Analysis of Yanpai Co., Ltd. (301081)'s Strong Performance: Risks and Opportunities Behind the 52-Week High

Yanpai Co., Ltd. (301081) performed strongly on January 19, 2026, with its stock price rising 11.39% to RMB11.93, hitting a 52-week high, with a trading volume of RMB238 million on the day[1]. The company’s main business is industrial filtration key components such as filter cloths and bags for environmental protection, with downstream coverage of high-pollution industries such as thermal power, cement, steel, and chemical engineering. Today’s strong performance was mainly driven by the 0.42% overall rise in the industrial sector, and the company, as a leader in the segmented industry, was supported by expectations of environmental protection policies[4]. However, there is a clear divergence between fundamentals and stock price: in the first three quarters of 2025, revenue increased 18.09% year-on-year, but net profit attributable to parent company plummeted 66.31% year-on-year, with a loss in Q3 alone[3]. In addition, core shareholders’ pledged shares are close to the warning line (RMB11.93), and the closing price has touched the warning line, posing high pledge risks[6]. Comprehensive assessment shows that the company’s short-term technical outlook is strong but fundamental support is weak, and the sustainability of the strong performance remains to be observed.

Yanpai Co., Ltd.'s strong performance today stems from the resonance of multiple factors. From the perspective of direct triggers, the stock price hitting a 52-week high stimulated technical follow-up buying, accompanied by a significant increase in trading volume: 20.1 million shares were traded on the day, with a trading volume of RMB238 million, which was significantly higher than the recent average, showing a typical “volume-price surge” breakout pattern[1]. From the perspective of sector rotation, the industrial sector in today’s A-share market performed the best, with a gain of 0.42%, and Yanpai Co., Ltd., as part of the environmental protection equipment sector, benefited from the overall strength of the industrial sector[4]. The company is among the top five enterprises in terms of sales of non-woven and woven industrial filter materials as recognized by the China Industrial Textiles Association, and ranks top three in the country in terms of sales of woven filter materials, with a clear leading position in the industry[5]. In addition, the convertible bond prospectus previously released by the company shows that it plans to invest in high-performance filter material projects, including high-performance glass fiber PTFE composite filter materials, polytetrafluoroethylene filter materials, etc. The fundraising project will further enhance the company’s competitiveness in the high-performance filter material field[5].

From the analysis of capital flow, data on January 15 shows that institutional capital had a net outflow of RMB2.7355 million, while retail investors had a net inflow of RMB2.7387 million[3], indicating that today’s sharp rise may be mainly driven by retail investors chasing gains and hot money participation, with institutional funds adopting a relatively cautious attitude. In the past 5 trading days, the stock has shown a clear accelerated upward trend, with a cumulative increase of nearly 14% in 5 days, showing obvious signs of short-term capital speculation[2].

The company’s fundamentals show a significant characteristic of “growing revenue but not profit”. In the first three quarters of 2025, it achieved operating revenue of RMB658 million, a year-on-year increase of 18.09%, indicating that market demand is still expanding[3]. However, net profit attributable to parent company was only RMB14.1568 million, a year-on-year drop of 66.31%; net profit excluding non-recurring gains and losses was RMB11.1674 million, a year-on-year drop of 72.57%[3]. More seriously, in Q3 2025, net profit attributable to parent company was -RMB7.367 million, a year-on-year drop of 156.87%, and net profit excluding non-recurring gains and losses was -RMB6.7493 million, resulting in a quarterly loss[3].

The gross profit margin was 24.8%, a year-on-year decrease of 6.5 percentage points, reflecting rising cost pressures or intensified competition eroding profitability[3]. From the perspective of profit quality, the ratio of net cash flow from operating activities to net profit is only 0.19, indicating that the profit has low actual cash support, and the profit quality needs to be improved[6]. The return on equity (ROE) is only 1.27%, which is at a low level. Against the background of a sharp decline in performance, the current price-earnings ratio (PE) of 56.81 times is obviously too high, and there is a clear divergence between valuation and fundamentals[1].

From the perspective of business structure, non-woven series revenue accounted for 53.53%, a year-on-year increase of 12.88%; woven series revenue accounted for 40.70%, a year-on-year increase of 15.44%, and the main business revenue structure remained stable[2]. The overseas market grew by 10.34%, and the export business maintained certain resilience[2]. However, the sharp decline in net profit reflects that the company is facing certain pressures in cost control, pricing power or market share.

From the analysis of technical patterns, the stock has shown an evolution path of “fluctuating upward → accelerated breakout” in the past 20 trading days. From January 5 to 12, the stock price fluctuated in a narrow range of RMB10.17-10.59 to build a bottom; from January 13 to 16, it started to rise moderately with increased volume, breaking through the key resistance level of RMB10.6; on January 19, it gapped up with heavy volume and surged 11.39% to a 52-week high[2]. The stock price has broken through all short-term moving average systems, showing a typical long arrangement pattern.

However, there are several notable features in today’s trading: first, the single-day amplitude was about 15%, with a large volatility, showing a fierce battle between bulls and bears[1]; second, the turnover rate was about 9.2%, which is at a relatively high level, indicating frequent share turnover; third, institutional capital continued to flow out during the rise, with retail investors and hot money becoming the main driving forces[3]. These features indicate that today’s rise is driven more by short-term capital rather than long-term allocation by institutional funds.

. The current closing price of RMB11.93 just touches the core shareholders’ pledge warning line, with a premium of only 0.19% compared to the liquidation line of RMB10.44[6]. Once the stock price pulls back, it may trigger forced liquidation of pledged shares, forming a negative feedback loop of “decline → liquidation → further decline”. Today, the stock failed to hold the daily limit near RMB12.34, showing strong selling pressure above[1]. Investors need to pay close attention to pledge-related announcements; once a pledge risk warning is issued, it may have a significant impact on the stock price.

