Core Viewpoint - Wanma Co., Ltd. received a warning letter from the Zhejiang Securities Regulatory Bureau due to issues related to information disclosure, which involved delays in board approvals and public announcements of significant investment projects [2][3][4]. Group 1: Regulatory Actions - The warning letter highlighted that Wanma Co., Ltd. failed to timely disclose certain investment matters and significant project developments, violating relevant regulations [3][4]. - Specific instances include a delay in disclosing a 1 billion yuan investment project until two months after the agreement was signed, and another delay in announcing a 51 million yuan investment in an industry fund [3][4]. Group 2: Management Changes - The former chairman, Li Gang, resigned two months prior to the issuance of the warning letter, although he continues to hold other positions within the company [4]. Group 3: Company Response - Wanma Co., Ltd. expressed its commitment to addressing the issues raised in the warning letter and emphasized the importance of adhering to information disclosure regulations moving forward [5]. Group 4: Financial Performance - In 2024, Wanma Co., Ltd. reported a revenue of 17.76 billion yuan, a year-on-year increase of 17.46%, but a net profit of 341 million yuan, down 38.57% [7]. - For the first half of 2025, the company achieved a revenue of 9.27 billion yuan, up 8.58%, and a net profit of 250 million yuan, an increase of 21.80% [7]. - The company faces high accounts receivable, with 5.38 billion yuan in 2024, accounting for 30.3% of revenue, and 6.66 billion yuan in the first half of 2025, representing 71.8% of revenue [7].