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.

Our Daily reporter | Wen Duo    Our Daily editor | Huang Sheng

On the evening of March 25, 2026, Optochip leader Source Photonics Technology (SH688498, share price 1141.00 yuan, market cap 98.066 billion yuan) officially submitted its H-share issuance and listing application to The Stock Exchange of Hong Kong Limited (hereinafter referred to as the Hong Kong Stock Exchange), marking a key step in the company’s internationalization strategy.

Just the day before, 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 that has risen rapidly amid the AI (artificial intelligence) computing-power boom has not only successfully joined A-share the “1,000-yuan stock” club, but also, by launching an “A+H” dual-platform strategy, has demonstrated ambition to accelerate global market expansion.

On March 25, 2026, Source Photonics Technology published the application materials for its H-share issuance and listing on the website of the Hong Kong Stock Exchange. According to the announcement, the subscription targets for this H-share issuance and listing are limited to overseas investors that meet the relevant conditions and eligible domestic investors that have the authority to conduct overseas securities investments.

The company reminds that this H-share issuance and listing still requires approval, authorization, or filing/recordation from relevant government authorities and regulators in China, such as the CSRC, as well as approval by the securities exchange, and can be implemented only after comprehensively considering market conditions and other factors; there is still uncertainty.

More notably, just a few days ago on March 20, Source Photonics Technology’s share price successfully broke through 1,000 yuan, setting a new all-time high for the stock, and becoming the 8th 1,000-yuan stock in A-share history, as well as the second-highest priced A-share stock at present.

In the early trading session on March 20, Source Photonics Technology rose as much as 20%, with the highest price reaching 1,140 yuan per share. But by the close that day, the stock pulled back to 1,114.99 yuan per share, closing up 17.37%.

In any case, this achievement means Source Photonics Technology has officially joined the A-share “1,000-yuan stock” club, becoming the first newly listed 1,000-yuan stock in 2026.

Last year achieved a turnaround in performance

Compared with a steadily rising share price, Source Photonics Technology’s shift in performance is even more dramatic.

Public listed companies focus on the optical-chip industry. In the field of optical communications, the company’s main products include 2.5G to 200G, as well as higher-speed DFB (distributed feedback laser chip) and EML (electro-absorption modulated laser chip) series products, and high-power silicon-photonic light sources such as 50mW, 70mW, 100mW, and 150mW. In the automotive LiDAR laser radar segment, the company’s products include, among others, 1550-band automotive LiDAR laser radar laser chips.

The company has currently built an end-to-end business system covering chip design, wafer manufacturing, chip processing, and testing. It also has multiple production lines with full-process, independently controllable capabilities covering all steps such as MOCVD (a new type of vapor-phase epitaxial growth technology), grating fabrication, photonic waveguide fabrication, metallization processes, end-face thin-film coating, automated chip testing, chip high-frequency testing, and reliability testing and validation.

However, in 2024, due to factors including intensified competition in the telecom market and falling product prices, the company posted its first annual loss since listing; its full-year net profit attributable to the parent company was -6.1339 million yuan.

But in 2025, Source Photonics Technology not only reversed losses and returned to profitability, with net profit hitting a new high. Last year, the listed company achieved operating revenue of 601 million yuan, up 138.50% year over year, and realized net profit attributable to the parent company of 191 million yuan, turning from loss to profit. Based on specific financial indicators, Source Photonics Technology’s earnings per share (EPS) in 2025 reached 2.24 yuan.

The explosive growth in performance mainly benefited from the optimization of the company’s business structure. In 2025, Source Photonics Technology’s data-center product revenue reached 393 million yuan, becoming the company’s largest revenue source, accounting for 65.45% of total revenue. This business had a gross margin as high as 72.21%, significantly improving the company’s overall profitability level. Telecom-market product revenue did not drag the results down; it edged up to 206 million yuan, and gross margin increased to 31.17%.

Source Photonics Technology also explained that it indirectly participates in equity investments through private funds, mainly investing in non-listed companies in China’s domestic high-tech sectors such as the new generation of information technology and intelligent manufacturing that have development potential. As the investee companies’ valuations rise, investment returns are generated.

With the submission of the H-share listing application, Source Photonics Technology will embark on a new journey toward internationalization. Against the backdrop of the continued explosion of AI computing-power demand, whether Source Photonics Technology can leverage the advantages of its “A+H” dual platforms to secure a more important position in the global optical-chip market is a question the market will continue to watch closely.