Jiangxi Geto New Materials Corporation Limited has experienced six consecutive trading days with its stock price hitting the 20% daily limit-up, resulting in a staggering year-to-date surge of 198.57%, making it the first stock to double in value in 2026.
Since December 2025, commercial space concept stocks have broken away from their previous volatile patterns, displaying a powerful upward trajectory and becoming the standout performer in the capital markets at the turn of the year.
Taking the Wind Commercial Space Theme Index as an example, it recorded a cumulative increase of 89% between December 1, 2025, and January 12, 2026. This performance significantly outpaced both the CSI 300 Index and a host of other popular Wind indices during the same period, securing the top position on the gainers' list.
On an individual stock basis, Jiangxi Geto New Materials Corporation Limited (300986.SZ), a company encompassing hot themes like AI, new materials, commercial space, robotics, and quantum technology, saw its stock price hit the 20% limit-up for six straight sessions. Its year-to-date surge reached 198.57%, crowning it as the first stock to double in 2026.
On the evening of January 12, Jiangxi Geto New Materials Corporation Limited issued an announcement regarding abnormal stock price fluctuations and a subsequent trading suspension for verification. The company's latest trailing price-to-earnings (P/E) ratio has reached 104 times, representing a significant deviation from the latest industry average P/E ratio of 37.24 times.
It was noted that after market close yesterday, over 20 listed companies intensively released announcements highlighting stock trading risks or abnormal price movements. Among them, nearly half explicitly stated they are not involved in commercial space-related businesses. Concurrently, dozens of companies responded to investor inquiries about the commercial space topic on interactive platforms.
A 2400x P/E Ratio Sounds the Alarm With the recent strong rally in commercial space concept stocks, many market participants are now predicting a potential sector correction within the month.
After the market closed on January 12, more than 20 listed companies, including Jiangxi Geto New Materials Corporation Limited, Addsino Co.,Ltd., Aerospace Hi-Tech Holding Group Co.,Ltd., Beijing Navigation Control Technology Co.,Ltd., Cict Mobile Communication Technology Co.,Ltd., Geovis Technology Co.,Ltd., Chengdu Zhimingda Electronics Co.,Ltd., Guobo Electronics Co.,Ltd., China Spacesat Co.,Ltd., Eastern Communications Co.,Ltd., Chengdu Haoneng Technology Co.,Ltd., Hunan Aerospace Huanyu Communication Technology Co.,Ltd., and Changzheng Engineering Technology Co.,Ltd., intensively issued stock trading risk warnings or abnormal fluctuation announcements. Terms like "hot potato," "speculation," "detached from fundamentals," "prudent investment," and "rational decision-making" frequently appeared, urging investors to be aware of the risks.
During the preceding rapid price increase, the P/E ratios of some listed companies had severely diverged from their industry averages. For instance, China Spacesat Co.,Ltd. announced that its latest trailing P/E ratio reached 2,400.54 times, with a latest price-to-book (P/B) ratio of 21.72 times. In contrast, the average latest trailing P/E ratio for companies in its Shenwan defense industry sector was 214.27 times, with an average P/B ratio of 5.67 times. Furthermore, the company's 2024 operating revenue decreased by 25.06% year-on-year, and its net profit attributable to shareholders after deducting non-recurring items plummeted by 96.67% year-on-year, indicating relatively limited profitability.
Some listed companies remain in a loss-making state. For example, Beijing Navigation Control Technology Co.,Ltd. saw its closing price accumulate a gain of 55.45% since January 7, 2026. However, the company reported a net loss after deducting non-recurring items of 8.775 million yuan in 2024, and a loss of 7.1652 million yuan for the first nine months of 2025.
Simultaneously, a considerable number of listed companies are either still in the early stages of commercial space involvement or derive very limited revenue from it. Chengdu Zhimingda Electronics Co.,Ltd. stated that its main business involves airborne and missile-borne embedded computers. Its commercial space-related products are currently in the initial industrialization phase, with revenue from commercial space embedded computers accounting for only 3.97% of its total revenue for the first three quarters of 2025.
Beijing Navigation Control Technology Co.,Ltd. indicated that its related plans in the commercial space application field are currently only in the initial business layout stage, with business revenue of approximately 1.544 million yuan (unaudited) for January-September 2025.
Piesat Information Technology Co.,Ltd. mentioned that it signed a strategic cooperation agreement with Guangzhou Zhongke Aerospace Exploration Technology Co., Ltd. in July 2023. Two and a half years have passed since the signing, and the two parties have not yet initiated substantive business cooperation.
