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 (Optical Packaging) 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 value 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 with a significant gain. The stock’s surge was driven by multiple factors, including strong performance, industry trends, and capital interest.

Last August, Cambrian, which also belongs to the STAR Market, once exceeded Kweichow Moutai’s stock price and was dubbed the “Cold King.” However, in just half a year, Cambrian’s stock price experienced continuous adjustments. Although it has not fallen below 1,000 yuan, its spotlight has been completely overshadowed by the rising star Yuanjie Technology.

Did Yuanjie Technology’s breakthrough to 1,000 yuan make it the new leader of the STAR Market? Is this a fleeting moment or the start of a new ascent?

Why is Yuanjie Technology becoming 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 attracted capital.

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

With explosive growth in AI computing power 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 parent of -6.1339 million yuan. However, in 2025, driven by AI, sales of CW light source products in data centers surged, leading to a significant increase in performance.

The third quarter report for 2025 shows that the company achieved a total operating revenue of 383 million yuan, a year-on-year increase of 115.09%; net profit attributable to parent 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 in the first three quarters was 54.76%, with 61.62% in the third quarter.

After releasing the third quarter results, 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 full-year revenue of 601 million yuan, up 138.50%; net profit attributable to parent of 191 million yuan, turning positive from negative; and non-recurring net profit of 163 million yuan, with a significant improvement in profitability. This suggests the company maintained high growth into Q4 2025.

With precise industry positioning, performance growth, and capital favor, Yuanjie Technology’s stock price breaking the 1,000 yuan mark was primarily driven by the Shanghai-Hong Kong Stock Connect, which became the largest contributor. 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 1,000-yuan stocks in A-shares: the rise and fall of seven benchmark stocks offer insights.

For investors, the key question is whether Yuanjie Technology’s achievement as the eighth 1,000-yuan stock is a fleeting phenomenon or the beginning of a new chapter.

Historically, seven stocks have either broken through or remained above 1,000 yuan: Zhong’an Technology, Kweichow Moutai, Yunsai Zhili, Cambrian, Stone Technology, Hemaic, and Aimeike.

Zhong’an Technology and Yunsai Zhili are predecessors of the “Old Eight” stocks Feile Audio and Vacuum Electronics, which both hit high points in 1992. Due to stock splits, their prices later declined sharply. Aside from their early breakthroughs and different historical contexts, before Cambrian’s stock price surpassed 1,000 yuan in 2025, recent stocks reaching that level mainly appeared in 2021–2022, including Kweichow Moutai, Stone Technology, and Aimeike, which are linked to consumer, high-end manufacturing, and medical aesthetics sectors, aligning with industry trends. Their subsequent performance varied significantly.

Kweichow Moutai is the only stock that has maintained a long-term high above 1,000 yuan, thanks to its strong brand barrier, stable profits, and cash flow, making it a classic value investment.

Stone Technology, driven by the smart home sector, was dubbed “Sao Di Moutai” (a play on Moutai’s name), approaching 1,500 yuan in 2021 with a market value near 100 billion yuan. However, it later faced challenges of “revenue growth without profit growth,” leading to a sharp decline in market value.

Aimeike, a leader in medical aesthetics, broke through 1,000 yuan in 2021. But due to changing consumer willingness and fierce industry competition, its performance declined. According to its 2025 annual report, revenue was about 2.453 billion yuan, down 18.94%; 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 fluctuations show that even in high-growth sectors, if profitability cannot be sustained or if industry cycles turn, high stock prices are hard to maintain.

Hemaic 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 loss-making, and its stock price fell sharply.

In summary, “1,000 yuan” is just a price label. The success of each 1,000-yuan stock depends on industry trends, but when the trend fades or technology evolves, stock prices can fluctuate. Investors should focus on core competitiveness, sustainable performance, and reasonable valuation.

It is worth noting that Yuanjie Technology 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, indicating abnormal volatility. 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 and the sustainability of its current gross profit margin.