Yuanjie Semiconductor Technology (SH:688498) Mei Ri Jing Ji Xin Wen·2025-11-25 14:26Core Viewpoint - The domestic optical chip leader, Yuanjie Technology, is preparing for an overseas listing on the Hong Kong Stock Exchange, coinciding with significant growth in its business performance and the optical communication market [1][4]. Group 1: Company Performance - Yuanjie Technology reported a revenue of 383 million yuan for the first three quarters of 2025, marking a year-on-year increase of 115.09%, and a net profit of 106 million yuan, reversing previous losses [2][3]. - The company's gross profit margin reached 54.76%, an increase of 33.42 percentage points year-on-year, driven by high-margin data center business growth [2][3]. Group 2: Market Growth - The optical communication chip market is expected to grow rapidly, with a projected compound annual growth rate of 17% from 2025 to 2030, increasing total sales from approximately 3.5 billion USD in 2024 to over 11 billion USD by 2030 [3]. - The demand for EML and CW laser chips is anticipated to remain high until the end of 2026, aligning with Yuanjie Technology's product focus on silicon photonics technology [3]. Group 3: Technological Innovation - Yuanjie Technology emphasizes technological innovation, with a research and development expense ratio of 14.28% in the first three quarters of 2025, indicating a commitment to maintaining a competitive edge [4]. - The company is investing significantly in the industrialization of its 50G optical chip project, increasing the investment from 129 million yuan to 487 million yuan to meet growing capacity needs [3][4]. Group 4: International Strategy - The planned listing in Hong Kong is a key step in Yuanjie Technology's internationalization strategy, aiming to enhance its global brand recognition and access to international capital [5]. - The favorable market conditions, including improved liquidity in the Hong Kong stock market and supportive listing regulations for technology companies, create a conducive environment for the IPO [5]. Group 5: Listing Process and Challenges - The listing process requires approval from various regulatory bodies, including the China Securities Regulatory Commission and the Hong Kong Stock Exchange, which introduces significant uncertainty [6]. - If successful, the company will face a more complex international capital market environment and stricter regulatory requirements, with a current market valuation reflecting high growth expectations [7].