出品：新浪财经上市公司研究院 文/夏虫工作室 核心观点：上海洗霸自2022年切入固态业务后，其股价遭爆炒，固态电池业务成色到底高不高？一方面，公司尽管固态业务布局超过三年，但目前收入规模仍小，对公司业绩不构成重大影响； 固态概念牛股上海洗霸近期因高管短线交易被立案调查引发市场关注。 上海洗霸自搭上固态概念后，公司股价暴涨，仅今年公司股价涨幅超2倍。然而，近期公司呈现出下降趋势，截止11月18日，公司股价为78.9元/股，公司股价自高点回撤近30%。 公司股价暴涨后，实控人开始减持，高管违规短线交易，这背后究竟有何故事？上海洗霸的固态含金量究竟如何？ 花小钱办大事？固态概念引爆股价 上海洗霸成立于1994年，其主营业务为提供水处理特种化学品、过程化学品与新能源领域先进材料，数据中心空液冷系统装备、全自动智能控制在线加药保障系统整体解决方案服务的供应商。 然而，公司近年营收增势疲软，且呈现出萎缩态势。近年，公司营收持续下滑，23年至25年前三季度，公司营收增速分别下滑10.5%、5.8%、5.52%。今年三季报，公司净利润超1亿元，同比 然而，公司股价似乎与基本面背离。公司自2022年6月，股价涨幅超4倍，其中仅 ...

Core Viewpoint - Shanghai Xiba plans to acquire patents and establish two holding subsidiaries to promote the industrialization of high-energy hydrogen-electric hybrid power systems and special solid-state lithium-ion battery technologies, enhancing its position in the new energy sector [1][2]. Summary by Sections Patent Acquisition - Shanghai Xiba will purchase four invention patents and one utility model patent from the Dalian Institute of Chemical Physics, Chinese Academy of Sciences, for a total of 25 million yuan (approximately 3.5 million USD) [1]. Subsidiary Establishment - The company intends to set up two holding subsidiaries with a registered capital of 10 million yuan (approximately 1.4 million USD) each, in collaboration with its core technology and management teams [1][2]. Business Strategy - The establishment of these subsidiaries aligns with the company's business and strategic planning, aiming to integrate technical advantages and resources from partners to enhance its capabilities and competitiveness in the new energy sector [2]. Current Business Context - Shanghai Xiba's main business involves customized water treatment chemicals and equipment, with a recent focus on advanced materials for solid-state batteries [3]. The company has completed the design of high-energy soft-pack lithium-ion solid-state batteries, which are now in small-scale production [3]. Financial Performance - In Q1 2025, the company reported a significant decline in net profit by 51% year-on-year to 9.83 million yuan (approximately 1.4 million USD), with a 17% drop in revenue, primarily due to the lack of high-margin projects compared to the previous year [4]. Future Outlook - Despite substantial investments in advanced materials, the business has not yet generated stable, large-scale revenue [5]. The company plans to focus on its core water treatment services while gradually reducing its involvement in engineering construction, aiming to develop a second growth curve in the new energy advanced materials sector [4].