Zodi Investment(SZ:000609) Xi Niu Cai Jing·2025-11-07 13:50Core Viewpoint - ST Zhongdi's stock experienced significant abnormal fluctuations, with a cumulative increase of 16.11% over three consecutive trading days from October 29 to 31, raising concerns about its underlying fundamentals [1][2]. Group 1: Stock Performance - The stock price increased by over 71.39% from October 16 to 31, which is significantly disconnected from ST Zhongdi's fundamental performance [1]. - The stock has shown abnormal fluctuations in four out of the last ten trading days, triggering severe abnormal fluctuation standards [1]. Group 2: Financial Health - ST Zhongdi has reported negative net profits for the past three years, indicating substantial uncertainty regarding its ongoing operational capability [1]. - For the third quarter of 2025, the company reported a significant revenue decline of 74.30%, resulting in a net loss of 66.4984 million [1]. Group 3: Ownership and Control - The controlling shareholder's 71.1448 million shares (23.77% of total shares) were auctioned for 255 million yuan on October 17, leading to uncertainties regarding the company's control [1]. Group 4: Valuation Metrics - ST Zhongdi's price-to-book ratio stands at 35.88 times, which is significantly higher than the industry average of 0.90 times for the real estate sector [1].