Zhengping Road & Bridge (SH:603843) 2 1 Shi Ji Jing Ji Bao Dao·2025-11-12 03:39Core Viewpoint - *ST Zhengping (603843) has experienced a significant stock price surge, with a cumulative increase of 169.06% over 30 trading days, driven by speculative trading despite multiple risk warnings issued by the company [1][2]. Group 1: Stock Performance - The stock price of *ST Zhengping reached 7.13 CNY per share upon resuming trading, with a market capitalization of 4.99 billion CNY and a trading volume of 2.72 billion CNY [1][4]. - The stock has recorded 22 trading halts and 22 limit-up days within 30 trading days, with a total increase of 152.42% from September 1 to October 28 [1][2]. Group 2: Financial and Operational Status - The company reported that its production and operational status is normal, with no significant changes or undisclosed major events affecting the stock price [1][2]. - The non-operational fund occupation issue has been resolved, with a total of 13 risk warning announcements made to the market [2]. - As of June 30, 2025, the company has only 1.02 billion CNY in cash, with 816.64 million CNY of that being restricted funds, and a high debt ratio of 92.22% [2][3]. Group 3: Future Outlook and Risks - The company has indicated that its mining subsidiary lacks sufficient capacity for resource extraction, requiring significant investment for future operations, which presents major uncertainties regarding potential revenue generation [2]. - The company faces a risk of delisting if it cannot resolve the issues related to its non-standard audit opinions by the end of 2025 [3]. - For the year 2024, *ST Zhengping reported a revenue of 1.362 billion CNY with a net loss of 484 million CNY, and a 20.92% decline in revenue year-on-year for the first three quarters of 2025 [3].