Valuation Risk Assessment Report for Shengtong Energy After Resumption of Trading

Based on company announcements and market data analysis, Shengtong Energy (001331.SZ) resumed trading after a 213.97% surge in its stock price between December 12 and 29, 2025, and investors face extremely high valuation risks. Below is a detailed analysis:

According to company announcement data, as of the close on December 29, 2025:

• Shengtong Energy
  :
  • Static P/E ratio: -773.81x (negative value means the company is in loss)
  • PB ratio: 8.63x
  • Stock price: 46.31 yuan/share

• Gas Industry Average
  :
  • Static P/E ratio: 18.20x
  • PB ratio: 1.95x [1]

: Shengtong Energy’s PB ratio is 4.4x the industry average, and due to consecutive losses, its P/E ratio is negative, making it impossible to use P/E for valuation [2]. This means the current stock price has .

From the chart:

• 12 consecutive limit-up trading days
  , with a cumulative gain of 213.97%
• Showed a typical “one-word board” trend, indicating extremely exuberant market sentiment
• Suspension for verification
  : Suspended from December 30, expected to last no more than 3 trading days [3]

: According to public financial data [4]:

• 2023
  : Net profit loss of approximately 40 million yuan
• 2024
  : Net profit loss of 16.89 million yuan, operating revenue of 5.348 billion yuan
• 2025 First Three Quarters
  : Net profit turned positive to 44.39 million yuan, but
  non-GAAP net profit was only 13.79 million yuan, down 20% YoY
  [5]

:

• The company’s main business is LNG procurement, transportation, and sales
• Affected by saturated LNG tank truck capacity and weak downstream demand
• IPO-funded projects “Comprehensive Logistics Park Construction Project” and “Logistics Informatization System Construction Project” have been delayed to the end of 2027 [6]

LNG trade business has the following characteristics:

• Low gross margin
  : Profit mainly relies on price differences
• High price volatility
  : Significantly affected by international natural gas market conditions
• Capital-intensive
  : Requires large capacity and storage investment
• Obvious cyclicality
  : Closely related to macroeconomics and energy demand

[7]:

• Northeast Asia LNG spot price rose 28.4% YoY
• Domestic supply-demand fundamentals were sufficient in multiple periods, with prices supported by costs
• LNG consumption increased by only 6.1% YoY, with limited growth

(based on announcement summary):

1. Agreement transfer
   : Acquire 29.99% of shares (84.64 million shares) at 13.28 yuan/share
2. Partial tender offer
   : Acquire another 15% of shares (42.33 million shares) at the same price
3. Total shareholding
   : 44.99%, becoming the controlling shareholder
4. Transaction consideration
   : Approximately 1.686 billion yuan (calculated based on the agreement transfer part) [8]

:

• Transfer price of 13.28 yuan/share is far lower than the pre-suspension price of 46.31 yuan/share
• Market price is
  248% higher than the transfer price
  , indicating speculation has seriously overdrawn future expectations

:

• The company clearly stated in the announcement:
  No involvement in robot business
  , no asset restructuring plan [9]
• Acquirer Qiteng Robot: No asset restructuring plan within the next 12 months
• No plan or arrangement for backdoor listing through the listed company within the next 36 months [10]

:

• Qiteng Robot’s acquisition funds are from “own funds and self-raised funds”
• Application for self-raised funds is still under approval
  , and success is uncertain [11]

:

• Original controller Wei Jisheng promised that existing businesses will remain profitable from 2026 to 2028
• However, the company has suffered consecutive losses, and the LNG business faces structural challenges
• Commitment compensation is only in cash, which does not affect the risk of stock price decline [12]

According to the radar chart analysis in the chart, Shengtong Energy faces the following five major risks:

• PB ratio is 4.4x the industry average
• Static P/E ratio is negative, and current stock price cannot be supported by traditional valuation methods
• Technical patterns show obvious bubble characteristics

• Consecutive losses for two years, main business under pressure
• Non-GAAP net profit continues to decline
• Delayed IPO-funded projects reflect difficulties in business expansion

• Resumption after suspension may face huge selling pressure
• Consecutive limit-ups have accumulated a large number of profit-taking positions
• Turnover rate soared to over 15% before suspension, with daily turnover approaching 1.1 billion yuan [13]

####4.4 Policy Risk (Risk Level:6.0/10,

)

• Shenzhen Stock Exchange has placed Shengtong Energy under
  key monitoring
  [14]
• Regulatory attention to possible “abnormal trading behaviors such as pulling/pressing prices and false declarations”
• Suspension for verification itself is a signal of regulatory intervention

####4.5 Technical Risk (Risk Level:9.0/10,

)

• 12 consecutive limit-up boards forming a “one-word board” trend
• Technical indicators are severely overbought
• Huge correction pressure after resumption

####5.1 For Investors Who Already Hold Shares

1. Valuation regression risk
   :
   • Theoretical valuation range (based on industry average PB ratio of1.95x):
     • Assuming net asset per share is approximately5.36 yuan (calculated from total share capital of282 million shares, market capitalization of13.071 billion yuan, PB ratio of8.63)
     • Reasonable price range:
       10-12 yuan/share
       (corresponding to PB ratio of1.9-2.2x)
   • Current price of46.31 yuan has a 73%-82% downside space

