Core Viewpoint - *ST Zhengping's stock has experienced a significant increase of 221.93% from September 1, 2025, to November 18, 2025, with 26 trading days of price limits, indicating a serious deviation from its fundamentals compared to the Shanghai Composite Index and the construction industry [1][3]. Group 1: Stock Trading and Market Behavior - The company will conduct an investigation into the stock trading situation to protect investor interests, leading to a suspension of trading starting November 19, 2025, for a period not exceeding 10 trading days [3]. - The stock has shown abnormal volatility, with multiple trading suspensions and investigations conducted in October and November 2025, resulting in consecutive price limits in the days following the resumption of trading [3]. - The company warns that the stock price may be subject to irrational speculation and could face significant declines after a substantial short-term increase [3]. Group 2: Company Operations and Financial Performance - *ST Zhengping is engaged in infrastructure construction, cultural tourism, and non-ferrous metal mining, and is actively expanding into new business areas such as renewable energy and intelligent computing services [4]. - The company faces a risk of delisting due to an audit report with a disclaimer of opinion for the 2024 annual report, alongside other risk warnings related to internal controls and significant uncertainties regarding its ability to continue operations [4]. - The company reported a revenue of 1.362 billion yuan and a net loss of 484 million yuan for 2024, with a revenue of 652 million yuan and a net loss of 99 million yuan for the first three quarters of 2025 [4]. Group 3: Mining Operations and Financial Constraints - The company has insufficient mining capacity and requires significant investment for future resource development, facing uncertainties regarding the ability to generate revenue from mining operations [5]. - As of September 30, 2025, the company had cash resources of 72.3767 million yuan, with a significant portion restricted due to various factors, leading to a high asset-liability ratio of 92.49% [5].

Core Viewpoint - *ST Zhengping's stock has experienced a significant increase of 221.93% from September 1, 2025, to November 18, 2025, with 26 trading days of price limits, indicating a serious deviation from its fundamentals and the overall market [1][3]. Group 1: Stock Trading and Market Behavior - The company will conduct a stock trading review to protect investor interests, leading to a suspension of trading starting November 19, 2025, for a period not exceeding 10 trading days [3]. - The stock has shown abnormal volatility, with five consecutive trading days of price limits after the last resumption of trading on November 12, 2025, indicating potential irrational market speculation [3][4]. Group 2: Company Operations and Financial Performance - *ST Zhengping is engaged in infrastructure construction, cultural tourism, and non-ferrous metal mining, and is actively expanding into new areas such as renewable energy and intelligent computing services [4]. - The company reported a revenue of 1.362 billion yuan and a net loss of 484 million yuan for 2024, with a revenue of 652 million yuan and a net loss of 99 million yuan for the first three quarters of 2025 [4][5]. Group 3: Risks and Challenges - The company faces a risk of delisting due to an audit report with a disclaimer of opinion for 2024, and ongoing issues with internal controls and significant uncertainties regarding its ability to continue as a going concern [4]. - There are concerns regarding the company's mining capabilities, with insufficient resources for future development and a high debt ratio of 92.49%, indicating financial instability [5].

Core 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].

Core Viewpoint - *ST Zhengping's stock has experienced a significant increase of 206.69% from September 1 to November 17, 2025, raising concerns about a disconnect from its fundamental performance and potential market speculation [1][5][8]. Stock Performance - Since its resumption of trading on November 12, 2025, *ST Zhengping has recorded four consecutive daily limit-up sessions [3]. - The stock has achieved a total of 25 limit-up sessions from September 1 to November 17, 2025, excluding periods of suspension [5]. Financial Performance - For the first three quarters of 2025, *ST Zhengping reported total revenue of 6.52 billion CNY, a year-on-year decrease of 20.92% [8]. - The company incurred a net loss attributable to shareholders of 997.57 million CNY, compared to a loss of 859.99 million CNY in the same period last year [8]. - The net cash flow from operating activities was -699.64 million CNY, worsening from -877.37 million CNY year-on-year [8]. Risks and Warnings - The company faces multiple risks, including the potential for delisting due to an inability to provide a standard audit opinion for its 2024 annual report [5][7]. - There are concerns regarding non-operational fund occupation and ongoing litigation, with 252 new lawsuits filed in 2025, amounting to 497.65 million CNY, which is 177.73% of the company's net assets as of the third quarter [11]

