上交所问询 *ST 正平：资产减值是否充分、债务是否完整、收入是否真实

Core Viewpoint - *ST Zhengping (603843) faces significant delisting risk due to potential negative net assets as highlighted in a regulatory letter from the Shanghai Stock Exchange regarding its 2025 performance forecast [1] Group 1: Regulatory Concerns - The regulatory letter emphasizes three main issues: potential asset impairment leading to negative net assets, completeness of pre-restructuring debt claims, and accuracy of revenue and cost accounting [1] - The company’s performance forecast indicates expected revenue between 950 million to 1.35 billion yuan, with a projected net loss, although net assets are reported as positive [1] - The annual auditor has not confirmed the positive net assets and noted unresolved issues from the 2024 financial report, suggesting a high likelihood of receiving a non-standard opinion for the 2025 report [1] Group 2: Financial Disclosure Requirements - The regulatory body requires detailed disclosure of over 3.6 billion yuan in accounts receivable and contract assets, along with a careful assessment of impairment risks for long-term equity investments [1] - The ongoing pre-restructuring process has raised concerns about the completeness of debt claims, as major debt subsidiaries like Guizhou Jinjijin Construction were not included, leading to doubts about debt integrity [1] - The company is also required to provide detailed explanations regarding previous internal control failures related to revenue recognition and cost measurement to validate the accuracy of the 2025 financial data [1]