Di Yi Cai Jing Zi Xun·2025-08-29 04:09Core Viewpoint - The competition for the title of "king of stocks" between Cambrian (688256.SH) and Kweichow Moutai (600519.SH) has intensified, with Cambrian briefly surpassing Moutai's stock price, but concerns about its sustainability remain due to high valuations and potential risks to its fundamentals [1][3][12]. Stock Performance - On August 28, Cambrian's stock price rose by 15.73% to 1587.91 yuan, while Kweichow Moutai's price fell by 0.13% to 1446.10 yuan, resulting in a price difference of 141.81 yuan at the close [1][3]. - Cambrian's stock price fluctuated significantly during trading, initially dropping below Moutai's price before recovering and ultimately taking the lead [2][3]. Financial Projections - Cambrian has projected its revenue for the year 2025 to be between 5 billion yuan and 7 billion yuan [1][3]. - The company reported a substantial increase in revenue for the first half of 2025, reaching 2.881 billion yuan, a year-on-year growth of 4347.82%, and achieved a net profit of 1.038 billion yuan, marking a turnaround from previous losses [12]. Valuation Metrics - Cambrian's current price-to-earnings (P/E) ratio is 5117.75, and its price-to-book (P/B) ratio is 113.98, both significantly higher than the industry averages of 88.97 for P/E and 5.95 for P/B [3]. Market Context - Historically, stocks that have briefly surpassed Kweichow Moutai have often seen their prices decline shortly thereafter, with the duration of their reign as "king" typically lasting less than a day to a maximum of one year [5][9]. - Kweichow Moutai has maintained its position due to consistent long-term performance and strong brand strength, having achieved cumulative net profits of 577.277 billion yuan since its listing [9].