Vanfund(SZ:000638) IPO日报·2025-07-29 11:00Core Viewpoint - *ST Wanfang (000638) is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure, marking the second time the company has faced such scrutiny since July 2025 [1][2][9]. Financial Performance - The company has experienced a significant decline in gross profit margin, dropping from 29.24% in 2021 to 20.94% in 2022, and further plummeting to 3.15% in 2023, before a slight recovery to 5.59% in 2024 [4][5]. - For the first half of 2025, the company anticipates a net loss of between 4.5 million to 6.5 million yuan, indicating a shift from profit to loss year-on-year [4]. Business Structure and Revenue Sources - The company's revenue is heavily reliant on its agricultural processing and sales business, which contributed 323 million yuan in 2024, accounting for over 80% of total revenue. In contrast, the contributions from non-ferrous metals and military products were significantly lower at 35 million yuan and 22 million yuan, respectively [5][6]. - The agricultural processing business has a low gross profit margin of only 2.5% in 2024, while the military business, which has a gross margin close to 40%, represents a small portion of total revenue [6]. Regulatory Issues - The company has faced multiple disciplinary actions for failing to disclose accurate and complete performance forecasts, with the latest incident occurring in April 2025 when it revised its profit expectations downward significantly [10][11]. - The CSRC's investigation could lead to severe consequences, including the potential for mandatory delisting if major violations are confirmed [4].