Analysis of Consecutive Limit-Ups of Qicai Chemical (300758): Catalyzed by AI4S Concept, Overlapping Multiple Hot Themes

January 15, 2026
300758.SZ (ChiNext Board)
Bullish (Risk of Short-Term Overheating)

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Qicai Chemical (300758) recorded a 20CM limit-up on January 15, 2026, marking its second consecutive trading day of limit-up[0]. The core catalyst for the limit-up is the company’s announcement on January 13 of a strategic stake in Huanliang Technology (Shanghai) Co., Ltd., an AI material R&D platform, which aligns with the strongest market theme of “AI4S (AI for Science)”[1][2][3]. Overlapping with multiple hot concepts including photoresist mass production, perovskite batteries, and sodium-ion batteries, the stock has attracted extremely high capital attention. However, with a current P/E ratio of 104 times and technical indicators in the overbought zone, investors need to be alert to short-term pullback risks[0][9].

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On January 13, Qicai Chemical announced a strategic stake in Huanliang Technology (Shanghai) Co., Ltd., which served as the direct catalyst for this limit-up[1][2].

Huanliang Technology is an AI material R&D platform company focused on “AI for Science”, with a prestigious shareholder lineup including well-known institutions such as Sequoia China, ZhenFund, and Baidu[3]. The company’s core capability lies in reverse-designing material formulations through AI large models and high-throughput computing, which can shorten the traditional R&D cycle from 1-2 years to 3-6 months[4]. This cooperation has been praised by the industry as “further recognition by industrial capital of the industrialization path of materials informatics and AI4Science”[3].

Qicai Chemical overlaps with multiple hot market concepts in early 2026, forming a strong positive resonance:

Concept Sector	Business Progress
AI4S (AI for Science)	Strategic stake in Huanliang Technology, layout of AI material R&D
Photoresist	The 2,000-ton/year photosensitive intermediate and 600-ton/year high-performance photoresist project has achieved mass production and external sales[5]
Sodium-Ion Battery	Its invested subsidiary Liaoning Meicai plans an annual output of 180,000 tons of battery-grade Prussian Blue/White, which is used as cathode material for sodium-ion batteries[2]
Perovskite Battery	Its subsidiary Huacai Solar Energy Technology Co., Ltd. has laid out perovskite solar batteries and is in the capacity construction phase[1]

The photoresist concept sector strengthened as a whole today. As the sector leader, Qicai Chemical hit the limit-up first, driving other stocks in the same sector to rise. Tongcheng New Materials recorded its first limit-up, while Shanghai Xinyang, Nanda Optoelectronics, and Dongcai Technology rose by over 7%[8], forming an obvious sector linkage effect.

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Time Horizon	Price Change
Single Day	+20.00%
5-Day	+53.88%
Monthly	+64.39%
Annual	+50.90%

Price Type	Price	Remarks
Current Resistance Level	¥20.22	Today’s limit-up price
Next Target Level	¥21.00	Short-term target indicated by technical analysis[7]
Strong Support Level	¥14.29	Key support level
20-Day Moving Average	¥13.53	Short-term moving average
200-Day Moving Average	¥14.50	Long-term moving average

• Today’s Trading Volume:
  45.63 million shares
• Average Daily Trading Volume:
  8.60 million shares
• Volume Amplification Multiple:
  5.3x
• Turnover:
  Approximately ¥920 million
• Main Capital Flow:
  Main capital had a net inflow of approximately ¥73.03 million on January 14[5]

The sharp increase in trading volume indicates active entry of off-market capital, but investors need to pay attention to subsequent absorption capacity. If the turnover rate exceeds 25% after the limit-up is opened, be alert to pressure from short-term profit-taking.

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According to public data, as of September 30, 2025, private equity funds held 24 million shares of Qicai Chemical, with a holding market value of approximately ¥328 million[1]. Heavy holdings by private equity funds indicate that professional institutions are optimistic about the medium-to-long-term development of the stock.

Qicai Chemical has been listed as a hot sentiment target in the market, overlapping with multiple hot concepts including AI4S, photoresist, perovskite batteries, sodium-ion batteries, and specialized, sophisticated, unique, and new enterprises[1][6]. AI4S became the strongest market theme in early 2026, and Qicai Chemical, as a representative target in this track, has continued to be sought after by capital.

The photoresist sector strengthened as a whole today. As the leader of consecutive 20CM limit-ups, Qicai Chemical has an obvious driving effect on sector sentiment[8]. The sector effect is conducive to maintaining short-term popularity, but investors need to be alert to the risk of compensatory decline after sentiment fades.

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Indicator	Value	Industry Comparison
P/E (TTM)	104.11x	Significantly High
P/B	4.54x	Moderately High
ROE	4.45%	Low
Net Profit Margin	5.09%	Average

The current valuation level has fully reflected the market’s optimistic expectations for the company’s future development, but it will take time for performance to be realized[9].

