New Stock Offerings - The tender offer for Shangwei New Materials (688585) is open from September 29, 2025, to October 28, 2025[1] - Zitian Tui (300280) is in the delisting adjustment period with only 2 trading days remaining until the last trading day[1] Market Alerts - Kesi Technology (688788) and Pinming Technology (688109) have recent announcements but no specific details provided[1] - Magu Technology (688448) is experiencing severe abnormal fluctuations[1] Trading Updates - Multiple companies including Dongjing (002199) and Guosheng Jinkong (002670) have announcements dated October 9, 2025, indicating ongoing trading activities[1] - Companies like Hunan Yuneng (301358) and Wanrun New Energy (688275) have announcements from October 1, 2025, indicating recent trading updates[1] Financial Disclosures - Several companies have disclosed their financial information, with specific announcements linked to their respective stock codes[1] - The report includes links to detailed announcements for various companies, providing transparency in their financial activities[1]

New Stock Issuance - New stock issuance for Daoshengtianhe (Code: 780026) priced at 5.98 RMB on September 29, 2025[1] - Offer period for the acquisition of Shangwei New Materials (Code: 688585) is from September 29, 2025, to October 28, 2025[1] Delisting and Trading Alerts - Zitian Tui (Code: 300280) is in the delisting preparation period with 4 trading days remaining until the last trading day[1] - Significant abnormal fluctuations reported for Kaipu Cloud (Code: 688228) on September 25, 2025[1] Recent Announcements - Multiple companies including Zhonghuan Hailu (Code: 301040) and Shenhuafa A (Code: 000020) have recent announcements regarding their stock activities[1] - A total of 30 companies have made announcements regarding stock fluctuations and trading activities in the past week[1]

证券代码：000638 证券简称：*ST 万方 公告编号：2025-060 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。 特别提示： 2025 年 9 月 23 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 22 日 10 时起至 2025 年 9 月 23 日 10 时止对公司大股东万方源所 持公司股票 90,860,000 股进行的第二次司法拍卖，因无人竞价，均已流拍。本次 被拍卖的公司股票后续是否会被相关法院继续执行其他司法程序存在一定的不 确定性。若万方源失去公司第一大股东的身份，不再持有公司股票，公司存在控 股股东、实际控制人发生变更或无实际控制人的风险。 3、截至目前，公司、控股股东和实际控制人不存在关于公司的应披露而未 披露的重大事项，或处于筹划阶段的重大事项。 1 / 3 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 9 月 23 日至 2025 年 9 月 25 日）收盘价格跌幅累计偏 ...

Market Overview - The military electronics sector experienced a decline of 0.48% on September 25, with *ST WanFang leading the drop [1] - The Shanghai Composite Index closed at 3853.3, down 0.01%, while the Shenzhen Component Index closed at 13445.9, up 0.67% [1] Stock Performance - Notable gainers in the military electronics sector included: - *ST Tianwei: Closed at 23.36, up 6.86% with a trading volume of 25,200 shares [1] - Yuanbo Electronics: Closed at 74.53, up 3.10% with a trading volume of 28,800 shares [1] - Huafeng Technology: Closed at 105.88, up 2.81% with a trading volume of 198,900 shares [1] - Conversely, *ST WanFang saw a significant decline, closing at 3.95, down 4.82% with a trading volume of 341,800 shares [2] Capital Flow - The military electronics sector saw a net outflow of 370 million yuan from institutional investors, while retail investors contributed a net inflow of 76.04 million yuan [2] - The capital flow for key stocks included: - Huafeng Technology: Net inflow of 22.8 million yuan from institutional investors [3] - Jinxin Technology: Net inflow of 11.5 million yuan from institutional investors [3] - *ST Tianwei: Net inflow of 11.52 million yuan from institutional investors [3]

Group 1 - The company *ST WanFang has been officially investigated by the China Securities Regulatory Commission (CSRC) for information disclosure violations, marking the second time since receiving a warning from the Jilin Securities Regulatory Bureau in April 2024 [1] - A law firm has reported receiving numerous requests from investors for potential lawsuits, with specific timeframes set for eligible claims based on share purchase and sale dates [1] - The company is facing increasing delisting risks as it projects a net profit loss of between 4.5 million to 6.5 million yuan and a non-recurring profit loss of 5 million to 7 million yuan for the first half of 2025 [2] Group 2 - If the company fails to reverse its financial trends by the end of the year, delisting could become a harsh reality, necessitating close monitoring of financial data and regulatory investigations [3] - Over 30,000 shareholders are currently engaged in a race against time to protect their assets amid the ongoing legal and financial challenges faced by the company [4]

证券代码：000638 证券简称：*ST万方 公告编号：2025-059 万方城镇投资发展股份有限公司 关于大股东持有的公司股票被第二次司法拍卖的进展公告 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。 重要内容提示： 2025 年 9 月 23 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 22 日 10 时起至 2025 年 9 月 23 日 10 时止（延时的除外）对公司 大股东万方源所持公司股票 90,860,000 股进行的第二次司法拍卖，因无人竞价， 均已流拍。 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 司实际控制人。若万方源失去公司 ...

