Core Points - ST Xuefa reached a limit-up price of 4.94 yuan, with a rise of 5.06%, and a total market capitalization of 2.823 billion yuan on November 7, 2025 [1] - The stock's limit-up was attributed to several factors including governance upgrades, real estate income, and improved cash flow [2] Group 1: Governance and Financial Performance - The company recently revised 11 core systems, including articles of association and rules for meetings, enhancing corporate governance and operational efficiency, which boosts market confidence [2] - In the first half of 2025, the company recognized a fair value gain of 43.88 million yuan from investment properties, significantly improving its profit situation [2] - The net cash flow from operating activities improved by 29.05% year-on-year, indicating positive changes in financial management and operational stability [2] Group 2: Market Dynamics - Despite the company's ST status and negative factors such as consolidated losses and related party fund occupation, the positive developments have attracted market attention [2] - The logistics sector, to which the company belongs, has garnered some market interest, with the company being included in the "Dragon and Tiger List" on November 6, 2025, with a trading volume of 44.11 million yuan [2] - Recent data from the "Dragon and Tiger List" indicates net selling by institutions, although the fundamental improvements may have contributed to the stock's limit-up [2]

Group 1 - The company's stock (ST Xuefa, code: 002485) experienced an abnormal trading fluctuation, with a cumulative closing price deviation exceeding 12% over three consecutive trading days (November 4, 5, and 6, 2025) [2] - The company confirmed that there are no corrections or supplements needed for previously disclosed information as of the announcement date [3] - No significant undisclosed information has been found that could have impacted the stock price, and the company's operational situation remains normal without major changes [4][5] Group 2 - The company maintains complete independence from its controlling shareholder, Xuesong Industrial Group, in terms of business, personnel, assets, institutions, and finances, ensuring no adverse impact on its operations and governance [5] - The company's controlling shareholder did not engage in any stock trading during the period of abnormal trading fluctuations [6] - The board confirmed that there are no undisclosed matters that should be disclosed according to the Shenzhen Stock Exchange rules, and no other significant information affecting the stock price has been identified [7]

证券代码：002485 证券简称：ST雪发 公告编号：2025-033 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11月4日、11月5日和11月6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。 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、人员、资产、机 构、财务等方面完全分开，保持独立。因此，雪松实业等关 ...

Market Overview - The logistics sector increased by 0.36% on November 6, with ST Xuefa leading the gains [1] - The Shanghai Composite Index closed at 4007.76, up 0.97%, while the Shenzhen Component Index closed at 13452.42, up 1.73% [1] Top Gainers in Logistics Sector - ST Xuefa (002485) closed at 4.94, up 5.11% with a trading volume of 89,700 shares and a turnover of 44.11 million yuan [1] - *ST Yuanshang (603813) closed at 31.15, up 4.95% with a trading volume of 9,205 shares and a turnover of 27.98 million yuan [1] - Jiayou International (603871) closed at 14.54, up 3.64% with a trading volume of 128,200 shares and a turnover of 186 million yuan [1] Top Losers in Logistics Sector - Xiamen Xiangyu (600057) closed at 8.39, down 3.12% with a trading volume of 489,700 shares and a turnover of 409 million yuan [2] - Huami Duhai (920351) closed at 26.55, down 2.82% with a trading volume of 23,000 shares and a turnover of 6.14 million yuan [2] - Changjiang Investment (600119) closed at 8.74, down 2.78% with a trading volume of 75,400 shares and a turnover of 6.60 million yuan [2] Capital Flow in Logistics Sector - The logistics sector experienced a net outflow of 94.34 million yuan from institutional investors, while retail investors saw a net inflow of 65.24 million yuan [2] - The main stocks with significant net inflows included SF Holding (002352) with 64.23 million yuan and Shanghai Yashi (603329) with 23.05 million yuan [3] Detailed Capital Flow Analysis - SF Holding (002352) had a main net inflow of 64.23 million yuan, but retail and speculative investors saw net outflows of 33.92 million yuan and 30.31 million yuan respectively [3] - Shanghai Yashi (603329) had a main net inflow of 23.05 million yuan, with retail investors experiencing a net outflow of 19.25 million yuan [3] - New Ning Logistics (300013) recorded a main net inflow of 18.31 million yuan, while retail investors had a net outflow of 12.91 million yuan [3]

Core Viewpoint - ST Xuefa announced that its stock (stock code: 002485) experienced an abnormal fluctuation, with a cumulative closing price increase of over 12% within three consecutive trading days (November 4, 5, and 6, 2025) [1] Summary by Relevant Sections - Stock Performance - The stock price increase of over 12% indicates significant trading activity and potential investor interest [1] - Company Operations - The company confirmed that there is no need to correct or supplement previously disclosed information, and no undisclosed significant information affecting the stock price has been found [1] - The company's operational status is reported as normal, indicating stability in its business activities [1] - Related Party Transactions - The company maintains independence from related parties in various aspects, and these transactions do not impact the company's operations [1] - Disclosure of Information - Both the company and its controlling shareholders have no undisclosed significant matters, and during the period of abnormal fluctuation, the controlling shareholders did not buy or sell the company's stock [1]

