The emerging "thousand-yuan stock" Yuanjie Technology officially files with the Hong Kong Stock Exchange, just disclosed a turnaround annual report.

The Daily Economic News Reporter | Wen Duo The Daily Economic News Editor | Huang Sheng

After the market closed on March 25, 2026, the optical chip leader Yuanjie Technology (SH688498, stock price 1141.00 yuan, market value 98.066 billion yuan) officially submitted its H-share issuance and listing application to the Hong Kong Exchanges and Clearing Limited (hereinafter referred to as HKEX), marking a key step in the company’s internationalization strategy.

Just a day earlier, the company had also released its 2025 annual report, delivering a “comeback” performance from a loss of 6.13 million yuan to a net profit of 191 million yuan. This semiconductor company that has rapidly risen amid the AI (artificial intelligence) computing power boom has not only successfully joined the A-share “thousand-yuan stock” club, but also, by launching the “A+H” dual-platform strategy, has shown its ambition to accelerate global market expansion.

On March 25, 2026, Yuanjie Technology published the application materials for this H-share issuance and listing on the website of HKEX. According to the announcement, the subscription targets for this H-share issuance and listing are limited only to offshore investors that meet the relevant conditions, and to qualified domestic investors who have the right to conduct offshore securities investments.

The company reminds that this H-share issuance and listing still requires approval, authorization, or filing with relevant government authorities and regulators such as the China Securities Regulatory Commission, and can be carried out only after comprehensively considering market conditions and other factors; there are still uncertainties.

More notably, just a few days ago on March 20, Yuanjie Technology’s share price successfully broke through 1000 yuan, hitting a historical high for the stock, and becoming the 8th A-share stock to reach the thousand-yuan mark, as well as the second-highest-priced A-share stock currently.

On the morning of March 20, Yuanjie Technology rose as much as 20% at one point, with the highest price reaching 1140 yuan per share. However, by the close of trading that day, Yuanjie Technology pulled back to 1114.99 yuan per share, closing up 17.37%.

In any case, this achievement marks Yuanjie Technology’s official entry into the A-share “thousand-yuan stock” club, becoming the first newly listed thousand-yuan stock of 2026.

Image source: Eastmoney Choice

Compared with the stock price that kept climbing, Yuanjie Technology’s business performance turnaround is even more dramatic.

Focusing on the optical chip industry, the listed company’s main products in the optical communications field include 2.5G—200G, and higher-speed DFB (distributed feedback laser chip) and EML (electro-absorption modulation laser chip) series products, as well as high-power silicon photonic light source products such as 50mW, 70mW, 100mW, and 150mW. In the automotive lidar sector, the company’s products include laser diode chips for 1550-band automotive lidar, among others.

At present, the company has already built an end-to-end business system covering the full process from chip design, wafer manufacturing, chip processing, and testing, and has multiple autonomous and controllable production lines covering the full process such as MOCVD (a new-type vapor-phase epitaxial growth technology), grating process, optical waveguide fabrication, metallization process, end-face coating, automated chip testing, high-frequency chip testing, and reliability testing verification.

However, in 2024, due to factors including intensified competition in the telecommunications market and falling product prices, the company incurred its first loss since listing, with full-year net profit attributable to shareholders of -6.1339 million yuan.

But in 2025, Yuanjie Technology not only turned losses into profits, with its net profit setting a new high. Last year, the listed company achieved operating revenue of 601 million yuan, up 138.50% year on year, and realized net profit attributable to shareholders of 191 million yuan, turning a loss into a profit. Judging from specific financial indicators, Yuanjie Technology’s earnings per share in 2025 reached 2.24 yuan.

The explosive growth in performance mainly benefited from the optimization of the company’s business structure. In 2025, Yuanjie Technology’s revenue from data center class products reached 393 million yuan, becoming the company’s largest source of revenue, accounting for 65.45% of total revenue. The gross margin of this segment was as high as 72.21%, significantly improving the company’s overall profitability. Telecommunications market class products did not lag, with revenue edging up to 206 million yuan and gross margin rising to 31.17%.

Yuanjie Technology also explained that it indirectly participates in equity investments through private funds, mainly investing in unlisted companies in China’s new-generation information technology, intelligent manufacturing, and other high-tech industry sectors that have development potential. As the valuation of the invested enterprises increases, investment returns are generated.

With the submission of the H-share listing application, Yuanjie Technology will begin a new chapter of internationalization. Against the backdrop of the continuous surge in AI computing power demand, whether Yuanjie Technology can leverage the advantages of the “A+H” dual-platform to secure a more important position in the global optical chip market is worth the market’s continued attention.

Cover image source: The Daily Economic News Media Library

A wealth of information and precise analysis—available in the Sina Finance APP