Core Viewpoint - *ST Zhengping's stock has experienced a significant increase of 221.93% from September 1 to November 18, 2025, which is substantially disconnected from its fundamentals and the performance of the Shanghai Composite Index and the construction industry [1]. Summary by Relevant Sections Stock Performance and Trading Suspension - The stock of *ST Zhengping will be suspended from trading starting November 19, 2025, for a maximum of 10 trading days due to the abnormal price fluctuations [1]. - The stock has achieved a ten consecutive trading limit up, closing at 8.66 yuan per share [1]. - This is the third trading suspension for *ST Zhengping in the past two months, with previous suspensions occurring on September 30 and October 28, 2025, due to similar reasons of abnormal trading activity [3]. Historical Price Changes - As of September 30, 2025, the stock had a cumulative increase of 101.86% from September 1, 2025, with 15 days of trading limits reached and four instances of abnormal fluctuations [3]. - By October 28, 2025, the cumulative increase had risen to 152.42%, with multiple instances of abnormal trading activity prompting another suspension [3].

Core Viewpoint - *ST Zhengping has announced a temporary suspension of its stock trading due to significant short-term price increases, with a cumulative rise of 221.93% over 36 trading days, indicating a serious deviation from its fundamental performance [1] Group 1: Stock Performance - From September 1 to November 18, *ST Zhengping achieved 26 trading limit-ups, with the stock closing at 8.66 yuan per share and a total market capitalization of 6.059 billion yuan as of November 18 [1] - The stock price increase has significantly diverged from the Shanghai Composite Index and the construction industry during the same period [1] Group 2: Company Fundamentals - The company has indicated that its stock price surge is not supported by any major changes in its fundamentals, which remain weak, including ongoing losses and insufficient mineral resource extraction capacity [1] - There are risks associated with potential delisting and uncertainties regarding other capital usage [1] Group 3: Regulatory Actions - This marks the third time in the year that *ST Zhengping has undergone a stock trading suspension for regulatory review [1]

Group 1 - The core point of the article is that *ST Zhengping (603843.SH) has experienced a significant stock price increase of 221.93% from September 1, 2025, to November 18, 2025, which is substantially disconnected from its fundamentals and the performance of the Shanghai Composite Index and the construction industry [1] - In response to the abnormal stock price movement, the company will conduct an investigation into the trading situation to protect investor interests [1] - The company has applied for a trading suspension starting from November 19, 2025, with an expected suspension period not exceeding 10 trading days, in accordance with relevant regulations [1]

Core Viewpoint - *ST Zhengping (603843) announced a cumulative stock price increase of 221.93% from September 1 to November 18, 2025, indicating a significant deviation from its fundamentals and the Shanghai Composite Index, leading to a suspension of trading for verification starting November 19, 2025 [1][5]. Summary by Relevant Sections Stock Performance - The stock of *ST Zhengping experienced five consecutive trading days of price increases after resuming trading on November 12, 2025, with a notable rise in stock price [2][5]. - The stock price has shown a serious divergence from the fundamentals and the performance of the construction industry during the same period [1][5]. Risk Factors - The company faces multiple risks, including: 1. **Delisting Risk**: Due to an audit report for the 2024 annual report that could not express an opinion, the stock has been placed under delisting risk warning. If issues related to the non-standard opinions are not resolved in the 2025 annual report, the stock may be delisted [5]. 2. **Uncertainty of Fund Occupation**: There is uncertainty regarding potential undisclosed non-operating fund occupations, despite the recovery of 13.21 million yuan from a subsidiary [5]. 3. **Continuous Losses**: The company reported a net profit of -484 million yuan for 2024 and -99 million yuan for the third quarter of 2025 [5]. 4. **Mining Resource Extraction Capability**: The company's wholly-owned subsidiary, Geermu Shengguang Mining Development Co., Ltd., has insufficient mining resource extraction capabilities, leading to significant uncertainty regarding future extraction progress and potential revenue [6].

