Henghui Security (300952) Limit-Up Analysis: Driven by Humanoid Robot Concept and Risk Warnings

This analysis is based on January 16, 2026 market data[0][1], which shows that Henghui Security (300952) surged to a 20% limit-up on the day, with its share price hitting a record high of ¥49.85. The company is included in the humanoid robot concept sector, benefiting from positive catalysts such as progress in the commercial delivery of products like robot electronic skin and flexible joint protection parts[4]. Technically, the stock price is in the overbought zone but remains in an uptrend; fundamentally, its P/E ratio reaches 89x, with a 12.85% year-on-year decline in net profit in the first three quarters of 2025, and the valuation has significantly overdrawn future growth expectations[0][9]. The comprehensive assessment classifies it as a

target, with strong short-term momentum but requiring performance verification in the medium term.

Henghui Security is categorized by the market as a “humanoid robot concept stock”, which is the core driver of its recent strong performance[1][2][3]. According to the company’s response on the investor interaction platform on January 5, 2026, multiple models of its flexible joint protection parts have been commercially delivered for humanoid robot scenarios, and robot transmission tendons have been sampled to a number of domestic and foreign robot ontology or dexterous hand enterprises, with positive test feedback[4]. On January 16, 2026, the humanoid robot concept sector rallied as a whole, and Henghui Security, as a representative target, hit the limit-up driven by sector sentiment[1][2][3].

The company completed industrial and commercial registration changes on January 8, 2026, officially incorporating businesses such as Class II medical device sales, R&D and sales of intelligent robots, sales of artificial intelligence hardware, and IoT technology R&D into its business scope[6]. This strategic adjustment sends a clear signal to the market that the company is extending into the robot industry chain, attracting the attention of incremental capital[5][6].

According to the company’s management disclosure to Shanghai Securities News, the electronic skin business in 2026 will focus on three core areas: multimodal perception integration and environment adaptation, manufacturing process optimization and mass production preparation, and providing customized solutions for humanoid robots and industrial robots[7]. The company aims to achieve delivery at the thousand-unit scale and secure breakthroughs in bulk orders from key clients, providing the market with room for performance imagination[7].

Time Horizon	Price Change	Evaluation
Single Day (January 16)	+20.00%	Limit-Up[0]
5-Day	+15.13%	Strong Momentum[0]
1-Month	+52.59%	Significant Rally[0]
3-Month	+43.16%	Sustained Uptrend[0]
6-Month	+89.11%	Rally Nearing a Double[0]
Year-to-Date (YTD)	+23.94%	Market Leader[0]
1-Year	+98.29%	Near Double[0]
Long-Term (Since September 2024)	+205.08%	Super Bull Stock[0]

Indicator	Value	Signal Interpretation
20-Day Moving Average	¥39.26	Price well above the moving average, showing strong characteristics[0]
50-Day Moving Average	¥34.49	Clear bullish alignment[0]
200-Day Moving Average	¥30.23	Long-term uptrend confirmed[0]
KDJ	K:72.5, D:71.1, J:75.3	Bullish zone, but approaching overbought[8]
RSI (14)	Overbought Zone	Beware of pullback[8]
MACD	Bullish Pattern	Uptrend[8]
Beta	0.92	High correlation with the broader market[8]

Current support level is ¥43.03, the newly broken record high is ¥49.85, and the next target is ¥52.63[8]. The trading volume on the day was 5.55M shares, with a turnover rate of 5.30%, and transaction value of ¥271 million. The main capital net inflow was ¥50.49 million, with a net inflow of ¥22.16 million in the past 3 days, showing a sustained net inflow trend in capital flows[9].

Notably, on January 16, Henghui Security conducted

, with a total transaction value of ¥21.9258 million[3]. Discounted transactions may indicate that insiders or major shareholders have a conservative view on short-term share prices, or that institutional investors have chosen to exit at a discount[3]. In addition, as of January 9, the number of shareholders was 12,800, a decrease of 8.26% from the previous period, indicating concentrated chip holdings[9]. While this is a signal of enhanced confidence in shareholding, it also means that a sell-off could trigger significant volatility if it occurs.

