On April 17, 2026, a historic moment occurred in the A-share market when Yuanjie Semiconductor Technology Co., Ltd., an optical chip company with annual revenue of just 6 billion yuan, saw its closing price reach 1,445 yuan per share, surpassing that of Kweichow Moutai. The stock's price has surged approximately 1,314.58% over the past year. This remarkable performance is driven by a single factor: the explosion in AI computing power. For AI to compute effectively and rapidly, traditional copper wires for data transmission are nearing their physical bandwidth limits, necessitating a shift to optical transmission. The most critical and challenging component to manufacture—the optical chip—is the core business of Yuanjie Semiconductor.
The company's product line covers DFB and EML laser chips with data rates ranging from 2.5G to 200G and beyond, as well as high-power silicon photonics light sources from 50mW to 100mW. These products span three major application scenarios: fiber optic access, 4G/5G mobile communications, and data centers, and even extend to 1550nm automotive LiDAR chips. Years of accumulated IDM (Integrated Device Manufacturer) capabilities—encompassing MOCVD epitaxial growth, grating processes, optical waveguide fabrication, automated chip testing, and reliability verification—have made it one of the few domestic optical chip enterprises with full-chain, self-controlled production.
Yuanjie Semiconductor initially made its mark in the telecommunications market, with products used in broadband access and 4G/5G base stations, resulting in stable but modest growth. A turning point arrived in 2025 when revenue from its data center business skyrocketed to 393.2578 million yuan, a year-on-year increase of 719.06%, propelling the company into the core of the AI computing power supply chain. The catalyst for this surge is the currently supply-constrained CW laser, which has already entered mass production and serves as the primary engine for the data center segment.
A key client, Zhongji Xuchuang, is a core optical module supplier for global AI giants such as NVIDIA and Google. Furthermore, a platform affiliated with Zhongji Xuchuang holds shares in Yuanjie Semiconductor. This dual relationship of "core client and shareholder" means that Yuanjie's product certification and market entry are not starting from scratch but are embedded within a supply chain directly connected to top-tier global computing demand.
Currently, the company's mass production yield for high-end, high-speed optical chips like the 100G EML has reached leading industry levels. Core parameters and product performance are gradually aligning with international mainstream brands, narrowing the technological gap in high-end optical chips and meeting the usage standards of mid-to-high-end data communication and telecom markets. By adopting a comprehensive in-house production model, Yuanjie reduces external dependencies and minimizes operational risks related to delivery constraints. This integrated approach cuts down on external coordination and scheduling inefficiencies, shortens R&D cycles for new products, and enables faster responses to downstream demand growth, adapting to the industry's rapid pace of change.
According to third-party statistics, Yuanjie Semiconductor is now the world's sixth-largest supplier of laser chips, holding a 3.1% market share. In the specific segment of silicon photonics high-speed interconnects, it ranks second globally with a 23.6% share, capturing nearly a quarter of the market. It is noteworthy that the company has a high customer concentration; in 2025, its top five clients accounted for 71.8% of total revenue, with the largest single client representing over half. This indicates deep integration into the supply chains of leading customers, but such high concentration also presents a significant risk exposure. Any changes, such as trade friction or fluctuations in orders from a client that constitutes more than half of its annual revenue, could directly impact the stability of the company's performance.
Amid the AI computing power boom, whether Yuanjie Semiconductor can capture more market share in this global competition remains its most critical challenge.
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