Analysis Behind the Strong Performance of Jikai Co., Ltd. (002691): Concept-Driven Growth and Fundamental Challenges

Jikai Co., Ltd. (002691) is a supplier of mining machinery and equipment. In 2025, due to its involvement in the emerging 3D printing technology and industry recovery trend, its stock price rose 7.8 times, far exceeding the industry average [1]. However, its fundamentals are mixed: in the first three quarters, revenue decreased by 4.61% year-on-year to 184 million yuan, with a net loss of 45.85 million yuan (a year-on-year expansion of 237.57%) [0]; but revenue in the third quarter alone increased by 16.81% year-on-year to 66.14 million yuan, showing signs of short-term improvement [0]. In terms of capital flow, main funds had a net sell of 70.9922 million yuan on November 19, with significant outflow pressure [2].

The stock’s strong performance is highly correlated with the popularity of the 3D printing concept sector [3], but fundamentals have not fully supported the stock price increase. The improvement in Q3 revenue may reflect early signals of industry recovery, but net profit is still in loss, so subsequent profit recovery needs to be monitored [0].

: 1) Large outflow of main funds may加剧 short-term stock price volatility [2]; 2) Expanding fundamental losses (237.57% net loss in the first three quarters) bring valuation pressure [0]; 3) Risk of concept speculation fading [3].
: 1) Revenue improvement in Q3 under industry recovery expectations [0]; 2) Long-term growth potential brought by 3D printing technology applications [1].

The strong performance of Jikai Co., Ltd. (002691) is mainly driven by concepts, with fundamental challenges. Investors need to balance concept popularity and actual fundamental conditions, and pay attention to subsequent capital flows and profit recovery progress [0][2].