Core Viewpoint - The stock price of ST Zhengping has experienced an extraordinary surge, significantly diverging from the company's fundamental performance, raising regulatory concerns about market speculation and irrational trading behavior [1][4][6]. Group 1: Stock Price Surge - ST Zhengping's stock has seen an astonishing increase of over 170% since early September [3]. - The stock's short-term gains have deviated sharply from the Shanghai Composite Index and the construction industry index, indicating a disconnect from the company's fundamentals [4]. - Despite multiple risk warning announcements and two trading suspensions for verification, market speculation remains high, with the stock hitting consecutive daily price limits upon resumption [2][5][6]. Group 2: Underlying Risks - The company faces significant fundamental risks, including the threat of delisting due to an audit report that could not express an opinion for the 2024 annual report, leading to a delisting risk warning [7]. - The 2024 internal control audit report received a negative opinion, raising uncertainties about the company's ability to continue operations, alongside issues of illegal guarantees [7][8]. - The company has reported substantial losses for both 2024 and the first three quarters of 2025 [9]. Group 3: Legal and Financial Challenges - ST Zhengping is currently embroiled in numerous lawsuits and arbitration cases, with substantial amounts at stake, further complicating its financial situation [10]. - The company has resolved previous non-operational fund occupation issues, but uncertainties remain regarding undisclosed non-operational fund occupations [11]. - The company's wholly-owned subsidiary faces challenges in mineral resource extraction due to insufficient funds, personnel, and equipment, leading to significant uncertainty about future development and revenue generation [11]. Group 4: New Business Ventures - The company is actively exploring new growth areas, including renewable energy construction and intelligent computing services, and has established partnerships with various local governments and enterprises [12][13]. - However, the effectiveness of these new ventures in reversing the company's current predicament remains to be seen, and the company continues to caution investors about the risks associated with the recent stock price surge [14].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：603843 证券简称：*ST正平（维权） 公告编号：2025-081 正平路桥建设股份有限公司 关于股票交易的风险提示公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 公司控股子公司贵州水利实业有限公司的少数股东贵州欣汇盛源房地产开发有限公司，此前非经营性资 金占用的1320.9219万元虽已全部收回，但根据中瑞诚会计师事务所（特殊普通合伙）（以下简称"会计 师"）出具的《关于正平路桥建设股份有限公司关联方非经营性资金占用清偿情况的专项审核报告》， 公司2025年1月1日至11月10日期间的财务报表未经审计，会计师无法确认是否还存在其他未披露的非经 营性资金占用情形。因此，公司不排除存在上述情形的可能，请投资者注意相关风险。 四、公司业绩持续亏损 2024年公司实现营业收入13.62亿元，归母净利润-4.84亿元，扣非后的归母净利润-4.75亿元；2025年三 季度累计实现营业收入6.52亿元，归母净利润-0.99亿元，扣非后的归母净利润-1.90亿元。 五、公 ...

Core Viewpoint - The company, Zhengping Road and Bridge Construction Co., Ltd., has experienced a significant stock price increase of 165.06% from September 1, 2025, to November 12, 2025, which is deemed to be disconnected from its fundamental performance, leading to various risk warnings for investors [1][2]. Group 1: Market Trading Risks - The company has issued multiple announcements regarding abnormal stock trading fluctuations and risk warnings, including two suspension checks on October 1 and October 29, 2025, with results disclosed on October 16 and November 12, 2025 [1]. - Following the resumption of trading, the stock hit the daily limit again on November 12, 2025, indicating a significant deviation from the Shanghai Composite Index and the construction industry, suggesting potential irrational market speculation [1]. Group 2: Delisting Risks - Due to limited audit scope, the company's 2024 annual report received an audit opinion of "unable to express an opinion," resulting in a delisting risk warning for its stock [2]. - The company faces additional risk warnings due to a negative opinion on internal controls and significant uncertainty regarding its ability to continue as a going concern, which could lead to delisting if not resolved in the 2025 fiscal year [2]. Group 3: Uncertainty of Fund Occupation Risks - The company’s subsidiary, Guizhou Water Conservancy Industry Co., Ltd., previously had non-operating fund occupation amounting to 13.209219 million yuan, which has been fully recovered; however, the auditor could not confirm the absence of other undisclosed non-operating fund occupations in the financial statements for the period from January 1 to November 10, 2025 [3]. - The company warns investors of the potential risks associated with undisclosed fund occupations, emphasizing the importance of relying on official announcements for accurate information [3].

