In-Depth Analysis of Heilin Weina (688661)'s Strong Performance: Driving Factors Behind the Limit-Up and Sustainability Assessment

Heilin Weina (688661) rallied to a limit-up on January 15, 2026, closing at RMB80.95 to hit a record high with a single-day gain of 15.56%, and entered the strong stock pool [1]. As a supplier of MEMS micro-nano manufacturing components and semiconductor test probes, the company benefited from the overall rise of the semiconductor sector triggered by Biwin Storage’s skyrocketing performance. Meanwhile, it was supported by the positive news of the RMB760.5 million expansion project announced on January 5, as well as the strong fundamentals with a 447.1% year-on-year growth in net profit in the first three quarters of 2025. Its stock price has soared from RMB43.53 in early December 2025 to the current level, representing an increase of 86% [0][2]. Technically, the stock shows significant overbought characteristics: the J value of the KDJ indicator reaches 92.5, and the RSI is in the overbought range, facing short-term pullback pressure [0]. In the medium-to-long term, the logic of domestic substitution is clear, and the capacity expansion plan is definite. Institutional funds recorded a net purchase of RMB80.2 million today, providing fundamental support for the sustainability of the stock price [6].

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On January 5, 2026, Heilin Weina announced its plan to invest no more than RMB760.5 million in the Suzhou High-Tech Zone to build the “Expansion Project of Mobile Phone Optical Lens Components and Semiconductor Packaging and Testing Business” [4][5]. Covering an area of approximately 50 mu with a total construction area of approximately 91,493.48 square meters, the project focuses on capacity expansion in the fields of MEMS optical precision components and semiconductor chip test probes [5]. This expansion plan marks the company’s official entry into a period of accelerated capacity expansion, laying a capacity foundation for future performance growth. By locating the project in the Suzhou High-Tech Zone, the company fully leverages the supporting advantages of the local semiconductor industry cluster, which helps reduce logistics costs, improve response speed, and enhance customer stickiness.

Biwin Storage (688525) released the first 2025 performance pre-increase announcement in the A-share storage industry on the evening of January 13, expecting a skyrocketing growth of 427% to 520% in net profit attributable to parent company shareholders [1][2]. This better-than-expected performance announcement immediately boosted the entire STAR Market semiconductor sector, with the SSE STAR Market Semiconductor Materials and Equipment Theme Index rising 3.17% on the same day [1]. As a key supplier of semiconductor test probes, Heilin Weina directly benefits from the increase in orders brought by the overall improvement of industry prosperity. Biwin Storage’s performance validates the judgment of an upward cycle in the semiconductor industry, and funds have begun to systematically deploy high-quality targets in the semiconductor industry chain. Heilin Weina has become a key focus of funds due to its technological breakthroughs in the MEMS probe card field [1][2].

Financial data for the first three quarters of 2025 shows that the company achieved operating revenue of RMB679 million, a year-on-year increase of 81.77%; net profit attributable to parent company shareholders was RMB36.78 million, a substantial year-on-year increase of 447.1% [3]. The core performance indicators show a “double growth” trend, with profit growth significantly higher than revenue growth, reflecting the optimization of the company’s product structure and the gradual emergence of scale effects. The company’s independently developed high-pin-count MEMS probe card with 40,000 pins has reached the industry-leading level and has been adopted by leading chip companies [3]. Technological breakthroughs have improved product added value and promoted profitability.

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In terms of price performance, Heilin Weina has shown a strong upward trend recently. Its performance across various cycles is as follows: a single-day gain of 15.56%, a 5-day gain of 19.04%, a monthly gain of 50.19%, a 3-month gain of 67.95%, a 6-month gain of 103.49%, a year-to-date gain of 41.79%, and a staggering 199.26% gain in the past year [0]. Notably, since December 1, 2025, the stock price has risen from RMB43.53 to RMB80.95, representing an increase of 85.96% in just one and a half months [0]. Such a sharp short-term rally is relatively rare among STAR Market stocks.

In terms of trading volume, 12.91 million shares were traded today, which is 2.25 times the average daily trading volume of 5.74 million shares [0], indicating obvious intervention of incremental funds. The intraday price range was RMB69.09 to RMB83.36, with an amplitude of approximately 19% [0], reflecting fierce long-short games and significant capital divergence. Data from the Dragon and Tiger List shows that institutional seats recorded a net purchase of RMB80.21 million [6], while Shanghai Stock Connect recorded a net sale of RMB44.39 million [6], indicating that domestic institutions actively bought while foreign investors slightly reduced their holdings.

Analysis of key technical indicators shows that the current stock price is in an overbought state. For the KDJ indicator, the K value is 81.2, D value is 75.5, and J value is 92.5, all in the overbought zone, with the J value approaching the extreme overbought zone of 100 [0]. The 14-day RSI also indicates overbought risk, with significant short-term technical pullback pressure [0]. The MACD indicator maintains a bullish signal [0], and the medium-term trend remains intact. The beta coefficient is 0.75 [0], indicating that the company’s stock price has lower volatility relative to the broader market, and has certain defensive attributes during market adjustments.

