Deep Analysis of Shenjian Co., Ltd.'s 7 Consecutive Daily Limits: Concept Speculation and Valuation Bubble Driven by Policy Catalysts

: On December 27, 2025, Shenjian Co., Ltd. had 7 consecutive daily limit-ups (December 18-26) [0]

:

• Stock price surged from 6.75 yuan to 13.17 yuan, a 95.11% increase in 7 trading days [0]
• Market capitalization jumped from 6.4 billion yuan to 12 billion yuan
• Dynamic P/E ratio reached 329-360x, far exceeding reasonable valuation levels
• Consecutively appeared on the Dragon and Tiger List (December 19, 22, 23, 24), with turnover rate exceeding 30% multiple times

:

• November 2025: “China National Space Administration’s Action Plan for Promoting High-Quality and Safe Development of Commercial Aerospace (2025—2027)” was officially released [1][10]
• December 25-26, 2025: The National Industry and Information Technology Work Conference listed aerospace as an emerging pillar industry [1]
• December 26, 2025: The fifth set of listing standards for the Science and Technology Innovation Board was expanded to the commercial aerospace field, opening a financing channel for unprofitable enterprises [1][6]

:

• On December 24, the 3rd China Commercial Aerospace Development Conference was held, launching the Commercial Aerospace Industry Alliance Sci-Tech Innovation Fund with an initial scale of 1-2 billion yuan and a long-term target of 10 billion yuan [2]

:

• Chemical New Materials Business
  : H1 2025 revenue was 1.017 billion yuan, accounting for
  88.04%
  of total revenue [2]
  • Main products: Polyester resin, neopentyl glycol
  • Gross margin: 13.34%
  • Industry status: Severe overcapacity, low profitability

• High-End Equipment Manufacturing Business
  : H1 2025 revenue was 111 million yuan, accounting for only
  11.96%
  [2]
  • Products: Satellite antennas, reflectors, drone bodies, high-speed rail structural parts
  • Gross margin: 14.54% (only 1 percentage point higher than chemical business)
  • Customer: China Aerospace Science and Technology Corporation (confirmed on the interactive platform on December 12, 2025) [3][4]

[2]:

• ✅ Low stock price (6.75 yuan before launch)
• ✅ Low market capitalization (6.4 billion yuan before launch)
• ✅ No fund holdings (as of December 2025)
• ✅ Consecutively appeared on the Dragon and Tiger List

:

• Main capital continuously net outflow: 101 million yuan net outflow on December 24 [2]
• Financing balance hit a new high: reached 477 million yuan on December 16, with a monthly increase of over 15%
• Number of shareholders sharply decreased: from 61,831 households at the end of June to 55,571 households at the end of September (-10.12%), chips tended to concentrate

Valuation Indicator	Shenjian Co., Ltd.	Industry Average (Chemical)	Premium Magnitude
P/E (TTM)	360x	15-20x	~18-24x
P/B	5.66x	1.5-2x	~3x

[0][2]:

Indicator	First Three Quarters of 2025	YoY Growth
Operating Revenue	1.834 billion yuan	+5.64%
Net Profit Attributable to Parent	30.32 million yuan	+3.81%
Q3 Net Profit	6.7229 million yuan	-40.57%

:

• 2024: Full-year net loss
• 2023: Net profit attributable to parent decreased by 5.45% year-on-year
• 2022: Net profit attributable to parent decreased by 68.09% year-on-year

:

• Stock price increase: 95% (7 trading days)
• Net profit growth: 3.81% (first three quarters)
• Q3 net profit: -40.57%

:

• Current Market Cap
  : 12 billion yuan
• Commercial Aerospace-related Revenue
  : ~220 million yuan/year (estimated based on half-year report)
• Revenue Contribution Rate
  : 12%
• Implied PS (Price-to-Sales Ratio)
  : Assuming priced as 100% aerospace business, it is equivalent to
  54x PS
  for the 220 million yuan revenue business

: The market prices it as a “commercial aerospace leader”, but in reality, 88% of revenue comes from the overcapacity chemical industry, commercial aerospace business accounts for a small proportion with a gross margin of only 14.5%.

