Sanhsiang Impression (000863) Limit-Up Analysis on December 18, 2025

Sanhsiang Impression (000863) hit the limit up on December 18, 2025, mainly due to the superposition of multiple factors:

1. Policy Support Driven
   : The Central Economic Work Conference (December 10-11) proposed “stabilize the real estate market” [0]. As a real estate development enterprise, the company directly benefits from the sector sentiment repair brought by policy signals.
2. Oversold Rebound Correction
   : On December 17, the company’s stock hit the limit down (closing price 4.68 yuan, turnover 344 million yuan [1]), and the next day’s limit up can be regarded as a short-term correction for excessive decline.
3. Dual Main Business Concept Attention
   : The company’s business covers real estate development and cultural tourism performances (‘Impression’ series IP) [2]. Recently, the cultural tourism industry has recovered, and the ‘real estate + cultural tourism’ model has attracted short-term market attention.
   Market层面,近5日主力净流入8010.57万元[2],政策利好提升投资者对房地产板块的信心,形成短期反弹预期。

1. Superposition Effect of Policy and Oversold
   : The policy signals from the Central Economic Work Conference provided fundamental support for the real estate sector, while the previous day’s limit down put the stock in an oversold range; the dual factors jointly triggered the limit up.
2. Short-term Nature of Concept Speculation
   : Although the cultural tourism sector accounts for less than 10% of revenue [2], under the background of industry recovery, the dual main business model may still attract short-term capital attention. Need to be vigilant about fluctuations after the speculation subsides.

• Risk Points
  : From January to September 2025, revenue decreased by 39.27% year-on-year, net profit decreased by 88.70% [1][2], with significant fundamental pressure; inventory accounted for 67.18% of total assets [1], with a long de-stocking cycle; high debt ratio and pledge risks of subsidiaries [1]; cultural tourism business is unlikely to contribute significant profits in the short term [2].
• Opportunities
  : Real estate stabilization policies may continue to exert force, driving the overall improvement of the sector; long-term cultural tourism recovery is conducive to the coordinated development of dual main businesses.

Sanhsiang Impression (000863) limit up is the result of the combined effect of policy support, oversold rebound, and concept speculation. Short-term market sentiment has been boosted, but the company’s weak fundamentals, high inventory, and pledge risks still exist. Investors should combine their own risk preferences and market dynamics to objectively evaluate investment value.