Zhengping Road & Bridge (SH:603843) 证券时报·2025-11-18 13:34Core Viewpoint - *ST Zhengping's stock has experienced a significant increase of 221.93% from September 1, 2025, to November 18, 2025, leading to a serious deviation from its fundamentals and the overall market performance [2][4]. Group 1: Stock Performance and Trading Suspensions - The company announced a trading suspension starting November 19, 2025, due to abnormal stock trading activities, with an expected suspension period of no more than 10 trading days [4]. - The stock has hit the daily limit up for five consecutive trading days following its previous resumption, indicating potential irrational market behavior [4]. - The company has undergone multiple trading suspensions and reviews due to significant stock price fluctuations, raising concerns about market sentiment and speculative trading [4]. Group 2: Financial Performance and Risks - In 2024, the company reported a revenue of 1.362 billion and a net loss of 484 million, with a further loss of 99 million reported in the first three quarters of 2025 [5]. - The company faces a risk of delisting due to an inability to provide a clear audit opinion for its 2024 annual report and ongoing financial losses [5]. - The company has a high debt ratio of 92.49%, indicating significant financial strain and limited capacity for future investments [6]. Group 3: Business Operations and Future Prospects - *ST Zhengping is involved in infrastructure construction, cultural tourism, and non-ferrous metal mining, with efforts to expand into new energy and intelligent computing services [5]. - The company has obtained mining permits but faces challenges in resource extraction due to insufficient operational capacity and funding [6]. - The future development of mining resources is uncertain due to various factors, including funding limitations and market conditions [6].