[2]:

• 2025: China’s commercial aerospace market size is expected to reach 2.8 trillion yuan
• 2030: Market size is expected to reach 7.8 trillion yuan (Dongwu Securities forecast)

: According to Xinhua News Agency report [5], China’s commercial aerospace has entered a new stage of large-scale and commercialized development, with technological breakthroughs including the successful vertical recovery test of Zhuque-3 and the first flight of the reusable Long March 12A rocket.

:

• The company is in the upstream component supporting link of the industry chain, providing satellite antennas, reflectors, etc.
• Supporting components have limited value and are not core system integrators
• Needs to pass large order verification to substantially benefit from industry growth

Policy Catalysis (Industry Benefit) → Company confirms aerospace supply chain (concept established) → 
Hot money discovers low market cap + no institutional holdings (speculation conditions) → 
Consecutive limit-ups attract market attention (sentiment amplification) → 
Retail investors chase gains + main force sells (capital game) → 
Valuation and fundamentals seriously diverge (bubble formed)

:

• Performance cannot support high valuation: Commercial aerospace business needs rapid growth to support current valuation
• Policy benefits have been over-reflected in stock price: 360x PE has overdrawn years of growth
• Hot money exit risk: No institutional positions, chips are highly concentrated, high liquidity risk

:

• Chemical main business continues to drag: Polyester resin overcapacity, weak profitability
• Competition intensifies: More new entrants in commercial aerospace field, profit margin compression

Investors need to pay attention to the following verification signals:

1. Order Level
   : Whether it obtains large orders from China Aerospace Science and Technology Corporation and the contract amount
2. Business Level
   : Whether the proportion of high-end equipment manufacturing revenue increases significantly (from 12% to 30%+)
3. Profit Level
   : Whether the gross margin of chemical new materials business improves
4. Capital Level
   : Whether institutional investors start building positions (no institutional holdings currently)

: The current 360x P/E is far higher than the industry’s reasonable level; if commercial aerospace business cannot grow rapidly, there is a risk of valuation regression.

: Q3 2025 net profit decreased by 40.57% year-on-year, chemical main business is under pressure, and full-year performance is highly uncertain.

: Obvious hot money speculation characteristics, no institutional positions; once main funds withdraw, stock price may fluctuate sharply.

: Industry policy benefits need to be transmitted to corporate performance through orders, with time lag and uncertainty.

: Commercial aerospace industry is in a rapid growth period, expected to grow from 2.8 trillion yuan to 7.8 trillion yuan from 2025 to 2030 [2].

: Domestic substitution of aerospace supply chain accelerates, upstream component suppliers are expected to benefit.

: If the proportion of high-end equipment manufacturing business increases, it can improve the company’s overall profit structure.

This analysis shows that Shenjian Co., Ltd.'s 7 consecutive limit-ups are mainly driven by

, among which concept speculation by hot money leveraging low market cap and low stock price characteristics is the dominant factor.

:

1. Obvious Valuation Bubble
   : 360x PE vs industry 15-20x, premium of ~18-24x
2. Business Structure Mismatch
   : Commercial aerospace revenue accounts for 12%, but the market prices it as 100%, with implied PS of 54x
3. Insufficient Performance Support
   : Stock price increased by 95% vs net profit growth of 3.8%, Q3 net profit declined by 40.57%
4. Significant Hot Money Speculation Characteristics
   : Consecutive Dragon and Tiger List appearances, no institutional holdings, main capital net outflow

:

• ✅ Commercial aerospace industry has broad prospects and strong policy support
• ⚠️ Shenjian Co., Ltd. is upstream in the industry chain, supporting components have limited value
• ⚠️ Current stock price has significantly overdrawn growth expectations for the next few years
• ⚠️ Chemical main business is weak, overall profitability is low

This report provides objective fact analysis and does not constitute investment advice. Investors should make decisions based on independent judgment and fully recognize the risks brought by excessive short-term gains and serious divergence from fundamentals.