Why did Ji'an Medical, whose main business was cut in half, manage to double its stock price within the year?

Ask AI · How does Ji’an Medical’s investment layout defy the trend to drive the stock price soaring?

Unsatisfied with being just a “water seller” of medical devices, Ji’an Medical aims to be a “trendsetter” in the wave of technology. Relying on precise positioning in AI, semiconductors, and robotics, the company has become a “market trend hunter” in the secondary market. However, when investment gains far exceed the core medical business, is the market truly favoring Ji’an Medical, or its “capital map”?

On April 1, Ji’an Medical hit the daily limit, closing at 80.94 yuan per share. In just four trading days, the company achieved three limit-ups.

Contrasting sharply with its strong stock performance is the company’s fundamental business, which is not optimistic—revenue from the core medical business nearly halved, and sales of key products have plummeted.

Meanwhile, Ji’an Medical has repeatedly laid out projects like Kimi and Muxi, continuously hitting the AI and semiconductor industry’s hot spots, transforming itself into a “cross-industry investment expert” discussed heatedly in capital markets.

One side is under pressure in its main business, the other side is shining in investments. Under this contrast, a core question arises: who is actually “pulling the cart” for Ji’an Medical’s stock price surge?

Increase over 100%

On April 1, Ji’an Medical led the medical device sector with a 10% daily limit, closing at 80.94 yuan, with three limit-ups in four days. Looking back at its overall performance since 2026, the company’s cumulative increase has reached 102.62%, making it one of the most watched star stocks in the market.

As a company deeply engaged in medical devices, Ji’an Medical’s core business mainly revolves around blood pressure monitors, blood glucose meters, temperature monitoring, and other in vitro diagnostic products. During the pandemic, the company secured huge orders with COVID-19 antigen OTC self-test kits, with revenue soaring 9.98 times in 2022, marking a peak moment.

However, as the pandemic recedes, the company has gradually adjusted its product structure. Meanwhile, in recent years, industry giants like Huawei and Xiaomi, as well as medical device peers such as Mindray and Yuwell, have entered the market, intensifying competition and impacting the company’s fundamentals. As a result, the company’s revenue has continued to decline in recent years, with a 48.89% YoY decrease in the first three quarters of 2025, starkly contrasting with its previous glory during the pandemic.

Against this backdrop, Ji’an Medical actively seeks new breakthroughs, entering the diabetes diagnosis and care field, achieving rapid business growth. In the first half of 2024 and 2025, the company’s internet medical revenue increased by 104.68% and 58.43% respectively. Although the current scale is far from enough to offset the decline in traditional testing products, it still offers hope for the company’s second growth curve.

In addition to developing new businesses, investment has also been a major highlight for Ji’an Medical in recent years. In recent years, the company has frequently invested as an LP in professional venture capital firms, subscribing to funds such as Jifeng Capital, Yuansheng Venture Capital, and Lisi Venture Capital. In 2023, it further established dedicated platforms like Jiashang Venture Capital and Jiutang Venture Capital. Its investment approach has shifted from passive equity participation to active layout.

In the primary market, Ji’an Medical accurately captured multiple hot projects. In 2023, through its subsidiary Ji’an Hong Kong, the company invested about $10 million in Yue Zhi An Mo. In March of the following year, it increased its stake again, investing an additional $20 million through its participation in Tianjin Jiashang No.1 Management Consulting Partnership (Limited Partnership).

In early 2025, Ji’an Medical also completed a RMB 100 million investment in Muxi Technology via the Sci-Tech Innovation Fund, and through Jiashang No.1, invested in Lisi Fund, indirectly holding about 1.2 million shares of Muxi. When Muxi Technology listed on the Sci-Tech Innovation Board that year, Ji’an Medical also gained its first listed target. Based on today’s closing price, the company’s stake in Muxi Technology is valued at 706 million yuan, with unrealized gains exceeding six times.

Additionally, projects like Zhiyuan Robotics, Songyan Power, and Variable Robots have all been incorporated into its investment map, covering high-growth tracks such as AI, semiconductors, and robotics.

In the secondary market, Ji’an Investment disclosed in its 2025 semi-annual report that its holdings now include stocks like Xiaomi, Xpeng Motors, Li Auto, Tencent Holdings, Nvidia, as well as US Treasury bonds and S&P 500 ETFs. In its investor relations activity record, the company stated it is drawing on Yale University Foundation’s asset allocation model to develop a global diversified asset allocation.

In the first three quarters of 2025, the company’s investment income and fair value change income reached 562 million yuan and 1.25B yuan respectively, up 3.5 times and 111% YoY. Meanwhile, the company’s revenue was 1.07B yuan, down 48.89%. The company explained that during the reporting period, government orders for reagent kits declined, but the fair value of its stock and ETF holdings increased.

**Hidden currents surge

Behind Ji’an Medical’s stock price surge, various capital players and prominent individual investors have quietly appeared.

Since March, Ji’an Medical has issued multiple announcements of abnormal trading, and many well-known trading seats have appeared on the disclosed龙虎榜.

On March 11, Ji’an Medical’s deviation from the average price reached 7%. Post-market龙虎榜 shows that two active seats of Zhang Mengzhu: Guotai Haitong Shanghai Branch and Guotai Haitong Shanghai Pudong New Area Haiyang West Road Branch, ranked second and fourth respectively, with combined purchases of 221 million yuan.

