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 suspensions and heightened risks for investors [1][3]. Group 1: Stock Performance and Trading - The stock of *ST Zhengping has been suspended three times for trading reviews due to its rapid price increase [1]. - The stock will resume trading on December 3, 2025, after the completion of the review process [1]. - The stock's short-term performance has deviated significantly from the Shanghai Composite Index and the construction industry [1]. Group 2: Financial Reporting and Audit Issues - The 2024 annual report of *ST Zhengping received an audit report with a disclaimer of opinion due to limited audit scope, resulting in a delisting risk warning [3]. - The company faces additional risk warnings due to a negative opinion on internal controls and significant uncertainties regarding its ability to continue as a going concern [3]. - If the issues highlighted in the audit report are not resolved by the end of 2025, the company's stock may be delisted [3]. Group 3: Debt and Restructuring - A creditor has applied for a pre-restructuring of *ST Zhengping, but the court has not yet accepted the application, creating uncertainty about the restructuring process [3]. - The company has received a regulatory letter from the Shanghai Stock Exchange regarding its Q3 2025 report, indicating ongoing issues with obtaining sufficient audit evidence [3]. Group 4: Operational Challenges - *ST Zhengping's subsidiary, Gelmu Shengguang Mining Development Co., has obtained a mining license, but the company lacks sufficient funds, personnel, and equipment for future mining operations [3]. - As of September 30, 2025, the company reported cash reserves of 72.38 million, with 30.28 million restricted due to various legal and operational issues, and a debt-to-asset ratio of 92.49% [3]. - The company faces significant uncertainties regarding the progress and profitability of its mineral resource development due to multiple external factors [3]. Group 5: Financial Performance - In 2024, *ST Zhengping reported revenues of 1.362 billion and a net loss of 484 million, with a net loss of 99 million in the first three quarters of 2025 [4]. - The company emphasizes that there are no significant matters affecting the abnormal fluctuations of its stock as of now [4].