[Current Period Performance Forecast](index=1&type=section&id=I.%20Current%20Period%20Performance%20Forecast) The company projects a net loss for the first half of 2025, with attributable net profit expected between **-85 million and -125 million RMB**, indicating a widened loss year-over-year Performance Indicators (Estimated for H1 2025) | Performance Indicator | Estimated Amount (RMB) | Notes | | :--- | :--- | :--- | | Net Profit Attributable to Shareholders of Listed Company | -85 million to -125 million | Year-over-year loss increase | | Net Profit After Deducting Non-Recurring Gains and Losses | -80 million to -120 million | Year-over-year loss increase | [Review of Prior Period Performance](index=1&type=section&id=II.%20Operating%20Performance%20and%20Financial%20Position%20in%20Prior%20Period) In the first half of 2024, the company reported a net loss of **-78.40 million RMB** attributable to shareholders, with the current period's projected loss showing a significant increase Performance Indicators (H1 2024) | Performance Indicator (H1 2024) | Amount/Value (RMB) | | :--- | :--- | | Net Profit Attributable to Shareholders of Listed Company | -78.40 million | | Net Profit After Deducting Non-Recurring Gains and Losses | -74.90 million | | Earnings Per Share | -0.11 | [Explanation of Performance Changes](index=1&type=section&id=III.%20Explanation%20of%20Performance%20Changes) The widening loss is primarily attributed to reduced orders and revenue due to an unfavorable external environment, coupled with increased internal costs and higher credit impairment losses - External Environment Impact: Affected by reduced local infrastructure investment, decreased market demand in the construction industry, and intensified competition, the company's new orders have decreased, leading to a decline in construction business revenue[7](index=7&type=chunk) - Internal Costs and Bad Debt Impact: Litigation and arbitration matters have led to increased litigation expenses and overdue payment interest; concurrently, due to tight funding from project owners, project collections are lower than the same period last year, and credit impairment provisions are expected to increase year-over-year[7](index=7&type=chunk) [Risk Warning](index=2&type=section&id=IV.%20Risk%20Warning) The company emphasizes that this performance forecast is a preliminary financial estimate and has not been audited, implying potential differences in final reported figures - The data in this performance forecast represents preliminary calculations by the company's finance department and has not been audited by an accounting firm[8](index=8&type=chunk) [Other Explanatory Matters](index=2&type=section&id=V.%20Other%20Explanatory%20Matters) Investors are advised to refer to the official semi-annual report published on designated media and the Shanghai Stock Exchange website for final financial data and to be mindful of investment risks - The final accurate financial data will be subject to the company's officially disclosed 2025 semi-annual report[9](index=9&type=chunk) - The company's designated information disclosure media are China Securities Journal, Shanghai Securities News, Securities Daily, and the Shanghai Stock Exchange website (www.sse.com.cn)[9](index=9&type=chunk)

Core Viewpoint - *ST Zhengping has experienced a decline in stock price, currently trading at 2.79 yuan, with a drop of 3.46% [1] Group 1: Company Overview - *ST Zhengping was listed on the Shanghai Stock Exchange on September 5, 2016, with an issuance of 99.7 million shares at a price of 5.03 yuan per share [1] - The total amount raised during the IPO was 501.49 million yuan, with a net amount of 450 million yuan after expenses [1] - The underwriting institution for the IPO was Shenwan Hongyuan Securities, with representatives Huang Cheng and Dong Benjun [1] Group 2: Fundraising Activities - In a non-public offering disclosed on August 27, 2021, *ST Zhengping issued 140 million A-shares at a price of 3.15 yuan per share, raising a total of 440 million yuan [2] - After deducting underwriting fees of 3.8 million yuan and other expenses of 1.32 million yuan, the net amount raised was 435 million yuan, increasing the share capital by 140 million yuan and capital reserves by 295 million yuan [2] - Since its listing, *ST Zhengping has raised a total of 941 million yuan through two fundraising activities [2] Group 3: Current Status - *ST Zhengping is currently in a state of stock price decline, having experienced a significant drop since its IPO [2] - The company announced a dividend plan in July 2019, proposing a stock bonus of 4 shares for every 10 shares held, along with a cash dividend of 0.3 yuan per share [2]

