Vanfund(SZ:000638) Shang Hai Zheng Quan Bao·2026-01-28 18:03Core Viewpoint - The company, WanFang Urban Investment Development Co., Ltd., is facing significant financial challenges, including a risk of delisting due to expected poor performance in 2025, with projected revenue below 300 million RMB and potential negative net profits [2][11]. Group 1: Stock Trading Abnormalities - The company's stock experienced a cumulative price drop of 13.18% over three consecutive trading days from January 26 to January 28, 2026, indicating abnormal trading activity [3]. - The stock has shown severe abnormal trading fluctuations, with four instances of similar trading behavior within ten consecutive trading days [3]. Group 2: Company Financial Performance - The company anticipates a revenue of less than 300 million RMB for the fiscal year 2025, with net profit or total profit expected to be negative [11]. - The company received a qualified audit report for 2024, raising uncertainties regarding the recoverability of investments, which may affect the 2025 audit report [12]. Group 3: Regulatory and Compliance Issues - The company is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, with no conclusive findings reported as of the announcement date [13]. - The company received a tax notification requiring the payment of late fees amounting to 30.45 million RMB, which will impact the 2025 net profit [17][18].