Analysis of Mengtian Home Furnishing (603216) Resuming Trading with a Limit-Up After Terminating Asset Restructuring and Control Change

Mengtian Home Furnishing (603216) terminated the plan to acquire control of Shanghai Chuantu Microelectronics by issuing shares and paying cash on November 19, 2025, and also terminated the actual controller’s control change matter, resuming trading on the same day [2][4][6]. After resuming trading, the stock price rose to the limit at 17.27 yuan per share, an increase of 10% [0]. Previously, the company invested 70 million yuan to take a stake in Chongqing Lingxin Microelectronics in March 2025, indicating its intention to cross into the chip field [0], but both this acquisition and the control change matter have been terminated.

Financially, in the first three quarters of 2025, the company’s revenue was 773 million yuan, a year-on-year decrease of 2.93%, but net profit was 56.3031 million yuan, a year-on-year increase of 37.60% [0]; non-net profit was 36.8701 million yuan, basically flat year-on-year [0]. However, from 2022 to 2024, revenue decreased from 1.389 billion yuan to 1.117 billion yuan, and net profit shrank from 220 million yuan to 61 million yuan [0], reflecting long-term performance pressure. At the industry level, the wooden door industry faces fierce competition from emerging players such as Oppein Home and Gold Home, with market share being seized [0].

1. Market Sentiment Reversal
   : Although terminating asset restructuring and control change matters is usually regarded as negative news, the company’s stock price rose to the limit instead, which may reflect that the market’s interpretation of the termination is positive (such as avoiding potential M&A risks or unstable control) [8].
2. Changes in Shareholder Structure
   : Jiaxing Huixin will obtain 15.2845 million shares of the company [3], and the actual controller’s family cashed out 267 million yuan by transferring shares [7], indicating that adjustments at the shareholder level are still ongoing.
3. Transformation Dilemma
   : The company’s attempts to cross into the chip field have encountered obstacles, reflecting the challenges faced by traditional home furnishing enterprises in transforming into technology-intensive industries [0].

• Risk Points
  : 1) Long-term performance decline pressure persists, with revenue decreasing for three consecutive years [0]; 2) Intensified industry competition leads to market share loss [0]; 3) The failure of cross-border transformation plans may affect the credibility of the company’s strategic planning [0].
• Opportunity Window
  : 1) Net profit growth shows that the company has achieved certain results in cost control or product structure optimization [0]; 2) Adjustments in shareholder structure may bring new development momentum to the company [3].

Mengtian Home Furnishing (603216) resumed trading with a limit-up after terminating asset restructuring and control change matters, reflecting the complexity of market sentiment. The company’s financial performance shows the characteristics of short-term improvement and long-term pressure coexisting, and industry competition and transformation challenges are still the main concerns. Adjustments and cash-out behaviors at the shareholder level need to be continuously monitored to evaluate the company’s future strategic direction.