Fengli Intelligent (301368) Surges to Limit-Up: Risk Warning of Concept-Driven Rally vs. Fundamental Divergence

Fengli Intelligent (301368.SZ) surged to a limit-up on January 8, 2026, with its stock price hitting RMB73.46, a single-day gain of 19.99%, a trading volume of RMB1.247 billion, and an extremely high turnover rate of 29.89%, entering the list of strong stocks [1][2]. As a precision transmission equipment manufacturer listed on the Shenzhen Growth Enterprise Market (ChiNext), the company’s strong performance today is driven by a combination of multiple factors.

: The Ministry of Industry and Information Technology and seven other ministries jointly issued the Implementation Opinions on the ‘AI + Manufacturing’ Special Action, clarifying that by 2027, it will promote in-depth application of 3-5 general large models in the manufacturing industry, bringing substantial policy benefits to the robotics and intelligent manufacturing sector [3]. Meanwhile, the CSI Robotics Index rose over 1% on the same day, with obvious linkage effects among component stocks [5]. The company’s main businesses include small-module gears, precision reducers and components, whose products are widely used in new energy vehicles and robotics sectors, perfectly aligning with current market hotspots.

are also critical. The company’s controlling shareholder has committed to subscribe for RMB70 million to RMB140 million of the company’s shares, demonstrating firm confidence in the company’s long-term development, which has effectively boosted market sentiment and attracted incremental capital inflows [1]. However, it should be noted that main capital had a net sale of RMB20.7618 million on January 7, indicating signs of profit-taking by main capital [6], and such capital divergence deserves investors’ vigilance.

From a fundamental perspective, Fengli Intelligent shows a typical feature of ‘hot concepts, cold performance’. In the first three quarters of 2025, the company achieved operating revenue of RMB372 million, with a year-on-year increase of only 0.18%; its net profit attributable to shareholders was -RMB2.1866 million, a year-on-year decrease of 139.82%; and its non-recurring net profit slumped 150.95% year-on-year to -RMB2.7376 million [6]. The company is in a business transformation period: its traditional pneumatic tool business is under pressure, while its new energy vehicle and robotics businesses are still in the investment phase, and continuous R&D investment has eroded short-term profits.

The main business composition shows that gear products contribute 47.53% of operating revenue, precision reducers account for 25.71%, pneumatic tools account for 24.13%, and new energy transmission gears only account for 2.12% [4]. Although the company has 55 patents (including 20 invention patents), was awarded the national-level ‘Specialized, Sophisticated, Unique, New’ Little Giant enterprise title in 2022, and collaborated with Xingdong Jiyuan in 2023 to develop humanoid robot and dexterous hand technologies, these strategic layouts have not yet been converted into actual performance contributions. With a current total market capitalization of RMB8.823 billion and a free float market capitalization of RMB4.71 billion, the valuation pressure cannot be ignored against the background of losses in the first three quarters.

From a technical perspective, it shows obvious high-risk characteristics. The 29.89% turnover rate is at an extremely high level, indicating rapid chip turnover, fierce capital game, and prominent short-term speculative attributes [2]. The RMB1.247 billion trading volume is relatively high among small and mid-cap stocks, reflecting high market attention but also significant long-short divergence. The phenomenon of main capital net outflow during the limit-up [6] implies that large-order capital is adopting a strategy of selling at high prices, which is usually a warning signal of a short-term peak.

