2025年11月19日，东易日盛家居装饰集团股份有限公司(下称"东易日盛")收到法院送达的《民事裁定书》，这是 年内第13家获法院受理重整的上市公司。 数据显示，2025年全国超30家上市公司提交重整申请，截至目前仅有14家通过审批。由于上市公司重整需获得 省级政府支持文件、证监会无异议函，并经最高人民法院批准，多重前置审批程序使得重整受理资格审批标准更为严 格，获批难度显著提升。 作为家装行业首家登陆A股的企业，*ST东易的预重整自启动便引发资本市场广泛关注。 经营连续亏损与债务高企 *ST东易多重难题待解 双主业战略锚定未来发展方向 债权人高票通过清偿方案 除资金引入方案外，重整方的业务规划与债权人清偿安排也成为市场关注焦点。 在业务规划层面，重整方团队旨在构建"AI家装+算力"双主业架构。家装主业将依托AI设计、供应链优化等技术进 行"零售化"转型，以巩固现有基本盘；同时，产业投资人华著科技及其关联方将在一年内无偿捐赠持有的智算中心运 营主体不少于51%股权，助力公司新增算力服务业务。 取得"路条"的背后，是企业积重难返的经营困境与错综复杂的债务难题。 财务数据显示，2022-2024年，东易日盛连续三 ...

作为11月份的"明星股"，*ST东易的重整进展引发市场广泛关注。 2025年11月19日，东易日盛家居装饰集团股份有限公司公告称，收到北京市第一中级人民法院的《民事 裁定书》，法院正式受理债权人对公司的重整申请，取得本年度第十三张重整"路条"。 根据法律程序，债权人需在2025年12月19日前向管理人申报债权，第一次债权人会议定于12月21日召 开。市场分析指出，若重整计划能在年内顺利执行完毕，东易日盛将有望彻底化解退市风险，从根本上 摆脱债务困境。 行业龙头陷困境，预重整谋"出路" 东易日盛创立于1996年，是中国家装产业化的早期推动者与领军企业。2014年作为"家装行业第一股"于 深交所上市，一度风光无限。然而，随着房地产市场进入深度调整期，叠加疫情的冲击，东易日盛的经 营状况迅速转差。财务数据显示，2022年至2024年，公司累计净亏损超过15亿元。 东易日盛的困境，是传统家装企业在存量市场时代转型阵痛的缩影。 为化解危机，东易日盛自2024年10月18日启动预重整程序。2025年3月，产业投资人北京华著科技有限 公司宣布参与，承诺出资3.45亿元收购公司150,000,000股转增股份，占转增后总股本 ...

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].

Core Insights - Dongyi Risheng is undergoing a critical restructuring phase, having signed agreements with several restructuring investors and received a total of 1.412 billion yuan in investment and performance guarantees [1][7][10] Financial Performance - Dongyi Risheng's financial performance has deteriorated significantly, with net profit declining by 1041.31% since 2022, leading to losses exceeding 1 billion yuan in 2024 [3][4] - Revenue figures show a downward trend from 42.92 billion yuan in 2021 to an expected 12.96 billion yuan in 2024, reflecting a 55.84% year-on-year decline [4] Restructuring and Investment - The restructuring agreement involves Huazhu Technology becoming the controlling shareholder, with Zhang Jianhua as the actual controller of the company [1][7] - Huazhu Technology, which focuses on integrated services for intelligent computing centers, will lead Dongyi Risheng's transformation towards a dual business model of "AI home decoration + computing power" [6][7] Government Involvement - The restructuring plan includes significant involvement from state-owned enterprises, with Shenzhen招商平安资产管理 leading the investment platform, holding nearly 70% of the investment share [8] - The participation of state-owned assets is seen as a potential stabilizing factor for Dongyi Risheng amid its financial struggles [8][12] Future Outlook - If the restructuring is successful, Dongyi Risheng may transition from a traditional home decoration company to a "new home decoration + industrial service" platform, similar to the early model of Red Star Macalline [7][12] - The company faces challenges in regaining market trust and ensuring the successful implementation of its new business model, which will be crucial for its recovery [11][12]

Core Viewpoint - The restructuring process of *ST Dongyi is progressing with a strategic optimization of financial investors, aiming to enhance debt resolution, capital structure improvement, and business recovery [1][2]. Group 1: Financial Investor Changes - The financial investor structure has been optimized, transitioning from individual investors to institutional investors, with four institutions fully taking over the restructuring investment shares previously held by four natural persons [1][2]. - The selection process attracted up to 40 potential restructuring investors, including 25 financial investors, leading to a core group of institutional investors [2]. - The shareholding ratios of the new institutional investors have increased, with Yunnan International Trust Co., Ltd. rising from 4.94% to 4.99%, and other institutions also showing significant increases in their holdings [2]. Group 2: Operational and Financial Improvements - The collaboration between industrial and financial investors is enhancing operational efficiency, with a total of 11.46 billion yuan allocated for debt repayment and working capital [3]. - The company expects a significant reduction in losses for the first half of 2025, with a projected net loss of 46 million to 69 million yuan, compared to a loss of 540 million yuan in the same period last year, indicating an improvement of over 87% [3]. - The narrowing of losses is attributed to stable operations of subsidiaries and the absence of large losses from store closures, creating conditions for net asset normalization [3]. Group 3: Strategic Direction and Future Outlook - The transition to professional institutional investors provides stronger certainty for the restructuring plan, while the synergy between industrial and financial investments is driving the company towards a dual business model of "AI home decoration + computing power" [4]. - The ongoing collaboration is expected to lead to a decisive breakthrough in the restructuring process within the year [4].