证券代码：002485 证券简称：ST雪发 公告编号：2025-032 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。 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（2025年10月30日、10月31日和11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。 特此公告。 雪松发展股份有限公司董事会 2025年11月4日 公司虽与雪松实业集团有限公司（以下简称"雪松实业"）等关联方为同一 实际控制人控制下的企业，但公司与雪松实业等关联方在业务、人 ...

Core Viewpoint - ST Xuefa reported a decline in revenue and net profit for the first three quarters of 2025, indicating ongoing financial challenges for the company [1][2]. Financial Performance - The company's revenue for the first three quarters was 559 million yuan, a year-on-year decrease of 9.43% [1]. - The net profit attributable to shareholders was -45.71 million yuan, down 25.47% year-on-year [1]. - The non-recurring net profit attributable to shareholders was -41.49 million yuan, a decline of 54.22% year-on-year [1]. - Basic earnings per share were -0.08 yuan [1]. Profitability Metrics - The gross margin for the first three quarters was -12.65%, a decrease of 3.80 percentage points year-on-year [2]. - The net margin was -8.19%, down 2.27 percentage points compared to the same period last year [2]. - In Q3 2025, the gross margin was -25.69%, an increase of 11.80 percentage points year-on-year, but a decrease of 5.44 percentage points quarter-on-quarter [2]. - The net margin for Q3 was -13.83%, a decline of 5.47 percentage points year-on-year and a decrease of 6.01 percentage points from the previous quarter [2]. Expense Analysis - Total operating expenses for the period were 50.73 million yuan, an increase of 3.05 million yuan year-on-year [2]. - The expense ratio was 9.07%, up 1.35 percentage points from the same period last year [2]. - Sales expenses decreased by 30.11% year-on-year, while management expenses increased by 25.29% [2]. Shareholder Information - As of the end of Q3 2025, the total number of shareholders was 6,137, a decrease of 596 from the end of the previous half-year, representing an 8.85% decline [2]. - The average market value per shareholder decreased from 362,800 yuan to 321,800 yuan, a decline of 11.30% [2]. Company Overview - Xuesong Development Co., Ltd. is located in Huangpu District, Guangzhou, Guangdong Province, and was established on December 17, 2003 [3]. - The company was listed on October 15, 2010, and its main business includes clothing sales and cultural tourism [3]. - The revenue composition is as follows: supply chain business 94.36%, other (supplementary) 3.81%, tourism comprehensive services 1.83%, and suits 0.01% [3]. - ST Xuefa is classified under the transportation-logistics-material supply chain services industry and is associated with concepts such as micro-share stocks, low-priced stocks, tourism hotels, small-cap stocks, and online tourism [3].

（一）本次计提资产减值准备及确认公允价值变动的原因 根据《企业会计准则》和《深圳证券交易所上市公司自律监管指引第1号— 主板上市公司规范运作》相关规定的要求，为了更加真实、准确地反映公司的财 务状况、资产价值及经营成果，基于谨慎性原则，公司对各类资产进行了全面清 查和减值测试，对截至2025年9月30日合并报表范围内，可能发生资产减值损失 的有关资产计提相应的减值准备；对以公允价值计量的投资性房地产，根据公司 投资性房地产处置情况，确认公允价值变动损益。 （二）本次计提资产减值准备及确认公允价值变动的资产范围、总金额和计 入的报告期间 2025年1-9月，公司计提各项资产减值损失-276.88万元，确认公允价值变动 收益8,601.35万元，明细如下： 单位：万元 证券代码：002485 证券简称：ST雪发 公告编号：2025-031 雪松发展股份有限公司 关于 2025 年前三季度计提资产减值准备及确认 公允价值变动的公告 雪松发展 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、本次计提资产减值准备及确认公允价值变动情况概述 | 资产名称 | 资产减值 ...

