The once "most bullish giant stock" in A-shares has doubled again!

Ask AI · Ji’an Medical Investment: How Did It Trigger Another Doubling of Its Stock Price?

There have been countless “monster stocks” in A-shares history, but few have been so revered by investors that they are crowned with titles like “Emperor.”

The most famous is Ji’an Medical, known as the “Ji’an Emperor.”

“Ji’an Emperor,” Rises Again

From November 15, 2021, to April 15, 2022, Ji’an Medical experienced 38 limit-ups within 102 trading days, with the longest consecutive limit-up streak being 9 days, and the highest increase in the interval reaching an astonishing 1105%.

The trigger for Ji’an Medical’s stock price surge at that time was the approval by the U.S. FDA for its subsidiary’s COVID-19 antigen home self-test kits. Subsequently, Ji’an Medical disclosed multiple major contracts and orders, fueling continuous sharp rises in its stock price.

To say that Ji’an Medical’s rapid rise back then might not have been just reckless speculation. In the first quarter of 2022, Ji’an Medical’s revenue was 21.74B yuan, a year-on-year increase of over 66 times; net profit was 14.31B yuan, up over 375 times.

This surge in revenue and net profit driven by the skyrocketing demand for epidemic prevention supplies was short-term. After this peak, Ji’an Medical’s stock price entered a decline and sideways channel.

Until recently, starting February 24, Ji’an Medical’s stock price, which had been stagnant, suddenly surged—from around 41 yuan to nearly 85 yuan on April 2, doubling in just over a month.

Many retail investors are exclaiming: The once super bull stock “Ji’an Emperor” is making a comeback—will it once again double multiple times?

The Dark Side of Betting on the Month, the Trigger for the Stock Price Surge?

Ji’an Medical’s recent stock price rally was because it got involved with the AI concept, backed by years of continuous investment布局.

In September 2022, Ji’an Medical used 340 million yuan of its own funds to subscribe to shares of five VC/PE institutions—Jifeng Capital, Yuansheng Venture Capital, Wuyuefeng Capital, Yaotu Capital, Huixin Investment—focusing on healthcare, information technology, advanced manufacturing, new materials, and other tech fields. This marked the company’s first entry into the primary market, signaling its transformation from a traditional medical device manufacturer to an investment-oriented enterprise.

On November 21, 2023, Ji’an Medical used 150 million yuan of its own funds to subscribe to shares of four investment funds—Lisi Venture Capital, Qiji Venture Capital, Inno Angel Fund, Jihe Venture Capital—focusing on AI, information technology, and frontier fields.

On December 29, 2023, Ji’an Medical’s wholly owned subsidiary Ji’an Hong Kong jointly established Tianjin Jiashang Venture Capital Partnership (referred to as: Jiashang Venture), which in turn co-founded Tianjin Jiashang No.1 Management Consulting Partnership (referred to as: Jiashang No.1) with Shangshi Investment.

Jiashang No.1 became an investor in the now hot big model company Yuezhian Anmian (kimi), as well as domestic GPU leader Muxi and other enterprises.

The approximate process of Ji’an Medical’s investment in Yuezhian Anmian was: in August 2023, Ji’an Hong Kong signed an investment agreement with Yuezhian Anmian’s related entities, with an investment amount of about 10 million USD (roughly 72 million yuan at the then exchange rate).

This was the company’s first investment in Yuezhian Anmian, just a few months after Yuezhian Anmian’s founding.

In March 2024, Jiashang No.1 signed an investment agreement with Yuezhian Anmian’s related entities, investing about 20 million USD (roughly 144 million yuan at the then exchange rate).

On March 24, 2024, Ji’an Medical issued an abnormal stock movement announcement, officially confirming its investment in Yuezhian Anmian, and emphasizing that the investment amount accounted for only 0.98% of the company’s most recent audited total assets and 1.09% of net assets.

By February 2026, Yuezhian Anmian completed a new round of financing exceeding 700 million USD, with a valuation reaching 18 billion USD. Ji’an Medical, as an existing shareholder, participated in this round, and this round’s valuation increased 12 times from the initial investment of about 1.5 billion USD in August 2023, earning Ji’an Medical huge profits.

At the start of 2026, the Hong Kong stock market saw a wave of big model company listings. On January 8, Zhipu Technology went public; on January 9, MinMax listed.

Zhipu’s stock price was not very impressive at first, but on February 9, it surged 36%, kicking off a rapid rise.

(Zhipu’s post-listing chart)

MinMax soared from over 500 HKD on February 12 to nearly 1,000 HKD on February 20.

After their listings, both companies’ stock prices doubled or more within just a few months, making Yuezhian Anmian, also in the big model field, even more valuable.

Ji’an Medical’s surge began on February 24, right after Zhipu and MinMax’s sharp rises.

At this point, the market realized that with Zhipu and MinMax soaring, the valuation of peers like Yuezhian Anmian would also skyrocket, and Ji’an Medical’s stock price followed suit.

Investing in Muxi, Ji’an Medical Has Become a “Tech Stock”?

Muxi, as a leading domestic GPU company, is known as the “Chinese Nvidia.” It was listed on the STAR Market on December 17, 2025, with an opening price of 700 yuan per share, soaring 568.8% from the IPO price of 104.66 yuan.

In early 2025, Ji’an Medical invested 100 million yuan directly into Muxi through Tiankai Ji’an Haihe Haitang Sci-Tech Fund, and also indirectly held some Muxi shares via Jiashang No.1’s investment in Lisi Fund. Ji’an Medical’s indirect stake was about 120,000 shares, roughly 0.53% before Muxi’s IPO.

Ji’an Medical’s investment in Muxi undoubtedly earned another big profit.

Besides Yuezhian Anmian and Muxi, Ji’an Medical’s star investments include Variable Robotics, Qiongche Intelligent, Zhiyuan Robotics, all high-tech companies.

On March 11, Ji’an Medical stated on investor interaction platforms that it has established a dual-core development model: core business in healthcare + major asset allocation investment business, with promising growth prospects.

In the first three quarters of 2025, Ji’an Medical’s investment income reached 562 million yuan, with fair value change gains of 1.2M yuan, totaling over 1.8 billion yuan.

Earlier, Ji’an Medical’s 2025 performance forecast projected net profit attributable to shareholders of 2.02 to 2.35 billion yuan, up 21.05% to 40.83%.

It’s clear that investment income accounts for a significant portion of Ji’an Medical’s net profit.

But the core business performance is declining. In the first three quarters of 2025, revenue was only 1.25B yuan, a sharp decrease of 48.89% year-on-year. The iHealth series, as the company’s core product, generated 799.7 million yuan in revenue in the first three quarters, accounting for 74.78% of total revenue, but showed a downward trend.

This also worsened the company’s operating cash flow, which was negative 34.07 million yuan in the first three quarters of 2025, down 104.90% year-on-year.

Overall, due to investments in several hot tech companies, the capital market has somewhat regarded Ji’an Medical as a tech stock. Under this perception, the stock’s explosive rebound is quite normal.

It’s worth noting that, since the market is speculating that Ji’an Medical holds Yuezhian Anmian’s equity, the rise and fall of Hong Kong-listed big model companies like Zhipu and MinMax may, to some extent, reflect on Ji’an Medical’s stock price.

Author’s note: Personal opinions only, for reference.