Core Viewpoint - *ST Zhengping has announced an expected positive net asset value by the end of 2025, but has received further inquiries from regulators regarding its financial stability and potential delisting risks [2][6]. Financial Performance and Projections - The company forecasts a net asset value between 250 million to 370 million yuan by the end of 2025, despite anticipated losses in net profit [2][6]. - The expected operating revenue for 2025 is projected to exceed 300 million yuan [6]. Regulatory Inquiries - The Shanghai Stock Exchange has issued a regulatory letter requiring *ST Zhengping to verify and supplement details related to its 2025 performance forecast, focusing on three main issues: impairment of receivables, validity of debt claims, and revenue recognition [5][9]. - The company has been asked to clarify the expected recovery time for receivables totaling 3.65 billion yuan, which significantly exceeds its projected net assets [9]. Audit Concerns - The annual auditor has expressed uncertainty regarding the company's ability to achieve a positive net asset value, highlighting the risk of delisting due to negative net assets [6][10]. - Issues related to revenue recognition and cost measurement have led to non-standard audit opinions for 2024, which may affect the 2025 financial report [10]. Internal and External Challenges - The actual control of *ST Zhengping is under pressure, with all shares held by its controllers frozen due to lawsuits related to unpaid bank loans totaling 1.03 billion yuan and 12 million yuan [11][14]. - The company's stock has experienced significant volatility, with a cumulative increase of 52.69% followed by a drop of 24.96% within a short period [14][18].

Mergers and Acquisitions - Jianhui Information plans to acquire 38% equity of Boke Guoxin (Wuhan) Technology Co., Ltd. for RMB 73.71 million, increasing its stake from 32% to 70%, making it a controlling subsidiary [1] - Tianqimo is planning to acquire equity in Dongshi Automotive Technology Group Co., Ltd. through a combination of issuing shares and cash payments, while also raising supporting funds [2] - Jiangfeng Electronics intends to acquire 15.64% of Kaide Quartz for RMB 448 million, with related parties also purchasing shares, resulting in Jiangfeng becoming the controlling shareholder [3] Shareholding Changes - Beijia Clean has multiple shareholders planning to reduce their holdings by a total of up to 2.9926%, with specific reductions from various entities [4] - Kangpeng Technology announced that shareholders plan to collectively reduce their holdings by up to 5.22%, with specific amounts and percentages detailed for each shareholder [5] - Xianheng International reported that several shareholders intend to reduce their holdings by up to 3%, totaling 1,228,180 shares [6] Risk Matters - *ST Zhengping received a regulatory letter from the Shanghai Stock Exchange regarding its 2025 performance forecast, indicating expected revenue over RMB 300 million but a net loss, with concerns raised by the annual auditor [7] - Beiqing Song's actual controller, Ma Xuejun, is under investigation for alleged market manipulation, although it is stated that this will not significantly impact the company's daily operations [8][9] - *ST Lifang announced a risk of rapid stock price decline and will suspend trading for verification, marking its third suspension this year, with a recent closing price of RMB 2.78 and a market cap of approximately RMB 1.8 billion [10]

Core Viewpoint - *ST Zhengping is facing a lawsuit from Bank of China Xining Chengzhong Branch over a loan dispute involving an amount of 74.4191 million yuan, stemming from the company's failure to meet repayment obligations under a working capital loan agreement [1][2]. Group 1: Lawsuit Details - The lawsuit involves *ST Zhengping as one of the defendants, along with several other entities and individuals, including Qinghai Jinyangguang Real Estate Development Co., Ltd. and Qinghai Lutuo Engineering Facilities Manufacturing Group Co., Ltd. [2] - The total loan amount in question is 68.5 million yuan, consisting of two loans of 46 million yuan and 22.5 million yuan, with specific terms for interest repayment outlined in the contracts [1][2]. Group 2: Company Response - The company has stated that the impact of the lawsuit on its current and future profits cannot be determined until the court reaches a final judgment [2]. - *ST Zhengping is committed to taking proactive measures to address the lawsuit and will closely monitor the case's progress, ensuring compliance with information disclosure obligations [2].

