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A well-known “bullish big-shot” has appeared on the list of the top 10 shareholders of a listed company.

Nokejianhua (688428) recently disclosed its annual report, showing that as of the end of last year, “bullish big-shot” Chen Xiaofa newly entered the company’s list of the top 10 shareholders, with the market value of his shares at the end of the period exceeding 100 million yuan. Of note, HHLR Capital is also showing strong interest in Nokejianhua—HHLR Fund, L.P. and its parties acting in concert have ranked as the company’s second-largest shareholder for multiple consecutive years.

According to public information, Nokejianhua mainly develops innovative drugs for patients with malignant tumors and autoimmune diseases, and in 2025 the company achieved its first turnaround to profitability. In fact, in the last quarter of last year, multiple billion-yuan private funds also moved into listed companies whose profitability had been improving; as they put it, in 2026, a profitability-driven market opportunity is expected to further unfold.

Chen Xiaofa newly entered the list of Nokejianhua’s top 10 shareholders

Nokejianhua’s recent annual report shows that as of the end of 2025, Chen Xiaofa newly entered the company’s list of the top 10 shareholders. The number of shares held was 7.458 million, and the number of shares held at the end of the period was 153 million yuan.

It is understood that what Chen Xiaofa is most known for in the market is his investment in an innovative-drug sector stock—Eliis. In the second quarter-end of 2022, Chen Xiaofa newly entered Eliis’s list of the top 10 shareholders, holding 1.65 million shares. At that time, Eliis’s stock price was at a historical low of 15 yuan, but over the following two years, Chen Xiaofa added to his position in this target in almost every quarter. During this process, Eliis’s core product was included in the National Reimbursement Drug List, leading to a surge in performance. Chen Xiaofa’s holding market value increased from 145 million yuan as of the end of Q2 2022 to 520 million yuan as of the end of 2024.

What’s interesting is that Nokejianhua is also an innovative drug company, and HHLR Capital has been involved for many years.

Choice data shows that as of the end of 2025, HHLR Fund, L.P. and its parties acting in concert held 209 million shares of the company, and the market value of their holdings at the end of the period reached 4.28 billion yuan. Looking over a longer timeframe, the number of shares held by HHLR Fund, L.P. and its parties acting in concert has remained firmly held since the end of Q3 2022, with no change in quantity.

It is understood that Nokejianhua is a commercial-stage high-tech biomedical company that develops innovative drugs for patients with malignant tumors and autoimmune diseases. In 2025, the company’s core product, Obtutinib, achieved commercialization revenue of 1.41 billion yuan, up 41%. Meanwhile, Obtutinib’s successful inclusion of a new first-line indication for CLL/SLL in the 2025 edition of the National Reimbursement Drug List means that in 2026 sales are expected to continue growing rapidly in scale.

According to Nokejianhua’s annual report, in 2025 the company achieved operating revenue of 2.375 billion yuan, up 135.27%, and turned net profit from loss to profit. In 2025, it achieved attributable net profit of 642 million yuan, compared with a loss of 441 million yuan in 2024.

Billion-yuan private funds increase their positions in performance stocks

It is worth noting that in last year’s fourth quarter, multiple billion-yuan private funds increased their positions in performance stocks.

Chengtou Holding released its annual report today, showing that as of the end of 2025, the foreign trade trust—Renqiao Zeyuan private securities investment fund held 27.4865 million shares of the company, increasing its holdings by nearly 620,000 shares compared with the end of the previous quarter.

According to the company’s annual report announcement, in 2025 Chengtou Holding achieved operating revenue of 14.457 billion yuan, up 53.27%; and achieved net profit of 289 million yuan, up 19.19%.

Foshi Technology’s recent annual report also shows that as of the end of 2025, the Juming Ruiyi private securities investment fund newly entered the company’s list of the top 10 tradable shareholders, holding 11.1345 million shares.

According to public information, Foshi Technology is a leading company in the sub-sector of high-performance polymer functional films and composite materials. In 2025, it achieved net profit attributable to shareholders of the listed company, excluding non-recurring gains and losses, of 97.5611 million yuan, up 1.02%. Dongwu Securities analysts said that in 2026 the inflection point in diaphragm supply and demand has already appeared; in 2027, supply and demand will be even tighter, and price elasticity will be significant.

Institutions are optimistic about an earnings-driven market

In the view of industry insiders, this year’s capital market is expected to unfold a structural market driven by earnings.

Nian Hongfeng, fund manager at Panjing Investment, said that although the market’s overall performance in the first quarter was active, after the first quarter, the market will gradually enter a phase of validating expectations: “The market will focus on factors such as the strength of macroeconomic recovery, whether AI application-side earnings are being delivered, and changes in commodity inventory. Therefore, investors can actively seize trading opportunities and position in stocks with a smooth long-term logic and high certainty in earnings delivery.”

Starstone Investment, in an interview with reporters, said that although short-term external geopolitical conflicts still involve uncertainty, after experiencing short-term adjustments, the valuation risk in the A-share market has been further released. Going forward, a recovery in corporate earnings is expected to support the stock market’s performance. Specifically, at present China’s manufacturing advantages are clear; in the field of artificial intelligence, technological upgrades and application rollouts are still progressing. In the pan-technology sector, there are good opportunities for earnings to be realized. Meanwhile, overseas uncertainties have little impact on domestic policy efforts to boost the economy, so stable, high value-for-money China core assets also have medium-term opportunities.

Author: Ma Jiayue

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