证券代码：002485 证券简称：ST雪发 公告编号：2026-010 雪松发展股份有限公司 股票交易异常波动公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 一、股票交易异常波动的情况介绍 4、截至本公告披露日，公司、公司控股股东不存在其他关于公司的应披露 而未披露的重大事项，也不存在处于筹划阶段的重大事项。 雪松发展股份有限公司（以下简称"公司"）股票（证券代码：002485，证 券简称：ST雪发）连续2个交易日（2026年3月2日和3月3日）内日收盘价格涨幅 偏离值累计超过12%，根据《深圳证券交易所交易规则》的有关规定，属于股票 交易异常波动。 二、对重要问题的关注、核实情况说明 针对公司股票异常波动，公司对有关事项进行核实，现将核实结果说明如下： 1、截至本公告披露日，公司前期披露的信息不存在需要更正、补充之处。 2、目前，未发现近期公共传媒报道可能或已经对公司股票交易价格产生较 大影响的未公开重大信息。 3、近期公司经营情况正常，内部经营环境未发生重大变化。 2、公司在2026年1月31日披露的《2025年度业绩预告》中，预计2025年度归 属 ...

二、判决情况 广州中院对公司实际控制人张劲先生作出的一审判决内容如下： 对张劲以集资诈骗罪、非法吸收公众存款罪、背信运用受托财产罪判处无期 徒刑，剥夺政治权利终身，并处没收个人全部财产；追缴包括张劲在内的被告单 位、被告人违法所得，与在案款物一同依法处理。 证券代码：002485 证券简称：ST雪发 公告编号：2026-009 雪松发展股份有限公司 关于实际控制人涉及案件情况的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 近日，雪松发展股份有限公司（以下简称"公司"）获悉，广东省广州市中 级人民法院（以下简称"广州中院"）对公司实际控制人张劲先生因集资诈骗、 非法吸收公众存款、背信运用受托财产、妨害作证一案作出一审判决，现将有关 情况公告如下： 一、基本情况 公司分别于2023年5月9日、2026年2月11日披露了《关于实际控制人失联的 提示性公告》（公告编号：2023-033）、《关于实际控制人涉及案件情况的公告》 公告编号：2026-007），公司实际控制人张劲先生等因集资诈骗、非法吸收公众 存款、背信运用受托财产、妨害作证一案被公开宣判，现一 ...

Group 1 - The core viewpoint of the article indicates that the street vendor economy sector experienced a 0.75% increase compared to the previous trading day, with ST Xuefa leading the gains [1] - On the same day, the Shanghai Composite Index closed at 4162.88, reflecting a 0.39% increase, while the Shenzhen Component Index closed at 14495.09, showing a slight decrease of 0.06% [1] - The article provides a summary of the capital flow within the street vendor economy sector, noting a net outflow of 372 million yuan from main funds, a net outflow of 10.23 million yuan from speculative funds, and a net inflow of 382 million yuan from retail investors [1] Group 2 - The article includes a table detailing the individual stock performance within the street vendor economy sector, highlighting the fluctuations in stock prices [1] - The data presented is compiled from public information and generated by AI algorithms, indicating a reliance on technology for analysis [1]

Core Viewpoint - The stock price of Xuesong Development Co., Ltd. (ST Xuefa) has surged, with a 25% increase over six trading days, despite the company facing serious legal issues involving its actual controller Zhang Jin and its parent company Xuesong Holdings Group [3][42][44]. Group 1: Stock Performance - On February 11, ST Xuefa opened with a limit-up and recorded four limit-up days within six trading days [1][3]. - The stock reached a market capitalization of 2.747 billion CNY, with a closing price of 5.05 CNY on February 11, reflecting a 4.99% increase from the previous day [2][3][42]. Group 2: Legal Issues - On February 10, Xuesong Development announced that the Guangzhou Intermediate People's Court had publicly pronounced a verdict against Xuesong Holdings and Zhang Jin for fundraising fraud and illegal public deposit absorption [5][44]. - The company stated that it had not yet received the relevant judgment document and emphasized that Zhang Jin, while being the actual controller, does not hold any position within the company [8][47]. Group 3: Shareholding and Control - As of February 10, 2026, Zhang Jin indirectly holds approximately 377.5 million shares, accounting for 69.40% of the total shares, with about 372.7 million shares under pledge and judicial freeze [9][48]. - Over two years, more than 68.50% of the company's shares have been under judicial freeze, raising concerns about the future control of the company [9][51]. Group 4: Financial Performance - Xuesong Development projected a net loss of 173.8 million to 245.3 million CNY for 2025, indicating a worsening financial situation compared to a loss of 157 million CNY in 2024, with an increase of 14.59% to 61.74% [14][52]. - The company has shifted its main business focus from apparel to supply chain management, with supply chain revenue contributing over 90% since 2022, while apparel revenue has drastically declined [17][55].

