A-shares add another "thousand-yuan stock"! Yuanjie Technology soars with AI, reviewing 7 benchmark stocks for investment insights

Every journalist | Wang Yandan Every editor | Xiao Ruidong

A-shares witness history again — On March 20, the CPO concept stock Yuanjie Technology (688498.SH) quickly surged after the opening, reaching a 20% limit up during the session, with the stock price peaking at 1140 yuan/share, officially surpassing the 1000 yuan mark, becoming the eighth stock in A-shares to reach this milestone and the second in the Sci-Tech Innovation Board.

As the market approached the close, Yuanjie Technology’s stock price retreated somewhat, ultimately closing at 1114.99 yuan/share, an increase of 17.37%, with a total market value of 95.831 billion yuan, surpassing Cambricon and becoming the second highest-priced stock in A-shares, second only to Kweichow Moutai.

Last August, Cambricon, which is also on the Sci-Tech Innovation Board, briefly surpassed Kweichow Moutai in stock price, earning the title of “King of Cold.” In just half a year, Cambricon’s stock price has undergone continuous adjustments, and although it has not yet fallen below the 1000 yuan threshold, its momentum has been completely overshadowed by the rising star Yuanjie Technology.

Why has Yuanjie Technology become the new leader of the Sci-Tech Innovation Board? The reason is simple: first, it has precisely seized the AI computing power trend; second, its performance has significantly increased; third, it has attracted capital’s favor.

According to information, Yuanjie Technology’s main business is the research, design, production, and sales of optical chips, having established a full-process IDM business system that includes chip design, wafer manufacturing, chip processing, and testing.

With an explosive growth in demand for AI computing power, optical chips, as core components of computing infrastructure, have become a hot track. The Feynman chip released at NVIDIA’s GTC 2026 conference has introduced optical communication to inter-chip connectivity for the first time, further igniting demand for optical chips.

Since last year, Yuanjie Technology has already achieved significant growth in the AI data center market, especially for high-power CW laser chips required by silicon photonics solutions.

According to Tonghuashun data, Yuanjie Technology’s performance is still in the red for 2024, with a net profit attributable to shareholders of -6.1339 million yuan; however, entering 2025, driven by AI, sales of CW light source products in Yuanjie Technology’s data center sector have surged, leading to significant performance growth.

The third-quarter report released by Yuanjie Technology for 2025 shows that the company achieved total operating revenue of 383 million yuan in the first three quarters of 2025, a year-on-year increase of 115.09%; the net profit attributable to shareholders of the parent company was 106 million yuan, a year-on-year increase of 19,348.65%; the net profit attributable to shareholders of the parent company excluding non-recurring gains and losses was 97 million yuan, a year-on-year increase of 2,322.60%. The gross margin for the first three quarters was 54.76%, a year-on-year increase of 25.07 percentage points, with a gross margin of 61.62% in Q3 alone, a quarter-on-quarter increase of 9.91 percentage points.

After the release of the Q3 report for 2025, Pacific Securities pointed out that Yuanjie Technology’s Q3 performance growth was strong, “achieving unexpected growth.”

In addition, Yuanjie Technology’s latest announcement indicates that it will achieve operating revenue of 601 million yuan for the entire year of 2025, a year-on-year increase of 138.50%; the net profit attributable to shareholders turned from negative to positive, increasing more than 32 times; the net profit excluding non-recurring gains and losses was 163 million yuan, significantly improving profitability. This indicates that the company maintained high growth in the fourth quarter of last year.

By accurately seizing the trend, with substantial performance growth, capital naturally shows interest. According to the dragon and tiger list data released by the stock exchange after trading today, the Shanghai Stock Connect became the primary driving force behind Yuanjie Technology’s breakthrough beyond the 1000 yuan mark. On that day, the Shanghai Stock Connect bought 1.236 billion yuan of Yuanjie Technology shares, sold 663 million yuan, with a net buying amount reaching 570 million yuan.

However, for investors, the most concerning question is whether Yuanjie Technology, after becoming the eighth stock to reach 1000 yuan, will be a fleeting moment or a new starting point?

Previously, there were seven stocks in A-share history that reached or are still at 1000 yuan, namely Zhong Anke, Kweichow Moutai, Yunsai Zhili, Cambricon, Stone Technology, Hemai Co., and Aimeike.

Zhong Anke and Yunsai Zhili both originated from the “old eight stocks” Feilo Acoustics and Vacuum Electronics, respectively, with stock prices peaking in 1992, but subsequently, due to stock splits, their prices significantly declined. In addition to these two stocks reaching 1000 yuan too early and having historical backgrounds vastly different from today, before Cambricon reached the 1000 yuan threshold in 2025, recent stocks reaching 1000 yuan were concentrated between 2021-2022, represented by Kweichow Moutai, Stone Technology, and Aimeike, covering consumption, high-end manufacturing, and medical beauty sectors, closely tied to the industrial trends of the era, with subsequent performance showing significant differentiation.

Among them, Kweichow Moutai is the only stock that has firmly stood above 1000 yuan for a long time, becoming a classic case of value investment due to its strong brand barrier, stable profitability, and cash flow.

Stone Technology, rising with the smart home sector, was dubbed the “sweeping Moutai,” with its stock price nearing 1500 yuan in 2021, with a market value close to 100 billion yuan, but subsequently fell into the predicament of “increased revenue but not profitability,” with a significant drop in market value from its peak.

Aimeike, as a leader in the medical beauty sector, broke through 1000 yuan in stock price in 2021, but due to changes in consumer willingness and fierce industry competition, its performance has declined from its previous heights. According to its summary of the 2025 annual report, the company achieved approximately 2.453 billion yuan in operating revenue that year, a year-on-year decrease of 18.94%; the net profit attributable to shareholders was about 1.291 billion yuan, a year-on-year decrease of 34.05%. This marked the first time since its listing that both revenue and net profit declined, with its stock price dropping nearly 80% from historical highs.

The ups and downs of these two stocks indicate that even in high-prosperity sectors, if a company’s profitability cannot be sustained, or if the industry experiences cyclical fluctuations, high stock prices are difficult to maintain.

Hemai Co. benefited from the 2022 boom in the photovoltaic energy storage industry, with its stock price soaring to 1000 yuan, but subsequently, due to cyclical fluctuations in the photovoltaic industry, its performance shifted from profit to loss, and its stock price also significantly dropped.

A review shows that “1000 yuan” is merely a price label. The achievements of each 1000 yuan stock rely on industry trends, but as the trend fades and technology evolves, stock price volatility may arise, necessitating close attention to the company’s core competitiveness, sustainability of performance, and rationality of valuation.

It is worth mentioning that Yuanjie Technology has already issued a risk warning in response to the surge in its stock price. Yuanjie Technology noted that the cumulative deviation in the closing price of its stock over three consecutive trading days from March 18 to March 20 exceeded 30%, constituting abnormal fluctuations. The company’s operating performance is affected by various factors such as the macro economy, development trends in downstream markets, competitiveness of the company’s products, and customer recognition levels, which carry certain uncertainties. If situations arise in the future where the company’s product structure cannot continue to optimize, demand and prices for optical chips fluctuate dramatically, market competition intensifies, and customer concentration remains high, it will adversely affect the company’s operating performance, and the sustainability of the current gross margin level will also be impacted.

Cover image source: Zhu Yu