Hengguang Co., Ltd. (301118) 3-Minute 20cm Limit-Up Analysis: Dual-Drive and Overseas Expansion as Catalysts

This analysis is based on the limit-up event report from tushare_zt_pool and external sources such as StockStar and Securities Times [1][2][3][4]. Hengguang Co., Ltd. (301118) achieved a 20cm limit-up within 3 minutes on November 19, 2025. The main driving factors include new energy materials (phosphorus pentachloride), germanium metal production capacity, overseas expansion layout, and significant performance improvement. Key findings: Main funds recorded a net inflow of 99.5 million yuan on the day, reversing the net outflow trend from the previous day; the company’s dual-drive logic is clear, and the expectation for overseas production capacity release is strong.

Hengguang Co., Ltd.'s fundamentals improved significantly in 2025. In the first three quarters, revenue increased by 29.22% year-on-year, and net profit attributable to shareholders improved by 96.92% year-on-year [4]. In terms of business, the company has dual main business advantages: phosphorus pentachloride (lithium battery raw material) and germanium metal (20,000 kg/year production capacity) [3][4]. Overseas layout is accelerating: Phase I of the Laos base (60,000 tons of chlor-alkali) has been put into operation, Phase II is expected to be put into operation within the year, and the 300,000-ton chemical project will be operational in 2026 [2]. In terms of stock price performance, it opened at 26.66 yuan on the day and rose straight to 31.58 yuan (limit-up) in 3 minutes [3]; main funds recorded a net inflow of 99.5083 million yuan on the day, accounting for 30.92% of the turnover, reversing the previous day’s net outflow of 38.9520 million yuan [1][2].

1. Cross-domain resonance
   : Demand for new energy materials + strategic value of rare metal germanium + overseas production capacity expansion form a joint force, driving the stock price up [3][4].
2. Capital reversal signal
   : Main funds’ net inflow of nearly 100 million yuan in a single day indicates market recognition of the company’s logic [1][2].
3. Segment leader effect
   : As a segment leader in the price increase theme, the company’s stock price performance may drive the sentiment of related sectors [3][5].

• Risk
  : Excessive short-term gains may lead to a correction; overseas project progress is less than expected; raw material price fluctuations [4].
• Opportunity
  : Demand growth in the new energy vehicle industry chain; expansion of germanium metal applications; overseas production capacity release to boost performance [2][4].
• Priority
  : Focus on the sustainability of performance and the implementation of overseas projects [4].

Hengguang Co., Ltd. (301118) has significantly improved its fundamentals through dual-drive and overseas expansion, with strong short-term stock price performance. Main funds inflow is obvious, market attention has increased, but short-term fluctuation risks need to be noted.