In-Depth Analysis of Jiamei Packaging's Surge-Induced Trading Halt Review Case and Investment Risk Warning

Based on the obtained data, I provide you with a systematic and comprehensive analysis report:

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Jiamei Packaging (002969.SZ) saw its share price surge from RMB 5.02 to RMB 15.07 between December 17, 2025, and January 6, 2026, with a cumulative increase of

, and it triggered abnormal trading fluctuations multiple times during the period [0]. The company has been suspended from trading for review since January 7, with the suspension expected to last no more than 3 trading days. This is a typical case of a regulatory trading halt triggered by a short-term surge.

[0]:

Indicator	Value	Industry Reasonable Range	Assessment
Price-to-Earnings (P/E) Ratio	95.85x	15-25x	Severely Overvalued
Price-to-Book (P/B) Ratio	5.91x	2-4x	Overvalued
Return on Equity (ROE)	6.12%	10-15%	Below Average
Net Profit Margin	4.70%	8-12%	Below Average
Operating Profit Margin	7.40%	10-15%	Below Average

: Over the same period, the S&P 500 index rose by only about 3.3%, while Jiamei Packaging’s increase was , showing an extremely abnormal market performance [0].

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Between December 2025 and January 2026, multiple cases of trading halts for review triggered by abnormal share price surges occurred in the A-share market [1][2]:

Stock Code	Securities Abbreviation	Increase	Trading Halt Time	Status
002969.SZ	Jiamei Packaging	230.48%	From January 7, 2026	Under Review
001331.SZ	Shengtong Energy	213.97%	From December 30, 2025	Resumed Trading
603778.SH	Guosheng Technology	370.20%	From January 7, 2026	Under Review
002931.SZ	Fenglong Co., Ltd.	7 Consecutive Limit Ups (+94.92%)	Warning of Potential Trading Halt	Risk Warning

These cases share the following characteristics:

[1][2].

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According to relevant regulations such as the Shenzhen Stock Exchange Self-Regulatory Guidelines for Listed Companies No. 6 - Trading Halts and Resumptions [1][2]:

• Abnormal Fluctuation
  : Cumulative deviation of closing price changes over 3 consecutive trading days exceeds 20%
• Severe Abnormal Fluctuation
  : Cumulative deviation of closing price changes over 10 consecutive trading days exceeds 100%

1. Protect Investor Interests
   : Prevent retail investors from being trapped by chasing high prices
2. Maintain Market Order
   : Curb market manipulation behaviors
3. Information Verification
   : Confirm whether there is any material information that should be disclosed but has not been

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[0][3]:

Risk Signal	Specific Performance	Risk Level
Severe P/E Deviation	95x vs. Industry 20x	★★★★★
Abnormal P/B	5.9x vs. Industry 2.5x	★★★★☆
High Price-to-Sales Ratio	Revenue Cannot Support Market Capitalization	★★★★☆

Based on Jiamei Packaging’s financial data [0]:

• Slowing Revenue Growth
  : Q3 FY2025 revenue was USD 777 million, with a quarter-on-quarter growth of 18.9%, but the absolute value is limited
• Weak Profitability
  : ROE is only 6.12%, far below the packaging industry average of 12-15%
• Thin Profit Margins
  : Net profit margin is 4.70%, reflecting weak pricing power

Abnormal Signal	Jiamei Packaging’s Performance	Interpretation
Volume Surges After Extreme Contraction	Daily trading volume was only 10,000-20,000 shares in mid-December, then surged to millions of shares	Signs of High Degree of Share Control
No Limit Up Restrictions	Consecutive Limit Ups with Low Volume	High Degree of Institutional Share Control
Divergence from Market Trend	U.S. stocks rose only 3% over the same period, while Jiamei rose 230%	Purely Driven by Capital

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[3]:

✅ P/E exceeds industry average by more than 50% → Exercise Caution
✅ ROE has declined for more than 2 consecutive years → Avoid
✅ Revenue growth has been below industry average for consecutive periods → Exercise Prudence
✅ Sustained rise without major positive catalysts → Stay Away

Monitoring Dimension	Early Warning Threshold	Action Recommendation
5-Day Increase	Exceeds 30%	Reduce Positions/Wait and See
P/E Ratio	Exceeds 60x	Gradually Liquidate Positions
Abnormal Volume	Average daily volume increases by more than 5x	Take Profits
Deviation Value	Cumulative deviation from the market exceeds 50%	Risk Control

[1][2]:

• Case 1 (Shengtong Energy)
  : After resuming trading following the review, there were no major changes in fundamentals, and the share price faced pullback pressure
• Typical Trend
  : A “catch-up decline” usually occurs after resuming trading, resulting in heavy losses for investors who chased high prices earlier

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1. Be Vigilant About “Surges Unsupported by Fundamentals”
   • The share price surged over 200% in the short term, but there were no substantial improvements in the company’s revenue, profits, or asset quality
   • It is essentially a capital game, unrelated to the company’s value creation capability

2. Identify “Institutional Distribution Signals”
   • Volume surges sharply in the late stage of the surge (244 million shares were traded on December 31, more than 100 times the usual volume)
   • Institutional investors distribute shares at high levels amid market enthusiasm [0]

3. Stay Away from the “Information Asymmetry” Trap
   • Retail investors receive information with a lag; when they enter the market after seeing the surge, it is often the time to take over shares
   • The company has clearly stated that “the share price increase has severely diverged from fundamentals” [1]

“Do not be influenced by overheated market sentiment; invest rationally” —— Prompt from Shengtong Energy’s resumption of trading announcement [1]

:

• Do not chase stocks that have surged sharply in the short term
• Adhere to the principle of matching valuation with fundamentals
• Set strict stop-loss rules
• Diversify investments and avoid concentrated holdings of high-volatility stocks

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The Jiamei Packaging case is a typical example of “severe divergence between fundamentals and share price” in the A-share market, with important warning implications for investors:

Core Lessons	Specific Content
Valuation Discipline	Extreme caution is required when P/E exceeds 60x
Volume-Price Analysis	Volume surge in the late stage of a share price rally is a signal of institutional distribution
Regulatory Signals	A trading halt for review often signals pullback risk
Information Disclosure	The company’s self-identified “divergence from fundamentals” is the clearest risk warning

Investors should establish a scientific investment decision-making framework, focus on fundamental analysis, avoid being swayed by market sentiment, and avoid becoming the last participant in the “pass the parcel” game.

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[0] Jinling AI Financial Database - Jiamei Packaging (002969.SZ) Company Profile, Share Price Data, Financial Analysis
[1] Securities Daily Announcement of Shengtong Energy Co., Ltd. on the Results of the Stock Trading Halt Review and Resumption of Trading (http://epaper.zqrb.cn/images/2026-01/06/D53/zqrb20260106D53.pdf)
[2] CLS.cn Breaking! 12 Limit Ups in 16 Days: Leading Packaging and Printing Stock to Be Suspended for Review Tomorrow (https://www.cls.cn/detail/2249792)
[3] Caifuhao Abnormal Share Price Movement and Severe Divergence from Fundamentals Are the Most Obvious Abnormal Signals (https://caifuhao.eastmoney.com/news/20251229184958445652810)