Deny Tesla's billion-dollar order, "20CM" limit-up Laplace's stock price plunges | Intraday quick report

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Reporter|Du Yu

Editor|Cheng Peng Reviewed by Jiang Lin|Zhang Jinhe

On the morning of April 1, media reports said that Laplace (688726), a provider of core equipment and solutions for domestic photovoltaic cell wafers, recently won the second phase of Tesla’s photovoltaic project, with an order value of nearly 10 billion yuan. In early trading, the company’s share price surged in an instant at around 10:50 and quickly hit the daily limit-up. By the close of trading at noon, Laplace was trading at 65.84 yuan per share, up 19.99%.

At noon, Laplace urgently issued a clarification announcement saying that, after verification, as of now, the company has not obtained the relevant orders; there is no material information that should be disclosed but has not been disclosed; and if any information disclosure thresholds are subsequently met, it will strictly fulfill its information disclosure obligations in accordance with relevant laws and regulations.

“The company’s fundamentals have not undergone any major changes. The company’s stock price has risen significantly in the recent period, and there is a risk that market sentiment is overheated and that trading is being conducted irrationally. We do not rule out the risk that the stock price may experience a rapid pullback in the short term, and investors participating in trading may face relatively significant risks.” Laplace said.

According to the company’s performance express report released on February 26, Laplace achieved total operating revenue of 5.459 billion yuan in 2025, down 4.69% year over year; attributable net profit to shareholders was 612 million yuan, down 16.07% year over year; attributable net profit to shareholders after deducting non-recurring items was 494 million yuan, down 18.45% year over year; and basic earnings per share were 1.51 yuan, down 22.96% compared with the same period last year.

By the end of 2025, Laplace’s total assets were 10.489 billion yuan, up 3.75% from the beginning of the period; shareholders’ equity attributable to the parent company was 4.065 billion yuan, up 15.36% from the beginning of the period; and net assets per share attributable to the parent company were 10.03 yuan, up 15.42% from the beginning of the period.

On the afternoon of April 1, when trading resumed, Laplace’s share price plunged in an instant; as of the time of this release, the gain had narrowed to 10.73%.

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