Comprehensive Analysis of Changjiang Materials (001296) Limit-Up Event

This analysis is based on Tushare’s limit-up pool data[0]. Changjiang Materials (001296) hit the limit up on November 25, 2025. Key driving factors include accelerated commercialization of 3D printing technology in the new energy vehicle sector[5], layout in the new energy vehicle supply chain (as a Seres supplier)[0], better-than-expected Q3 results (Q3 single-quarter net profit increased by 76.82%)[0], and intensive institutional attention (Southwest Securities Buy rating)[0]. The event has a positive impact on the company’s valuation enhancement and industry position consolidation.

Changjiang Materials is a leader in the coated sand and fracturing proppant fields[0], listed on the Shenzhen Stock Exchange in 2021[0]. In H1 2025, it recorded revenue of 512.7 million yuan (+10.43%) and net profit of 73.38 million yuan (+5.03%)[0].

1. Accelerated Performance Growth
   : Q3 single-quarter net profit was 40.32 million yuan, up 76.82% YoY[0]. The first three quarters’ net profit was 114 million yuan (+22.69%)[0].
2. Technological Breakthrough
   : The application of 3D printing technology in new energy vehicle casting materials is accelerating[5], driving the stock price to limit up against the market trend.
3. Supply Chain Advantage
   : As a Seres supplier, its products are used in extended-range engine blocks/cylinder heads[0], benefiting from the rapid development of new energy vehicles.
4. Institutional Recognition
   : 13 institutions conducted research; Southwest Securities gave a target price of 29 yuan and a Buy rating, expecting a CAGR of 26.46% over the next three years[0].
5. Policy Benefits
   : Shale gas exploitation policies support fracturing proppant demand[8]; high-quality development policies for the casting industry benefit the casting materials business[7].

Since the low point in April 2025, the stock price has increased by 105% cumulatively[0], and has been on the Dragon and Tiger List multiple times due to a 20% deviation from the growth rate[6].

1. Cross-Domain Synergy
   : The triple benefits of new energy vehicles, 3D printing technology, and shale gas policies overlap, forming strong growth momentum.
2. Institutional Consensus
   : Institutional research and Buy ratings indicate high market recognition of the company’s future development[0].
3. Performance Inflection Point
   : The Q3 single-quarter net profit growth rate is significantly higher than the overall rate of the first three quarters, indicating the company has entered an accelerated growth phase[0].

• Industry Competition
  : Intensified competition in the new energy vehicle supply chain may affect market share.
• Cost Volatility
  : Raw material price fluctuations may squeeze profit margins[0].

• Technology Scaling
  : Large-scale commercial application of 3D printing technology is expected to bring new profit growth points[5].
• Policy Dividends
  : Under the support of shale gas exploitation policies, demand for fracturing proppant business continues to grow[8].
• Supply Chain Expansion
  : Further expand the new energy vehicle supply chain to increase market share[0].

Changjiang Materials’ limit-up reflects the market’s positive recognition of its 3D printing technology breakthroughs, new energy vehicle supply chain layout, and accelerated performance growth. Institutions expect a compound annual growth rate of 26.46% in net profit over the next three years[0]; continuous attention should be paid to technological commercialization progress, new energy vehicle industry dynamics, and related policy changes.