Analysis of the Drivers and Sustainability of Jiumuwang (601566)'s Strong Performance

1. Core Catalysts
   : The direct drivers of Jiumuwang (601566)'s recent strength come from two key events: first, promoting its refocus strategy by selling a 25% stake in the Italian high-end sports fashion brand MooRER and planning to exit primary equity investment to concentrate resources on its core men’s pants business [2]; second, becoming the official sponsor of the Chinese Olympic Committee for 2025-2028 in November 2025, significantly enhancing brand influence [1].
2. Technical Performance
   : As of December 16, 2025, the stock closed at 15.03 yuan, with a daily increase of 11.83%, trading volume of 407,100 lots, and turnover rate of 7.08% [0]; it rose 6.22% in the past 5 days and 19.48% in one month, with trading volume higher than the long-term average [0]. The technical support level is 13.66 yuan (closing price on December 11-15, 2025), and the resistance level is 15.48 yuan (highest price on December 15, 2025) [0].
3. Market Sentiment and Capital Flow
   : Dragon and Tiger List data shows that brokerage seats had a total net buy of 299 million yuan, among which the Foshan-based hot money bought 279 million yuan, indicating active participation of short-term speculative funds [1]; meanwhile, the market has given positive expectations to the company’s strategic transformation focusing on core business, driving the stock price upward [2].
4. Fundamental Support and Pressure
   : The refocus strategy is expected to improve operational efficiency and profit stability [2], but the company’s non-recurring net profit in the first three quarters decreased by 17.38% YoY, core business profitability still faces challenges, and the effect of strategic transformation needs time to verify [1][0].

1. Synergy between Refocus and Brand Power
   : The company’s strategy to focus on core men’s pants business, combined with the brand premium brought by the Chinese Olympic Committee sponsorship, forms a resonance point of short-term market sentiment, but in the long run, it depends on the actual improvement of core business revenue and profit margin.
2. Price Volatility under Capital Game
   : Large-scale intervention by hot money (high proportion of Foshan-based buying) has pushed up short-term gains, but the quick in-and-out nature of such funds is likely to trigger sharp stock price fluctuations; attention should be paid to subsequent changes in capital flow from the Dragon and Tiger List.
3. Balance between Transformation Growing Pains and Long-term Value
   : The performance decline in the first three quarters reflects the pressure during the strategic adjustment period; the effectiveness of the refocus strategy needs to be observed through the synergy of asset disposal income, core business investment, and brand promotion, which is difficult to fully release in the short term.

• Risks
  : Short-term speculative hot money leads to increased stock price volatility, with correction risk [1]; non-recurring net profit declined in the first three quarters, core business profitability pressure remains [2]; the implementation effect of the refocus strategy is uncertain, and it is difficult to significantly improve performance in the short term [0].
• Opportunities
  : The refocus strategy focuses on core advantage businesses, which is expected to improve operational efficiency [2]; the Chinese Olympic Committee sponsorship brings increased brand exposure, which may drive terminal sales growth [1].

Jiumuwang (601566) was selected into the strong stock pool mainly driven by two factors: the promotion of refocus strategy and the enhancement of brand rights. Technically, it shows a short-term uptrend, with active hot money participation but still challenges in fundamentals. Investors should pay attention to the breakthrough of the 13.66 yuan support level and the 15.48 yuan resistance level, as well as performance changes and capital flow during the strategic transformation, and rationally evaluate the balance between short-term volatility and long-term value.