Core Viewpoint - *ST Zhengping has received an inquiry letter from the Shanghai Stock Exchange regarding its Q3 2025 financial report, focusing on litigation risks, non-standard audit opinions, subsidiary operations, and frozen funds [1][2][3][4]. Group 1: Litigation Risks - The company has faced 252 new lawsuits since the beginning of 2025, with a total amount involved of 498 million yuan, which accounts for 177.73% of the net assets as of Q3 [2][3]. - The inquiry requires the company to disclose details about the lawsuits, including the parties involved, background, progress, and whether these have been recognized as liabilities [2]. Group 2: Non-Standard Audit Opinions - The company received a non-opinion audit report for its 2024 annual report, leading to a risk warning for delisting [3]. - The inquiry emphasizes the need for the company to assess the impact of these non-standard opinions on the 2025 financial report and to disclose potential delisting risks if issues remain unresolved [3]. Group 3: Subsidiary Operations - Some subsidiaries are reported to have non-operational fund occupation by minority shareholders, and there are instances of illegal guarantees [4]. - The inquiry requests detailed disclosures about the main subsidiaries' operations, including financial data and any potential fund occupation or guarantee issues [4]. Group 4: Frozen Funds - As of Q3, the company reported a cash balance of 72.38 million yuan, while 81.66 million yuan is frozen due to guarantees and litigation [4]. - The inquiry demands an investigation into the reasons for the frozen funds and the status of unreturned raised funds, along with future repayment plans [4].

Core Viewpoint - The company *ST Zhengping announced an abnormal stock price fluctuation, with a cumulative increase of over 12% from November 12 to 14, 2023, despite a significant decline in financial performance [1] Financial Performance - For the third quarter of 2025, the company reported a total revenue of 652 million yuan, a year-on-year decrease of 20.92% [1] - The net profit attributable to the parent company was -99 million yuan, reflecting a year-on-year decline of 16% [1] - The net profit attributable to the parent company after deducting non-recurring gains and losses was -190 million yuan, showing a year-on-year decrease of 128.37% [1] Risk Factors - The company highlighted several risks, including the short-term stock price increase deviating from the fundamentals, the risk of delisting, potential other fund occupations, insufficient mineral extraction capacity, and continued operating losses [1]

的信息披露监管问询函的公告 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，并对其内容的真实性、准确性和完整性承担法律责任。 近日，正平路桥建设股份有限公司（以下简称"公司"）收到上海证券交易所 《关于正平路桥建设股份有限公司 2025 年三季报的信息披露监管问询函》（上证公 函【2025】3894 号，以下简称"问询函"），现将《问询函》内容公告如下： 证券代码：603843 证券简称：*ST 正平 公告编号：2025-083 正平路桥建设股份有限公司 关于收到上海证券交易所对公司 2025 年三季报 请你公司及全体董事、高级管理人员本着对投资者负责的态度，高度重视本函件 的要求，积极核实相关情况，切实保障上市公司及投资者的合法权益，收到本函件后 的 10 个交易日内书面回复我部并履行信息披露义务。 正平路桥建设股份有限公司： 根据本所《股票上市规则》第 13.1.1 条的规定，依据《上海证券交易所上市公 司自律监管指南第 1 号——公告格式》、《上海证券交易所上市公司自律监管指引第 3 号——行业信息披露》等规则的要求，我们对公司 2025 年三季报进行了事后审核。 为便 ...

Core Points - The company received an inquiry letter from the Shanghai Stock Exchange regarding its Q3 2025 financial disclosures, highlighting significant concerns about its financial health and compliance [1] Group 1: Legal and Financial Issues - The company has faced 252 new lawsuits since the beginning of 2025, involving a total of 49,765.27 million yuan, which represents 177.73% of its net assets as of the end of Q3 [1] - The 2024 annual report received a non-standard audit opinion, and if issues are not resolved by 2025, the company's stock may be delisted, necessitating an impact assessment [1] Group 2: Subsidiary Operations and Financial Data - Some subsidiaries are reported to have fund occupation and illegal guarantees, requiring the company to provide additional operational and financial data for these subsidiaries and conduct a self-examination of related circumstances [1] Group 3: Cash Flow and Fund Management - As of the end of Q3, the company had cash and cash equivalents amounting to 72.38 million yuan, which is insufficient to repay 190 million yuan of raised funds, prompting a need for self-examination regarding the reasons for the freeze and the failure to repay [1]

Core Points - The stock of *ST Zhengping (603843)* has experienced a cumulative increase of 192.19% from September 1 to November 14, 2025, significantly deviating from the Shanghai Composite Index and the construction industry during the same period [1] - The company received an audit report with a disclaimer of opinion for its 2024 annual report, leading to a delisting risk warning for its stock [1] - There are instances of illegal guarantees and a negative opinion on internal controls, indicating significant uncertainty regarding the company's ability to continue as a going concern [1] - If the issues related to the non-standard opinions are not resolved in the 2025 fiscal year, the company's stock will be terminated from listing [1]

