Core Viewpoint - The major shareholder of *ST WanFang has changed due to a judicial transfer of shares, with Jilin Jiutai Rural Commercial Bank becoming the new largest shareholder, holding 90,860,000 shares, which accounts for 29.18% of the total share capital [1][2] Group 1: Shareholder Changes - The original largest shareholder, WanFang Yuan, has transferred its 90,860,000 shares to Jilin Jiutai Rural Commercial Bank, completing the judicial transfer process [1] - Following this transfer, WanFang Yuan no longer holds any shares in the company, and the voting rights previously entrusted to Huide Industrial have also been lost [2] Group 2: Governance and Control - Jilin Jiutai Rural Commercial Bank has stated that it does not intend to participate in the daily operations or financial decisions of the company [2] - The bank has committed not to delegate its voting rights to third parties or control the majority of the board of directors for 18 months following the transfer [2] - As a result of these changes, the company will operate without a controlling shareholder or actual controller, which is not expected to negatively impact its daily operations or independence [2]

Core Viewpoint - *ST WanFang (000638.SZ) has signed loan agreements totaling 39.98 million yuan with several financial institutions, and the company has provided joint liability guarantees for these loans. As of December 19, 2025, the company failed to repay 38.56 million yuan of the due debt, which constitutes 25.52% of its latest audited net assets [1] Group 1 - The company has entered into loan contracts with Jiutai Rural Commercial Bank, Liaoyuan Rural Commercial Bank, and Dongliao Credit Cooperative for a total amount of 39.98 million yuan [1] - The loans are due on December 18, 2025, and the company has provided guarantees for the principal, interest, and penalties associated with these loans [1] - As of the announcement date, the company has no overdue external guaranteed loans or any litigation-related guarantee amounts [1] Group 2 - On December 19, 2025, the company was unable to repay the due debt of 38.56 million yuan and did not sign a renewal contract with creditors in a timely manner [1] - The unpaid principal of the due debt accounts for 25.52% of the company's most recent audited net assets [1] - To protect its interests in the guarantee business, the company has required Hebei Weidomei, a 40% shareholder of WanFang Maijie, to provide counter-guarantees in proportion to its investment, and a counter-guarantee agreement has been signed [1]

致：香港交易及結算所有限公司 公司名稱: 中亞烯谷集團有限公司 呈交日期: 2025年12月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00063 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 20,000,000,000 | HKD | | 0.05 HKD | | 1,000,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 20,000,000,000 | HKD | | 0.05 HKD | | 1,000,000,000 | 本月底法定/註冊股本總額： HKD 1,000,000,000 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年1 ...

Summary of Key Points Core Viewpoint - *ST WanFang (000638) has experienced a significant decline in stock price, raising concerns about potential control changes and risks of forced delisting due to ongoing investigations and financial performance issues [1][3]. Trading Information - As of November 7, 2025, *ST WanFang closed at 6.77 yuan, down 5.05%, with a trading volume of 415,500 shares and a turnover of 28.2 million yuan [1]. - The stock has seen a continuous decline for three days, with two out of the last five trading days experiencing declines exceeding 5% [1][3]. - Over the past ten trading days, there has been a cumulative net outflow of 106 million yuan from major funds, despite a 17.94% increase in stock price during that period [1]. Fund Flow - On November 7, 2025, major funds saw a net inflow of 5.26 million yuan, marking an end to the recent trend of net outflows [1][3]. - Retail investors contributed a net inflow of 712,100 yuan, while speculative funds experienced a net outflow of 5.98 million yuan [1]. Company Announcements - The stock has triggered an abnormal trading fluctuation due to a cumulative price drop of 15.61% over three consecutive trading days [1][3]. - The company confirmed that there are no undisclosed matters affecting its operations, but there is a risk of control change due to the potential liquidation of 90.86 million shares held by the controlling shareholder [1]. - The company is under investigation by the China Securities Regulatory Commission for alleged violations of information disclosure, which poses a significant risk of forced delisting [1][3]. - For the first three quarters of 2025, the company reported a net profit of -8.59 million yuan, with a price-to-earnings ratio significantly higher than the industry average [1].

