Changjiang Materials (001296) Continuous Limit-Up Analysis and Investment Prospects

This analysis is based on Tushare’s limit-up pool data [0]. Changjiang Materials (001296) achieved three consecutive limit-ups on November 25, 2025, with a closing price of 30.87 yuan and a closing order fund of 69.4088 million yuan [0]. The company’s net profit attributable to parent company shareholders in the first three quarters of 2025 increased by 146.16% YoY [0], benefiting from the growing demand for casting materials in the new energy vehicle and wind power industries [0]. However, short-term valuation pressure has risen after consecutive limit-ups, and the asset-liability ratio exceeding 75% also requires attention [0].

Changjiang Materials (001296) is a leading domestic enterprise in casting sand, with main businesses covering coated sand, recycled sand, etc., applied in high-end manufacturing fields such as automobiles and wind power [0]. In the first three quarters of 2025, its revenue was 1.335 billion yuan (+38.95% YoY), and net profit attributable to parent company shareholders was 103 million yuan (+146.16% YoY) [0], with performance growth significantly higher than the industry average [3]. In terms of market performance, the company recently achieved three consecutive limit-ups, with a turnover rate of 10.88% and active trading [0]. At the industry level, the demand for casting materials is driven by domestic substitution and environmental protection policies, and the advantages of leading enterprises are prominent [0]. The company’s recycled sand business proportion has increased, and the capacity expansion plan is expected to further improve the gross profit margin [0].

1. Mismatch between Performance and Valuation
   : After consecutive limit-ups, short-term valuations may have reflected part of the expectations, but the certainty of medium- and long-term performance growth remains high [0].
2. Policy and Business Synergy
   : Tighter environmental protection policies promote the replacement of traditional sand with recycled sand, and the release of the company’s recycled sand production capacity will become a core growth point [0].
3. Financial Leverage Risk
   : The asset-liability ratio is 75.09% (2025 Q3), and the progress of debt structure optimization needs to be watched [0].

• Short-term: Risk of profit-taking after consecutive limit-ups, increasing pullback pressure [0].
• Medium-term: Raw material price fluctuations (e.g., quartz sand) and intensified industry competition [0].
• Long-term: High debt levels may limit expansion capacity [0].

• Domestic Substitution: Broad space for import substitution of high-end casting materials [0].
• Capacity Release: Expansion of recycled sand production capacity is expected to enhance profitability [0].
• Policy Support: The basic chemical industry receives national policy support [0].

Changjiang Materials (001296) faces short-term valuation pressure due to consecutive limit-ups, but benefits from industry demand growth and capacity expansion in the medium and long term. Investors need to balance short-term fluctuations with long-term growth potential, and pay attention to performance verification and progress in financial structure optimization [0].