603843，五连板后停牌

Core Viewpoint - *ST Zhengping (603843) announced a cumulative stock price increase of 221.93% from September 1 to November 18, 2025, indicating a significant deviation from its fundamentals and the Shanghai Composite Index, leading to a suspension of trading for verification starting November 19, 2025 [1][5]. Summary by Relevant Sections Stock Performance - The stock of *ST Zhengping experienced five consecutive trading days of price increases after resuming trading on November 12, 2025, with a notable rise in stock price [2][5]. - The stock price has shown a serious divergence from the fundamentals and the performance of the construction industry during the same period [1][5]. Risk Factors - The company faces multiple risks, including: 1. Delisting Risk: Due to an audit report for the 2024 annual report that could not express an opinion, the stock has been placed under delisting risk warning. If issues related to the non-standard opinions are not resolved in the 2025 annual report, the stock may be delisted [5]. 2. Uncertainty of Fund Occupation: There is uncertainty regarding potential undisclosed non-operating fund occupations, despite the recovery of 13.21 million yuan from a subsidiary [5]. 3. Continuous Losses: The company reported a net profit of -484 million yuan for 2024 and -99 million yuan for the third quarter of 2025 [5]. 4. Mining Resource Extraction Capability: The company's wholly-owned subsidiary, Geermu Shengguang Mining Development Co., Ltd., has insufficient mining resource extraction capabilities, leading to significant uncertainty regarding future extraction progress and potential revenue [6].