全国119家装企业破产，浙江企业领衔

Home Decoration Industry 2025: The Rising Trend of Company Bankruptcies Home Decoration Industry in 2025: Bankruptcy Trends Among Decorators

As of November 2025, a total of 119 decorating companies across China have declared bankruptcy (companies that have not publicly announced bankruptcy are not included). Among them, Zhejiang companies account for the largest share, with a total of 59; followed by Shaanxi and Guangdong, with 23 and 16 companies respectively.

Most of the bankrupt home decoration companies are suffering from the problem of insufficient capital to cover debts. Apart from the companies that have publicly announced bankruptcy, there have also been several cases of home decoration companies being exposed for running away with money: a whole home decoration store in Enshi, Hubei suddenly disappeared, investigation found that this incident has caused losses to 15 homeowners, numerous material suppliers, and construction workers, with the amount of money involved exceeding 2 million yuan; a decoration company in Quanzhou closed down two days after homeowners had paid the money, with 50 to 60 homeowners being "taken away" by the renovation payment; a decoration company in Huizhou, Guangdong disappeared after collecting the renovation payment and stopped construction without contacting, with a preliminary estimate of 2.176 million yuan involved, and previously always using the excuse of "material scheduling" to delay...

Besides small and medium-sized decoration companies, a number of well-known home decoration companies have also been facing turmoil since 2025, including: exposure of unpaid wages and loans, causing a stir; closing down certain production bases to reduce costs; and even proceeding to bankruptcy liquidation, with assets being auctioned off.

Brands such as Liang Jiaju, Hao Tian Decoration, and Hai Da Decoration have all reported business difficulties over the past year. The former "Stock of Home Decoration" Dongyi Risheng is also facing the crisis of suspension and review.

On the evening of November 13, *ST Dongyi announced that since the company's stock price increased by 241.59% from the evening of September 26, 2025, after disclosing the "Announcement on the Selection of Restructuring Investors and the Signing of Restructuring Investment Agreement and the Progress of Pre-restructuring," to November 13, 2025, there were nine abnormal fluctuations in the stock price. The company will conduct an investigation into the fluctuation of the stock trading. As a result, the company's stock was suspended from trading on November 14, 2025, and will resume trading after the investigation is completed and the relevant announcement is disclosed, with the expected suspension period not exceeding 3 trading days.

The instability of whole-home decoration companies also affects the financial security of downstream suppliers. Behind the cases of home decoration companies running away with money, there are many more suppliers who have been unable to receive payment for materials. A sample of disputes between 4 tile enterprises and home decoration companies since 2025 shows that there have been a total of 35 lawsuits involving large-scale decoration companies, most of which are for sales contract disputes.

Some distributors believe that the "meltdown" of home decoration companies to some extent is also a good thing, as it is conducive to the elimination and clearing of upstream decoration companies, and with the elimination and exit of some "sheep's head and dog's flesh" decoration companies, suppliers' cooperation will become more stable and clear.

Source: Taocheng Daily

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