Core Viewpoint - Yuanjie Technology (688498.SH) is implementing a stock incentive plan to attract and retain key personnel, with the first grant of restricted stocks priced at 149.09 yuan per share, which is 50% of the average trading price prior to the announcement [1][4][5]. Group 1: Stock Incentive Plan - The company disclosed a plan to grant 507,600 restricted stocks to 324 key employees, which is part of a broader incentive plan announced on August 29, 2025 [1][3]. - The stock incentive plan aims to enhance team cohesion and core competitiveness, with 80% of the stocks being granted in the first round [3]. - The stock price for the incentive is set at 149.09 yuan, significantly lower than the previous trading average of 298.17 yuan [4]. Group 2: Company Performance - In the first half of 2025, Yuanjie Technology reported revenues exceeding 200 million yuan, marking a year-on-year growth of approximately 70% [1][10]. - The net profit attributable to shareholders reached 46.26 million yuan, reflecting a year-on-year increase of 330.31% [10]. - The company has seen substantial growth in its high-margin data center business, driven by demand in artificial intelligence applications [10]. Group 3: Market Performance - Since the low point on April 9, 2025, Yuanjie Technology's stock price has surged approximately 3.3 times [2][11]. - The stock price increased from a low of 88 yuan to a high of 388 yuan by September 17, 2025, indicating a maximum increase of 3.41 times [11]. Group 4: Wealth Creation for Executives - Several executives have accumulated significant wealth due to stock ownership, with three executives each holding stocks valued at over 100 million yuan as of June 30, 2025 [7][10]. - The stock ownership structure includes direct and indirect holdings through an employee stock ownership platform, further enhancing the wealth of key personnel [9][10].

Investment Rating - The report maintains an "Overweight" rating for the communication industry [5]. Core Insights - The communication industry experienced steady revenue growth and accelerated profitability in H1 2025, with total revenue reaching 1,785 billion yuan, a year-on-year increase of 10.07%, and net profit attributable to shareholders at 160.43 billion yuan, up 11.26% year-on-year [2][8]. - In Q2 2025, the industry continued to show robust growth, with revenue of 942.48 billion yuan, reflecting a year-on-year increase of 10.91%, and net profit attributable to shareholders of 98.68 billion yuan, up 12.33% year-on-year [11]. - Key sectors such as optical modules, communication PCBs, network equipment manufacturers, and IoT modules demonstrated strong performance, ranking among the top five in revenue and net profit growth rates [14][16]. Summary by Sections 1. H1 2025 Performance Overview - The communication industry achieved total revenue of 1,785 billion yuan in H1 2025, with a year-on-year growth of 10.07%, and net profit attributable to shareholders of 160.43 billion yuan, up 11.26% year-on-year [2][8]. 2. AI Industry Chain Investment - Overseas cloud vendors are expected to maintain optimistic growth in capital expenditures, with a total of 95 billion USD in Q2 2025, marking an increase of 82.96% year-on-year [22]. - Major companies like Apple and Meta are significantly increasing their investments in AI infrastructure, indicating a robust outlook for the AI industry chain [22][24]. 3. Sector Performance Changes - The optical module and device sector reported revenue of 479.88 billion yuan in H1 2025, with a year-on-year increase of 64.88%, and net profit of 108.76 billion yuan, up 111.99% year-on-year [31]. - The communication PCB sector achieved revenue of 572.49 billion yuan in H1 2025, reflecting a year-on-year growth of 37.66%, and net profit of 80.58 billion yuan, up 80.79% year-on-year [36]. - The network equipment sector generated revenue of 5,071.11 billion yuan in H1 2025, with a year-on-year increase of 28.86%, and net profit of 191.84 billion yuan, up 19.57% year-on-year [40]. 4. Telecom Operators' Performance - The basic telecom operators' sector reported revenue of 10,133.93 billion yuan in H1 2025, a slight increase of 0.33% year-on-year, with net profit of 1,136.01 billion yuan, up 5.14% year-on-year [54]. - China Mobile's total connections reached 3.815 billion, with a net increase of 145 million, and its digital transformation revenue grew by 6.6% year-on-year [55].

