星标 ★ IPO日报 精彩文章第一时间推送 6月11日晚间，亚振家居股份有限公司（下称"亚振家居"、"*ST亚振"，603389.SH）发布 公告称，公司股票于2025年5月6日至6月11日连续二十六个交易日内日收盘价格涨幅偏离值 累计达到107.83%，多次触及股票交易异常波动。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。为维护投资者利益，公司将就股票交易情况进行核查。 *ST亚振股票自2025年6月12日开市起停牌，自披露核查公告后复牌，预计停牌时间不超过3 个交易日。 AI制图 业绩承压 公开资料显示，亚振家居成立于1992年，是国内最早涉足欧式家具的专业制造商及销售商之 一，目前公司主要从事中高端海派经典及海派现代家具产品的研发、生产与销售。 21世纪初，家具行业开始迎来快速发展期。2004年，我国家具制造行业突破千亿元大关，自 此开启了行业的高速成长期，2010年后，家具制造行业开始稳步发展。 2016年12月，亚振家居正式在上交所主板挂牌上市。 早年间，得益亚振家居在海派家居风格上的优势以及家居行业处于快速成长期，公司业绩表 现良好。 然而，在行业整体景气度持续高涨之际，同行可比公司 ...

Core Viewpoint - The company, Yazhen Home (亚振家居), announced that its controlling shareholder is planning a share transfer that may lead to a change in control, while the stock price surged prior to the announcement, raising suspicions of insider trading [1][5]. Group 1: Share Transfer and Stock Performance - On April 22, Yazhen Home disclosed that its controlling shareholder, Shanghai Yazhen Investment Co., is planning a share transfer, which may result in a change of control [1]. - Before the announcement, from April 8 to April 17, Yazhen Home's stock price increased by 48.61%, leading to market speculation about potential insider trading [5]. - The stock price reached a closing price of 6.94 yuan on the last trading day before the suspension [1]. Group 2: Previous Attempts at Control Change - This is not the first time Yazhen Home has attempted to change its control; a similar attempt was made in November 2024, which ultimately failed due to disagreements between the controlling shareholder and the potential buyer [6]. - The company has previously sought control changes through acquisitions, including a failed attempt to acquire a 65% stake in Jiangsu New Product Aluminum Co. in 2018 and a proposed acquisition of Lianyungang Jingmei Smart Home Co. in 2020, which was also abandoned due to market conditions [7]. Group 3: Financial Performance and Challenges - Yazhen Home has faced financial difficulties, with net profit only increasing in 2020 by 113.42%, while experiencing declines in other years, resulting in total losses of nearly 500 million yuan over five years [8]. - The company was under delisting risk warning due to consecutive years of negative net profit in 2018 and 2019, but managed to remove this warning in 2020 thanks to government subsidies [8]. - For 2024, Yazhen Home anticipates a net loss between 118 million yuan and 96 million yuan, with projected revenue between 190 million yuan and 220 million yuan [8][10]. Group 4: Business Transformation Efforts - Established in 1992, Yazhen Home is one of the earliest manufacturers of European-style furniture in China, primarily focusing on mid-to-high-end products [11]. - The company has attempted to adapt to market trends by expanding into custom furniture, but this has not significantly impacted revenue [12]. - Previous attempts at business transformation through acquisitions have not been successful, indicating ongoing challenges in adapting to market demands [12].