本报记者 许林艳 向炎涛 12月26日晚间，东易日盛家居装饰集团股份有限公司（以下简称"*ST东易（002713）"）发布股票停牌 的提示性公告。公告显示，*ST东易因执行《东易日盛家居装饰集团股份有限公司重整计划》（以下简 称"重整计划"）进行资本公积金转增股本。 重整完成后，*ST东易将继续聚焦家装主业，保留核心资产，重启并升级数字化家装业务。同时，产业 投资人将提供增量资源，利用产业投资人在算力产业链的资源优势、项目实施经验及技术积累助力*ST 东易拓展算力中心集成服务业务及算力中心运营服务业务，实现双轮驱动。 *ST东易表示，若重整计划顺利执行，将有利于改善公司资产负债结构，推动公司健康、可持续发展， 将会对公司2025年度相关财务数据产生影响。 公开资料显示，*ST东易成立于1997年，主要从事面向个人客户的整体家装设计、工程施工、主材代理 等家居综合服务。从经营数据来看，2025年前三季度，公司营收实现5.44亿元，同比下滑52.02%；归母 净利润亏损5826.22万元，亏损额度同比缩窄。 根据重整计划，以*ST东易4.2亿股总股本为基数，按每10股转增12.68股的比例实施资本公积转增股 份， ...

*ST东易的大消息落地！ 12月21日晚，*ST东易（002713）公告称，12月21日，北京市第一中级人民法院裁定批准《东易日盛家居装饰集团股份有限公 司重整计划》，并终止公司重整程序。 根据重整计划，重整完成后，东易日盛将继续聚焦家装主业，保留核心资产，重启并升级数字化家装业务。同时，产业投资 人将提供增量资源，利用产业投资人在算力产业链的资源优势、项目实施经验及技术积累助力东易日盛拓展算力中心集成服 务业务及算力中心运营服务业务，实现双轮驱动。 同时，公司提示了多重风险。公告称，在重整计划执行期间，如公司不能执行或者不执行重整计划将被宣告破产，公司股票 将面临被终止上市的风险。 输血超14亿！云南国际信托等入局 同日*ST东易披露了重整计划。重整计划显示，公司计划以现有总股本为基数，按每10股转增约12.68股的比例实施资本公积 转增股份。转增后，公司总股本将增至约9.51亿股。前述转增股份不向原股东分配，其中约4.17亿股将由重整投资人有条件受 让，剩余转增股份用于清偿债务。 重整投资人包括北京华著科技有限公司、云南国际信托有限公司等，将提供投资款约14.12亿元。产业投资人北京华著科技有 限公司承诺 ...

Core Viewpoint - The company *ST Dongyi has entered a restructuring plan approved by the Beijing First Intermediate Court, which aims to improve its financial health and sustainability, impacting its financial data for 2025 [3][4]. Group 1: Restructuring Process - On December 21, the company received a civil ruling from the Beijing First Intermediate Court approving its restructuring plan and terminating the restructuring process [3]. - The restructuring plan was approved by the company's investor meeting on December 19, and the first creditors' meeting on December 21 also approved the plan [4]. - The company will execute the restructuring plan while a designated management team will supervise its implementation, which is expected to improve the company's asset-liability structure [4]. Group 2: Risks and Challenges - The company has highlighted multiple risks, including the potential for bankruptcy if the restructuring plan is not executed, and the risk of stock delisting due to negative net assets and uncertain operating capabilities [5]. - Even if the restructuring is completed successfully, the company may still face delisting risks if it fails to meet the Shenzhen Stock Exchange's requirements [5]. Group 3: Capital Increase and Investment - The restructuring plan includes a capital increase where existing shareholders will not receive new shares, with a total of 5.32 billion shares to be issued, raising the total share count to 9.51 billion [5]. - The restructuring investors, including Beijing Huazhu Technology Co., Ltd. and Yunnan International Trust Co., Ltd., will provide an investment of 1.412 billion yuan [6]. - Huazhu Technology, controlled by Zhang Jianhua, will not transfer its shares for 36 months, while financial investors will not transfer theirs for 12 months [6]. Group 4: Business Strategy Post-Reconstruction - After the restructuring, the company will focus on its core home decoration business and upgrade its digital home decoration services [7]. - The restructuring investors will leverage their resources in the computing power industry to assist the company in expanding its integrated service and operation services for computing power centers [7]. - Zhang Jianhua will remain the actual controller of the company post-restructuring, with plans to inject equity from a computing center into the company to facilitate business transformation [7]. Group 5: Market Performance - Since the announcement of the restructuring investor selection on September 26, the company's stock has experienced significant volatility, achieving 24 trading limits in 29 days, with a peak price of 18.6 yuan on November 20 before a subsequent decline [7].

公司股价一度收获20多个涨停，又经历多个跌停，12月19日封涨停。 12月19日，公司出资人组会议表决通过了《东易日盛家居装饰集团股份有限公司重整计划（草案）之出 资人权益调整方案》；12月21日，公司重整案第一次债权人会议表决通过了《东易日盛家居装饰集团股 份有限公司重整计划（草案）》《东易日盛家居装饰集团股份有限公司后续债权人会议召开及表决形式 的方案》。 *ST东易表示，公司进入重整计划执行阶段，公司负责执行重整计划，管理人负责监督重整计划的执 行。若重整计划顺利执行，将有利于改善公司资产负债结构，推动公司健康、可持续发展，将会对公司 2025年度相关财务数据产生影响。 *ST东易（002713）12月21日晚间公告，当日，公司收到北京一中院送达的（2025）京01破501号《民 事裁定书》。北京一中院裁定批准《东易日盛家居装饰集团股份有限公司重整计划》，并终止公司重整 程序。 公告显示，此前于11月19日，公司收到北京一中院送达的（2024）京01破申1179号《民事裁定书》和 （2025）京01破501号《决定书》，裁定受理债权人北京鹏元兴达商贸有限公司对公司的重整申请，并 指定北京大成律师事务所担 ...

