登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：000638 证券简称：*ST万方 公告编号：2026-030 万方城镇投资发展股份有限公司关于2025年年报审计进展说明暨风险提示的公告 本公司及其董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、误导性陈述或重大 遗漏。 重要内容提示： 1、公司股票自2026年2月10日起连续多个交易日涨停，剔除大盘整体因素后，公司股价实际波动幅度较 大，存在市场情绪过热、非理性炒作的风险。公司已在近期多次披露股票交易异常波动公告、股票可能 被终止上市的风险提示公告及立案调查进展暨风险提示公告，敬请广大投资者理性投资，审慎决策，避 免二级市场交易面临较大投资风险。 2、公司于2026年2月26日收到国府嘉盈出具的《关于对公司2025年年报审计进展的说明》。截至本次审 计进展说明出具之日，审计工作尚在进行中，根据国府嘉盈目前已获得的相关审计证据以及管理层相关 的解释说明，经与公司于2026年1月31日披露的《2025年度业绩预告》进行了比较，国府嘉盈没有发现 在重大方面存在不一致之处。 3、公司于2026年1月31日披露了《2025年度业绩预告》，预 ...

2026.02.26 本文字数：2797，阅读时长大约5分钟 作者 |第一财经 安卓 连续三年财务造假的*ST立方（300344.SZ），正式走向了退市之路。 该公司在农历蛇年的最后一个交易日公告称，已于2月14日收到深交所下发的《事先告知书》，拟决定 终止该公司上市交易，其股票已于2月24日起停牌。 根据行政处罚决定书，该公司2021年至2023年年报存在虚假记载，其中，2021年和2022年连续两年虚假 记载的营业收入金额合计达到5亿元以上，且超过同期披露年度营业收入合计金额的50%，属于重大违 法强制退市情形。 与《事先告知书》同步披露的，是深交所对*ST立方给予公开谴责的处分决定，以及安徽证监局的《行 政处罚决定书》。 经查明，*ST立方存在三项违法事实：通过开展代理业务虚增营业收入、营业成本；通过开展融资性贸 易虚增营业收入、营业成本；通过开展虚假贸易虚增营业收入、营业成本、利润总额。对此，安徽证监 局对*ST立方责令改正、警告，并处1000万元罚款。 去年11月28日，该公司收到安徽证监局下发的《行政处罚及市场禁入事先告知书》，对时任董事长汪逸 等10名责任人警告，合计罚款3000万元，其中，三名 ...

净化市场生态。 连续三年财务造假的*ST立方（300344.SZ），正式走向了退市之路。 该公司在农历蛇年的最后一个交易日公告称，已于2月14日收到深交所下发的《事先告知书》，拟决定 终止该公司上市交易，其股票已于2月24日起停牌。 根据行政处罚决定书，该公司2021年至2023年年报存在虚假记载，其中，2021年和2022年连续两年虚假 记载的营业收入金额合计达到5亿元以上，且超过同期披露年度营业收入合计金额的50%，属于重大违 法强制退市情形。 第一财经梳理发现，开年以来，已有4家上市公司因触及重大违法强制退市情形被摘牌或进入退市流 程。 上海知信律师事务所证券诉讼团队认为，监管层对重大违法强制退市坚持零容忍、严执法，大幅提高违 法成本，精准打击实控人、董监高等关键少数，市场禁入常态化，形成有力震慑，符合注册制改革方 向，也有利于净化市场生态。 已有4公司触及重大违法强制退市 退市制度是市场新陈代谢的重要一环，自退市新规发布实施以来，资本市场正加速形成"应退尽退、及 时出清"的常态化退市格局。2026年，资本市场"零容忍"监管态势持续升级，针对连续多年、系统性财 务造假的上市公司，监管部门严厉打击、严肃惩 ...

