Core Viewpoint - The auction of 90.86 million shares held by the major shareholder, Wanfangyuan, of *ST Wanfang has failed due to no bids, which does not change the company's control [1][2][4] Group 1: Auction Details - The auction was scheduled from September 2 to September 3, 2025, on the Taobao judicial auction platform, involving 90.86 million shares, representing 100% of Wanfangyuan's holdings and 29.18% of the total share capital of the company [1][2] - The auction results indicated that all items were "unsold, no bids," confirming the failure of the auction [2] Group 2: Shareholder Status - Wanfangyuan holds 90.86 million shares, which are fully pledged and frozen, representing 29.18% of the total share capital [3] - There is a risk of future auctions for these shares, as they may still be subject to judicial sale [1][2] Group 3: Control and Governance - If the shares were to be sold and transferred, Wanfangyuan would lose its status as the major shareholder, leading to a potential change in the company's controlling shareholder and actual controller [4] - The company has disclosed risks associated with potential changes in control to its board and major shareholders [4] Group 4: Regulatory Issues - The company is under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure laws [4]

Core Viewpoint - The auction of 90.86 million shares held by the major shareholder, Wanfangyuan, of *ST Wanfang was unsuccessful, resulting in no change in the company's control [1][2]. Group 1: Auction Details - The auction was scheduled by the Changchun Intermediate Court from September 2 to September 3, 2025, but all shares were left unsold due to lack of bids [1][2]. - The shares represent 100% of Wanfangyuan's holdings and 29.18% of the total share capital of *ST Wanfang [1][2]. Group 2: Shareholder Status - Wanfangyuan's shares are fully pledged and frozen, with a total of 90.86 million shares involved, which is 100% of its holdings and 29.18% of the total share capital [3]. - There is a risk of future auctions or disposals of these shares, which could lead to changes in control [1][2]. Group 3: Business Operations - *ST Wanfang's main business focuses on agriculture and military industries, producing raw grains and precision components for various sectors [1]. - The agricultural segment includes products like corn and rice, while the military segment provides precision machining and special welding services for aerospace and defense [1]. Group 4: Control and Governance - If the shares were to be successfully auctioned and transferred, Wanfangyuan would lose its status as the major shareholder, potentially leading to a change in control and the automatic invalidation of voting rights previously delegated to Huide Industrial [4]. - The company is currently under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure regulations [4].

1、2025 年 9 月 3 日，公司通过淘宝网司法拍卖网络平台查询获悉：长春中 院于 2025 年 9 月 2 日 10 时起至 2025 年 9 月 3 日 10 时止（延时的除外）在淘宝 网司法拍卖网络平台上对公司大股东万方源所持公司股票 90,860,000 股（占其所 持有公司股份比例 100%，占公司总股本的 29.18%）的拍卖，因无人竞价，均已 流拍。本次拍卖未导致公司控制权发生变更。 2、万方源持有的公司股票 90,860,000 股尚存被第二次司法拍卖和后续被处 置的可能。若再次拍卖，后续可能仍涉及竞拍、流拍、缴款、股权变更过户等环 节，拍卖结果仍存在不确定性。 鉴于，万方源分别于 2021 年 8 月 26 日和 2021 年 8 月 31 日与惠德实业签订 了《表决权委托协议》及《表决权委托协议之补充协议》，根据协议，万方源将 持有的公司股份 80,444,000 股（公司总股本为 311,386,551 股，占公司总股本的 25.83%）对应的表决权无条件且不可撤销地全部委托惠德实业行使，委托期限为 协议生效之日起五年。就此，惠德实业成为公司的控股股东，白山市江源区财政 局成为公司实 ...

9月2日，*ST万方大宗交易成交50万股，成交额230万元，占当日总成交额的2.53%，成交价4.6元，较市 场收盘价4.7元折价2.13%。 | 交易日期 | 证券代码 | 证券简称 | 成交价格 (元) | 成交量 (万股/万份) | 成交金额 (万元) | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-09-02 | 000638 | *ST万方 | 4.60 | 50.00 | 230.00 | 东北证券股份有限 | 联储证券股份有限 | | | | | | | | 公司烟台分公司 | 公司烟台分公司 | ...

Core Viewpoint - *ST WanFang (000638) reported a significant increase in total revenue but a substantial decline in net profit for the first half of 2025, indicating financial distress despite revenue growth [1][3]. Financial Performance - Total revenue for the first half of 2025 reached 153 million yuan, a year-on-year increase of 215.85% compared to 48.30 million yuan in the same period of 2024 [1]. - The net profit attributable to shareholders was -5.02 million yuan, reflecting a year-on-year decline of 579.78% from a profit of 1.05 million yuan in 2024 [1]. - In Q2 2025, total revenue was 51.52 million yuan, up 149.04% year-on-year, while the net profit attributable to shareholders was -2.50 million yuan, down 155.21% [1]. Profitability Metrics - The gross margin decreased to 4.34%, a drop of 55.93% from 9.85% in the previous year [1]. - The net margin fell to -4.20%, a significant decline of 3464.72% compared to -0.12% in 2024 [1]. - The total of selling, administrative, and financial expenses was 11.61 million yuan, accounting for 7.61% of revenue, down 67.72% year-on-year [1]. Balance Sheet Indicators - The company reported a significant accounts receivable issue, with accounts receivable amounting to 28.00 million yuan, which is 262.91% of the net profit [1]. - Cash and cash equivalents increased to 24.51 million yuan, a rise of 36.26% from 17.99 million yuan in 2024 [1]. - Interest-bearing debt decreased to 45.42 million yuan, down 36.92% from 72.01 million yuan in the previous year [1]. Cash Flow and Return Metrics - The operating cash flow per share was -0.06 yuan, a decline of 148.59% from -0.03 yuan in 2024 [1]. - The company's return on invested capital (ROIC) was 3.77%, indicating weak capital returns, with a historical median ROIC of 3.71% over the past decade [3]. - The average net cash flow from operating activities over the past three years has been negative, raising concerns about liquidity [3].

