Execution Risk Analysis of the Strategic Cooperation Framework Agreement Between Junda Co., Ltd. and Shangyi Optoelectronics and Investor Warning

According to the latest announcement, the cumulative deviation of the closing price increase of Junda Co., Ltd.'s (002865.SZ) A-share stock reached 20% over three consecutive trading days, triggering abnormal fluctuations in stock trading. Earlier, the company signed a “Strategic Cooperation Framework Agreement” with Hangzhou Shangyi Optoelectronics Technology Co., Ltd., intending to cooperate on “R&D and industrialization of flexible perovskite technology for space computing power and space energy applications” [1].

• Agreement Nature:
  Only preliminary cooperation intention,
  not legally binding
• Content Uncertainty:
  Cooperation content not finally determined, possibility of change, suspension or termination exists
• Financial Impact:
  No specific amount involved,
  will not have a significant impact on the company’s current operating performance
  [1]
• Abnormal Stock Price Fluctuation:
  Market speculation triggered after the agreement disclosure, leading to short-term sharp fluctuations in stock price

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According to judicial practice, framework agreements are usually divided into three types of legal nature:

Agreement Type	Legal Binding Force	Breach Consequence	Execution Risk Level
Consultative Document	No legal binding force, only obligation to consult	Cannot enforce performance, only compensate for reliance interest losses	Extremely High
Pre-contract	Binding, but only limited to the obligation to enter into a formal contract	Can require mandatory contracting or compensation for losses	High
Formal Contract	Full legal binding force	Comprehensive liability for breach	Low

Junda Co., Ltd.'s framework agreement

, which means:

• Either party
  does not need to perform specific cooperation obligations
• Cannot force the other party to perform the agreement through legal means
• Even if one party reneges, the other party’s remedies are extremely limited [2]

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The announcement clearly states that the agreement has multiple uncertainties:

• The application of perovskite batteries in space environments faces technical challenges (radiation tolerance, extreme temperature changes, etc.)
• From a laboratory efficiency of 32.08% to space industrialization, it still needs to go through multiple links such as product certification, customer introduction, and mass production supply
• Long technology iteration cycle, risk of being replaced by other technical routes [1]

• Whether Shangyi Optoelectronics’ channel resources such as commercial satellite operators and aerospace research institutes can be converted into actual orders is uncertain
• The application scale of solar cells in the space field is relatively limited compared to the ground market, and the market ceiling is low
• Products need to pass strict aerospace-level certification, with long cycle and high cost [1]

• The actual effect of integrating industrial and scenario resources by both parties remains to be verified
• Integration of management teams and differences in corporate culture may lead to synergy effects falling short of expectations

---

Even if a formal agreement is finally reached, it still needs to face multiple regulatory obstacles:

According to the “Measures for the Administration of Major Asset Restructuring of Listed Companies”, if major asset restructuring is involved, it needs to go through:

1. Board resolution
2. Shareholders’ meeting approval (special resolutions require more than 2/3 of the voting rights to pass)
3. Review by the M&A and Restructuring Committee of the Stock Exchange
4. Registration with the China Securities Regulatory Commission [2]

• When disclosing framework agreements, listed companies must abide by the principles of truthfulness, accuracy, and completeness
• If the agreement is terminated or significantly adjusted later, it needs to be disclosed in a timely manner and the reasons explained
• Untimely or inaccurate information disclosure may face regulatory penalties

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Although the agreement does not involve specific amounts, there are still potential financial risks:

• Junda Co., Ltd. intends to invest in Shangyi Optoelectronics as a “strategic shareholder”, but the investment amount and valuation level have not been disclosed
• As a non-listed company, Shangyi Optoelectronics has low financial transparency, and there is great uncertainty in valuation
• Similar space technology start-ups have a high risk of valuation bubbles

• R&D of perovskite battery technology requires continuous large capital investment
• The commercialization cycle of space application scenarios is long, and it is difficult to generate positive cash flow in the short term
• May put pressure on the overall financial situation of the listed company

---

According to market feedback from similar cases (such as the GPU chip cooperation between Dongxin Semiconductor and its invested enterprise Liscal Technology):

• After the framework agreement is signed, the market may over-interpret it and push up the stock price
• If there is no substantial progress later, the stock price may retrace sharply
• Investors are easy to fall into the trap of “concept speculation” [3]

---

From the perspective of legal practice, a large number of framework agreements have not been implemented in the end:

• Some framework agreements are only expressions of intent, and both parties have no substantial willingness to perform
• Changes in market environment, strategic adjustments and other factors lead to the agreement being shelved
• Key terms cannot be agreed during the negotiation process, and the cooperation fails [2]

• Carefully identify the nature of the agreement, distinguish between “intentional agreement” and “formal contract”
• Pay attention to whether the agreement has substantive clauses such as specific amounts, timetables, and liability for breach of contract
• Keep cautious about agreements that only express “willingness to cooperate”

---

From the announcement, the cooperation needs to go through a long process from signing to generating actual performance:

Phase	Time Cycle	Key Milestone	Failure Probability
Signing of Framework Agreement	0	Reach cooperation intention	-
Due Diligence	1-3 months	Technical due diligence, financial due diligence	High
Signing of Formal Agreement	3-6 months	Specific cooperation terms determined	Medium
Technology R&D	1-3 years	Successful product R&D	High
Product Certification	6 months-2 years	Pass aerospace-level certification	Extremely High
Mass Production and Supply	2-5 years	Delivery of first batch of orders	Medium
Performance Contribution	3-5 years	Substantial impact on revenue/profit	Medium-High

Investors should recognize that the success rate from framework agreement to performance realization may be less than 20%, and the cycle is as long as 3-5 years.

