Heshun Technology (301237) Limit-Up Event Analysis and Market Outlook

Heshun Technology (301237), a leading professional manufacturer of BOPET films ranking among the top three in China’s colored photoelectric base film market, experienced a limit-up on December 30, 2025. Since the event occurred recently, no direct news catalyst was found, but combined with the company’s recent development and industry trends, the possible reasons for the limit-up can be summarized as follows:

1. Upcoming Production of Carbon Fiber Project
   : The company’s high-performance carbon fiber project, which it has laid out, has completed power-on debugging and is about to enter the production stage. As a strategic new material重点 supported by the national “15th Five-Year Plan”, carbon fiber has broad application prospects, and the progress of this project may attract market attention [2].
2. Driven by BOPET Film Industry Upgrade
   : The industry is in a stage of structural upgrading, and the demand for special functional films such as power battery packaging films and high-end optical films is growing at an annual rate of over 15%. As an industry leader, the company will directly benefit [2].
3. Differentiated Competitive Advantage
   : The company has 67 patents in the field of differentiated and functional polyester films, breaking the monopoly of Japanese and Korean enterprises in the colored film field. In the first half of 2025, the revenue of transparent film and other functional film businesses increased by 70.08% and 28.64% respectively, verifying the effectiveness of the differentiation strategy [2].

1. Strategic Significance of New Business Layout
   : The carbon fiber project is the company’s expansion from BOPET films to the high-performance new material field. If it is successfully put into production, it will significantly enhance the company’s product matrix and growth space, and may reshape the company’s valuation system in the long run.
2. Structural Opportunities from Industry High-Endization
   : Competition in mid-to-low-end products in the BOPET film industry is intensifying, but demand for high-end functional films continues to grow rapidly. The company’s technical advantages and market position enable it to fully enjoy this structural dividend.
3. Core Value of Technological Innovation
   : The company’s accumulated 67 patents and technical capabilities to break foreign monopoly are the key to maintaining its competitiveness in industry upgrading and an important factor attracting investors’ attention.

• Opportunities
  : Performance growth potential brought by the production of carbon fiber project; market space driven by high-endization of BOPET film industry; profit stability brought by differentiated competitive advantages.
• Risks
  : The BOPET film industry is highly competitive, especially in the mid-to-low-end product market [3]; The price of raw material PET chips fluctuates greatly due to the impact of international oil prices, which may affect cost control and profitability [3]; As a new business, the carbon fiber project has uncertainties in technology, market and management [2].

The limit-up of Heshun Technology (301237) is mainly affected by factors such as the upcoming production of carbon fiber project, driven by industry high-endization, and differentiated competitive advantages. Market sentiment is positive, reflecting investors’ optimistic expectations for the company’s future growth potential. However, investors need to pay attention to risks such as industry competition, raw material price fluctuations, and uncertainties in new businesses, and conduct objective analysis and decision-making based on key price levels (recent transaction-intensive areas, historical highs, etc.) and events such as the progress of the carbon fiber project.