CMC(SH:603122) 2 1 Shi Ji Jing Ji Bao Dao·2025-11-20 05:26Core Viewpoint - The stock of HeFu China (603122.SH) has experienced significant volatility, with a remarkable increase of 291.92% over 15 trading days, raising concerns about the disconnect between its stock price and fundamental performance [2][3][4]. Company Performance - For the first three quarters of 2025, HeFu China reported a revenue of 549 million yuan, a year-on-year decrease of 22.8%, and a net loss attributable to shareholders of 12.39 million yuan, a decline of 146.65% [3]. - The decline in performance is attributed to changes in the domestic macroeconomic environment and price reductions in medical industry policies, leading to lower procurement prices and reduced order volumes [3]. Stock Market Activity - HeFu China's stock has seen extreme trading activity, with 12 out of 14 trading days resulting in price increases, and a turnover rate of 28.48% on November 14 [2][3]. - The stock's static price-to-earnings ratio reached 343.67 times, significantly higher than the industry average of 30.94 times, indicating a severe deviation from reasonable valuation [2]. Regulatory Attention - The unusual trading behavior of HeFu China has attracted regulatory scrutiny, with the Shanghai Stock Exchange indicating potential severe measures against abnormal trading activities [4]. - The company has issued warnings about the risks associated with its stock price surge, emphasizing that its main business has not undergone significant changes and it remains in a loss position [4].