上纬新材(688585.SH)发布公告，公司股票于2025年9月26日(星期五)开市起停牌，近期，公司就股票交 易异常波动的相关事项进行了核查。鉴于相关核查工作已完成，经公司向上海证券交易所申请，公司股 票将于2025年10月13日(星期一)开市起复牌。 公司已关注到近期市场存在部分媒体关于上纬新材与实际控制人邓泰华先生及其控制的智元创新(上海) 科技有限公司(简称"智元创新")相关资产进行整合的讨论与报道。公司发函向公司收购人暨控股股东上 海智元恒岳科技合伙企业(有限合伙)(简称"智元恒岳")及实际控制人邓泰华先生核实，截至目前，收购 方智元恒岳及其一致行动人上海致远新创科技设备合伙企业(有限合伙)(简称"致远新创合伙")不存在在 未来12个月内对上市公司及其子公司的资产和业务进行出售、合并、与他人合资或合作的明确计划，或 上市公司拟购买或置换资产的明确重组计划。截至目前，未来36个月内，智元创新不存在通过上市公司 借壳上市的计划或安排。 ...

Core Viewpoint - *ST Zhengping's stock has experienced a significant increase of 101.86% from September 1 to September 30, 2025, leading to a suspension for investigation due to abnormal trading behavior and a serious deviation from its fundamentals [1][2]. Group 1: Stock Performance and Trading Suspension - The stock of *ST Zhengping has seen a cumulative increase of 101.86% over the month of September 2025, with 15 days of trading halts and 4 instances of abnormal fluctuations [1]. - The company’s stock price has diverged significantly from the Shanghai Composite Index and the construction industry during the same period [1]. - The stock will be suspended from trading starting October 9, 2025, for a maximum of 5 trading days to investigate the trading situation [1]. Group 2: Financial Performance - In 2024, *ST Zhengping reported an operating revenue of 1.362 billion yuan and a net profit attributable to shareholders of -484 million yuan [1]. - For the first half of 2025, the company achieved an operating revenue of 344 million yuan with a net profit attributable to shareholders of -88 million yuan [1]. Group 3: Listing Risks - *ST Zhengping faces the risk of delisting due to an audit report for 2024 that was unable to express an opinion, leading to a risk warning on its stock [2]. - The company has received negative opinions on its internal controls and has significant uncertainties regarding its ability to continue as a going concern [2]. - If the issues highlighted in the non-standard audit opinions are not resolved in 2025, the stock may be delisted [2]. Group 4: Mining Operations and Resource Development - The company’s subsidiary, Geermu Shengguang Mining Development Co., has obtained a mining license but lacks sufficient mining capacity and requires significant investment for future operations [2]. - There are major uncertainties regarding the progress and profitability of mineral resource development due to constraints in funding, market conditions, and operational capabilities [2]. Group 5: Non-operational Fund Occupation - In 2024, *ST Zhengping's subsidiary Guizhou Water Conservancy Industrial Co. faced non-operational fund occupation issues, with 13.2092 million yuan occupied by a minority shareholder [3]. - As of July 2025, 9 million yuan of the occupied funds were returned, leaving a balance of 4.2092 million yuan still occupied [3].