中天国富证券有限公司 关于 万方城镇投资发展股份有限公司 详式权益变动报告书 之 财务顾问核查意见 二〇二五年十二月 中天国富证券有限公司关于万方城镇投资发展股份有限公司详式权益变动报告书之财务顾问核查意见 声 明 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司收购 管理办法》《公开发行证券的公司信息披露内容与格式准则第 15 号——权益变 动报告书》《公开发行证券的公司信息披露内容与格式准则第 16 号——上市公 司收购报告书》等法律、法规的规定，中天国富证券有限公司按照证券行业公认 的业务标准、道德规范和勤勉尽责精神，对本次信息披露义务人披露的《万方城 镇投资发展股份有限公司详式权益变动报告书》进行核查，并出具核查意见。 为使相关各方恰当地理解和使用本核查意见，本财务顾问特别声明如下： 1、本财务顾问已按照规定履行了尽职调查义务，对信息披露义务人披露的 《详式权益变动报告书》进行了核查，确信披露文件内容与格式符合规定，并保 证所发表的专业意见与信息披露义务人披露内容不存在实质性差异； 2、本财务顾问所依据的有关资料由信息披露义务人提供。信息披露义务人 已做出声明，保证其所提供的所有文件、材 ...

Core Viewpoint - *ST Wanfang is facing significant challenges, including a change in controlling shareholder, ongoing investigations, and declining performance, leading to a sharp drop in stock price and investor confidence [2]. Group 1: Company Performance - The company reported a net profit of -8.59 million yuan for the first three quarters of 2025, a year-on-year decline of 164.64% [2]. - The total market capitalization of *ST Wanfang is 1.563 billion yuan, with a circulating market value of 1.557 billion yuan [1]. Group 2: Regulatory and Compliance Risks - The company is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure, posing a significant risk of forced delisting if financial indicators for 2025 are not met [2]. - The company's ESG rating has declined, with an environmental score of 42.22 (CCC), a social responsibility score of 50.22 (BB), and a governance score of 69.61 (A), reflecting poor performance in these areas [2]. Group 3: Market Sentiment and Investor Behavior - On December 22, 2025, the company was included in the "Dragon and Tiger List," with institutional investors net selling 27.30 million yuan, indicating a lack of confidence in the company's future [2]. - The total trading volume on the day of the stock's limit down was 46.09 million yuan, with a price drop of 4.92% to 5.02 yuan [1].

Group 1 - Rhine Biotech plans to change control by acquiring 80% stake in Beijing Jinkangpu, with the current controlling shareholder transferring 60 million shares (8.09% of total shares) and relinquishing voting rights on 189 million shares (25.5% of total shares) [1][2] - The acquisition is expected to be completed after the transfer of shares and the board of directors' restructuring, making Guangzhou Defu Nutrition the new controlling shareholder [1] - The specific transaction price for the acquisition of Beijing Jinkangpu is yet to be determined, and the transaction is not expected to constitute a major asset restructuring [2] Group 2 - Shida Shenghua and Bertli are planning to list H-shares on the Hong Kong Stock Exchange, with both companies considering the interests of existing shareholders and market conditions [3] - The listing process for both companies is in discussion with relevant intermediaries, and specific details have not yet been finalized [3] Group 3 - Ningbo Huaxiang's subsidiary has signed a contract for the production of robot joints, which is expected to positively impact future operating performance starting from January 2026 [4] Group 4 - Ningbo Port plans to acquire 100% of the equity of Zhoushan Port Comprehensive Bonded Zone Terminal for 706 million yuan to resolve competition issues [7] - The company aims to enhance its operational capabilities through this acquisition [7] Group 5 - Huaxin Building Materials' major shareholder plans to increase its stake in the company by 200 to 400 million yuan within six months [12] - The shareholder has secured a loan commitment of up to 360 million yuan from a bank to facilitate this purchase [12]

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]

重要内容提示： 万方城镇投资发展股份有限公司 关于公司变更为无控股股东、无实际控制人的提示性公告 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。 证券代码：000638 证券简称：*ST万方 公告编号：2025-090 1、本次权益变动后，九台农商行成为公司第一大股东，公司变更为无控股 股东、无实际控制人。 2、公司处于无控股股东、无实际控制人的状态不会对公司日常经营活动产 生不利影响，不会影响公司在业务、资产、机构、人员、财务等方面的独立性。 截至本公告披露日，公司经营正常，管理团队稳定，公司仍具有规范的法人治理 结构及独立经营的能力。 一、概述 1、2025 年 10 月 10 日，万方城镇投资发展股份有限公司（以下简称"公司"） 原第一大股东北京万方源房地产开发有限公司（以下简称"万方源"）收到《吉 林省长春中级人民法院执行裁定书》（以下简称"《执行裁定书》"）（(2025) 吉 01 执 119 号之五），因万方源所持公司股票 90,860,000 股两次拍卖均已流拍， 吉林九台农村商业银行股份有限公司（以下简称"九台农商行"）向吉林省长春 中级人民 ...

