Yanshan Technology (002195.SZ) Hot Stock Analysis: Behind the Skyrocketing and Plummeting Prices

Yanshan Technology making it to the hot list is the result of the superposition of multiple factors, and the core drivers can be summarized into the following four dimensions:

From January 5 to January 14, 2026, Yanshan Technology experienced extreme price volatility. The stock price rose from the New Year opening price of ¥7.80, hitting a 52-week high of ¥13.19 on January 14, with a single-day increase of 11.97% and a cumulative increase of 69% over five trading days [0][1]. This extreme price performance quickly attracted the attention of a large number of short-term traders and market speculative funds. However, the upward momentum was not sustainable, and the stock price subsequently pulled back rapidly, falling to ¥9.54 as of January 20, erasing about 27% of the gains. This “skyrocketing and plummeting” trend itself is the direct reason for the surge in market attention.

The company confirmed on the Shenzhen Stock Exchange Interactive Investor Platform that its subsidiary Yansi Brain-like Technology released its first consumer-grade product, the LumiSleep Real-Time EEG Sleep Regulator, at CES 2026 [2]. This product is based on millisecond-level real-time EEG monitoring and personalized neural regulation technology, representing the company’s layout in the cutting-edge technology field. However, the company clearly stated that the commercialization of this business is still in its infancy, has not yet generated revenue, and the specific product has not yet been put on sale [2]. There is a stark contrast between the market’s enthusiastic pursuit of this cutting-edge concept and the company’s cautious risk warning.

On January 17, 2026, the company released a progress announcement on the joint investment by its wholly-owned subsidiary and a professional investment institution (Announcement No. 2026-005) [1]. The announcement stated that the company hopes to leverage the capital, investment research, and risk control capabilities of professional investment institutions to improve its capital operation level and obtain investment returns. The market interpreted this as a continuation of the strategy of “expanding business boundaries through investment and mergers and acquisitions”, sparking speculation about the company’s future capital operations. In addition, the company issued multiple stock trading abnormal fluctuation announcements in January, which also confirmed the high market attention to this stock from the side [1][2].

According to forecasts from the East Money Community, the company’s net profit attributable to parent shareholders in 2025 is expected to reach 200-250 million yuan, a year-on-year increase of 540%-680%; the full-year revenue is expected to reach 680-750 million yuan, a year-on-year increase of 22%-34% [1]. This optimistic forecast is mainly based on the company’s outstanding performance of 455 million yuan in investment income in the first three quarters, a year-on-year surge of 828.17%. However, it should be noted that the sustainability of investment income is highly uncertain.

From the recent price trend, Yanshan Technology shows typical “sharp rise and sharp fall” characteristics. It rose 7.34% with heavy volume on January 8, with a trading volume of 190 million shares; it continued to rise 5.46% on January 12; it hit a 52-week high of ¥13.19 on January 14, with a single-day increase of 11.97% and a trading volume of 193 million shares [0]. However, the upward momentum reversed rapidly in the following few trading days, and the stock price fell back to the level of ¥9.54. This extreme volatility reflects the market behavior characteristics dominated by speculative funds.

From January 8 to 14, the cumulative trading volume was 1.22 billion shares, with an average daily trading volume of about 200 million shares, which is 6-7 times the usual average trading volume (about 30 million shares) [0]. The abnormally enlarged trading volume indicates extremely high market participation, but it also means extremely high turnover rate, with obvious characteristics of short-term capital game. Although the trading volume fell back on January 20, it still remained at a high level of 102 million shares.

From a technical analysis perspective, the stock price is currently in a sideways consolidation phase. The MACD indicator has no crossover signal, showing a neutral to bullish trend; the KDJ indicator has formed a death cross (K:35.6, D:61.6), releasing a short-term bearish signal; the RSI is in the normal range [0]. The short-term reference range is ¥9.00-¥9.88, and a breakout of this range may indicate the direction of the next phase. The beta coefficient is 0.91, indicating a high correlation with the Shenzhen Component Index.

