Core Viewpoint - *ST WanFang (000638) announced that its stock price has experienced an abnormal fluctuation, with a cumulative decline of 15.61% over three consecutive trading days [1] Company Situation - The company confirmed that it has not identified any undisclosed significant information that could have impacted its stock price [1] - The current operational situation of the company is normal, and there have been no significant changes in the internal and external operating environment [1] - The company, its controlling shareholder, and actual controller have no undisclosed significant matters related to the company [1]

证券代码：000638 证券简称：*ST 万方 公告编号：2025-075 万方城镇投资发展股份有限公司 关于股票交易异常波动的公告 本公司及其董事会全体成员保证信息披露内容的真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、股票交易异常波动情况 万方城镇投资发展股份有限公司（以下简称"公司"）股票连续三个交易日 （2025 年 11 月 5 日至 2025 年 11 月 7 日）收盘价格跌幅累计偏离值为 15.61%， 根据《深圳证券交易所交易规则》（2023 年修订）的第 5.4.3 条规定，ST 和*ST 主板股票连续三个交易日内日收盘价涨跌幅偏离值累计达到±12%的属于股票交 易异常波动。 二、公司关注并核实相关情况 针对公司股票交易异常波动，公司对有关事项进行了核查，并函询了公司控 股股东及实际控制人，现就有关情况说明如下： 公司董事会确认，公司目前没有根据《深圳证券交易所股票上市规则》等有 关规定应予以披露而未披露的事项或与该事项有关的筹划、商谈、意向、协议等； 董事会也未获悉公司有根据《深圳证券交易所股票上市规则》等有关规定应予以 披露而未披露的、对公司股票及其衍生品种交易价格产生较 ...

Core Insights - The military electronics sector experienced a decline of 0.25% on November 7, with *ST WanFang leading the drop [1][2] - The Shanghai Composite Index closed at 3997.56, down 0.25%, while the Shenzhen Component Index closed at 13404.06, down 0.36% [1] Stock Performance - Notable gainers in the military electronics sector included: - Xicet Testing (301306) with a closing price of 62.17, up 6.27% [1] - Shanghai ChaoXun (300762) at 26.25, up 6.06% [1] - Shaanxi Huada (301517) at 46.05, up 3.14% [1] - Conversely, *ST WanFang (000638) saw a significant decline of 5.05%, closing at 6.77 [2] Capital Flow - The military electronics sector saw a net outflow of 97.25 million yuan from institutional investors, while retail investors experienced a net outflow of 75.80 million yuan [2][3] - Notable capital inflows included: - Shenglu Communication (002446) with a net inflow of 80.13 million yuan from institutional investors [3] - Shanghai HanXun (300762) with a net inflow of 10.80 million yuan [3]

New Stock Listings - Daming Electronics (603376) listed at an issue price of 12.55 on November 6, 2025[1] - Haixia Innovation (300300) and Jiangbolong (301308) reported severe abnormal fluctuations on November 4, 2025[1] - Several companies including Xiangnan Xinchuan (300475) and Lansi Heavy Industry (603169) also reported abnormal fluctuations in late October[1] Abnormal Fluctuations - ST Bosen (002569) reported a fluctuation of 5939 on November 5, 2025[2] - Hailu Heavy Industry (002255) experienced a fluctuation of 5812 on November 5, 2025[2] - ST Aowei (002231) had a fluctuation of 5668 on November 5, 2025[2] - Rongke Technology (300290) reported a fluctuation of 4706 on November 3, 2025[2] - ST Xiongmao (600599) had a fluctuation of 5001 on November 4, 2025[2]

Market Overview - The military electronics sector experienced a decline of 0.48% on November 5, with *ST WanFang leading the drop [1] - The Shanghai Composite Index closed at 3969.25, up 0.23%, while the Shenzhen Component Index closed at 13223.56, up 0.37% [1] Stock Performance - Notable gainers in the military electronics sector included: - Xicetest (301306) with a closing price of 59.71, up 1.98% [1] - Gaoling Information (688175) at 25.46, up 1.80% [1] - Hualichuangtong (300045) at 23.80, up 1.80% with a trading volume of 407,900 shares and a transaction value of 972 million [1] - Major decliners included: - *ST WanFang (000638) at 7.51, down 4.94% with a trading volume of 17,100 shares and a transaction value of 12.86 million [2] - Jingpin Special Equipment (688084) at 85.18, down 4.24% [2] Capital Flow - The military electronics sector saw a net outflow of 710 million from institutional investors, while retail investors contributed a net inflow of 551 million [2] - Specific stock capital flows included: - Hualichuangtong (300045) with a net inflow of 24.82 million from institutional investors [3] - Huojuzhihui (603678) with a net inflow of 21.01 million from institutional investors [3] - Zhongguangxue (002189) with a net inflow of 7.94 million from retail investors [3]

