Zhengping Road & Bridge (SH:603843) Di Yi Cai Jing·2026-02-06 10:14Core Viewpoint - The company *ST Zhengping has experienced a significant stock price fluctuation, with a cumulative increase of 127.51% from September 1, 2025, to February 6, 2026, characterized by alternating trading halts, indicating heightened trading risks [1] Financial Performance - As of the end of Q3 2025, the company's net assets attributable to shareholders stood at only 280 million yuan [1] - The company has substantial receivables amounting to 1.12 billion yuan, contract assets of 2.175 billion yuan, and other receivables of 355 million yuan, raising concerns about potential credit risks due to weak repayment capabilities of some clients [1] Risk Factors - There is a significant risk of delisting due to negative net assets, as the annual audit report indicates uncertainty regarding the company's ability to achieve positive net assets by the end of 2025 [1] - The company may face additional risks of undisclosed liabilities during the pre-restructuring debt claim process, which could further contribute to negative net assets for the audited year 2025 [1]