2025.11.20 作者 | 第一财经 黄思瑜 11月20日，合富中国（603122.SH）复牌后再度涨停，创出历史新高（26.18元/股）。停牌前，该公司 股价在14个交易日录得12个涨停板。10月28日～11月20日期间，该公司股价累计上涨291.92%。 20日晚间，该公司再度发布风险提示公告称，公司股价累计涨幅已严重偏离基本面，存在明显泡沫化特 征，击鼓传花效应明显，投资者参与交易可能面临较大风险。如公司股价进一步异常上涨，公司可能申 请停牌核查。 对于股价持续上涨的原因，合富中国相关人士对第一财经称，不了解具体原因，更多与市场行为有关。 关于是否与市场"看名字炒股"有关，上述人士表示，不予置评。 从龙虎榜情况来看，买卖前5名均为券商营业部席位，游资炒作迹象明显，参与者多为自然人、中小投 资者等。 而股价暴涨的背后，合富中国业绩持续下滑，并处于亏损状态。该公司也称，短期经营业绩面临一定压 力，存在业绩波动的风险，目前股价涨幅与公司经营情况严重偏离。 合富中国这轮涨停潮自10月28日开始，彼时每股股价在7元左右，之后开启了连板模式。到11月7日已连 续9个交易日涨停，在11月10日上涨5.26%之后， ...

Core Viewpoint - The stock price of HeFu China (603122.SH) has surged dramatically, increasing by 291.92% from October 28 to November 20, reaching a historical high of 26.18 yuan per share, despite the company's ongoing financial losses and declining performance [1][2][6]. Stock Performance - HeFu China's stock price began its rapid rise on October 28, starting at around 7 yuan, and experienced multiple trading days of price limits, including 13 days closing at the limit price by November 20 [2][3]. - The stock's trading volume showed significant fluctuations, with a turnover rate exceeding 20% on several key dates during the price surge [3][4]. Financial Performance - The company reported a revenue of 5.49 billion yuan for the first three quarters of the year, a decrease of 22.80% year-on-year, and a net loss of approximately 12.39 million yuan, down 146.65% [6][7]. - HeFu China's revenue is projected to decline further, with expected decreases of 14.62% and 42.96% for 2023, and 14.05% and 41.58% for 2024, respectively [6][7]. Market Behavior - The stock's price increase has been attributed to speculative trading behavior, with significant participation from retail investors and a notable "hot potato" effect [1][3][5]. - The company has issued multiple risk warnings, indicating that its current price levels are significantly detached from its fundamental performance, with a static P/E ratio of 378.03, compared to the industry average of 29.37 [3][5]. Investor Composition - The trading activity has been dominated by individual and small investors, with retail investors accounting for over 90% of the total trading volume during certain periods [4][5].

Core Viewpoint - The stock price of HeFu China (603122.SH) has surged dramatically, increasing by 291.92% from October 28 to November 20, reaching a historical high of 26.18 yuan per share, despite the company's declining performance and ongoing losses [2][3][7]. Group 1: Stock Performance - HeFu China's stock price experienced a continuous rise, with 12 out of 14 trading days resulting in price increases before the suspension [2][3]. - The stock price rose from approximately 7 yuan on October 28 to 26.18 yuan by November 20, marking a significant increase [5][7]. - The trading volume showed high turnover rates, with several days exceeding 20% and some days over 30% [9][10]. Group 2: Company Financials - HeFu China reported a revenue of 5.49 billion yuan for the first three quarters of the year, a decline of 22.80% year-on-year, and a net loss of approximately 12.39 million yuan, down 146.65% [13]. - The company has faced declining performance for over two years, with projected revenues and net profits for 2024 expected to drop by 14.05% and 41.58%, respectively [13][15]. - The decline in performance is attributed to changes in the macroeconomic environment and price reductions in the medical industry, leading to decreased sales and profit levels [13][15]. Group 3: Market Behavior and Risks - The stock's rapid increase is characterized by speculative trading, primarily driven by retail investors, with significant participation from natural persons and small investors [3][10]. - Despite multiple risk warnings issued by the company, the stock price continued to hit the daily limit up on its resumption of trading [7][11]. - The company acknowledged that its current price-to-earnings ratio of 378.03 is significantly higher than the industry average of 29.37, indicating a potential bubble [7][12].

Core Viewpoint - The stock price of HeFu China (603122.SH) has surged dramatically, increasing by 291.92% from October 28 to November 20, reaching a historical high of 26.18 yuan per share, despite the company's ongoing financial losses and declining performance [2][3][7]. Stock Performance - HeFu China's stock price experienced a continuous rise starting from around 7 yuan on October 28, achieving 13 trading days of closing at the涨停 price, with significant trading volumes and fluctuations in turnover rates [3][5]. - The stock was subject to monitoring by the Shanghai Stock Exchange due to severe abnormal price fluctuations during the period [3][4]. Financial Performance - The company reported a revenue of 5.49 billion yuan for the first three quarters of the year, a year-on-year decline of 22.80%, and a net loss of approximately 12.39 million yuan, a drop of 146.65% [7]. - The revenue is projected to continue declining, with estimates showing a decrease from 12.80 billion yuan in 2022 to 9.39 billion yuan in 2024, alongside a significant drop in net profit [7][8]. Market Behavior - The trading activity indicates a speculative environment, with retail investors and small investors dominating the trading volume, while institutional investors accounted for only about 10% of the total trading [5][6]. - The company has noted a "hot market sentiment" and irrational speculation, which has led to a significant divergence between the stock price and the company's fundamental performance [6][7]. Valuation Concerns - As of November 20, HeFu China's static price-to-earnings (P/E) ratio was reported at 378.03, significantly higher than the industry average of 29.37, indicating a potential bubble in the stock price [4][6].

Core Viewpoint - The stock price of HeFu China (603122.SH) has surged dramatically, increasing by 291.92% from October 28 to November 20, reaching a historical high of 26.18 CNY per share, despite the company's ongoing financial losses and declining performance [1][2][6]. Group 1: Stock Performance - HeFu China's stock price experienced a continuous rise, with 12 out of 14 trading days resulting in price limits before the suspension [1]. - The stock price rose from approximately 7 CNY on October 28 to 26.18 CNY by November 20, with 13 trading days closing at the price limit [2]. - The trading volume showed significant fluctuations, with a turnover rate exceeding 20% on several days during the price surge [3][4]. Group 2: Financial Performance - HeFu China reported a revenue of 5.49 billion CNY for the first three quarters of the year, a year-on-year decline of 22.80%, and a net loss of approximately 12.39 million CNY, a drop of 146.65% [6][7]. - The company has faced declining revenues for over two years, with projected revenues decreasing from 12.80 billion CNY in 2022 to 9.39 billion CNY in 2024 [6]. - The decline in performance is attributed to changes in the macroeconomic environment and price reductions in the medical industry, leading to decreased sales and profit levels [6][7]. Group 3: Market Behavior - The company has indicated that the recent stock price surge may be linked to irrational market behavior, with retail investors significantly driving the trading activity [5][6]. - HeFu China has issued multiple risk warnings, stating that its current price-to-earnings ratio of 378.03 is significantly higher than the industry average of 29.37, indicating a potential bubble [3][6]. - The company has noted that the stock's price movement is disconnected from its fundamental performance, raising concerns about the sustainability of the current price levels [1][6].