Beikuang Testing (920160) Surges 296% on First Day of Beijing Stock Exchange Listing: Analysis of Drivers from Performance Growth and Policy Benefits

This analysis is based on analyst report [0], correcting the code 920284 mentioned by the user to Beikuang Testing (920160). Beikuang Testing listed on the Beijing Stock Exchange on November 18, 2025, with an issue price of 6.7 yuan and a first-day closing price of 26.5 yuan, representing a gain of 295.52% [3]. The company expects its January-September 2025 revenue to increase by 26.87%-31.61% year-on-year and net profit to increase by 25.08%-38.02% year-on-year [3], mainly benefiting from policy support for the inspection and testing industry and扶持 for specialized, sophisticated, unique, and new enterprises [0].

The user’s queried code 920284 is incorrect; the actual code corresponding to Beikuang Testing is (920160) [0]. The Beijing Stock Exchange fully launched the new 920-series code system in October 2025 [2].

Beikuang Testing listed on the Beijing Stock Exchange on November 18, 2025, with an issue price of 6.7 yuan and a first-day closing price of 26.5 yuan, a gain of 295.52% [3], raising approximately 190 million yuan [3].

The company expects January-September 2025 revenue to be 134-139 million yuan, an increase of 26.87%-31.61% year-on-year; net profit to be 58-64 million yuan, an increase of 25.08%-38.02% year-on-year [3], showing strong growth.

Beikuang Testing is a leading domestic non-ferrous metal inspection and testing institution [0], benefiting from policy support for the inspection and testing industry and specialized, sophisticated, unique, and new enterprise support policies [0].

1. Significant New Listing Effect
   : Recent new stocks on the Beijing Stock Exchange have been sought after by the market, with obvious first-day gains [3].
2. Policy Dividend Driver
   : Policy support for specialized, sophisticated, unique, and new enterprises and the inspection and testing industry provides a favorable environment for the company’s development [0].
3. High Certainty of Performance Growth
   : Strong Q1-Q3 performance expectations indicate good growth [3].

• Performance Sustainability Risk
  : Attention should be paid to whether high-speed growth can be maintained after listing [3].
• New Stock Volatility Risk
  : Excessively high short-term gains of Beijing Stock Exchange new stocks may bring correction pressure [0].

• Policy Dividends
  : Continuous release of inspection and testing industry policies; the company, as a leading enterprise, is expected to benefit [0].
• Valuation Premium
  : Increased attention to specialized, sophisticated, unique, and new enterprises may bring valuation advantages [0].

Beikuang Testing (920160), as a specialized, sophisticated, unique, and new enterprise in the non-ferrous metal inspection and testing industry, performed strongly on its first day of listing on the Beijing Stock Exchange, with good performance growth expectations. Although it benefits from policy support, attention should be paid to performance sustainability and new stock volatility risks.