From a valuation perspective, Yanshan Technology’s current P/E (TTM) is as high as 313.29 times, and P/S (TTM) is 83.86 times, which significantly deviates from the traditional valuation framework [0]. In comparison, the ROE is only 1.75%, which is at a low level; the net profit margin of 26.77% is acceptable, but the Operating Margin is -21.59%, indicating that the main business is in a loss state. The EPS (TTM) is only ¥0.03, and the extremely low earnings per share stands in stark contrast to the high valuation.

Analysis reveals that the current valuation is based on expectations of high future growth, rather than supported by current performance. The company’s investment income of 455 million yuan in the first three quarters has become the core source of profits, but the sustainability of investment income is questionable [1]. There is a significant divergence between the weakness of the main business (negative Operating Margin) and the hype around cutting-edge concepts. Investors need to be alert to the risk of valuation bubbles - a 313x P/E means that market expectations are extremely optimistic, and any underperformance will lead to a sharp pullback.

Analysis reveals several notable risk factors. First, the risk of valuation bubble is extremely high: the current valuation is divorced from fundamental support, and the 313x P/E is based on optimistic future expectations. Second, the risk of performance realization is significant: the brain-computer interface business has not yet generated revenue, and there is major uncertainty in the commercialization process [2]. Third, the risk of stock price volatility is prominent: after a 69% increase in five trading days, it fell 27%, with extremely high volatility, suitable for short-term investors with high risk appetite. Fourth, the risk of concept speculation is obvious: there is a huge gap between hot concepts (brain-computer interface, AI, intelligent driving) and actual performance contributions.

From a positive perspective, as a cutting-edge technology field, if brain-computer interface can successfully achieve commercialization, it may bring a new growth pole for the company. In addition, the company’s cooperation with professional investment institutions may improve capital operation efficiency and create value for shareholders. The company currently has extremely strong liquidity (Current Ratio reaches 28.66), providing financial flexibility for future strategic layout.

Based on data analysis [0][1][2], market conditions indicate increased volatility risk, and the stock price has deviated from fundamental support. Investors should pay attention to the following points: the company has issued multiple abnormal fluctuation announcements, implying regulatory attention; although the brain-computer interface product has been released, it has not yet been sold; the sustainability of high growth driven by investment income is questionable. It is recommended that investors rationally distinguish market information and pay attention to the company’s official risk warnings.

From a technical analysis perspective, the following price levels are worthy of investors’ attention: the short-term strong support level is ¥9.00, the lower edge of the recent sideways consolidation range; the first support level is ¥9.40, the intraday low on January 20; the current price of ¥9.54 is in the middle of the consolidation range; the short-term resistance level is ¥9.88, the upper edge of the recent sideways consolidation range; the strong resistance level is ¥10.35, the upper edge of the previous consolidation platform; the historical high of ¥13.19 is the 52-week high set on January 14, 2026 [0].

The core driving factors for Yanshan Technology to become a hot stock include: market attention triggered by extreme price volatility, hype themes brought by the launch of new brain-computer interface products at CES 2026, expectations of restructuring and mergers and acquisitions sparked by the announcement of cooperation with investment institutions, and speculative funds attracted by abnormally enlarged trading volume.

As for whether it is worth continuing to pay attention, it needs to be judged differently according to the type of investor. For short-term traders, the current high volatility may bring trading opportunities, but it is necessary to set strict stop-loss conditions and pay close attention to changes in trading volume. For value investors, the current valuation is divorced from fundamentals, so it is recommended to wait and see. For long-term investors, the commercialization timeline of the brain-computer interface is unclear, and performance realization will take time, so it is recommended to be cautious.

: The company clearly stated that the commercialization of the brain-computer interface and brain-like intelligence business is still in its infancy, has not yet generated revenue, the specific product has not yet been put on sale, and there is uncertainty about future operating performance [2]. Investment decisions should be based on the company’s fundamentals and one’s own risk tolerance, rather than market hotspots and concept speculation.