天普股份（605255）(605255.SH)公告，鉴于近期公司股票价格短期波动较大，且公司股价累计涨幅较 大，自2025年8月22日至2025年12月30日累计上涨718.39%，期间已累积巨大交易风险，现已严重偏离 上市公司基本面，为进一步维护投资者利益，公司就近期股票交易情况进行停牌核查，将于2025年12月 31日(星期三)开市起停牌。 ...

*ST正平9月以来累计26个交易日涨停。其间，该股三度停牌核查。 12月2日晚间，*ST正平（603843）公告称，公司近日就股票交易情况进行核查，鉴于相关核查工作已完成，经向上海证券交易所申请，公司股票 将于12月3日（星期三）开市起复牌。 从2025年9月1日至11月18日，*ST正平股票累计涨幅达221.93%，股票短期涨幅与同期上证指数、建筑行业存在严重偏离。股价上涨过快，积累了 较高的交易风险。为维护投资者利益，公司就股票交易情况进行停牌核查，于11月19日开市起停牌。 近期，有债权人申请对*ST正平预重整，截至本公告披露日，公司尚未收到法院关于受理预重整申请的相关法律文书，即申请人的预重整申请能否 被法院受理、公司能否进入重整程序均存在重大不确定性，公司提醒广大投资者注意相关投资风险。 *ST正平同时提到，公司近期收到上交所对公司2025年三季报有关事项的监管工作函。截至目前，年审会计师尚无法就外部借款利息、工程项目成 本费用计量准确性和完整性获取充分、恰当的审计证据。"如截至2025年度财务报告日，年审会计师仍无法就上述事项获取充分、恰当的审计证 据，可能导致无法对财务报表发表非无保留意见，公司 ...

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 risks and subsequent stock suspension for investigation [1][5]. Group 1: Stock Performance and Trading Risks - The stock of *ST Zhengping has seen 26 consecutive trading days of gains since September, with three suspensions for investigation during this period [1][5]. - The company announced that its stock will resume trading on December 3, 2025, after completing the investigation into trading activities [1][5]. - The rapid increase in stock price has created a significant divergence from the Shanghai Composite Index and the construction industry, indicating heightened trading risks [1][5]. Group 2: Financial Performance and Audit Issues - In 2024, *ST Zhengping reported revenue of 1.362 billion yuan and a net loss attributable to shareholders of 484 million yuan, with a non-recurring net loss of 475 million yuan [4][8]. - For the first three quarters of 2025, the company achieved revenue of 652 million yuan and a net loss of 99 million yuan, with a non-recurring net loss of 190 million yuan [4][8]. - The 2024 annual report received an audit opinion that could not express an opinion due to limited audit scope, leading to a delisting risk warning for the stock [3][7]. Group 3: Operational Challenges and Future Uncertainties - The company faces significant uncertainties regarding its ability to develop mineral resources, as it lacks sufficient funds, personnel, and equipment for future mining operations [3][8]. - As of September 30, 2025, *ST Zhengping reported cash holdings of 72.3767 million yuan, with 30.2848 million yuan restricted due to various legal and operational issues, resulting in a high debt ratio of 92.49% [3][8]. - The company has received a mining license for its subsidiary but requires substantial investment for future development, which is currently uncertain due to multiple external factors [3][8].

*ST正平表示，截至目前，公司2024年度非标审计意见消除尚未消除，如上述非标意见所涉事项在2025 年度无法消除，公司股票将被终止上市。此外，预重整申请能否被法院受理、公司能否进入重整程序均 存在重大不确定性。2025年三季报工作函所涉非标意见等重大事项尚无法核实，可能导致年审会计师无 法对财务报表发表非无保留意见，公司股票存在被终止上市风险。公司不排除存在其他资金占用、违规 担保的可能性。 交易行情显示，9月1日—11月18日这36个交易日内，*ST正平斩获26个涨停板，区间累计涨幅达 221.93%。 北京商报讯（记者 马换换 李佳雪）12月2日晚间，*ST正平（603843）披露公告称，公司就股票交易情 况进行核查，鉴于相关核查工作已完成，经申请，公司股票将于12月3日开市起复牌。 ...

Core Viewpoint - *ST Zhengping (603843) announced that its stock will resume trading on December 3 after completing a review of its trading situation, although it still faces significant uncertainties regarding its financial status and potential restructuring [1] Group 1: Stock Trading and Resumption - The company has completed the necessary review of its stock trading situation and has applied to the Shanghai Stock Exchange for resumption of trading [1] - The stock is set to resume trading on December 3 [1] Group 2: Financial Status and Audit Opinions - As of now, the company has not resolved the non-standard audit opinion for the fiscal year 2024 [1] - If the issues related to the non-standard opinion are not resolved by the fiscal year 2025, the company’s stock may face delisting [1] Group 3: Restructuring and Legal Proceedings - Recently, creditors have applied for the company’s pre-restructuring, but the company has not yet received any legal documents from the court regarding the acceptance of this application [1] - There is significant uncertainty regarding whether the court will accept the pre-restructuring application and whether the company will enter the restructuring process [1]

