Lucky Film (600135) Limit-Up Analysis Report as of December 31, 2025

As a chemical industry stock in the basic materials sector of the Shanghai Stock Exchange, Lucky Film (600135) closed at RMB 10.32 with a limit-up on December 31, 2025, with a market capitalization of RMB 5.71 billion. The limit-up was driven by multiple catalysts: first, as a core upstream material supplier for commercial aerospace, the company’s products cover four key areas including thermal control management and manufacturing quality control, with related orders growing by over 20% in 2024 [1]; second, the lithium battery separator business saw sales volume increase by more than 50% year-on-year in the first half of 2025 [2]; third, it completed the acquisition of Lucky Optoelectronics and divested the loss-making photovoltaic business, focusing on optoelectronic display and green dual-carbon new businesses [3].
Price and volume: The trading volume on the day was 58.51 million shares, three times the average volume [4]; the recent trend is strong, with 5-day, 1-month, 6-month, and YTD gains of 9.90%, 31.80%, 33.68%, and 60% respectively, and the current price hit a 52-week high [4]. The basic materials sector it belongs to rose 0.47% on the day, with positive industry sentiment [4].

1. Business Transformation Effectiveness Appears
   : The company focuses on high-potential new businesses, and its layout in commercial aerospace and lithium battery materials aligns with the direction of the country’s strategic emerging industries, becoming the core logic for the stock price rise [1][2][3].
2. Capital Attention Significantly Increased
   : The 3x average volume expansion shows that market funds highly recognize the company’s transformation expectations, and the short-term upward trend is obvious [4].
3. Fundamentals Deviate from Stock Price Performance
   : Despite the sharp rise in stock price, the company has been losing money for several consecutive quarters, with a net profit of -RMB 86.3789 million in the first three quarters of 2025 and a 12.69% year-on-year decrease in operating income, so the valuation lacks profit support [5].

• Sustained negative profitability and declining revenue [5];
• High valuation (P/B 2.39x, negative P/E) [5];
• Uncertainty in market expansion and profitability of new businesses, intense industry competition [1][2];
• 30-day volatility of 3.57%, need to pay attention to the risk of high-level fluctuations after the limit-up [4].

• The commercial aerospace and lithium battery materials sectors are in a high-growth stage, and the company’s layout has long-term development potential [1][2];
• Business transformation focuses on high-potential sectors; if new businesses achieve profit breakthroughs, it may support long-term stock price rises [3].

Lucky Film (600135) hit the limit-up mainly driven by three catalysts: commercial aerospace materials, lithium battery separator business, and transformation. Short-term market sentiment is positive, and trading volume has increased significantly. Attention should be paid to fundamental challenges such as the company’s profitability, declining revenue, and valuation, while in the long term, the new business layout has development potential. Regarding key price levels: short-term support at RMB 9.40, medium-term at RMB 8.97, long-term at RMB7.64; current resistance at RMB10.32, and if broken, it may reach around RMB11.00 [4].