14天12板“妖股”，停牌核查

Core Viewpoint - The stock of HeFu China has experienced a significant surge, with a cumulative increase of 256.29% over a period of fourteen trading days, largely attributed to speculative trading by retail investors [2][4][6] Group 1: Stock Performance - HeFu China's stock was suspended from trading starting November 17, 2025, after experiencing twelve out of fourteen trading days closing at the daily limit up price [2] - On November 14, 2025, the stock continued to rise, reaching the limit up price during intraday trading with a turnover rate of 28.48% [2] - The company's static price-to-earnings (P/E) ratio reached 343.67 times, significantly higher than the industry average of 30.94 times, indicating a severe deviation from reasonable valuation [2][6] Group 2: Financial Performance - For the first three quarters of the year, HeFu China reported a revenue of 549 million yuan, a year-on-year decrease of 22.8% [6] - The company incurred a net loss attributable to shareholders of 12.39 million yuan, a decline of 146.65% compared to the previous year [6] - Despite the stock price surge, the company stated that its main business had not undergone significant changes and remained in a loss-making state [6] Group 3: Market Sentiment and Regulatory Actions - The surge in HeFu China's stock price is believed to be driven by market sentiment and irrational speculation, with a notable divergence from the company's fundamentals [4][6] - The Shanghai Stock Exchange has implemented self-regulatory measures against abnormal trading behaviors, including monitoring stocks like HeFu China for significant price fluctuations [6]