Newly emerged "thousand-yuan stock" Yuanjie Technology officially files with the Hong Kong Stock Exchange, having just disclosed its annual report showing a performance turnaround.

Every reporter｜Wen Duo Every editor｜Huang Sheng

On March 25, 2026, after trading hours, leading optical chip company 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 Stock Exchange (hereinafter referred to as HKEX), marking a key step in the company’s internationalization strategy.

Just a day earlier, the company 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, which has rapidly risen amid the wave of AI (artificial intelligence) computing power, not only successfully entered the A-share “thousand yuan stock” club but also showcased its ambition to accelerate global market layout by initiating an “A+H” dual platform strategy.

Yuanjie Technology published the application materials for this H-share issuance and listing on the HKEX website on March 25, 2026. According to the announcement, the subscription targets for this H-share issuance and listing are limited to qualified foreign investors and domestic qualified investors who are authorized to conduct overseas securities investments.

The company reminds that this H-share issuance and listing still require approval, authorization, or filing from relevant government agencies, regulatory bodies, and stock exchanges such as the China Securities Regulatory Commission, and can only be implemented after comprehensive consideration of market conditions and other factors, thus remaining uncertain.

Even more noteworthy is that just a few days earlier, on March 20, Yuanjie Technology’s stock price successfully broke through 1000 yuan, setting a new historical high for the stock and becoming the 8th thousand yuan stock in A-share history, as well as the second highest-priced stock in A-shares currently.

On the morning of March 20, Yuanjie Technology’s stock price rose by as much as 20%, reaching a peak of 1140 yuan per share. However, by the close of the day, Yuanjie Technology retreated to 1114.99 yuan per share, closing up 17.37%.

Regardless, this achievement marks Yuanjie Technology’s official entry into the A-share “thousand yuan stock club,” making it the first newly minted thousand yuan stock of 2026.

Last year, the company successfully achieved a turnaround in performance.

Compared to the soaring stock price, Yuanjie Technology’s performance reversal is even more dramatic.

The listed company focuses on the optical chip industry, with main products in the optical communication field including 2.5G—200G and higher speed DFB (Distributed Feedback Laser Chip), EML (Electro-Absorption Modulated Laser Chip) series products, and high-power silicon optical sources such as 50mW, 70mW, 100mW, and 150mW. In the automotive lidar field, the company’s products include 1550 nm band automotive lidar laser chip and others.

Currently, the company has established a full-process business system that includes chip design, wafer manufacturing, chip processing, and testing, with multiple production lines that are fully controllable, covering MOCVD (a type of new vapor phase epitaxy growth technology), grating processes, optical waveguide manufacturing, metallization processes, end-face coating, automated chip testing, chip high-frequency testing, and reliability testing verification.

However, in 2024, due to intensified competition in the telecommunications market and declining product prices, the company reported its first loss since going public, with a full-year net profit attributable to shareholders of -6.1339 million yuan.

But by 2025, Yuanjie Technology not only turned around its performance but also achieved a record high net profit. Last year, the listed company realized an operating income of 601 million yuan, a year-on-year increase of 138.50%, and achieved a net profit attributable to shareholders of 191 million yuan, turning losses into profits. From specific financial indicators, Yuanjie Technology’s earnings per share reached 2.24 yuan in 2025.

The explosive growth in performance is mainly attributed to the optimization of the company’s business structure. In 2025, revenue from data center products reached 393 million yuan, becoming the company’s largest source of income, accounting for 65.45% of total revenue. This business had a gross profit margin of 72.21%, significantly enhancing the overall profitability of the company. Telecommunications market products did not lag behind, with revenue slightly rising to 206 million yuan and gross profit margin increasing to 31.17%.

Yuanjie Technology also introduced that it indirectly participates in equity investments through private equity funds, primarily investing in privately held enterprises within China that have potential for development in high-tech industries such as next-generation information technology and intelligent manufacturing. As the valuations of invested enterprises rise, investment income contributions are generated.

With the submission of the H-share listing application, Yuanjie Technology will embark on a new journey of internationalization. In the context of the continued explosion in demand for AI computing power, whether Yuanjie Technology can leverage the advantages of the “A+H” dual platform to occupy a more important position in the global optical chip market is worth the ongoing attention of the market.