智通财经网·2026-01-13 09:30Core Viewpoint - *ST Wanfang (000638.SZ) is expected to face financial difficulties in 2025, with projected operating revenue below 300 million yuan and negative profit metrics, which may lead to delisting from the Shenzhen Stock Exchange due to financial criteria violations [1][2] Financial Projections - The company anticipates that its operating revenue for 2025 will be less than 300 million yuan [1] - Profit total, net profit, or net profit after deducting non-recurring gains and losses is expected to be negative [1] Audit Report Concerns - Zhongxing Caiguanghua Accounting Firm issued a qualified audit report for the company's 2024 financial statements, highlighting uncertainty regarding the recoverability of investments in Jilin Wanfang Baiao Biotechnology Co., Ltd [1] - As of the announcement date, the uncertainty regarding the company's financial situation has not been resolved, and there remains a risk of receiving a qualified audit report for 2025 [2] Delisting Risks - If a qualified audit report is issued for 2025, the company may face delisting risks as per the Shenzhen Stock Exchange regulations [2] - The company’s stock could be subject to delisting if it triggers financial criteria violations in subsequent years following a qualified audit report [2]