Shanzi Hi-Tech (000981.SZ) Hot Stock Analysis: Neta Auto's Restructuring Implementation Ignites Market Enthusiasm

Shanzi Hi-Tech (000981.SZ) has recently become a market focus, with the core driving force stemming from the

[1]. In late December 2025, the Jiaxing Intermediate People’s Court ruled to approve Neta Auto’s restructuring plan, with Shanzi Hi-Tech becoming the only qualified restructuring investor and paying a RMB 50 million deposit. The company plans to acquire a 68% controlling stake in Neta Auto for RMB 4.5 billion (including technology-based equity), with the first installment of RMB 200 million in capital injection already received. Tongxiang State-owned Assets holds a 15% stake, and 17% of the equity will be used for debt-to-equity swaps. Shanzi Hi-Tech has actually taken over the operation of Neta Auto, and equity delivery is expected to be completed by the end of March 2026. This reorganization has enabled it to obtain whole vehicle manufacturing qualifications, achieving a strategic upgrade from a parts supplier to a whole vehicle manufacturer, and the market has given it high growth expectations[1][2].

In addition to the whole vehicle layout, the company has achieved major breakthroughs across multiple business lines.

, with an estimated value of approximately RMB 13.5 billion; it also supplies gearboxes for BYD Seal 07. , with an estimated value of over RMB 8 billion. , which has entered the supply chain testing of Huawei Ascend and is expected to be mass-produced in 2026[1][2]. Breakthroughs in multiple business lines provide substantial support for the company’s fundamentals.

The stock price performance is characterized by

. It recorded a gain of 6.69% today, a gain of 63.25% in the past month, 156.87% in 6 months, and 132.62% in a year, showing a typical bull market pattern. However, it fell 4.07% in the past 5 days and hit a limit down on January 15, indicating extremely sharp short-term volatility[0][4].

. A total of 1.52 billion shares were traded today, 68% higher than the average of 906 million shares, with a turnover of approximately RMB 8.2 billion and a turnover rate as high as 15-24%. The abnormal surge in trading volume reflects intensified market divergence and fierce long-short game[0].

Technical indicators show that

. The RSI (14) is in the overbought zone, the KDJ indicator shows a death cross signal (K:72.3, D:75.7, J:65.7), and although the MACD is bullish, its momentum has weakened. The beta coefficient reaches 1.32, indicating that the stock is a high-volatility target. The current price is operating in a range-bound pattern, with a reference range of ¥4.45-¥5.61[0].

In terms of key price levels, focus on resistance levels of ¥5.61 (52-week high and recent concentrated limit-up zone) and ¥5.30 (short-term moving average resistance); support levels include ¥5.08 (previous day’s closing price), ¥4.85 (today’s low), and ¥4.45 (lower bound of the range)[0].

Market sentiment is characterized by

. Bulls believe that: the implementation of Neta Auto’s restructuring brings whole vehicle manufacturing qualifications and market growth expectations; the large order from Stellantis and cooperation with CATL provide fundamental support; the Shenzhen-Hong Kong Stock Connect has continued net buying, and the hot money group ‘Xiaoxian Pai’ has actively participated in the Dragon and Tiger List[3].

Bears’ concerns mainly focus on: a P/B ratio of 32 times and a P/S ratio of 15.72 times, with valuation significantly deviating from industry levels; cumulative net losses after deducting non-recurring gains and losses of RMB 18.913 billion over 7 consecutive years, and a net loss of RMB 438 million in the first three quarters of 2025 after deducting non-recurring gains and losses[4]; Neta Auto’s debt as high as RMB 9.386 billion, with uncertainties in subsequent integration; the number of shareholders increased from 318,600 at the end of 2024 to 587,000 at the end of the third quarter of 2025, with chips becoming more dispersed[4].

The company has issued a notice of abnormal stock trading volatility, stating that the cumulative deviation of closing price gains over three consecutive trading days exceeds 20%, reminding investors of risks[5].

are the core concern. Although the net profit attributable to parent shareholders in the first three quarters of 2025 was RMB 437 million (a year-on-year increase of 132%), the net profit after deducting non-recurring gains and losses was still -RMB 438 million, and the profitability of the main business has not been fundamentally improved. The current ratio is 0.46 and the quick ratio is 0.37, indicating weak debt-paying ability[4].

need to be vigilant. Neta Auto’s confirmed debt is RMB 9.386 billion, with high financial risks. At the same time, the management is under enormous pressure to integrate Neta Auto and promote multiple business lines. The controlling shareholder’s share pledge ratio is 24.43%, with risks of forced liquidation[4].

cannot be ignored. Despite improved performance, the P/B ratio is as high as 32 times, and the stock price reflects more expectations and sentiment rather than fundamental improvement[4].

The core logic behind Shanzi Hi-Tech becoming a hot stock is

. The implementation of Neta Auto’s restructuring brings strategic upgrade expectations for the company, and multiple major orders provide fundamental support. However, the current stock price is in the overbought zone, and technical indicators show pullback risks; the continuous loss in net profit after deducting non-recurring gains and losses is a hard wound, and whether effective integration can be achieved after the successful restructuring remains to be verified.

: It is recommended to participate cautiously, as volatility is sharp and risks are accumulating.

: Opportunities can be sought to focus on the progress of equity delivery by the end of March, the mass production progress of the new model V17, and the implementation of semiconductor business orders.

: Prudent assessment is required, as the company’s fundamentals have not been fundamentally improved, and the effectiveness of the restructuring and integration remains to be observed.

Shanzi Hi-Tech is a

target, suitable for investors with strong risk tolerance. It is recommended to participate rationally, set stop-loss levels, and avoid chasing highs and being trapped.