Group 1 - The restructuring protein concept declined by 1.06%, ranking among the top declines in concept sectors, with *ST WanFang hitting the limit down [1] - Within the restructuring protein sector, major declines were seen in He Yuan Bio, San Sheng Guo Jian, and Hua Xi Bio, while 15 stocks experienced price increases, with InnoTech, Dezheng Health, and Ao Pu Mai leading the gains at 1.72%, 1.36%, and 1.33% respectively [1][2] Group 2 - The restructuring protein sector saw a net outflow of 542 million yuan from main funds, with 33 stocks experiencing outflows, and 13 stocks seeing outflows exceeding 10 million yuan [2] - He Yuan Bio had the highest net outflow of 277 million yuan, followed by Rejing Bio, Hua Xi Bio, and Hua Lan Bio with net outflows of 38.27 million yuan, 34.39 million yuan, and 32.92 million yuan respectively [2][3] Group 3 - The top stocks with net inflows in the restructuring protein sector included Jianyou Co., Xilong Science, and Borui Pharmaceutical, with net inflows of 17.18 million yuan, 13.67 million yuan, and 8.93 million yuan respectively [4]

Macroeconomic News - The State Council announced the holiday schedule for 2026, including a 3-day break for New Year's, a 9-day break for Spring Festival, and a 5-day break for Labor Day [2] - The Ministry of Commerce responded to questions regarding ASML, stating that the Dutch government interfered with the company's internal affairs and that ASML (Netherlands) announced on October 26 to stop supplying wafers to ASML (China), causing disruptions in the global semiconductor supply chain [2] - The People's Bank of China will conduct a 700 billion yuan reverse repurchase operation on November 5, 2025, to maintain liquidity in the banking system [3] - In October, the central bank resumed trading of government bonds, with a net injection of 20 billion yuan [3] - The U.S. Senate failed to pass a temporary funding bill again, leading to a record government shutdown [3] Company News - Fuyao Glass announced a change in its legal representative from Cao Dewang to his son, Cao Hui [8] - Industrial Fulian reported a cumulative repurchase of 0.04% of its shares, amounting to 147 million yuan as of October 31 [9] - True Love Home announced plans for a change in control, leading to a stock suspension [10] - ST Wanfang disclosed that its stock price volatility was mainly due to market speculation regarding a change in control [11] - Siwei Liekong announced the dismissal of Deputy General Manager Zhao Jianzhou, who is under investigation [12] - Haichuang Pharmaceutical completed the enrollment of the first batch of participants in the Phase II clinical trial for its drug HP515, targeting metabolic-associated fatty liver disease [13] - Midea Group has repurchased a total of 9.575 billion yuan of its A-shares [14] - Tianpu Co. completed the transfer of shares with its controlling shareholder and a related party [15] - Baili Tianheng's innovative biopharmaceutical T-Bren (HER2ADC) has been included in the list of breakthrough therapy varieties [16] - Redik announced plans to acquire a 20.41% stake in robotics and brain-computer interface company Aoyi Technology for 160 million yuan [17] Global Market - U.S. stock indices collectively fell, with the Nasdaq down 2.04%, S&P 500 down 1.17%, and Dow Jones down 0.53% [18] - Major technology stocks declined, with Intel dropping over 6%, Tesla over 5%, and Nvidia nearly 4% [18] - Cryptocurrency stocks saw significant declines, with Bakkt down nearly 20% and Galaxy Digital down over 10% [18] - European major indices mostly closed lower, with Germany's DAX30 down 0.6% [18] Investment Opportunities - The robot industry in China saw a revenue increase of 29.5% year-on-year in the first three quarters of this year, with industrial robot production reaching 595,000 units and service robot production reaching 13.5 million units, surpassing the total production for 2024 [23] - Dongfang Securities believes that the industry is expected to enter a mass production phase next year, benefiting component manufacturers with excellent manufacturing and management capabilities [24] - SK Hynix announced the development of new storage products, including AI-DRAM and AI-NAND, and is deepening partnerships to advance AI manufacturing technology [25] - Guotai Junan Securities noted that the storage industry has entered a new upcycle, driven by the increasing demand for memory capacity due to AI model training and inference [25]

