【私募调研记录】星石投资调研源杰科技

Group 1 - Star Stone Investment conducted research on Yuanjie Technology, highlighting significant revenue growth in the data communication sector, particularly for 400G/800G optical modules, with an expected substantial increase in the second half of 2025 [1] - The company has successfully validated its 100mW products and is in the customer promotion phase for its 200G PM4 EML, indicating progress in its product development [1] - Yuanjie Technology is advancing its U.S. factory renovations and equipment procurement while maintaining a focus on R&D investment and process optimization to sustain high gross margins [1] Group 2 - Star Stone Investment, established in 2007, is recognized as one of China's top private equity investment management firms, being one of the earliest sunshine private equity companies in the country [2] - The firm has received numerous awards, including the "China Private Equity Golden Bull Award" and the "Morningstar China Hedge Fund Award," showcasing its strong investment capabilities [2] - The investment team, led by Jiang Hui, has extensive experience in fund management and has maintained stable and continuous performance over multiple market cycles [2]