又一家！000638，或触及退市！

Core Viewpoint - *ST WanFang may face financial delisting due to projected revenue and net profit figures for 2025 indicating significant financial distress [1][4][5] Financial Performance - The company expects 2025 revenue to be less than 300 million yuan and both net profits before and after non-recurring items to be negative [1] - In 2024, the total profit was 6.4225 million yuan, with a net profit attributable to shareholders of 10.6516 million yuan, but a net profit of -4.6013 million yuan after deducting non-recurring gains and losses [6] Audit and Compliance Issues - The company received a qualified audit opinion from Zhongxing Caiguanghua Accounting Firm regarding the recoverability of investments in Jilin WanFang Bai'ao Biotechnology Co., Ltd., indicating significant uncertainty [4] - As of the latest announcement, the uncertainty regarding the audit opinion has not been resolved, and there is a risk of receiving a qualified audit report for the 2025 financial statements [4] Regulatory Actions - The company is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure, which could lead to mandatory delisting if found guilty [5] - The CSRC issued a notice of investigation on July 25, 2025, but the investigation is still ongoing, and no conclusive opinions or decisions have been made yet [5] Business Overview - *ST WanFang primarily operates in agriculture and military industries, utilizing local agricultural resources to process corn and rice, and providing precision machining and special welding services for the aerospace, naval, and military sectors [5]