Analysis of Qiaoyuan Co., Ltd. (301286)'s Strong Performance: Limit-Up Breakout Driven by Commercial Aerospace Theme

This analysis is based on the market event that Qiaoyuan Co., Ltd. (301286) entered the strong stock pool on January 16, 2026 [3][4]. The stock closed at RMB 53.28 that day, hitting a record high, with a daily gain of 15.47%, ranking 8th among the 105 stocks that hit record highs that day [4]. Qiaoyuan Co., Ltd. is a listed company on the Growth Enterprise Market (GEM) of the Shenzhen Stock Exchange, operating in the basic chemical industry—industrial gas sector, with a current market capitalization of approximately RMB 18.6 billion.

From a timing perspective, the Shanghai Composite Index fell 0.26% on January 16, 2026, with the overall market being weak: 2,371 stocks rose (43.42%), while 2,973 stocks fell (54.45%) [4]. Against this backdrop, Qiaoyuan Co., Ltd. soared against the trend and hit a record high, demonstrating obvious relative strength characteristics.

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Qiaoyuan Co., Ltd. has been identified as a core target in the commercial aerospace special propellants and specialty gases sector in research reports from multiple securities firms, and this theme is the primary factor driving its strong stock price performance. According to an industry express report released by Huajin Securities on January 14, 2026, commercial aerospace is in an explosive period with continuous policy and industrial catalysts, which is expected to drive demand for related materials [1]. As the mainstream technical path for reusable rockets, the development trend of large carrying capacity and reusability in commercial aerospace has led to a substantial increase in demand for liquid propellants, while specialty gases such as helium, krypton, and xenon play an indispensable role in rocket satellites and rocket manufacturing.

Qiaoyuan Co., Ltd. delivered outstanding performance in 2025, providing strong fundamental support for its stock price increase. According to public financial data, the company achieved operating revenue of RMB 797 million in 2025, an 8.75% year-on-year increase; net profit attributable to shareholders was RMB 181 million, a substantial 40.54% year-on-year increase; net profit excluding non-recurring items was RMB 172 million, a 39.19% year-on-year increase [2]. Operating cash flow reached RMB 267 million, a 5.57% year-on-year increase, demonstrating good profit quality. The return on equity (ROE) was 16.88%, reflecting the company’s strong profitability.

Capital support is an important driving force for Qiaoyuan Co., Ltd.‘s strong performance. Data shows that the cumulative net inflow of major capital this week was RMB 61.1974 million, showing a continuous buying trend [2]. The net outflow of securities lending capital was RMB 62.6138 million, indicating that securities lending cover has further strengthened the bullish pattern. Notably, the shareholding of Shenzhen Stock Connect reached 347,400 shares, accounting for 87.0% of tradable shares. The high concentration of foreign shareholdings reflects institutional investors’ optimistic expectations for the company’s long-term development prospects [2].

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From a technical perspective, Qiaoyuan Co., Ltd.'s trend this week shows a clear upward trajectory. The stock started from a low of RMB 42.15 on January 6, pulled back briefly after hitting a high of RMB 48.88 on January 8, and then broke out strongly with a 15.47% single-day gain on January 16, closing at a record high [2]. This breakout pattern indicates that bullish forces dominate the market, and the technicals show strong characteristics.

Capital flow data shows good volume-price coordination. The major capital maintained a net inflow of RMB 61.1974 million, retail capital had a net inflow of RMB 1.4165 million, and at the same time, securities lending capital covered RMB 62.6138 million, forming an overall bullish pattern [2]. During the stock’s record high breakthrough, capital continued to flow in, indicating high market recognition of the stock.

From a technical analysis perspective, the key price levels for Qiaoyuan Co., Ltd. are as follows: the record high of RMB 53.28 (already broken through) serves as a short-term resistance reference; the previous high of RMB 48.88 on January 8 is the first support level for pullbacks; the central level of this week’s consolidation platform, RMB 46.00, is an important support level; and the low of RMB 42.15 on January 6 is a strong support level [2].

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The industrial gas industry is driven by both the localization of semiconductors and the growth in demand for electronic specialty gases. According to industry data, the localization rate of domestic electronic specialty gases is less than 20%, with nearly 80% of products relying on imports. With the acceleration of semiconductor localization, the domestic electronic specialty gas market is expected to reach RMB 23 billion in 2024, with a compound annual growth rate (CAGR) of 10.31% from 2022 to 2024 [1]. As an important supplier in the industrial gas sector, Qiaoyuan Co., Ltd. is expected to fully benefit from this domestic substitution process.

Qiaoyuan Co., Ltd. is classified as an enterprise in the ‘high-end manufacturing and specialized, sophisticated, unique, new little giant’ sector, which aligns with the current policy orientation of economic structural transformation and manufacturing upgrading [3]. Capital continues to flow into high-end manufacturing enterprises with technical barriers and growth potential, and this sector characteristic provides additional valuation support for Qiaoyuan Co., Ltd.

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After the stock price hit a record high, the current valuation level has fully reflected the market’s optimistic expectations for the company’s future development. The price-earnings ratio (P/E) is higher than the industry median, and the price-to-book ratio (P/B) is in the upper-middle range of the chemical industry [2], creating pressure for valuation digestion.

Although commercial aerospace is a market hot spot, the proportion of the company’s specific business revenue in this sector and the implementation of orders still need further verification. Investors should pay attention to the company’s ability to convert theme popularity into actual performance growth.

After a single-day gain of over 15%, there is a need for short-term pullback and consolidation. If subsequent trading volume shrinks, vigilance is required against the risk of volume-price divergence. In a weak market environment, strong stocks also face the possibility of compensatory declines.

Demand for industrial gases is closely related to the prosperity of downstream manufacturing industries. Cyclical fluctuations in downstream industries such as steel, chemicals, and electronics may affect the company’s performance.

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The short-term rating is

. Positive factors include high popularity of the commercial aerospace theme, solid performance support, and sustained capital inflows; negative factors include excessive short-term gains, weak overall market environment, and high valuation. It is predicted that the stock may experience a pullback after a surge or sideways consolidation, waiting for confirmation from the 5-day moving average.

The medium-term rating is

. If the commercial aerospace industry continues to develop rapidly, the company’s orders are implemented, and performance is continuously verified, the stock price is expected to open up new upward space; conversely, if the theme popularity fades or the market continues to weaken, it may face valuation digestion pressure.

Investors should focus on the following indicators: the proportion of the company’s specific business revenue in the commercial aerospace sector and the implementation of orders; progress in capacity layout and customer expansion in the electronic specialty gas sector; sustainability of orders related to special propellants and specialty gases; and the impact of volume changes on the stock price trend.

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Qiaoyuan Co., Ltd. entered the strong stock pool today, which is the result of the resonance of three factors:

. From a catalyst perspective, the outbreak of the commercial aerospace theme has brought expectations of rapid growth in demand for special propellants and specialty gases; from a fundamental perspective, the company’s over 40% year-on-year growth in 2025 net profit provides solid support; from a capital perspective, the continuous net inflow of major capital and high-proportion shareholding by Shenzhen Stock Connect form a driving force [2][3].

Overall, Qiaoyuan Co., Ltd. has dual theme support from commercial aerospace and localization of electronic specialty gases, with solid fundamentals and high capital attention. However, investors should pay attention to the need for pullback and consolidation after a large short-term gain, avoid blindly chasing the high, wait for better position-building opportunities, and pay attention to volume changes to guard against the risk of a pullback after a surge.