中新网桂林11月16日电 (杨宗盛 曾玮)11月15日，广西桂林市兴安县漠川乡张家崎村举办"走进古韵漠川· 放飞金色梦想"主题体验活动。 连日来，当地逾百万株银杏树迎来最佳观赏期，金黄的叶片将古朴村落装点得如诗如画，吸引众多游客 前来感受这场以银杏为媒的乡村文旅盛宴，其中不乏专程远道而来的粤港澳等地游客。 11月15 日，桂林市兴安县漠川乡张家崎村体验活动启动仪式。杨宗盛 摄 漠川乡拥有银杏树100多万株，其中百年以上古树超过2万株，构成了独特的生态底蕴。作为活动主办地 的张家崎村，兼具"中国景观村落"与"广西传统村落"双重身份。村内分布着5000多棵银杏树，其中百年 古树达200余棵，形成了"村在林中、林在村中"的天然画卷，为此次活动提供了绝佳背景。 启动仪式上，一系列极具地方特色的文艺节目轮番上演。开场舞《欢聚一堂》瞬间点燃现场热烈气氛； 民族舞蹈《灵渠踏歌·银铃回响》以优美舞姿与清脆银铃尽显民族风情；桂剧《变脸》凭借精湛技艺赢 得观众阵阵喝彩；而《黄河水从我家门前过》则通过飘逸的长扇舞出厚重的历史韵律。 图为桂林市兴安县漠川乡张家崎村银杏林里游人如织。(无人机照片)杨宗盛 摄 围绕"观赏、体验、品味、参 ...

Core Viewpoint - The company *ST Zhengping has experienced a significant stock price increase of 152.42% from September 1 to October 28, 2025, leading to concerns about market sentiment and irrational speculation. The company has issued multiple risk warnings and has been suspended from trading for verification since October 29, 2025. The verification results indicate that while non-operating fund occupation has been cleared, there are major uncertainties regarding the company's mineral resource extraction capabilities and the risk of delisting [1][2][3]. Group 1: Financial and Operational Status - The company has fully recovered the non-operating funds amounting to 13.21 million yuan from its subsidiary, with a confirmation report stating that the balance of non-operating fund occupation is now 0.00 yuan as of November 10, 2025 [2]. - As of June 30, 2025, the company reported monetary funds of 102 million yuan, with 81.66 million yuan being restricted due to various reasons, resulting in a high debt ratio of 92.22% [3]. - The company has faced continuous operating losses, reporting a revenue of 1.362 billion yuan and a net loss of 484 million yuan for 2024, and for the first three quarters of 2025, it reported a revenue of 652 million yuan and a net loss of 99 million yuan [5]. Group 2: Mining and Resource Extraction Challenges - The company has acknowledged its insufficient mineral resource extraction capabilities, indicating that future development will require substantial investment, which it currently lacks in terms of funds, personnel, and equipment [3][4]. - The company has received a mining license for its subsidiary, but the future progress and profitability of mineral resource extraction remain highly uncertain due to various external factors [2][3]. Group 3: New Business Initiatives - The company is actively expanding into new business areas such as new energy construction and intelligent computing services, establishing partnerships with local governments and organizations to implement related projects [5][6]. - A joint venture with Hangzhou Bingtai Technology Co., Ltd. was formed to focus on data software development, including services related to computing power and data [6][8].

Core Viewpoint - *ST Zhengping has completed the stock trading suspension verification and will resume trading on November 12, 2023, despite facing significant uncertainties in mineral resource extraction capabilities and the risk of delisting due to an audit report that cannot express an opinion for the 2024 annual report [1][5]. Group 1: Stock Trading and Performance - *ST Zhengping's stock was suspended from trading on October 29, 2023, after a closing price of 6.79 CNY per share, with a market capitalization of 4.75 billion CNY [1]. - The stock experienced a remarkable increase of over 150% since September, with a cumulative rise of 152.42% from September 1 to October 28, 2023, and achieved 21 trading limit-ups in 29 trading days [4]. - The company has issued 13 risk warning announcements due to abnormal stock trading fluctuations [4]. Group 2: Operational Status and Financial Health - The verification results indicate that the company has cleared non-operating fund occupation, but there are significant uncertainties regarding future development due to insufficient mineral resource extraction capabilities [5]. - For the fiscal year 2024, *ST Zhengping reported an operating income of 1.362 billion CNY and a net loss attributable to shareholders of 484 million CNY [6]. - In the first three quarters of 2025, the company achieved an operating income of 652 million CNY, a year-on-year decrease of 20.92%, with a net loss attributable to shareholders of approximately 99.76 million CNY [6]. Group 3: Delisting Risks - The company is under delisting risk warnings due to limited audit scope and a negative opinion on internal controls for the 2024 annual report, which could lead to termination of listing if issues are not resolved by 2025 [5]. - The stock has been subject to multiple risk warnings, including a change in its trading name to *ST Zhengping due to these financial concerns [5].