雪松发展股份有限公司 2025 年第三季度报告 1.董事会及董事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担 个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）声明：保证季度报告中财务信息的真实、准确、 完整。 3.第三季度财务会计报告是否经过审计 □是 √否 证券代码：002485 证券简称：ST 雪发 公告编号：2025-030 雪松发展股份有限公司 2025 年第三季度报告 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。 重要内容提示： 1 雪松发展股份有限公司 2025 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 √否 | | 本报告期 | 本报告期比上年 | 年初至报告期末 | 年初至报告期末比 | | --- | --- | --- | --- | --- | | | | 同期增减 | | 上年同期增减 | | 营业收入（元） | 173,439,517.24 | -12.91% | 559,35 ...

Market Overview - The street vendor economy sector increased by 0.25% compared to the previous trading day, with Shouhua Gas leading the gains [1] - The Shanghai Composite Index closed at 3863.89, up 0.63%, while the Shenzhen Component Index closed at 12813.21, up 0.98% [1] Top Performers in Street Vendor Economy - Shouhua Gas (300483) closed at 16.05, up 5.94%, with a trading volume of 530,200 shares and a transaction value of 820 million [1] - ST Xuefa (002485) closed at 3.66, up 4.87%, with a trading volume of 53,100 shares and a transaction value of 19.22 million [1] - Huijia Times (603101) closed at 12.28, up 3.54%, with a trading volume of 572,500 shares and a transaction value of 690 million [1] Market Capital Flow - The street vendor economy sector experienced a net outflow of 532 million from institutional investors, while retail investors saw a net inflow of 478 million [2] - Speculative funds had a net inflow of 54.67 million [2] Individual Stock Capital Flow - Xiaogoods City (600415) had a net inflow of 45.78 million from institutional investors, while it faced a net outflow of 27.64 million from speculative funds [3] - Jihong Co. (002803) saw a net inflow of 29.17 million from institutional investors, but a net outflow of 14.10 million from speculative funds [3] - Jiangling Motors (000550) had a net inflow of 13.88 million from institutional investors, with a net outflow of 5.92 million from speculative funds [3]

Market Overview - The logistics sector increased by 1.01% on October 20, with Yuan Da Holdings leading the gains [1] - The Shanghai Composite Index closed at 3863.89, up 0.63%, while the Shenzhen Component Index closed at 12813.21, up 0.98% [1] Top Gainers in Logistics Sector - Yuan Da Holdings (000626) closed at 10.74, up 10.04%, with a trading volume of 939,300 shares and a transaction value of 956 million [1] - Yongtai Transportation (001228) closed at 26.18, up 10.00%, with a trading volume of 75,600 shares and a transaction value of 193 million [1] - Jiacheng International (603535) closed at 11.20, up 5.36%, with a trading volume of 121,100 shares and a transaction value of 134 million [1] Market Capital Flow - The logistics sector experienced a net outflow of 60.56 million from institutional investors and a net outflow of 154 million from speculative funds, while retail investors saw a net inflow of 215 million [2] - The top stocks with significant capital inflow included Yuan Da Holdings with a net inflow of 65.54 million from institutional investors [3] Notable Decliners - Xiamen Xiangyu (600057) closed at 7.54, down 2.84%, with a trading volume of 238,500 shares and a transaction value of 181 million [2] - ST Yuanshang (603813) closed at 27.00, down 2.60%, with a trading volume of 20,200 shares and a transaction value of 54.69 million [2]

Core Viewpoint - The logistics sector experienced a decline of 1.6% on October 17, with major stocks like Huaguang Yuanhai leading the drop, while the Shanghai Composite Index fell by 1.95% and the Shenzhen Component Index decreased by 3.04% [1][2]. Group 1: Market Performance - The logistics sector's stocks showed mixed performance, with YD Holdings rising by 10.03% to close at 9.76, while Huami Yuanhai fell by 5.74% to 26.58 [1][2]. - The trading volume for YD Holdings was 542,900 shares, with a transaction value of 525 million yuan, indicating strong investor interest [1]. - The overall market saw significant declines, with the Shanghai Composite Index closing at 3839.76 and the Shenzhen Component Index at 12688.94 [1]. Group 2: Capital Flow - The logistics sector experienced a net outflow of 658 million yuan from institutional investors, while retail investors saw a net inflow of 471 million yuan [2][3]. - Notable stocks like Xiamen Guomao and Jianda Co. had varying net inflows and outflows, with Xiamen Guomao seeing a net inflow of 15.31 million yuan from institutional investors [3]. - The overall capital flow indicates a shift in investor sentiment, with retail investors showing more confidence compared to institutional investors [2][3].