. Against the background of the “carbon peaking and carbon neutrality” policy, the environmental protection equipment industry will benefit from the growth logic of industrial dust removal and wastewater treatment demand in the long term. However, Yanpai Co., Ltd.'s net profit declined sharply in 2025, reflecting that the policy dividend has not yet been effectively converted into corporate performance. It will still take time for the fundraising project to go from construction to production, and there is a time lag in fundamental improvement. This means that the current stock price rise more reflects policy expectations and theme speculation rather than performance-driven growth.

. The company’s market value is RMB2.71 billion, which is a typical small-cap stock[1]. In the current market environment, small-cap stocks are prone to sharp fluctuations due to capital factors. The net inflow of retail capital and net outflow of institutional capital form a contrast, showing a typical pattern of “retail investors chasing gains, institutions waiting and seeing”. This capital structure often leads to intensified short-term stock price volatility, and investors need to have a full understanding of the high volatility of small-cap stocks.

: Core shareholders’ pledged shares are close to the warning line (RMB11.93) and liquidation line (RMB10.44), and the company’s overall pledge ratio is 10.54%, which has triggered a “high risk” rating[6]. The safety margin between the current closing price and the liquidation line is extremely small. Once market sentiment reverses or the market adjusts, the stock price pullback may quickly touch the liquidation line, triggering a chain reaction. This is the most critical risk factor to be wary of at present.

: The single-day gain was 11.39%, and the cumulative gain in the past 5 trading days was about 14%, showing obvious signs of short-term overbought[1]. From a technical perspective, a sharp rise is often followed by a need for pullback and consolidation. Historical experience shows that if a volume breakout cannot be followed by continuous upward movement with volume, it is easy to form a technical top of “record volume, record price”.

: Net profit fell 66% year-on-year, but the stock price hit a 52-week high, and the dynamic valuation of 56.81 times is obviously mismatched with fundamentals[1][3]. If subsequent performance fails to improve, there is a need for downward valuation correction. The current valuation has already overdrawn the growth expectations for the next period of time.

: Institutional capital continued to flow out during the rise, showing that institutional investors are relatively cautious[3]. The sustainability of a rise without obvious cooperation from institutional capital is often questionable. Once hot money takes profits, the stock price may face greater pullback pressure.

: Environmental protection policies continue to be strengthened. Against the background of “carbon peaking and carbon neutrality”, the medium- and long-term growth of industrial dust removal and wastewater treatment demand is highly certain. As an industry leader, the company is expected to continue to benefit from policy dividends.

: The convertible bond fundraising project focuses on the high-performance filter material field, which will enhance the company’s competitiveness in the high-end market[5]. If the project is put into production smoothly and achieves expected benefits, it is expected to improve the company’s profitability.

: Against the background of a sharp decline in net profit, revenue still maintained a double-digit growth of 18.09%, indicating that market demand is still expanding[3]. If the company can effectively control costs and improve profitability, there is room for performance improvement.

Dimension	Assessment	Explanation
Pledge Risk	High	Closing price has touched the warning line, with extremely small safety margin
Short-Term Gain Risk	High	Single-day gain exceeds 11%, technically overbought
Valuation Risk	Medium-High	56x PE is obviously divergent from performance decline
Fundamental Risk	Medium	Profit is under pressure but revenue maintains growth
Policy Opportunity	Medium-Low	Long-term benefits but short-term performance realization is slow
Technical Outlook	Strongish	Hit 52-week high, moving averages in long arrangement

This analysis is based on multi-channel data from Sohu Securities[2], Eastmoney[7], Sina Finance[6], etc., and strives to present a comprehensive picture of Yanpai Co., Ltd.'s strong performance. The key findings are as follows:

: Stock price of RMB11.93, gain of +11.39%, hit a 52-week high, trading volume of RMB238 million[1].

: In the first three quarters of 2025, revenue was RMB658 million (+18.09%), net profit attributable to parent company was RMB14.1568 million (-66.31%), gross profit margin was 24.8% (-6.5pct), and Q3 had a loss of RMB7.367 million[3].

: Ranks top five in China in sales of non-woven and woven industrial filter materials, and top three in the country in sales of woven filter materials[5].

: Core shareholders’ pledged shares are close to the warning line (RMB11.93) and liquidation line (RMB10.44), with a pledge ratio of 10.54% triggering a high-risk rating[6]; institutional capital continues to flow out, with obvious signs of retail investors chasing gains[3].

: There is a need for pullback confirmation in the short term; attention should be paid to whether it can stand above RMB11.50; in the medium term, if it breaks through the resistance level of RMB12.50, it is expected to challenge RMB13, and if it falls below RMB11, vigilance is needed for the formation of a double top[2].

: Technical outlook is strongish but fundamental support is weak, and the sustainability of the strong performance remains to be seen. It is not recommended to chase gains in the short term; close attention should be paid to the evolution of pledge risk, sustainability of trading volume, and signals of fundamental improvement.

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[1] AAStocks - Peer Analysis of Yanpai Co., Ltd. (301081.SZ)

[2] Sohu Securities - Yanpai Co., Ltd. Market Data

[3] Sohu - Yanpai Co., Ltd. Institutional Capital Net Sold RMB2.7355 Million on January 15

[4] Ginlix InfoFlow Analysis Database - Market Sector Performance Data

[5] Zhejiang Yanpai Filtration Technology Co., Ltd. Convertible Bond Prospectus Summary

[6] Sina Finance - Yanpai Co., Ltd.'s Pledge Triggers Eagle Eye “High Risk” Rating

[7] Eastmoney - Yanpai Co., Ltd.: Number of Shareholders Was 8,302 as of January 9, 2026