Analysis Report on the Strong Performance of Wajinke (301380)

Wajinke (301380) entered the strong stock pool mainly due to the catalysis of the shareholder agreement transfer event. On December 31, 2025, the company issued an announcement stating that shareholder Chen Kun intends to transfer 5% of the shares to Beijing Kaisheng via agreement at a price of 31.67 yuan per share [1]. The transfer price is close to the market price of 31.60 yuan on that day, triggering market attention on the transferee’s background and subsequent capital operations. From a technical perspective, the stock’s trading volume on that day doubled compared to the 5-day average (volume ratio 2.03), indicating a significant increase in capital attention [2]. Regarding capital flow, data from NetEase Finance shows a large capital inflow, reflecting market attention to its information technology business [3].

Although it performed strongly in the short term due to the agreement transfer event, the following underlying factors need attention: First, the company’s current dynamic PE is 89.94 and PB is 4.40, with valuation levels at a high position [2]; second, the net profit in the third quarterly report decreased by 23.38% year-on-year, facing downward pressure on performance [2]; third, the equity pledge ratio reached 16.89%, with certain pledge risks [2]. In addition, the number of shareholders decreased by 4.18% from the previous period to 13,000, and the concentration of chips has increased, which has a certain supporting effect on the short-term stock price [2].

: Overvaluation, declining performance, and equity pledge risks are the main concerns. If there is no substantial capital operation or performance improvement in the future, the short-term rise lacks sustained support. : The agreement transfer event introduced Beijing Kaisheng as a shareholder for the company. If there are related business or capital operations in the future, it may bring new development opportunities.

The short-term strong performance of Wajinke (301380) stems from the catalysis of the shareholder agreement transfer event, with both technical trading volume and capital inflow increasing. However, attention should be paid to risks such as the company’s high valuation, declining performance, and equity pledge. Investors should combine subsequent company developments and market conditions to make a cautious judgment on its trend.