Following a staggering surge of 388.77% over just 38 trading days, the trading halt for Peric Special Gases Co.,Ltd. (SH: 688146) has concluded. According to an announcement, trading in the company's shares will resume on June 26. The market frenzy, initially fueled by expectations of a supply gap for the semiconductor material tungsten hexafluoride and its domestic substitution, is now under rational scrutiny. The results of the trading halt review indicate the company has no major undisclosed information that should have been announced.
In response to recent market speculation regarding the capacity, pricing, and orders for its tungsten hexafluoride product, the company clarified that its current annual production capacity for this product is 2,000 tons, all meeting the 6N grade specification. The company stated it has never publicly disclosed any information related to the pricing of its tungsten hexafluoride products.
It is noteworthy that as of June 24, Peric Special Gases' trailing price-to-earnings (P/E) ratio had reached 573.30 times, far exceeding the industry average. The company itself has indicated that the cumulative increase in its share price has deviated from its fundamentals, potentially reflecting overheated market sentiment and irrational speculation, and carries a risk of a sharp short-term correction.
Between May 11, 2026, and June 22, 2026, the company's stock trading repeatedly triggered alerts for abnormal and severe abnormal volatility. To protect investor interests, trading in the company's shares was halted for verification starting June 23, 2026. With the review now complete, trading will resume on June 26 following an application to the Shanghai Stock Exchange.
After verifying with its controlling shareholder, Peric Technology Co., Ltd., and its ultimate controller, China State Shipbuilding Corporation Limited, Peric Special Gases confirmed that as of June 25, its daily operations are normal with no significant changes, and internal production and operational order is normal. Apart from information already publicly disclosed through designated media, there are no major undisclosed events, including but not limited to major activities like mergers and acquisitions, share issuance, debt restructuring, business reorganization, asset spin-offs, or asset injections.
Recently, due to supply crises at some overseas tungsten hexafluoride manufacturers coupled with the storage chip industry entering a high-growth cycle, market expectations for domestic substitution of tungsten hexafluoride have intensified, making Peric Special Gases a focal point for capital inflows.
However, the company has issued clarifications regarding the market rumors. On the topic of capacity and orders, the company explicitly stated that its current annual tungsten hexafluoride capacity is 2,000 tons, with all products at the 6N grade. Previous information indicated that this capacity has long been underutilized, and a new 1,000-ton annual capacity under construction is not expected to be operational until the first or second quarter of 2027.
The company has also repeatedly stated in announcements that it has not signed any new, legally binding long-term or large-scale substantive order agreements. There is significant uncertainty regarding whether future cooperation will materialize, the scale of any orders, product pricing, and the specific impact on the company's operating performance.
Addressing online rumors of soaring tungsten hexafluoride prices, the company stated it has never publicly disclosed any related price information. Furthermore, it highlighted potential cost pressures, noting that if prices for upstream tungsten materials rise, it could increase raw material procurement costs, squeeze profit margins for the product, and create uncertainty for its operating performance.
Customs data and market conditions show that as overseas supply of upstream tungsten raw materials tightened, tungsten powder prices rose continuously from the second half of 2025 through the first quarter of 2026. Due to increased payments for raw material inventory, the company's net cash flow from operating activities in Q1 2026 decreased by 204.18% year-on-year.
The company solemnly reminded investors not to blindly believe market rumors or unverified information from online platforms, not to overstate the impact of a single product on the company's performance, to make rational decisions, and to be mindful of investment risks.
Behind the astonishing share price surge, the potential for a valuation bubble and speculative risks has become increasingly apparent. Data shows that from May 11, 2026, to June 25, 2026, Peric Special Gases' share price skyrocketed by 388.77% (calculated on a pre-adjusted basis). This performance significantly outpaced the Sci-Tech Innovation Board Index's cumulative gain of 17.35% and the STAR 50 Index's gain of 25.96% over the same period.
During the price increase, the company's stock trading triggered alerts for abnormal volatility four times and for severe abnormal volatility twice. The company has issued a total of seven announcements regarding abnormal volatility, severe abnormal volatility, and trading risk warnings. In its announcements, the company candidly pointed out that the cumulative share price increase has deviated from fundamentals, potentially indicating overheated market sentiment and irrational speculation, with a risk of a sharp short-term correction.
A more direct indicator of risk is the price-to-earnings ratio. As of June 24, 2026, data from the China Securities Index Co., Ltd. showed Peric Special Gases' trailing P/E ratio was 573.30 times, with a static P/E ratio as high as 597.55 times. In contrast, the average trailing P/E ratio for the computer, communication, and other electronic equipment manufacturing sector (CSRC industry classification) over the past month was only 65.70 times, with an average static P/E of 71.85 times.
The company warned that its P/E ratio is significantly higher than the industry average, posing a high valuation risk. It urged investors to be mindful of the investment risks associated with excessive valuations and to prudently assess the reasonable value of the company's stock.
From a fundamental perspective, whether the company's current scale of earnings can support such P/E valuations remains questionable. In the first quarter of 2026, the company achieved an operating profit of 114 million yuan, a total profit of 114 million yuan, and a net profit attributable to shareholders of 101 million yuan. Facing its current profit scale, the company frankly admitted that its overall business scale is currently small, and its ability to withstand market fluctuations and industry changes remains relatively limited.
Additionally, the company stated that its operating performance is subject to uncertainty due to various factors, including the macroeconomy, downstream market trends, competitive landscape, product competitiveness, policy environment, and final pricing.
It is worth noting that while few domestic companies have achieved mass production of tungsten hexafluoride, Peric Special Gases faces competition from companies such as Haohua Chemical Science & Technology Corp.,Ltd. (SH: 600378) and Zhongju Semiconductor Materials Co.,Ltd. (SH: 688549).
The company cautioned that if more market participants emerge in the future, intensified competition could lead to lower product prices. If the company's product iteration falls behind expectations or lacks competitiveness, it could result in declining sales and market share, adversely affecting operating performance.
The company further stated that if future macroeconomic conditions change or downstream demand weakens, leading to a downturn in industry sentiment or customers cutting capital expenditures, the company could face operational pressures such as reduced product demand, underutilized capacity, and falling sales prices, potentially causing significant fluctuations in its performance.
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