Heng Hui Security (300952) Limit-Up Analysis: Investment Value and Risk Assessment Driven by the Embodied Intelligence Concept

This analysis is based on reports from multiple sources including Daban Ke Network[1], Jiemian News[2], and National Business Daily[5]. Heng Hui Security surged by the 20% daily limit on January 16, 2026, hitting a record high of RMB 49.85 per share. The direct catalysts for the limit-up are the policy benefit of the 15th Five-Year Plan naming embodied intelligence as a strategic priority[1][2], coupled with the company’s confirmation on the Interactive Easy platform that its robot business has achieved small-batch product delivery[1][5].

: Leveraging over 20 years of accumulated expertise in safety glove manufacturing, the company has successfully entered the humanoid robot industry chain. Products such as tendons and skin suits have entered the sampling testing or small-batch delivery phase, with obvious technological synergy advantages. However, the current PE ratio of 89x is relatively high, and the robot business is still in its early stages. The stock price may have fully reflected market expectations, so subsequent attention should be paid to order fulfillment and performance realization.

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According to Jiemian News[2], the A-share humanoid robot concept stocks rallied collectively on January 16, catalyzed by the 15th Five-Year Plan proposal naming

as one of the key strategic priorities for the next five years. This policy signal directly ignited market enthusiasm for the robot industry chain, and Heng Hui Security, as a new entrant in this field, benefited significantly.

The company has officially added “intelligent robot R&D, intelligent robot sales, and artificial intelligence hardware sales” to its business scope, and established the

, which is personally led by the chairman[4]. This organizational restructuring indicates that the company has elevated its robot business to a strategic level, and related businesses have been included in the new business sector of the 15th Five-Year Plan.

According to Daban Ke Network[1] and National Business Daily[5], Heng Hui Security disclosed the latest progress of its robot business on the Interactive Easy platform on January 15, 2026:

Product Category	Progress Status	Customer Profile
Robot Flexible Joint Protective Parts	Achieved small-batch product delivery	Humanoid robot customers
Protective Gloves	Achieved small-batch product delivery	Humanoid robot customers
Transmission Tendons	Under sampling testing	Multiple domestic and foreign robot body enterprises, dexterous hand enterprises
Skin Suits/Skin Gloves	Under sampling testing	Multiple domestic and foreign robot enterprises

This disclosure is of great significance – it indicates that the company’s products have completed the transition from R&D to commercialization, and despite the small scale, they have already received market validation.

The company also disclosed on the Interactive Easy platform[1] that

has received small-batch orders in the commercial aerospace field, with application scenarios including rocket recovery nets and parachute traction systems. As another hot investment track, commercial aerospace provides additional thematic investment value for the company.

According to investor relations activity records[3], the company’s existing 3,000-ton UHMWPE fiber production capacity is operating at full load (70% for internal use, 30% for external sales), and the newly planned total production capacity reaches

. Among them, the 4,800-ton convertible bond-funded project has entered the trial production stage, and full capacity release is expected in 2026.

This material is a key core raw material for robot tendons, and the capacity expansion provides solid raw material support for the company’s robot business. At the same time, self-controlled raw material supply is also an important advantage that distinguishes the company from its competitors.

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Based on trading session data[0]:

Indicator	Value	Market Implication
Today’s Increase	+20.00%	20CM limit-up on ChiNext Board
Trading Volume	5.55 million shares	Lower than the daily average of 8.41 million shares (66% of average)
Turnover	Approximately RMB 277 million	-
52-Week High	RMB 49.85	Hit a record high

It is worth noting that despite relatively moderate trading volume today, the stock still closed at the limit-up price, indicating obvious market reluctance to sell, light selling pressure, and strong willingness of capital to hold positions. From the perspective of capital behavior, this is usually regarded as a strong signal.

The humanoid robot concept stocks that hit the daily limit today formed a linkage effect[2]:

• Henggong Precision (301261) - Limit-up
• Ningbo Huaxiang (002048) - Limit-up
• Heng Hui Security (300952) - Limit-up
• Sanhua Intelligent Controls, Lixing Co., Ltd., Zhenyu Technology, Efort and other stocks followed the rally

In the same period, the CSI Robot Index (H30590) rose by over 2%[2], with Heng Hui Security leading the sector rally. The collective strength within the sector verifies the market’s consistent optimism about the robot track.

According to public information[1]:

• Well-known overseas investment banks such as
  UBS AG
  held shares of the company as of the end of September 2025
• Regarding
  QFII
  (Qualified Foreign Institutional Investors), 2 QFIIs newly entered the top 10 tradable shareholders in Q3 2025, holding a total of 1.5582 million shares

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1. Technological Synergy Advantage
   : The company’s 20-plus years of “knitted base + coating” technology for safety gloves is highly compatible with the technology for robot skin suits/gloves[3][4]. This cross-domain technology migration capability is an important foundation for the company to enter the robot track.

2. Self-Controlled Raw Materials
   : The self-supply + external sales model for UHMWPE fiber not only ensures internal demand but also provides an external sales revenue source.

3. Accumulated Customer Resources
   : The company has established connections with multiple domestic and foreign robot enterprises, giving it a first-mover advantage.

⚠️

, which is significantly high relative to the current profit growth rate. The market may have already priced in optimistic expectations for the company’s robot business in advance. If subsequent order fulfillment falls short of expectations or the performance verification period is extended, the risk of valuation regression cannot be ignored.

⚠️ The robot-related business contributed limitedly in 2025, and it is still in the sampling verification and small-batch delivery stage, with no large-scale revenue formed yet. There is still a long transmission cycle from product verification to mass supply and then to significant profit contribution.

⚠️ In Q2 and Q3 2025, the company’s orders were temporarily under pressure due to the US “reciprocal tariff” policy[3]. Against the background of lingering trade policy uncertainty, risks in the export business require continuous attention.

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:

• RMB 41.54 (Yesterday’s closing price, strong support)
• RMB 40.00 (Integer level)
• RMB 35-38 (Short-term moving average support range)

:

• RMB 49.85 (Today’s limit-up price, already broken through)
• RMB 55-60 (Historical high-volume trading zone)

Scenario	Probability	Trigger Condition	Expected Price Range
Sustained Strength	35%	The robot business secures substantial orders, and the sector continues to rally	RMB 55-60
Consolidation	45%	Market sentiment stabilizes, digesting short-term gains	RMB 42-52
Pullback Correction	20%	Sector enthusiasm fades, valuation regression occurs	RMB 35-40

From the probability distribution, consolidation is the most likely scenario (45%), which is consistent with the current market background of high valuation and the need to digest short-term gains.

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Heng Hui Security’s limit-up today is the result of the combined effect of policy benefits and the company’s substantial progress. Leveraging over 20 years of accumulated manufacturing expertise in the safety glove field, the company has successfully entered the high-growth humanoid robot track, with obvious technological synergy advantages. The expansion of UHMWPE fiber production capacity provides raw material supply support, and the 12,000-ton capacity plan also shows the company’s long-term optimism about the robot business.

However, investors need to maintain a clear understanding: the current PE ratio of 89x has fully reflected market expectations, the robot business is still in its early stage, and its contribution to performance is limited. After the rapid short-term rise in stock price, the risk of valuation pullback cannot be ignored.

: Subsequent focus should be placed on the order fulfillment progress of the robot business, sampling test results, capacity release progress, and the efficiency of converting these into actual performance. These indicators will determine whether the company can support its current valuation level.

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This report is compiled and analyzed based on public information and does not constitute investment advice. Investors should make prudent decisions in combination with their own risk tolerance.