Core 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]

Core Viewpoint - Zhengping Road and Bridge Construction Co., Ltd. has initiated a pre-restructuring process due to significant financial risks, including potential delisting and other financial irregularities [1][4]. Group 1: Company Announcement - On February 6, 2026, Zhengping announced the initiation of pre-restructuring as per a court decision made on December 24, 2025, by the Intermediate People's Court of Xining, Qinghai Province [1][4]. - The court appointed Beijing Jindu Law Firm and Xining Qingshi Liquidation Co., Ltd. as temporary administrators to oversee the restructuring process [1]. - The announcement highlighted risks related to potential delisting and the possibility of other financial issues such as fund misappropriation and illegal guarantees [1]. Group 2: Legal and Compensation Information - Zhengping was previously penalized by the China Securities Regulatory Commission for information disclosure violations on March 29, 2024, which may lead to compensation liabilities for investors [4]. - Investors who purchased Zhengping shares between April 29, 2022, and January 22, 2024, and continued to hold or sold at a loss after January 23, 2024, are eligible to claim compensation [2][5]. - Required documentation for claims includes stock transaction statements and a copy of the investor's ID [6].

Core Viewpoint - *ST Zhengping (603843) faces significant delisting risk due to potential negative net assets as highlighted in a regulatory letter from the Shanghai Stock Exchange regarding its 2025 performance forecast [1] Group 1: Regulatory Concerns - The regulatory letter emphasizes three main issues: potential asset impairment leading to negative net assets, completeness of pre-restructuring debt claims, and accuracy of revenue and cost accounting [1] - The company’s performance forecast indicates expected revenue between 950 million to 1.35 billion yuan, with a projected net loss, although net assets are reported as positive [1] - The annual auditor has not confirmed the positive net assets and noted unresolved issues from the 2024 financial report, suggesting a high likelihood of receiving a non-standard opinion for the 2025 report [1] Group 2: Financial Disclosure Requirements - The regulatory body requires detailed disclosure of over 3.6 billion yuan in accounts receivable and contract assets, along with a careful assessment of impairment risks for long-term equity investments [1] - The ongoing pre-restructuring process has raised concerns about the completeness of debt claims, as major debt subsidiaries like Guizhou Jinjijin Construction were not included, leading to doubts about debt integrity [1] - The company is also required to provide detailed explanations regarding previous internal control failures related to revenue recognition and cost measurement to validate the accuracy of the 2025 financial data [1]

Core Viewpoint - *ST Zhengping has announced an expected positive net asset value by the end of 2025, but has received further inquiries from regulators regarding its financial stability and potential delisting risks [2][6]. Financial Performance and Projections - The company forecasts a net asset value between 250 million to 370 million yuan by the end of 2025, despite anticipated losses in net profit [2][6]. - The expected operating revenue for 2025 is projected to exceed 300 million yuan [6]. Regulatory Inquiries - The Shanghai Stock Exchange has issued a regulatory letter requiring *ST Zhengping to verify and supplement details related to its 2025 performance forecast, focusing on three main issues: impairment of receivables, validity of debt claims, and revenue recognition [5][9]. - The company has been asked to clarify the expected recovery time for receivables totaling 3.65 billion yuan, which significantly exceeds its projected net assets [9]. Audit Concerns - The annual auditor has expressed uncertainty regarding the company's ability to achieve a positive net asset value, highlighting the risk of delisting due to negative net assets [6][10]. - Issues related to revenue recognition and cost measurement have led to non-standard audit opinions for 2024, which may affect the 2025 financial report [10]. Internal and External Challenges - The actual control of *ST Zhengping is under pressure, with all shares held by its controllers frozen due to lawsuits related to unpaid bank loans totaling 1.03 billion yuan and 12 million yuan [11][14]. - The company's stock has experienced significant volatility, with a cumulative increase of 52.69% followed by a drop of 24.96% within a short period [14][18].

Mergers and Acquisitions - Jianhui Information plans to acquire 38% equity of Boke Guoxin (Wuhan) Technology Co., Ltd. for RMB 73.71 million, increasing its stake from 32% to 70%, making it a controlling subsidiary [1] - Tianqimo is planning to acquire equity in Dongshi Automotive Technology Group Co., Ltd. through a combination of issuing shares and cash payments, while also raising supporting funds [2] - Jiangfeng Electronics intends to acquire 15.64% of Kaide Quartz for RMB 448 million, with related parties also purchasing shares, resulting in Jiangfeng becoming the controlling shareholder [3] Shareholding Changes - Beijia Clean has multiple shareholders planning to reduce their holdings by a total of up to 2.9926%, with specific reductions from various entities [4] - Kangpeng Technology announced that shareholders plan to collectively reduce their holdings by up to 5.22%, with specific amounts and percentages detailed for each shareholder [5] - Xianheng International reported that several shareholders intend to reduce their holdings by up to 3%, totaling 1,228,180 shares [6] Risk Matters - *ST Zhengping received a regulatory letter from the Shanghai Stock Exchange regarding its 2025 performance forecast, indicating expected revenue over RMB 300 million but a net loss, with concerns raised by the annual auditor [7] - Beiqing Song's actual controller, Ma Xuejun, is under investigation for alleged market manipulation, although it is stated that this will not significantly impact the company's daily operations [8][9] - *ST Lifang announced a risk of rapid stock price decline and will suspend trading for verification, marking its third suspension this year, with a recent closing price of RMB 2.78 and a market cap of approximately RMB 1.8 billion [10]