Cetc Digital Technology Co.,Ltd. announced that the company had not previously engaged in commercial space business. In 2025, it developed a small number of satellite communication products, such as intelligent computing and satellite-borne communication products. Orders for this business in 2025 amounted to approximately 3.9 million yuan, accounting for less than 0.1% of the company's overall business. This is not a core business and faces significant uncertainty in its future development.
Xi'An Bright Laser Technologies Co.,Ltd. stated that its commercial space development is at a relatively early stage and is expected to contribute limitedly to total operating revenue in the coming years. As of September 30, 2025, commercial space revenue accounted for about 3% of the company's total revenue for the period.
Furthermore, several listed companies explicitly stated in their announcements or on interactive platforms that they are not involved in commercial space-related businesses. For example, Changzheng Engineering Technology Co.,Ltd. stated that its products and technologies are primarily applied in the field of clean and efficient coal utilization, with customers mainly concentrated in the chemical industry, and it is not involved in commercial space or aerospace-related businesses.
North Navigation Control Technology Co.,Ltd. stated that recently, some websites and stock forums have categorized its stock within the commercial space sector. The company has never issued any related announcements, has no relevant business in the commercial space field, and has not secured any related orders. Transwarp Technology(Shanghai)Co.,Ltd. clarified that it does not actually engage in commercial space business and is unrelated to Shanghai Xinghuan Juneng Technology Co., Ltd. Shaanxi Aerospace Power Hi-Tech Co.,Ltd. indicated that its main business does not involve commercial space, nor does it have external investments in commercial space assets. It only engages in processing rocket engine components, which contributes less than 2% to revenue, and this business is currently operating at a loss.
Companies such as Beijing Aerospace Changfeng Co.,Ltd., Changzheng Engineering Technology Co.,Ltd., Yonker Environmental Protection Co.,Ltd., Zhejiang Wanliyang Co.,Ltd., and Zhongji Innolight Co.,Ltd. also issued clarifications via announcements or on interactive platforms.
Investors Show High Interest in Commercial Space Investment Opportunities A Huafu Securities research report points out that since the second half of 2025, the development speed of China's commercial space sector has noticeably accelerated. Key milestones include the "15th Five-Year Plan" in October 2025, which for the first time listed "space power" as a key national task in a five-year plan, and the November announcement by the China National Space Administration establishing a "Commercial Space Department" as the first dedicated regulatory body, signaling the industry's entry into a new state-led, rapid development phase.
A recent piece of news has further expanded the industry's potential. In December 2025, China applied to the International Telecommunication Union (ITU) for frequency and orbital resources for over 200,000 satellites. "This number not only significantly exceeds the total of 51,300 low-earth orbit satellites China had previously applied for but also far surpasses SpaceX's application for 42,000 satellites. If the application is successful, the planned satellite total would leap from 50,000 to over 250,000 combined, implying a fivefold increase in the market size of the entire industrial chain," the Huafu Securities report suggests. This multiplier increase in the industry's potential ceiling is expected to bring massive development opportunities to the entire upstream and downstream commercial space industrial chain.
On interactive platforms, commercial space has become a hot topic for inquiries, with many companies involved in related businesses providing detailed responses.
For instance, Kyland Technology Co.,Ltd. stated that its invested company, Neuronal Information Technology (Chengdu) Co., Ltd. ("Chengdu Neuronal"), has already introduced and utilized products in commercial space and national space launch missions, primarily collaborating with institutes under Aerospace Hi-Tech Holding Group Co.,Ltd. and commercial rocket companies.
Kuang-Chi Technologies Co.,Ltd. expressed that, leveraging its advantages in metamaterial technology, it is actively laying out and expanding its business in the commercial space field. This includes the development and testing of satellite antennas, the development and production of aerospace equipment structural components, and the manufacturing of aerospace tooling. It has already secured substantive orders and commenced business operations in commercial space satellite antenna testing and aerospace structural component manufacturing.
Guangdong King-Strong Technology Co.,Ltd. responded that its related products have achieved stable technical performance and market recognition in the commercial space and special application fields. Deliveries have been made to multiple ground base stations and certain satellite models, with related orders increasing compared to before, showing a positive development trend within its overall business.
Guangdong King-Strong Technology Co.,Ltd. added that against the backdrop of the deepening Space Power Strategy, gateway stations, as key hubs in the integrated space-ground information network, are facing broad strategic development opportunities. Continuous policy support is accelerating the construction of the integrated space-ground information network, further highlighting the core importance of gateway stations. Simultaneously, with the ongoing evolution of communication technologies, market demands for gateway station performance are continuously rising. Their application scenarios are also expanding from traditional emergency communications to areas like aviation, maritime, and the Internet of Things, indicating a trend of sustained market expansion.
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