26个涨停！603843，核查完成，明天复牌！

Core Viewpoint - *ST Zhengping has experienced significant stock price fluctuations, with a cumulative increase of 221.93% from September 1 to November 18, 2025, leading to trading risks and subsequent stock suspension for investigation [1][5]. Group 1: Stock Performance and Trading Risks - The stock of *ST Zhengping has seen 26 consecutive trading days of gains since September, with three suspensions for investigation during this period [1][5]. - The company announced that its stock will resume trading on December 3, 2025, after completing the investigation into trading activities [1][5]. - The rapid increase in stock price has created a significant divergence from the Shanghai Composite Index and the construction industry, indicating heightened trading risks [1][5]. Group 2: Financial Performance and Audit Issues - In 2024, *ST Zhengping reported revenue of 1.362 billion yuan and a net loss attributable to shareholders of 484 million yuan, with a non-recurring net loss of 475 million yuan [4][8]. - For the first three quarters of 2025, the company achieved revenue of 652 million yuan and a net loss of 99 million yuan, with a non-recurring net loss of 190 million yuan [4][8]. - The 2024 annual report received an audit opinion that could not express an opinion due to limited audit scope, leading to a delisting risk warning for the stock [3][7]. Group 3: Operational Challenges and Future Uncertainties - The company faces significant uncertainties regarding its ability to develop mineral resources, as it lacks sufficient funds, personnel, and equipment for future mining operations [3][8]. - As of September 30, 2025, *ST Zhengping reported cash holdings of 72.3767 million yuan, with 30.2848 million yuan restricted due to various legal and operational issues, resulting in a high debt ratio of 92.49% [3][8]. - The company has received a mining license for its subsidiary but requires substantial investment for future development, which is currently uncertain due to multiple external factors [3][8].