Analysis of Strong Limit-Up of Shanhe Pharmaceutical Excipients (300452): Institutional Net Purchase of RMB 156 Million, 47% YoY Surge in Q3 Net Profit

, Anhui Shanhe Pharmaceutical Excipients Co., Ltd. (Stock Code: 300452.SZ) surged to the limit-up at a price of RMB 16.85, with a gain of as high as 20.01%[1]. The stock entered the strong stock pool on the day, triggering widespread discussions among investors. In terms of trading volume, 414,200 lots were traded on the day, with a turnover rate of as high as 20.85%, and the transaction amount was approximately RMB 670 million, which was 5.6 times the average daily trading volume, showing signs of abnormal capital intervention[1].

From the perspective of capital flow, the net inflow of main institutional capital was

, accounting for of the total transaction amount, showing a typical pattern of “institutions buy, retail investors sell”; while hot money had a net outflow of RMB 105 million, and retail capital had a net outflow of RMB 50.8433 million, reflecting short-term capital divergence[1]. This capital structure indicates that professional investors recognize the company’s long-term value, while short-term hot money chooses to take profits.

The direct driving force for the limit-up of Shanhe Pharmaceutical Excipients comes from the large-scale net purchase by main institutions. According to market data, the net inflow of main capital on the day was RMB 156 million, accounting for 23.34% of the transaction amount[1]. This data indicates that institutional investors are optimistic about the company’s future development and are actively building positions in the current market environment. In contrast, hot money and retail investors chose to take profits, showing that there is certain divergence in the market’s short-term outlook for the stock.

The trading volume of the stock on the day reached 414,200 lots, with a turnover rate of 20.85%, and the transaction amount was approximately RMB 670 million[1]. It is worth noting that the average daily trading volume of the stock is only 7.44 million shares, while the trading volume on the day was 5.6 times the average daily volume. Such abnormal volume expansion usually means significant capital intervention or major event-driven. Combined with the data of net inflow of main capital, it can be judged that this volume-driven limit-up is mainly promoted by institutional capital, rather than chasing highs by retail investors.

From the price trend perspective, Shanhe Pharmaceutical Excipients has shown an accelerated upward trend recently. The 1-day gain is +20.01%, 5-day gain is +22.63%, 1-month gain is +25.75%, 3-month gain is +27.85%, and 52-week gain is +45.64%[0]. The stock price has hit a 52-week high of RMB 16.85, forming a breakthrough trend technically. In terms of key prices, the support level is at RMB 14.04 (previous day’s closing price), the resistance level is at RMB 16.85, and the next technical target level is at RMB 17.32[0].

Indicator	Value	Signal Interpretation
MACD	Bullish Arrangement	Bullish Trend (bullish)
KDJ	K:92.5, D:87.0, J:103.5	Overbought Warning
RSI(14)	In Overbought Zone	Short-term Pullback Risk
Beta	0.25 (vs. SSE Composite Index)	Low Beta Characteristic, Strong Resistance to Decline

The comprehensive score given by the technical analysis system is

(out of 5), and the trend is determined as [0]. The main technical signals include: the stock price stands above the 20-day moving average, the 10-day moving average > 20-day moving average showing a bullish arrangement, and the trading volume expands in coordination. However, the KDJ indicator’s J value exceeds 100 and RSI is in the overbought zone, both indicating short-term pullback risk.

In the first three quarters of 2025, Shanhe Pharmaceutical Excipients achieved operating revenue of RMB 697 million, a year-over-year increase of 8.09%; net profit attributable to parent was RMB 133 million, a year-over-year increase of 8.28%; non-recurring net profit was RMB 120 million, a year-over-year increase of 14.02%. The gross profit margin remained at a good level of 31.88%, and the asset-liability ratio was 36.45%, with sound financial conditions.

The company performed particularly well in the third quarter, with operating revenue of RMB 226 million, a year-over-year increase of 16.06%, showing a significant acceleration in growth; net profit attributable to parent was RMB 39.5288 million, a substantial year-over-year increase of

. This data indicates that the company’s operations are entering an acceleration period, with the third-quarter net profit growth rate close to 50%, showing that the company’s product competitiveness and market share are both improving.

