光通信市场竞争加剧之际，国内光芯片龙头源杰科技正式迈出跨市场上市步伐。 近日，源杰科技发布公告称，公司董事会已审议通过授权管理层启动境外发行股份并在香港联交所上市 相关筹备工作。 从经营业绩来看，源杰科技此次赴港上市可谓恰逢其时。2025年前三季度，公司实现营收3.83亿元，同 比大增115.09%；归母净利润1.06亿元，同比扭亏为盈。 值得注意的是，源杰科技并非近期又一家冲击"A+H" 双平台的本土科技企业。在它之前，三达膜也宣 布了香港发行H股的计划，显示出内地科技公司两地上市的新趋势。 01 前三季度同比扭亏 源杰科技的核心业务，聚焦在光通信领域的"心脏"—— 光芯片。 作为极少数掌握IDM 全流程模式的本土企业，源杰科技已建立包含芯片设计、晶圆制造、芯片加工和 测试的完整链条。 公司主要产品包括2.5G、10G、25G、50G、100G、200G及更高速率的DFB、EML激光器系列产品，以 及50mW、70mW、100mW、150mW等大功率硅光光源产品。 在AI算力需求爆发的背景下，源杰科技的数据中心市场CW（连续波）硅光光源产品逐步放量，驱动业 绩高度增长并同比扭亏为盈。 2025年前三季度，公 ...

Core Viewpoint - The company, Jiekou Holdings, has announced the acquisition of ten apartments for a total consideration of HKD 108.9 million, aligning with its strategic objectives to expand its property investment business and generate rental income [1] Group 1: Acquisition Details - The buyer, Jiekou International Limited and Jiekou (Yinji) Wine Industry Limited, both indirect wholly-owned subsidiaries of the company, entered into a provisional sale and purchase agreement [1] - The apartments are located at 6G, 7G, 8G, 9G, 10G, 11G, 18G, 19G, 20F, and 21F of the second block of the Hong Kong South Island Phase 5B, with a total net internal area of approximately 5,026 square feet [1] Group 2: Strategic Implications - The acquisition is in line with the company's strategic direction and aims to enhance its existing property investment portfolio [1] - The board believes that the terms of the provisional sale and purchase agreement are established on normal commercial terms, deemed fair and reasonable, and in the overall interest of the company and its shareholders [1]

Core Viewpoint - The company, Jietao Holdings (00064.HK), has announced the acquisition of ten apartments located in Hong Kong for a total consideration of HKD 108 million [1] Group 1: Acquisition Details - The buyer, Jietao International Limited and Jietao (Yinji) Wine Industry Limited, both wholly-owned subsidiaries of the company, entered into a provisional sale and purchase agreement with the seller, Hong Kong Railway Limited [1] - The properties acquired are situated at 5B Phase II, 6G, 7G, 8G, 9G, 10G, 11G, 18G, 19G, 20F, and 21F on Xiangye Road, Huangzhukeng, South Island, Hong Kong [1]

Core Viewpoint - The company is focused on enhancing operational quality and expanding its market presence in the optical chip industry, particularly in telecommunications and data centers, while implementing a comprehensive action plan for quality improvement and return on investment by 2025 [1][2][6]. Group 1: Business Focus and Performance - The company specializes in the research, design, production, and sales of optical chips, with key applications in telecommunications, data centers, and automotive laser radar markets [1]. - The net profit attributable to shareholders reached 46.26 million yuan, a year-on-year increase of 330.31% [2]. - Revenue from the telecommunications market was 99.87 million yuan, a decrease of 8.93% year-on-year, while revenue from data centers and other businesses surged to 104.60 million yuan, an increase of 1,034.18% [2]. Group 2: Product Development and Market Strategy - The company has established a comprehensive IDM business model covering chip design, wafer manufacturing, processing, and testing, enhancing its competitive edge [2]. - In the telecommunications sector, the company is focusing on next-generation DFB/EML products to meet the evolving demands of 25G/50G PON networks [3]. - The data center market is experiencing rapid growth, with the company delivering high-power CW laser products and developing 200G PAM4 EML products, which are set to be showcased at the 2025 OFC conference [4]. Group 3: Investment and Capacity Expansion - The company has increased the investment scale of the "50G Optical Chip Industrialization Project" from 129 million yuan to 487 million yuan, with significant funds allocated for equipment purchases [7][8]. - As of June 2025, the cumulative investment in the project reached approximately 214 million yuan [7]. - The company is actively optimizing its production lines to accommodate various high-speed optical chip production standards [8]. Group 4: Financial Management and Governance - The company has improved its inventory turnover rate to 1.7, a 32.67% increase year-on-year, reflecting enhanced operational efficiency [8]. - The structure of accounts receivable has improved, with long-term receivables decreasing from 5.20% to 1.86% [8]. - The company has revised its governance structure, eliminating the supervisory board and enhancing the role of the audit committee [10]. Group 5: Investor Relations and Returns - The company emphasizes investor communication and transparency, participating in industry performance briefings and enhancing information disclosure [12]. - A cash dividend of 8.55 million yuan will be distributed to shareholders, with plans for mid-term cash dividends based on operational performance [13]. - The company aims to continuously evaluate and implement measures to enhance quality and efficiency, thereby improving investor returns [13].

