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 witness history again—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. It became 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%. Its total market capitalization reached 95.831 billion yuan, surpassing Cambrian and ranking as the second-highest priced stock in A-shares, only behind Kweichow Moutai.

As the market closed, Yuanjie Technology’s stock price declined somewhat, but it still closed significantly higher. The stock’s rapid rise has attracted widespread attention.

Why did 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 grew substantially; third, it gained favor from investors.

Data shows that Yuanjie Technology’s main business is the research, design, production, and sales of optical chips, with a complete IDM (Integrated Device Manufacturer) process including chip design, wafer manufacturing, chip processing, and testing.

The explosive growth in demand for AI computing power has made optical chips, as a core component of computing infrastructure, a hot sector. The Feynman chip announced at NVIDIA GTC 2026 introduced optical communication into inter-chip connectivity for the first time, further boosting demand for optical chips.

Since last year, Yuanjie Technology has achieved significant 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 was still operating at a 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 substantial 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 a total revenue of 601 million yuan in 2025, a year-on-year increase of 138.50%; net profit attributable to shareholders is expected to turn positive to 191 million yuan; non-recurring net profit is 163 million yuan, showing a significant improvement in profitability. This suggests that the company maintained high growth into the fourth quarter of 2025.

With precise positioning at the right industry wave, performance soaring, and capital favoring it, Yuanjie Technology’s stock price breakthrough was largely driven by the Shanghai-Hong Kong Stock Connect, which became the main force behind the surge. On March 20, after-hours trading data shows that 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 key question is whether Yuanjie Technology, now 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 have either broken through or remained above 1,000 yuan: Zhong’an Technology, Kweichow Moutai, Yunsai Zhili, Cambrian, Stone Technology, Hemaicai, and Aimeike.

Zhong’an Technology and Yunsai Zhili were formerly known as “Old Eight Stocks” Feile Audio and Vacuum Electronics. Both hit high points in 1992, but subsequent stock splits caused their prices to drop sharply. Aside from these two stocks, which broke the 1,000 yuan mark early and have very different historical backgrounds from today, 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. Their subsequent performance has been mixed.

Kweichow Moutai is the only stock that has remained above 1,000 yuan for a long time, 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 “Sweeping Moutai.” In 2021, its stock price approached 1,500 yuan, with a market value near 100 billion yuan, but later faced difficulties with revenue growth not translating into profit, leading to a sharp decline in market value.

Aimeike, a leader in the medical aesthetics sector, broke through 1,000 yuan in 2021. However, due to changes in consumer willingness and fierce industry competition, its performance declined. According to its 2025 annual report, the company’s revenue was about 2.453 billion yuan, down 18.94% year-on-year; net profit 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 peak.

These rises and falls show that even in high-growth sectors, if a company’s profitability cannot be sustained or if industry cycles turn, high stock prices are hard to maintain.

Hemaicai benefited from the photovoltaic energy storage boom in 2022, 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 fell sharply.

In summary, “1,000 yuan” is just a price label. The success of each stock reaching this level depends on industry trends, but when the trend fades or technology evolves, 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 when its stock price surged. The company stated that from March 18 to March 20, the 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 carry certain uncertainties. If 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 the current gross profit margin level may also be affected.