New Stock Issuance - Huadian New Energy (证券代码: 730930) issued shares at a price of 3.18 on July 7, 2025[1] - Jichuan Pharmaceutical (证券代码: 600566) has a tender offer period from June 18 to July 17, 2025[1] - ST Yazhen (证券代码: 603389) has a tender offer period from June 10 to July 9, 2025[1] Trading Alerts - The last trading day for TSM Jinguang (证券代码: 600190) is in 9 trading days[1] - The last trading day for TSM Jinyou (证券代码: 600462) is in 5 trading days[1] - The last trading day for TSM Gongzhi (证券代码: 000584) is in 3 trading days[1] Abnormal Fluctuations - Northern Long (证券代码: 301357) is experiencing severe abnormal fluctuations[1] - ST Dongjing (证券代码: 002199) reported abnormal fluctuations[3] - ST Yunchuang (证券代码: 835305) reported abnormal fluctuations on July 4, 2025[3]

Core Viewpoint - The recent disclosures from *ST Zhengping reveal significant governance issues, including misuse of funds, undisclosed guarantees, and internal control failures, raising concerns about the company's financial health and operational integrity [2][3][4]. Group 1: Financial Mismanagement - The company’s subsidiary, Guizhou Water Conservancy, has been used as a "cash machine," with non-operational fund occupation amounting to 13.21 million yuan, primarily for repaying high-interest private loans and daily expenses [2]. - A guarantee of 35 million yuan was provided by a controlling shareholder for an affiliated company without any formal approval process, highlighting a lack of corporate governance [2]. - The company has delayed the repayment of 190 million yuan raised for a project, citing various issues, which raises liquidity concerns [2]. Group 2: Audit and Legal Issues - The audit firm, Dahua CPA, issued a qualified opinion due to significant discrepancies in revenue and costs, with 2024 revenue reported at 1.362 billion yuan (down 28.53% year-on-year) and costs at 1.434 billion yuan (down 23.47% year-on-year), indicating potential revenue recognition fraud [3]. - The company faces a growing number of lawsuits, with 208 cases involving a total of 139 million yuan, yet it has not accounted for any expected liabilities, raising questions about the completeness of its financial obligations [3]. Group 3: Internal Control Failures - Despite claims of establishing an internal control team and revising policies, frequent turnover in key positions and unauthorized guarantees by the controlling shareholder indicate a lack of effective governance [4]. - The company’s stock has been marked as "*ST" due to ongoing concerns about internal controls and the uncertainty of continued operations, with overdue funds and unrecouped amounts further exacerbating the situation [4].

证券代码：603843 证券简称：*ST 正平 公告编号：2025-032 正平路桥建设股份有限公司 关于公司股票被实施其他风险警示相关事项的进展公告 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： ●正平路桥建设股份有限公司（以下简称"公司"或"正平股份"）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，公司股票自 2025 年 5 月 6 日起被实施其他风险警示，具体内容详见公司 于 2025 年 4 月 30 日披露的《关于公司股票被实施退市风险警示及其他风险警示暨停 牌的公告》（公告编号：2025-018）。 ●2024 年公司存在为控股股东控制的企业违规提供担保的情形，2024 年末违规 担保余额 3,500 万元，目前该违规担保情形已经解除（公告编号：2025-028）。 股票被实施退市风险警示及其他风险警示暨停牌的公告》（公告编号：2025-018）。 二、解决措施及进展情况 1、违规担保 2024 年，公司存在为控股股东控制的企业违规提供 ...

证券代码：603843 证券简称：*ST 正平 公告编号：2025-033 正平路桥建设股份有限公司 股票交易异常波动公告 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： ●正平路桥建设股份有限公司（以下简称"公司"）股票于 2025 年 7 月 1 日、7 月 2 日、7 月 3 日连续三个交易日内收盘价格跌幅偏离值累计超过 12%，根据《上海 证券交易所交易规则》的有关规定，属于股票交易异常波动。 ●经公司自查，并书面征询控股股东及实际控制人，截至本公告披露日，不存在 应披露而未披露的重大事项或重要信息。 ●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，如无法表示意见所涉事项在 2025 年度无法消除， 公司股票将被终止上市。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。 ●2024 年公司存在为控股股东控制的企业违规提供担保的情形，2024 年末 ...

