Vanfund(SZ:000638) Shang Hai Zheng Quan Bao·2026-02-26 18:30Core Viewpoint - The company is facing significant financial challenges, with projected negative profits for 2025, and risks of being delisted due to financial performance and ongoing investigations [2][3][6]. Financial Performance - The company forecasts 2025 revenue between 200 million and 250 million, with net profit expected to be negative, ranging from -55 million to -40 million [3][6]. - The anticipated net profit attributable to shareholders is projected to be between -50 million and -35 million, indicating a challenging financial outlook [3][6]. Audit Progress - As of February 26, 2026, the audit for the 2025 annual report is still ongoing, with no significant discrepancies found between the audit evidence and the previously disclosed performance forecast [5]. - The company received a qualified opinion from the auditor regarding the recoverability of investments, which poses a risk for the 2025 audit report [4][7]. Risk Warnings - The company has been under delisting risk warning since April 30, 2025, and its stock is now traded under the name "*ST万方" with a daily price fluctuation limit of 5% [6]. - The company is also under investigation by the China Securities Regulatory Commission for alleged information disclosure violations, which could lead to further regulatory actions [8].