Hit 20% limit up once! Surpassing Cambricon, Sourcetek Technology becomes A-share's second highest-priced stock

On the morning of March 20, Guangtong Communications industry chain’s popular CPO concept stock, Yuanjie Technology (688498.SH), surged by 20%, with the stock price reaching a record high of 1,140 yuan per share, making it the second highest-priced stock in A-shares; its market capitalization peaked at 97.98 billion yuan, just shy of 100 billion yuan.

That day, the highest-priced stock in A-shares, Kweichow Moutai, dipped slightly. As of press time, it was trading at 1,450 yuan per share. Another stock that was originally the second highest in A-shares, Cambrian, also declined slightly, trading at 1,015 yuan per share before press time, dropping to third place.

Since then, the number of stocks in A-shares trading above 1,000 yuan has reached eight. According to Cailian Press, the stocks that have traded or currently trade above 1,000 yuan include Zhong’an Ke, Kweichow Moutai, YunSai ZhiLian, Cambrian, Stone Technology, Hemaike, Aimee, and Yuanjie Technology. Among them, Kweichow Moutai, Stone Technology, and Aimee all reached their historical highs in 2021, while Hemaike and Cambrian hit new highs in 2022 and 2025, respectively.

On social media, Yuanjie Technology quickly became a hot topic among netizens. “This is the most impressive stock I’ve ever seen,” “If it keeps rising, it will surpass Moutai,” “Weekly K-line is so artistic, rising all the time,” “Is this the starting point or the end?”

Wind data shows that Yuanjie Technology’s stock price has increased by over 50% this year; based on the closing price on March 20, 2025, the stock has gained nearly 690% over the past year.

On the same day, the “Yizhongtian” stock, also in the CPO concept optical chip sector, surged significantly; among them, Xinyi Sheng rose over 10%, Zhongji Xuchuang and Tianfu Communication increased by more than 5%, with Deke Li, Changguang Huaxin, and Huagong Technology also rising.

According to news, on March 16, U.S. NVIDIA founder and CEO Jensen Huang announced at GTC 2026 a new flagship AI chip, Feynman, which introduces optical communication between chips for the first time, reducing AI data center communication energy consumption by over 70%.

With NVIDIA officially integrating optical communication into chip interconnects at GTC 2026, the industry path for CPO technology has become clear. According to China Securities Journal, analysts say this breakthrough not only marks a new cycle of infrastructure upgrade for AI computing power but also signals a reshaping of the value distribution in the optical communication industry chain. From upstream optical chips, midstream optical modules, to downstream data center applications, the large-scale commercial use of CPO is opening new growth opportunities.

Additionally, the recently popular OpenClaw concept has become a core factor behind Yuanjie Technology’s stock price soaring. The rapid adoption of OpenClaw has directly boosted market expectations for AIDC expansion; CPO, with its high bandwidth and low power consumption advantages, has become the optimal solution to break through AIDC transmission bottlenecks, further placing CPO at the industry forefront.

In December 2022, Yuanjie Technology was listed on the STAR Market. Public information shows that Yuanjie Technology is a leading domestic optical chip manufacturer and a core supplier in the CPO industry, with business covering telecom markets, data centers, automotive lidar, and other downstream scenarios.

Notably, another popular stock in the CPO concept, Zhongji Xuchuang, is not only a major shareholder of Yuanjie Technology but also its key customer. Financial reports indicate that by the third quarter of 2025, Zhongji Xuchuang held about 1.6 million shares of Yuanjie Technology, accounting for 1.87%, making it one of the company’s top ten shareholders.

In its IPO prospectus, Yuanjie Technology listed Zhongji Xuchuang as a core customer; in 2020, related sales between the two exceeded 42.45 million yuan, accounting for 18.19% of that year’s revenue. In recent years, cooperation between Yuanjie Technology and Zhongji Xuchuang has extended to more high-end products. Public information shows that Yuanjie Technology’s CW light source products used in AI data centers have begun large-scale shipments to Zhongji Xuchuang.

As AI infrastructure orders increase, data center business has gradually become Yuanjie Technology’s main revenue source. Financial reports show that the company’s data center business’s proportion of total revenue rose from 19.05% in 2024 to 51.04% by mid-2025.

In 2025, as AI computing power demand explodes, Yuanjie Technology’s CW70mW laser chips suitable for 400G/800G optical modules began mass delivery. Riding this wave of AI development, the company has experienced a dual surge in performance and stock price.

The latest earnings forecast shows that Yuanjie Technology’s full-year revenue in 2025 will reach 601 million yuan, a year-on-year increase of 138%, with net profit attributable to shareholders of 191 million yuan. Notably, in the third quarter of 2025, the company achieved revenue of 383 million yuan, surpassing its entire 2024 annual scale, with a YoY increase of 115%; net profit turned profitable from a loss of 6.13 million yuan in the same period last year to 106 million yuan.

Currently, Yuanjie Technology is planning to issue H-shares and list on the Hong Kong Stock Exchange.