Analysis of the Strong Performance of Huakang Clean (301235): Review of Short-Term Market Driven by Sector Beta and Long-Term Competitiveness

Huakang Clean (301235) entered the strong stock pool on January 16, 2026, becoming one of the “20CM” limit-up stocks of the day, along with 11 GEM/STAR Market stocks including Golden Sun, Henghui Security, and Tianyue Advanced, concentrated in hard technology sectors such as semiconductor materials and equipment, and robotics [2]. The stock closed at RMB 40.11 on January 14, with a single-day increase of 5.19%, a turnover of RMB 185 million, a turnover rate of 6.48%, and a total market value of approximately RMB 4.323 billion [1].

First, TSMC disclosed at its Q4 2024 earnings conference that its 2026 fiscal year capital expenditure plan is $52-56 billion, a year-on-year increase of 27%-37% compared to the actual 2025 fiscal year expenditure of $40.9 billion [3]. This substantial upward revision reflects the demand for advanced processes and memory chips driven by the implementation of AI applications. The clear demand for factory construction and expansion in the global semiconductor industry directly drives the rise in demand for cleanroom equipment.

Second, the cleanroom industry has seen explosive growth in orders. As of December 31, 2025, Shenghui Integration’s order backlog reached RMB 2.538 billion (excluding tax), a year-on-year increase of 46.28%, of which orders from the IC semiconductor industry amounted to RMB 2.046 billion [3]. The high industry boom provides a favorable external environment for Huakang Clean.

Third, the price hike wave in the packaging and testing segment further verifies the industry chain boom. Benefiting from the shipment rush by major DRAM and NAND Flash manufacturers, memory packaging and testing factories such as Powertech, Huadong, and Nanmao are operating at near-full capacity, and have recently raised packaging and testing prices by up to 30% [3].

Fourth, the company itself won a major contract. On January 9, 2026, the company announced that it had won the bid for the construction of the second section of the Laboratory Process Project (Phase I First Development Zone) of Dalian Yingshige Science City, with a bid amount of RMB 94.1717 million, accounting for 5.51% of its audited 2024 operating revenue [4]. This project verifies the company’s brand reputation and project undertaking capabilities in the laboratory clean field.

Institutional capital has actively entered the market, forming an important supporting force. Two funds under Fullgoal Fund newly entered the top 10 tradable shareholders in Q3 2025, holding a total of 2.2978 million shares, accounting for 3.15% of tradable shares, with unrealized gains of approximately RMB 4.5497 million on that day [1]. Specifically, Fullgoal Optimized Enhanced Bond A/B holds 1.8 million shares, accounting for 2.47% of tradable shares; Fullgoal Jiuli Steady Allocation Hybrid A holds 497,800 shares, accounting for 0.68% of tradable shares. In addition, on January 13, the main capital net purchase amounted to RMB 12.8835 million, accounting for 4.51% of the total turnover, indicating a consensus between institutional capital and main capital [5].

The company’s financial data for the first nine months of 2025 is impressive: operating revenue reached RMB 1.431 billion, a year-on-year increase of 32.59%; net profit attributable to parent companies was RMB 61.16 million, a year-on-year surge of 211.46%; net profit excluding non-recurring gains and losses was RMB 61.45 million, a year-on-year increase of 365.18% [1]. In the main business structure, purification system integration accounts for 85.24%, medical consumables sales account for 8.53%, medical equipment sales account for 3.74%, and operation and maintenance services account for 1.88%. The company provides full-cycle services for cleanroom construction to customers, covering project consulting, planning and design, construction management, system commissioning, and after-sales operation and maintenance, with regional service capabilities.

It is necessary to objectively understand the company’s position in the industry. According to analysis from Eastmoney.com, Huakang Clean is classified as the third echelon in the semiconductor cleanroom field, focusing on the mid-to-low-end market (28nm and above processes), and mainly serving small and medium-sized semiconductor enterprises [7]. Compared with the first echelon, there is an obvious gap: Shenzangda A is adapted to 2nm/7nm processes, serving SMIC and Yangtze Memory; Mei’air Technology is adapted to 7nm/5nm processes, serving TSMC and Samsung, and is a national-level specialized, sophisticated, unique, and new “little giant” enterprise. Huakang Clean has not yet entered advanced process projects, and lacks high-end project verification from top customers [7].

