Tieliu Co., Ltd. (603926) Limit-Up Analysis: Robot Strategic Layout Drives All-Time High

[1][2]
In December 2025, Tieliu Co., Ltd. established a wholly-owned subsidiary, , in Hangzhou, Zhejiang, officially entering the intelligent robotics field. The subsidiary focuses on the R&D and manufacturing of , marking a crucial strategic step for the company to transform from a traditional auto parts supplier to a high-tech intelligent manufacturing player.

[2]
The company signed an agreement with the to jointly build a R&D laboratory, establishing in-depth cooperation in mold development, high-precision machining, and heat treatment. This layout fully leverages the company’s core technological advantages accumulated in precision manufacturing, laying a solid foundation for the independent R&D of robot components.

[1]
The humanoid robotics industry is currently in a period of intensive policy release, with multiple positive factors driving sustained industry enthusiasm. The official unveiling of signals the upcoming mass production of humanoid robots, bringing development opportunities for the core component supply chain; the has clearly accelerated breakthroughs in high-level autonomous driving technology; Shanghai has issued an action plan proposing large-scale implementation of high-level autonomous driving application scenarios by 2027. Notably, humanoid robots will appear again at the , further enhancing public attention and capital market enthusiasm. Shanghai’s 15th Five-Year Plan also proposes strengthening agile layout in fields such as humanoid robots, providing long-term policy support for industrial development.

[1][2]
The company’s business features a diversified layout, forming a pattern of synergistic development across multiple tracks: In the sector, it has received motor shaft orders from well-known brands such as Li Auto, Leapmotor, and Volkswagen; In the sector, the high-end agricultural machinery transmission system manufacturing center project funded by the 2020 private placement has been completed and put into operation; In the sector, it provides one-stop solutions for logistics companies such as JD.com and Debang Logistics; In the sector, it supplies products such as clutches and torque limiters to Changan Automobile.

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Indicator	Value	Interpretation
Daily Gain	+10.03%	Strong Limit-Up
5-Day Gain	+8.08%	Sustained Uptrend
Monthly Gain	+28.19%	Medium-Term Uptrend
Annual Gain	+117.33%	Strong Long-Term Trend
Current Price	RMB 20.19	All-Time High
20-Day Moving Average	RMB 17.22	Price deviates from the moving average, with a deviation rate of approximately 7.59%
50-Day Moving Average	RMB 16.12	Bullish Moving Average Alignment
200-Day Moving Average	RMB 13.95	Confirmed Long-Term Uptrend

The market performance on the day showed typical characteristics of rising price and volume. Trading volume reached 11.01 million lots,

the average daily volume of 4.43 million lots, indicating active entry of off-market funds; the turnover rate of 4.52% is within a healthy range; the capital for limit-up orders reached RMB 56 million, with 1.2579 million shares in limit-up orders, ranking 4th among 87 limit-up stocks[3], reflecting strong market buying interest. However, it should be noted that on December 30, the main capital had a net inflow of RMB 3.72 million, while hot money had a net outflow of RMB 3.99 million during the same period[2], indicating that some short-term funds are taking profits.

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Indicator	Value	Signal Interpretation
MACD	Bullish Alignment	✅ Uptrend
KDJ	K:82.8, D:79.1, J:90.0	⚠️ Overbought Zone
RSI(14)	Overbought Zone	⚠️ Short-Term Risk
Beta	0.79	Volatility Lower Than Market Benchmark

Price Level Type	Price	Meaning
Resistance Level	RMB 20.19	Today’s limit-up price, already broken
Next Target Level	RMB 20.94	Calculated based on technical analysis
Support Level	RMB 18.22	Key short-term support

[0]: 603926 is in the stage, with a buy signal appearing on January 19, but confirmation of the breakout above the RMB 20.19 resistance level needs to be monitored. Both KDJ and RSI indicators show overbought conditions, suggesting short-term correction and consolidation needs, and investors should remain cautious.

