Comprehensive Analysis of the Limit-Up Event of Wonlon Optics (300710)

: On the evening of December 17, 2025, Wonlon Optics (300710) announced plans to acquire 100% equity of Zhongkong Information through issuing shares and paying cash, and raise supporting funds from the actual controller [2][3]. Zhongkong Information is a leading domestic infrastructure digital intelligence service provider. This cross-industry restructuring will add an infrastructure digital intelligence business segment to the company, which is expected to build a second growth curve. The market has strong expectations for performance growth, driving the stock to directly hit the limit-up after resuming trading on December 18 [1].

: On December 18, the company’s stock opened at the limit-up price of 30.88 yuan, maintained the limit-up throughout the day, with an amplitude of 0% [1]. The turnover on that day was 114 million yuan, with a turnover rate of 4.96%; the Dragon and Tiger List showed a total net purchase amount of 50.043 million yuan, with the main buyers being GF Securities Taizhou Donghai Boulevard (bought 29.9999 million yuan) and GF Securities Hangzhou Xiangwang Street (bought 27.9001 million yuan), and institutions and large funds actively participated [1].

: Expectations of restructuring and transformation have driven positive market sentiment, with continuous inflow of large funds; as of September 30, the number of shareholders was 11,200, an increase of 14.75% from the previous period, and the participation of retail investors has increased [1].

1. Strategic Significance of Transformation
   : Wonlon Optics’ traditional business is facing challenges (from January to September 2025, revenue decreased by 23.52% year-on-year, and net profit attributable to parent company was a loss of 10.3003 million yuan [1]). Acquiring Zhongkong Information is a key measure for the company to seek a new growth pole, and the infrastructure digital intelligence track has high development potential.
2. Capital Attention
   : The Dragon and Tiger List shows that buyers are concentrated and the amount is large, indicating that institutions have a high recognition of the restructuring prospects, but attention should be paid to the risk of short-term speculative capital hype.

: ① Restructuring uncertainty: Only the plan has been disclosed so far, audit and evaluation have not been completed, and transaction details are to be determined [2][3]; ② Performance pressure: Current operating performance is poor, and the effect of restructuring integration is uncertain; ③ Blank compensation clauses: The plan does not clearly specify performance compensation clauses, so attention should be paid to subsequent progress [4]; ④ Short-term correction pressure: After the limit-up, the increase is large, and there is a risk of short-term fluctuations.

: ① Track upgrade: Entering the high-growth infrastructure digital intelligence field is expected to achieve business transformation; ② Increased market attention: The restructuring event has attracted capital attention, and if progress is smooth, it may promote valuation repair.

• Wonlon Optics (300710) hit the limit-up on December 18, 2025, with the core reason being the disclosure of the major asset restructuring plan to acquire Zhongkong Information and resumption of trading.
• The Dragon and Tiger List shows a net purchase amount exceeding 50 million yuan, with large funds actively participating, and the market is optimistic about the transformation expectations.
• Attention should be paid to subsequent developments such as restructuring progress, performance compensation clauses, integration effects, and short-term market fluctuation risks.

This report only provides information synthesis and does not constitute investment advice.