Yuanjie Technology, the second-highest priced stock in A-shares, continues to hit new highs, with a total market capitalization surpassing 100 billion yuan.

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Surpassing Cambrian and approaching Moutai, the optical communication chip supplier Shaanxi Yuanjie Semiconductor Technology Co., Ltd. (hereinafter referred to as “Yuanjie Technology,” 688498.SH) continues to hit new highs.

On March 26, Yuanjie Technology’s stock price reached a new all-time high during trading, peaking at 1,212.49 yuan per share. By midday, it closed at 1,185.01 yuan per share, second only to Kweichow Moutai, with a total market value exceeding 100 billion yuan, approximately 101.85 billion yuan. Meanwhile, Kweichow Moutai fell 0.48%, closing at 1,403.5 yuan per share; Cambrian declined 0.77%, closing at 1,031.01 yuan per share.

A week earlier, on March 20, Yuanjie Technology rose as much as 20%, pushing its stock price above the 1,000 yuan mark, making it the second stock on the STAR Market after Cambrian to reach this level, and the eighth in A-shares history.

Wind data shows that Yuanjie Technology’s stock price has increased by over 50% since the beginning of the year; based on the March 26, 2025 closing price of 114.44 yuan per share, the stock has gained more than 800% over the past year, completing a valuation leap from hundreds to thousands of yuan.

Currently, Yuanjie Technology is planning to issue H-shares and list on the Hong Kong Stock Exchange. On March 25, the HKEX official website showed that Yuanjie Technology had submitted its prospectus to the exchange. That evening, the company announced relevant details.

On the same day, Yuanjie Technology disclosed its 2025 financial report, showing that the company achieved operating revenue of 601 million yuan, a year-on-year increase of 138.50%; net profit attributable to shareholders was 191 million yuan. Notably, in Q3 2025, the company’s revenue reached 383 million yuan, directly surpassing the full-year 2024 figure, a year-over-year increase of 115%; net profit attributable to shareholders turned profitable from a loss of 6.13 million yuan in the same period last year, soaring to 106 million yuan.

During this period, Yuanjie Technology’s data center business revenue exceeded telecom revenue for the first time, becoming the largest source of income, with a growth rate of over 1,000%. The company has completed its strategic transformation from traditional telecom markets to AI-driven data center optical chips suppliers. According to third-party reports, based on 2025 revenue, Yuanjie Technology ranks as the sixth-largest laser chip supplier globally, with a market share of 3.1%; it is also the second-largest laser chip supplier for silicon photonics high-speed interconnect products worldwide, with a market share of 23.6%.

In the data center sector, the company’s CW 70mW laser products have achieved mass delivery, becoming a new growth driver; simultaneously, the CW 100mW laser products have also been delivered in bulk; in high-speed EML products, the 100G PAM4 EML has completed customer validation, while the higher-spec 200G PAM4 EML is also progressing with customer validation. Additionally, Yuanjie Technology is developing higher-power CW light sources such as 300mW.

Public information shows that Yuanjie Technology is a leading domestic optical chip company, mainly engaged in R&D, design, production, and sales of optical chips, covering products from 2.5G to 50G indium phosphide lasers. It is also a core supplier in China’s CPO industry, serving telecom, data centers, automotive lidar, and other downstream applications. In December 2022, Yuanjie Technology was listed on the STAR Market.

According to Caixin, a domestic private equity fund manager stated that from an investment perspective, besides the comprehensive chip production lines meeting downstream needs for various types of optical chips, Yuanjie Technology is one of the few A-share companies capable of mass-producing high-speed optical chips using an IDM model.

Against the backdrop of global supply chain security demands, its full-process model plays an important role in the localization of high-end optical chips; from the capital market perspective, it is a “core domestic supplier of optical communication in the AI computing era.”

The recent surge in its stock price is directly related to content from NVIDIA’s GTC annual developer conference and the Optical Fiber Communication Conference and Exhibition (OFC) in 2026, where optical communication companies emphasized plans to expand production of core optical module components and materials. On March 16, local time, NVIDIA founder and CEO Jensen Huang announced the next-generation flagship AI chip Feynman at GTC 2026, which introduces optical communication into inter-chip connectivity for the first time, reportedly reducing AI data center communication energy consumption by over 70%.

Additionally, the trending OpenClaw concept has become a key factor behind Yuanjie Technology’s soaring stock price. The rapid adoption of OpenClaw has directly boosted market expectations for AIDC expansion; with its high bandwidth and low power consumption advantages, CPO has become the optimal solution to break through AIDC transmission bottlenecks, further placing CPO at the industry forefront.