Guangbai Co., Ltd. (002187) Limit-Up Cause Analysis and Market Impact Evaluation

This analysis is based on data from the Tushare Limit-Up Pool [10]. Guangbai Co., Ltd. (002187) hit the limit-up on November 27, 2025. As the largest department store chain enterprise in Guangzhou [0], the company’s cumulative deviation from the daily growth rate over two consecutive days exceeded 20% [0], mainly driven by the ‘Guzi Economy’ concept [7], consumption policy stimulus [1], and SOE reform expectations [0], despite poor fundamental performance [6].

The limit-up of Guangbai Co., Ltd. (002187) is the result of multiple factors working together:

• Concept Speculation
  : Benefiting from the booming ‘Guzi Economy’ concept [7], the emotional value of offline retail scenarios has regained market attention;
• Policy Dividends
  : Frequent consumption stimulus policies (such as consumption voucher distribution and trade-in programs) [1] directly boost the commercial retail industry;
• Reform Expectations
  : As a state-owned enterprise, the market has high expectations for its mixed-ownership reform and operational efficiency improvement [0];
• Industry Recovery
  : The retail industry as a whole shows a recovery trend, and the value of offline experience is emphasized [0].
  Notably, the company reported a net profit loss of 30.9974 million yuan in its 2025 third-quarter report [6], indicating a certain deviation between market performance and fundamentals.

• Cross-domain Correlation
  : The combination of offline retail recovery and emerging consumption concepts (e.g., ‘Guzi Economy’) has become an important factor driving the valuation of traditional commercial enterprises [7];
• Expectation-driven
  : SOE reform expectations have masked fundamental deficiencies in the short term, reflecting the market’s strong expectation for reform dividends [0].

• Risks
  : Sustained profit losses may trigger valuation corrections [6], and market volatility risks after concept speculation need to be vigilant;
• Opportunities
  : Consumption policy dividends [1] and SOE reform [0] may bring long-term development opportunities for the company, and the value reconstruction of offline retail scenarios is worth attention.

The limit-up of Guangbai Co., Ltd. (002187) reflects the current market’s re-examination of traditional commercial retail enterprises. Despite fundamental pressures, policy and concept factors have dominated market sentiment in the short term. Investors need to pay attention to the deviation between market performance and fundamentals and rationally view the fluctuations brought by concept speculation.