1月6日晚间，两只大牛股国晟科技（603778）、嘉美包装（002969）相继发布公告，将停牌核查。 过去58个交易日累计涨幅近500% 国晟科技：停牌核查 国晟科技1月6日再度披露异动公告，称2025年10月31日至2026年1月6日期间，公司股票5次触及股价异常波动、1次触及严重异常波动情形，期间累计涨幅 高达370.20%，公司股价累计涨幅偏离基本面，存在市场情绪过热、非理性炒作风险，存在股价短期快速回落风险。 公告称，根据相关规定，经向上交所申请，公司股票将于2026年1月7日（星期三）开市起停牌，预计停牌时间不超过3个交易日，并自披露核查公告后复 牌。 公告还披露称，公司对外投资的推进实施存在不确定性。国晟科技去年10月中旬披露了《关于对外投资暨关联交易的公告》，但本次对外投资事项将使公 司承担一定的流动性风险。公司称，投资标的国晟环球新能源（铁岭）有限公司（以下简称铁岭环球）尚未开展实际经营，存在可能无法实现预期收益的 风险，项目的推进实施具有不确定性。 此外，国晟科技去年11月下旬还披露了《关于收购铜陵市孚悦科技有限公司100%股权的公告》，但本次股权收购事项在实施过程中存在变动的可能，且 交易 ...

每经记者｜蔡鼎 每经编辑｜程鹏 廖丹 1月6日晚间，两只大牛股国晟科技（603778）、嘉美包装（002969）相继发布公告，将停牌核查。 过去58个交易日累计涨幅近500% 国晟科技：停牌核查 国晟科技1月6日再度披露异动公告，称2025年10月31日至2026年1月6日期间，公司股票5次触及股价异常波动、1次触及严重异常波动情形，期间累计涨幅 高达370.20%，公司股价累计涨幅偏离基本面，存在市场情绪过热、非理性炒作风险，存在股价短期快速回落风险。 公告称，根据相关规定，经向上交所申请，公司股票将于2026年1月7日（星期三）开市起停牌，预计停牌时间不超过3个交易日，并自披露核查公告后复 牌。 国晟科技异动公告称，公司最新市净率显著高于行业平均水平，股价存在明显泡沫化特征。公司所属电气机械和器材制造业最新市净率为3.22，公司市净 率为17.47，高于行业平均水平。 其次，国晟科技主营业务未发生变化，且处于亏损状态。2025年前三季度，公司实现归母净利润约-1.51亿元，扣非归母净利润约-1.52亿元。 公告还披露称，公司对外投资的推进实施存在不确定性。国晟科技去年10月中旬披露了《关于对外投资暨关联交 ...

因短期股价涨幅较大，嘉美包装(002969)、国晟科技(603778)两大牛股将于1月7日起停牌核查，预计停 牌时间不超过3个交易日。 与亮眼的股价相比，嘉美包装的业绩不尽如人意：2025年前三季度，公司实现营业收入20.39亿元，同 比下降1.94%;净利润3916.02万元，同比下降47.25%。 国晟科技股价上涨开始于去年10月底，在2025年10月31日至2026年1月6日期间累计涨幅高达370.2%。 其间多次触及股价异常波动，1次触及严重异常波动情形。 国晟科技表示，公司股价累计涨幅偏离基本面，存在市场情绪过热、非理性炒作风险，有短期快速回落 风险。按照相关规定，公司将在2026年1月7日开市起停牌，预计停牌不超过3个交易日，并自披露核查 公告后复牌。 国晟科技本轮行情由跨界投资锂电领域消息催动。2025年10月，公司公告控股公司安徽国晟新能源计划 以2.3亿元向国晟环球新能源(铁岭)有限公司进行增资，用于投资建设固态电池产业链AI智能制造项目。 2025年11月，公司又推出计划，拟以2.4亿元收购铜陵市孚悦科技有限公司(以下简称"孚悦科技")100% 股权。据悉，孚悦科技主要从事高精密度新型锂电 ...

此外，国晟科技去年11月下旬还披露了《关于收购铜陵市孚悦科技有限公司100%股权的公告》，但本 次股权收购事项在实施过程中存在变动的可能，且交易完成后，存在标的公司无法按照约定实现业绩承 诺等风险。 国晟科技（SH603778，股价21.3元，市值139.9亿元）1月6日再度披露异动公告，称2025年10月31日至 2026年1月6日期间，公司股票5次触及股价异常波动、1次触及严重异常波动情形，期间累计涨幅高达 370.20%，公司股价累计涨幅偏离基本面，存在市场情绪过热、非理性炒作风险，存在股价短期快速回 落风险。 如果将时间线拉长，国晟科技股价在过去的58个交易日内的累计涨幅已接近500%。 公告称，根据相关规定，经向上交所申请，公司股票将于2026年1月7日（星期三）开市起停牌，预计停 牌时间不超过3个交易日，并自披露核查公告后复牌。控股股东质押比例近80% 国晟科技异动公告称，公司最新市净率显著高于行业平均水平，股价存在明显泡沫化特征。公司所属电 气机械和器材制造业最新市净率为3.22，公司市净率为17.47，高于行业平均水平。 其次，国晟科技主营业务未发生变化，且处于亏损状态。2025年前三季度，公 ...

