After its stock price doubled in 11 days, has Marvel Pharmaceutical’s 'magic' run out?

For investors who rushed into the stock amid this price frenzy, what they may need is not 'magic', but sobriety. By / Every Day Capital Research 'Is this a tail-end rally? A surprise move—hahaha.' 'Marvel Pharmaceutical—the emotional benchmark; is the game of musical chairs continuing?' On the last weekend of August, the stock forum of Shanghai Marvel Pharmaceutical Investment Management Co., Ltd. (hereinafter, 'Marvel Pharmaceutical') was exceptionally lively. Investors closely watching Marvel Pharmaceutical’s stock actively posted comments, voicing their views. On August 28, the stock hit its daily upper limit at market open, then saw a wave-like decline in its intraday chart. Yet, around 2:20 p.m. that day, the stock miraculously surged from a drop of over 4% to a gain of over 8%, ultimately closing up 6.8%. Previously, Marvel Pharmaceutical’s share price had doubled within just 11 trading days—its cumulative gain during this period reached approximately 120%, and its monthly gain soared to 136%. Meanwhile, Zhang Zhijun—the younger brother of the company’s actual controller, Zhang Zhitin—had just completed a 'full exit' share reduction, cashing out roughly RMB 180 million, leaving behind a group of fervent secondary-market investors still chasing this 'speculative stock', whose price had severely decoupled from fundamentals. Such a pattern—'defying share reductions and surging against the trend'—is not uncommon in China’s A-share market. Yet this pharmaceutical firm is mired in multiple crises: declining performance, financial violations, and concentrated share reductions by family members. Its stock’s 'magical' performance raises the question: Is this merely an irrational market frenzy—or is there some hidden rationale? Founded in the 1980s, Marvel Pharmaceutical originated as Shanghai Yongsheng Fountain Pen Factory. It underwent restructuring and went public in 1992, becoming an A- and B-share listed company on the Shanghai Stock Exchange. Its core business covers research, development, production, and sales of pharmaceuticals, with products spanning oncology, cold & cough remedies, cardiovascular and cerebrovascular treatments, and rheumatism & bone disease therapies. However, this decades-old pharmaceutical enterprise has seen increasingly bleak operating conditions in recent years. Financially, Marvel Pharmaceutical’s revenue has declined for several consecutive years. Although its net profit rose year-on-year in both 2023 and 2024, its revenue contracted annually. In 2025, the downturn intensified sharply: full-year revenue stood at RMB 1.952 billion, down 4.71% year-on-year; net profit totaled RMB 38.24 million, plunging 46.43% year-on-year—nearly halved. In its 2026 semi-annual report, Marvel Pharmaceutical continued its dual decline in both revenue and net profit: revenue fell 11.73% year-on-year to RMB 848 million; net profit dropped 33.05% year-on-year to RMB 21.97 million. On August 20, 2026, Marvel Pharmaceutical issued an announcement regarding abnormal stock trading and risk warnings, explicitly stating that 'the company’s fundamentals have not undergone any major changes' and that 'its stock price has deviated significantly from its fundamental value.' The announcement further highlighted that its core product—the sodium cantharidinate series of anti-tumor injectables—has seen declining sales revenue and gross margin in both 2025 and Q1 2026. Specifically, in Q1 2026, this product line generated RMB 103.89 million in sales revenue—a 6.03% year-on-year decline—and its gross margin fell by 1.64 percentage points year-on-year. Even more concerning, as of August 19, 2026, Marvel Pharmaceutical’s trailing-twelve-month (TTM) P/E ratio stood at a staggering 114.99x, while the industry average TTM P/E ratio was only about 53.06x.

After 'drinking' Beijing Hongxing Erguotou liquor, Dahao Technology’s stock price ‘went wild’—how did this happen?

Dahao Technology’s stock-price surge may soon end—and investors may have little time left to exit. Recently, if one were to name the hottest stocks on China’s A-share market, Dahao Technology (603025.SH) would undoubtedly rank among them—not for any complex reason, but simply due to a string of consecutive daily limits-up. Starting from its limit-up on November 23, Dahao Technology has recorded 12 consecutive daily limit-ups, with its share price climbing from RMB 7.90 per share to today’s RMB 26.26 per share—hitting the daily limit multiple times along the way. Calculated based on today’s intraday high of RMB 27.27 per share, Dahao Technology’s gain over just thirteen trading days reached a staggering 245.19%, fully deserving its label as a 'speculative stock'. With a total share capital of 926 million shares, Dahao Technology’s market capitalization surged from RMB 7.3 billion to RMB 25.2 billion—an increase of RMB 17.9 billion—demonstrating just how 'grand' ('hao') Dahao Technology has become. When a manufacturing enterprise 'drank' a glass of Beijing Hongxing Erguotou baijiu, it unexpectedly triggered a powerful whirlwind in the capital markets—drawing intense investor attention and catching the market completely off guard. 'Manufacturing + Baijiu' Fuels the Limit-Ups This frenzied string of limit-ups stems entirely from 'one announcement' issued by Dahao Technology. On November 25, Dahao Technology suspended trading to plan a major asset restructuring; on December 8, it disclosed its preliminary restructuring plan and resumed trading. According to the plan, Dahao Technology intends to acquire, via share issuance, 100% equity of Beijing Yiqing Asset Management Co., Ltd. (hereinafter, 'Asset Management Company') held by its controlling shareholder Beijing Yiqing Holding Co., Ltd. (hereinafter, 'Yiqing Holding'), as well as 45% equity of Beijing Hongxing Co., Ltd. (hereinafter, 'Hongxing Co.') held by Beijing Jingtai Investment Management Center (hereinafter, 'Jingtai Investment'). Additionally, it plans to acquire 1% equity of Hongxing Co. held by Beijing Hongyun Real Estate Co., Ltd. via cash payment. Dahao Technology also intends to raise supporting funds through a private placement, to be used for the cash consideration portion of the transaction, intermediary fees, transaction taxes and duties, and working capital supplementation. The final transaction value and amount of funds raised remain undetermined. Upon completion of the acquisition, Dahao Technology will hold 100% equity of the Asset Management Company and will directly and indirectly hold 100% equity of Hongxing Co. Prior to the transaction, Dahao Technology’s primary business involved R&D, production, and sales of proprietary computer control systems for various intelligent equipment—falling under the computer industry. Post-transaction, its business scope will expand into large consumer sectors—including liquor, food & beverage, and musical instruments—as well as new materials applications such as integrated circuit packaging and optoelectronic functions. Dahao Technology will thus own the 'Hongxing' brand series of baijiu, the 'Beijing Iceberg' brand series of beverages, the 'Yili' brand series of food products, and the 'Xinghai' brand series of pianos—significantly broadening its business lines. In short, the company’s actual controller has injected high-quality assets of Hongxing Co. into Dahao Technology. This 'manufacturing + baijiu' combination has driven Dahao Technology’s consecutive limit-ups. While the market anticipated Dahao Technology’s rise, the sheer speed and magnitude of its stock-price explosion still caught investors off guard. According to the plan, Hongxing Co.’s operating revenue for 2018–2020 stood at RMB 2.454 billion, RMB 2.638 billion, and RMB 1.824 billion respectively; its attributable net profit totaled RMB 329 million, RMB 491 million, and RMB 254 million; and its net cash flow from operating activities amounted to RMB 368 million, RMB 417 million, and RMB 548 million respectively.

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