Vanfund(SZ:000638) Zhong Guo Zheng Quan Bao·2026-01-13 15:05Core Viewpoint - *ST WanFang (000638) announced that it expects its operating revenue for 2025 to be below 300 million yuan, with either total profit, net profit, or net profit after deducting non-recurring gains and losses being negative, which may lead to the termination of its stock listing due to financial delisting criteria [1][6][3]. Financial Performance - As of January 13, the company's stock price closed at 4.81 yuan per share, with a decline of 4.94% [2]. - For the first three quarters of 2025, *ST WanFang reported an operating revenue of approximately 176 million yuan, representing a year-on-year increase of 60.43%. However, it recorded a net loss attributable to shareholders of approximately -8.59 million yuan, compared to a profit of 13.29 million yuan in the same period last year [10]. Audit and Compliance - The company received a qualified audit opinion from Zhongxing Caiguanghua Accounting Firm for its 2024 financial statements, indicating significant uncertainty regarding the recoverability of investments in Jilin WanFang Bai'ao Biotechnology Co., Ltd. This uncertainty has not been resolved as of the announcement date, posing a risk of receiving a qualified audit opinion for the 2025 financial report [7][6]. - If the company receives a qualified audit opinion for 2025, it may trigger delisting risks under the Shenzhen Stock Exchange's regulations [7]. Corporate Actions - On January 13, *ST WanFang announced the termination of the disposal of its remaining 13.67% stake in Beijing Tianyuan Real Estate Development Co., Ltd. The company will continue to hold this stake [8][9].