证券代码：603843 证券简称：*ST 正平 公告编号：2026-022 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。 正平路桥建设股份有限公司（以下简称"公司"）股票自 2025 年 9 月 1 日至 2026 年 2 月 5 日期间累计涨幅达 125.28%，期间公司股价呈现连续涨停与连续跌停交替的 剧烈波动走势，交易风险高度累积。公司多次发布股票交易异常波动及风险提示公告， 请广大投资者充分关注公司存在的相关风险，理性决策，审慎投资。 一、二级市场交易风险。 六、2024 年度内控审计为否定意见，2025 年度若继续被出具非标意见将面临规 范类退市风险。 公司 2024 年度内部控制审计报告被出具否定意见，2025 年度内部控制有效性需 以年审会计师出具的 2025 年度内部控制审计意见为准。若 2025 年度内部控制审计报 告仍被出具否定意见或无法表示意见，公司股票将触及《上海证券交易所股票上市规 则》规定的规范类强制退市相关条款，面临被终止上市的风险。 七、公 ...

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。 证券代码：603843 证券简称：*ST 正平 公告编号：2026-024 正平路桥建设股份有限公司 关于预重整进展相关事项的重大风险提示公告 7、公司矿产资源开采能力不足。公司全资子公司格尔木生光矿业开发有限公司 取得了青海省自然资源厅颁发的《采矿许可证》。公司开采能力不足，矿产资源开发 未来需大规模投入建设和运营，但公司目前无充足资金、人员及设备等用于后续开采， 矿产资源后续开采进展、能否产生收益均存在重大不确定性。截至 2025 年 9 月 30 日， 公司货币资金为 72,376,698.55 元，其中因农民工专户保证金、诉讼冻结等受限的货 币资金 30,284,838.37 元，资产负债率为 92.49%。受制于资金投入、市场环境、行业 政策及外部环境、人员缺乏等多重因素影响，矿产资源后续开发进展、能否产生收益 均存在重大不确定性。 8、采矿权被冻结的风险。全资子公司生光矿业与青海省环境地质勘探局探矿权 转让合同纠纷已进入诉讼程序，在诉讼审理过程中，青海地勘局为保障其债 ...

证券代码：603843 证券简称：*ST 正平 公告编号：2026-023 正平路桥建设股份有限公司 关于公司新增诉讼事项的公告 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。 一、本次新增诉讼相关事项 重要内容提示： ●本次新增诉讼事项所处的阶段：法院已受理，目前尚未开庭审理。 ●上市公司及子公司所处的当事人地位：被告之一。 ●涉案金额：正平路桥建设股份有限公司（以下简称"公司"或"正平股份"） 与中国银行股份有限公司西宁城中支行（以下简称"中行城中支行"）的借款合 同纠纷，涉案金额 74,419,076.93 元。 ●是否会对上市公司损益产生负面影响：本次新增诉讼尚未开庭审理，其对 公司本期利润或期后利润的影响暂无法确定，最终实际影响需以法院终审判决结 果为准。终审判决作出后，公司将严格依据相关会计准则及实际情况进行相应会 计处理。 ●公司将积极采取应对措施处理上述诉讼事宜，持续密切关注案件进展情 况，并按照相关规定及时履行信息披露义务。敬请广大投资者理性投资，注意投 资风险。 公司与中行城中支行签订《流动资金贷款合同》， ...