2. Liquidity impact
   :
   • Resumption day may see a limit-down
   • Risk of consecutive limit-downs cannot be ignored
   • Turnover rate soared to over15% before suspension, with daily turnover approaching1.1 billion yuan

3. Sentiment reversal
   :
   • Market expectations shift from “change of control” to “fundamental reality”
   • Exit of short-term speculative funds may lead to rapid price decline

####5.2 For观望 Investors

1. Wait for correction to reasonable range
   :
   • Suggest waiting until the price falls to the 15-20 yuan range before considering
   • Follow the actual progress of Qiteng Robot’s asset injection

2. Key signals to watch
   :
   • Whether the company issues a major asset restructuring announcement
   • Whether Qiteng Robot’s funds are in place
   • Whether the 2025 annual report shows continuous improvement

3. Risk-reward ratio analysis
   :
   • Upside: Successful restructuring (low probability)
   • Downside: Valuation regression (73%-82%)
   • Risk-reward ratio is severely imbalanced

####5.3 For Long-Term Value Investors

1. Tracking points
   :
   • Whether the profitability of the LNG business improves
   • Whether Qiteng Robot injects robot assets
   • Whether the company successfully transforms

2. Investment logic
   :
   • Current stock price is completely detached from fundamentals
   • Obvious short-term speculative nature
   • Does not conform to the value investment philosophy

:

• Robot company took over via share transfer
• Triggered consecutive limit-ups
• Existence of restructuring expectations

:

• Most cases saw significant price declines before restructuring was completed
• Only a few successfully transformed
• Retail investors generally suffered losses

####7.1 Core Conclusions

1. Severe valuation bubble
   : Current stock price seriously deviates from fundamentals, with a 73%-82% correction risk

2. No fundamental improvement
   : Consecutive losses, main business under pressure, major restructuring uncertainty

3. Obvious speculation
   : Price rise is completely based on control change expectations, not fundamental improvement

4. Increasing regulatory risk
   : Shenzhen Stock Exchange has placed it under key monitoring, which may trigger further regulatory measures

####7.2 Investment Recommendations

• Investors with low risk tolerance
  : Resolutely avoid, do not participate
• Existing investors
  : Reduce or clear positions after resumption
• Aggressive speculators
  : Even if participating, use minimal position size and strict stop-loss

:

“Currently, the company’s stock price has seriously deviated from the fundamentals of the listed company, and there is a risk of rapid decline in the future” — Shengtong Energy Announcement [15]

:

• Do not ignore fundamentals due to short-term gains
• Do not blindly chase concepts and expectations
• Strictly abide by risk management and stop-loss disciplines

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[0] Gilin API Data

[1] Shengtong Energy Co., Ltd. Stock Trading Abnormal Fluctuation Announcement - Sina Finance (https://finance.sina.com.cn/roll/2025-12-22/doc-inhcrcmu9610236.shtml)

[2] Stock Price Surges Over 200% and Suspended for Verification! Shengtong Energy’s “Takeover by Robot Company” Triggers Hype - Daily Economic News (https://finance.sina.com.cn/roll/2025-12-30/doc-inhenvwe9994699.shtml?vt=4&pos=108)

[3] 12 Consecutive Limit-Ups for Shengtong Energy: Stock Suspended for Verification From Tomorrow - Securities Star (https://finance.stockstar.com/IG2025122900035674.shtml)

[4] Shandong Stock Observation | Seven Consecutive Limit-Ups Catalyzed by Takeover Expectations, Shengtong Energy’s Stock Price Seriously Deviates From Fundamentals - Jiemian News (https://finance.sina.com.cn/jjxw/2025-12-23/doc-inhctxhn8512988.shtml)

[5] Shengtong Energy Reissues Abnormal Fluctuation Announcement: No Involvement in Robot-Related Business - Securities Times (https://www.stcn.com/article/detail/3561365.html)

[6] Stock Price Surges Over 200% and Suspended for Verification! Shengtong Energy’s “Takeover by Robot Company” Triggers Hype - Daily Economic News (https://finance.sina.com.cn/roll/2025-12-30/doc-inhenvwe9994699.shtml?vt=4&pos=108)

[7] Shengtong Energy Co., Ltd. 2025 Semi-Annual Report Full Text - Shenzhen Stock Exchange (http://static.cninfo.com.cn/finalpage/2025-08-27/1224577470.PDF)

[8] Shengtong Energy: Stock Trading Risk Prompt and Suspension for Verification Announcement - Sina Finance (http://vip.stock.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=001331&id=11884900)

[9] Same as above

[10] Same as above

[11] Same as above

[12] Shengtong Energy’s 11 Consecutive Limit-Ups Push Price to 42 Yuan! Qiteng Robot’s 4 Billion Gamble on Backdoor Listing - Oriental Fortune (https://caifuhao.eastmoney.com/news/20251227184900031139450)

[13] Same as above

[14] Same as above

[15] Shengtong Energy Co., Ltd. Stock Trading Abnormal Fluctuation Announcement - Sina Finance (https://finance.sina.com.cn/roll/2025-12-22/doc-inhcrcmu9610236.shtml)

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