Gebijia's 155% Surge on Beijing Stock Exchange: Contradiction Between Performance Pressure and AI Expectations

According to the latest data, Gebijia (920438.BJ) claimed the top spot on the Beijing Stock Exchange with a

gain in August 2025, hitting a 30% daily limit in one trading session that month [1]. The company is associated with chip, consumer electronics, and customs equipment concepts, with core businesses including R&D, production, and sales of optical glass and high-end crystal craft glass [1].

However, the company’s fundamental data shows certain pressure. 2025 first three quarters performance [2]:

• Operating Revenue
  : 413 million yuan, down 7.64% year-on-year
• Net Profit Attributable to Parent
  : 21.7215 million yuan, down 62.98% year-on-year
• Non-Recurring Net Profit
  : 20.5631 million yuan, down 62.55% year-on-year

On December 31, 2025, the company’s main funds had a net outflow of 19.8718 million yuan, accounting for 12.27% of the total, indicating certain capital outflow pressure [2].

From the industry perspective, the price increase trend in the upstream electronics sector is spreading. Guosen Securities’ recent research report points out that the optical optoelectronics sector performed relatively stably, with sub-industries rising by 0.86% [3]. Driven by incremental AI demand, the number of upstream electronics categories with price increases continues to grow, and the storage and high-end PCB industrial chains still show a relatively serious supply shortage.

Dongwu Securities’ in-depth report points out that

, specifically reflected in [4]:

1. AI Phones
   : Edge-side AI is transitioning from single-point assistants to OS Agent forms across application operating systems. Apple is expected to lead experience changes through OS Agent upgrades, strongly driving existing users before the iPhone 15 Pro to start a replacement cycle.

2. AR Glasses
   : 2026 is expected to be the first year of AI smart glasses volume growth and a year of qualitative change in AR product capabilities. With the intensive release of new products by giants like Meta, Apple, and Samsung,
   optical display incremental tracks such as Micro-LED, optical waveguide, and SiC materials will usher in clear investment opportunities
   .

CMB International’s 2026 outlook report points out that the consumer PC market is under short-term pressure, but AI PC penetration is expected to break through [5]. In the foldable smartphone industrial chain, optical glass-related enterprises like Lens Technology are deeply involved in the supply of precision structural parts, with obvious industrial chain synergy effects.

• AI Terminal Innovation Drive
  : AI phone replacement cycles and AR glasses new product outbreaks will directly drive demand for upstream materials like optical glass
• Domestic Substitution Opportunities
  : Against the backdrop of independent and controllable semiconductor industrial chains, optical glass material enterprises are expected to benefit from increased localization rates
• Beijing Stock Exchange Market Heat
  : The Beijing 50 Index rose 10.64% cumulatively in August, increasing market activity [1]

• Performance Fluctuation Risk
  : Gebijia’s net profit fell 62.98% year-on-year in the first three quarters; attention should be paid to performance sustainability
• Valuation Correction Risk
  : After excessive short-term gains, the pressure of capital profit-taking emerges
• Downstream Demand Below Expectations
  : The recovery progress of consumer electronics may be lower than expected

Gebijia’s 155% gain on the Beijing Stock Exchange more reflects market speculation on

, rather than continuous improvement based on current performance. The company’s first three quarters’ performance decline and sharp stock price rise form a clear divergence. From the industry perspective, consumer electronics recovery is indeed expected to drive a new round of prosperity in upstream optical glass materials, especially emerging application scenarios like AI phones and AR glasses will bring incremental demand. However, investors need to be aware of correction risks after excessive short-term gains; it is recommended to focus on industry leaders with solid fundamentals and clear orders.

[1] Sina Finance - Lanfu Year-end Data Review: All Monthly “Monster Stocks” in 2025 Bought (https://finance.sina.com.cn/tech/roll/2025-12-31/doc-inhesnwq3745934.shtml)
[2] StockStar - Gebijia (920438) Main Funds Net Sold 19.8718 Million Yuan on December 31 (https://stock.stockstar.com/RB2025123100023115.shtml)
[3] China Energy Network - Upstream Price Increase Trend Spreads, Focus on Storage, Analog, Foundry, PCB and LCD (https://www.163.com/dy/article/KI3LUOIH05567I2C.html)
[4] Eastmoney - From Cloud Computing Power Localization to Edge AI Outbreak (https://pdf.dfcfw.com/pdf/H3_AP202512101797731497_1.pdf)
[5] CMB International 2026 Outlook Report (Relevant Content Integrated)