合富中国：公司股价累计涨幅严重偏离基本面，存在较大风险

Core Viewpoint - The stock price of HeFu China has experienced a significant increase of 349.25% from October 28, 2025, to December 18, 2025, raising concerns about potential market overheating and irrational speculation [1] Group 1: Stock Performance - The company's stock price has risen sharply, significantly outpacing the industry and the Shanghai Composite Index, indicating a potential disconnect from the company's fundamentals [1] - The stock's recent performance is characterized by high volatility in trading volume, suggesting a "hot potato" effect among investors [1] Group 2: Financial Performance - HeFu China reported a net profit attributable to shareholders of -5.048 million yuan for Q3 2025, a decline of 225.26% compared to the same period last year, indicating ongoing financial struggles [1] - The company's main business has not undergone significant changes, and it remains in a loss-making state, which raises concerns about the sustainability of its stock price increase [1] Group 3: Valuation Concerns - The current price-to-earnings (P/E) ratio of HeFu China is significantly higher than that of its industry peers, suggesting that the stock may be overvalued [1] - The company has issued a warning to investors about the risks associated with high valuation and performance volatility, urging them to make rational investment decisions [1]