【导读】股价累计涨幅偏离基本面，国晟科技停牌核查 5倍"大牛股"国晟科技（603778），停牌核查。 国晟科技停牌核查 1月6日，国晟科技发布公告称，2025年10月31日至2026年1月6日期间，公司股票5次触及股价异常波动、1次触及严重异常波动情形，累计涨幅高达 370.2%，公司股价累计涨幅偏离基本面，存在市场情绪过热、非理性炒作风险，以及股价短期快速回落风险。 | 证券代码 证券简称 | 停复牌类型 | 停牌起始日 停牌期间 停牌终止日 复牌日 | | --- | --- | --- | | 603778 | 国晟科技 A 股 | 2026/1/7 | 为维护广大投资者利益，经申请，国晟科技股票将于1月7日（星期三）开市起停牌，预计停牌时间不超过3个交易日，公司股票将自披露核查公告后复 牌。公司提醒广大投资者注意二级市场交易风险。 国晟科技表示，公司最新市净率显著高于行业平均水平，股价存在明显泡沫化特征。公司所属电气机械和器材制造业最新市净率为3.22，公司市净率为 17.47，高于行业平均水平。 经自查，目前公司生产经营活动正常有序开展，市场环境、行业政策未发生重大调整，内部生产经营秩序正常，不存在 ...

【导读】股价累计涨幅偏离基本面，国晟科技停牌核查 中国基金报记者 李智 5 倍 " 大牛股 " 国晟科技，停牌核查。 国晟科技停牌核查 1 月 6 日，国晟科技发布公告称， 2025 年 10 月 31 日至 2026 年 1 月 6 日期间，公司 股票 5 次触及股价异常波动、 1 次触及严重异常波动情形，累计涨幅高达 370.2% ，公司 股价累计涨幅偏离基本面，存在市场情绪过热、非理性炒作风险，以及股价短期快速回落风 险。 | 证券代码 证券简称 | | 停复牌类型 停牌起始日 停牌期间 停牌终止日 复牌日 | | --- | --- | --- | | 603778 | 国最科技 A 股 | 2026/1/7 | 为维护广大投资者利益，经申请，国晟科技股票将于 1 月 7 日（星期三）开市起停牌，预计 停牌时间不超过 3 个交易日，公司股票将自披露核查公告后复牌。公司提醒广大投资者注意 二级市场交易风险。 国晟科技表示，公司最新市净率显著高于行业平均水平，股价存在明显泡沫化特征。公司所 属电气机械和器材制造业最新市净率为 3.22 ，公司市净率为 17.47 ，高于行业平均水平。 经自查，目前公司生产 ...

Core Viewpoint - Guosheng Technology is attempting to expand into the lithium battery structural components sector through an acquisition, despite its photovoltaic business not being stable, which has raised inquiries from the Shanghai Stock Exchange [1] Group 1: Business Performance - Guosheng Technology's main businesses are photovoltaic and ecological landscaping, with the photovoltaic segment generating revenue of 308 million yuan and a cost of 344 million yuan in the first half of 2025, resulting in a negative gross profit [2] - The company has been experiencing significant revenue declines, with continuous losses over the years [1][2] Group 2: Acquisition Rationale - The acquisition of Fuyue Technology is seen as a strategic move to create a second growth curve for the company, aligning with its "wind-solar-storage" integrated development strategy [3] - Fuyue Technology operates in the lithium battery sector, which is considered a sunrise industry with promising growth potential, and its products are expected to meet national industrial development directions [3] Group 3: Funding for Acquisition - The total transaction price for the acquisition is 241 million yuan, with funding sourced primarily from acquisition loans covering at least 80% of the total price, amounting to 192 million yuan [5][6] - The seller will provide a performance compensation guarantee of 20% of the transaction price, effectively offsetting the need for the company to use its own funds for the acquisition [6] Group 4: Financial Projections and Assurances - Guosheng Technology expects to receive performance compensation from Guosheng Energy totaling 104 million yuan by the end of 2026, which will aid in loan repayment [8] - Fuyue Technology is projected to generate approximately 60 million yuan in free cash flow from 2025 to 2028, indicating potential for future profitability [8]