Current price has hit a record high, so attention should be paid to the following key price levels:

Price Type	Price Range	Operational Significance
Broken Resistance Level	RMB83.36	Today’s high, has converted to a reference support level
First Support Level	RMB72-RMB73	Near the 5-day moving average
Second Support Level	RMB65.88	Near the 20-day moving average
Stop-Loss Level	RMB60	Consider stop-loss if the price effectively breaks below the 20-day moving average
Short-Term Target	RMB88.17	First target level based on technical analysis
Medium-Term Target	RMB95-RMB100	Depends on performance realization

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Heilin Weina’s core competitiveness is reflected in three dimensions: First, technological breakthroughs: the company’s independently developed high-pin-count MEMS probe card with 40,000 pins has reached the industry-leading level [3] and has been adopted by leading chip companies, marking that domestic probe cards have broken the overseas monopoly in the high-precision field. Second, broad market space: the global probe card market size was approximately RMB18.6 billion in 2024, with the Chinese market accounting for about 15% of the global total, but the share of domestic manufacturers is less than 5% [5], leaving huge room for domestic substitution. Third, wide application scenarios: products cover high-end scenarios such as smartphones, AR/VR devices, medical hearing aids, AI data centers, and automotive electronics [3]. Diversified downstream demand reduces the risk of dependence on a single market.

From the perspective of valuation indicators, the company’s current price-to-earnings ratio (P/E) reaches 317.97 times, and price-to-book ratio (P/B) is 9.93 times, both at historical highs [0]. The relatively high valuation level reflects the market’s expectations for the company’s high growth, but it also means that the valuation is relatively full, and the stock may face a sharp pullback if performance falls short of expectations. The return on equity (ROE) is relatively low at 3.15% [0], and the net profit margin is moderate at 4.43% [0], reflecting that the company is still in a high-growth period, and its profitability is still in the optimization process. Investors need to recognize that the current valuation level has already priced in high growth expectations for the next few years, and is relatively sensitive to short-term performance fluctuations.

From the perspective of capital flows, institutional seats recorded a net purchase of RMB80.21 million today [6], indicating that professional institutions recognize the company’s medium-to-long-term development prospects. Semiconductor equipment ETFs continue to receive capital inflows; the STAR Market Semiconductor ETF (588170) has seen a net inflow of RMB666 million in the past 3 days [1], indicating that funds are systematically increasing their allocation to the semiconductor sector. Today, 25 stocks in the electronics industry hit record highs, making it the industry with the most new highs [6], with obvious sector effects. In total, stocks hitting record highs received a net inflow of RMB3.45 billion from main funds [6], and market risk appetite is at a relatively high level.

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The most prominent current risk is technical overbought risk. Both KDJ and RSI indicators show that the short-term increase is too large, with profit-taking pressure [0]. The increase has reached 86% in the past one and a half months, accumulating a large number of profit-making positions in the short term. Once market sentiment shifts or sector rotation occurs, these profit-making positions may be sold off collectively, causing sharp fluctuations in the stock price. Valuation risk also deserves attention: the current P/E ratio exceeds 300 times, and the valuation has fully reflected expectations [0]. If performance growth slows or market style switches, the valuation center may move downward. In addition, foreign investors recorded a net sale of RMB44.38 million via Shanghai Stock Connect today [6], and attention should be paid to the sustainability of foreign capital outflows.

From a medium-to-long-term perspective, the following risk points need attention: there is uncertainty in the funding source and implementation progress of the expansion project, and the investment scale of RMB760.5 million puts forward high requirements for the company’s cash flow management [5]; whether the new capacity can be effectively converted into orders and performance growth is the key, and it is necessary to continuously track capacity utilization and customer expansion; the semiconductor industry is highly cyclical, and changes in downstream demand may affect the company’s order volume; intensified competition in the probe card market may compress profit margins, and the progress of domestic substitution may fall short of expectations.

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Positive factors supporting the continued upward movement of the stock price include: the long-term logic of domestic substitution in the semiconductor industry remains clear, and the industry is in the initial stage of an outbreak; the company’s performance continues to grow rapidly with solid fundamentals; the RMB760.5 million expansion project enhances long-term competitiveness; institutional funds recorded a net purchase of RMB80.2 million today [6], indicating recognition from professional investors; the sector effect continues, and semiconductor ETFs continue to receive capital inflows [1].

Factors that may suppress the stock price include: excessive short-term increase, overbought technical indicators, and demand for pullback; valuation is at a historical high with insufficient safety margin; vigilance against profit-taking after positive news is realized; foreign investors recorded a net sale today, and attention should be paid to sustainability.

Due to the excessive short-term increase and overbought technical indicators, it is recommended to be cautious about chasing highs, and consider entering after the price pulls back to the support level (around RMB65-RMB68). The stock may face consolidation in the short term to digest profit-making positions.

Against the background of the major logic of domestic substitution and the company’s capacity expansion, if the 2025 annual report and 2026 first-quarter report can continue to verify high growth, the stock still has upside potential. The first target level is RMB88.17, and the second target level is RMB95-RMB100 [0].

As a leading domestic company in semiconductor test probes, the company is in the outbreak period of the industry, with promising long-term growth space. However, it is necessary to continuously track the progress of new capacity release, order implementation, and changes in the industry competition pattern.

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Heilin Weina’s strong limit-up today is the result of the combined effect of multiple factors: in the short term, it is boosted by the sentiment of the semiconductor sector driven by Biwin Storage’s skyrocketing performance; in the medium term, it is supported by the long-term positive news of the RMB760.5 million expansion project; in the long term, it benefits from the clear logic of domestic substitution and fundamental improvements brought by the company’s technological breakthroughs. The record-high stock price, increased trading volume, and net purchase by institutional funds all show strong bullish sentiment in the market. However, risk factors such as overbought technical indicators, valuation at historical highs, and excessive short-term increase cannot be ignored. Investors should closely follow subsequent changes in trading volume, institutional capital flows, and the company’s performance realization, and pay attention to short-term pullback risks while seizing medium-to-long-term growth opportunities.