Yuanjie Semiconductor Technology Co., Ltd. (688498) has surpassed Kweichow Moutai to become the highest-priced stock in the A-share market as of April 17. The surge in Yuanjie’s share price follows strong financial performance, with the company reporting a net profit attributable to shareholders of approximately 191 million yuan in 2025, reversing a loss from the previous year. Based on the closing price on April 17, the market value of shares directly held by the company’s actual controller, Zhang Xingang, exceeded 15.2 billion yuan.
According to recent statistics, three stocks in the A-share market now have closing prices above 1,000 yuan: Yuanjie Technology, Kweichow Moutai, and Cambricon. Their latest closing prices were 1,445 yuan, 1,407.24 yuan, and 1,334 yuan per share, respectively. Compared with the list of top ten highest-priced stocks at the end of 2025, NAURA Technology Group and G-bits Network Technology have dropped out, while Hengdongguang and Robotech have been added. Only InnoLight Technology and QuantumCTek retained their previous rankings.
On April 17, Yuanjie Technology’s share price reached a record high, briefly touching 1,460.08 yuan during the trading session before closing at 1,445 yuan, up 10.05% for the day. Turnover reached 4.969 billion yuan, and the company’s total market capitalization stood at 124.2 billion yuan.
Since June 2025, Yuanjie’s stock has shown an upward trend, which continued into 2026. Between January 5 and April 17, the stock rose 125.08%, significantly outperforming the broader market, which gained only 2.08% over the same period. On March 20 this year, Yuanjie’s closing price broke through the 1,000-yuan mark, entering the A-share "thousand-yuan stock club."
Behind the sharp price increase is the company’s improved financial performance. Yuanjie reported 2025 revenue of approximately 601 million yuan, a year-on-year increase of 138.5%, and net profit attributable to shareholders of about 191 million yuan, turning a profit after a loss. The company went public in December 2022 and specializes in the R&D, design, production, and sales of optical chips, which are mainly used in telecommunications, data centers, and automotive lidar markets.
It is worth noting, however, that sales to Yuanjie’s top five customers in 2025 totaled about 432 million yuan, accounting for 71.8% of total annual sales. The largest customer alone contributed 321 million yuan, or 53.55% of total revenue.
As the stock price surged, the wealth of actual controller Zhang Xingang also increased. As of the end of 2025, Zhang directly held 10.5754 million shares, or 12.3% of the company. At the latest closing price of 1,445 yuan per share, the market value of his holdings is approximately 15.2 billion yuan.
In addition to its A-share performance, Yuanjie is pursuing a dual listing in Hong Kong. On March 25 this year, the company submitted an application to list on the Hong Kong Stock Exchange.
In contrast, Kweichow Moutai fell 3.8% on April 17 to close at 1,407.24 yuan per share. Turnover reached 13.632 billion yuan, and its total market capitalization was 1.76 trillion yuan. Since February 6, Moutai’s stock has trended downward, declining 9.5% over 44 trading sessions.
On the evening of April 16, Moutai released its 2025 annual report, showing declines in both revenue and net profit—the first such drop since the company went public in 2001. Revenue for the year was approximately 168.838 billion yuan, down 1.21% year-on-year, while net profit attributable to shareholders fell 4.53% to about 82.32 billion yuan.
Industry observers note that the change in market leadership from traditional consumer stocks like Moutai, which are known for stability and strong cash flow, to high-growth tech companies like Cambricon and Yuanjie reflects a shift in investor preference toward emerging economic drivers. However, some analysts caution that Yuanjie’s high price-to-earnings and price-to-book ratios suggest that its current valuation may already incorporate lofty growth expectations, raising the risk of a future correction.
Compared with the end of 2025, the lineup of the top ten highest-priced A-shares has changed. NAURA and G-bits have dropped out, while Hengdongguang and Robotech have entered the list. The current top ten, in order of share price, are: Yuanjie Technology, Kweichow Moutai, Cambricon, InnoLight Technology, MetaX, Moore Threads, QuantumCTek, Eoptolink, Robotech, and Hengdongguang.
InnoLight ranks fourth with a share price of 851 yuan. Domestic GPU companies MetaX and Moore Threads are fifth and sixth, with prices of 721 yuan and 656.62 yuan, respectively. QuantumCTek is seventh at 601.46 yuan per share. Eoptolink, Robotech, and Hengdongguang are priced between 500 and 600 yuan.
Of the ten stocks, six are listed on the Shanghai Stock Exchange, including five on the STAR Market and one on the main board. Three are listed on the Shenzhen Stock Exchange’s ChiNext board, and one—Hengdongguang—is listed on the Beijing Stock Exchange.
Hengdongguang, which went public on December 31, 2025, has overtaken Jinbo Biological to become the highest-priced stock on the Beijing Stock Exchange. The company focuses on R&D, manufacturing, and sales of passive optical devices for the communications industry. According to its 2025 earnings report, revenue grew 68.48% to approximately 2.216 billion yuan, while net profit surged 104.52% to about 302 million yuan.
In terms of industry classification, four of the top ten stocks are in communications equipment and four are in semiconductors. The remainder include one liquor company and one automation equipment firm.
Among these ten stocks, only Cambricon saw a decline in its share price between January 5 and April 17, falling 1.59% over the period.
Looking ahead, market experts expect A-shares to exhibit a structural trend favoring technology stocks alongside stable consumer names, though investors should remain cautious about potential corrections in overvalued tech shares. They also note that rankings among high-priced stocks may change more frequently as technology cycles shorten, reflecting the market’s ongoing reallocation of capital toward innovative sectors with global competitiveness.
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