Hanlan Co., Ltd. (002498) Limit-Up Analysis: Driven by Sector to Hit 52-Week High, Caution on Earnings Pressure

The core driving factor for Hanlan Co., Ltd. hitting the limit-up today is the

. According to market data [1], the UHV concept rose 3.46%, the Ubiquitous Power Internet of Things concept rose 2.98%, and the Smart Grid concept rose 2.71%. Hanlan Co., Ltd. is listed as a “hot stock” for these three popular concepts, benefiting from policy expectations of power grid investment and construction.

From a technical perspective, the stock price hit the limit-up at RMB 4.36 today,

and forming an effective breakthrough. Trading volume reached 92.15 million lots, nearly doubling from the average daily volume of 47.71 million lots, indicating active capital inflow [0]. The 20-day moving average (RMB 3.93), 50-day moving average (RMB 3.84), and 200-day moving average (RMB 3.59) present a , with a strong technical posture.

In terms of company fundamentals, Qingdao Hanlan Co., Ltd. is a high-tech enterprise integrating cable and accessory systems, condition monitoring systems, and power transmission and transformation engineering general contracting. Its main products include power cables, equipment cables, special cables, etc., and it participates in power supply guarantee tasks for multiple major engineering projects [3][4]. Recently, the company has made progress in COFs (Covalent Organic Frameworks) technology, which has cutting-edge concept attributes, and completed the board of directors election by the end of December 2025, ensuring stable operation and governance [2].

From the perspective of capital flow, data on January 15 shows that retail capital had a net inflow of RMB 10.33 million (accounting for 5.65%), hot money had a net inflow of RMB 3.14 million (accounting for 1.72%), while main capital had a net outflow of RMB 13.47 million (accounting for -7.37%) [1]. Although main capital saw a net outflow yesterday, the strong limit-up today indicates that the market’s bullish sentiment on the power grid sector continued into today, with capital scrambling to buy shares in the early trading session to drive the limit-up.

On the shareholder front, as of September 30, 2025, the number of shareholders was 89,600, a decrease of 5.70% from the previous period,

[3]. 3 public funds hold shares of the company, while there are no positions held by private equity, social security funds, or QFII.

Although the company’s Q3 2025 operating revenue reached RMB 7.176 billion, a year-on-year increase of 9.68%, its

, showing a typical dilemma of “growing revenue without growing profits” [0]. The gross profit margin was 14.00%, a year-on-year decrease of 3.07 percentage points, reflecting rising cost pressure; ROE was 5.67%, a year-on-year decrease of 1.68 percentage points. The mid-term report net profit also fell 24.61% year-on-year, showing that profitability is facing continuous challenges.

The current price-to-earnings ratio (TTM) is 27.25x, which is higher than the industry median. The stock price is close to the 52-week high, posing a

[0].

Price Type	Price Range	Description
Current Price	RMB 4.36	Limit-up price, already locked
Short-Term Resistance Level	RMB 4.38-4.40	Historical high area, need to verify breakthrough validity
First Support Level	RMB 4.10-4.15	Near 5-day moving average
Second Support Level	RMB 3.93	20-day moving average
Strong Support Level	RMB 3.84	50-day moving average

• Earnings Pressure Risk
  : Net profit has declined year-on-year for consecutive quarters, and the dilemma of growing revenue without growing profits persists
• Valuation Correction Risk
  : PE (27.25x) is higher than the industry median, and the risk of chasing the rally rises after the stock price hits a 52-week high
• Sector Rotation Risk
  : The power grid equipment sector rose sharply today, and its sustainability remains to be observed
• Main Capital Volatility
  : Main capital had a net outflow yesterday; after the limit-up, caution is needed on profit-taking

• Continuous advancement of power grid construction investment, with strong policy support for UHV, smart grid and other fields
• The company has technological advantages in high-voltage and extra-high-voltage cable intelligent manufacturing
• Concentrated chips help stabilize the stock price, but attention should be paid to capital follow-through strength

This limit-up belongs to a

, driven by the overall 3%-4% rise of the power grid equipment sector, which is an event-driven rally. From a momentum perspective, the increased trading volume coupled with the 52-week high shows sufficient bullish momentum. However, the sustainability of the limit-up still needs to be observed based on tomorrow’s opening follow-through, sector sentiment changes, and main capital movements.

Investor Type	Risk Preference	Suggested Strategy
Aggressive	High	May participate with a small position, set a 3%-5% stop-loss, and observe the sector’s follow-through strength tomorrow
Moderate	Medium	Wait for a pullback to around the 20-day moving average (RMB 3.93) before considering establishing a position, and control position size
Wait-and-See	Low	Due to relatively high valuation and earnings pressure, priority can be given to other undervalued targets

1. Whether the stock opens the limit-up tomorrow and changes in trading volume (vigilance is needed if it opens the limit-up with increased volume)
2. Whether the overall sentiment of the power grid sector can remain strong
3. The company’s subsequent bid wins and earnings improvement

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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 cautious. Investors should make independent investment decisions based on their own risk tolerance.