Core Viewpoint - *ST WanFang (000638.SZ) experienced an abnormal stock price fluctuation, with a cumulative closing price increase of 16.73% over three consecutive trading days (October 31, 2025, November 3, 2025, and November 4, 2025) [1] Summary by Relevant Sections - Stock Price Movement - The stock price of *ST WanFang has shown a significant increase, with a cumulative rise of 16.73% over the specified trading days, indicating unusual trading activity [1] - Market Speculation - The company has noted that recent market rumors regarding a potential change in control have led to excessive interpretation and speculation, contributing to the abnormal stock price volatility [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中亞烯谷集團有限公司 呈交日期: 2025年11月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00063 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 20,000,000,000 | HKD | | 0.05 HKD | | 1,000,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 20,000,000,000 | HKD | | 0.05 HKD | | 1,000,000,000 | 本月底法定/註冊股本總額： HKD ...

Core Viewpoint - *ST WanFang (000638.SZ) announced the early termination of the share reduction plan by Shuangyang Rural Commercial Bank, which has reduced its holdings by 3,113,800 shares, accounting for 1.00% of the company's total share capital [1] Summary by Relevant Sections - **Share Reduction Plan** - Shuangyang Rural Commercial Bank decided to terminate its share reduction plan ahead of schedule [1] - As of the announcement date, the bank has cumulatively reduced its holdings by 3,113,800 shares [1] - The reduction was executed entirely through centralized bidding, representing 1.00% of the company's total share capital [1]

Core Insights - Alloy Investment reported a significant increase in revenue and net profit for Q3 2025, with revenue reaching 65.71 million yuan, a year-on-year growth of 21.61%, and net profit attributable to shareholders soaring to 2.68 million yuan, marking a staggering increase of 4985.25% [1][2]. Financial Performance - Q3 2025 revenue: 65.71 million yuan, up 21.61% year-on-year [2]. - Net profit attributable to shareholders for Q3 2025: 2.68 million yuan, up 4985.25% year-on-year [1][2]. - Year-to-date revenue for the first three quarters: 230 million yuan, up 54.61% year-on-year [1][2]. - Year-to-date net profit for the first three quarters: 7.26 million yuan, up 124.87% year-on-year [1][2]. Earnings Metrics - Basic earnings per share for Q3 2025: 0.0070 yuan, an increase of 6900.00% [2]. - Diluted earnings per share for Q3 2025: 0.0070 yuan, an increase of 6900.00% [2]. - Year-to-date basic earnings per share: 0.0188 yuan, up 123.81% [2]. - Year-to-date diluted earnings per share: 0.0188 yuan, up 123.81% [2]. Cash Flow and Return Ratios - Net cash flow from operating activities for the first three quarters: 17.06 million yuan, up 3989.77% [2]. - Weighted average return on equity for Q3 2025: 1.37%, an increase of 1.34 percentage points [2]. - Weighted average return on equity year-to-date: 3.77%, an increase of 1.98 percentage points [2]. Market Performance - Alloy Investment's stock price increased by 2.71% to 6.82 yuan, with a market capitalization of 2.6 billion yuan [1][3].

Core Insights - The non-ferrous metal sector is experiencing significant price increases, particularly in copper and gold, leading to stock price surges for major companies like Tongling Nonferrous Metals and Jiangxi Copper [1][2] Group 1: Company Performance - Tongling Nonferrous Metals reported a 20% cumulative deviation in stock price over three trading days, indicating abnormal trading activity, but confirmed that there are no significant changes in its operational environment [1] - Jiangxi Copper also noted a 20% cumulative deviation in stock price, with its production activities remaining normal [2] - In the first half of the year, Tongling Nonferrous Metals achieved a revenue of 76.08 billion yuan and a net profit of 1.441 billion yuan [1] Group 2: Market Trends - The prices of key products, including cathode copper and gold, have seen substantial increases recently, contributing to the stock price movements of the companies [1][2] - In the first half of 2025, Jiangxi Copper's net profit reached 4.175 billion yuan, marking a year-on-year growth of 15.42% [3] - International gold prices have recently surpassed 4,000 USD per ounce, driven by factors such as U.S. government shutdown concerns, expectations of interest rate cuts, and ongoing global central bank gold purchases [3]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中亞烯谷集團有限公司 呈交日期: 2025年10月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00063 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 20,000,000,000 | HKD | | 0.05 HKD | | 1,000,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 20,000,000,000 | HKD | | 0.05 HKD | | 1,000,000,000 | 本月底法定/註冊股本總額： HKD 1 ...