正平路桥建设股份有限公司 证券代码：603843 证券简称：*ST 正平 公告编号：2026-021 2、关于对外投资减值。公告显示，截至 2025 年三季度末，公司长期股权投资账 面价值为 4.27 亿元、其他权益工具账面价值为 1.29 亿元。其中，公司对青海中建长 期股权投资账面余额为 3.61 亿元，未计提减值，对新疆金阳光铁路建设管理有限公 司（以下简称金阳光铁路）长期股权投资账面余额为 0.61 亿元，已计提减值 0.22 亿 元，对青海小额贷款有限公司、河南禹毫铁路发展有限公司的其他权益工具投资账面 余额分别为 0.33 亿元和 0.90 亿元，未计提减值。公开信息显示，公司上述对外投资 持有股权均已被司法冻结。请公司：（1）补充披露上述公司近三年主要财务数据， 包括但不限于资产总额、净资产、收入、净利润情况；（2）结合被投资企业股权公 允价值及评估情况、经营状况和盈利情况，说明资产减值是否充分。请年审会计师发 表意见。 关于收到上海证券交易所对公司 2025 年度业绩预告相关 事项的监管工作函的公告 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 ...

Core Viewpoint - *ST Zhengping is facing significant financial challenges, with projected losses for 2025 and potential risks of delisting due to negative net assets [1][2][4] Financial Projections - The company anticipates a total profit loss for 2025 between -450 million yuan and -360 million yuan, with a net profit attributable to shareholders expected to be between -430 million yuan and -340 million yuan [1] - The projected operating revenue for 2025 is estimated to be between 950 million yuan and 1.35 billion yuan, with adjusted revenue (excluding non-core business income) expected to be between 940 million yuan and 1.34 billion yuan [1] Net Asset Concerns - *ST Zhengping estimates its net assets at the end of 2025 to be between 250 million yuan and 370 million yuan, but this is subject to change pending the completion of the annual audit [2] - There is a significant risk that the net assets could be negative, which would trigger delisting regulations under the Shanghai Stock Exchange rules [2][4] Audit and Compliance Issues - The auditing firm, Zhongrui Cheng, has indicated that they cannot confirm the positive net asset projection due to ongoing audit procedures, which raises concerns about the company's financial stability [3] - The company has not yet resolved the non-standard audit opinion from 2024, which could affect the 2025 financial report [4] Historical Financial Performance - In 2024, *ST Zhengping reported an operating revenue of 1.36 billion yuan, with a total profit loss of -546.71 million yuan and a net profit attributable to shareholders of -483.93 million yuan [3] - The company has faced challenges in maintaining positive audit opinions, which could lead to further financial scrutiny and potential delisting [4] Fundraising History - Since its listing in 2016, *ST Zhengping has raised a total of 941 million yuan through two fundraising rounds [5] - The company raised 440 million yuan through a non-public offering in 2021, with net proceeds of 435 million yuan after deducting issuance costs [5]

证券代码：603843 证券简称：*ST 正平 公告编号：2026-020 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。 三、2024 年度审计报告非标准审计意见消除工作尚未完成，若非标准审计意见 无法消除，年审会计师将对公司 2025 年度财务报告发表非无保留意见。具体审计意 见最终以经审计的 2025 年度财务报表审计报告为准。 四、业绩预告数据尚未审计确认，公司存在净资产为负触发终止上市的重大风险。 业绩预告数据仅为基于公司当前经营情况的初步测算结果，未经年审会计师审计 确认，目前年审会计师对公司 2025 年度财务报告审计工作尚在进行中，存在审计后 净资产为负的风险。若 2025 年度财务会计报告中公司净资产为负，公司股票将触发 《上海证券交易所股票上市规则》规定的退市相关条款，面临被终止上市的风险。 五、2024 年度审计为无法表示意见，2025 年度若继续被出具非无保留意见将面 临终止上市风险。 正平路桥建设股份有限公司（以下简称"公司"）股票自 2025 年 ...

*ST正平公告称，2025年9月1日至2026年2月3日公司股价累计涨幅117.84%，期间剧烈波动。公司基本 面未变，但存在多项风险。一是股价波动积累高交易风险；二是2025年末净资产可能为负，触发退市； 三是2024年度审计非标意见消除工作未完成，若2025年继续被出具非标意见将面临终止上市风险。此 外，公司业绩持续亏损，2024年营收13.62亿元，归母净利润 -4.84亿元；2025年前三季度营收6.52亿 元，归母净利润 -0.99亿元。 ...