公司已于 2025 年 10 月 1 日、10 月 29 日披露《正平股份关于股票交易风险提示 暨停牌核查的公告》（公告编号：2025-064、2025-072），公司对股票交易异常波动情 况进行了 2 次停牌核查，并于 2025 年 10 月 16 日、2025 年 11 月 12 日披露了核查结 果并复牌（公告编号：2025-066、2025-078）。复牌后公司股票于 2025 年 11 月 12 日 再次涨停，公司股价短期涨幅与同期上证指数、建筑行业存在严重偏离,并已严重脱 离基本面。公司股价可能存在市场情绪过热，非理性炒作情形。公司郑重提醒广大投 资者，公司股价在短期内较大涨幅后可能存在大幅下跌的风险，请投资者务必充分了 解二级市场交易风险，切实提高风险意识，理性决策，审慎投资。 二、公司存在终止上市风险 因审计范围受限等原因，公司 2024 年年报被出具了无法表示意见的审计报告， 公司股票已被实施退市风险警示。同时，因 2024 年度内部控制被出具了否定意见的 审计报告、持续经营能力存在重大不确定性、存在违规担保情形，公司股票已被叠加 实施其他风险警示。如上述非标意见所涉事项在 2025 年度无法 ...

转自：证券时报 人民财讯11月12日电，*ST正平（维权）(603843)11月12日公告，公司股票9月1日至11月12日累计涨幅 达165.06%，公司股价短期涨幅较大，已严重脱离基本面。因审计范围受限等原因，公司2024年年报被 出具了无法表示意见的审计报告，公司股票已被实施退市风险警示。同时，因2024年度内部控制被出具 了否定意见的审计报告、持续经营能力存在重大不确定性、存在违规担保情形，公司股票已被叠加实施 其他风险警示。如上述非标意见所涉事项在2025年度无法消除，公司股票将被终止上市。 ...

Core Viewpoint - *ST Zhengping (603843) has experienced a significant stock price surge, with a cumulative increase of 169.06% over 30 trading days, driven by speculative trading despite multiple risk warnings issued by the company [1][2]. Group 1: Stock Performance - The stock price of *ST Zhengping reached 7.13 CNY per share upon resuming trading, with a market capitalization of 4.99 billion CNY and a trading volume of 2.72 billion CNY [1][4]. - The stock has recorded 22 trading halts and 22 limit-up days within 30 trading days, with a total increase of 152.42% from September 1 to October 28 [1][2]. Group 2: Financial and Operational Status - The company reported that its production and operational status is normal, with no significant changes or undisclosed major events affecting the stock price [1][2]. - The non-operational fund occupation issue has been resolved, with a total of 13 risk warning announcements made to the market [2]. - As of June 30, 2025, the company has only 1.02 billion CNY in cash, with 816.64 million CNY of that being restricted funds, and a high debt ratio of 92.22% [2][3]. Group 3: Future Outlook and Risks - The company has indicated that its mining subsidiary lacks sufficient capacity for resource extraction, requiring significant investment for future operations, which presents major uncertainties regarding potential revenue generation [2]. - The company faces a risk of delisting if it cannot resolve the issues related to its non-standard audit opinions by the end of 2025 [3]. - For the year 2024, *ST Zhengping reported a revenue of 1.362 billion CNY with a net loss of 484 million CNY, and a 20.92% decline in revenue year-on-year for the first three quarters of 2025 [3].

还款进程显示，欣汇盛源已于2025年7月以现金方式归还了900万元。近日，该公司再次以现金方式将剩 余款项420.9219万元归还至贵州水利全资子公司的银行账户。至此，截至公告发布日，全部1320.9219万 元占用资金已收回。 中瑞诚会计师事务所（特殊普通合伙）就此出具了专项审核报告，确认截至2025年11月10日，欣汇盛源 对贵州水利的非经营性资金占用余额已为零元。同时，会计师事务所也提醒投资者注意，正平股份2025 年1月1日至11月10日期间的财务报表未经审计，其审核意见仅限于资金占用清偿情况，不涉及此期间的 其他事项以及是否存在其他未披露的资金占用情形。 南方财经11月12日电，*ST正平(603843.SH)于2025年11月12日发布公告，宣布其控股子公司贵州水利实 业有限公司的少数股东贵州欣汇盛源房地产开发有限公司此前形成的非经营性资金占用款项已全部收 回。根据公告，此次资金占用的实际金额为1320.9219万元。 公告回顾称，该资金占用事项发生于2024年，至2024年末账面占用余额为1754.9219万元。后经公司详 细核查确认，实际被占用的资金为1320.9219万元，其余434万元因相 ...

