Sou Hu Cai Jing·2026-01-13 11:43Core Viewpoint - *ST Wanfang (000638) experienced a significant decline in stock price, closing at the daily limit down after a previous trading day of hitting the upper limit [1][2] Financial Performance - The company anticipates a revenue of less than 300 million CNY for the fiscal year 2025, with total profit, net profit, or net profit after deducting non-recurring gains and losses expected to be negative [3] - Due to these financial projections, *ST Wanfang's stock may face delisting as it meets the criteria for financial delisting [3] Audit and Regulatory Issues - There is a significant uncertainty regarding the ability to eliminate the issues raised in the 2024 audit report, which may lead to a qualified opinion in the 2025 audit report, further risking delisting [3] - The company is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, with no conclusive opinions or decisions received as of the announcement date [3] Corporate Actions - The company has decided to terminate the disposal of its remaining 13.6667% stake in Beijing Tianyuan Real Estate Development Co., Ltd., after a lengthy two-and-a-half-year process [4] - Investors who purchased *ST Wanfang shares between January 25, 2025, and April 18, 2025, may have opportunities for compensation if they hold the shares until the closing on April 18, 2025 [4]