Baiyin Nonferrous Group Co.,Ltd. (601212) saw its stock price hit the upper trading limit for seven consecutive trading days starting January 20, 2026, and opened on January 29 by again surging towards the limit-up threshold. During this period, the company intensively issued four separate announcements, repeatedly cautioning investors about trading risks.
Behind the stock price frenzy lies an "old issue" of the company's violation of information disclosure regulations. On September 11, 2025, Baiyin Nonferrous was placed under regulatory investigation for such violations. Affected investors who suffered losses could follow the "Investment Express" public account and participate in claims via the "Investor Claims" menu; the calculation of loss amounts is independent of subsequent stock price fluctuations.
The sharp price movement appears to be riding the wave of sector-wide euphoria. The year 2026 seems destined to be an extraordinary one for the silver market.
The company's recent rally started swiftly and powerfully. Beginning on January 20, the stock price climbed relentlessly, securing seven consecutive limit-up days and capturing significant market attention. Its gains substantially outpaced both the broader market index and the average performance of the nonferrous metals sector during the same period. Baiyin Nonferrous stated that its stock might be experiencing overheated market sentiment, leading to a significant increase in trading risk. However, speculative fervor in the market showed little sign of abating.
Turning to another aspect of Baiyin Nonferrous, the company faced a regulatory investigation in 2025 for violations related to the disclosure of information concerning 30 billion yuan in wealth management products, ultimately resulting in a fine. The dramatic stock surge presents a stark contrast to the company's fundamental business condition and its historical issues.
An analysis report from Orient Securities shed light on the broader market context: there is a widespread market expectation that precious metal prices will continue to break historical records throughout 2026.
The rise in precious metal prices is interpreted as a reflection of eroding trust in the current fiat currency system, with buying physical assets seen as an instinctive reaction to preserve wealth and hedge against debt risks.
The stock's "Baiyin Nonferrous" label creates a contrast with its actual business structure. The company's primary revenue source is not precious metals, but rather the smelting and processing of base metals.
Looking at the business composition for the first half of 2025, revenue from nonferrous metal mining, smelting, and sales was 30.262 billion yuan, accounting for 69.58% of the total; nonferrous metal trading revenue was 12.857 billion yuan, representing 29.56%. The gold and silver products directly related to the company's name contributed minimally to overall revenue.
The company stated in its announcements that its main businesses involve the mining, smelting, processing, and trading of metals such as copper, lead, zinc, gold, and silver. Revenue from gold and silver products constitutes a relatively low proportion of total operating revenue.
In the first half of 2025, Baiyin Nonferrous reported operating revenue of 44.559 billion yuan. Revenue from gold product sales was 8.318 billion yuan, accounting for 18.67% of operating revenue, while revenue from silver product sales was 2.023 billion yuan, representing just 4.54%.
An industry insider commented that Baiyin Nonferrous's stock chart perfectly illustrates the ongoing battle between market sentiment and the company's fundamental realities.
Looming over the price surge is the shadow of past penalties and the "settling" of regulatory actions. Behind the stock price狂欢 lies the company's "old account" of information disclosure violations.
On September 11, 2025, Baiyin Nonferrous announced that it had received a "Notice of Case Filing" from the China Securities Regulatory Commission (CSRC), initiating an investigation into suspected violations of information disclosure laws and regulations.
The investigation results revealed that the issue stemmed from financial products worth 3 billion yuan that the company had progressively purchased between August 2017 and March 2018. These products failed to be recovered on schedule in 2019, with the principal and related earnings only being recouped in December 2024.
Although the company disclosed the opening and closing balances of these financial products in its annual reports from 2019 to 2024, it failed to disclose specific details as required by relevant regulations, resulting in significant omissions in the annual reports.
The Gansu Securities Regulatory Bureau imposed penalties on Baiyin Nonferrous and related responsible individuals. The company was ordered to make corrections, given a warning, and fined 4 million yuan; several senior executives, including Chairman Wang Pugong, were fined amounts ranging from 500,000 to 1.5 million yuan each.
Lawyer Liu Peng from Shanghai Huzi Law Firm stated that the company's false statement conduct has already triggered claims for compensation. Based on the penalty, the eligibility criteria for rights protection are purchasing the stock between April 30, 2020, and September 10, 2025 (inclusive), and selling after September 11, 2025, or still holding the stock and incurring losses.
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