Core Viewpoint - As of January 16, a total of 4 ST stocks have announced their annual performance forecasts, with 2 companies expecting to reduce losses and 2 companies forecasting losses [1] Group 1: Performance Forecasts - Company *ST Hua Wang (603007)* expects a reduction in losses, with a projected net profit range of -18 million to -24 million yuan, and a year-to-date price change of +3.48% [1] - Company *ST Zhang Gu (000430)* also anticipates a reduction in losses, with a projected net profit range of -45 million to -55 million yuan, and a year-to-date price change of -3.61% [1] Group 2: Loss Forecasts - Company *ST Yan Shi (600696)* is forecasting a loss, with no specific net profit figures provided, and a year-to-date price change of -5.17% [1] - Company *ST Wan Fang (000638)* is also forecasting a loss, with no specific net profit figures provided, and a year-to-date price change of -7.26% [1]

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： 证券代码：000638 证券简称：*ST 万方 公告编号：2026-011 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 1、公司自 2025 年 4 月 30 日起被实施退市风险警示，证券简称由"万方发 展"变更为"*ST 万方"，证券代码仍为"000638"，股票交易的日涨跌幅比例限 制为 5%。具体详见公司于 2025 年 4 月 29 日披露的《关于公司股票交易被实施 退市风险警示暨停牌的公告》（2025-031）。 2、公司于 2026 年 1 月 14 日披露的《关于 2025 年度业绩预亏暨公司股票可 能被终止上市的提示性公告》，经公司财务部门初步测算结果，预计公司 2025 年度营业收入低于 3 亿元，且利润总额、净利润或者扣除非经常性损益后的净利 润孰低者为负值；2024 年公司审计报告保留意见所涉事项能否消除存在重大不确 定性。 根据《深圳证券交易所股票上市规则》的相关规定，公司股票将因触及财 务类退市情形被终止上市。 3、公司于 2025 年 7 月 25 日收 ...

Core Viewpoint - The news highlights the risk of delisting for certain companies, specifically *ST WanFang and *ST YanShi, due to their projected financial performance in 2025, which is expected to fall below the thresholds set by the Shenzhen Stock Exchange for continued listing [2][4]. Group 1: Company Announcements - *ST WanFang announced that its estimated revenue for 2025 will be below 300 million yuan, with either total profit or net profit expected to be negative, triggering potential delisting [2]. - *ST YanShi similarly projected that its 2025 revenue will not reach 300 million yuan, with both pre-tax and post-tax net profits expected to be negative, also risking delisting [4]. Group 2: Stock Performance - Following the announcements, both *ST WanFang and *ST YanShi experienced a limit down in their stock prices, with *ST WanFang closing at 4.57 yuan per share, down 4.99% [2]. - The overall market sentiment towards *ST stocks has turned cautious, with investors advised to be wary of similar companies as the 2025 annual performance forecasts approach [4]. Group 3: Financial Data and Risks - A total of 26 *ST stocks reported revenues below 200 million yuan in their 2025 Q3 reports, with both *ST WanFang and *ST YanShi included in this group [4]. - Companies like *ST HuKe and *ST ChuangXing reported revenues of less than 50 million yuan in their 2025 Q3 reports, indicating severe financial distress [4]. - The average decline for stocks facing forced delisting in 2025 has exceeded 70%, with some stocks dropping over 80% [6]. Group 4: Capital Structure Concerns - Certain companies, such as *ST HuaRong, reported asset-liability ratios nearing 92%, while others like *ST BuSen and *ST YeDao exceeded 80%, indicating poor capital structures [5]. - *ST AoWei's stock price has dropped over 22% since the beginning of 2026, nearing the critical threshold of 1 yuan per share, which could lead to further delisting risks [5].

退市高危股名单曝光。 *ST万方(000638)1月13日盘后发布公告，经公司财务部门初步测算结果，预计公司2025年度营业收入低 于3亿元，且利润总额、净利润或者扣除非经常性损益后的净利润孰低者为负值。根据《深圳证券交易 所股票上市规则》的相关规定，2025年度经审计营业收入低于3亿元且利润总额、净利润或者扣除非经 常性损益后的净利润孰低者为负值的，公司股票将因触及财务类退市情形被终止上市。 在此消息影响下，1月14日上午该股一字跌停。截至上午收盘，*ST万方报4.57元/股，下跌4.99%，封单 超66万手。 | 营加 | 多股 | 统计 | 圖幾 | F10 | 标记 +自选 返回 | | *ST万方 000638 | | | 农林牧渔 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | ◇ □ | | 4.57 -0.24 -4.99% | | | 0.78% | | | | | | | | | 2017 | 4.61 | 8 | | | | | | | | | 7.50 | 壶川 | 4. ...