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1. Sector Linkage Effect
   : Stocks in the auto parts sector such as Wuzhou Xinchun and Xiangxin Technology have seen significant gains recently due to their robot concept layouts[4], forming a positive sector driving effect
2. Main Capital Attention
   : The main capital had a net inflow of RMB 3.72 million on December 30[2], indicating positive attitudes from institutional investors
3. Institutional Research
   : The company received research visits from multiple institutions on December 26, 2025, and market attention continues to rise
4. Concept Popularity
   : Humanoid robots and embodied intelligence are currently hot tracks in the market, combined with the Spring Festival Gala expectation bringing continuous topicality

1. High Valuation
   : The P/E ratio reaches
   45.89x
   , significantly higher than the industry average[0]
2. Hot Money Exit
   : Hot money had a net outflow of RMB 3.99 million during the same period[2], indicating that some short-term funds are taking profits
3. Limited Contribution to Performance
   : The robotics business is still in the early stage, with a small contribution to the company’s revenue[2]
4. Insider Selling
   : Company executives have recently reduced their shareholdings[2], which may affect market confidence

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Indicator	Value	Evaluation
P/E (TTM)	45.63x	High
P/B	2.69x	Moderate
ROE	5.97%	Average
Net Profit Margin	4.23%	Medium
Gross Profit Margin	Approximately 15%	Medium Level in the Industry
Total Market Capitalization	RMB 4.739 billion	Small-Mid Cap Stock

Item	Value
EPS	RMB 0.10
Revenue	RMB 633 million

From a fundamental perspective, the company’s financial indicators are generally at the mid-level of the industry, and the high valuation mainly reflects the market’s optimistic expectations for the robotics business. The current P/E ratio is close to 46x, which has significantly overdrawn future growth space.

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Risk Type	Details	Risk Level
Valuation Risk	P/E ratio of 45x+, at a historical high	High
Overbought Risk	Both KDJ and RSI indicate overbought conditions	High
Business Implementation Risk	Robotics business is still in the early stage, with limited revenue contribution	Medium-High
Hot Money Exit Risk	Pressure from short-term funds taking profits	Medium
Insider Selling Risk	Management’s share selling may affect market confidence	Medium

1. Accelerated Industrialization of Humanoid Robots
   : The mass production of Tesla Optimus Gen3 is approaching, and the core component supply chain is expected to see a surge in orders
2. Continuous Policy Support
   : Policy support from the MIIT and local governments provides a favorable environment for industrial development
3. Technological Synergy Advantage
   : Mold development and high-precision machining technologies can be smoothly transferred to the robotics field
4. Brand Customer Resources
   : Has established cooperative relationships with leading enterprises such as Li Auto, Leapmotor, and Volkswagen

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Scenario	Probability	Trigger Conditions	Trend Forecast
Strong Uptrend Continuation	30%	Volume remains high + positive news on robotics business	Challenges the RMB 22-23 range
Shock Consolidation	50%	Volume declines + holds support	Oscillates in the RMB 18-21 range
Correction and Repair	20%	Continuous hot money exit + cooling market sentiment	Pulls back to test the RMB 17-18 support

1. Volume Changes
   : If tomorrow’s trading volume remains above 8 million lots, the strong trend is expected to continue
2. Sustainability of Limit-Up Orders
   : If the capital for limit-up orders can remain above RMB 30 million, buying interest is strong
3. Sector Sentiment
   : Correlation with the overall performance of the auto parts + robotics sectors
4. News Flow
   : Whether there are announcements on robotics business orders or cooperation progress

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The core drivers behind Tieliu Co., Ltd.'s limit-up today are the

combined with the . The company’s technological accumulation in mold development and high-precision machining provides a foundation for entering the robotics track, and the establishment of Jierfu Intelligent Robotics Co., Ltd. marks the official implementation of the transformation strategy. However, it should be noted that the actual contribution of the new business to performance still needs time to be verified, and the current stock price increase has partially deviated from fundamental support.

From a technical perspective, the stock price has hit an all-time high and entered the

, with both KDJ and RSI indicators sending warning signals, indicating short-term consolidation needs. Investors should closely monitor changes in trading volume and the validity of the RMB 18.22 support level. In the medium and long term, they can pay attention to the actual implementation of the company’s robotics business and the performance of the 2025 annual report.

Risk Warning

: This report is based on public information for analysis, only for decision-making reference, and does not constitute investment advice. The stock market is risky, and investment requires caution.