Analysis of BoQian New Materials (605376) Limit-Up: Driven by High-Tech Enterprise Certification, Supported by Fundamentals with Coexisting Risk Factors

BoQian New Materials (605376) surged to a limit-up on January 19, 2026, closing at RMB 69.30, with a gain of 10.00%. The trading volume on the day reached 8.38 million shares, a significant 50% increase compared to the average daily volume of 6.07 million shares, and the closing order capital reached RMB 58.1 million, indicating strong market buying interest [0].

From a technical perspective, the stock price has approached the historical high of RMB 69.88, with the 20-day moving average of RMB 64.82 providing short-term support [0]. Short-term momentum indicators are positive, but it should be noted that the J value in the KDJ indicator has reached 82.7, and the RSI is in the overbought zone, posing short-term correction risk [0].

The main driving factor behind this limit-up is the company’s passing of the high-tech enterprise re-certification on January 15, 2026, with certificate number GR202532015972, issued on December 19, 2025 [1]. According to relevant policies, the company can enjoy a preferential corporate income tax rate of 15% for three consecutive fiscal years (2025 to 2027), saving 10 percentage points in tax compared to the standard 25% corporate income tax rate [1]. This policy dividend directly boosts market expectations for the company’s future profitability, serving as the core catalyst for the limit-up.

In the first three quarters of 2025, the company achieved operating revenue of RMB 805 million, up 10.79% year-over-year; net profit attributable to shareholders reached RMB 152 million, surging 78.17% year-over-year [2]. The strong performance growth provides solid fundamental support for the stock price.

In terms of industry status, BoQian New Materials is a global leader in nano nickel powder, with its 80nm nickel powder technology reaching a world-leading level, and is the sole drafting and formulation unit for China’s first industry standard for capacitor electrode nickel powder [2][3]. The company also has an expected order of nearly RMB 5 billion from top international customers, possessing significant competitive advantages and technological barriers in the upstream materials segment of MLCC [3].

In terms of capital, main capital saw a net inflow of RMB 46.915 million on January 16, ranking first in its industry, with main capital increasing positions for two consecutive days [2]. Hong Kong Stock Connect capital has continued to flow in, with Hong Kong Securities Clearing Co., Ltd. holding 6.62 million shares, an increase of 1.22 million shares from the previous period [2].

Institutional holdings show a differentiated pattern: Qianhai Kaiyuan New Economy Mixed Fund A newly entered the top 10 tradable shareholders (holding 3.441 million shares), while Dongfanghong Zhihua 3-Year Holding Mixed Fund A and Dongfanghong New Power Mixed Fund A increased their holdings, and Ruiyuan Growth Value Mixed Fund A exited the top 10 tradable shareholders [2].

The limit-up of BoQian New Materials is not an isolated event, but the result of multiple factors resonating. From a policy perspective, the tax incentive from high-tech enterprise certification will directly increase the company’s EPS by approximately 10%-12% over the next three years (calculated based on the tax rate reduction from 25% to 15%). From an industry perspective, the new energy materials segment continues to enjoy high prosperity, with steady growth in MLCC demand driving increased demand for upstream nickel powder materials [3]. From a capital perspective, consecutive two-day net inflows of main capital coupled with Hong Kong Stock Connect capital’s increased holdings indicate institutional investors’ recognition of the company’s medium-to-long-term value [2].

It is worth noting that although the company’s net profit surged 78.17% year-over-year in the first three quarters, its Q3 single-quarter EPS of RMB 0.18 fell short of the market expectation of RMB 0.23, a decrease of 24.42% [0]. This phenomenon of “growing revenue without growing profit” or “slowing growth rate” warrants investor vigilance. The positive news of high-tech enterprise certification may partially offset market concerns over Q3’s underperforming results, but investors still need to pay attention to the management’s explanation for the performance decline and subsequent improvement measures.

In addition, the company’s current P/E ratio is as high as 117.73x, and P/B ratio is 11.01x, significantly higher than the industry average [0]. This means the market has extremely high expectations for the company’s future growth, and any performance fluctuations may trigger sharp adjustments in the stock price.

: The company’s current P/E ratio is 117.73x and P/B ratio is 11.01x, significantly higher than the industry average [0]. The annual increase has exceeded 122%, requiring a long period to digest the high valuation.

: Q3 performance clearly fell short of market expectations, with operating revenue of RMB 286.79 million falling short of the expected RMB 316.56 million, a decrease of 9.40% [0]. Performance fluctuations may affect market confidence.

: Main capital’s control degree is not high, with share distribution relatively scattered. The recent average transaction cost of shares is RMB 57.73, creating profit-taking pressure [2].

: RSI is in the overbought zone, with the J value of the KDJ indicator reaching 82.7, creating short-term correction demand [0].

: The tax incentive from high-tech enterprise certification will directly improve profitability in 2025-2027, with an expected annual tax savings of approximately RMB 15-20 million.

: MLCC market demand continues to grow, and emerging application areas such as 3D printing and high-temperature alloys are expanding smoothly. As an industry standard setter, the company is expected to fully benefit [3].

: Sustained inflows of main capital coupled with Hong Kong Stock Connect’s increased holdings indicate institutional investors’ recognition of the company’s medium-to-long-term allocation value [2].

In terms of time sensitivity, risks are relatively high in the short term (1-2 weeks), mainly due to technical overbought and profit-taking pressure; opportunities and risks coexist in the medium term (1-3 months), and the stock price is expected to break through the previous high if performance improves or positive news emerges; in the long term (more than 6 months), attention needs to be paid to the valuation digestion process and the continuous improvement of the company’s fundamentals.

BoQian New Materials’ limit-up today is mainly driven by the positive policy news of high-tech enterprise certification, with the company’s 78.17% surge in first three quarters’ performance providing support, but risks such as Q3 performance falling short of expectations and high valuation need attention. In terms of capital, main capital has seen net inflows for two consecutive days, with institutional holdings adjusted. Technical indicators are in the overbought zone, with short-term correction risk, while medium-term upside potential remains if high growth momentum is maintained.

: Short-term support level at RMB 64.82 (20-day moving average), upward resistance level at RMB 70.74, historical high at RMB 69.88 [0][2].