options while minimizing packaging material usage [1] Group 4: Usage and Maintenance - Design should prioritize product safety and ease of maintenance, ensuring that harmful substances do not exceed limits and that products are easy to install, repair, and disassemble [1] Group 5: Recycling and Disposal - Attention to the methods of recycling and disposal, providing clear separation methods for recyclable and non-recyclable materials, and offering information to consumers and recycling organizations to facilitate material recovery [2]

Core Viewpoint - The company *ST Yanzhen is facing significant financial challenges, with expected losses in the first half of 2025, while its stock has experienced unusual trading activity and volatility, leading to regulatory scrutiny [1][5]. Group 1: Financial Performance - The company reported a net profit of -1.17 billion in 2024, with a first-quarter net profit of -213.14 million [5]. - For the first half of 2025, the company anticipates a net loss ranging from -330 million to -395 million, with a net loss excluding non-recurring items expected between -320 million and -380 million [5]. Group 2: Stock Trading Activity - The stock of *ST Yanzhen has been subject to abnormal trading fluctuations, with a cumulative price deviation of 14.42% from July 21 to July 23, and a total trading volume of 11.5755 million shares, amounting to 277 million [1]. - Following the implementation of delisting risk warnings, the stock price increased significantly, achieving 31 limit-up days and a total increase of 308.99% from May 6 to July 23 [2]. Group 3: Regulatory Actions - The company has undergone three trading suspensions this year due to significant price deviations, with the latest suspension occurring from July 16 to July 18 [3]. - The Shanghai Stock Exchange has intervened to maintain market order, emphasizing the importance of adhering to trading rules and preventing market chaos [2]. Group 4: Corporate Changes - In May 2025, the company's control changed hands, with Wu Tao becoming the new controlling shareholder, while no significant changes to the company's main business or asset plans are anticipated in the next 12 months [4].

Group 1: Impact of Tariff War on Prices - The PPI in June 2025 decreased by 3.6% year-on-year, the lowest since August 2023, while CPI remained around 0%[12] - Brent crude oil prices fell from $74.95 per barrel to $62.82 per barrel following the announcement of tariffs, leading to significant declines in PPI for the petroleum industry of -8.6%, -11.1%, and -9.0% from April to June 2025[2] - Exports to the U.S. for textiles, clothing, and furniture saw a drop of over 40% in May 2025, resulting in a significant decrease in related export prices, such as an 8.3% drop in the average price of clothing imported from China[17] Group 2: Future Price Trends and Recommendations - International commodity prices are expected to remain under pressure, with OPEC+ increasing production, which may lead to further downward pressure on prices[31] - The negative impact of the tariff war on China's overall exports may gradually become more pronounced, with potential price declines for more products[32] - To counteract the tariff impacts, it is crucial to expand domestic effective demand through policies that stimulate consumption and investment, particularly in the real estate sector[42]

*ST亚振（603389）将于7月21日复牌。 7月19日，*ST亚振（603389）发布《关于股票交易停牌核查结果暨复牌的公告》，公司股票将于7月21日（周一）复 牌。 值得注意的是，这已经是6月以来，*ST亚振第3次停牌核查。此前，公司曾在6月12日—6月16日、6月27日—7月3日停 牌核查，均因公司股票短期涨幅与同期上证指数、家具制造业存在严重偏离。 此外，公司此前还表示，吴涛拟向上市公司全体股东发出部分要约，要约收购21%公司股份。根据公司公告，本次要 约收购期限内，预受要约的股东账户为8户，预受要约股份总数共计为5377.3813万股，占公司总股本的20.47%。本次 要约收购完成之后，吴涛共计持有公司约1.18亿股股份，占公司总股本的45.00%，吴涛及其一致行动人范伟浩合计持 有公司1.33亿股股份，占公司总股本的50.47%；亚振投资共计持有公司2627.52万股股份，占公司总股本的10.00%。 公开资料显示，吴涛有"山东矿业大佬"之称，现任济南域潇集团（下称"域潇集团"）执行董事、总经理，持有域潇集 团80%的股份，为域潇集团实控人。吴涛还任上海域潇稀土股份有限公司（下称"上海域潇"）董 ...