Core Viewpoint - The article discusses the recent court ruling against ST Xuefa and its controlling party, Xuesong Holdings, for financial crimes, including fundraising fraud and illegal public deposit acceptance, which has led to significant penalties and prison sentences for key individuals involved [3][4][5]. Group 1: Court Ruling and Penalties - On February 10, the Guangzhou Intermediate People's Court announced a ruling against Xuesong Holdings and its actual controller Zhang Jin, sentencing them to a total fine of 1.1 billion yuan for fundraising fraud and illegal public deposit acceptance [3][4]. - Zhang Jin received a life sentence and forfeiture of all personal assets, while other executives received prison terms ranging from 3.5 to 15 years, along with fines between 150,000 and 1.1 million yuan [3][5]. - The court ruling indicated that Xuesong Holdings raised a total of 59.6 billion yuan through financial products, resulting in actual losses exceeding 20 billion yuan for investors [6][5]. Group 2: Company Operations and Impact - ST Xuefa stated that the ruling would not significantly impact its daily operations or its independence in business, assets, and finances, as Zhang Jin does not hold any position within the company [5][6]. - As of the announcement date, Zhang Jin indirectly held 378 million shares of ST Xuefa, accounting for 69.4% of the total share capital, with a significant portion of these shares pledged and frozen [5][6]. Group 3: Background of Xuesong Holdings - Xuesong Holdings, once a major private enterprise in Guangzhou, was restructured from Junhua Group in 2015, aiming for ambitious targets of 1 trillion yuan in sales, assets, and market value [9]. - The company experienced rapid revenue growth from 593 billion yuan in 2015 to 2,851 billion yuan in 2019, making it a regular on the Fortune Global 500 list [9][10]. - The business model involved financing trade, which often led to fraudulent activities such as fabricating business transactions to secure funding and inflate financial performance [10][11]. Group 4: Legal and Financial Implications - The legal expert highlighted the distinction between illegal public deposit acceptance and fundraising fraud, emphasizing the severe penalties reflecting a zero-tolerance approach to financial crimes [6][15]. - Investors are currently concerned about the lack of a repayment plan for the overdue financial products, with ongoing efforts to recover illegal gains and return them to affected investors [6][12].

Core Viewpoint - ST Xuefa announced that the Guangzhou Intermediate People's Court publicly pronounced a verdict on February 10, involving its affiliate Xuesong Holdings and its actual controller Zhang Jin, who were found guilty of fundraising fraud and illegal public deposit absorption, among other charges [2][3]. Group 1: Legal Proceedings and Verdict - Xuesong Holdings was fined a total of 1.1 billion yuan for fundraising fraud and illegal public deposit absorption, while Zhang Jin received a life sentence and forfeiture of all personal assets [4][5]. - Other executives received prison sentences ranging from three and a half to fifteen years, with fines varying from 150,000 to 1.1 million yuan [4]. - The court proceedings were brief, lasting approximately 40 minutes, and involved a reading of the verdict [3]. Group 2: Company Impact and Operations - ST Xuefa stated that the verdict would not significantly impact its daily operations or independence in business, assets, and finances [3]. - Zhang Jin, while being the actual controller, does not hold any position within ST Xuefa and does not directly own shares in the company [3]. - As of the announcement date, Zhang Jin's shares in ST Xuefa, held through affiliated companies, amounted to 378 million shares, representing 69.40% of the total share capital, with 373 million shares pledged and frozen [3]. Group 3: Financial Background and Business Model - Xuesong Holdings previously aimed for a target of 1 trillion yuan in sales, assets, and market value, and was listed in the Fortune Global 500 for four consecutive years [6]. - The company’s revenue grew significantly from 59.3 billion yuan in 2015 to 285.1 billion yuan in 2019, marking its entry into the Fortune Global 500 [6]. - The company engaged in financing trade, which involves using trade and financial tools to secure short-term financing, but this model has been scrutinized for potentially leading to fraudulent activities [7][8]. Group 4: Investor Concerns and Future Actions - Investors are primarily concerned about the repayment issues related to the financial products sold by Xuesong Holdings, with no repayment plan currently in place [5]. - The court has mandated the recovery of illegal gains from Xuesong Holdings and the defendants, with the aim of returning funds to the investors [5][8]. - The company has faced multiple legal challenges, including accusations of illegal public deposit absorption and fundraising fraud, leading to significant scrutiny from law enforcement [8][9].

证券代码：002485 证券简称：ST雪发 公告编号：2026-008 雪松发展股份有限公司 股票交易异常波动公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 一、股票交易异常波动的情况介绍 雪松发展股份有限公司（以下简称"公司"）股票（证券代码：002485，证 券简称：ST雪发）连续3个交易日（2026年2月9日、2月10日和2月11日）内日收 盘价格涨幅偏离值累计超过12%，根据《深圳证券交易所交易规则》的有关规定， 属于股票交易异常波动。 二、对重要问题的关注、核实情况说明 针对公司股票异常波动，公司对有关事项进行核实，现将核实结果说明如下： 1、截至本公告披露日，公司前期披露的信息不存在需要更正、补充之处。 2、目前，未发现近期公共传媒报道可能或已经对公司股票交易价格产生较 大影响的未公开重大信息。 3、近期公司经营情况正常，内部经营环境未发生重大变化。 4、截至本公告披露日，公司、公司控股股东不存在其他关于公司的应披露 而未披露的重大事项，也不存在处于筹划阶段的重大事项。 5、在公司股票交易异常波动期间，公司控股股东未买卖公司股票。 三、是否存 ...

