Vanfund(SZ:000638) Mei Ri Jing Ji Xin Wen·2025-10-26 14:01Core Viewpoint - *ST WanFang has experienced abnormal stock trading fluctuations, with a cumulative price increase deviation of 14.57% over three consecutive trading days, while the company's operational status remains normal and no significant changes in the internal or external business environment have occurred [1] Group 1: Stock Trading and Ownership Structure - The major shareholder, Beijing WanFang Yuan Real Estate Development Co., Ltd., faces uncertainty as its 90.86 million shares have been subject to failed auctions, leading to potential changes in the controlling shareholder or actual controller of the company [1] - WanFang Yuan has delegated all voting rights of 80.44 million shares (25.83% of total shares) to Huide Industrial Co., Ltd. for five years, making Huide the controlling shareholder, with the Jiangyuan District Finance Bureau as the actual controller [2] - If WanFang Yuan loses its status as the major shareholder, the voting rights delegation will automatically become invalid [2] Group 2: Business Operations - *ST WanFang's main business focuses on agriculture and military industries, with agricultural products including raw grains and feed corn, and military operations providing precision machining and special welding services for lightweight, high-precision metal structures [2] Group 3: Financial Performance - In 2024, *ST WanFang reported revenue of 391 million yuan, a year-on-year increase of 133.70%, and a net profit attributable to shareholders of 10.65 million yuan, up 304.49%, although the net profit after deducting non-recurring items was -4.60 million yuan [3] - The company has been placed under delisting risk warning due to negative net profit and revenue figures, with the first half of the year showing no significant improvement, reporting revenue of 153 million yuan and a net loss of 5.02 million yuan [3] - The China Securities Regulatory Commission has initiated an investigation into *ST WanFang for suspected violations of information disclosure regulations [4]