Group 1 - The core viewpoint of the news is the performance and financial metrics of Yuanjie Technology, which saw a stock price increase of 5.06% to 387.89 CNY per share, with a trading volume of 1.194 billion CNY and a turnover rate of 5.29%, resulting in a total market capitalization of 33.338 billion CNY [1] - Yuanjie Technology, established on January 28, 2013, and listed on December 21, 2022, specializes in the research, design, production, and sales of optical chips [1] - The company's main business revenue composition includes 51.04% from data center and other sectors, and 48.73% from the telecommunications market, with only 0.23% from technical services and others [1] Group 2 - From the perspective of fund holdings, Yuanjie Technology is the top holding of a fund under Southern Fund, specifically the Southern Big Data 300 Index A (001420), which held 16,800 shares in the second quarter, accounting for 1.24% of the fund's net value [2] - The Southern Big Data 300 Index A (001420) has a current scale of 217 million CNY and has achieved a return of 37.81% year-to-date, ranking 1046 out of 4222 in its category [2] - The fund manager, Jie Rui, has been in position for 3 years and 213 days, with a total asset scale of 2.012 billion CNY, achieving a best return of 21.69% and a worst return of -0.01% during his tenure [2]

Group 1 - The core viewpoint of the news is that Yuanjie Technology has seen a significant stock price increase of 5.06%, reaching 387.89 CNY per share, with a trading volume of 1.194 billion CNY and a turnover rate of 5.29%, resulting in a total market capitalization of 33.338 billion CNY [1] - Yuanjie Technology, established on January 28, 2013, and listed on December 21, 2022, specializes in the research, design, production, and sales of optical chips. The main business revenue composition is 51.04% from data center and other sectors, and 48.73% from the telecommunications market, with technical services and others contributing 0.23% [1] Group 2 - From the perspective of fund holdings, Huatai-PB Fund has a significant position in Yuanjie Technology, with its Huatai-PB Value Growth Mixed A Fund (460005) holding 74,800 shares, accounting for 2.08% of the fund's net value, making it the fourth-largest holding. The estimated floating profit today is approximately 1.3981 million CNY [2] - The Huatai-PB Value Growth Mixed A Fund (460005) was established on July 16, 2008, with a latest scale of 672 million CNY. Year-to-date returns are 45.5%, ranking 1146 out of 8172 in its category, while the one-year return is 83.55%, ranking 988 out of 7980. Since inception, the fund has achieved a return of 751.19% [2]

国泰海通证券股份有限公司 关于陕西源杰半导体科技股份有限公司 2025 年半年度持续督导跟踪报告 | 保荐机构名称：国泰海通证券股份有限公司 | 被保荐公司简称：源杰科技 | | --- | --- | | 保荐代表人姓名：李冬、吴同欣 | 被保荐公司代码：688498 | 经中国证券监督管理委员会《关于同意陕西源杰半导体科技股份有限公司首 次公开发行股票注册的批复》（证监许可[2022]2638 号）批复，陕西源杰半导体 科技股份有限公司（以下简称"源杰科技"或"公司"）首次公开发行股票 1,500.00 万股，每股面值人民币 1 元，发行价为每股 100.66 元，募集资金总额为人民币 150,990.00 万元，扣除不含税的发行费用 13,122.27 万元，公司实际募集资金净 额为 137,867.73 万元。本次发行证券已于 2022 年 12 月 21 日在上海证券交易所 上市。国泰海通证券股份有限公司（以下简称"保荐机构"或"国泰海通"）担 任其持续督导保荐机构，持续督导期间为 2022 年 12 月 21 日至 2025 年 12 月 31 日。 在 2025 年 1 月 1 日至 2025 ...

Core Viewpoint - Yuanjie Technology has shown significant stock price growth and strong financial performance, indicating a positive outlook for the company in the semiconductor industry [1][2]. Financial Performance - As of June 30, 2025, Yuanjie Technology achieved a revenue of 205 million yuan, representing a year-on-year growth of 70.57% [2]. - The net profit attributable to shareholders for the same period was 46.26 million yuan, reflecting a substantial increase of 330.31% year-on-year [2]. - Cumulative cash dividends since the company's A-share listing amount to 90.59 million yuan [3]. Stock Market Activity - On September 16, 2023, Yuanjie Technology's stock price increased by 2.11%, reaching 372.80 yuan per share, with a trading volume of 299 million yuan [1]. - The stock has risen by 178.21% year-to-date, with a 15.74% increase over the last five trading days and a 35.56% increase over the last 20 days [1]. - The company has appeared on the "Dragon and Tiger List" twice this year, with the most recent appearance on September 3 [1]. Shareholder Structure - As of June 30, 2025, the number of shareholders decreased by 20.16% to 7,617, while the average number of circulating shares per person increased by 25.25% to 7,896 shares [2]. - Notable institutional shareholders include Changcheng Jiujia Innovation Growth Mixed Fund and Harvest SSE STAR Market Chip ETF, with changes in their holdings noted [3].

