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

Core Viewpoint - The company, Zhengping Road and Bridge Construction Co., Ltd., has experienced a significant stock price increase of 178.44% from September 1, 2025, to November 13, 2025, which is deemed to be disconnected from its fundamental performance, prompting warnings about potential trading risks and the need for rational investment decisions [1] Group 1: Trading Risks - The company has issued multiple announcements regarding abnormal stock trading and risk warnings, including two suspension checks on October 1 and October 29, 2025, with results disclosed on October 16 and November 12, 2025 [1] - Following the resumption of trading, the stock hit the daily limit on November 12 and 13, 2025, indicating a potential overreaction in market sentiment and irrational speculation [1] Group 2: Listing Risks - Due to limited audit scope, the company received an audit report with no opinion for its 2024 annual report, leading to a delisting risk warning for its stock [2] - The company faces additional risk warnings due to a negative opinion on internal controls and significant uncertainty regarding its ability to continue as a going concern, which could lead to termination of its stock listing if unresolved in 2025 [2] Group 3: 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 99 million yuan reported for the first three quarters of 2025 [4] Group 4: Resource Development Risks - The company's wholly-owned subsidiary, Golmud Shengguang Mining Development Co., Ltd., has obtained a mining license but lacks sufficient capacity for resource extraction, requiring significant investment for future operations [5] - As of September 30, 2025, the company had cash of approximately 72.38 million yuan, with 30.28 million yuan restricted due to various factors, and a high debt ratio of 92.49%, indicating substantial uncertainty in future resource development and profitability [5]