Group 1 - The company, WanFang Urban Investment Development Co., Ltd., anticipates a significant loss for the fiscal year 2025, with projected revenue below 300 million yuan and both net profit and net profit after deducting non-recurring gains and losses expected to be negative, which may trigger delisting risks [3][4] - The company received a qualified audit opinion from Zhongxing Caiguanghua Accounting Firm regarding the recoverability of investments in Jilin WanFang Bai'ao Biotechnology Co., Ltd., indicating significant uncertainty that could lead to a qualified audit report for 2025 [4] - The company is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, which could result in administrative penalties and potential forced delisting if deemed a major violation [5][6] Group 2 - The company has decided to terminate the disposal of the remaining 13.67% equity in Beijing Tianyuan Real Estate Development Co., Ltd., after previously agreeing to sell 100% of the equity for 90 million yuan, with payments structured over time [8][10] - As of January 13, 2026, the company has received a total of 77.7 million yuan from Beijing Baiyu Investment Co., Ltd., with 12.3 million yuan remaining unpaid, which will no longer be required following the termination of the agreement [11][12] - The company has made adjustments to its audit committee, replacing a member to enhance governance and ensure compliance with relevant regulations [19]

Core Viewpoint - *ST WanFang announced that it expects its operating revenue for 2025 to be below 300 million yuan, with either total profit, net profit, or net profit after deducting non-recurring gains and losses being negative, which may lead to the termination of its stock listing due to financial delisting criteria [2][5]. Financial Performance - As of January 13, the company's stock price closed at 4.81 yuan per share, with a decline of 4.94% [2]. - For the first three quarters of 2025, *ST WanFang reported an operating revenue of approximately 176 million yuan, a year-on-year increase of 60.43%. However, it recorded a net loss attributable to shareholders of approximately -8.59 million yuan, compared to a profit of 13.29 million yuan in the same period last year [8]. Audit and Compliance - The company received a qualified audit opinion from Zhongxing Caiguanghua Accounting Firm for its 2024 financial statements, indicating uncertainty regarding the recoverability of investments in Jilin WanFang Bai'ao Biotechnology Co., Ltd. This uncertainty has not been resolved as of the announcement date, posing a risk of receiving a qualified audit opinion for the 2025 financial report [6][5]. - If the company receives a qualified audit opinion for 2025, it may trigger delisting risks under the Shenzhen Stock Exchange's regulations [6]. Corporate Actions - On January 13, *ST WanFang's board of directors approved the termination of the disposal of its remaining 13.67% stake in Beijing Tianyuan Real Estate Development Co., Ltd. The company will continue to hold this stake [7].

Core Viewpoint - *ST WanFang (000638) announced that it expects its operating revenue for 2025 to be below 300 million yuan, with either total profit, net profit, or net profit after deducting non-recurring gains and losses being negative, which may lead to the termination of its stock listing due to financial delisting criteria [1][6][3]. Financial Performance - As of January 13, the company's stock price closed at 4.81 yuan per share, with a decline of 4.94% [2]. - For the first three quarters of 2025, *ST WanFang reported an operating revenue of approximately 176 million yuan, representing a year-on-year increase of 60.43%. However, it recorded a net loss attributable to shareholders of approximately -8.59 million yuan, compared to a profit of 13.29 million yuan in the same period last year [10]. Audit and Compliance - The company received a qualified audit opinion from Zhongxing Caiguanghua Accounting Firm for its 2024 financial statements, indicating significant uncertainty regarding the recoverability of investments in Jilin WanFang Bai'ao Biotechnology Co., Ltd. This uncertainty has not been resolved as of the announcement date, posing a risk of receiving a qualified audit opinion for the 2025 financial report [7][6]. - If the company receives a qualified audit opinion for 2025, it may trigger delisting risks under the Shenzhen Stock Exchange's regulations [7]. Corporate Actions - On January 13, *ST WanFang announced the termination of the disposal of its remaining 13.67% stake in Beijing Tianyuan Real Estate Development Co., Ltd. The company will continue to hold this stake [8][9].