Core Viewpoint - The stock of *ST Dongyi experienced a significant surge of 258% over 29 trading days, but faced a sharp decline after the court accepted its restructuring plan, indicating potential market volatility and speculative trading behavior [2][3]. Stock Price Prediction - The pre-restructuring plan projected a stock price range of 9.87 to 62.27 yuan per share, with the upper limit being over 20 times the price paid by industrial investors at 2.3 yuan per share [3][4]. - The lack of disclosed valuation models and third-party assessments raises concerns about the credibility of the stock price predictions, which may mislead investors [3][4]. Regulatory Concerns - The direct prediction of stock prices in the restructuring plan is seen as a violation of information disclosure principles, potentially misleading investors and violating regulatory guidelines [4][5]. - The China Securities Regulatory Commission emphasizes that companies should provide objective and prudent earnings forecasts based on their operational conditions post-restructuring [4][5]. Business Transformation and Risks - The surge in *ST Dongyi's stock price is attributed to market expectations surrounding its restructuring and transition to a computing power business model, with industrial investor Beijing Huazhu Technology Co., Ltd. involved [6][7]. - The restructuring plan includes commitments from Huazhu Technology to donate assets to *ST Dongyi, which raises concerns about the actual value and feasibility of these assets [7][8]. Financial Projections and Comparisons - The projected total market value of *ST Dongyi could reach 592 billion yuan if the stock hits the predicted maximum price, but this valuation lacks fundamental support based on actual business performance [8][10]. - Comparisons with competitors like Dongfang Guoxin highlight significant disparities in project scale and operational readiness, with *ST Dongyi's assets still under development [9][10]. Asset Donation and Associated Risks - The asset donation from Huazhu Technology is contingent on the completion of the restructuring plan, with potential penalties for non-compliance, but the low net asset value raises concerns about the viability of the donation [11][12]. - The financial health of Huazhu Technology, with a high debt ratio and limited operational experience in computing power, poses risks to the success of the asset integration and future profitability of *ST Dongyi [12].

Core Viewpoint - *ST Dongyi (Dongyi Risheng) has experienced a significant stock price surge, with a cumulative increase of 255.85% since September 26, attributed to its restructuring progress and investment agreements [1][3][4]. Group 1: Stock Performance - On November 19, *ST Dongyi's stock opened at 18.54 CNY per share, marking its 24th trading limit up in 30 trading days [1]. - The stock price has risen over 200% since the announcement of the selection of restructuring investors on September 26 [4]. Group 2: Restructuring Progress - The company has signed agreements with multiple restructuring investors and received a total of 1.412 billion CNY in investment and performance guarantees [2][7]. - The restructuring plan includes a share conversion plan of "10 to 12.677505 shares" at a price of 4 CNY per share for financial investors [2][8]. Group 3: Risks and Challenges - The company faces a tight timeline, needing to receive court approval for its restructuring by the end of December 2023, or it risks being delisted [3][5]. - Even with court approval, there remains a risk of bankruptcy if the restructuring fails [5][8]. Group 4: Future Business Direction - The restructuring aims to pivot the company's business towards "AI home decoration + computing power" with the involvement of Beijing Huazhu Technology Co., Ltd. as a key investor [7]. - The restructuring plan includes provisions for debt-to-equity swaps for creditors, with a conversion price set at 14.97 CNY per share [8].

Core Viewpoint - The company *ST Dongyi is facing significant risks related to its restructuring process, with a critical deadline approaching for court acceptance of its restructuring application, which could lead to delisting if not completed in time [2][5]. Group 1: Stock Performance and Trading Suspension - Multiple stocks, including *ST Dongyi, have been suspended for trading due to significant short-term price fluctuations, with *ST Dongyi experiencing a price increase of over 200% since September 26 [1][2]. - The stock of *ST Dongyi is set to resume trading on November 19 after a suspension initiated on November 14 due to abnormal price movements [2][5]. Group 2: Restructuring Process - The company has not yet received the court's acceptance document for its restructuring, which is critical as the deadline is approaching on December 31 [2][3]. - If the company fails to enter the restructuring process by the deadline, it risks being delisted [2][5]. Group 3: Investment and Business Transformation - The rapid increase in *ST Dongyi's stock price is attributed to the involvement of its restructuring investor, Beijing Huazhu Technology Co., Ltd., which plans to pivot the company's business towards "AI home decoration + computing power" [4][6]. - The restructuring plan includes a commitment from Huazhu Technology to inject its stake in the Yunzhizuan operation into *ST Dongyi within a year after court approval of the restructuring plan [6]. Group 4: Debt and Equity Conversion - The restructuring plan stipulates that ordinary debts of up to 80,000 yuan will be fully repaid in cash, while debts exceeding this amount will be converted into equity at a price of 14.97 yuan per share [6]. - The announcement of the restructuring plan on October 10 coincided with a stock price below 7 yuan per share, with the conversion price acting as a catalyst for subsequent price increases [6].