Latest developments among institutional investors: Fuhui Jia and Guangli Technology undergo intensive research

（Source: 财闻）

          Since March, Erkejia has conducted 17 research visits within the month, temporarily ranking as the company with the highest institutional research frequency for the current month. From an industry perspective, the semiconductor industry is the most closely watched.            

After the market’s volatile adjustment in mid-March, major A-share and Hong Kong-share indexes all rebounded on the 24th. Among them, the Shanghai Composite Index surged by 1.78% to close at 3881.28 points.

Amid market fluctuations, institutional investors have not paused their research pace. As of March 24, more than 3,000 institutional investors (including brokerages, public funds, insurers, and foreign capital, etc.) have participated in research activities of 424 listed companies this month.

According to 财闻 statistics, since March began, Erkejia (301371.SZ), with 17 research visits within the month, is temporarily the company with the highest institutional research frequency for the month. Guangli Technology (300480.SZ) and Xinlei Co., Ltd. (301317.SZ) follow closely behind, with 9 and 7 research visits respectively. From an industry perspective, the semiconductor industry ranks first in research heat; issues such as automotive-grade storage are the focus of institutional investors.

Erkejia and Guangli Technology receive concentrated institutional research

As of March 24, this month a total of 7 listed companies received institutional research more than 5 times. Among them, Erkejia ranked first with 17 research visits, far exceeding February’s 2 times.

Erkejia is a listed company engaged in the R&D, production, and sales of skincare products. Its primary products are two major categories: medical-device dressings and functional skincare products. The “3.8 big promotion” in March is an important promotional node in the first half of e-commerce, and investors have also paid close attention to Erkejia’s performance in this period. In response, Erkejia said, “Based on the sales data during this year’s 3·8 big promotion period, performance was relatively good. Our overall performance aligns with the company’s expectations. During the big promotion period, the company will actively participate according to the platform’s schedule, but the company still mainly focuses on daily sales.”

财闻 noted that Erkejia, which listed on the ChiNext board in August 2023, has been plagued since listing by a decline in profitability. After the company’s net profit saw year-on-year declines of 11.56% and 11.77% in 2023 and 2024 consecutively, in 2025 the company’s performance ran into “a big risk event.” In the first three quarters, it only realized net profit of RMB 325 million, representing a sharp year-on-year drop of 36.73%. As a result, as of March 24, since listing, the company’s share price had fallen 55.58% from its issue price.

A decline in operating revenue and an increase in selling expenses are major reasons for the deterioration in its profitability. In the first three quarters of 2025, Erkejia’s operating revenue was RMB 1.297 billion, down 11.54% year on year, while selling expenses reached RMB 621 million, up 26.19% year on year.

With its traditional business hindered, Erkejia is actively advancing its layout of medical aesthetics products. Regarding its plans for medical aesthetics products, in its research disclosures the company stated that it has completed clinical trials and obtained the clinical trial summary report for the reorganization of type III humanized collagen lyophilized fiber, and is preparing to submit its application materials. As for whether the medical aesthetics business can become a second growth curve, Erkejia said, “It still depends on the output and sales performance of subsequent new products.”

Besides Erkejia, Guangli Technology was researched by institutions 9 times, temporarily ranking second among companies this month. Moreover, the company attracted 122 institutional investors to participate in the research this month, and institutional attention remains high.

Guangli Technology is a leading domestic enterprise in semiconductor dicing saws. It also engages in coal mine safety monitoring-related business. Since 2026, Guangli Technology’s stock performance has been impressive. As of March 24, its gain for the year-to-date reached 66.25%. According to its earnings forecast, the company expects net profit of RMB 33 million to RMB 48 million in 2025, which would represent a turnaround from loss to profit year on year.

At the beginning of this month, the focus of institutional research on Guangli Technology mainly centered on how the situation in the Middle East would affect its ADT based in Israel (the world’s third-largest manufacturer of semiconductor dicing equipment). In three research activities on March 3, March 4, and March 5, Guangli Technology said: “The ADT factory is a company on the Israeli government white list. During states of emergency and wartime, it is approved to operate normally and enjoys safety protection. When the situation is tense, ADT employees enter the factory’s attached shelter facilities according to government safety control requirements. Even inside the shelters, employees can still send and receive emails normally and maintain communications, and business interfaces remain uninterrupted throughout.”

In the company’s latest research on March 20, investors focused on the semiconductor business situation in the first quarter. Guangli Technology stated that in the first quarter of 2026, the shipment volume of its semiconductor business will achieve a noticeable increase compared with the same period last year. The speed of customers picking up goods and the pickup volume continued the favorable trend seen in the second half of 2025. The company also expands capacity by improving production efficiency at the existing production facilities in the air cargo port area and by fully leveraging the infrastructure of its high-tech plant area.

Semiconductor-led institutional research industry

On March 24, the semiconductor sector rebounded strongly, with the Shenwan Semiconductor Index rising 2.27% on the day. Judging by the research data for the whole month, the semiconductor industry ranked first with 30 listed companies being researched. Automotive parts (26 companies) and general equipment (22 companies) took second and third place respectively, becoming the three major directions institutions focused on.

财闻 noted that in the list of institutional research for the semiconductor industry, there are also stocks such as Jiangbo Long (301308.SZ) and B&W Storage (688525.SH), which have posted repeated new highs over the past year. Among them, investors have concentrated their attention on the issues related to automotive-grade storage.

In Jiangbo Long’s research activities on March 16, regarding the question of future growth in its automotive-grade storage business, the company said: “Smart automobiles will become an important carrier for AI deployment at the edge. Multiple research institutions believe that automotive-grade storage will, as smart automobiles develop—especially as autonomous driving technology develops—show a trend of rapid growth. Automotive-grade storage is becoming a core supporting link in the upgrading of the automotive industry and has long-term, certain high-growth potential.”

In B&W Storage’s research activity on March 20, the company pointed out: “In the smart automobile sector, our products have already successfully entered the supply chains of more than 20 domestic leading OEMs and core Tier1 suppliers, and have achieved batch deliveries and scale sales of automotive-grade storage products. Currently, the company is accelerating the introduction and onboard verification of next-generation high-bandwidth, large-capacity automotive-grade storage products such as UFS and BGA SSD, to meet the demand for high-performance storage in complex application scenarios including intelligent cockpits and autonomous driving.”

Regarding the question of outlook for operating performance in subsequent quarters, B&W Storage stated that by the end of 2025, the company’s inventory amount is RMB 7.868 billion, and its inventory is relatively sufficient. Second, the company expects revenue in new application fields such as AI glasses and other AI emerging edge devices, as well as smart automobiles, to continue to grow.

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