Core Viewpoint - *ST Yazhen (603389) is set to resume trading on July 21 after multiple suspensions due to significant stock price fluctuations compared to the Shanghai Composite Index and the furniture manufacturing industry [1][3]. Group 1: Stock Performance - Since hitting a low of 4.45 yuan per share on April 8, the company's stock has surged over 380% [1]. - From May 6 to July 18, the stock was traded on 41 out of 52 trading days, with 34 days seeing price increases, including 28 days of hitting the daily limit, and a maximum consecutive limit-up streak of 10 days [1][3]. - Following the last trading suspension, the stock experienced two consecutive limit-up days, and after a limit-down on July 8, it achieved four consecutive limit-up days [3]. Group 2: Control Change and Shareholding - The recent stock surge is attributed to a planned change in control, with the original controlling shareholder, Shanghai Yazhen Investment Co., transferring approximately 29.99996% of shares to Wu Tao and his associate Fan Weihao [3]. - Wu Tao intends to launch a partial tender offer to acquire 21% of the company's shares, with 8 shareholders accepting the offer for a total of 53.77 million shares, representing 20.47% of the total share capital [3]. - Post-tender offer, Wu Tao will hold approximately 118 million shares, accounting for 45.00% of the total, while he and Fan Weihao together will hold 50.47% [3]. Group 3: Financial Performance and Risks - The company is projected to report a net loss of between 39.5 million yuan and 33 million yuan for the first half of 2025, with a net loss of 116.96 million yuan for the fiscal year 2024 [6]. - The latest rolling P/E ratio for the furniture manufacturing industry is 16.45, while the company’s P/E ratio is negative, and its P/B ratio is 24.34, significantly higher than industry standards [6]. - Due to the negative net profit for 2024 and revenue concerns, the company will face a delisting risk warning starting May 6, 2025, with its stock name changing to *ST Yazhen [6].

Group 1 - The core point of the article is that *ST Yazhen's stock will resume trading on July 21, 2025, after a significant price deviation and a completed investigation into its trading activities [1][2]. - The stock price of *ST Yazhen increased by a cumulative 15.87% from July 11 to July 15, 2025, which was significantly higher than the Shanghai Composite Index and the furniture manufacturing industry during the same period [1]. - Since June, *ST Yazhen has undergone three trading suspensions for investigation, with a total price increase of 82.91%, attributed to changes in the controlling shareholder and subsequent takeover offers [4]. Group 2 - The company expects to report a net loss attributable to shareholders of between 33 million and 39.5 million yuan for the first half of 2025, with a non-recurring net profit loss estimated between 32 million and 38 million yuan [5]. - The decline in performance is primarily due to a lack of significant growth in sales revenue, a noticeable decrease in gross profit margin, and relatively high expense ratios for sales and management compared to revenue [5].

Group 1 - The company *ST Yazhen (603389)* announced that its stock will resume trading on July 21, 2025, after a temporary suspension [1] - The stock experienced a cumulative price deviation of 15.87% from July 11 to July 15, 2025, indicating significant divergence from the Shanghai Composite Index and the furniture manufacturing industry during the same period [1] - Following an application for stock trading situation verification, the company’s stock was suspended from trading starting July 16, 2025, with the suspension not exceeding three trading days [1]

Group 1 - The controlling shareholder and actual controller of Senying Windows, Bian Kerun, plans to reduce his holdings by 202,600 shares, accounting for 0.21% of the total share capital [1] - The financial director, Liu Chujie, also plans to reduce his holdings by 237,500 shares, representing 0.25% of the total share capital [1] - The reduction plans will take place within three months starting from August 8, 2025, and the total number of shares sold in any consecutive 90 days cannot exceed 1% of the company's total shares [1] Group 2 - Bian Shuping resigned from his positions as director and chairman due to personal reasons, and he will be appointed as the honorary chairman [2] - As of the announcement date, Bian Shuping holds 52,540,000 shares, which is 55.17% of the total share capital [2] - Bian Kerun has been elected as the new chairman of the board [2] Group 3 - In the 2024 annual report, the company reported a revenue of 567 million yuan, a decrease of 39.71% year-on-year, and a net profit attributable to shareholders of -42.19 million yuan [3] - The net cash flow from operating activities was 124 million yuan, down 16.32% year-on-year [3] Group 4 - In the first quarter of 2025, the company achieved a revenue of 63.81 million yuan, a decline of 27.96% year-on-year, with a net profit of -7.98 million yuan [4] - The company went public on September 26, 2022, with an issue price of 38.25 yuan per share, and is currently in a state of share price decline [4] - The total amount raised from the public offering was 906.525 million yuan, with a net amount of 823.702 million yuan [4][5]