Qianjing Landscape(SH:603778) 中国基金报·2026-01-06 12:21Core Viewpoint - The stock price of Guosheng Technology has significantly deviated from its fundamentals, leading to a suspension for verification due to a cumulative increase of 370.2% in stock price, indicating potential market overheating and irrational speculation risks [3][5]. Summary by Sections Stock Suspension and Market Reaction - Guosheng Technology announced a stock suspension starting January 7, 2026, due to abnormal price fluctuations, with an expected suspension period of no more than three trading days [4][5]. - The stock has seen a cumulative increase of over 500% since October 14, 2025 [6]. Financial Performance - The company reported a net loss of 1.51 billion CNY for the first three quarters of 2025, with a net profit excluding non-recurring items of -1.52 billion CNY [7][9]. - The latest price-to-book ratio of Guosheng Technology is 17.47, significantly higher than the industry average of 3.22, indicating a bubble in stock valuation [5]. Business Operations and Risks - Guosheng Technology's main business remains unchanged and is currently in a loss-making state [9]. - The company is pursuing external investments, including a 230 million CNY investment in a solid-state battery manufacturing project, which carries liquidity risks and uncertainties regarding expected returns [10]. - There is also an ongoing acquisition of 100% equity in a technology company for 241 million CNY, which may face uncertainties in execution and integration [10]. Industry Position - Guosheng Technology is engaged in the research, production, and sales of high-efficiency heterojunction solar cells and related components, as well as providing comprehensive services for photovoltaic power plants [11].