Indicator	Value	Industry Comparison
P/E (TTM)	89.02x	Significantly higher than industry average[0]
P/B	5.03x	Moderately high[0]
ROE	7.19%	Average profitability[0]
Net Profit Margin	8.17%	Relatively stable[0]
Market Capitalization	$8.60B (approx. ¥8.6B)[0]

In the first 9 months of 2025, the company achieved operating revenue of ¥880 million, a year-on-year increase of 0.97%, and net profit of ¥81.9796 million, a year-on-year decrease of 12.85%[9]. In terms of traditional businesses, functional safety protective gloves account for 95.45%, ultra-high molecular weight polyethylene fibers and their composite materials account for 3.47%, and ordinary safety protective gloves and other protective supplies account for 0.82%[9]. As a leading domestic functional safety protective glove enterprise, the company has 20 years of accumulated experience in hand protection technology and technical advantages in ultra-high molecular weight polyethylene fibers[9].

: Stable traditional business, with production capacity layout covering dual bases in China and Vietnam; has cooperated with multiple leading enterprises in the robot sector, with profound technical accumulation[9].

: Current P/E ratio reaches 89x, significantly overdrawing future growth expectations; net profit in the first three quarters of 2025 decreased by 12.85% year-on-year; robot-related businesses are still in the sampling and verification stage, and have not yet formed large-scale revenue contribution; the safety glove business has a certain degree of dependence on core customers[0][9].

1. Valuation Risk
   : With a P/E ratio of 89x, it is significantly overvalued even by growth stock standards, and the share price has deviated sharply from fundamental support[0]
2. Risk of Excessive Short-Term Gains
   : 20% single-day gain and 52% gain in the past month, facing profit-taking pressure[0]
3. Warning from Discounted Block Trades
   : The 19.18% discounted transactions suggest that insiders may hold a cautious attitude towards short-term trends[3]
4. Concept Speculation Risk
   : Robot-related businesses have not yet formed large-scale revenue, leading to uncertainty in performance realization[4][7]
5. Downward Performance Trend
   : Need to pay attention to the 2025 annual report (expected to be disclosed on April 22, 2026)[10]

1. Dividend from the Boom in Humanoid Robot Industry
   : The industry is in a period of rapid development, and the company’s products have achieved commercial delivery, which is expected to benefit from industry growth[4][7]
2. Breakthrough in Electronic Skin Business
   : If delivery at the thousand-unit scale and bulk orders from key clients are achieved in 2026, it will provide substantial performance support[7]
3. Advantage of Concentrated Chip Holdings
   : The number of shareholders decreased by 8.26%, and per capita shareholdings increased by 9%, which is conducive to share price stability[9]
4. Sustained Net Inflow of Main Capital
   : Ranked 1/60 in the industry, indicating high capital attention[9]

Assessment Dimension	Score (1-10)	Explanation
Short-Term Momentum	8	Limit-up breakthrough with matching trading volume
Medium-Term Trend	7	Complete uptrend channel
Fundamental Support	5	Declining performance, overvalued
Concept Popularity	8	Sustained hype around humanoid robots
Risk-Reward Ratio	4	High risk, limited upside potential

Scenario	Conditions	Potential Price Change
Optimistic	Humanoid robot sector continues to rally, securing bulk orders	+15-25% (to ¥55-62)
Neutral	Sector sentiment stabilizes, fundamentals gradually improve	Consolidation (range of ¥45-52)
Pessimistic	Concept hype fades, performance falls short of expectations	-15-25% (pullback to ¥37-42)

Investor Type	Recommendation
Holders	Can set a trailing stop-loss at ¥52-55, reduce positions if the price breaks below the 20-day moving average
Cash Position Investors	Advised to wait on the sidelines and avoid chasing the rally; if participating, control position to no more than 5%
Low Risk Preference Investors	Avoid; consider entering only after a pullback to the ¥43-45 range
Short-Term Traders	Can buy low and sell high within the ¥43-49 range, with strict stop-loss

The strong performance of Henghui Security (300952) mainly benefits from

, rather than fundamental drivers. The company’s layout in the robot sector is indeed forward-looking, with products such as flexible joint protection parts and electronic skin having achieved commercial delivery, and the expansion of its business scope to intelligent robots demonstrates its strategic transformation intent. However, with a current P/E ratio of 89x and a 12.85% year-on-year decline in net profit in the first three quarters of 2025, the valuation has significantly overdrawn future expectations. Warning signals such as excessive short-term gains and discounted block trades deserve investors’ vigilance.

: The strong performance is driven by capital speculation amid the hype of the humanoid robot concept and the company’s business expansion announcement; fundamental support is limited (declining performance, overvaluation); short-term momentum is strong but requires performance verification in the medium term; the risk rating is . Investors are advised to be cautious about chasing the rally, and focus on the progress of subsequent robot business order acquisition and the disclosure of the 2025 annual report.