Meiyan Jixiang (600868) Limit-up Analysis on November 26, 2025: Short-term Capital Driven vs. Fundamental Deviation

Meiyan Jixiang (600868) mainly engages in hydropower generation, geographic surveying and mapping information, and manufacturing sectors [0]. On November 26, 2025, the stock hit the limit up and entered the limit-up pool, with main capital net buying 88.7163 million yuan [1]. Dragon and Tiger List data shows institutions like Huayuan Securities Shenzhen Branch had net buys [3]. In recent years, the company has conducted share repurchases to protect shareholder rights [0], and its subsidiary Meiyan Rotary Kiln Cement transferred a 600,000 tons/year cement clinker production capacity quota, related to industrial structure adjustment [0]. However, the company’s fundamentals in the first three quarters of 2025 were poor: operating revenue decreased by 18.54% year-on-year, net profit lost 30.8486 million yuan, down 365.34% year-on-year [0], showing weak business growth.

1. Short-term Capital Driven vs. Fundamental Deviation
   : The November 26 limit up was mainly driven by short-term capital speculation [3], in sharp contrast to the company’s weak fundamentals and lacking support for sustained growth [0].
2. Concentrated Chips but No Substantial Positive News
   : The number of shareholders decreased, chips tended to be concentrated [0], but there were no accompanying substantial performance improvements or major positive news [2].
3. Diversified Business but Weak Growth
   : The company has diversified businesses but all face growth pressure; the power sector performed平平 in 2025, with no sector rotation opportunity formed [0].

• Fundamental Deterioration Risk
  : Sustained decline in revenue and net profit may put long-term pressure on the stock price [0].
• Short-term Correction Risk
  : Lack of fundamental support after the limit up may lead to short-term price correction [3].
• Business Transformation Uncertainty
  : The effect of industrial adjustment measures like capacity transfer has not yet appeared [0].

• Industrial Policy Support
  : If the company can seize policy opportunities related to power or manufacturing, it may achieve business transformation [0].
• Share Repurchase Effect
  : Share repurchases may boost market confidence in the short term, but need to be combined with performance improvements [0].

Meiyan Jixiang (600868) November 26 limit up was mainly driven by short-term capital, with institutions like Huayuan Securities Shenzhen Branch participating in net buys [3]. The company’s fundamentals are weak: revenue and net profit dropped sharply in the first three quarters of 2025 [0], with diversified but weak growth. Investors need to pay attention to the deviation between short-term price fluctuations and long-term fundamentals, and follow up on subsequent performance improvements and industrial adjustment progress [2][4].