Core Viewpoint - The article discusses the growth and development of Yuanjie Technology in the optical chip sector, highlighting its transition from a startup to a leading domestic supplier, driven by market demand, technological advancements, and strategic positioning in both domestic and global markets [2][3][4]. Group 1: Company Development - Yuanjie Technology was established in 2013 and has focused on the optical chip field, adopting an IDM model that integrates various production processes [2]. - The company has successfully transitioned from primarily serving the telecommunications market to becoming a leading supplier in both the telecommunications and data communication markets [3]. - Yuanjie Technology's product range includes optical chips for 2.5G, 10G, 25G, 50G, and 100G applications, as well as CW light sources and automotive lidar light sources [2]. Group 2: Market Opportunities - The company benefits from China's largest single market for optical chips, with domestic companies capturing a significant share of the telecommunications market [4]. - The demand for optical chips in data centers has been increasing, providing opportunities for domestic companies to grow and compete globally [4][5]. - The global imbalance in supply and demand for optical chips, particularly in high-end markets driven by AI data centers, presents further opportunities for Chinese manufacturers to expand internationally [5]. Group 3: Competitive Strategy - Yuanjie Technology emphasizes the importance of long-term commitment to research and development in the rapidly evolving optical chip market [6]. - The company is increasing its investment in high-speed and high-power optical chips, as well as optimizing production processes to enhance efficiency and reduce costs [7]. - The company aims to leverage its global presence and partnerships with top-tier clients to stay ahead in technology trends and market demands [9]. Group 4: Global Integration - The article highlights the progress made by Chinese manufacturers in overcoming the "bottleneck" issues in the optical chip sector, with Chinese firms now occupying over half of the top positions in the global optical module market [8]. - Yuanjie Technology is focusing on globalizing its customer base and production capacity to mitigate risks and enhance its competitive edge [9]. - The company plans to deepen its global strategy to secure a more significant role in the international optical chip industry [9].

Core Points - The company reported a significant increase in revenue for 2024, achieving 252.17 million yuan, a year-on-year growth of 74.63% [1][2] - Despite the revenue growth, the company experienced a net loss attributable to shareholders of 6.13 million yuan, compared to a profit of 19.48 million yuan in the previous year [1][2] - The company plans to distribute a cash dividend of 1 yuan per 10 shares to all shareholders [1] Financial Performance 2024 - Revenue for 2024 was 252,172,673.21 yuan, up from 144,403,649.04 yuan in 2023, marking a 74.63% increase [2] - The net profit attributable to shareholders was -6,133,875.94 yuan, a decrease of 131.49% from the previous year's profit of 19,479,815.27 yuan [2] - The net cash flow from operating activities was 18,960,995.49 yuan, a significant improvement from -17,399,733.48 yuan in the previous year [2] Financial Performance Q1 2025 - In the first quarter of 2025, the company achieved revenue of 84.40 million yuan, a year-on-year increase of 40.52% [3] - The net profit attributable to shareholders for Q1 2025 was 14.32 million yuan, reflecting a growth of 35.93% compared to the same period last year [3] - The net cash flow from operating activities for Q1 2025 was -5,461,966.72 yuan, a decline from 22,407,486.05 yuan in the previous year [3] Fundraising and Share Distribution - The company raised a total of 150.99 million yuan from its IPO, with a net amount of 137.87 million yuan, exceeding the original plan by 39.87 million yuan [4] - The funds raised are intended for projects including the construction of 10G and 25G optical chip production lines, a 50G optical chip industrialization project, and a research and development center [4] - The company announced a cash dividend of 0.65 yuan per share and a capital increase of 0.4 shares per existing share, resulting in a total share capital of 84,838,600 shares after distribution [4]