YIYATONG (002183) Limit-Up Analysis: Driven by Memory Chip Super Cycle, Resonance of Fundamental and Technical Factors

This analysis is based on market reports from Sina Finance [1], Tonghuashun Finance [2], and Securities Star [8]. YIYATONG (002183) hit the daily limit-up on January 22, 2026, and continued its upward trend with a 5% gain on January 23, closing at RMB 5.88 per share. It has hit the limit-up 5 times in the past year. As a supply chain management service provider, the company is deeply benefiting from the global AI-driven memory chip “super cycle”. Coupled with its strong 2025 performance forecast of 40% to 60% net profit growth, it has attracted significant capital attention.

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The global memory market is experiencing a strong AI-driven recovery, which is the core external catalyst for YIYATONG’s limit-up. Kioxia, a Japanese memory giant, has confirmed that its 2026 production capacity is fully sold out, and the tight supply situation is expected to continue until 2027 [3][4]. The price of some 1TB SSD models has increased by more than 130%, surging from approximately RMB 300. A report from Counterpoint Research indicates that the market has entered a “super bull market” phase, with memory chip prices expected to rise by 40%-50% in Q1 2026 and a further 20% in Q2 [5].

AI demand is the core driver of memory chip price increases. A single AI server requires 8-10 times the memory of a regular server, driving a surge in demand for High Bandwidth Memory (HBM) and DDR5 [5]. The U.S. memory sector has rallied first, with leading companies such as Micron Technology seeing strong stock performance, further boosting the popularity of A-share memory concept stocks.

YIYATONG’s Semiconductor Division maintains in-depth cooperation with international original manufacturers such as Micron, Kioxia, and Toshiba, providing full-category memory products including SSDs and DRAMs [2]. In 2024, the company’s memory distribution revenue reached RMB 1.341 billion, a year-on-year increase of 48.93%, significantly outperforming the industry average growth rate. Its business covers smart terminals, automotive electronics, servers, and AI scenarios, benefiting from expanding memory demand across multiple sectors.

On January 21, 2026, the company was surveyed by multiple institutions including Guotai Haitong, Great Wall Securities, and First Venture [6]. During the survey, the company clearly stated:

. This statement indicates that the company has elevated its memory business to a strategic level. Its subsidiary Xingyi is one of the earliest companies in China engaged in memory business, with first-mover advantages and technological accumulation.

The company released its 2025 performance forecast, showing that the expected net profit attributable to shareholders is RMB 1.88-2.15 billion, a year-on-year increase of 40%~60%; the expected non-recurring net profit is RMB 1.83-2.11 billion, a year-on-year increase of 39.19%~60.40% [7]. The performance growth is mainly driven by the upward boom in memory chips and the steady development of the company’s supply chain business. Although the net profit in the fourth quarter alone was RMB 416-684 million, showing a sequential fluctuation, the full-year performance still exceeded market expectations, providing solid fundamental support for the stock price.

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From September 10, 2024, to January 23, 2026, YIYATONG’s stock price rose from RMB 2.82 to RMB 5.72, with a cumulative increase of 102.84% [0], achieving a doubling rally. The current stock price is trading above all medium and long-term moving averages: the 20-day moving average is RMB 5.08, the 50-day moving average is RMB 4.94, and the 200-day moving average is RMB 4.83 [0], forming a typical bullish formation. The average daily trading volume is approximately 786,400 shares, indicating continuously increasing market participation.

Market data on January 21, 2026, shows that institutional capital recorded a net inflow of RMB 39,089,400, accounting for 8.69% of the day’s total turnover [8], indicating that institutional funds are actively building positions. Speculative hot money recorded a small net outflow of RMB 5,899,000, accounting for 1.31% [8], reflecting that the market’s capital structure is dominated by institutional investors. A relatively high turnover rate of 11.34% indicates active intraday trading competition among market participants [1].

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RMB 5.50 is an integer level near the 20-day moving average, forming the first support; RMB 5.00 is near the 50-day moving average and a dense trading area; RMB 4.80 is the location of the 200-day moving average, forming a strong support zone.

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RMB 6.00 is a psychological integer resistance level; RMB 6.50 is the 52-week high, with significant selling pressure from previously locked-in shareholders.

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YIYATONG is involved in several currently popular market concept sectors [8]: the Machine Vision concept rose 0.97% on the day, the Eastern Data, Western Computing/Computing Power concept rose 0.92%, and the IT Application Innovation concept rose 0.85%. The company is included in multiple hot tracks, and coupled with the memory chip boom, market attention is at a high level.

include: Sustained strong memory demand driven by AI, the company’s clear focus on the memory track, high certainty of performance growth, positive signals released by institutional research, and net inflow of institutional capital.

include: The stock price has risen by over 100% in the past year, with short-term pullback pressure; the high turnover rate of 11.34% indicates intensified short-term speculation; financial analysis shows signs of “aggressive accounting treatment”, requiring attention to earnings quality [0]; the 200-day moving average is still catching up; there is significant selling pressure from locked-in shareholders near the previous high of RMB 6.50.

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The analysis reveals the following notable risk factors:

1. Valuation Risk
   : The cumulative increase of over 100% in the past year has led to a large short-term gain, creating a need for technical correction. Investors should be cautious of chasing highs and avoid entering positions after a sharp short-term rise.

2. Volatility Risk
   : The turnover rate of 11.34% is at a relatively high level, indicating intense capital competition, which may lead to increased intraday stock price volatility.

3. Concept Transmission Time Lag Risk
   : There is a certain time lag between the rise in memory chip prices and the transmission to the company’s performance, so the progress of performance realization needs continuous tracking.

4. Accounting Treatment Concern
   : Internal analysis shows signs of “aggressive accounting treatment” [0]; investors need to pay attention to the quality of earnings and changes in accounts receivable.

5. External Linkage Risk
   : The memory sector is greatly influenced by U.S. stock movements. If the U.S. memory sector experiences a correction, it may drag down related A-share targets.

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YIYATONG’s current limit-up is the result of

. The core driving factors include: the global memory chip “super cycle” coupled with the 48.93% rapid growth of the company’s memory distribution business; the 40%~60% net profit growth forecast for 2025 provides solid performance support; positive signals released by institutional research and net inflow of institutional capital; the technical bullish formation remains intact.

Going forward, key attention should be paid to the trend of memory chip prices, the company’s memory business orders, and the breakthrough of the previous high at RMB 6.50. Investors should maintain rational judgment and make prudent decisions based on their own risk tolerance.