From the price pattern, the limit-up price of RMB73.46 faces pressure from the historical dense trading zone of RMB75-80. If the turnover rate remains high in the future, it is necessary to guard against the risk of a pullback after the limit-up opens. The support level can refer to the RMB65-68 zone (5-day/10-day moving averages), and the stop-loss level is recommended to be set in the RMB62-65 range.

is the most prominent contradiction at present. Fengli Intelligent’s limit-up is purely driven by new energy vehicle and robotics concepts, rather than fundamental improvement. Although the Ministry of Industry and Information Technology’s ‘AI + Manufacturing’ policy has indeed brought long-term benefits to the industry, it takes time for policy dividends to be converted into corporate performance, and the current stock price may have over-reflected expected returns. Investors need to distinguish short-term concept speculation from long-term value investment, and avoid chasing highs blindly.

deserves attention. On one hand, the RMB70 million to RMB140 million subscription commitment demonstrates management confidence and provides positive support for market sentiment; on the other hand, it may also imply that the company believes the current stock price is still in a relatively reasonable range, which reversely hints at the risk of chasing highs. Historically, it is not uncommon for stock prices to spike in the short term and then pull back after such share increase commitments by controlling shareholders.

also need to be taken seriously. Other concept stocks in the same sector have issued risk warnings, such as Fenglong Co., Ltd. warning that ‘if the company’s stock price further rises abnormally, the company may apply for suspension of trading for verification’ [7], which sounds an alarm for similar stocks. Regulators’ tolerance for concept speculation may decrease, and investors need to guard against policy risks.

Risk Type	Risk Level	Specific Description
Valuation Risk	🔴 High	Loss in the first three quarters, RMB73.46 stock price lacks performance support
Performance Risk	🔴 High	Net profit decreased 139.82% year-on-year, fundamentals remain under continuous pressure
Turnover Risk	🔴 High	29.89% turnover rate indicates extremely unstable chip holdings
Capital Risk	🟡 Medium	Main capital net outflow, doubts remain about future capital absorption capacity
Regulatory Risk	🟡 Medium	Peer concept stocks have received regulatory attention

is a medium-term positive factor. The joint document issued by eight ministries to promote ‘AI + Manufacturing’ has unprecedented policy support, and the intelligent upgrading of the manufacturing industry is an inevitable trend. As a precision transmission equipment supplier, Fengli Intelligent is expected to benefit in the long term [3]. also cannot be ignored. The company has accumulated profound experience in precision transmission, with 55 patents forming certain technical barriers, and its cooperation with Xingdong Jiyuan has laid a foundation for its entry into the humanoid robot track [4]. If its new energy vehicle and robotics businesses can achieve volume growth, there is room for medium-term performance improvement.

Time Horizon	Judgment	Rationale
Short-term (1-3 days)	⚠️ Cautious	High turnover rate + main capital net outflow, guard against pullback after limit-up opens
Mid-term (1-4 weeks)	⚠️ Wait-and-see	Await annual report performance verification, focus on business volume growth progress
Long-term	⭐ Cautiously Optimistic	Business direction aligns with industrial upgrading trends, but valuation regression is required

Fengli Intelligent’s limit-up today is the result of combined effects of policy driving, concept sentiment and capital confidence, but there is a severe divergence between its fundamentals (loss in the first three quarters) and stock price performance. High turnover rate coupled with main capital net outflow shows obvious characteristics of short-term capital game. The company’s business direction (new energy vehicles + robotics) aligns with the long-term trend of industrial upgrading, and its controlling shareholder’s share increase commitment and patent technical reserves form certain support, but performance realization still takes time. The current limit-up price of RMB73.46 has fully reflected concept expectations, and investors need to be vigilant against the risk of valuation regression.

:

• Limit-up price: RMB73.46 | Gain: +19.99% | Turnover rate: 29.89%
• Market capitalization: RMB8.823 billion | Trading volume: RMB1.247 billion
• Q1-Q3 operating revenue: RMB372 million (YoY +0.18%) | Net profit: -RMB2.1866 million (YoY -139.82%)
• Main business composition: Gears 47.53%, Precision reducers 25.71%, Pneumatic tools 24.13%, New energy gears 2.12%

: This report is for informational reference only and does not constitute investment advice. The stock market has risks, and investment requires caution. The current stock has seen a large short-term increase, with obvious divergence between fundamentals and stock price. Please make prudent decisions based on your own risk tolerance.