Reporting Period	EPS	Revenue (¥100 million)
Q3 2025	¥0.05	3.60
Q1 2025	¥0.08	3.65
Q4 2024	¥0.01	4.14
Q3 2024	¥0.13	4.15

Profitability has fluctuated recently, with year-on-year decline in net profit; investors need to pay attention to subsequent improvement[9].

• Debt Risk:
  Low Risk
• Financial Policy:
  Conservative (High Depreciation/Capital Expenditure Ratio)
• Cash Flow:
  Positive Free Cash Flow

The company adopts a conservative accounting policy, with room for future profit improvement[9].

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Indicator	Value	Signal Judgment
KDJ	K:88.6, D:77.5, J:110.8	⚠️ Overbought Warning
MACD	In Bullish Zone	✅ Bullish
RSI	In Overbought Zone	⚠️ Risk
Beta	0.78	Relatively Resilient to Declines

6.0/10[7]

• ✅ Significant Volume Expansion
• ✅ Golden Cross Pattern of MA Moving Averages
• ✅ ADX>25 and rising, with clear trend
• ✅ 3-day ROC meets criteria

• ⚠️ Both KDJ and RSI are in overbought zones
• ⚠️ Excessive short-term price increase, accumulating pullback pressure

The stock is in a breakout pattern, but validity needs confirmation. The stock price broke through the bottom zone with heavy volume; if it can effectively hold above ¥19, the medium-term upside space is expected to open up[5][7].

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Risk Category	Details	Risk Level
Valuation Risk	P/E ratio exceeds 100 times, far higher than industry average, with insufficient valuation support	High
Overbought Risk	Both KDJ and RSI are in overbought zones, increasing the probability of technical pullback	High
Short-Term Overheating	5-day price increase exceeds 53%; alert to sell-off triggered by profit-taking	Medium-High
Concept Speculation	AI4S concept is prone to emotional fluctuations, with limited substantial performance contribution	Medium
Performance Volatility	Recent year-on-year decline in net profit; fundamental improvement takes time	Medium

Opportunity Type	Details	Catalyst
Photoresist Volume Expansion	The project has achieved mass production; pay attention to subsequent order implementation	Performance Realization
AI4S Deepening	Continuous advancement of cooperation with Huanliang Technology; AI empowers material R&D	Valuation Re-rating
New Energy Layout	Long-term development space for perovskite battery and sodium-ion battery businesses	Track Dividends

Price Type	Price	Operation Suggestion
Upward Breakout	¥21.00	Consider chasing the rise after effective breakout
Strong Support	¥16.85 (Yesterday’s Closing Price)	Consider adding positions if it pulls back but does not break below this level
Key Support	¥14.29	Reference level for medium-term stop-loss

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Scenario	Trigger Condition	Trend Forecast
Optimistic	Photoresist orders implemented + AI4S concept continues to ferment	Challenges the ¥22-25 range
Neutral	Market sentiment remains stable + trading volume stays at high level	Fluctuates within the ¥18-22 range
Pessimistic	Concentrated profit-taking + market style shift	Pulls back to the ¥14-16 support range

• Observe the volume absorption capacity after the limit-up is opened
• Be alert to short-term pullback risks if the turnover rate exceeds 25% with heavy volume
• It is recommended to set ¥18 as the short-term stop-loss level

• Pay attention to the implementation of photoresist business orders
• Track changes in the overall popularity of the AI4S concept
• If it pulls back to the ¥14-15 range, consider accumulating positions on dips

• Pay attention to substantive progress of cooperation with Huanliang Technology
• Track the progress of perovskite battery capacity construction
• Performance improvement is the fundamental support for sustained stock price growth

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Qicai Chemical has recorded consecutive two-day limit-ups, with the core driver being its strategic stake in Huanliang Technology, which accurately aligns with the strongest 2026 market theme of AI4S. The company also overlaps with multiple hot concepts including photoresist, perovskite batteries, and sodium-ion batteries, attracting extremely high capital attention.

1. High Valuation:
   With a current P/E ratio of 104 times, far higher than the industry average, the stock price increase may have outpaced fundamental support[0][9]
2. Technical Overbought:
   Technical indicators such as KDJ and RSI indicate high short-term pullback risks[0][7]
3. Performance Realization:
   Cooperation with Huanliang Technology and photoresist business are still in the early stage, with limited actual performance contribution
4. Sentiment Volatility:
   The AI4S concept is prone to emotional fluctuations

The stock has high short-term trading value, but strict stop-loss is required; mid-line investors can wait for a pullback to the ¥14-15 range before selecting opportunities to build positions, while closely monitoring the implementation of photoresist business orders and substantive progress of cooperation with Huanliang Technology.

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This report is compiled and analyzed based on public information, for reference only, and does not constitute investment advice. The stock market is risky, and investment needs to be prudent.