Qianjing Landscape(SH:603778) Di Yi Cai Jing Zi Xun·2026-01-07 10:32Core Viewpoint - The stock of Guosheng Technology (603778.SH) has been suspended due to excessive price increases that deviate from its fundamentals, with a cumulative increase of 370.20% from October 31, 2025, to January 6, 2026, indicating potential market overheating and irrational speculation risks [2][3]. Company Overview - Guosheng Technology, formerly known as Qianjing Garden, transitioned from landscape engineering to a dual business model of "landscape + photovoltaic" after acquiring stakes in seven subsidiaries for 154 million yuan in November 2022 [4]. - The company has faced significant losses, with cumulative losses exceeding 400 million yuan from 2020 to 2022, and net losses of 68.88 million yuan in 2023, 106 million yuan in 2024, and 151 million yuan in the first three quarters of 2025 [4]. Financial Metrics - The company's price-to-book ratio stands at 17.47, significantly higher than the industry average of 3.22, indicating a bubble in its stock price [3]. - As of September 30, 2025, Guosheng Technology's debt-to-asset ratio was 70.52%, reflecting a 4.04 percentage point increase from the previous quarter and a 6.32 percentage point increase year-on-year [5]. Investment Activities - The company announced a 230 million yuan investment in Guosheng Global New Energy for a solid-state battery manufacturing project, primarily funded by bank loans, which raises concerns about its short-term debt repayment capacity [5]. - On November 25, 2025, Guosheng Technology disclosed plans to acquire 100% of Fuyue Technology for 240.6 million yuan, prompting inquiries from the Shanghai Stock Exchange regarding the valuation and funding sources for this acquisition [6].