Group 1 - The Shanghai Stock Exchange implemented self-regulatory measures on 240 cases of abnormal trading behaviors, including price manipulation and false declarations, from November 10 to 14, 2025 [1] - Stocks under risk warning for abnormal fluctuations include *ST Zhengping (603843) and *ST Yazhen (603389), which are subject to delisting risk alerts [1] - Companies such as Hezhong China (603122) and Huasheng Lithium Battery are under close monitoring due to severe abnormal fluctuations [1] Group 2 - The exchange conducted special investigations on 24 significant events related to listed companies [1]

Core Viewpoint - The Shanghai Stock Exchange has announced self-regulatory measures against 240 cases of abnormal trading behaviors, including price manipulation and false declarations, from November 10 to November 14, 2025 [1] Group 1: Regulatory Actions - The exchange will focus on monitoring stocks with abnormal fluctuations, specifically *ST Zhengping (603843) and *ST Yazhen (603389), which are under delisting risk warnings [1] - Additional stocks under close scrutiny include Hezhong China (603122) and Huasheng Lithium Battery, which have exhibited severe abnormal fluctuations [1] - The exchange will conduct special investigations into 24 significant events related to listed companies [1]

Core Viewpoint - The Shanghai Stock Exchange has implemented self-regulatory measures against 240 cases of abnormal trading behaviors, including price manipulation and false declarations, indicating a proactive approach to maintaining market integrity [1] Group 1: Regulatory Actions - The exchange has taken self-regulatory measures against 240 instances of abnormal trading activities, such as price manipulation and false declarations [1] - Specific stocks, including *ST Zhengping and *ST Yazhen, which are under risk warning for abnormal fluctuations, are being closely monitored [1] - The exchange is also focusing on 24 significant events related to listed companies for special investigations [1]

Core Viewpoint - The horse racing concept sector has seen a rise of 1.65%, ranking second among concept sectors, with five stocks increasing in value, notably *ST Zhengping hitting the daily limit up, and Hainan Rubber, Luoniushan, and Zhongmu Co. also showing significant gains [1][2]. Group 1: Sector Performance - The horse racing concept sector's increase of 1.65% places it among the top-performing sectors today [1][2]. - Other notable sectors include Hainan Free Trade Zone with a rise of 4.63% and Free Trade Port with an increase of 1.59% [2]. Group 2: Stock Performance - Within the horse racing concept sector, *ST Zhengping achieved a daily limit up, while Hainan Rubber rose by 2.79%, Luoniushan by 2.67%, and Zhongmu Co. by 0.87% [1][3]. - Hainan Rubber led in net inflow of main funds with 11.35 million yuan, while *ST Zhengping had a net inflow rate of 32.77% [3]. Group 3: Fund Flow Analysis - The horse racing concept sector experienced a net outflow of 2.9 million yuan today, with only two stocks seeing net inflows [2]. - The main fund inflow rates for *ST Zhengping and Hainan Rubber were 32.77% and 1.94%, respectively, indicating strong interest in these stocks [3].

Core Viewpoint - The stock price of ST Zhengping has experienced an extraordinary surge, significantly diverging from the company's fundamental performance, raising regulatory concerns about market speculation and irrational trading behavior [1][4][6]. Group 1: Stock Price Surge - ST Zhengping's stock has seen an astonishing increase of over 170% since early September [3]. - The stock's short-term gains have deviated sharply from the Shanghai Composite Index and the construction industry index, indicating a disconnect from the company's fundamentals [4]. - Despite multiple risk warning announcements and two trading suspensions for verification, market speculation remains high, with the stock hitting consecutive daily price limits upon resumption [2][5][6]. Group 2: Underlying Risks - The company faces significant fundamental risks, including the threat of delisting due to an audit report that could not express an opinion for the 2024 annual report, leading to a delisting risk warning [7]. - The 2024 internal control audit report received a negative opinion, raising uncertainties about the company's ability to continue operations, alongside issues of illegal guarantees [7][8]. - The company has reported substantial losses for both 2024 and the first three quarters of 2025 [9]. Group 3: Legal and Financial Challenges - ST Zhengping is currently embroiled in numerous lawsuits and arbitration cases, with substantial amounts at stake, further complicating its financial situation [10]. - The company has resolved previous non-operational fund occupation issues, but uncertainties remain regarding undisclosed non-operational fund occupations [11]. - The company's wholly-owned subsidiary faces challenges in mineral resource extraction due to insufficient funds, personnel, and equipment, leading to significant uncertainty about future development and revenue generation [11]. Group 4: New Business Ventures - The company is actively exploring new growth areas, including renewable energy construction and intelligent computing services, and has established partnerships with various local governments and enterprises [12][13]. - However, the effectiveness of these new ventures in reversing the company's current predicament remains to be seen, and the company continues to caution investors about the risks associated with the recent stock price surge [14].