Core Viewpoint - The stock experienced a continuous decline for seven days after its listing, contradicting the myth of "new stocks never lose" and leading to significant losses for investors who bought in at higher prices [1][3][8]. Company Performance - The stock was issued at a price of 46.68 yuan and opened at 70.5 yuan, reflecting a 51% increase on the first day, which turned out to be its peak [1][3]. - By the end of the seventh trading day, the stock price had dropped to 61 yuan, resulting in a total decline of 35 yuan and a cumulative drop of 45% from the opening price [3][8]. - The company specializes in wind power equipment components, with a price-to-earnings ratio of 28, which is comparable to the industry average, but the stock is considered expensive within the wind power sector [3][7]. Market Conditions - The wind power industry is currently facing challenges, including rising raw material prices and slowing demand growth, leading to a general downward adjustment in valuations for wind power stocks [7][15]. - The stock's performance is closely tied to overall market sentiment, with its declines often exacerbated during market downturns [20]. Investor Behavior - Investors who bought the stock on its first day are facing significant losses, with many expressing frustration over the drastic drop in potential profits [8][14]. - The stock has seen a lack of institutional buying, with retail investors and speculative funds dominating the trading, which is not conducive to price stability [8][12]. - The continuous outflow of funds from the stock indicates a lack of confidence among investors, making it difficult for the stock to stabilize or rebound [15][20]. Trading Dynamics - The stock's trading pattern has been characterized by low opening prices and gradual declines, with minimal recovery attempts, leading to a "death spiral" for investors [5][10]. - The absence of significant trading volume during the declines suggests that selling pressure remains high, and the stock has not yet reached a bottom [14][18]. - The stock's performance has prompted discussions about the need for a more market-oriented pricing mechanism for new stocks to prevent extreme situations like "opening at peak" [21].

Company Overview - Zhenjiang Co., Ltd. is located in Jiangyin City, Jiangsu Province, and was established on March 1, 2004. The company went public on November 6, 2017. Its main business includes the design, processing, and sales of wind power equipment, photovoltaic equipment components, and fasteners, as well as offshore wind power installation and operation services [2]. Financial Performance - As of June 30, 2025, Zhenjiang Co. achieved operating revenue of 1.834 billion yuan, a year-on-year decrease of 6.27%. The net profit attributable to shareholders was 15.6935 million yuan, down 87.29% year-on-year [3]. - The company has cumulatively distributed 240 million yuan in dividends since its A-share listing, with 138 million yuan distributed in the last three years [4]. Stock Performance - Zhenjiang Co.'s stock price has increased by 17.50% year-to-date, with a 0.61% increase over the last five trading days, a 0.72% increase over the last 20 days, and a 14.30% increase over the last 60 days [2]. - The stock reached a price of 27.90 yuan per share on September 26, with a market capitalization of 5.142 billion yuan [1]. Shareholder Information - As of June 30, 2025, the number of shareholders increased to 28,400, up 56.11% from the previous period. The average number of circulating shares per person decreased by 35.94% to 6,487 shares [3]. - The top ten circulating shareholders include Jianxin New Energy Industry Stock A, which holds 1.2263 million shares, a decrease of 1.6827 million shares from the previous period [4]. Market Activity - The stock has appeared on the "Dragon and Tiger List" four times this year, with the most recent appearance on May 6, where it recorded a net buy of -13.9975 million yuan [2].