大华会计师事务所（特殊普通合伙） 关于正平路桥建设股份有限公司 2024 年年度报告信息披露监管工作函的部分回复 大华核字[2025]0011007396 号 大 华 会 计 师 事 务 所 (特殊普通合伙 ) Da Hua Certified Public Accountants（Special General Partnership） 大华会计师事务所（特殊普通合伙） 请公司：1、补充披露上述资金占用的具体情况，包括但不限于占用时间、 占用原因、所涉供应商、资金支出的决策程序、主要决策人；2、进一步核查上 述资金的具体去向，是否存在实际流向公司控股股东、实际控制人的情况；3、 结合章程规定、董事会席位构成、经营决策具体安排及重大事项表决安排等因素， 以及贵州水利已发生资金占用的实际情况，充分论证公司能否对贵州水利实施 控制，将其纳入合并报表是否符合准则规定；4、公司及欣汇盛源解决资金占用 事项的措施和实际进展，全面自查并披露是否存在其他控股股东或关联方非经 关于正平路桥建设股份有限公司 2024 年年度报告信息披露监管工作函的部分回复 $$\begin{array}{r l r l r l}{\mathb ...

证券代码：603843 证券简称：*ST 正平 公告编号：2025-031 正平路桥建设股份有限公司 关于对上海证券交易所 2024 年年度报告信息披露 监管工作函的部分回复公告 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： 本公告对上海证券交易所《关于正平路桥建设股份有限公司 2024 年年度报告的 信息披露监管工作函》（上证公函【2025】0678 号）的第三至第五题予以回复，对于 第一题和第二题仍需进一步核实相关情况，公司将在核实后进行回复。 正平路桥建设股份有限公司（以下简称"公司"或"正平股份"）于近期收到了 上海证券交易所《关于正平路桥建设股份有限公司 2024 年年度报告的信息披露监管 工作函》（上证公函【2025】0678 号），公司高度重视，认真组织相关部门人员及大 华会计师事务所（特殊普通合伙）（以下简称"年审会计师"）、国元证券股份有限公 司（以下简称"保荐机构"）进行分析，现将有关问题部分回复如下： 一、关于收入确认。审计报告指出，公司存在工程款结算与账面存在差异的情 形，会计师无法 ...

Meeting Details - The shareholders' meeting was held on June 27, 2025, at the conference room on the 10th floor, No. 67, Wusi West Road, Chengxi District, Xining City, Qinghai Province [1] - The meeting was attended by shareholders representing 38.7594% of the total shares [1] - The voting method combined on-site and online voting, and the meeting complied with the Company Law and Articles of Association [1] Voting Results - All non-cumulative voting proposals were approved with significant support, including: - 99.4688% approval for the first proposal with 269,728,949 votes in favor [1] - 99.5341% approval for the second proposal with 269,906,149 votes in favor [1] - 99.4935% approval for the third proposal with 269,796,149 votes in favor [1] - 99.4295% approval for the fourth proposal with 269,622,609 votes in favor [1] - The voting results indicate a strong consensus among shareholders for the proposed resolutions [1][2] Legal Compliance - The meeting was witnessed by lawyers from Qinghai Jingfan Law Firm, confirming that the meeting's procedures and voting results were legal and valid [3] - The lawyers stated that the qualifications of the conveners and attendees, as well as the voting procedures, complied with legal regulations and the company's rules [3]

Group 1 - The company is holding its 2024 Annual General Meeting (AGM) on June 27, 2025, at 9:30 AM, combining on-site voting and online voting [2][4] - The meeting will take place at a specified location in Xining, Qinghai Province [3] - The company has provided a notice detailing the meeting's agenda, including the convenor, date, time, method of attendance, and voting procedures [4] Group 2 - A total of 871 participants attended the AGM, including 12 in-person attendees and 859 online voters, representing 14.6558% of the total shares [6] - The meeting included company directors, supervisors, senior management, and appointed lawyers, all of whom met the qualifications to attend [6] Group 3 - Voting results showed that for the annual report, 99.4688% of the votes were in favor, with 0.4253% against and 0.1059% abstaining [7] - The board work report received 99.5341% approval, with 0.3673% against and 0.0986% abstaining [8] - The financial report had 99.4295% approval, with 0.4253% against and 0.1452% abstaining [9] Group 4 - The election of non-independent directors received significant support, with 80.6167% and 81.0532% approval for the respective candidates [15] - The company confirmed that all procedures for convening and conducting the AGM were in compliance with relevant laws and regulations [15]