Stock Price Surpasses "Cold King," Second Only to Moutai Guizhou—The Eighth Thousand-Yuan Stock on A-Shares Is Born, Why Is It Yuanjie Technology?

A-shares witness history again—On March 20, Yuanjie Technology (SH688498), a popular stock in the CPO (Optical Packaging) concept, surged rapidly after the open, 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 value of 95.831 billion yuan. The stock price surpassed Cambrian, ranking as the second-highest priced stock in A-shares, only behind Kweichow Moutai.

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

Yuanjie Technology’s stock price breaks 1,000 yuan—Is the Shanghai-Hong Kong Stock Connect the main driver?

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 increased; third, it has gained favor from capital.

Data shows that Yuanjie Technology’s main business is the R&D, 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, as core components of computing infrastructure, have become a hot track. The Feynman chip released 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 required 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 operating revenue of 383 million yuan, 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%, and 61.62% in the third quarter.

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

Additionally, Yuanjie Technology’s latest announcement shows that in 2025, the company will achieve operating income of 601 million yuan, a year-on-year increase of 138.50%; net profit attributable to shareholders will turn positive to 191 million yuan; non-recurring net profit is 163 million yuan, significantly improving profitability. This indicates that the company maintained high growth in Q4 2025.

By precisely seizing the opportunity, achieving performance growth, and attracting capital, Yuanjie Technology’s stock price broke the 1,000-yuan mark, with the Shanghai-Hong Kong Stock Connect becoming the largest driving force after the market closed on March 20. 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.

Review of the A-shares 1,000-Yuan Stock Lineage: The Rise and Fall of Seven Benchmark Stocks and Their Lessons

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

Historically, seven stocks in A-shares have broken or still remain above 1,000 yuan: Zhong’an Technology, Kweichow Moutai, YunSai ZhiLian, Cambrian, Stone Technology, Hema Shares, and Aimeike.

Zhong’an Technology and YunSai ZhiLian were formerly “Old Eight Stocks,” Feile Audio and Vacuum Electronics, respectively. Both reached high points in 1992, but subsequent stock splits caused their prices to drop sharply. Aside from these two stocks reaching 1,000 yuan early on with different historical backgrounds, recent 1,000-yuan stocks mainly appeared between 2021 and 2022, represented by Kweichow Moutai, Stone Technology, and Aimeike, covering consumer, high-end manufacturing, and medical aesthetics sectors, closely tied to industry trends, with performance diverging afterward.

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 markets, was dubbed “Sweeping Moutai,” approaching 1,500 yuan in 2021 with a market value near 100 billion yuan. However, it later faced difficulties with “revenue growth without profit growth,” and its market value shrank significantly from its peak.

Aimeike, a leader in the medical aesthetics sector, broke 1,000 yuan in 2021, but due to changes in consumer willingness and fierce industry competition, its performance declined. According to Aimeike’s 2025 annual report, 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 rises and falls of these two stocks show that even in high-growth sectors, if profitability cannot be sustained or if industry cycles fluctuate, high stock prices are hard to maintain.

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

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 advances, stock prices can fluctuate. It is crucial to 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, 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, customer recognition, and other factors, with 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 increases, it could adversely affect the company’s performance. The sustainability of its current gross profit margin level could also be impacted.

Daily Economic News