Zhengping Road & Bridge (SH:603843) Shang Hai Zheng Quan Bao·2025-09-16 20:02Core Viewpoint - The stock of Zhengping Road and Bridge Construction Co., Ltd. has experienced significant trading fluctuations, with a cumulative increase of 29.68% over six trading days, leading to abnormal trading alerts and potential delisting risks due to unresolved audit issues [2][5][8]. Trading Fluctuation Details - The company's stock price deviated significantly, with a cumulative increase of over 12% on September 12, 15, and 16, 2025, and hitting the daily limit on multiple occasions [2][5]. - The stock's performance from September 9 to September 16, 2025, showed a total increase of 29.68% [2][5]. Company Financial Performance - In 2024, the company reported revenues of 1.362 billion yuan and a net loss attributable to shareholders of 484 million yuan, with a net loss of 475 million yuan after excluding non-recurring items [3][9]. - For the first half of 2025, the company achieved revenues of 344 million yuan, with a net loss of 88 million yuan and a net loss of 115 million yuan after excluding non-recurring items [3][9]. Audit and Compliance Issues - The 2024 annual report received an audit opinion that could not express an opinion, leading to a delisting risk warning for the company's stock [2][8]. - The company has been flagged for internal control issues and has a history of providing illegal guarantees, with a balance of 35 million yuan in such guarantees at the end of 2024, which has since been resolved [8][9]. Related Party Transactions - A subsidiary of the company, Guizhou Water Conservancy, has experienced non-operating fund occupation by a minority shareholder, with a total of 13.21 million yuan occupied, of which 9 million yuan has been repaid, leaving a balance of 4.21 million yuan [3][9]. Company Operations - The company has confirmed that its production and operational status remains normal, with no significant changes or undisclosed major events affecting its stock price [6][10].