Core Points - ST Xuefa (sz002485) reached the daily limit up on November 6, 2025, with a price of 4.94 yuan, a rise of 5.11%, and a total market capitalization of 2.687 billion yuan [1] Group 1: Governance and Financial Improvement - The company recently revised 11 core governance systems, including rules for meetings and management of related transactions, and introduced new financial management mechanisms, indicating a commitment to improving governance [1] - In the first half of 2025, the company recognized a fair value gain of 43.88 million yuan from investment properties, significantly enhancing its profit situation [1] - The net cash flow from operating activities improved by 29.05% year-on-year, indicating a better cash flow condition [1] Group 2: Challenges and Market Reactions - The company still faces several challenges, including its ST status, related party fund occupation of 86.073 million yuan, full pledge freeze of the controlling shareholder's equity, expanded losses in the semi-annual report, and a securities lawsuit amounting to 8.351 million yuan [1] - Investors need to monitor whether the company can reverse its loss trend in the third quarter and the progress of its ST delisting [1] - On November 3, the company was included in the "Dragon and Tiger List," although the reason indicated net selling by retail and institutional investors; however, the stock's limit up on November 6 may reflect market expectations regarding governance improvements [1]

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 ...

Financial Performance - Q3 2025 revenue was CNY 173,439,517.24, a decrease of 12.91% year-over-year[5] - Net profit attributable to shareholders was CNY -23,960,993.12, down 43.94% compared to the same period last year[5] - Net profit excluding non-recurring items was CNY -19,276,673.39, a decline of 119.24% year-over-year[5] - Basic earnings per share were CNY -0.0440, a decrease of 43.79% from the previous year[5] - Total operating revenue for the period was CNY 559,356,824.80, a decrease of 9.4% compared to CNY 617,599,788.87 in the previous period[16] - The company reported a net loss of CNY -531,365,633.60, compared to a loss of CNY -485,660,553.24 in the previous period[15] - The company reported a net loss of ¥45,810,293.88 for the current period, compared to a net loss of ¥36,552,298.36 in the previous period, representing an increase in loss of approximately 25.5%[17] - Operating revenue from sales of goods and services decreased to ¥2,513,166,067.13, down 32.7% from ¥3,735,562,087.98 in the previous period[18] - The company recorded a total comprehensive loss of ¥52,947,753.84, compared to a total comprehensive loss of ¥36,552,298.36 in the previous period[17] - The basic and diluted earnings per share were both reported at -¥0.0840, compared to -¥0.0670 in the previous period[17] Assets and Liabilities - Total assets at the end of the reporting period were CNY 1,801,007,232.95, an increase of 0.77% from the end of the previous year[5] - The company’s total assets reached CNY 1,801,007,232.95, up from CNY 1,787,159,089.72[15] - Total liabilities increased to CNY 623,758,790.06 from CNY 556,972,357.44, marking an increase of 12%[15] - Non-current assets totaled CNY 1,373,851,085.38, a slight decrease from CNY 1,409,261,769.10[14] - Cash and cash equivalents decreased to CNY 212,621,468.38 from CNY 229,877,981.85, reflecting a decline of 7.4%[13] - Cash and cash equivalents at the end of the period were ¥206,545,957.95, a decrease from ¥208,688,741.60 at the end of the previous period[19] Cash Flow - The company reported a net cash flow from operating activities of CNY -115,327,353.25, down 8.39% year-to-date[5] - The net cash flow from operating activities was negative at ¥115,327,353.25, slightly worse than the previous period's negative cash flow of ¥106,398,608.59[19] - The company generated ¥36,910,423.38 in cash inflows from investing activities, down from ¥63,618,123.47 in the previous period[19] - Cash inflows from financing activities totaled ¥81,000,000.00, compared to ¥140,508,581.41 in the previous period, indicating a decrease of approximately 42.3%[19] Operational Metrics - The company sold commercial properties for a total of CNY 15.45 million during the reporting period[11] - Rental income from seven leased properties amounted to CNY 1.253 million[11] - The weighted average return on equity was -2.01%, a decrease of 0.78% year-over-year[5] - Accounts receivable increased significantly to CNY 103,699,815.58, up 45.5% from CNY 71,285,823.93[13] - Inventory decreased to CNY 18,358,346.22, down 33.2% from CNY 27,525,257.84[13] - Short-term borrowings rose to CNY 78,000,000.00, an increase from CNY 28,000,000.00, reflecting a growth of 178.6%[14] - The company incurred operating expenses of ¥2,683,201,416.44, down from ¥3,871,411,021.06 in the previous period, reflecting a cost reduction strategy[19] - The company reported a foreign exchange loss of ¥7,137,459.96 in other comprehensive income[17]