Yuanjie Technology: A 361% Increase in 2025, becoming the third highest-priced stock in A-shares (only behind Moutai and Cambrian). Recently, even as AI computing power adjusts, it remains unshaken! Let’s explore what makes it so special!

1. Core Concepts:

“Core Optical Communication Chip + AI Computing Infrastructure + Domestic Replacement Pioneer” Trinity

1. Main Business Positioning

• Optical Chip IDM Full Industry Chain Expert: Focused on the R&D, design, production, and sales of high-speed semiconductor optical chips, it is one of the few domestic companies with acomplete IDM model (design + manufacturing + packaging and testing integration).

• Core Products:

• High-speed DFB/EML Laser Chips 2.5G-50G + full series coverage, used in telecom networks and data centersYuanjie Semiconductor
• High-power CW Silicon Optical Sources Core breakthrough, specifically designed for AI data centers and CPO technology, has received North American certificationToday’s Headlines
• 100G/200G PM4 EML Completed customer validation, about to be mass-produced

• 2. Application Fields

• Building a “Telecom + Data Communication” dual-drive pattern, products are widely used in:

• 5G/6G Base Station Front Transmission Networks
• High-speed Interconnection of AI Data Centers
• Fiber to the Home (FTTH)
• Vehicle-mounted Laser Radar and CPO Technology

3. Technical Barriers and Industry Position

• IDM Full Process Self-control: From MOCVD epitaxial growth, grating process to chip testing, mastering the core technology of the “bottleneck” in optical chips.

• Domestic Scarcity + International Competitiveness:

• The only domestic company to achievemass production of the full series of 25G-100G high-speed optical chips.
• Competing with international giants Lumentum and II-VI, with comparable product performance.

• Cutting-edge Technology Layout:

  CPO Technology: Developing 300mW high-power CW light sources to meet collaborative innovation with silicon photonics, already connected with customer technology.Silicon Photonics Technology: Developed silicon light sources compatible with 1.6T optical modules, leading industry iteration.

2. Reasons for Stock Price Surge: Five Core Drivers Ignite the Market

1. The AI Computing Power Revolution Brings“Seller’s Bonus“

• Optical chips are the “heart” of AI data centers: Each AI server requires multiple high-speed optical chips for interconnection with switches, leading to an explosion in demand for 1.6T optical modules.

• Performance Explosion: In the first three quarters of 2025, revenue reached 383 million yuan (+115.09%), net profit reached 105.9 million yuan (+193 times),with data communication business surging 1034%

• Order Surge: In November 2025, received a 266 million yuan order for high-power CW light sources, accounting for 69% of annual revenue, from leading North American cloud providers.

2. Accelerated Domestic Replacement + Global Supply Chain Restructuring

• Breakthrough in the “bottleneck” of optical chips: In the context of supply tightness from international giants (such as Lumentum and II-VI), Yuanjie Technology has become the only domestic company capable of mass supplying 100G+ optical chips.

• Huge Space for Import Substitution: 80% of domestic high-speed optical chips rely on imports, Yuanjie Technology quickly captures the market withcost + delivery + customization threefold advantages.

3. Technology + Products + Customers’ “Golden Triangle

• IDM Model Moat: Vertical integration brings20-30% cost advantage and15-20% delivery speed advantage, with gross margin continuously improving to over 55%.

• High-end Customer Matrix:

• Domestic: Huawei, ZTE, Zhongji Xuchuang (strategic investment), Guangxun Technology
• International: Cisco, Arista, Amazon Web Services, Google Cloud

4. Capital Market“Scarcity Premium

• The only A-share listed company focused on high-speed optical communication chips with apure IDM model.

5. Institutional Consensus + Fund Enthusiasm

• Five leading brokerages (Shanghai Securities, Kaiyuan Securities, Zhongyou Securities, etc.) have all given a “Buy” rating, with target prices of 650-750 yuan. A 361% increase in 2025, becoming the third highest-priced stock in A-shares (only behind Moutai and Cambrian), with a market value exceeding 46 billion yuan.

3. Conclusion:“Core” Position + AI Wave = Growth Myth

Its core competitiveness lies in the perfect combination of “optical communication chips + AI computing infrastructure + domestic replacement,” leveraging the advantages of the IDM full industry chain and technological breakthroughs to occupy a core position in the dual waves of the AI computing revolution and domestic replacement.

The essence of the stock price surge is not only a reflection of performance explosion (193 times growth) but also a market reassessment of its strategic position as a “pioneer in domestic optical chip replacement + core supplier of AI computing infrastructure.”