中国 • 广州市天河区珠江东路 30 号广州银行大厦 44 层 泰和泰（广州）律师事务所 关于雪松发展股份有限公司 2025 年第一次临时股东大会 法律意见书 44/F, Guangzhou Bank Building, No. 30 East Zhujiang Road Tianhe District, Guangzhou, the People's Republic of China 电话| TEL: 86-20-38817801 www.tahota.com 泰和泰（广州）律师事务所 法律意见书 泰和泰（广州）律师事务所 关于雪松发展股份有限公司 2025 年第一次临时股东大会 法律意见书 致：雪松发展股份有限公司 泰和泰（广州）律师事务所（以下简称"本所"）接受雪松发展股份有限公 司（以下简称"公司"）的委托，指派郑怡玲律师和李伟杰律师出席公司 2025 年第一次临时股东大会（以下简称"本次临时股东大会"），就本次临时股东大 会的召集、召开程序、出席会议人员资格、表决方式、表决程序等相关事项的合 法性、有效性进行了认真审查，并出具本法律意见书。 在审查有关文件的过程中，公司向本所保证并承诺，其向本所提 ...

证券代码：002485 证券简称：ST雪发 公告编号：2025-029 雪松发展股份有限公司 2025年第一次临时股东大会决议公告 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。 特别提示： 1、本次股东大会没有出现否决提案的情形。 2、本次股东大会不涉及变更前次股东大会决议。 一、会议召开和出席情况 雪松发展股份有限公司（以下简称"公司"）2025年第一次临时股东大会的 通知于2025年8月30日公告，本次会议采用现场投票和网络投票相结合方式表决， 现场会议于2025年9月26日（星期五）下午在广东省广州市黄埔区开创大道2511 号雪松中心会议室召开，网络投票时间为2025年9月26日。其中，通过深圳证券 交易所交易系统进行网络投票的具体时间为：2025年9月26日上午9:15-9:25，9:30 －11:30，下午13:00－15:00；通过深圳证券交易所互联网投票系统投票的具体时 间为：2025年9月26日9:15-15:00期间的任意时间。 本次会议由公司董事会召集，董事长苏齐先生主持，会议符合《中华人民共 和国公司法》等有关法律、行政法规、部门规章、 ...

Financial Performance - ST Xuefa reported a net profit decline of 9.93% year-on-year, with a total revenue of 386 million yuan, down 7.77% compared to the previous year [1] - The second quarter revenue was 168 million yuan, reflecting a significant year-on-year decrease of 32.9, while the net profit for the same period was -13.14 million yuan, showing a slight increase of 1.34% year-on-year [1] - The gross margin was -6.79%, a decrease of 242.3% year-on-year, and the net margin was -5.65%, down 18.87% year-on-year [1] Cost and Expenses - Total sales, management, and financial expenses amounted to 29.54 million yuan, accounting for 7.65% of revenue, which is an increase of 1.28% year-on-year [1] - The company reported a per-share net asset value of 2.21 yuan, down 11.43% year-on-year, and a per-share operating cash flow of -0.11 yuan, which is an increase of 29.05% year-on-year [1] Historical Performance and Investment Return - The company's historical financial performance has been generally poor, with a median ROIC of 1.2% over the past decade and a worst year ROIC of -16.22% in 2021 [3] - The company has reported losses in 6 out of 14 annual reports since its listing, indicating weak investment returns [3] Cash Flow and Debt Management - The company has a healthy cash position, with cash assets being sufficient [3] - However, the cash flow situation is concerning, with a cash asset to current liabilities ratio of only 48.61% and negative average operating cash flow over the past three years [3]