In terms of financial health, the company’s current ratio is 4.58 (very healthy), quick ratio is 4.23 (strong short-term solvency), ROE is 13.84% (good), and net profit margin is 13.90% (excellent)[0]. These indicators show that the company has good profitability and financial stability, providing solid fundamental support for the stock price.

The pharmaceutical excipients industry benefits from multiple positive factors: First, the country’s attention to the pharmaceutical industry continues to increase, and the industry policy environment is favorable; second, the demand for pharmaceutical excipients continues to increase in the process of new drug R&D and production; third, the localization rate of pharmaceutical excipients is increasing, and leading domestic enterprises are expected to continue to benefit. As a leading enterprise in the industry’s segmented field, Shanhe Pharmaceutical Excipients is expected to fully share the dividend of industry expansion.

: The J value of the KDJ indicator exceeds 100, and RSI is in the overbought zone. Historical data shows that such extreme overbought conditions are often accompanied by short-term pullbacks[0]. Investors should be cautious when chasing highs.

: The turnover rate on the day was as high as 20.85%, indicating that the chips have loosened, and it is necessary to closely monitor subsequent changes in trading volume. If the subsequent trading volume cannot be maintained, it may trigger concentrated realization of profit-taking orders.

: Hot money had a net outflow of RMB 105 million, and short-term capital chose to take profits, which may put pressure on the short-term stock price.

: The company’s Q3 performance growth rate accelerated significantly, with a net profit increase of nearly 50%, indicating that the company’s operations have entered an acceleration period. If this trend can continue, the stock price is expected to receive continuous support.

: The net inflow of main capital was RMB 156 million, indicating that institutional investors are actively building positions, which usually means optimism about the medium-to-long-term trend.

: The pharmaceutical excipients industry benefits from the expansion of the pharmaceutical industry and the trend of domestic substitution, and the industry’s beta attribute is conducive to the improvement of the company’s valuation.

: The company’s current PE(TTM) is about 30.25 times, which is higher than the industry average, and the stock price increase has partially reflected expectations.

: The number of competitors in the pharmaceutical excipients industry is increasing, which may put pressure on the company’s market share and profit margin.

. The main reasons include: technical indicators are severely overbought, excessive turnover rate shows chip loosening, and hot money taking profits reflects short-term divergence. It is expected that the stock price may pull back to the RMB 14-15 range to confirm support. Investors are advised to view the short-term rise rationally and avoid chasing highs.

. The core logic includes: continuous improvement of fundamentals, continuous buying from main institutions building positions, and performance growth providing valuation support. Key observation indicators include: whether trading volume can be maintained, whether performance can be continuously realized, and whether there are favorable industry policies.

. It is necessary to continuously pay attention to factors such as the expansion progress of the pharmaceutical excipients market, changes in the company’s market share, progress in new product R&D, and evolution of the industry competition pattern.

Investor Type	Suggested Strategy
Short-term Traders	It is recommended to wait and see, and consider entering after the price pulls back to the RMB 14.5-15 range
Medium-term Investors	Can lay out on dips during pullbacks, set a stop loss at RMB 14
Long-term Investors	In view of the performance growth trend and industry prospects, may consider building positions in batches

Price Type	Price	Operational Significance
Strong Support	RMB 14.04	Previous low, stop loss reference level
First Support	RMB 15.00	Integer level
Resistance	RMB 16.85	Day’s limit-up price, has broken through to a new high
Strong Resistance	RMB 17.32	Technical target level

The limit-up of Shanhe Pharmaceutical Excipients today is the result of the dual factors of

. The company’s Q3 2025 performance exceeded expectations (net profit +47%), the pharmaceutical excipients industry benefits from the expansion of the pharmaceutical industry and the trend of domestic substitution, and the large net inflow of main institutional capital provides direct support for the stock price.

, short-term technical indicators are severely overbought, and the excessive turnover rate shows that chips have loosened. It is recommended that investors and wait for a pullback before considering entering. In the medium-to-long term, the company has certain growth potential, but it is necessary to continuously pay attention to the realization of performance and changes in the industry competition pattern.

: Both KDJ and RSI are in the overbought zone, with high short-term pullback risk; the turnover rate of 20.85% is too high, so it is necessary to pay attention to subsequent changes in trading volume; hot money had a net outflow of RMB 105 million, so caution is needed when chasing highs in the short term[0][1]. Investors should allocate positions reasonably according to their own risk tolerance.