Impact of Duoke Culture's Control Change Event on Investors and Evaluation Strategies During the Suspension Period

Duoke Culture (301025.SZ) suspended trading from the opening of the market on December 22, 2025, as the controlling shareholder and actual controllers Hua Nan and Hua Shan are planning a control change [1]. Against the backdrop of this event, the company’s fundamentals are under pressure: its net profit in the first three quarters fell by more than 50% year-on-year [1], and the concerted action parties of the controlling shareholder have reduced their holdings and cashed out more than 100 million yuan since the beginning of the year [1]. On the trading day before the suspension (December 21, 2025), the company’s stock price rose by more than 5% with heavy volume [1], reflecting the market’s reaction to the control change event.

From the perspective of impact mechanism, the control change may bring expectations of new strategic directions and resource injection to the company. If the new controller has strong industry resources or operational capabilities, it is expected to promote the improvement of the company’s fundamentals. However, it should be noted that the current transaction plan is still under planning and no formal agreement has been signed, so there is high uncertainty [1]. In addition, the previous reduction behavior of the controlling shareholder and the company’s declining profitability may have a continuous impact on investor confidence.

1. Correlation Between Event Time and Market Reaction
   : The stock price rose by more than 5% with heavy volume before the suspension, which may indicate that some investors have obtained relevant information in advance or hold optimistic expectations about the control change, but short-term speculative transactions leading to emotional fluctuations need to be vigilant.
2. Deep Meaning of Control Change
   : Combined with the company’s sharp decline in net profit in the first three quarters, the control change may reflect the controlling shareholder’s willingness to adjust the company’s current development trend, and the new controller’s strategic planning will become a key driver of subsequent stock price trends.
3. Symbiosis of Risks and Opportunities
   : Transaction uncertainty, fundamental pressure and strategic adjustment opportunities coexist, and investors need to dynamically evaluate the balance between the two.

1. Transaction Uncertainty Risk
   : The transaction plan is not clear, no formal agreement has been signed, and there is a possibility of failure of the control change.
2. Risk of Sustained Deterioration of Fundamentals
   : If the new controller fails to effectively improve the company’s profitability, the downward trend of net profit may continue.
3. Short-term Emotional Fluctuation Risk
   : The heavy volume rise before the suspension may include speculative factors. If the transaction fails to meet expectations after the resumption of trading, the stock price may correct.

1. Strategic Adjustment Opportunity
   : The new controller may bring new business directions and resource support to promote the company’s performance growth.
2. Valuation Repair Opportunity
   : If the company’s fundamentals improve after the control change, the current low valuation (the current stock price is about 32.2% of the closing price on the first day of listing [1]) may have room for repair.

During the suspension period, investors should focus on the following aspects:

1. Transaction Certainty
   : Pay close attention to the company’s subsequent announcements to confirm key information such as transaction counterparty, transaction price and transaction rhythm.
2. Background of the New Controller
   : Evaluate the new controller’s industry experience, resource strength and past successful cases to judge its strategic value to the company.
3. Strategic Synergy
   : Analyze the synergy between the new controller’s business and Duoke Culture’s existing business, and predict possible integration directions and effects.
4. Fundamental Trend
   : Combine the company’s financial data in the first three quarters to evaluate the reasons for the decline in profitability and whether the new controller can effectively reverse this trend.

Duoke Culture’s control change event brings opportunities and risks to investors. On the one hand, the control change may promote the company’s strategic adjustment and fundamental improvement; on the other hand, risks such as transaction uncertainty and fundamental pressure need to be carefully evaluated. During the suspension period, investors should dynamically adjust their judgment on the event based on the company’s subsequent announcements and information related to the new controller, avoid blind speculation, and focus on transaction certainty and long-term strategic value.