Stock Price Surpasses "Cold King," Second Only to Kweichow Moutai - The Eighth Thousand-Yuan Stock in A-Shares is Born, Why Is It Sourcetech?

Everyday Economic Reporter | Wang Yandan Everyday Economic Editor | Xiao Ruidong

A-shares once again make history—On March 20, Yuanjie Technology (SH688498), a popular stock in the CPO (Optical Packaging) concept, surged rapidly after opening, hitting a 20% daily limit during trading, with the stock price reaching a high of 1,140 yuan, breaking the 1,000-yuan mark, becoming the eighth stock in A-shares to reach 1,000 yuan and the second in the STAR Market.

Near the end of trading, Yuanjie Technology’s stock price pulled back slightly, closing at 1,114.99 yuan, up 17.37%, with a total market value of 95.831 billion yuan. Its stock price surpassed Cambrian, ranking as the second-highest priced stock in A-shares, only behind Kweichow Moutai.

Last August, Cambrian, which also listed on the STAR Market, once saw its stock price exceed Kweichow Moutai, earning the nickname “Cold King.” In just half a year, Cambrian’s stock price experienced continuous adjustments. Although it has not fallen below the 1,000-yuan threshold, its spotlight has been completely overshadowed by the rising star Yuanjie Technology.

Yuanjie Technology’s stock price surpasses 1,000 yuan—Is the Shanghai-Hong Kong Stock Connect the main driver?

Why has Yuanjie Technology become the new leader in the STAR Market? There are three main reasons: First, it precisely caught the AI (Artificial Intelligence) computing power wave; second, its performance has significantly increased; third, it has gained favor from capital.

Data shows that Yuanjie Technology’s main business is the research, design, production, and sales of optical chips. It has established a full-process IDM system including chip design, wafer manufacturing, chip processing, and testing.

With explosive growth in AI computing power demand, optical chips, as core components of computing infrastructure, have become a hot track. The Feynman chip released at NVIDIA GTC 2026 introduced optical communication into inter-chip connectivity for the first time, further igniting demand for optical chips.

Since last year, Yuanjie Technology has achieved substantial growth in the AI data center market, especially in high-power CW laser chips required for silicon photonics solutions.

According to Tonghuashun data, in 2024, Yuanjie Technology’s performance was still in loss, with a net profit attributable to parent of -6.1339 million yuan; however, in 2025, driven by AI, sales of CW light source products in data center fields surged, leading to significant performance growth.

The third quarter report of 2025 shows that the company achieved a total operating revenue of 383 million yuan, a year-on-year increase of 115.09%; net profit attributable to parent was 106 million yuan, up 19,348.65%; after deducting non-recurring gains and losses, net profit was 97 million yuan, up 2,322.60%. The gross profit margin in the first three quarters was 54.76%, and in Q3 it was 61.62%.

After releasing the Q3 report, Pacific Securities pointed out that Yuanjie Technology’s Q3 performance growth was strong, “achieving unexpected growth.”

Additionally, Yuanjie Technology’s latest announcement shows that the company expects to achieve an operating income of 601 million yuan for the full year of 2025, a year-on-year increase of 138.50%; net profit attributable to parent is expected to be 191 million yuan, turning positive from negative; non-recurring net profit is 163 million yuan, significantly improving profitability. This indicates that the company maintained high growth in Q4 2025.

Precise positioning at the right opportunity, performance soaring, and capital favoring naturally follow. According to the post-market trading data released by the exchange on March 20, the Shanghai-Hong Kong Stock Connect became the primary driver behind Yuanjie Technology’s stock price breaking the 1,000-yuan mark. On that day, the Shanghai-Hong Kong Stock Connect bought 1.236 billion yuan worth of Yuanjie Technology shares and sold 663 million yuan, with a net purchase of 570 million yuan.

Reviewing the history of 1,000-yuan stocks in A-shares: the rise and fall of seven benchmark stocks and their lessons

For investors, the most concern is whether Yuanjie Technology, after becoming the eighth 1,000-yuan stock in A-shares, is a fleeting phenomenon or a new starting point.

Previously, seven stocks in A-shares have broken through or still remain above 1,000 yuan: Zhong’an Technology, Kweichow Moutai, YunSai ZhiLian, Cambrian, Stone Technology, Hemaicai, and Aimeike.

Zhong’an Technology and YunSai ZhiLian were formerly part of the “Old Eight” stocks—Feile Audio and Vacuum Electronics—both reaching high points in 1992. Due to stock splits, their prices significantly declined afterward. Besides these two stocks reaching 1,000 yuan too early with different historical backgrounds, before Cambrian’s stock price broke the 1,000-yuan barrier in 2025, recent 1,000-yuan stocks mainly appeared in 2021–2022, represented by Kweichow Moutai, Stone Technology, and Aimeike, covering sectors like consumer goods, high-end manufacturing, and medical aesthetics, closely tied to industry trends, with performance diverging afterward.

Among them, Kweichow Moutai is the only stock that has long maintained above 1,000 yuan, thanks to its strong brand barrier, stable profits, and cash flow, making it a classic case of value investing.

Stone Technology, driven by the rise of smart home tracks, was called “Sao Di Mao” (the “Mao” of sweeping robots). In 2021, its stock price approached 1,500 yuan, with a market value near 100 billion yuan, but later fell into a dilemma of “revenue growth without profit growth,” with its market value shrinking significantly from its peak.

Aimeike, as a leader in the medical aesthetics sector, broke through 1,000 yuan in 2021, but due to changes in residents’ consumption willingness and fierce industry competition, its performance declined. According to Aimeike’s 2025 annual report summary, the company achieved revenue of about 2.453 billion yuan, down 18.94% year-on-year; net profit attributable to parent was about 1.291 billion yuan, down 34.05%. It experienced its first annual decline in both revenue and net profit since listing, with its stock price falling nearly 80% from its historical high.

The rise and fall of these two stocks show that even in high-growth sectors, if profitability cannot be sustained or if industry cycles fluctuate, high stock prices are hard to maintain.

Hemaicai benefited from the 2022 photovoltaic energy storage boom, with its stock price soaring to 1,000 yuan, but later, affected by the photovoltaic industry cycle, its performance turned from profit to loss, and its stock price plummeted.

In summary, “1,000 yuan” is just a price label. The achievements of each 1,000-yuan stock depend on industry trends, but when the trend fades or technology iterates, stock prices may fluctuate. It is crucial to focus on core competitiveness, sustainable performance, and reasonable valuation.

It is worth noting that Yuanjie Technology has issued risk warnings when facing rapid stock price increases. The company pointed out that from March 18 to March 20, its stock’s closing price deviation exceeded 30% for three consecutive trading days, indicating abnormal volatility. The company’s operating performance is affected by macroeconomic factors, downstream market development, product competitiveness, customer recognition, and other uncertainties. If in the future the company’s product structure cannot be continuously optimized, demand and prices for optical chips fluctuate significantly, market competition intensifies, or customer concentration remains high, it could adversely affect the company’s performance and the sustainability of its current gross profit margin.

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