Core Viewpoint - The second judicial auction of 90,860,000 shares (29.18% of total equity) held by the major shareholder Wanfangyuan of *ST Wanfang has failed, following a previous unsuccessful auction due to disposal rights issues [1] Group 1 - Wanfangyuan's total shareholding has been 100% pledged and frozen, with 135.41% under provisional freezing [1] - If Wanfangyuan loses its status as the major shareholder, the voting rights delegation agreement with Huide Industrial will become invalid, posing risks of changes in the controlling shareholder or the absence of a real controller [1] - The company is under investigation for suspected information disclosure violations and will closely monitor developments while reminding investors to be cautious [1]

Market Performance - The military electronics sector rose by 0.13% on September 22, with Xingtu Xinke leading the gains [1] - The Shanghai Composite Index closed at 3828.58, up 0.22%, while the Shenzhen Component Index closed at 13157.97, up 0.67% [1] Stock Performance - Notable gainers in the military electronics sector included: - Xingtu Xinke (688081) with a closing price of 35.77, up 9.66% on a trading volume of 110,000 shares and a turnover of 383 million yuan [1] - Guoguang Electric (688776) closed at 90.95, up 6.34% with a trading volume of 43,500 shares [1] - Other significant gainers included ST Wanfang (000638) up 5.02%, and Jingjia Micro (300474) up 4.12% [1] Fund Flow Analysis - The military electronics sector experienced a net outflow of 694 million yuan from institutional investors, while retail investors saw a net inflow of 759 million yuan [2][3] - Key stocks with significant fund flows included: - Jingjia Micro (300474) with a net inflow of 172 million yuan from institutional investors [3] - Gaode Infrared (002414) with a net inflow of 153 million yuan [3] - Huafeng Technology (688629) had a net inflow of 56.73 million yuan [3]

Core Points - The Shanghai Composite Index closed at 3822.59 points, above the six-month moving average, with a slight increase of 0.07% [1] - The total trading volume of A-shares reached 13556.41 billion yuan, indicating active market participation [1] - A total of 49 A-shares have surpassed the six-month moving average, with notable stocks showing significant deviation rates [1] Summary by Category Market Performance - The Shanghai Composite Index is currently at 3822.59 points, reflecting a 0.07% increase [1] - The total trading volume for A-shares today is 13556.41 billion yuan [1] Stocks Surpassing Six-Month Moving Average - 49 A-shares have broken through the six-month moving average [1] - Stocks with the highest deviation rates include: - Shengyuan Environmental Protection: 6.76% - Zhixin Electronics: 6.18% - Weixing Intelligent: 6.16% [1] Additional Stock Information - Other stocks that have recently crossed the six-month line with lower deviation rates include: - Shuanglu Pharmaceutical - China Merchants Jiyu - Libote [1]

Core Viewpoint - *ST WanFang is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, which adds to the company's existing challenges and risks of delisting [1][2]. Group 1: Regulatory Issues - On July 25, 2025, *ST WanFang received a notice from the CSRC regarding an investigation for information disclosure violations [1]. - This is not the first time the company has faced regulatory scrutiny; it previously received a warning from the Jilin Securities Regulatory Bureau in April 2024 for similar violations [2]. Group 2: Financial Performance - The company has reported consecutive losses for the years 2023 and 2024, with a projected loss of 5 to 7 million yuan in the first half of 2025, indicating a worsening financial situation [2]. - As of the first quarter of 2025, the company had 31,631 shareholders, and its stock has been marked with "*ST" due to financial indicators triggering delisting risk warnings [2]. Group 3: Shareholder Actions - The second-largest shareholder, Shuangyang Rural Commercial Bank, plans to reduce its stake by up to 3% between September 25 and December 23, 2025, due to funding needs [1]. - The first major shareholder's 90.86 million shares (29.18% of total shares) failed to sell at auction, raising concerns about potential changes in company control and further financial distress [3]. Group 4: Legal Recourse for Investors - Investors who purchased shares before July 25, 2025, and sold or held them after this date may have the right to claim compensation through legal channels [4]. - A legal team is currently gathering affected investors for potential claims, with fees only charged upon successful recovery [4].