Group 1 - The company held its third extraordinary general meeting of shareholders on September 15, 2025, with all resolutions passed without any objections [2][4][6] - The meeting was chaired by the chairman, Mr. Zhang Xingang, and followed the legal procedures as per the Company Law and the company's articles of association [2][3][7] Group 2 - The company approved the "Shareholder Dividend Return Plan for the Next Three Years (2025-2027)" and the "2025 Restricted Stock Incentive Plan (Draft)" [4][5] - The board authorized the management to handle matters related to the 2025 Restricted Stock Incentive Plan [5][6] Group 3 - The company granted 507,600 restricted stocks to 324 eligible participants at a price of 149.09 yuan per share on September 15, 2025, which represents 0.59% of the total share capital [17][28] - The incentive plan is valid for a maximum of 72 months, with stocks vesting after 12 months under certain conditions [24][30] Group 4 - The company conducted a self-examination regarding insider trading, confirming that no insider information was misused by participants in the incentive plan [12][29] - The legal opinion from Beijing Jindu Law Firm confirmed that the granting of stocks complied with relevant laws and regulations [37]

证券代码：688498 证券简称：源杰科技 公告编号：2025-056 陕西源杰半导体科技股份有限公司 关于 2025 年限制性股票激励计划内幕信息知情人 买卖公司股票情况的自查报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 （三）公司向中登上海分公司就核查对象在本次激励计划自查期间买卖公 司股票情况进行了查询申请，并由中登上海分公司出具了查询证明。 二、核查对象买卖公司股票情况说明 根据中登上海分公司出具的《信息披露义务人持股及股份变更查询证明》 及《股东股份变更明细清单》查询结果，在本次激励计划自查期间，所有核查 对象均不存在买卖公司股票的情形。 三、结论 公司在筹划本次激励计划过程中，严格遵守《管理办法》及公司《信息披 露管理制度》等相关规定，严格限定参与筹划讨论的人员范围，对接触到内幕 信息的相关公司人员及中介机构及时进行了登记，并采取相应保密措施。 陕西源杰半导体科技股份有限公司（以下简称"公司"）于 2025 年 8 月 29 日召开第二届董事会第二十次会议，审议通过了《关于公司<2025 年限制性股 票 ...

Core Viewpoint - Yuanjie Technology (688498.SH) has announced that the board of directors believes the initial grant conditions for the 2025 restricted stock incentive plan have been met, with the first grant date set for September 15, 2025, at a grant price of 149.09 CNY per share [1] Summary by Relevant Sections - The company will grant a total of 507,600 restricted shares to 324 eligible recipients who meet the grant conditions [1]

证券代码：688498 证券简称：源杰科技 公告编号：2025- 056 陕西源杰半导体科技股份有限公司 关于 2025 年限制性股票激励计划内幕信息知情人 买卖公司股票情况的自查报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 陕西源杰半导体科技股份有限公司（以下简称"公司"）于 2025 年 8 月 29 日召开第二届董事会第二十次会议，审议通过了《关于公司<2025 年限制性 股票激励计划（草案）>及其摘要的议案》等相关议案。具体内容详见公司 2025 年 8 月 30 日在上海证券交易所网站（www.sse.com.cn）上披露的相关公 告。 根据《上市公司股权激励管理办法》（以下简称《管理办法》）、《上海 证券交易所科创板股票上市规则》《科创板上市公司自律监管指南第 4 号—— 股权激励信息披露》等有关法律、法规和规范性文件的相关规定，公司通过中 国证券登记结算有限责任公司上海分公司（以下简称"中登上海分公司"）对 2025 年限制性股票激励计划（以下简称"本次激励计划"）的内幕信息知情人 （以下简称"核查对 ...