Core Viewpoint - Tianpu Co., Ltd. has seen its stock price increase by over 1000% year-to-date, with a significant rise of 451.80% from August 22 to November 27, 2025, indicating a substantial deviation from its fundamental value [1]. Summary by Sections Stock Performance - Tianpu Co., Ltd. (605255.SH) announced that its stock price has risen 451.80% from August 22 to November 27, 2025, with multiple instances of abnormal trading fluctuations [1]. - The stock has experienced a continuous rise, hitting the daily limit for 15 consecutive trading days from August 22 to September 23, followed by a decline of 24.69% over four days from October 16 to 21, and then a return to limit-up trading on November 25 and 26 [4]. Financial Metrics - As of November 27, 2025, the closing price of the stock was 147.00 CNY per share, with a price-to-earnings (P/E) ratio of 605.87 and a price-to-book (P/B) ratio of 24.43, both significantly higher than the industry average [4]. Risks and Warnings - The company has highlighted several risks, including potential issues with stock distribution not meeting listing conditions, a lack of asset injection plans from the acquirer Zhonghao Xinying, and a decline in revenue and net profit by 4.98% and 2.91% year-on-year, respectively, for the first three quarters of 2025 [4]. - The external circulation of shares is limited, with 75% of the total share capital of 134.08 million shares held by controlling shareholders, raising concerns about irrational speculation [4]. Control and Ownership - The company confirmed that the agreement for share transfer has been completed, with no changes in the controlling shareholder or actual controller, although uncertainties regarding control changes remain [5].

Core Viewpoint - *ST Zhengping announced a stock suspension for verification due to a significant price increase of 221.93% from September 1, 2025, to November 18, 2025, which deviates severely from its fundamentals [3][6]. Group 1: Stock Performance - The stock price of *ST Zhengping reached 8.66 yuan per share as of November 18, 2025, with a total market capitalization of 6.1 billion yuan [10]. - The stock has experienced a substantial increase, with a maximum rise of 230.53% and a maximum drawdown of 11.85% during the observed period [5]. - Despite frequent risk warning announcements since September, market speculation around the stock has remained high [4]. Group 2: Financial Performance - In 2024, *ST Zhengping reported total revenue of 1.362 billion yuan and a net loss attributable to shareholders of 484 million yuan [8]. - For the first three quarters of 2025, the company achieved a total revenue of 652 million yuan, with a net loss of 99 million yuan [8]. - The company has faced continuous losses, with a significant decline in revenue compared to previous years [9]. Group 3: Business Operations and Risks - *ST Zhengping operates in three main sectors: infrastructure construction, cultural tourism, and non-ferrous metal mining, while transitioning towards intelligent computing services and renewable energy [8]. - The company faces risks of delisting due to an inability to provide a clear audit opinion for its 2024 annual report and ongoing issues with internal controls [8]. - There are uncertainties regarding the company's ability to develop its mining resources due to insufficient funding and operational capacity [9].

Core Viewpoint - The increase in stock suspension and review is a protective measure for investors, highlighting potential risks behind stock price fluctuations rather than merely cooling market hotspots [1][2]. Group 1: Significance of Suspension Review - Suspension reviews serve to penetrate the superficiality of stock price movements, revealing underlying risks when stocks rise irrationally without performance support [1][2]. - They provide investors with an opportunity to reflect calmly on their holdings amidst the frenzy of popular stocks, allowing for a reassessment of whether a company's fundamentals support its current stock price [1][3]. Group 2: Market Impact - From a market perspective, suspension reviews are crucial in curbing excessive speculation, which disrupts normal market order and increases investment risks [2]. - By temporarily suspending hot stocks, the reviews serve as a warning against the high risks of speculative behavior, encouraging a focus on long-term investment value [2]. Group 3: Misconceptions and Misunderstandings - There is a significant misunderstanding among market participants regarding suspension reviews, with some equating the absence of undisclosed information with a lack of risk, overlooking the limitations of self-examination by listed companies [3]. - Some investors mistakenly view repeated suspensions as a sign of stock strength, which can amplify investment risks [3]. - While some believe that suspensions hinder trading flexibility, the long-term benefits of suspension reviews outweigh short-term inconveniences, helping to prevent losses from impulsive trading decisions [3].

Core Viewpoint - *ST Zhengping has announced a temporary suspension of its stock trading due to significant short-term price increases, aiming to protect investor interests [1] Group 1: Stock Trading Suspension - The company's stock will be suspended from trading starting November 19, 2025, until a verification announcement is disclosed, with an expected suspension period not exceeding 10 trading days [1] - The company warns investors about the risks in the secondary market, indicating that the stock price has significantly deviated from its fundamentals, suggesting potential market overheating and irrational speculation [1] Group 2: Financial Risks - There is a high risk of a substantial decline in stock price in the short term [1] - The company faces the risk of delisting, as the 2024 annual report may receive an audit report that expresses an inability to provide an opinion; if issues are not resolved by the 2025 fiscal year, the stock will be delisted [1] - Additional risks include uncertainties related to fund occupation, continuous losses, and insufficient mining resource extraction capabilities [1]

Core Points - Pingtan Development's stock price increased by 255.19% from October 17 to November 17, 2025, leading to multiple instances of abnormal trading fluctuations [1] - The company announced a temporary suspension of its stock trading starting November 18, 2025, pending an investigation into the trading volatility [1] - The company's revenue composition for the first half of 2025 includes: 42.75% from timber processing, 36.79% from real estate sales, 14.62% from agricultural materials trading, 2.34% from forestry, and 2.22% from biopharmaceuticals [1] Company Information - As of the report, Pingtan Development has a market capitalization of 23.1 billion yuan [2]