资本连环局！百亿市值妖股，“越亏越涨”的国晟科技

Core Viewpoint - The stock price of Guosheng Technology (603778.SH) surged by 420% in three months despite the company facing continuous losses from 2020 to 2024, raising questions about whether this is a miraculous turnaround or a carefully orchestrated "harvesting" scheme [3][5]. Group 1: Company Background and Financial Performance - Guosheng Technology, formerly Qianjing Garden, has experienced five consecutive years of losses, with a reported loss of 150 million in the first three quarters of 2025 [3][8]. - The company transitioned into the photovoltaic sector through a series of transactions in 2023, but the injected assets had minimal revenue, totaling only 1.89 million [9][8]. - The photovoltaic business has been plagued by a downward price trend and a lack of competitiveness, leading to a vicious cycle of increasing losses [15][16]. Group 2: Recent Developments and Stock Performance - Despite the company's poor financials, the stock price skyrocketed from 3.23 CNY to 16.78 CNY between September 23 and December 29, 2025, driven by multiple speculative narratives [27][28]. - The surge was initially supported by policy expectations in the photovoltaic industry, which anticipated a recovery in component prices [28]. - The announcement of a 3 billion CNY investment in solid-state battery projects further fueled market speculation, despite the company's ongoing financial struggles [29][31]. Group 3: Capital Operations and Risks - The stock price increase allowed the controlling shareholder, Guosheng Energy, to engage in significant share pledges, raising concerns about the company's cash flow and financial stability [44][46]. - The acquisition of Fuyue Technology for 240 million CNY raised questions about valuation and the sustainability of the business model, given the high premium over its net assets [42][49]. - The company's reliance on speculative narratives and high valuations to secure financing poses significant risks, particularly if market sentiment shifts [48][55].