万方城镇投资发展股份有限公司 详式权益变动报告书 | 上市公司名称： | 万方城镇投资发展股份有限公司 | | --- | --- | | 股票上市地： | 深圳证券交易所 | | 股票简称： | 万方 *ST | | 证券代码： | 000638 | | 信息披露义务人： | 吉林九台农村商业银行股份有限公司 | 住所/通讯地址： 吉林省长春市九台区新华大街 504 号 股份变动性质：股份增加（执行司法裁定） 签署日期：二〇二五年十二月 万方城镇投资发展股份有限公司 详式权益变动报告书 信息披露义务人声明 一、本报告书系依据《中华人民共和国证券法》《上市公司收购管理办法》 《公开发行证券的公司信息披露内容与格式准则第 15 号——权益变动报告书》 《公开发行证券的公司信息披露内容与格式准则第 16 号——上市公司收购报告 书》等相关法律、法规和规范性文件编制。 二、依据《中华人民共和国证券法》《上市公司收购管理办法》的规定，本 报告书已全面披露了信息披露义务人在万方城镇投资发展股份有限公司中拥有 权益的股份。截至本报告书签署之日，除本报告书披露的信息外，信息披露义务 人没有通过任何其他方式在万方城镇投资发展 ...

Core Viewpoint - The announcement indicates a significant change in the ownership structure of *ST WanFang, with Jilin Jiutai Rural Commercial Bank becoming the largest shareholder after the judicial transfer of shares from the original major shareholder, Beijing WanFangyuan Real Estate Development Co., Ltd [1] Group 1: Ownership Changes - Jilin Jiutai Rural Commercial Bank has become the largest shareholder of the company following the judicial transfer of shares [1] - The company now has no controlling shareholder, as the previous controlling shareholder, Baishan City Huide Industrial Co., Ltd., has been replaced [1] - The actual controller has changed from the Finance Bureau of Jiangyuan District, Baishan City, to having no actual controller [1] Group 2: Impact on Operations - The change in ownership structure is not expected to adversely affect the company's daily operations [1] - The company maintains a sound corporate governance structure and the ability to operate independently [1]

Core Insights - The article highlights the performance of the stock market on December 23, with the Shanghai Composite Index closing at 3919.98 points, up 0.07%, and the Shenzhen Component Index at 13368.99 points, up 0.27% [1] - A total of 68 stocks hit the daily limit up, while 16 stocks hit the limit down, indicating a mixed market sentiment [1] - The article identifies that 6 stocks had a single order amount exceeding 300 million yuan, with Hainan Development, Victory Energy, and Jiamei Packaging leading the pack [1] Stock Performance - Over 1500 stocks rose, accounting for more than 27% of the total, while over 3800 stocks declined [1] - The overall limit-up rate was 68.69%, with 31 stocks failing to maintain their limit-up status [1] - The industries with the most stocks hitting the limit up included machinery equipment, basic chemicals, and construction decoration, each contributing 7 stocks [1] Notable Stocks - Among the limit-up stocks, 14 were ST (special treatment) stocks, indicating financial difficulties [1] - Victory Energy has achieved the highest consecutive limit-up days, with a total of 8 [1] - The stocks with significant order strength included Chuhuan Technology, Jitai Co., and Victory Energy, with order strengths of 25.61%, 9.26%, and 8.09% respectively [2]

Market Overview - As of December 22, the Shanghai Composite Index closed at 3917.36 points, with a change of +0.69% [1] - The Shenzhen Component Index closed at 13332.73 points, with a change of +1.47% [1] - The ChiNext Index closed at 3191.98 points, with a change of +2.23% [1] Trading Volume Analysis - A total of 2494 stocks saw an increase in average transaction volume, with 62 stocks experiencing an increase of over 50% [1] - Notable stocks with significant increases in average transaction volume include *ST Ningke, Huatai, and Libote [1] - Conversely, 2067 stocks reported a decrease in average transaction volume [1] Active Stocks - The stocks with the highest increase in average transaction volume include: - *ST Ningke: +293.98% with an average transaction of 6786 shares [1] - Huatai: +179.00% with an average transaction of 1473 shares [1] - Libote: +169.14% with an average transaction of 1445 shares [1] Transaction Count Analysis - The stocks with the highest increase in transaction count include: - *ST Ningke: +6187.38% with 6476 transactions [2] - Luyuan Pharmaceutical: +5384.46% with 95978 transactions [2] - Huati Technology: +1860.89% with 76651 transactions [2] Stocks with Significant Increases - Stocks that saw both average transaction volume and transaction count increase by over 50% include: - *ST Ningke: +293.98% in volume and +6187.38% in transaction count [3] - *ST Aowei: +111.93% in volume and +1375.37% in transaction count [4] - Chuangyuan Technology: +94.88% in volume and +481.09% in transaction count [4]

Core Viewpoint - The announcement indicates that BaiShan City HuiDe Industrial Co., Ltd. has lost voting rights over 80.444 million shares of the listed company due to the expiration of the voting rights entrustment agreement [1] Group 1 - BaiShan City HuiDe Industrial Co., Ltd. now holds 0 shares and has a 0% stake in the listed company following the change in equity [1]