In-depth Analysis of Guofeng New Material's Three Consecutive Daily Limits: Driven by Photoresist and Restructuring

Anhui Guofeng New Material Co., Ltd. (Guofeng New Material, 000859) has performed strongly recently, achieving three consecutive daily limits in November 2025. Over three trading days, it recorded a cumulative increase of 33.13%, with a closing price of 8.68 yuan on November 21 and a single-day increase of 10.01% [0]. The core driving factors include: 1) Progress in the research and development of photosensitive polyimide (PSPI) photoresist, which aligns with the direction of domestic substitution policies [3]; 2) The proposed issuance of shares to acquire 58.33% equity in Jinzhang Technology, integrating assets of new display materials such as polarizer release films and OLED protective films [0]; 3) Market rumors that Hefei State-owned Assets Supervision and Administration Commission intends to inject Changxin Xinqiao Storage Technology, triggering expectations for the company to expand into the storage field [2]. From the capital perspective, the single-day main net inflow was 102 million yuan, and the financing balance reached 410 million yuan (accounting for 6.92% of the circulating market value), indicating strong intervention by large funds and high market attention [1][0].

1. Policy and Market Resonance
   : The rise of Guofeng New Material reflects the continuous heating up of the domestic substitution theme in the new materials field. As a key semiconductor material, the independent R&D progress of PSPI photoresist has been highly recognized by the market [3][6].
2. Restructuring Expectation Premium
   : The acquisition of Jinzhang Technology and the expectation of potential storage technology injection bring room for business expansion and valuation improvement for the company, especially the synergy between new display materials and the storage field deserves attention [0][2].
3. Optimized Capital Structure
   : The large main net inflow and reasonable proportion of financing balance indicate the market’s confidence in the company’s long-term development rather than short-term speculation [1][0].

• Risk Points
  : Uncertainties in the restructuring process (e.g., approval delays), potential technical bottlenecks in photoresist R&D, and stock price corrections due to market sentiment fluctuations [0][3];
• Opportunity Window
  : Domestic substitution policies continue to be strengthened, and the new materials industry is improving overall [6][7]. If the company successfully integrates assets, it is expected to enter a high-growth track [0];
• Priority Assessment
  : Restructuring progress and R&D results are key short-term observation points, and announcement information needs to be closely tracked [1][3].

Guofeng New Material has delivered outstanding stock price performance recently, relying on photoresist R&D, asset acquisition, and policy dividends. The company focuses on five major industries including polymer functional films and optoelectronic new materials. If the restructuring progresses smoothly, it will further consolidate its position in the new materials field. Investors should pay attention to subsequent restructuring announcements, R&D progress, and industry policy dynamics to comprehensively evaluate the company’s value [0][1][3].