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

Source: Daily Economic News Author: Wang Yandan

A-shares once again make history—on March 20, Yuanjie Technology (SH688498), a popular stock in the CPO (Co-packaged Optics) 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 capitalization of 95.831 billion yuan. Its stock price surpassed Cambrian, ranking as the second-highest priced stock in A-shares, only behind Kweichow Moutai.

Late in the session, Yuanjie Technology’s stock price declined, but it still closed significantly higher. The stock’s surge to over 1,000 yuan has attracted widespread attention.

Did the Shanghai-Hong Kong Stock Connect become the main driver behind Yuanjie Technology’s breakthrough?

Why has Yuanjie Technology become a new leader in the STAR Market? There are three main reasons: First, it precisely capitalized on the AI (Artificial Intelligence) computing power boom; second, its performance has significantly improved; third, it has gained favor from investors.

Data shows that Yuanjie Technology’s main business involves the research, design, production, and sales of optical chips, establishing a full-process IDM (Integrated Device Manufacturer) system covering chip design, wafer manufacturing, chip processing, and testing.

With explosive growth in AI computing demand, optical chips—key components of computing infrastructure—have become a hot sector. The Feynman chip announced at NVIDIA GTC 2026 introduced optical communication into inter-chip connectivity for the first time, further fueling 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 needed for silicon photonics solutions.

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

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

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

Additionally, the latest announcement from Yuanjie Technology indicates 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 shareholders is expected to be 191 million yuan, turning positive from a loss; non-recurring net profit is 163 million yuan, with a significant improvement in profitability. This suggests that the company maintained high growth in Q4 2025.

With precise positioning at the right industry cycle, performance has surged, and capital naturally favors it. According to the post-market trading data released by the exchange on March 20, the Shanghai-Hong Kong Stock Connect was the primary driver behind Yuanjie Technology’s stock price surpassing 1,000 yuan. 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 “thousand-yuan stocks” in A-shares: the rise and fall of seven benchmark stocks and their lessons

For investors, the most pressing question is whether Yuanjie Technology, after becoming the eighth stock in A-shares to reach 1,000 yuan, is a fleeting phenomenon or the start of a new chapter.

Previously, seven stocks in A-shares had either broken through or remained above 1,000 yuan: Zhong’an Technology, Kweichow Moutai, Yunsai Zhili, Cambrian, Stone Technology, Hema股份, and Aimeike.

Zhong’an Technology and Yunsai Zhili were formerly known as the “Old Eight Stocks,” Feile Audio and Vacuum Electronics, respectively. Both reached high points in 1992, but subsequent stock splits caused their prices to decline sharply. Aside from these two stocks reaching 1,000 yuan too early and their historical backgrounds being quite different from today, before Cambrian’s stock price broke through 1,000 yuan in 2025, recent stocks reaching that level mainly appeared in 2021–2022, including 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 maintained a long-term above-1,000-yuan level, 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 appliances, was dubbed “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 faced challenges of “revenue growth without profit growth,” leading to a sharp decline from its peak.

Aimeike, a leader in the medical aesthetics sector, broke through 1,000 yuan in 2021, but due to changes in consumer willingness and fierce industry competition, its performance declined. According to its 2025 annual report summary, the company achieved revenue of about 2.453 billion yuan, down 18.94% year-on-year; net profit attributable to shareholders 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 turn, high stock prices are difficult to maintain.

Hema股份 benefited from the 2022 photovoltaic energy storage boom, with its stock price soaring to 1,000 yuan, but later, due to industry cyclicality, its performance turned from profit to loss, and its stock price plummeted.

In summary, “thousand yuan” is just a price label. The success of each stock reaching that level depends on industry trends, but when the trend fades or technology advances, stock prices can fluctuate significantly. Investors should focus on core competitiveness, sustainable performance, and reasonable valuation.

It is worth noting that Yuanjie Technology has issued a risk warning amid its rapid stock price increase. The company stated that from March 18 to March 20, its stock closing prices deviated by more than 30% over three consecutive trading days, constituting abnormal fluctuations. The company’s operating performance is affected by macroeconomic conditions, downstream market development, product competitiveness, and customer recognition, among other factors, which introduce certain 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 impact the company’s performance. The sustainability of its current gross profit margin level may also be affected.