最新核查结果显示，*ST正平目前生产经营情况正常，未发生重大变化，未发现其他可能对公司股价产 生较大影响的重大事件。 11月11日晚，"29天21板"牛股*ST正平发布《关于股票交易停牌核查结果暨复牌的公告》称，公司股票 交易情况相关核查工作已完成，经申请，公司股票将于11月12日（星期三）开市起复牌。 核查结果显示，公司非经营性资金占用已清偿完毕，但矿产资源开采能力不足，后续开发存在重大不确 定性。此外，公司面临终止上市风险，因审计范围受限等原因，2024年年报被出具无法表示意见的审计 报告。公司提醒投资者理性投资，注意二级市场交易风险。 *ST正平股票于10月29日开市起停牌。10月28日，公司股价收盘报6.79元/股，最新市值为47.5亿元。9月 以来，*ST正平股价涨幅超150%。 两次停牌核查 数据显示，*ST正平股价自9月1日至10月28日累计涨幅高达152.42%，29个交易日共收获21个涨停板，5 次触及股票交易异常波动。面对炒作，公司已累计发布13次股票交易风险提示公告。 10月28日晚，公司公告称，因股价上涨过快，为维护投资者利益，公司股票将自10月29日起停牌核查， 预计停牌时间不超过1 ...

Core Viewpoint - *ST Zhengping has resumed trading after completing a stock trading review, stating that its production and operational conditions are normal and no significant changes or undisclosed major events have been found [1] Group 1: Stock Performance and Trading Activity - *ST Zhengping's stock has seen a significant increase of 152.42% from September 1, 2025, to October 28, 2025, with 21 days of trading halts and 5 instances of abnormal trading fluctuations [3] - The company announced a trading suspension starting October 29, 2025, due to rapid stock price increases and potential trading risks, with a maximum suspension period of 10 trading days [3] - The company cautioned that the stock price may be subject to irrational speculation and warned investors of the risks associated with short-term price surges [3] Group 2: Business Operations and Financial Performance - *ST Zhengping is primarily engaged in infrastructure construction, cultural tourism, and non-ferrous metal mining, and is actively expanding into new areas such as renewable energy and intelligent computing services [3] - The company reported a revenue of 1.362 billion yuan and a net loss of 484 million yuan for 2024, with a revenue of 652 million yuan and a net loss of 99 million yuan for the first three quarters of 2025 [4] - The company faces challenges including insufficient mining capacity, risks of delisting, and ongoing financial losses [4] Group 3: Regulatory and Compliance Issues - The company’s subsidiary, Gelmu Shengguang Mining Development Co., Ltd., has obtained a mining license, but there are significant uncertainties regarding future mining operations due to a lack of funds, personnel, and equipment [4] - Due to limited audit scope, *ST Zhengping received an audit report with no opinion for its 2024 annual report, leading to a delisting risk warning for its stock [4] - The company is under additional risk warnings due to negative audit opinions regarding internal controls and significant uncertainties about its ability to continue operations [4]

Core Insights - The new snow season has commenced at the Keketohai Ski Resort in Altay, Xinjiang, attracting nearly 3,000 visitors daily as the 15th National Games approaches, igniting public enthusiasm for winter sports [1] - The region benefits from high-quality snow conditions and favorable policies, with recent snowfall enhancing the skiing experience, making it appealing for both recreational skiers and professional teams [2] - Xinjiang has launched a campaign distributing 10,000 ice and snow consumption vouchers for use at 11 ski resorts, further promoting winter sports participation [4] - Xinjiang's winter tourism system integrates skiing, ice and snow sightseeing, and cultural experiences, with over 3.5 million visitors recorded last season, reflecting a year-on-year growth of over 10% [6]