Liren Lizhuang (605136) Continuous Limit-Up In-Depth Analysis: Driven by Both Alibaba AI Concept and Pinduoduo Sector

Liren Lizhuang (605136) has recently experienced continuous limit-ups, mainly driven by the Alibaba AI concept and the hot Pinduoduo sector. Alibaba released its Qianwen AI project on November 17, 2025, officially entering the AI-to-C market [3], which led to a collective limit-up of Alibaba concept stocks on November 18 [2]. As an Alibaba-affiliated company (Alibaba holds 19.55% stake [0]), Liren Lizhuang rose by 9.96% in its first limit-up [1]. On November 19, the company hit another limit-up, benefiting from the 3.14% rise in the Pinduoduo concept sector [7], which ranked second among concept sectors in terms of growth that day [0].

The company is a leader in the beauty e-commerce operation industry and partners with well-known brands such as Schwarzkopf and Laneige [0]. In terms of performance, the revenue in the first three quarters was 1.177 billion yuan, a year-on-year decrease of 4.09%, but the single-quarter revenue in Q3 was 346 million yuan, a year-on-year increase of 32.55% [0], indicating signs of business recovery. In terms of capital flow, the main capital net inflow was 19.8938 million yuan on November 19 [5], and the Dragon and Tiger List data showed that Huaxin Securities Foshan Shunde Jinliang Road net bought 45.3599 million yuan [4]. In addition, the company’s pre-made dish business has an extremely low revenue share, with minimal impact on performance [8].

1. Dual Concept Driving
   : The company benefits from both the Alibaba AI concept and the hot Pinduoduo sector. Short-term market sentiment is high, and capital pursuit is obvious.
2. Performance Improvement Support
   : Q3 revenue increased by 32.55% year-on-year, providing certain fundamental support for the stock price and alleviating the pressure of the overall decline in the first three quarters.
3. Platform Cooperation Advantage
   : As an Alibaba-invested company and a member of the Pinduoduo concept sector, the company’s cooperative relationship with leading e-commerce platforms is one of its core competencies.

• Concept Speculation Risk
  : The stock price rise mainly relies on the popularity of the Alibaba AI and Pinduoduo sectors. If the concept cools down, it may face correction pressure.
• Long-term Growth Uncertainty
  : It is necessary to observe how AI technology can effectively empower the beauty e-commerce operation business and whether the performance improvement trend is sustainable.
• Overall Revenue Decline
  : The revenue in the first three quarters still decreased by 4.09% year-on-year, and the fundamentals have not been fully repaired.

• AI Technology Application
  : It can use Alibaba’s Qianwen AI technology to improve service capabilities such as precision marketing and user profiling, enhancing core competitiveness.
• Deepening Platform Cooperation
  : Further deepen cooperation with platforms like Alibaba and Pinduoduo to expand market share.
• Performance Recovery
  : If the Q3 revenue growth trend continues, it is expected to drive long-term value improvement.

Liren Lizhuang (605136) recent continuous limit-ups are the result of the combined effect of concept driving and performance improvement. Investors should pay attention to the sustainability of the concept’s popularity and the company’s AI technology integration progress. In the short term, the stock price may remain strong, but the long-term investment value needs to be comprehensively judged based on the actual business growth situation.