ST Zhengping: Stock price fluctuations are large, indicating multiple risks of delisting and operational risks.

The announcement of ST Zhengping stated that from September 1, 2025 to February 3, 2026, the company's stock price has accumulated an increase of 117.84%, with significant fluctuations during this period. The company's fundamentals have not changed, but there are several risks. First, the high trading risk due to the accumulation of stock price fluctuations; second, the possibility of negative net assets at the end of 2025 may trigger delisting; third, the elimination of non-standard audit opinions for 2024 has not been completed, and if non-standard opinions continue to be issued in 2025, the company will face the risk of delisting. In addition, the company's performance continues to be in deficit, with revenue of 13.62 billion yuan in 2024 and a net loss attributable to shareholders of -4.84 billion yuan; revenue of 6.52 billion yuan and a net loss attributable to shareholders of -0.99 billion yuan in the first three quarters of 2025.