Correspondingly, on the sell side, Ping An Securities Anhui Branch, known for quick in-and-out trades, and one of the “Lhasa Troupe” members, Orient Securities Lhasa Donghuan Road Branch, chose to take profits as the stock rose, selling a total of 78 million yuan.

Between March 18 and 19, Ji’an Medical’s cumulative increase of over 20% prompted another龙虎榜 disclosure. Zhang Mengzhu’s Guotai Haitong Shanghai Pudong New Area Haiyang West Road Branch reappeared, along with the recently frequent chasing investor, CITIC Construction Securities Anhui Branch.

On March 27, after the stock had risen over 50% that month, Ji’an Medical again disclosed龙虎榜. Zhang Mengzhu’s two active seats appeared again; notably, Guotai Haitong Shanghai Pudong New Area Haiyang West Road Branch sold 46M yuan but still net bought 55M yuan, showing a net buy. The “Lhasa Troupe” branches sold a total of 110 million yuan, ranking third and fourth on the sell list.

That day’s buy list also welcomed new players—fan Ge, a popular trader, joined Zhang Mengzhu’s buying team, with East Asia Qianhai Securities Shenzhen Branch buying 82 million yuan, ranking fourth on the龙虎榜.

On March 30, the trend shifted. Zhang Mengzhu and fan Ge began to take profits, selling a total of 185 million yuan. Meanwhile, multiple trading seats like Ping An Securities Shanghai Jinkang Road and Guotai Haitong Chongqing Zhongshan Third Road stepped in to buy, creating a relay.

Ji’an Medical’s “prominent individual investor” story is not limited to this. Among the company’s shareholders, prominent individual investors Yu Ronghu, Zhou Qun, Yan Yunsheng, and Feng Junju have held shares for a long time. Among them, Zhou Qun, who entered in Q1 2020 with 4.6521 million shares, saw his holding value grow from 42 million yuan at that time to 122 million yuan in October 2025, a 190.48% increase, despite multiple reductions during the high point in 2022.

Yu Ronghu, Yan Yunsheng, and Feng Junju, who previously held Ji’an Medical shares during the 2022-2023 stock price rally, have recently increased their holdings again, re-entering the top ten shareholders. Based on today’s closing price, their paper gains have roughly doubled.

Beyond individual investors, institutional players are quietly deploying. Former Huabao Fund ETF “queen” Hu Jie has also shown strong interest in Ji’an Medical. Her managed Huabao CSI Medical ETF, which started with 4.8534 million shares in Q2 2022, has increased holdings year by year, now reaching 9.5209 million shares, making her the company’s fourth-largest shareholder.

Trader Liu Yi

Ji’an Medical’s rise is inseparable from the leadership of founder Liu Yi.

Liu Yi, born in 1967 in Tianjin, entered Tianjin University in 1986, studying analytical instruments and minoring in industrial management, earning dual bachelor’s degrees. After graduation in 1990, he was assigned as a technician at Shanghai Third Analytical Instruments Factory. A year later, he resigned and moved south to Guangdong, joining Sun God Company, thus entering the medical device industry.

In 1995, Liu Yi caught the market opportunity for electronic blood pressure monitors at a classmates’ gathering, then co-founded Ji’an Medical with several Tianjin alumni, starting his entrepreneurial journey.

Initially, the company’s performance hovered around tens of millions. To break the deadlock, Liu Yi decided to go global, entering emerging markets like Brazil and Poland, and from 2003, sales revenue doubled for four consecutive years, successfully stepping onto the global stage.

In 2010, Ji’an Medical listed on the Shenzhen Stock Exchange, becoming the first listed company in China’s blood pressure monitor industry. However, post-listing, core business stagnated, and stock price remained low.

Liu Yi decisively shifted to mobile internet, securing strategic investment from Xiaomi of $25 million, jointly building the iHealth brand.

A real turning point came during the COVID-19 pandemic. After iHealth’s antigen test kits received emergency use authorization from the US FDA, huge orders from the US government followed, leading to an epic performance explosion.

In Q1 2022, net profit hit 14.31B yuan, up over 300 times YoY, surpassing the total of the past decade, with stock price soaring from 8 yuan in May 2021 to 98.42 yuan in April 2022.

As the company’s market value soared, Liu Yi also began planning to reduce holdings for cashing out. In 2022, he used his controlling platform Shihezi Sanhe Equity Investment Partnership (Limited Partnership) to plan a block trade of no more than 9.63M shares, about 2% of total shares.

In practice, only 2.4534 million shares were sold, at an average price of 53.24 yuan per share, totaling about 131 million yuan.

After wealth explosion, Liu Yi shifted from entrepreneur to capital operator.

Since being elected president of Tianjin University in 2016, he initiated the Beiyang Haitang Fund in 2019, with an initial scale of 100 million yuan, leveraging over 1 billion yuan in investments, nurturing more than ten Tianjin high-tech projects including Yun Yao Aerospace. With the success of the first fund, the second phase began.

Public information shows that the fund raised 540 million yuan from 45 investors, including 14 listed companies, forming a venture capital group exceeding 100 billion yuan.

In addition, Liu Yi acquired Hualai Technology in 2020 and recently initiated its listing process. In 2024, Hualai Technology officially listed on the New Third Board, and a week later submitted a listing counseling to the Beijing Stock Exchange. Its IPO is still under review.

As Liu Yi’s capital layout continues to expand, subsequent moves are worth watching.