智通财经网·2025-12-06 06:28Financial Performance - In the first three quarters of 2023, the company reported revenue of 4.194 billion yuan, a year-on-year increase of 3.09% [1] - The net profit attributable to shareholders was 554 million yuan, a year-on-year decrease of 29.04% [1] Stock Market Reaction - Following the earnings report, the company's stock experienced a brief rally, achieving five consecutive days of gains from November 7 to November 13 [2] - However, this upward momentum did not lead to sustained price increases, and the stock entered a downward trend, declining over six trading days [2][4] Technical Analysis - The stock has been in a downward trend since late July, with a peak of 7.26 HKD on July 21, followed by a series of declines [3] - After the Q3 report, the stock saw a temporary rise but failed to maintain volume support, leading to a "false breakout" scenario [4] Market Sentiment and Trading Activity - During a period of low trading activity, there were signs of bottom-fishing by investors, particularly through the Hong Kong Stock Connect [6] - Recent trading data indicated that the proportion of shares held by Hong Kong Stock Connect investors reached 43.14% [9] Industry Context - The heparin industry is cyclical and closely tied to the pig farming cycle, with China being the largest supplier of heparin raw materials globally [11] - Historical data shows that heparin prices are highly sensitive to supply and demand changes, with significant price fluctuations observed in recent years [12] Future Outlook - The market anticipates a potential recovery in pig prices by mid-2024, which could positively impact the heparin market [12] - The company's A-share price has increased by 81.63% from its low point, while the Hong Kong stock remains undervalued compared to its A-share counterpart [13]