万通发展提示多项风险

Core Viewpoint - Wanto Development (600246.SH) has experienced significant stock price fluctuations, with a cumulative increase of 20% over two trading days, prompting an announcement regarding abnormal trading conditions [1] Financial Performance - For the fiscal years 2023, 2024, and the first three quarters of 2025, Wanto Development is projected to report net losses attributable to shareholders of approximately CNY -390 million, -457 million, and -19.8 million respectively [1] - Subsidiary Shuduo Technology is also expected to incur net losses of CNY -62.57 million, -138 million, and -78.09 million for the same periods, indicating ongoing financial challenges [1] Strategic Developments - The company is actively pursuing a strategic transformation by integrating Shuduo Technology, although the latter's products may not meet market demands, posing risks to revenue and profitability [1] Shareholder and Control Risks - The controlling shareholder, Jia Hua Dongfang Holdings, and its affiliate, Wanto Investment Holdings, collectively hold approximately 643 million shares, representing 33.99% of Wanto Development's total share capital, with around 624 million shares pledged [2] - A significant portion of the pledged shares, approximately 294 million, remains unsold after judicial auction, indicating potential liquidity issues [2] - The actual controller and chairman, Wang Yihui, is currently under investigation by law enforcement, which may impact the company's governance and operational stability [2]