登录新浪财经APP 搜索【信披】查看更多考评等级 公司同时提示广大投资者理性投资，注意投资风险。有关公司信息请以公司在上海证券交易所网站及指 定信息披露媒体《中国证券报》刊登的相关公告为准。 点击查看公告原文>> 声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，不代表新浪财经观 点，任何在本文出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑 问，请联系biz@staff.sina.com.cn。 责任编辑：小浪快报 *ST正平（维权）（证券代码：603843）近日发布公告称，公司因与中国银行股份有限公司西宁城中支 行（下称"中行城中支行"）的借款合同纠纷被提起诉讼，涉案金额达7441.91万元。目前该案件已由法 院受理，但尚未开庭审理。 公告显示，此次诉讼源于公司未能按期履行《流动资金借款合同》约定的还款义务。具体来看，公司分 别于2023年12月4日和2024年6月12日与中行城中支行签订借款合同，借款本金分别为4600万元和2250万 元，合计6850万元。合同中对利息还款期限及支付方式等条款均有明确约定。 为保障上述两笔贷款的按期偿还，公司子公司青海 ...

证券代码：603843 证券简称：*ST 正平 公告编号：2026-022 正平路桥建设股份有限公司 关于股票交易的风险提示公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 正平路桥建设股份有限公司（以下简称"公司"）股票自 2025 年 9 月 1 日至 2026 年 2 月 5 日期间累计涨幅达 125.28%，期间公司股价呈现连续涨停与连续跌停交替的 剧烈波动走势，交易风险高度累积。公司多次发布股票交易异常波动及风险提示公告， 请广大投资者充分关注公司存在的相关风险，理性决策，审慎投资。 一、二级市场交易风险。 六、2024 年度内控审计为否定意见，2025 年度若继续被出具非标意见将面临规 范类退市风险。 公司 2024 年度内部控制审计报告被出具否定意见，2025 年度内部控制有效性需 以年审会计师出具的 2025 年度内部控制审计意见为准。若 2025 年度内部控制审计报 告仍被出具否定意见或无法表示意见，公司股票将触及《上海证券交易所股票上市规 则》规定的规范类强制退市相关条款，面临被终止上市的风险。 七、公 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 证券代码：603843 证券简称：*ST 正平 公告编号：2026-024 正平路桥建设股份有限公司 关于预重整进展相关事项的重大风险提示公告 7、公司矿产资源开采能力不足。公司全资子公司格尔木生光矿业开发有限公司 取得了青海省自然资源厅颁发的《采矿许可证》。公司开采能力不足，矿产资源开发 未来需大规模投入建设和运营，但公司目前无充足资金、人员及设备等用于后续开采， 矿产资源后续开采进展、能否产生收益均存在重大不确定性。截至 2025 年 9 月 30 日， 公司货币资金为 72,376,698.55 元，其中因农民工专户保证金、诉讼冻结等受限的货 币资金 30,284,838.37 元，资产负债率为 92.49%。受制于资金投入、市场环境、行业 政策及外部环境、人员缺乏等多重因素影响，矿产资源后续开发进展、能否产生收益 均存在重大不确定性。 8、采矿权被冻结的风险。全资子公司生光矿业与青海省环境地质勘探局探矿权 转让合同纠纷已进入诉讼程序，在诉讼审理过程中，青海地勘局为保障其债 ...

证券代码：603843 证券简称：*ST 正平 公告编号：2026-023 正平路桥建设股份有限公司 关于公司新增诉讼事项的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、本次新增诉讼相关事项 重要内容提示： ●本次新增诉讼事项所处的阶段：法院已受理，目前尚未开庭审理。 ●上市公司及子公司所处的当事人地位：被告之一。 ●涉案金额：正平路桥建设股份有限公司（以下简称"公司"或"正平股份"） 与中国银行股份有限公司西宁城中支行（以下简称"中行城中支行"）的借款合 同纠纷，涉案金额 74,419,076.93 元。 ●是否会对上市公司损益产生负面影响：本次新增诉讼尚未开庭审理，其对 公司本期利润或期后利润的影响暂无法确定，最终实际影响需以法院终审判决结 果为准。终审判决作出后，公司将严格依据相关会计准则及实际情况进行相应会 计处理。 ●公司将积极采取应对措施处理上述诉讼事宜，持续密切关注案件进展情 况，并按照相关规定及时履行信息披露义务。敬请广大投资者理性投资，注意投 资风险。 公司与中行城中支行签订《流动资金贷款合同》， ...

正平路桥建设股份有限公司 证券代码：603843 证券简称：*ST 正平 公告编号：2026-021 2、关于对外投资减值。公告显示，截至 2025 年三季度末，公司长期股权投资账 面价值为 4.27 亿元、其他权益工具账面价值为 1.29 亿元。其中，公司对青海中建长 期股权投资账面余额为 3.61 亿元，未计提减值，对新疆金阳光铁路建设管理有限公 司（以下简称金阳光铁路）长期股权投资账面余额为 0.61 亿元，已计提减值 0.22 亿 元，对青海小额贷款有限公司、河南禹毫铁路发展有限公司的其他权益工具投资账面 余额分别为 0.33 亿元和 0.90 亿元，未计提减值。公开信息显示，公司上述对外投资 持有股权均已被司法冻结。请公司：（1）补充披露上述公司近三年主要财务数据， 包括但不限于资产总额、净资产、收入、净利润情况；（2）结合被投资企业股权公 允价值及评估情况、经营状况和盈利情况，说明资产减值是否充分。请年审会计师发 表意见。 关于收到上海证券交易所对公司 2025 年度业绩预告相关 事项的监管工作函的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的 ...