Core Viewpoint - The company *ST Zhengping has experienced a significant stock price increase of 152.42% from September 1 to October 28, 2025, leading to concerns about market sentiment and irrational speculation. The company has issued multiple risk warnings and has been suspended from trading for verification since October 29, 2025. The verification results indicate that while non-operating fund occupation has been cleared, there are major uncertainties regarding the company's mineral resource extraction capabilities and the risk of delisting [1][2][3]. Group 1: Financial and Operational Status - The company has fully recovered the non-operating funds amounting to 13.21 million yuan from its subsidiary, with a confirmation report stating that the balance of non-operating fund occupation is now 0.00 yuan as of November 10, 2025 [2]. - As of June 30, 2025, the company reported monetary funds of 102 million yuan, with 81.66 million yuan being restricted due to various reasons, resulting in a high debt ratio of 92.22% [3]. - The company has faced continuous operating losses, reporting a revenue of 1.362 billion yuan and a net loss of 484 million yuan for 2024, and for the first three quarters of 2025, it reported a revenue of 652 million yuan and a net loss of 99 million yuan [5]. Group 2: Mining and Resource Extraction Challenges - The company has acknowledged its insufficient mineral resource extraction capabilities, indicating that future development will require substantial investment, which it currently lacks in terms of funds, personnel, and equipment [3][4]. - The company has received a mining license for its subsidiary, but the future progress and profitability of mineral resource extraction remain highly uncertain due to various external factors [2][3]. Group 3: New Business Initiatives - The company is actively expanding into new business areas such as new energy construction and intelligent computing services, establishing partnerships with local governments and organizations to implement related projects [5][6]. - A joint venture with Hangzhou Bingtai Technology Co., Ltd. was formed to focus on data software development, including services related to computing power and data [6][8].

Core Viewpoint - *ST Zhengping has completed its stock trading review and will resume trading on November 12, 2025, after a significant stock price increase of 152.42% from September 1 to October 28, 2025, indicating potential market overheating and irrational speculation risks [2][3]. Group 1: Stock Trading and Review - The stock of *ST Zhengping was suspended from trading for review due to concerns over excessive price increases and potential risks [2][3]. - The review confirmed that non-operating fund occupation has been fully repaid, but the company faces significant uncertainties regarding its mineral resource mining capabilities and risks of delisting [3][4]. Group 2: Financial Performance - For the year 2024, *ST Zhengping reported a revenue of 1.362 billion yuan and a net loss of 484 million yuan, with a net loss of 990 million yuan for the first three quarters of 2025 [7]. - The company has been actively expanding into new business areas such as renewable energy construction and intelligent computing services to foster new growth points [7]. Group 3: Mining Operations and Risks - The company has received a mining license but lacks sufficient mining capacity, requiring significant investment for future development, which is uncertain due to financial constraints [6][7]. - As of June 30, 2025, the company had 102 million yuan in cash, with 81.6642 million yuan restricted, and a high debt ratio of 92.22% [6]. Group 4: New Business Ventures - *ST Zhengping has established a partnership with Hangzhou Bingtai Technology Co., focusing on data software development and computing services [8][10]. - The company is working on collaborative projects with local governments to develop intelligent computing and renewable energy initiatives [7].

Core Viewpoint - *ST Zhengping has completed the stock trading suspension verification and will resume trading on November 12, 2023, despite facing significant uncertainties in mineral resource extraction capabilities and the risk of delisting due to an audit report that cannot express an opinion for the 2024 annual report [1][5]. Group 1: Stock Trading and Performance - *ST Zhengping's stock was suspended from trading on October 29, 2023, after a closing price of 6.79 CNY per share, with a market capitalization of 4.75 billion CNY [1]. - The stock experienced a remarkable increase of over 150% since September, with a cumulative rise of 152.42% from September 1 to October 28, 2023, and achieved 21 trading limit-ups in 29 trading days [4]. - The company has issued 13 risk warning announcements due to abnormal stock trading fluctuations [4]. Group 2: Operational Status and Financial Health - The verification results indicate that the company has cleared non-operating fund occupation, but there are significant uncertainties regarding future development due to insufficient mineral resource extraction capabilities [5]. - For the fiscal year 2024, *ST Zhengping reported an operating income of 1.362 billion CNY and a net loss attributable to shareholders of 484 million CNY [6]. - In the first three quarters of 2025, the company achieved an operating income of 652 million CNY, a year-on-year decrease of 20.92%, with a net loss attributable to shareholders of approximately 99.76 million CNY [6]. Group 3: Delisting Risks - The company is under delisting risk warnings due to limited audit scope and a negative opinion on internal controls for the 2024 annual report, which could lead to termination of listing if issues are not resolved by 2025 [5]. - The stock has been subject to multiple risk warnings, including a change in its trading name to *ST Zhengping due to these financial concerns [5].