Guofeng New Materials (000859) Three Consecutive Limit-Up Analysis: Driving Factors and Market Outlook

Guofeng New Materials (000859) has shown strong stock price performance recently. As of November 21, 2025, it has achieved three consecutive limit-ups, with a closing price of 8.68 yuan on that day, an increase of 10.01%, a cumulative increase of 24.31% in the past 5 trading days, and a transaction amount of 2.605 billion yuan [0]. The company’s main business covers polymer functional film materials, optoelectronic new materials, polyimide materials and other fields [0].
The core factors driving the stock price rise include: 1) The photoresist concept broke out; Japanese manufacturers occupy about 90% of the global integrated circuit photoresist market, leaving broad space for domestic substitution [2]; 2) The company’s photosensitive polyimide (PSPI) photoresist product is in the laboratory preparation stage, triggering market expectations for technological breakthroughs [0]; 3) Potential M&A opportunities; the market pays attention to the synergy effect of the company’s planned acquisition of 58.33% of Jinzhang Technology’s shares [3]; 4) Strong intervention of main funds; on November 21, the main capital net inflow was 102 million yuan, and the growth rate of financing purchase amount exceeded 50% for two consecutive days [4].
It should be noted that the company’s EPS in the second quarter of 2025 was -0.01 yuan, which is in a loss state [0], and the company stated that its production and operation are normal, with no major unannounced matters to be disclosed [5].

1. Combination of Domestic Substitution Theme and Concept Speculation
   : The domestic substitution trend of photoresist combined with the expectations of the company’s laboratory-stage products forms a strong market speculation logic, although the product has not yet been commercialized [0][2].
2. Obvious Capital-Driven Characteristics
   : The stock price rise is mainly driven by short-term capital inflows, rather than fundamental improvement (it is still in a loss state currently) [0][4].
3. Event-Driven Market Trend
   : M&A expectations and rumors of technological breakthroughs have become catalysts for the market trend, reflecting the current market’s preference for technology concepts [3][0].

• Valuation Bubble Risk
  : Concept speculation may lead to the stock price deviating from fundamentals, with correction pressure [0].
• Technology R&D Risk
  : PSPI photoresist is still in the laboratory stage, and the commercialization process is uncertain [0].
• M&A Uncertainty
  : The planned acquisition of Jinzhang Technology has not been clarified yet, and there is a risk of failure [3].

• Long-Term Trend of Domestic Substitution
  : If the company can achieve technological breakthroughs in photoresist, it will benefit from the large trend of domestic substitution [2].
• Business Synergy Potential
  : If the acquisition is successful, Jinzhang Technology’s functional film material technology will enhance the company’s competitiveness [3].

Guofeng New Materials’ recent three consecutive limit-up sessions are the result of the combined effect of concept speculation and capital promotion. Although the company has R&D layout in the photoresist field and benefits from the domestic substitution theme, the current stock price rise is somewhat disconnected from fundamentals (such as Q2 loss). Investors need to pay attention to the progress of technology R&D, the dynamics of M&A matters, and changes in capital flow, and rationally evaluate the investment value [0][5].