603843，三度停牌核查，其间26个涨停

Core Viewpoint - *ST Zhengping's stock has experienced a significant increase of 221.93% from September 1, 2025, to November 18, 2025, with 26 trading days of price limits, indicating a serious deviation from its fundamentals compared to the Shanghai Composite Index and the construction industry [1][3]. Group 1: Stock Trading and Market Behavior - The company will conduct an investigation into the stock trading situation to protect investor interests, leading to a suspension of trading starting November 19, 2025, for a period not exceeding 10 trading days [3]. - The stock has shown abnormal volatility, with multiple trading suspensions and investigations conducted in October and November 2025, resulting in consecutive price limits in the days following the resumption of trading [3]. - The company warns that the stock price may be subject to irrational speculation and could face significant declines after a substantial short-term increase [3]. Group 2: Company Operations and Financial Performance - *ST Zhengping is engaged in infrastructure construction, cultural tourism, and non-ferrous metal mining, and is actively expanding into new business areas such as renewable energy and intelligent computing services [4]. - The company faces a risk of delisting due to an audit report with a disclaimer of opinion for the 2024 annual report, alongside other risk warnings related to internal controls and significant uncertainties regarding its ability to continue operations [4]. - The company reported a revenue of 1.362 billion yuan and a net loss of 484 million yuan for 2024, with a revenue of 652 million yuan and a net loss of 99 million yuan for the first three quarters of 2025 [4]. Group 3: Mining Operations and Financial Constraints - The company has insufficient mining capacity and requires significant investment for future resource development, facing uncertainties regarding the ability to generate revenue from mining operations [5]. - As of September 30, 2025, the company had cash resources of 72.3767 million yuan, with a significant portion restricted due to various factors, leading to a high asset-liability ratio of 92.49% [5].