Core Viewpoint - The stock of ST Xuefa (002485) experienced an abnormal fluctuation with a cumulative price deviation exceeding 12% over three consecutive trading days from February 9 to 11, 2026, but no significant undisclosed information was found, and the company's operations remain normal [1] Financial Performance - The company anticipates a net profit loss for the year 2025, estimated between 174 million to 245 million yuan [1] - There is currently no need for financial corrections regarding previous disclosures [1] Shareholder and Legal Matters - The actual controller of the company has been involved in a legal case that has been adjudicated, but the company has not yet received the judgment document [1] - The legal situation is stated not to have a significant adverse impact on the company's daily operations [1]

Group 1: Banking and Wealth Management - The scale of bank wealth management products has decreased by approximately 815 billion yuan, with 14 major wealth management companies managing a total of 24.59 trillion yuan as of the end of January 2026, marking a decline for the second consecutive month since reaching a peak in November 2025 [1][2] - Despite the decline, there is optimism in the industry as low fixed deposit rates and a large amount of fixed deposits maturing in 2026 may lead to a reallocation of household wealth towards wealth management products [1] - Sales of bank wealth management products surged before the Spring Festival, with some products breaking sales records, indicating a potential recovery in the market [1] Group 2: Private Equity and Investment - The number of domestic private equity firms managing over 10 billion yuan has reached a record high of 122, increasing by 10 from the end of December 2025 [1] - Eight new private equity firms entered the 10 billion yuan club in January 2026, showcasing a growing trend in the private equity sector [1] Group 3: Energy Market - The EIA's short-term energy outlook report predicts that Brent crude oil prices will average $58 per barrel in 2026, up from a previous estimate of $56 per barrel, while WTI crude oil prices are expected to average $53.42 per barrel, an increase from $52.21 per barrel [2] Group 4: Silver Market - The World Silver Association forecasts that the silver market will experience a supply deficit for the sixth consecutive year in 2026, with a projected shortfall of 67 million ounces [3] - Global silver demand is expected to remain stable, driven by robust retail investment, which may offset declines in other key demand areas such as jewelry and industrial use [3] Group 5: IPO Market - The Hong Kong IPO market has been active in 2026, with fundraising exceeding 79 billion HKD, representing a year-on-year increase of over 1220% [3][4] - As of February 10, 2026, 422 companies are queued for IPOs in Hong Kong, with over 100 having submitted applications since the beginning of the year [3] Group 6: Credit Card Industry - In 2025, 65 credit card centers were closed, surpassing the total number of closures from 2020 to 2024, indicating a significant contraction in the credit card industry [4] - The trend of closing credit card centers is spreading from state-owned and joint-stock banks to city commercial banks, reflecting a shift from expansion to competition in the credit card sector [4] Group 7: Corporate Actions - Ningde Times issued its first green technology innovation bond for 2026, raising 5 billion yuan with a coupon rate of 1.70% [6] - Huazhang Technology plans to acquire 100% of Huayi Microelectronics for 29.96 billion yuan, aiming to enhance its packaging and testing business in the semiconductor sector [10]

Core Viewpoint - ST Xuefa is facing legal issues involving its actual controller Zhang Jin and its affiliate Xuesong Holdings, with allegations of fundraising fraud and illegal public deposit acceptance. The company has not yet received the court's judgment, and its stock has recently experienced a surge in trading [1][3]. Group 1: Legal and Financial Issues - On February 10, ST Xuefa was informed of a court ruling regarding allegations against its affiliate Xuesong Holdings and Zhang Jin for fundraising fraud and other charges [1]. - Zhang Jin, while being the actual controller, does not hold any official position within ST Xuefa and has significant shares that are currently pledged and judicially frozen [3]. - The company has projected continued losses for 2025, estimating a loss between 1.74 billion to 2.45 billion yuan for the previous year, indicating a worsening financial situation [9]. Group 2: Background and Corporate Structure - Zhang Jin has been missing since May 2023, which led to the company announcing his absence and the initiation of criminal proceedings against him and others involved in Xuesong Holdings [4][5]. - ST Xuefa has emphasized its operational independence from Xuesong Holdings, asserting that it maintains separate business, personnel, and financial structures [6][7]. - Xuesong Holdings was once a prominent player, ranking 296th on the Fortune Global 500 list in 2020, but has faced significant financial difficulties since 2021, leading to overdue payments on various financial products [9].