本报记者 吴晓璐 传递"应退尽退"信号 接受采访的专家表示，后续，随着上市公司年报披露，监管层将持续强化退市监管，严格执行退市规则，畅通退市渠道， 推动"应退尽退"，同时加强投资者保护，筑牢资本市场生态底线，促进资本市场健康稳定发展。 自退市新规实施以来，重大违法强制退市数量明显增多，成为出清劣质公司的重要渠道。今年以来，深圳市广道数字技术 股份有限公司、北京东方通科技股份有限公司先后因重大违法强制退市摘牌退市；长江医药控股股份有限公司（以下简称"*ST 长药"）和立方数科股份有限公司（以下简称"*ST立方"）先后收到地方证监局行政处罚决定书和深交所的终止上市事先告知 书，明确公司因为财务造假触及重大违法强制退市情形。 在此之前，*ST长药、*ST立方股价仍遭爆炒，出现连续大涨。最终，监管部门以"快、准、狠"的查处终结了这场投机炒 作，也再次向市场传递了"应退尽退"这一清晰而坚定的信号。 "从公开案例来看，当前，重大违法强制退市主要聚焦欺诈发行、财务造假等重大信息披露违法，特别是发行上市环节造 假与持续信息披露造假的全链条追责。"上海明伦律师事务所律师王智斌对《证券日报》记者表示，今年以来，监管正推动 从"结 ...

Core Viewpoint - The company *ST Lifan is facing termination of its stock listing due to financial fraud, having reported false financial data for three consecutive years, which has led to significant regulatory actions [2][3][4]. Group 1: Financial Fraud and Regulatory Actions - The company received a notice from the Shenzhen Stock Exchange on February 14, 2026, indicating the intention to terminate its stock listing due to serious violations of financial reporting [2][5]. - The administrative penalty decision from the China Securities Regulatory Commission confirmed that the company inflated its revenue and costs through various fraudulent activities, including agency business and fictitious trades [4][6]. - The total amount of inflated revenue for 2021 and 2022 exceeded 500 million yuan, accounting for over 50% of the reported annual revenue for those years [6]. Group 2: Stock Performance and Market Reaction - The stock of *ST Lifan experienced a dramatic rise, with a peak increase of over 400% from a low of 0.66 yuan to a high of 3.33 yuan within a short period [11][12]. - Following the announcement of the financial fraud and subsequent regulatory scrutiny, the stock faced two consecutive trading halts with a 20% drop on February 12 and 13, 2026 [10][16]. - The company has reported losses for three consecutive years, with an expected net loss of between 180 million yuan and 210 million yuan for 2025 [16].

Group 1 - The company *ST Lifan received an administrative penalty from the China Securities Regulatory Commission for inflating revenue and costs through various fraudulent activities, including agency business and fictitious trade [1] - The total amount of falsely reported revenue for the years 2021 and 2022 reached 591,582,002.31 yuan, accounting for 50.91% of the total reported revenue for those two years [1] - The company is at risk of being delisted due to serious violations of the Shenzhen Stock Exchange's listing rules, with trading of its stock set to be suspended on February 24, 2026 [1] Group 2 - A logistics giant experienced a market value loss of 23.3 billion yuan, while a disruptive company in the same sector saw its stock price triple within two days [2] - The article highlights the potential risks associated with traditional industries being disrupted by smaller companies leveraging AI technology [2]

3年财务造假，重大违法强制退市在即，却走出了10天7板的诡异行情，阶段涨幅达314.93%，一波"炒 差"之风又在*ST立方（300344.SH）上演。 2月10日晚，*ST立方公告称，鉴于停牌核查已完成，股票将于2月11日开市起复牌。这已是该公司第三 次停牌核查，最近一次停牌核查为2月6日至2月10日。 *ST立方表示，目前，公司股票价格已严重脱离公司基本面情况，存在市场情绪过热、非理性炒作风 险。此外，公司股票可能被实施重大违法强制退市。 *ST立方自1月20日至2月5日以来10个交易日（去除停牌的3个交易日）中有7个交易日涨停，价格涨幅 为314.93%，期间多次触及股票交易异常波动情形。2月4日更是上演了"地天板"剧情，振幅高达 40.41%。 业绩方面，*ST立方预计2025年归属于上市公司股东的净利润亏损1.8亿元至2.1亿元，上年同期亏损约 1.25亿元，亏损幅度同比扩大。 公司表示，业绩变动主要原因是受整体战略规划调整影响，2025年公司智能软硬件业务、数字智能服务 较上年同比下滑超八成；同时，2025年新增移动信息服务业务前期毛利较低，加之公司对商誉、无形资 产等存在减值迹象的资产计提了82 ...