The semiconductor cleanroom sector has rallied across the board; Mei’air Technology, Yaxiang Integration, Shenghui Integration, Baicheng Co., Ltd., etc. have all hit the daily limit. More than 80% of the 67 limit-up stocks are related to tech growth themes such as semiconductors, chips, robotics, and artificial intelligence [2]. Mid-to-large cap institutional stocks (such as Changdian Technology, Zhaoyi Innovation, Tongfu Microelectronics, San’an Optoelectronics) have also hit the daily limit, indicating that institutional capital and main capital are participating together, and the market has a solid foundation. As a GEM target, Huakang Clean has strong sector beta attributes and can benefit from the overall market of the semiconductor industry chain, but its share of industry dividends may be lower than that of first-echelon targets.

Fullgoal Fund’s new entry into the top 10 tradable shareholders marks institutional capital’s recognition of the company’s allocation value. Considering that brokerage research reports point out that “going overseas” and “technology” are both important market themes for 2026, and semiconductor cleanroom enterprises going overseas have dual advantages [3], Huakang Clean is expected to continue to receive capital attention. However, it should be noted that institutional capital has entered the market for a relatively short period of time, with large unrealized gains, so there may be pressure to take short-term profits.

Sunshine Life plans to reduce its holdings by no more than 3.1311 million shares, accounting for 3.00% of the total share capital after excluding shares in the repurchase special account, with the reduction period from January 13 to April 12, 2026 [6]. This share reduction plan may put pressure on the stock price in the short term, but considering the relatively limited reduction ratio (3%) and the company’s continuously improving fundamentals, the impact of the reduction should be a phased disturbance.

Sunshine Life’s share reduction plan may suppress short-term gains, creating sustained pressure on the stock price during the reduction period [6].

The company mainly serves mid-to-low-end semiconductor processes, and has not yet entered advanced process projects such as 2nm/7nm. It lacks high-end project verification from top customers such as SMIC, Yangtze Memory, and TSMC, so the order growth it can achieve during the industry boom cycle may be limited [7].

The current dynamic P/E ratio is 51.41x, and the static P/E ratio is 62.75x, which is higher than the average level of the medical service industry. The stock price has risen significantly recently, with a risk of short-term correction.

The Dalian Yingshige Science City project that the company won the bid for has not yet signed a formal contract, so there is certain uncertainty [4].

The capital expenditure of the semiconductor industry is cyclical. If downstream demand falls short of expectations, it may affect cleanroom orders.

TSMC’s substantial upward revision of capital expenditure indicates a clear global semiconductor industry chain expansion cycle. As a facility infrastructure link, cleanrooms are expected to see positive changes in fundamentals first [3].

Peer company Shenghui Integration has an order backlog of RMB 2.538 billion, a year-on-year increase of 46.28%, which confirms the high industry boom. The high growth of industry leaders is expected to spill over to second-tier targets.

The expected IPO of Changxin Technology has driven investment enthusiasm in the industry chain. Institutions such as Huatai Securities and GF Securities are optimistic about the subsequent development of the cleanroom sector [3].

After Fullgoal Fund newly entered the top 10 tradable shareholders, it may drive more institutional capital attention, forming a positive cycle.

Huakang Clean entered the strong stock pool today, with the core driver being the overall surge of the semiconductor cleanroom sector, catalyzed by multiple positive factors such as TSMC’s substantial upward revision of 2026 capital expenditure ($52-56 billion, a year-on-year increase of 27%-37%), 30% price hike in packaging and testing, and full order books of cleanroom companies. The company’s net profit in the first nine months of 2025 surged 211.46% year-on-year, and Fullgoal Fund newly entered the top 10 tradable shareholders (holding 2.2978 million shares), forming a resonance between fundamentals and capital market performance.

From the perspective of sustainability judgment: in the short term (1-2 weeks), it will consolidate strongly; the sector remains hot but needs to digest short-term gains and reduction pressure; in the medium term (1-3 months), it will fluctuate upward; industry fundamental support + institutional capital allocation + order growth are expected to drive the stock price to fluctuate higher; long-term performance depends on whether the company can break through technological barriers and obtain more high-end customer orders.

The company is positioned in the mid-to-low-end semiconductor cleanroom market (28nm and above processes), with an obvious technological gap compared to the first echelon such as Shenzangda A and Mei’air Technology. When participating in the market, investors need to clearly recognize the company’s industry positioning and the boundaries of its competitive advantages, and rationally evaluate the risk-return ratio.

Immediate resistance level: RMB 42-43 (previous intensive trading area), strong resistance level: RMB 47.05 (limit-up price); immediate support level: RMB 38-39 (5-day/10-day moving average range), strong support level: RMB 35-36 (previous low platform).