Group 1: Rongbai Technology and CATL Cooperation - Rongbai Technology signed a procurement cooperation agreement with CATL for lithium iron phosphate cathode materials, with a total sales amount exceeding 120 billion yuan [1] - The agreement will supply a total of 3.05 million tons of lithium iron phosphate cathode materials from Q1 2026 to 2031 [1] - The development of solar cells, energy storage technologies, and AI is expected to drive significant growth in the energy storage industry, indicating a large market space for lithium iron phosphate [1] Group 2: Baiwei Storage Profit Forecast - Baiwei Storage expects a net profit of 850 million to 1 billion yuan for 2025, representing a year-on-year increase of 427.19% to 520.22% [1] - The decline in storage prices is anticipated to reach a low point in Q1 2025, followed by a recovery starting in Q2 2025 as key projects are delivered [1] - The company is focusing on high-speed growth in the AI edge sector and enhancing advanced packaging capabilities [1] Group 3: TCL Technology Profit Forecast - TCL Technology forecasts a net profit of 4.21 billion to 4.55 billion yuan for 2025, an increase of 169% to 191% year-on-year [2] - The company is concentrating on three core businesses: semiconductor displays, new energy photovoltaics, and semiconductor materials [2] Group 4: Guizhou Moutai Retail Price Adjustment Mechanism - Guizhou Moutai is implementing a dynamic adjustment mechanism for retail prices to better align with market and consumer trends [3] - The new marketing system aims to be consumer-centric and driven by market demand [3] Group 5: Shanghai Pudong Development Bank Performance - Shanghai Pudong Development Bank reported a net profit of 50.017 billion yuan for 2025, a year-on-year increase of 10.52% [4] - The bank's non-performing loan balance decreased by 11.64 billion yuan, with a non-performing loan ratio of 1.26% [4] Group 6: *ST Wan Fang Financial Status - *ST Wan Fang anticipates a revenue of less than 300 million yuan for 2025, with both net profit and net profit after non-recurring items expected to be negative [8] - The company may face delisting due to financial criteria if these projections are realized [8] Group 7: Performance Forecasts of Other Companies - Haopeng Technology expects a net profit increase of 113.69% to 141.09% for 2025 [9] - Tengyuan Cobalt anticipates a net profit increase of 50.02% to 69.87% for 2025 [9] - Longcable Technology forecasts a net profit increase of 74.07% to 114.24% for 2025 [9] - Dongpeng Beverage expects a net profit increase of 30.46% to 37.97% for 2025 [9] - WoHua Pharmaceutical anticipates a net profit increase of 119.76% to 215.90% for 2025 [9] - Dazhu CNC expects a net profit increase of 161% to 194% for 2025 [9] - Changjiang Electric Power reported a net profit of 34.2 billion yuan for 2025, a year-on-year increase of 5.14% [9] - Chenguang Biotech expects a net profit increase of 272.14% to 330.62% for 2025 [9]

Group 1 - The company *ST WanFang (000638) announced that it expects to have an operating income of less than 300 million yuan in 2025, with both net profits before and after deducting non-recurring gains and losses being negative, which may lead to financial delisting scenarios [1][4] - The company received a qualified audit report from Zhongxing Caiguanghua Accounting Firm for its 2024 financial statements, indicating uncertainty regarding the recoverability of investments in Jilin WanFang Baiao Biotechnology Co., Ltd. [4] - The company is also facing the risk of being forced to delist due to significant legal violations, as it received a notice from the China Securities Regulatory Commission (CSRC) regarding an investigation into information disclosure violations [4][6] Group 2 - In 2024, the company's total profit was 6.4225 million yuan, with a net profit attributable to shareholders of 10.6516 million yuan, and a net profit of -4.6013 million yuan after deducting non-recurring gains and losses. The operating income for 2024 was 391.4703 million yuan, with a net operating income of 227.5138 million yuan [6] - The company operates primarily in agriculture and military industries, utilizing local agricultural resources to acquire corn and rice, and providing precision processing and special welding manufacturing services for the aerospace, naval, and military sectors [5]

Core Viewpoint - *ST WanFang (000638) is at risk of financial delisting due to projected revenue below 300 million yuan and negative net profits for 2025 [1][4] Financial Performance - The company expects a revenue of less than 300 million yuan for 2025, with both pre-tax and post-tax net profits projected to be negative [1] - In 2024, the total profit was 6.4225 million yuan, with a net profit attributable to shareholders of 10.6516 million yuan, and a net profit after deducting non-recurring gains and losses of -4.6013 million yuan [6] - The operating revenue for 2024 was 391.4703 million yuan, with a net operating revenue of 227.5138 million yuan after deductions [6] Audit and Compliance Issues - The company received a qualified audit report from Zhongxing Caiguanghua Accounting Firm for the 2024 financial statements, indicating uncertainty regarding the recoverability of investments in Jilin WanFang Bai'ao Biotechnology Co., Ltd [4] - There is a risk of receiving a qualified audit report for the 2025 financial statements due to unresolved uncertainties [4] - The company faces potential forced delisting due to major legal violations, as it received a notice from the China Securities Regulatory Commission (CSRC) regarding suspected information disclosure violations [4] Business Overview - *ST WanFang primarily operates in agriculture and military industries, utilizing local agricultural resources to acquire and process corn and rice, and providing precision machining and special welding services for the aerospace, naval, and military sectors [5]