Core Viewpoint - The auction of 90.86 million shares held by the major shareholder, Wanfangyuan, of *ST Wanfang has failed due to no bids, which does not change the company's control [1][2][4] Group 1: Auction Details - The auction was scheduled from September 2 to September 3, 2025, on the Taobao judicial auction platform, involving 90.86 million shares, representing 100% of Wanfangyuan's holdings and 29.18% of the total share capital of the company [1][2] - The auction results indicated that all items were "unsold, no bids," confirming the failure of the auction [2] Group 2: Shareholder Status - Wanfangyuan holds 90.86 million shares, which are fully pledged and frozen, representing 29.18% of the total share capital [3] - There is a risk of future auctions for these shares, as they may still be subject to judicial sale [1][2] Group 3: Control and Governance - If the shares were to be sold and transferred, Wanfangyuan would lose its status as the major shareholder, leading to a potential change in the company's controlling shareholder and actual controller [4] - The company has disclosed risks associated with potential changes in control to its board and major shareholders [4] Group 4: Regulatory Issues - The company is under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure laws [4]

截至公告披露日，公司大股东万方源持有公司股份9086万股，占公司总股本的29.18%。其中，累计被 质押9086万股，占其所持公司股份比例为100%，占公司总股本比例为29.18%；累计冻结9086万股，占 其所持公司股份比例为100%，占公司总股本比例为29.18%；累计轮候冻结1.23亿股，合计占其所持公 司股份比例为135.41%，合计占公司总股本比例为39.51%；累计被拍卖0股，占其所持公司股份比例为 0%，占公司总股本比例为0%。 值得一提的是，万方源分别于2021年8月26日和2021年8月31日与白山市惠德实业有限责任公司(简称"惠 德实业")签订了《表决权委托协议》及《表决权委托协议之补充协议》，根据协议，万方源将持有的公 司股份8044.4万股(占公司总股本的25.83%)对应的表决权无条件且不可撤销地全部委托惠德实业行使， 委托期限为协议生效之日起五年。就此，惠德实业成为公司的控股股东，白山市江源区财政局成为公司 实际控制人。 据*ST万方9月3日晚公告，本次拍卖如全部成交并过户完成，万方源将失去公司大股东身份，相应地， 上述表决权委托将由于万方源失权而自动失效，因此公司存在控股股东、实 ...

未来拍卖风险与公司应对 万方源此前因与吉林九台农村商业银行借款合同纠纷案件，未履行还款义务而被长春中院强制执行。法院裁定对其持有的*ST万方股票进行拍卖变卖，涉及 股份数量为9086万股，占万方源所持股份比例100%，占公司总股本29.18%。这些股份原计划于7月22日至23日在淘宝网司法拍卖平台进行公开拍卖。 拍卖撤回的直接原因在于北京市三中院法官未移交相关股权的处置权。这一程序性问题导致原定的司法拍卖无法按计划进行。公司在公告中明确表示，截至 公告披露日，本次拍卖撤回事项未对公司日常经营产生重大影响，目前公司经营状况保持正常。 万方源作为*ST万方第一大股东，其持有的全部股份均处于质押和冻结状态。此前万方源已将其持有的8044.4万股对应的表决权委托给白山市惠德实业有限 责任公司行使，使得惠德实业成为公司控股股东，白山市江源区财政局为实际控制人。若拍卖最终完成，万方源将失去第一大股东身份，不再持有公司任何 股票。 *ST万方大股东万方源持有的9086万股公司股票司法拍卖事项出现重要变化。公司7月21日晚间发布公告显示，原定进行的司法拍卖因北京市三中院法官未 移交股权处置权而被撤回。这一变化为市场关注的控股 ...

Core Viewpoint - The auction of *ST WanFang's major shareholder's shares has been retracted due to jurisdictional issues, but the risk of future auctions remains, potentially affecting the company's control structure and financial performance [1][2][3] Group 1: Auction and Shareholder Control - The Changchun Intermediate Court planned to auction 90.86 million shares held by WanFang Yuan, representing 29.18% of the total shares, on July 22-23, 2025 [1][2] - The auction was retracted because the Beijing Third Intermediate Court did not transfer the disposal rights of the shares [1][2] - If the shares are auctioned and sold in the future, WanFang Yuan could lose its status as the major shareholder, which would automatically invalidate the voting rights entrusted to HuiDe Industrial [3] Group 2: Financial Performance - *ST WanFang expects a net loss of 4.5 million to 6.5 million yuan for the first half of 2025, compared to a profit of 1.0471 million yuan in the same period last year [3] - The significant decrease in net profit is attributed to the previous year's recovery of receivables, which resulted in a reversal of credit impairment losses of approximately 7.8 million yuan [3] - Non-recurring gains and losses are expected to impact net profit by about 580,000 yuan, mainly from government subsidies received by subsidiaries [3]

Core Viewpoint - *ST WanFang is facing significant changes in its ownership structure due to a court-ordered auction of shares held by its major shareholder, WanFang Yuan, which may lead to a loss of control and potential changes in actual control of the company [1][2][3] Group 1: Company Ownership and Control - The Changchun Intermediate Court will auction 90.86 million shares held by WanFang Yuan, representing 29.18% of the total share capital of *ST WanFang, on July 22-23, 2025 [1] - Following the auction, WanFang Yuan will lose its status as the largest shareholder, which raises the risk of changes in the controlling shareholder or the absence of an actual controller [1][3] - WanFang Yuan previously delegated voting rights for 80.44 million shares (25.83% of total shares) to Huide Industrial, making it the controlling shareholder, but this delegation will automatically become invalid if WanFang Yuan loses its shares [3] Group 2: Financial Performance - In 2024, *ST WanFang reported revenue of 391 million yuan, a 133.70% increase year-on-year, with a net profit attributable to shareholders of 10.65 million yuan, marking a turnaround from losses [1] - The company’s net profit after deducting non-recurring items was -4.60 million yuan, indicating a reduction in losses compared to the previous year [1] - The financial indicators have triggered a delisting risk warning under the Shenzhen Stock Exchange rules, as the company’s net profit and revenue metrics fell below specified thresholds [2]