A-Zenith(SH:603389) Chang Jiang Shang Bao·2025-11-06 00:05Core Viewpoint - *ST亚振 has experienced a dramatic stock price increase, rising from 4.45 CNY per share to 48.55 CNY per share, marking a staggering increase of 9.91 times, despite ongoing financial struggles and a risk of delisting [3][8][12]. Group 1: Stock Performance - On November 5, *ST亚振 closed at 46.77 CNY per share, with a daily increase of 5.01% and a significant volume of trading [2]. - The stock has been classified as a "10-bagger" alongside 上纬新材, despite facing regulatory scrutiny [3]. - The stock price surged significantly after a change in control, with the new owner, 吴涛, acquiring 50.47% of the company for approximately 7.61 billion CNY [4][11]. Group 2: Financial Performance - *ST亚振 has reported continuous losses from 2021 to 2024, with a loss of approximately 314.1 million CNY in the first three quarters of 2025, although this represents a reduction in losses compared to previous years [4][12]. - The company’s revenue has remained around 2 billion CNY, with a slight increase to 1.58 billion CNY in the first three quarters of 2025, reflecting a year-on-year growth of 4.20% [12]. Group 3: Ownership Changes and Market Behavior - The stock exhibited unusual ownership concentration prior to the price surge, with the number of shareholders dropping from 25,200 in March 2024 to 7,286 by June 2025, a decrease of 49.47% [10]. - Following the price increase, the number of shareholders rose again to 10,200 by September 2025, indicating a potential distribution of shares after the price spike [10]. - The stock price increase is attributed to two main catalysts: the change in control and asset acquisitions, including a recent purchase of 51% of 广西锆业 for 55.44 million CNY [11].