Analysis of the Strong Performance of Xunyou Technology (300467): Evaluation of Short-Term Upside Momentum Driven by Sector Trends and Catalytic Events

Xunyou Technology (300467.SZ) was added to the strong stock pool on January 7, 2026, and its strong performance can be attributed to a combination of multiple factors. First, the A-share market kicked off 2026 on a positive note on January 5: the Shanghai Composite Index posted 12 consecutive gains and returned to the 4,000-point mark, the ChiNext Index rose over 1%, and the STAR 50 Index expanded its gain to 3.22%[1][2]. The overall market sentiment recovery provided a favorable environment for the game sector to rise.

According to reports from Sina Finance and Eastmoney, game stocks rebounded broadly on January 5, 2026: Sanqi Interactive Entertainment led the rally with a price limit up, followed by Ka Ying Network, Century Huatong, etc.[1][2]. As a game industry chain service provider, Xunyou Technology followed the rally driven by the sector linkage effect.

WeChat Mini Games officially upgraded its IAP (In-App Purchase) incentive policy on January 1, 2026. The new policy supports high-quality game operations through tangible profit concessions, with a comprehensive incentive ratio exceeding 100%, and the upper limit of the incentive fund for the launch of a new single game increased to RMB 4 million[1]. This policy directly benefits the development of the game industry and indirectly drives the expected demand for Xunyou Technology’s acceleration services.

According to Sichuan Business Media, a judicial auction is ongoing for a total of 11.378 million shares held by Xiamen Yunneng Tiancheng Investment Management Partnership (Limited Partnership) and Xiamen Yunneng Tianyu Investment Management Partnership (Limited Partnership), shareholders of Xunyou Technology with stakes over 5%[3]:

• Tiancheng Investment: 8.8496 million shares, starting price of RMB 120 million, auction period from 10:00 on January 6, 2026 to 10:00 on January 7, 2026
• Tianyu Investment: 2.5284 million shares, starting price of RMB 34.42 million, auction period from 10:00 on January 5, 2026 to 10:00 on January 6, 2026

After the auction is completed, the two shareholders will completely withdraw from Xunyou Technology’s shareholder roster, and the market expects an improvement in the shareholder structure[3].

From the perspective of technical indicators, Xunyou Technology’s current stock price is approximately RMB 19.97, showing a moderate upward trend[5]:

Technical Indicator	Data	Market Comparison
5-Day Gain	+1.68%	-
20-Day Gain	+1.3%	-
60-Day Gain	+4.67%	-
Dynamic P/E Ratio	256.23	Industry Average 78.28
Price-to-Book (P/B) Ratio	9.45	Industry Average 15.70
Gross Margin	57.79%	Industry Average 57.89%
Net Margin	8.98%	Industry Average 9.11%
ROE	2.80%	Industry Average 1.01%
Liability Ratio	20.15%	-

: The company’s current dynamic P/E ratio is as high as 256.23x, far exceeding the industry average of 78.28x, indicating a relatively high valuation premium[5]. However, the P/B ratio of 9.45x is lower than the industry average of 15.70x, suggesting that the stock price is not in the historical highest valuation range relatively. It is worth noting that the company’s ROE is 2.80%, higher than the industry average of 1.01%, showing relatively strong net asset profitability.

: Founded in 2008 and headquartered in Chengdu, Sichuan, Xunyou Technology is a cloud acceleration service provider for internet users. Its core products include Xunyou Online Game Accelerator, Xunyou Mobile Game Accelerator, Xunyou International Version, and Speed Master, among others. The company is known as the “first Sichuan internet stock”[3].

: In the first three quarters of 2025, the company achieved operating revenue of RMB 215 million, a year-on-year decrease of 6.05%; net profit was RMB 17.67 million, a year-on-year decrease of 19.93%[5]. More alarmingly, the company’s performance has shown a clear contraction trend in recent years: its revenue shrank significantly from RMB 731 million in 2018 to RMB 297 million in 2024, and its business scale continues to shrink[3].

