Analysis of Kersen Technology (603626) Limit-Up Reasons and Market Trend

Kersen Technology (603626) hit the limit-up on December 26, 2025, with an increase of 9.98%, closing at 17.19 yuan (Note: The original text incorrectly wrote USD; it should actually be RMB), entering the limit-up pool [0]. The limit-up was driven by three factors:

From January to September 2025, revenue decreased by 6.45% year-on-year to 2.453 billion yuan, but the net profit attributable to parent company was a loss of 115 million yuan, narrowing by 50.94% compared to the same period last year [1]. The trend of narrowing losses indicates that the company’s operational status is gradually improving, supporting market confidence.

The company held the 3rd Extraordinary General Meeting of Shareholders 2025 on December 24, 2025 [2]. Although the detailed content of the meeting resolutions has not been publicly disclosed yet, such major meetings are usually interpreted by the market as a signal of potential positive expectations, which may trigger investors to lay out positions in advance.

The stock has shown strong upward momentum recently: it hit the limit-up for the first time on December 19, 2025, and again on December 26, with a trading volume of 9.642 billion shares, an increase of 43.3% compared to the 20-day average trading volume [0]. Financing data shows that on December 25, the net financing purchase was 22.7095 million yuan, and the financing balance increased by 4.22% to 560 million yuan [3], indicating that investors are willing to use leverage to expand their positions in this stock, and speculative buying is active.

• 1-day change: +9.98% (limit-up), closing price 17.19 yuan [0]
• 5-day change: +24.75% (continuous oscillating rise, two limit-ups)
• 20-day change: +29.35% (rose from 13.29 yuan to 17.19 yuan, strong trend)
• Key price levels: Support at 15.00 yuan (recent oscillation low), resistance at 17.19 yuan (current limit-up price, historical high) [0]

1. Market Focuses on Marginal Improvement Rather Than Absolute Profit
   : Although the company is still in a loss state, the market pays more attention to the marginal change of narrowing losses, which drives the short-term rise.
2. Speculative Sentiment Dominates Short-Term Trend
   : Continuous limit-ups, increased trading volume, and growth in financing purchases indicate that this rise is more driven by momentum rather than substantive improvement in fundamentals.
3. Information Asymmetry Brings Uncertainty
   : The shareholder meeting resolutions have not been made public, and investors lack clear awareness of the specific reasons for the limit-up, increasing the uncertainty of subsequent trends.

• Fundamental Risk
  : The company is still in a loss state (2025 Q3 net loss rate of -4.69%), has high liquidity pressure (current ratio is only 0.80, below the safety line), and revenue continues to decline [0].
• Market Risk
  : The stock has risen too much in the short term; the price-to-book ratio (P/B) of 4.44x is much higher than the industry average, with risks of momentum reversal and valuation correction [0].
• Information Risk
  : The shareholder meeting resolutions have not been made public; investors may sell stocks due to unmet expectations.

If the shareholder meeting finally discloses substantive positive news (such as strategic transformation, major cooperation, or performance inflection point), the stock may continue its upward trend, but specific information verification is needed.

The limit-up of Kersen Technology (603626) is the result of the combined effect of financial marginal improvement, shareholder meeting expectations, and speculative buying. Short-term market sentiment is optimistic but highly speculative; investors need to pay attention to the detailed content of subsequent shareholder meeting resolutions, changes in trading volume, and the sustainability of fundamental improvement. At the same time, they should be alert to the correction pressure brought by fundamental risks and overvaluation. The content of this report is for decision support only and does not constitute investment advice.