Core Viewpoint - *ST Lifan has experienced a significant stock price surge despite facing severe financial misconduct allegations and the imminent risk of forced delisting, with a remarkable increase of 314.93% over a 10-day period [2][4]. Group 1: Stock Performance and Market Reaction - The stock was suspended for verification three times, with the latest suspension occurring from February 6 to February 10, 2025, and it resumed trading on February 11, 2025 [2]. - On February 11, 2025, *ST Lifan's stock opened significantly higher, reaching a peak increase of over 17%, and closed with a gain of 15.11% at 3.20 CNY per share [2]. - The Shenzhen Stock Exchange issued a risk warning regarding the stock's volatility, indicating that it had triggered abnormal trading standards multiple times [2]. Group 2: Financial Misconduct and Regulatory Actions - On November 28, 2025, *ST Lifan received a notice from the Anhui Securities Regulatory Bureau regarding administrative penalties, revealing that the company had inflated revenues by 638 million CNY and costs by 628 million CNY from 2021 to 2023 through various fraudulent activities [3]. - Following the notice, the stock price plummeted, falling below 1 CNY per share in January 2026 [3]. - The actual controller of *ST Lifan issued a public letter to shareholders, claiming that the company's operations were normal and that they had submitted materials to regulatory authorities for defense [3]. Group 3: Financial Performance and Future Outlook - For the year 2025, *ST Lifan is expected to report a net loss of between 180 million CNY and 210 million CNY, compared to a loss of approximately 125 million CNY in the previous year, indicating a widening loss [4]. - The decline in performance is attributed to strategic adjustments, with a more than 80% year-on-year drop in the company's smart hardware and digital services business, alongside low initial margins from new mobile information services [5]. - Additionally, the company has recognized impairment losses of 82 million CNY on goodwill and intangible assets, further exacerbating the financial losses [5].

Core Viewpoint - *ST Lifan's stock will resume trading on February 11, 2026, after a period of suspension due to significant price fluctuations and market speculation, despite the company stating that its fundamentals have not changed significantly [1][4][5]. Group 1: Stock Performance and Trading History - *ST Lifan's stock experienced a dramatic increase, achieving seven consecutive "20CM"涨停板 (limit-up) days from January 20, with the price rising from 0.66 yuan to 2.78 yuan, marking a 314.93% increase and boosting its market capitalization from under 600 million to 1.8 billion yuan [4]. - The company faced three trading suspensions within a month, starting from January 19, due to market rumors and subsequent investigations [5][7]. Group 2: Regulatory Actions and Financial Issues - The company has been under scrutiny for potential financial misconduct, with the Anhui Securities Regulatory Bureau issuing a notice regarding administrative penalties and market bans due to suspected false financial reporting from 2021 to 2023, involving over 500 million yuan in inflated revenue [6][10]. - The company is at risk of forced delisting due to serious violations of regulations, with the Shenzhen Stock Exchange indicating that it will initiate delisting procedures [10][11]. Group 3: Future Financial Outlook - For the year 2025, *ST Lifan anticipates revenues between 200 million to 230 million yuan, with expected net losses ranging from 180 million to 210 million yuan [11].

公告显示，*ST立方自1月20日至2月5日以来10个交易日（去除停牌的3个交易日）中有7个交易日涨 停，价格涨幅为314.93%，期间多次触及股票交易异常波动情形，公司股票短期内价格涨幅较大，明显 偏离市场走势，未来可能存在股价快速下跌的风险。 *ST立方表示，目前，公司股票价格已严重脱离公司基本面情况，存在市场情绪过热、非理性炒作风 险。此外，公司股票可能被实施重大违法强制退市。 北京商报讯（记者 马换换 李佳雪）2月10日晚间，*ST立方（300344）披露公告称，公司就股价波动的 相关事项进行了核查。鉴于相关自查工作已完成，公司股票将于2月11日起复牌。 ...