Core Viewpoint - The company, WanFang Urban Investment Development Co., Ltd., is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, which may lead to significant risks including potential delisting of its stock [1][2][6]. Group 1: Investigation and Regulatory Actions - On July 25, 2025, the company received a notice from the CSRC regarding the initiation of an investigation due to suspected violations of information disclosure laws [1][2]. - The investigation is ongoing, and the company has not yet received a conclusive opinion or decision from the CSRC [2][6]. - If the CSRC finds substantial violations, the company's stock may face mandatory delisting under Shenzhen Stock Exchange rules [2][6]. Group 2: Stock Trading and Market Reactions - The company's stock experienced an abnormal trading fluctuation, with a cumulative closing price increase of 16.73% over three consecutive trading days (October 31, November 3, and November 4, 2025) [7]. - The company has noted that recent market rumors regarding a potential change in control have led to excessive interpretations and reactions, contributing to the stock price volatility [8][14]. - The company reassures that it has not identified any undisclosed significant information that could impact stock trading prices [9][11]. Group 3: Financial Performance - As of September 30, 2025, the company reported total assets of 265.74 million yuan, net assets of 139.49 million yuan, and an operating income of 175.54 million yuan, with a net profit attributable to shareholders of -8.59 million yuan, representing a 164.64% decline compared to the same period last year [16].

Core Points - The Shanghai Composite Index closed at 3960.19 points with a decline of 0.41% on November 4, while the Shenzhen Component Index and the ChiNext Index fell by 1.71% and 1.96% respectively [1] - A total of 1949 stocks saw an increase in average transaction volume, with 47 stocks experiencing a rise of over 50% [1] - Notable stocks with significant increases in transaction volume include Moen Electric, Luopus Gold, and Hanjian Heshan, among others [1] Transaction Volume Highlights - Moen Electric (002451) had a daily increase of 10.03% with an average transaction volume of 3517 shares, showing a remarkable increase of 421.04% [1] - Luopus Gold (002333) also increased by 10.02% with an average transaction volume of 2971 shares, reflecting a 235.83% rise [1] - Hanjian Heshan (603616) rose by 10.09% with an average transaction volume of 2786 shares, marking a 228.39% increase [1] Transaction Count Highlights - ST Fuhua (600624) recorded a transaction count increase of 2336.18% with 22218 transactions, despite a slight decline of 0.32% in stock price [2] - *ST Aowei (002231) saw a 1367.99% increase in transaction count with 8896 transactions, while its stock price rose by 0.88% [2] - ST Xinhua Jin (600735) had a transaction count increase of 1362.33% with 34862 transactions, with a minor price increase of 0.13% [2] Stocks with Significant Increases in Both Volume and Count - Bofei Electric (001255) had a daily increase of 10.01%, with an average transaction volume of 908 shares (194.55% increase) and a transaction count of 5309 (55.46% increase) [3] - *ST Baoying (002047) increased by 4.95%, with an average transaction volume of 9153 shares (182.43% increase) and a transaction count of 661 (196.41% increase) [4] - Zhongmin Energy (002047) rose by 9.96%, with an average transaction volume of 2935 shares (141.43% increase) and a transaction count of 26089 (118.24% increase) [4]

Core Viewpoint - *ST WanFang (000638.SZ) has experienced abnormal stock price fluctuations due to market rumors regarding a potential change in control, which has been overstated and misinterpreted [1] Group 1: Company Situation - The major shareholder, WanFang Yuan, received an "Execution Ruling" on October 10, 2025, indicating that the 90.86 million shares held by WanFang Yuan have failed to sell in two auctions [1] - Jiutai Rural Commercial Bank has applied to the Changchun Intermediate Court to accept the shares at the reserve price set for the second auction as compensation for debts [1] - Following the transfer of these shares, WanFang Yuan will lose its status as the largest shareholder and will no longer hold any shares in the company, leading to risks of changes in the controlling shareholder or actual controller [1]