Analysis of the Drivers, Support, and Sustainability of FuJirui (688272)'s Strong Performance

FuJirui (688272) is Beijing FuJirui Optoelectronics Technology Co., Ltd., belonging to the technology hardware equipment sector. On December 31, 2025, its closing price was $32.66, with a market capitalization of $2.48 billion [0]. On that day, the stock rose strongly by 14.40%, ranking second on the STAR Market’s gainers list [2]. The core drivers include: 1) The STAR Market showed overall positive momentum, with the STAR Composite Index ETF Penghua (589680) seeing a net inflow of 379 million yuan over 8 days, driving activity in sector stocks [1]; 2) China Merchants Securities released a report recommending the semiconductor and AI sectors, which are related to the company’s optoelectronics business, increasing market attention [1]. From a technical perspective, the trading volume on that day was 6.87 million shares, far exceeding the average of about 3.5 million shares over the past 10 days, indicating strong buying pressure [0]. However, fundamental support is insufficient: the company’s price-to-earnings ratio (P/E) is -53.74 times, return on equity (ROE) is -9.56%, net profit margin is -20.59%, and its profit situation is poor [0].

1. Short-term strength is mainly driven by market sentiment and sector trends, not by improvements in the company’s fundamentals;
2. High trading volume reflects active short-term speculative activities, and attention should be paid to the sustainability of subsequent funds;
3. The long-term development potential of the semiconductor/AI industry may bring structural opportunities to the company, but it has not yet been converted into profits.

• Risks
  : Weak fundamentals (negative profits, low ROE) [0]; High valuation (price-to-book ratio P/B 5.46 times) [0]; Driven by short-term momentum, lack of performance support, high risk of correction.
• Opportunities
  : Demand growth in the semiconductor and AI fields may drive the development of the company’s optoelectronics business; if technical breakthroughs or business transformation can be achieved, the profit situation is expected to improve.

FuJirui (688272)'s strong performance on December 31, 2025 was mainly influenced by the overall STAR Market trend, sector capital inflows, and industry recommendations. Technically, it showed characteristics of high-volume rise, but its fundamentals are in a loss state. Investors need to comprehensively judge its subsequent performance based on industry trends, improvements in the company’s fundamentals, and changes in market sentiment.