Core Viewpoint - The stock of Guosheng Technology (国晟科技) surged by 155.85% in November, making it the top performer in the A-share market, driven by a strong performance in the photovoltaic sector and a recent acquisition announcement [1][2]. Summary by Sections Stock Performance - Guosheng Technology's stock price increased significantly, with a cumulative rise of 231.14% from October 14 to November 28, following a low of 3.33 yuan per share on October 13 [2]. - The company was involved in four stock price fluctuation announcements during November [2]. Acquisition Details - The company announced plans to acquire 100% of the shares of Cuiping Technology for 241 million yuan, with an estimated valuation increase of 1167.27% [2]. - The acquisition is not classified as a related party transaction and does not require shareholder approval [2]. - The valuation methods used for the acquisition included market and income approaches, with the income approach being the final basis for valuation [2]. Financial Performance - Guosheng Technology has faced continuous losses since 2020, with net profits remaining negative in the first three quarters of this year [4][5]. - The company reported a significant revenue decline of 57.79% year-on-year in the first three quarters, attributed to policy impacts in the photovoltaic industry and reduced market demand [5]. - Financial data from 2020 to 2024 shows a trend of declining revenues and increasing losses [5]. Shareholder and Debt Information - The controlling shareholder, Guosheng Energy, has pledged a significant portion of its shares, raising concerns about financial stability [5][6]. - As of the announcement date, Guosheng Energy had pledged 61.5 million shares, representing 9.37% of the total shares [5]. Regulatory Scrutiny - The company received an inquiry from the Shanghai Stock Exchange regarding the fairness of the acquisition transaction, the relationship with the transaction counterparties, and potential insider trading issues [7][8]. - The exchange requested additional disclosures related to the valuation parameters and the strategic plans post-acquisition [8][9].

Core Viewpoint - The stock of Guosheng Technology (603778) surged by 155.85% in November, making it the top performer in the A-share market, driven by a significant rise in the photovoltaic sector and a proposed acquisition of 100% equity in Fuyue Technology for 241 million yuan, despite ongoing financial losses [1][3][5]. Group 1: Stock Performance - Guosheng Technology achieved a monthly increase of 155.85%, leading the top ten stocks in the A-share market for November [3]. - The stock price rose significantly from a low of 3.33 yuan per share on October 13, with a total increase of 231.14% over 34 trading days [3]. - Other notable stocks with over 100% increase include HeFu China and Huasheng Lithium Battery [3]. Group 2: Acquisition Details - The company announced plans to acquire 100% of Fuyue Technology for 241 million yuan, with the valuation based on both market and income approaches, ultimately favoring the income approach [3][4]. - The acquisition is expected to create approximately 220 million yuan in goodwill on the consolidated balance sheet post-transaction [3]. - Fuyue Technology specializes in high-precision new lithium battery shell materials, with major clients in the new energy battery sector [4]. Group 3: Financial Performance - Guosheng Technology has faced continuous losses since 2020, with net profits remaining negative in the first three quarters of this year [5][6]. - Revenue for the first three quarters of this year was approximately 450 million yuan, a significant decline of 57.79% year-on-year [6]. - The company’s financial struggles are attributed to policy impacts in the photovoltaic industry, reduced market demand, and declining sales [6]. Group 4: Shareholder and Management Issues - The controlling shareholder, Guosheng Energy, has pledged 46.5 million shares, representing 42.94% of its holdings, to support the company's operations [7]. - Concerns regarding the high percentage of pledged shares raise risks for the company, particularly if the stock price declines [8]. - Guosheng Energy holds approximately 16.49% of Guosheng Technology's total shares, with significant pledges impacting financial stability [8]. Group 5: Regulatory Scrutiny - The company received an inquiry from the Shanghai Stock Exchange regarding the fairness of the acquisition transaction, including the assessment parameters and the rationale behind the valuation [9][10]. - The inquiry also addressed potential conflicts of interest and the management of Fuyue Technology post-acquisition [10][11]. - Guosheng Technology is required to respond to the inquiry within five trading days, detailing the acquisition process and any insider information management [11].

Core Insights - In November, the A-share market experienced a decline, with the Shanghai Composite Index down 1.67%, the Shenzhen Component down 2.95%, and the ChiNext Index down 4.23% by November 28 [1] Top Gainers - Among the top ten stocks in November, six stocks saw gains exceeding 100%, with the highest being Guosheng Technology at 155.85% and the second being Hefei China at 143.31% [3][4] - The monthly top gainers also included ST Hezhong with a gain of 88.61% [3] Guosheng Technology - Guosheng Technology announced a plan to acquire 100% equity of Tongling Fuyue Technology Co., Ltd. for 241 million yuan, which is expected to increase the company's consolidated revenue and net profit [5] - Prior to the acquisition announcement, Guosheng Technology's stock had experienced 8 limit-up days in 12 trading days, with a total of 11 limit-up days in November [5] - The Shanghai Stock Exchange issued an inquiry letter to Guosheng Technology regarding the fairness of the transaction, highlighting an evaluation increase of 1167.27% for Fuyue Technology [5] Hefei China - Hefei China's stock price began to rise significantly on October 28, achieving 12 limit-up days in 14 trading days by November 14 [6] - The company announced a stock suspension for verification due to concerns over market speculation and potential rapid declines [6] - Following the suspension, Hefei China resumed trading and continued its upward trend, but faced two consecutive limit-down days starting November 21 [6] Huasheng Lithium Battery - Huasheng Lithium Battery recorded three trading days with a 20% limit-up, but reported a net loss of 103 million yuan despite a revenue increase of 62.29% year-on-year to 539 million yuan in the first three quarters [8] - The company stated that there were no undisclosed significant changes in its operations, but it still faces risks of performance decline or losses due to uncertainties in the lithium battery industry [8]