: The company’s equity structure is relatively dispersed, with [3][5]. The largest shareholder Yuan Xu holds 17.9361 million shares, accounting for 8.83% of the total share capital; the second largest shareholder and Chairman Chen Jun holds 9.0275 million shares, accounting for 4.44% of the total share capital. Such a dispersed equity structure may lead to unstable corporate governance and affect the efficiency of strategic execution.

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Xunyou Technology’s inclusion in the strong stock pool this time is

, rather than a result of significant improvements in the company’s fundamentals. The core drivers of the stock price rise come from external factors:

• Market sentiment boost brought by the overall rebound of the game sector
• Expectation speculation from the positive policy for WeChat Mini Games
• Expectation of shareholder structure improvement brought by the judicial auction

In contrast, the company’s core problems such as continuous performance decline, business scale contraction, and unstable equity structure have not been fundamentally resolved.

The dynamic P/E ratio of 256x is not only significantly higher than the industry average (78.28x), but also means that the market has extremely high expectations for the company’s future performance growth. Against the backdrop of the current fundamentals where both revenue and net profit are declining, such a high valuation level carries a large pullback risk[5]. Once market sentiment shifts or sector rotation adjusts, the stock may face greater valuation correction pressure.

The judicial auction is both a risk and an opportunity. In the short term, the auction of 11.378 million shares may increase the supply of tradable shares, creating selling pressure on the stock price; however, in the medium to long term, the exit of the original shareholders may bring in new strategic investors, and the optimization of the equity structure may create conditions for improving corporate governance[3]. The clause design that requires bidders to abide by the original shareholders’ performance compensation commitments also protects the interests of minority shareholders to a certain extent.

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Risk Type	Specific Content	Risk Level
Fundamental Risk	Revenue shrank from RMB 731 million in 2018 to RMB 297 million in 2024, and business continues to contract	High
Equity Risk	No controlling shareholder/actual controller, unstable corporate governance structure	High
Valuation Risk	256x P/E ratio significantly higher than industry average, large pullback risk	Medium-High
Share Selling Risk	The judicial auction involves 11.378 million shares, which may increase selling pressure	Medium
Performance Risk	Net profit in the first three quarters decreased by 19.93% year-on-year	Medium

1. Short-Term Momentum
   : Driven by sector trends and technical rebound, the stock price is expected to continue rising in the short term
2. Policy Dividend
   : The upgraded IAP incentive policy for WeChat Mini Games may continue to release positive benefits
3. Equity Optimization
   : After the completion of the judicial auction, new shareholders may bring expectations of strategic resource integration
4. Relative Valuation
   : The P/B ratio of 9.45x is lower than the industry average of 15.70x, providing a certain margin of safety

Evaluation Dimension	Rating	Explanation
Short-Term Momentum	⭐⭐⭐	Driven by sector trends and technical rebound
Fundamental Support	⭐⭐	Performance decline, overvaluation
News Support	⭐⭐⭐	Judicial auction + positive policy
Capital Flow	⭐⭐	Focused by public funds but abandoned by private equity
Overall Sustainability	Weak	-

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Xunyou Technology (300467) was added to the strong stock pool today, with core drivers being the market sentiment boost brought by the

and the . Known as the “first Sichuan internet stock”, the company’s main business is online game and mobile game acceleration services, but its fundamentals show a continuous revenue decline trend, with net profit in the first three quarters of 2025 decreasing by 19.93% year-on-year[5].

From a valuation perspective, the company’s dynamic P/E ratio of 256x is significantly overvalued, carrying a pullback risk against the backdrop of pressured performance. A judicial auction of 11.378 million shares held by shareholders with stakes over 5% is ongoing, with a total starting price of approximately RMB 155 million[3]; the auction result will directly affect changes in the company’s equity structure.

: The stock’s strong performance is an event-driven follow-up rally, suitable only for short-term speculative investors. The sustainability of medium-to-long-term upside remains to be observed; investors need to closely monitor the judicial auction results, sector rotation direction, and changes in the company’s fundamentals. It is recommended that investors set strict stop-losses, and chasing the rally at high prices is not advised.