Rongji Software (002474) Limit-Up Analysis: Balancing AI Concept-Driven Momentum and Financial Risks

Rongji Software (002474) performed strongly in November 2025, hitting limit-up multiple times [0], mainly driven by the AI application concept boom and the high-low switching of market funds [1]. The company focuses on software development and information technology services, and its layout in the AI application field has attracted market attention [2]. Despite the 1.189 billion yuan revenue in the first three quarters of 2025, a year-on-year decrease of 30.48%, and the net profit attributable to shareholders of -98.8487 million yuan, a sharp year-on-year drop of 683.61% [3], with the asset-liability ratio remaining at a high level of 83.32% [3], the stock price still achieved 5 consecutive limit-up boards [4], reflecting the market’s pursuit of the AI theme. Supported by Xinchuang industry policies, the estimated size of the Xinchuang software market in 2025 will reach 3 trillion yuan [5], providing development space for the industry.

• AI concept drives stock price away from fundamentals: Poor financial data but obvious capital inflows [0], reflecting market preference for AI themes
• Capital high-low switching feature: As a low-position tech stock, it attracts capital transfer [0]
• Policy and market game: Contrast between Xinchuang policy benefits and company operating pressure [5][3]

• Financial risk: High debt ratio and continuous losses may trigger liquidity issues [3]
• Concept retreat risk: Decline in AI popularity may lead to stock price correction [0]

• Xinchuang industry growth: 3 trillion yuan market size provides opportunities for transformation [5]
• Technological innovation potential: If AI application layout is converted into performance, it can improve finances [0]

Rongji Software (002474)'s limit-up is driven by AI concept and capital inflows, with financial pressure but benefiting from Xinchuang policies. Investors need to pay attention to the balance between concept and fundamentals, as well as the actual impact of policy implementation on business.