Anji Food (603696) Limit-Up Analysis on December 23, 2025

On December 23, 2025, Anji Food (603696) hit the limit-up, closing at 24.44 yuan that day. According to the analysis, the limit-up was mainly driven by three factors: first, the continuation of short-term momentum—its full-year gain in 2025 reached 218.48%[0], and the gain in the past month was 132.93%[0]; second, the food industry as a whole faces opportunities in supply chain optimization and product upgrading, and as a packaged food enterprise, it may benefit from industry trends[1]; third, technical support—the KDJ indicator showed a bullish signal that day[0].

1. Individual Stock Independent Trend
   : The Shanghai Composite Index only rose slightly by 0.02%[0] that day, and Anji Food’s performance was significantly stronger than the market, reflecting the independence of its trend.
2. Strong Reluctance to Sell
   : The trading volume on the limit-up day was 16.56M, which was lower than the average trading volume of 45.96M in the past 10 days, but the price still closed at the limit-up[0].
3. Valuation-Fundamentals Divergence
   : The P/E ratio reached 157.11x[0], far higher than the industry average, while the EPS in the first half of 2025 was only 0.04 yuan[0], and revenue and profit growth were weak[0], so the valuation lacked fundamental support.

• Risks
  : Overvaluation (P/E, P/B, P/S are all at historical highs[0]); insufficient fundamental support (no major positive news or signs of performance improvement[0]); overbought risk (RSI indicates overbought[0]).
• Opportunities
  : If it breaks through the resistance level of 25.38 yuan[0], it may continue the upward trend; potential development opportunities brought by the overall upgrading and optimization of the industry[1].

Anji Food’s limit-up is a continuation of short-term upward momentum, with technical bullish signals but overbought risks. Attention should be paid to the key resistance level of 25.38 yuan and support level of 18.86 yuan[0]. Currently, there is a divergence between overvaluation and fundamentals, and investors need to carefully evaluate risks and returns.