Vanfund(SZ:000638) Zhi Tong Cai Jing·2026-01-13 09:39Core Viewpoint - *ST WanFang (000638) is expected to face financial difficulties in 2025, with projected operating revenue below 300 million yuan and potential negative profit figures, which may lead to delisting from the Shenzhen Stock Exchange due to financial criteria violations [1][2] Financial Performance - The company anticipates that its operating revenue for 2025 will be less than 300 million yuan [1] - There is a risk that the total profit, net profit, or net profit after deducting non-recurring gains and losses will be negative for the same year [1] Audit Report Concerns - Zhongxing Caiguanghua Accounting Firm issued a qualified audit report for the company's 2024 financial statements, highlighting uncertainties 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 Risk - If the company receives a qualified audit report for 2025, it may trigger delisting warnings and ultimately lead to termination of stock trading under the Shenzhen Stock Exchange rules [2]