Vanfund(SZ:000638) Guo Ji Jin Rong Bao·2025-07-30 04:27Core Viewpoint - *ST WanFang has been subjected to a formal investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure, marking the second instance of such scrutiny since July 2025 [1][5]. Group 1: Financial Performance - The company reported a significant decline in gross profit margin, dropping from 29.24% in 2021 to 20.94% in 2022, and further plummeting to 3.15% in 2023, before a slight recovery to 5.59% in 2024 [2]. - For the first half of 2025, the company anticipates a net loss of between 4.5 million to 6.5 million yuan, indicating a shift from profit to loss year-on-year [2]. - In 2024, the company generated revenue of 3.91 billion yuan, with a net profit of 10.65 million yuan, but reported a net loss of 460.13 million yuan after excluding non-recurring gains and losses [6]. Group 2: Business Structure and Risks - The company's revenue heavily relies on the agricultural processing business, which has a low gross profit margin of only 2.5% in 2024, while the higher-margin military business contributes minimally to overall revenue [3]. - The company has faced repeated scrutiny for its information disclosure practices, with a recent incident involving a significant downward revision of its profit forecasts and revenue estimates [5][6]. - The imbalance in the product structure has amplified the overall gross profit margin volatility risk, with agricultural processing accounting for over 80% of revenue [2].