每经头条（nbdtoutiao）——段睿：我与蔡磊是 "找钥匙的人"，纵使生前寻不到，也要为其他渐冻症患 者铺就近路 （记者 曾健辉） 2024年1至12月份，*ST正平的营业收入构成为：建筑业占比94.73%，服务业占比3.02%，其他业务占比 1.19%，制造业占比1.07%。 截至发稿，*ST正平市值为61亿元。 每经AI快讯，*ST正平（SH 603843，收盘价：8.66元）11月18日晚间发布公告称，为维护投资者利益， 公司将就股票交易情况进行核查。经向上海证券交易所申请，公司股票自2025年11月19日（星期三）开 市起停牌，自披露核查公告后复牌，预计停牌时间不超过10个交易日。 ...

正平路桥建设股份有限公司 关于股票交易风险提示暨停牌核查的公告 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。 重要内容提示： 证券停复牌情况：适用 因正平路桥建设股份有限公司（以下简称"公司"）股票短期内涨幅较大,公 司就股票交易情况进行停牌核查，本公司的相关证券停复牌情况如下： 证券代码：603843 证券简称：*ST 正平 公告编号：2025-085 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 | 证券代码 | 证券简称 | | 停复牌类型 | | 停牌起始 ...

Core Viewpoint - *ST Zhengping has announced a temporary suspension of its stock trading due to significant short-term price increases, aiming to protect investor interests [1] Group 1: Stock Trading Suspension - The company's stock will be suspended from trading starting November 19, 2025, until a verification announcement is disclosed, with an expected suspension period not exceeding 10 trading days [1] - The company warns investors about the risks in the secondary market, indicating that the stock price has significantly deviated from its fundamentals, suggesting potential market overheating and irrational speculation [1] Group 2: Financial Risks - There is a high risk of a substantial decline in stock price in the short term [1] - The company faces the risk of delisting, as the 2024 annual report may receive an audit report that expresses an inability to provide an opinion; if issues are not resolved by the 2025 fiscal year, the stock will be delisted [1] - Additional risks include uncertainties related to fund occupation, continuous losses, and insufficient mining resource extraction capabilities [1]

Core Viewpoint - *ST Zhengping's stock price has experienced a significant increase of 221.93% from September 1 to November 18, which is substantially disconnected from the performance of the Shanghai Composite Index and the construction industry, indicating a serious deviation from the company's fundamentals [1] Group 1 - The company announced that it will conduct an investigation into the stock trading situation to protect investor interests [1] - The stock will be suspended from trading starting November 19, with a resumption expected within 10 trading days after the announcement of the investigation [1]

Core Viewpoint - *ST Zhengping's stock has experienced a significant increase of 206.69% from September 1 to November 17, 2025, raising concerns about a disconnect from its fundamental performance and potential market speculation [1][5][8]. Stock Performance - Since its resumption of trading on November 12, 2025, *ST Zhengping has recorded four consecutive daily limit-up sessions [3]. - The stock has achieved a total of 25 limit-up sessions from September 1 to November 17, 2025, excluding periods of suspension [5]. Financial Performance - For the first three quarters of 2025, *ST Zhengping reported total revenue of 6.52 billion CNY, a year-on-year decrease of 20.92% [8]. - The company incurred a net loss attributable to shareholders of 997.57 million CNY, compared to a loss of 859.99 million CNY in the same period last year [8]. - The net cash flow from operating activities was -699.64 million CNY, worsening from -877.37 million CNY year-on-year [8]. Risks and Warnings - The company faces multiple risks, including the potential for delisting due to an inability to provide a standard audit opinion for its 2024 annual report [5][7]. - There are concerns regarding non-operational fund occupation and ongoing litigation, with 252 new lawsuits filed in 2025, amounting to 497.65 million CNY, which is 177.73% of the company's net assets as of the third quarter [11]

证券代码：603843 证券简称：*ST 正平 公告编号：2025-084 正平路桥建设股份有限公司 三、其他资金占用的不确定性风险 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。 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 ...