Qianjing Landscape(SH:603778) 第一财经·2026-01-07 09:54Core 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 [3][4]. 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 [5]. - The company has faced significant losses, totaling over 400 million yuan from 2020 to 2022, and reported 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 [5]. Financial Metrics - The latest industry data shows that the average price-to-book ratio for the electrical machinery and equipment manufacturing sector is 3.22, while Guosheng Technology's price-to-book ratio stands at 17.47, indicating a significant bubble [5]. - As of September 30, 2025, the company'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 [6]. Investment Activities - Guosheng Technology announced a 230 million yuan investment in Guosheng Global New Energy (Tieling) Co., Ltd. to establish a solid-state battery production chain, primarily funded through bank loans, which will increase its interest-bearing liabilities [6]. - The company also plans to acquire 100% of Copper City Fuyue Technology Co., Ltd. for 240.6 million yuan, raising questions about the valuation and funding sources for such a significant acquisition [6].