Analysis of Shengli Co., Ltd. (000407) Continuous Limit-Ups: Driven by Asset Restructuring and Clean Energy Strategy

Shengli Co., Ltd. (000407) has realized 6 consecutive trading day limit-ups as of November 18 since releasing the major asset restructuring plan and resuming trading on November 11, 2025 [2]. The restructuring plan involves issuing shares and paying cash to acquire 4 gas-related target companies controlled by the controlling shareholder (including 100% equity of CNPC Zhuhai, 100% equity of Tianda Shengtong, etc.), with the total assets of the target reaching 2.171 billion yuan [2]. At the industry level, natural gas, as a clean energy, continues to benefit from energy structure adjustment, with policy support increasing; gas sales volume in 2025 increased by 20.21% year-on-year [5]. In terms of finance, the company’s non-net profit in the third quarter increased by 20.21% year-on-year, financial expenses decreased by 33.06% year-on-year, and investment income increased by 71.71% year-on-year [3], with financial indicators significantly improved. In terms of market performance, the limit-up order volume on November 18 reached 597,800 lots, with a single-day turnover of 85.7544 million yuan, accounting for 1.46% of the circulating market value [2], and main funds have had net inflows for 5 consecutive days [6].

1. Asset Restructuring and Business Expansion Synergy
   : This restructuring not only expands the company’s gas business layout (adding 14 urban gas franchise rights) but also deeply binds core gas sources (such as equity participation in the national pipeline LNG receiving station) through the acquisition targets [2], enhancing long-term competitiveness.
2. Value of Strategic Investor Introduction
   : The private placement plan (issuance price of 3.07 yuan per share) introduces strategic investors such as CNPC Gas [3], which not only optimizes the capital structure but also provides resource support for subsequent business integration.
3. Resonance Between Market Sentiment and Industry Trends
   : The consecutive limit-ups reflect the market’s confidence in clean energy transformation. As a participant in the gas industry, the company benefits from energy structure adjustment under the “dual carbon” goal [5].

• Risk Points
  : Asset restructuring needs regulatory approval, with uncertainty; fluctuations in gas prices (down 33.06% in the same period [3]) may affect short-term profits; valuations may be temporarily high after consecutive limit-ups.
• Opportunity Window
  : The clean energy track has broad long-term growth space; business expansion brings scale effects; cooperation with strategic investors may bring more resource integration opportunities.

The recent consecutive limit-ups of Shengli Co., Ltd. (000407) are mainly driven by major asset restructuring, favorable clean energy industry conditions, and financial improvement. The advancement of the restructuring plan, the introduction of strategic investors, and industry policy support form the core growth logic, and market attention has significantly increased. It is necessary to pay attention to the progress of restructuring approval and the impact of gas price trends on the company’s future performance.