Zhengping Road & Bridge (SH:603843) Mei Ri Jing Ji Xin Wen·2026-02-05 15:05Core Viewpoint - *ST Zhengping has announced an expected positive net asset value by the end of 2025, but has received further inquiries from regulators regarding its financial stability and potential delisting risks [2][6]. Financial Performance and Projections - The company forecasts a net asset value between 250 million to 370 million yuan by the end of 2025, despite anticipated losses in net profit [2][6]. - The expected operating revenue for 2025 is projected to exceed 300 million yuan [6]. Regulatory Inquiries - The Shanghai Stock Exchange has issued a regulatory letter requiring *ST Zhengping to verify and supplement details related to its 2025 performance forecast, focusing on three main issues: impairment of receivables, validity of debt claims, and revenue recognition [5][9]. - The company has been asked to clarify the expected recovery time for receivables totaling 3.65 billion yuan, which significantly exceeds its projected net assets [9]. Audit Concerns - The annual auditor has expressed uncertainty regarding the company's ability to achieve a positive net asset value, highlighting the risk of delisting due to negative net assets [6][10]. - Issues related to revenue recognition and cost measurement have led to non-standard audit opinions for 2024, which may affect the 2025 financial report [10]. Internal and External Challenges - The actual control of *ST Zhengping is under pressure, with all shares held by its controllers frozen due to lawsuits related to unpaid bank loans totaling 1.03 billion yuan and 12 million yuan [11][14]. - The company's stock has experienced significant volatility, with a cumulative increase of 52.69% followed by a drop of 24.96% within a short period [14][18].