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dongyi risheng, the "first home improvement stock", announced on the evening of september 11 that, as of now, in addition to the litigation and arbitration matters that the company has disclosed,the company's new cumulative litigation and arbitration matters totaled approximately rmb 16.4423 million, exceeding 10% of the absolute value of the company's latest audited net assets., all of which involved amounts of less than 10 million yuan.

a reporter from china securities journal noticed that in the first half of this year, dongyi risheng's cash flow was extremely tight. the company had overdue bank loans and was facing unfavorable situations such as freezing of some bank accounts, increased litigation cases, and large-scale store closures.in just over two months, dongyi risheng has intensively disclosed 16 announcements on new cumulative litigation and arbitration situations.

increase in litigation cases

since the beginning of this year, dongyi risheng's cash flow has been extremely tight. the company has overdue bank loans and is facing unfavorable situations such as freezing of some bank accounts, increased litigation cases, and large-scale store closures.

on the evening of september 11, dongyi risheng announced that as of now, in addition to the litigation and arbitration matters that the company has disclosed, the company’s new cumulative litigation and arbitration matters have a total amount of approximately rmb 16.4423 million, which exceeds 10% of the absolute value of the company’s latest audited net assets, and all of them are cases involving amounts of less than rmb 10 million.

the company stated that since the above-mentioned case is at the stage where it has not yet been heard in court or the judgment has not yet been issued or the judgment has not yet taken effect, there is uncertainty about its impact on the company's current or future profits.

since july this year, dongyi risheng has disclosed 16 new announcements on accumulated litigation and arbitration. after the semi-annual report was disclosed, dongyi risheng intensively disclosed 4 new announcements on accumulated litigation and arbitration on the evening of august 29, the evening of september 4, the evening of september 10, and the evening of september 12.

losses worsen

public information shows that dongyi risheng is the first listed company in the field of home improvement in the a-share market, with business covering the beijing-tianjin-hebei bohai rim economic circle, the yangtze river delta economic zone, the pearl river delta economic zone, the chengdu-chongqing economic zone, etc. the company was established in 1997 and is mainly engaged in overall home improvement design, engineering construction, main material agency, self-produced wood products, soft decoration design, and home furnishing products after hardcover decoration for individual customers.

dongyi risheng's semi-annual report shows that in the first half of 2024, the company achieved operating income of 882 million yuan, a year-on-year decrease of 34.02%; the net profit attributable to the parent was a loss of 540 million yuan, compared with a loss of 150 million yuan in the same period last year; the net cash flow generated by operating activities was -58.5566 million yuan, compared with -22.1549 million yuan in the same period last year.

the company stated that the main reason for the large losses during the reporting period was that the company closed some inefficient stores according to the strategic plan, which triggered a chain reaction of negative public opinion, causing the operation of many stores to come to a standstill and passive closure. in response to the store closures, the company promised not to evade debts or default on debts. on the basis of comprehensively considering the company's existing resources, it formed a debt resolution plan in combination with customer demands.

the company said it has taken measures to improve operations and liquidity, including reducing various investments and strengthening the collection of accounts receivable.