---

Junda Co., Ltd. experienced abnormal stock price fluctuations after the announcement disclosure (cumulative increase deviation reached 20% over 3 trading days), and this trend has typical characteristics:

• Market funds speculate on hot concepts such as “space energy” and “perovskite”
• Retail investors follow the trend to chase high, pushing up the stock price
• Institutional investors may take the opportunity to reduce holdings and cash out

According to statistics from similar cases in the A-share market:

• About 70% of framework agreement concept stocks peak within 1 month after the announcement
• About 50% of stocks fall back to pre-announcement levels within 3-6 months
• Only about 10% of stocks can convert cooperation into long-term performance support

• Avoid chasing high to buy after consecutive sharp rises
• If already holding, it is recommended to consider reducing positions when the stock price fluctuates sharply
• Wait for the signing of the formal agreement and the announcement of specific amounts before making investment decisions

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The key statements in Junda Co., Ltd.‘s announcement deserve investors’ attention:

Announcement Statement	Interpretation	Risk Level
“Only preliminary cooperation intention”	No legal binding force, may be terminated at any time	High
“Not legally binding”	Clearly inform that performance cannot be enforced	High
“Cooperation content not finally determined”	Unclear what to do and how to do it	Extremely High
“Possibility of change, suspension or termination exists”	High failure probability	Extremely High
“Will not have a significant impact on the company’s current operating performance”	No short-term performance support	High

Investors should focus on these “risk warning” statements, which are often real warnings given by listed companies under the legal framework.

---

Investors should continue to track the following key nodes:

1. Signing of Formal Cooperation Agreement:
   Specific amount, cooperation term, liability for breach of contract
2. Details of Investment Plan:
   Investment amount, equity ratio, valuation basis for Shangyi Optoelectronics
3. Technology Progress Announcement:
   R&D milestones, product certification progress
4. Order Implementation Announcement:
   Whether actual contracts are signed
5. Performance Impact Announcement:
   Quantitative impact on financial data

• If no formal agreement is signed within 6 months, the cooperation is likely to fail
• If there is no technical breakthrough or order implementation within 1 year, the value of concept speculation will fade
• It is recommended to use time as a touchstone to test the authenticity of the cooperation

---

• Risk Level:
  Extremely High
• Recommendation:
  Avoid
  or
  significantly reduce positions
• Reason:
  Pure concept speculation, no performance support, extremely high risk of stock price fluctuation

---

• Risk Level:
  High
• Recommendation:
  Wait and Watch
• Operation Strategy:
  Wait for the signing of the formal agreement and the announcement of specific amounts before considering intervention
• Key Observation Point:
  Whether there is substantial progress within 3 months

---

• Risk Level:
  Medium-High
• Recommendation:
  Cautiously Evaluate, Build Positions in Batches
• Evaluation Focus:
  • Junda Co., Ltd.'s technical strength and industrialization capability in the perovskite battery field
  • Shangyi Optoelectronics’ technical level and commercial prospects
  • Actual verification of the synergy effect between the two parties
• Position Building Strategy:
  If you are optimistic about the long-term logic, you can intervene in batches when the stock price retraces

---

1. Don’t Chase High:
   Avoid buying after consecutive sharp rises
2. Don’t Overweight:
   The position of a single concept stock should not exceed 5-10% of the total capital
3. Don’t Have Illusions:
   Clearly recognize the high failure rate of framework agreements

1. Look at Announcements:
   Read the full text of the announcement carefully, focusing on risk warnings
2. Look at Progress:
   Continuously track subsequent information disclosure
3. Look at Fundamentals:
   Evaluate the actual operating status of the company’s main business

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The strategic cooperation framework agreement event between Junda Co., Ltd. and Shangyi Optoelectronics provides investors with a typical case analysis of

:

• Dominated by market sentiment, large component of concept speculation
• Sharp stock price fluctuations, extremely high speculative risk
• Not suitable for conservative investors to participate

• Need to verify the authenticity and feasibility of the cooperation
• Signing of the formal agreement is a key verification node
• Mainly watch and wait for substantial progress

• If the cooperation progresses smoothly, it may open up new growth space
• The application prospect of perovskite + space energy is worth looking forward to
• But requires extremely strong patience and risk tolerance

Framework agreement ≠ actual performance, concept speculation ≠ value investment. When facing such announcements, investors should remain rational, , and avoid becoming victims of market sentiment fluctuations.

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[1] 证券时报网 - 《钧达股份与尚翼光电强强联合，打造全球领先的太空能源解决方案》(2025年12月23日)
https://www.stcn.com/article/detail/3552802.html

[2] 金杜律师事务所 - 《上市公司并购重组争议解决（一）：框架协议的性质认定与责任分配》
https://www.kwm.com/cn/zh/insights/latest-thinking/dispute-resolution-for-ma-and-restructuring-of-listed-companies-characterization-of-framework-agreements-and-allocation-of-liability.html

[3] 东芯半导体股份有限公司 - 《股票交易异常波动公告》(2025年11月28日)
https://stockmc.xueqiu.com/202511/688110_20251128_QMJ6.pdf

[4] 21世纪经济报道 - 《欣旺达：子公司与中伟股份签署固态电池战略合作框架协议》(2025年12月25日)
https://www.21jingji.com/article/20251225/herald/1f5268a60aa54a5236acb3ec8573298f.html

[5] 凤凰网财经 - 《钧达股份：与尚翼光电签署的太空钙钛矿产品合作框架协议仅为初步合作意向》(2025年12月28日)
https://i.ifeng.com/c/8pSLHBpKGzA