Jiarong Technology (301148) Resumption and Limit-Up Analysis: Driven by Asset Restructuring Expectations and Industry Tailwinds

Jiarong Technology is an environmental technology enterprise listed on the Shenzhen GEM, focusing on the R&D and application of membrane separation technology [0]. The company’s main businesses include special membrane materials, complete sets of equipment, and high-concentration wastewater treatment services [0]. The direct trigger for the limit-up after resuming trading on December 1 is the major asset restructuring plan: proposing to acquire 100% equity of Hangzhou Lanran, which focuses on electrodialysis technology and forms a “pressure-driven + electric-driven” combined process with Jiarong’s membrane separation technology [1][2]. Financial data shows the company is stable: revenue of 526 million yuan in the past 12 months, gross margin of 24.32%, and total cash of 865 million yuan [3]. At the industry level, the environmental protection sector is driven by policies, with growing demand for VOCs governance and wastewater treatment [4][0], and steady growth is expected from 2025 to 2032 [4].

1. Driven by Asset Restructuring Expectations
   : After resumption, the market has strong expectations for technological synergy and business expansion brought by the acquisition, directly pushing the limit-up [0][1].
2. Industry Policy Support
   : Positive policies for the environmental protection industry continue to be released, and the demand for VOCs and wastewater treatment markets is rising, providing support for the company’s fundamentals [4][0].
3. Technological Synergy Value
   : After acquiring Hangzhou Lanran, the company will have a more comprehensive membrane process system, enhancing its competitiveness in the fields of high-concentration wastewater treatment and resource recovery [0].

• Opportunities
  : If the asset restructuring is successful, it will expand business boundaries and increase market share; the growth dividends of the environmental protection industry will continue to be released [0][4].
• Risks
  : There are uncertainties in the asset restructuring process (such as approval, valuation negotiation); industry competition intensifies [0].
• Time Sensitivity
  : In the short term, attention should be paid to restructuring progress announcements; in the long term, track the implementation of industry policies and the effect of company integration [0].

Jiarong Technology’s resumption limit-up is mainly driven by asset restructuring expectations and industry tailwinds. Acquiring Hangzhou Lanran is expected to strengthen technological synergy, and sound financial conditions provide support for subsequent development. Industry policy promotion and growth prospects lay the foundation for the company’s long-term development. Investors need to pay attention to restructuring progress and changes in industry dynamics.