Analysis of the Strong Performance of Anda Intelligent (688125) and Assessment of Its Sustainability

Anda Intelligent (688125) entered the strong stock pool on December 23, 2025. On that day, it rose by 15.51% to close at 110.3 yuan, hitting an intraday all-time high of 113.87 yuan. Its cumulative 20-day increase reached 49.26%, with a cumulative price deviation of 30% over three consecutive trading days [0]. The driving factors for its strong performance can be summarized as follows:

• AI Servers and Robotics/AMR Concepts
  : The company has delivered 2 assembly production lines to Taiwanese AI server supply chain manufacturers, and also has technical布局 in robotics/AMR (Automated Mobile Robots), aligning with current hotspots in the technology industry [0].
• Gains from RMB Depreciation
  : Overseas revenue accounts for 53.3% of the company’s total revenue, so RMB depreciation will directly increase the exchange gains from its overseas business [0].
• Expansion into New Fields
  : Involves national strategy-supported fields such as new energy (hydrogen energy, automotive electronics), with broad potential market space [0].

• R&D Investment
  : In Q3 2025, R&D investment was 42.19 million yuan, accounting for 26.61% of operating revenue. High R&D investment provides momentum for technological innovation and business expansion [0].
• Enterprise Qualification
  : Awarded the title of “Specialized, Sophisticated, Unique, and New Little Giant Enterprise”, demonstrating technical professionalism and market competitiveness [0].

At the time of the report’s release, Anda Intelligent was at an all-time high. Recent gains were significant, and trading volume was likely to have increased (needs verification with real-time data). The continuous upward trend indicates market funds’ recognition of its concepts and prospects.

1. Concept Linkage Effect
   : The company has布局 in AI servers, robotics, and new energy fields simultaneously. The superposition of multiple popular concepts drives its rapid stock price rise.
2. Overseas Business Elasticity
   : The high proportion of overseas revenue allows it to benefit from the RMB depreciation cycle, and the positive impact of exchange gains on performance has short-term sustainability.
3. R&D Conversion Potential
   : If high R&D investment can be converted into new business growth points, it will lay the foundation for the company’s long-term development.

1. Short-term Volatility Risk
   : After continuous sharp rises, the stock price is at a high level, and there is a risk of short-term correction due to profit-taking by investors.
2. Performance Pressure
   : As of 2025, revenue has decreased by 8.01% year-on-year, with a net loss of 96.97 million yuan. Fundamentals have not fully reversed [0].
3. Concept Speculation Risk
   : The current increase partially relies on concept speculation. If relevant industry policies or market sentiment changes, the stock price may fall rapidly.

1. Growth in AI and Robotics Fields
   : The global AI server and robotics market scale continues to expand. The company has actual business落地, with potential for performance release.
2. New Field Layout
   : Expansion into new energy and other fields provides new performance growth points for the company.

Anda Intelligent (688125)'s recent strong performance is mainly driven by the superposition of multiple popular concepts, gains from RMB depreciation, and new field布局. Technical analysis shows it is in a rapid upward channel, but fundamentals still face performance pressure. Investors need to pay attention to the sustainability of concept speculation, the conversion effect of R&D investment, and the improvement of the company’s performance.

Note: The above analysis is based on current public information. Market conditions may change at any time, and investment needs to be cautious.