Yuanjie Semiconductor Technology (SH:688498) 21世纪经济报道·2025-11-27 15:28Core Viewpoint - Yuanjie Technology (688498.SH) plans to issue shares overseas (H-shares) and list on the Hong Kong Stock Exchange, aiming to capitalize on its current high growth momentum and address structural weaknesses in its business [1][10]. Financial Performance - In the first three quarters of 2025, Yuanjie Technology achieved revenue of 383 million yuan, a year-on-year increase of 115.09%, and a net profit of 106 million yuan, marking a turnaround with a staggering year-on-year growth of 19,348.65% [3][5]. - The third quarter alone saw revenue of 178 million yuan, a year-on-year increase of 207.31%, and a net profit of 59.63 million yuan, both reaching the highest levels since 2021 [3][5]. - The growth is primarily driven by the increasing demand for CW silicon optical source products in the data center market, which has significantly improved the company's gross margin from 29.69% to 54.76% compared to the same period last year [3][5]. Business Transformation - Yuanjie Technology is undergoing a profound business transformation, shifting from a telecom market-focused company to one driven by AI computing power in the data communication market [5][8]. - In the first half of 2025, revenue from data center and other businesses reached 105 million yuan, a year-on-year increase of 1,034.18%, accounting for 51.04% of total revenue, surpassing telecom business revenue [8][9]. - The company's data center product revenue share was only 15.8% in 2022, indicating a significant shift in business focus [9]. Market Position and Competition - The optical communication chip market is expected to grow, with a projected compound annual growth rate of about 17% from 2025 to 2030, increasing from $3.5 billion in 2024 to $11 billion by 2030 [9]. - Yuanjie Technology's market share in optical modules is expected to rise from 27% in 2023 to 59% by 2030, aligning with its focus on silicon optical products [9]. Strategic Intent for H-Share Issuance - The decision to initiate H-share issuance is a strategic move to address the company's significant shortcoming in overseas business, which generated only 23,740 yuan in 2024 and 25,560 yuan in the first half of 2025 [1][11]. - The company has increased its investment in the 50G optical chip industrialization project from 129 million yuan to 487 million yuan, indicating a need for substantial capital to support capacity expansion and R&D efforts [11]. - Successful fundraising through the Hong Kong IPO is crucial for sustaining the company's technological leadership and achieving economies of scale in the face of industry competition and market growth [11].