Core Insights - *ST WanFang reported a total operating revenue of 153 million yuan for the first half of 2025, ranking 45th among disclosed peers, with a year-on-year increase of 104 million yuan, representing a 215.85% growth [1] - The company recorded a net profit attributable to shareholders of -5.024 million yuan, ranking 34th among peers, which is a decrease of 607.11 million yuan compared to the same period last year, reflecting a decline of 579.78% [1] - Operating cash flow showed a net outflow of -20.0616 million yuan, ranking 26th among peers, with a decrease of 11.9915 million yuan year-on-year [1] Financial Ratios - As of June 30, 2025, *ST WanFang's debt-to-asset ratio was 47.67%, ranking 51st among peers, with a decrease of 5.06 percentage points from the previous quarter and a decrease of 3.78 percentage points year-on-year [3] - The latest gross profit margin was 4.34%, ranking 58th among peers, with an increase of 1.40 percentage points from the previous quarter but a decrease of 5.51 percentage points year-on-year [3] - Return on equity (ROE) was -3.49%, ranking 50th among peers, which is a decrease of 4.11 percentage points compared to the same period last year [3] - The diluted earnings per share were -0.02 yuan, ranking 34th among peers, with a decrease of 0.02 yuan year-on-year, reflecting a decline of 573.53% [3] Efficiency Metrics - The total asset turnover ratio was 0.53 times, ranking 1st among disclosed peers, with an increase of 0.43 times year-on-year, representing a growth of 400.66% [4] - The inventory turnover ratio was 3.81 times, also ranking 1st among peers, with an increase of 2.61 times year-on-year, reflecting a growth of 216.67% [4]

Group 1 - The company *ST WanFang (SZ 000638) announced the convening of its 10th Board of Directors' third meeting on August 27, 2025, held via communication methods [1] - The meeting reviewed the proposal regarding the full text and summary of the 2025 semi-annual report [1] Group 2 - The article mentions that over 20,000 applications have been submitted for joining Haidilao, with 41 franchises already opened [1] - The estimated investment required to join Haidilao is around 10 million yuan, which is considered not excessive [1]

证券代码：000638 证券简称：*ST万方 公告编号：2025-053 万方城镇投资发展股份有限公司 第十届监事会第三次会议决议公告 本公司及其监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。 万方城镇投资发展股份有限公司（以下简称"公司"）第十届监事会第三次会 议通知于 2025 年 8 月 15 日以通讯形式发出，会议于 2025 年 8 月 27 日下午 14： 30 时在北京市朝阳区裕民路 12 号中国国际科技会展中心 B 座 12A 公司会议室 以通讯的方式召开，应到监事 5 人，实到 5 人，会议由监事会主席乔同京先生主 持。本次会议的召集和召开符合《公司法》《公司章程》及《公司监事会议事规 则》的有关规定。会议审议并通过了如下议案： 一、以5票同意，0票反对，0票弃权，审议通过了《关于2025年半年度报告 全文及摘要的议案》，并发表如下审核意见。 公司 2025 年半年度报告的编制和审议程序符合法律、法规、《公司章程》 及公司内部管理制度的各项规定，报告真实反映出公司 2025 年半年度的经营管 理和财务状况等事项，本审核意见出具前，监事会未发现参与 2 ...

证券代码：000638 证券简称：*ST万方 公告编号：2025-052 特此公告。 万方城镇投资发展股份有限公司 董 事 会 二〇二五年八月二十八日 本公司及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。 万方城镇投资发展股份有限公司（以下简称"公司"）第十届董事会第三次会 议通知于 2025 年 8 月 15 日以通讯形式发出，会议于 2025 年 8 月 27 日下午 14:30 时在北京市朝阳区裕民路 12 号中国国际科技会展中心 B 座 12A 公司会议室以通 讯的方式召开，会议应到董事 9 名，实到 9 名，会议由董事长刘玉女士主持，本 次会议召开符合《公司法》及《公司章程》的相关规定。会议审议并通过了如下 议案： 一、以9票同意，0票反对，0票弃权，审议通过了《关于2025年半年度报告 全文及摘要的议案》。 内容详见公司于本公告同日在《中国证券报》《证券时报》《上海证券报》 《证券日报》及巨潮资讯网（http://www.cninfo.com.cn）上披露的《2025 年半年 度报告摘要》（公告编号：2025-055），巨潮资讯网（http://www. ...

万方城镇投资发展股份有限公司 2025 年半年度报告全文 万方城镇投资发展股份有限公司 2025 年半年度报告 2025-054 【2025 年 8 月 29 日】 1 万方城镇投资发展股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实、准确、完整，不 存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 公司负责人刘玉、主管会计工作负责人谌志旺及会计机构负责人(会计主管人员)陈璐声明：保证 本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中所涉及的未来计划、发展战略等前瞻性描述均不构成公司对投资者及相关人士的实质承 诺，投资者及相关人士均应当对此保持足够的风险认识，并且应当理解计划、预测与承诺之间的差异， 敬请投资者注意投资风险。 本报告中所涉及的未来计划、发展战略等前瞻性描述均不构成公司对投资者及相关人士的实质承 诺，投资者及相关人士均应当对此保持足够的风险认识，并且应当理解计划、预测与承诺之间的差异， 敬请投资者注意投资风险。 公司在本报告期第三节"管 ...